secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2024-03-18T23:59:59+00:00
Accession:  0001493152-24-010359
Event type: debt
Sentiment:  negative
Materiality: 0.50
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224010359/0001493152-24-010359-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224010359/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-010359

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