debt
confidence high
sentiment neutral
materiality 0.30
CEO Jaspreet Mathur lends $145k to Limitless X Holdings via promissory note, receives 50k shares
Limitless X Holdings Inc.
- Promissory note of $145,000 principal ($153,700 with 12% interest) from CEO/Chairman/10% holder Mathur to the company.
- Maturity due June 10, 2025 or upon company securing $1M+ in a qualified financing, whichever is earlier.
- As additional consideration, company will issue 50,000 restricted common shares to Mathur within two business days.
- Loan proceeds earmarked for re-audit fee, securities attorney invoices, and recent marketing expenses.
- Default triggers immediate acceleration; 3% monthly default interest and collection costs apply.