EzFill enters $165K promissory note with Next Charging; related-party loan with 10% OID, conversion rights

NEXTNRG, INC.

Note for $165,000 with $15,000 OID (10%), 8% interest first 9 months then 18%.
Maturity April 28, 2024, auto-extends in 2-month periods unless lender objects.
Upon default, lender can convert outstanding amount at greater of 10-day VWAP or $0.70 floor (cap $2.05).
Company to issue 52,000 commitment shares to Next; shares deemed fully earned.
Michael Farkas (20% owner) is managing member of Next; acquisition of Next by EzFill previously disclosed and still pending.

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 2024-02-29).

Action: entry
Counterparty: Next Charging, LLC
Value: $165,000
Effective: 2024-02-29

Exact text from the filing

On February 29, 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, which Note has an effective date of February 28, 2024.

View on SEC.gov

Browse all material agreements →

NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-009029

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.