secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2026-04-10T23:59:59+00:00
Accession:  0001493152-26-016197
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NextNRG secures ~$2.3M in high-cost secured debt; includes convertible note and term loan
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- Issued $1.724M senior secured convertible note to Leviston at 10% interest, maturing Oct 1, 2026; purchase price $1.552M after $172,444 OID.
- Granted Leviston 243,300 shares of common stock as additional consideration for the note.
- Cashera Private Credit provided $750,000 term loan at ~173% APR, net proceeds $712,500, secured by all assets and personally guaranteed by CEO Michael Farkas.
- Both loans are first-priority secured; default triggers automatic 150% balance increase and 18% default interest.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315226016197/0001493152-26-016197-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315226016197/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-016197

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