secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2024-04-10T23:59:59+00:00
Accession:  0001493152-24-014105
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

EzFill enters $165K promissory note with NextNRG; related-party, OID 10%, convertible on default
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- Borrowed $165K from NextNRG (controlled by CEO Michael Farkas, who owns ~20% of EzFill) for working capital.
- Note has $15K OID (10%), 8% interest first 9 months then 18%; maturity June 8, 2024 with automatic 2-month extensions.
- Upon default, outstanding balance multiplies by 150%; conversion at the greater of 10-day VWAP or $0.70 floor (max $2.80).
- Issues 52,000 commitment fee shares to NextNRG, deemed fully earned as of April 8, 2024.
- Conversion shares capped at Nasdaq 19.99% unless shareholder approved; cash repayment if approval not obtained.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224014105/0001493152-24-014105-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224014105/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-014105

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