secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2024-04-26T23:59:59+00:00
Accession:  0001493152-24-016490
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

EzFill enters $165K promissory note with NextNRG for working capital; OID 10%, conversion rights
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- $165K promissory note with NextNRG Holding Corp.; 10% OID ($15K); interest 8% for 9 months then 18%.
- Maturity June 22, 2024 with automatic 2-month extensions unless lender opts out; due if EzFill raises ≥$3M.
- Default triggers 150% penalty and conversion right at average VWAP or $0.70 floor, cap $2.58; 52,000 commitment shares.
- Related party: Michael Farkas, CEO and controlling shareholder of Next, also owns ~20% of EzFill.
- Conversion limited by Nasdaq 19.99% cap unless shareholder approval; remaining balance repayable in cash if cap unmet.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224016490/0001493152-24-016490-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224016490/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-016490

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