EzFill enters $165K promissory note with related-party NextNRG at 8%-18% interest

NEXTNRG, INC.

Note includes $15K original issue discount; principal $165K for working capital.
Interest 8% first 9 months, then 18% per annum; maturity July 8, 2024 with auto 2-month extensions.
Upon default, principal/interest multiplied by 150% due; conversion price floor $0.70, cap $3.14.
52,000 commitment fee shares issued to NextNRG; share issuance subject to Nasdaq 19.99% cap.
NextNRG CEO Michael Farkas also beneficially owns ~20% of EzFill common stock.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEXTNRG, INC. entered into Note with NextNRG Holding Corp. (formerly Next Charging, LLC) valued at $165,000 (effective 2024-05-08).

Action: entry
Counterparty: NextNRG Holding Corp. (formerly Next Charging, LLC)
Value: $165,000
Effective: 2024-05-08

Exact text from the filing

On May 8, 2024, EzFill Holdings, Inc. (the “Company”) and NextNRG Holding Corp. (formerly Next Charging, LLC) (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (the “Loan”)

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-018991

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