EzFill borrows $165K from related party NextNRG; issues 52K commitment shares

NEXTNRG, INC.

Loan of $165,000 from NextNRG with $15,000 original issue discount (10%); used for working capital.
Interest 8% for first 9 months, then 18%; maturity May 15, 2024 with automatic 2-month extensions.
On default, unpaid balance multiplies by 150%; lender can convert at 10-day VWAP or $0.70 floor (cap $2.05).
Company issues 52,000 commitment fee shares to NextNRG; issuance capped at Nasdaq 19.99% without shareholder approval.
Michael Farkas, NextNRG managing member, beneficially owns ~20% of EzFill; exchange agreement to acquire NextNRG pending.

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 Note with NextNRG Holding Corp. (formerly Next Charging, LLC) valued at $165,000 (effective 2024-03-15).

Action: entry
Counterparty: NextNRG Holding Corp. (formerly Next Charging, LLC)
Value: $165,000
Effective: 2024-03-15

Exact text from the filing

On March 15, 2024, EzFill Holdings, Inc. (the “Company”) and NextNRG Holding Corp. (formerly Next Charging, LLC) (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (the “Loan”)

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-010359

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