secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0001493152-24-011745
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224011745/0001493152-24-011745-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224011745/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-011745

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