secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2024-04-09T23:59:59+00:00
Accession:  0001493152-24-013970
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

EzFill enters $165K promissory note with related party NextNRG; 8% interest, convertible at $0.70 floor
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- $165K loan from NextNRG (managed by Michael Farkas, ~20% owner of EzFill) with $15K OID and 8% interest for 9 months, then 18%.
- Upon default, outstanding amount multiplied by 150% and lender can convert to common at greater of 10-day VWAP or $0.70/share (cap $2.00).
- Commitment fee of 52,000 shares of common stock issued to NextNRG as of April 2, 2024.
- Subject to Nasdaq 19.99% cap unless shareholder approval; if unattainable, remaining balance repayable in cash.
- Maturity initially June 2, 2024, auto-extends for 2-month periods; full payment due if EzFill raises ≥$3M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224013970/0001493152-24-013970-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224013970/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-013970

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