debt
confidence high
sentiment neutral
materiality 0.65
OneMeta enters $1.05M secured promissory note at 14% interest, grants security over all assets
OneMeta Inc.
- Secured Promissory Note with Rowland W. Day II and Jaime D. Day Family Trust for ~$1,049,213 (principal + accrued interest).
- Note bears 14% annual interest, payable on demand or upon default; consolidates existing debt and provides new funds.
- Granted first-priority security interest in substantially all assets via Security Agreement and Patent Security Agreement.
- Rowland Day, OneMeta's President, is a related party to the Noteholder (insider transaction).
- Note subject to customary covenants, events of default, and remedies.