NextTrip, Inc. (NTRP): debt financing — NextTrip subsidiary issues $500K unsecured promissory note to CEO and Chairman

NextTrip, Inc.

Subsidiary NextTrip Holdings issued $500K unsecured line of credit to CEO William Kerby and Chairman Donald Monaco.
Initial advance of $125K from Monaco; additional advances allowed until May 31, 2024 up to $500K aggregate.
Interest at 7.5% simple per annum; note matures February 28, 2025 and is prepayable without penalty.
Related-party transaction approved by board including independent members; proceeds for general corporate purposes.

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

NextTrip, Inc. incurred loan of $500,000 with William Kerby and Donald Monaco at 7.5% simple interest per annum maturing February 28, 2025.

Instrument: loan
Principal: $500,000
Counterparty: William Kerby and Donald Monaco
Rate: 7.5% simple interest per annum
Maturity: February 28, 2025
Event: incurrence

Exact text from the filing

On March 18, 2024, NextTrip Holdings, Inc. (“NextTrip”), a wholly owned subsidiary of NextTrip, Inc. (the “Company”), issued an unsecured line of credit promissory note, in the principal amount of $500,000 (the “Promissory Note”), to William Kerby and Donald Monaco, together as holders, with an initial advance from Mr. Monaco of $125,000.

View on SEC.gov

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

NextTrip, Inc. entered into Promissory Note with William Kerby and Donald Monaco, together as holders valued at $500,000 (effective 2024-03-18).

Action: entry
Agreement: credit facility
Counterparty: William Kerby and Donald Monaco, together as holders
Value: $500,000
Effective: 2024-03-18

Exact text from the filing

issued an unsecured line of credit promissory note, in the principal amount of $500,000 (the “Promissory Note”), to William Kerby and Donald Monaco, together as holders

View on SEC.gov

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

NextTrip, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-011008

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