EzFill Holdings enters $165,000 promissory note with Next Charging, LLC at 8%/18% interest

NEXTNRG, INC.

Promissory note of $165,000 with $15,000 original issue discount for working capital.
Interest rate 8% per annum for first nine months, then 18%; maturity April 7, 2024 with automatic 2-month extensions.
Upon default, unpaid principal plus interest multiplied by 150% due; conversion right at VWAP or $0.70 floor.
Managing member Michael Farkas of Next also beneficially owns ~20% of EzFill common stock.
Loan may accelerate immediately if EzFill raises at least $3,000,000 in capital.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEXTNRG, INC. entered into the Note with Next Charging, LLC valued at $165,000 (effective 2024-02-07).

Action: entry
Counterparty: Next Charging, LLC
Value: $165,000
Effective: 2024-02-07

Exact text from the filing

On February 7, 2024, EzFill Holdings, Inc. (the “Company”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (the “Loan”) to be used for the Company’s working capital needs.

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-005903

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