secwatch.observer — SEC 8-K summary
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Issuer:     KUSTOM ENTERTAINMENT, INC. (KUST)
CIK:        0001342958
Form:       8-K
Filed at:   2024-10-28T23:59:59+00:00
Accession:  0001493152-24-042723
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.04
LLM model:  deepseek-v4-flash:cloud@v2

Digital Ally receives default notice over missed $100K payment, faces collateral sale on Nov 5, 2024
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- Missed $100,000 payment due Oct 10, 2024 triggered default under Senior Secured Promissory Note.
- Administrative agent Softforge accelerated all ~$1.6M principal + interest and demands lockbox control.
- Softforge scheduled a UCC Article 9 public sale of collateral for Nov 5, 2024 at 11:00 AM ET.
- Company disputes defaults and intends to seek injunctive relief and damages.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1342958/000149315224042723/0001493152-24-042723-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1342958/000149315224042723/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-042723

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer