{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-24-011832","form_type":"8-K","ticker":"NBND","cik":"0001725911","company_name":"NetBrands Corp.","filed_at":"2024-03-29T23:59:59+00:00","discovered_at":"2026-05-14T18:03:25.273007+00:00","generated_at":"2026-06-04T05:26:58.294429+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"NetBrands secures up to $300K loan from Cove Funding; issues convertible note and shares","bullets":["First tranche of $187,777 note funded March 22; net proceeds $150K after 5% commitment and diligence fees.","Note bears 12% interest, matures July 21, 2024; convertible at lower of $0.07 or 5-day VWAP.","Company issued $187,778 in commitment shares of common stock as additional consideration; second tranche available.","CEO Paul Adler pledged 1,000 Class A Super Voting Preferred and 11.57M common shares as collateral.","Spencer Clarke engagement extended to June 21, 2024; received $25K cash fee and warrant for 814,285 shares at $0.07."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-24-011832","json":"https://secwatch.observer/filing/0001493152-24-011832.json","markdown":"https://secwatch.observer/filing/0001493152-24-011832.md","text":"https://secwatch.observer/filing/0001493152-24-011832.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1725911/000149315224011832/0001493152-24-011832-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1725911/000149315224011832/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-04T05:26:58.294429+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"9f1004212b4a1c98bd3266729a0e74d3822727fb","claim":"NetBrands Corp. incurred convertible notes of $187,777 with Cove Funding LP at 12% per annum maturing July 21, 2024.","evidence_excerpt":"issued Cove Funding a 12% Senior Secured Convertible Promissory Note (the “Convertible Note”) to evidence the Cove Loan. The initial principal amount of the Convertible Note is $187,777 (the “First Tranche”), from which the Company received net proceeds of $150,000 (after deducting a 5% commitment fee, a 5% diligence fee, and Cove Funding’s fees and","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1725911/000149315224011832/0001493152-24-011832-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$187,777"},{"label":"Counterparty","value":"Cove Funding LP"},{"label":"Rate","value":"12% per annum"},{"label":"Maturity","value":"July 21, 2024"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"2177b14dc8a08877737bd336893a44f8e8ea4270","claim":"NetBrands Corp. entered into Securities Purchase Agreement with Cove Funding LP valued at up to $300,000 (effective 2024-03-22).","evidence_excerpt":"On March 22, 2024 (the “Closing Date”), NetBrands Corp., a Delaware corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Cove Funding LP, a Delaware limited partnership (“Cove Funding”), pursuant to which Cove Funding agreed to loan the Company up to $300,000, in two tranches (the “Cove Loan”), and the Company issued Cove Funding a 12% Senior Secured Convertible Promissory Note (the “Convertible Note”) to evidence the Cove Loan.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1725911/000149315224011832/0001493152-24-011832-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Cove Funding LP"},{"label":"Value","value":"up to $300,000"},{"label":"Effective","value":"2024-03-22"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}