EzFill borrows $110K from NextNRG (related party) via promissory note with conversion rights

NEXTNRG, INC.

Note of $110K with $10K OID; 8% interest for 9 months, then 18%.
Maturity May 26, 2024, automatically extended in 2-month periods unless lender opts out.
On default, principal plus interest multiplied by 150%; conversion at greater of VWAP or $0.70, capped at $1.76.
Company to issue 34,722 commitment fee shares to NextNRG; shares fully earned on issuance.
Michael Farkas, managing member of NextNRG, owns ~20% of EzFill; acquisition of NextNRG still 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 $110,000 (effective 2024-03-26).

Action: entry
Agreement: credit facility
Counterparty: NextNRG Holding Corp. (formerly Next Charging, LLC)
Value: $110,000
Effective: 2024-03-26

Exact text from the filing

On March 26, 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 $110,000 (the “Loan”)

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-011745

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