QHSLab, Inc. (USAQ): debt financing — QHSLab receives $1.4M default notice on two convertible notes; expects not to pay by Feb 27

QHSLab, Inc.

Received Notice of Default from Mercer Street Global Opportunity Fund for two secured promissory notes (August 2021 and July 2022).
Lender demands $1,400,853.77 principal+18% accrued interest; company disputes amount and expects not to meet Feb 27 deadline.
Notes matured Aug 2022 and July 2023, remain unpaid; lender accelerated all amounts due.
Company evaluating financial alternatives; no assurance of resolution; lender may pursue remedies including lien on assets.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

QHSLab, Inc. faced acceleration on convertible notes of $1,400,853.77 with Mercer Street Global Opportunity Fund, LLC at 18% maturing August 10, 2022 and July 22, 2023.

Instrument: convertible notes
Principal: $1,400,853.77
Counterparty: Mercer Street Global Opportunity Fund, LLC
Rate: 18%
Maturity: August 10, 2022 and July 22, 2023
Event: acceleration

Exact text from the filing

the default notice, according to the Lender, based upon an interest rate of 18% from the initial days of the defaults, the principal and accrued interest owed by the Company is $1,400,853.77, absent an additional 20% in default principal Lender claims it may demand. The Company believes this number is incorrect and will seek to resolve the discrepancy with the

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QHSLab, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-008228

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