Crypto Co (CRCW): debt financing — The Crypto Company raises $130K via private placement of promissory note to AJB Capital

Crypto Co

Issued $159K promissory note to AJB Capital; net proceeds of $130K after fees.
Note matures Aug 29, 2024, bears no interest (18% default rate); convertible at discount upon default.
Granted security interest in substantially all assets to secure obligations under the note.
Proceeds used for working capital, potential acquisitions, and general corporate purposes.
Covenants restrict additional non-subordinate debt and require continued OTC Market listing.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Crypto Co incurred loan of $159,000 with AJB Capital Investments, LLC at no interest on the principal except for default interest maturing August 29, 2024.

Instrument: loan
Principal: $159,000
Counterparty: AJB Capital Investments, LLC
Rate: no interest on the principal except for default interest
Maturity: August 29, 2024
Event: incurrence

Exact text from the filing

The Crypto Company (the “Company”) borrowed funds pursuant to the terms of a Securities Purchase Agreement (the “AJB SPA”) entered into with AJB Capital Investments, LLC (“AJB”), and issued a Promissory Note in the principal amount of $159,000 (the “AJB Note”) to AJB

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

Crypto Co entered into Securities Purchase Agreement with AJB Capital Investments, LLC valued at $159,000 (effective 2024-02-29).

Action: entry
Agreement: equity purchase
Counterparty: AJB Capital Investments, LLC
Value: $159,000
Effective: 2024-02-29

Exact text from the filing

The Crypto Company (the “Company”) borrowed funds pursuant to the terms of a Securities Purchase Agreement (the “AJB SPA”) entered into with AJB Capital Investments, LLC (“AJB”), and issued a Promissory Note in the principal amount of $159,000 (the “AJB Note”) to AJB in a private transaction for a purchase price of $135,000, each dated as of February 29, 2024.

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299 debt financings filed in the last 30 days. Browse all debt financings →

Crypto Co filing history →

Source: SEC EDGAR

accession 0001493152-24-009022

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