Limitless X Holdings Inc. (LIMX): debt financing — CEO loans $500K to Limitless X at 12.5% interest, receives common and preferred stock

Limitless X Holdings Inc.

Company borrows $500,000 from CEO Jaspreet Mathur at 12.5% fixed interest; total repayment $562,500.
Maturity date earlier of Sept 21, 2025 or when company secures at least $1M in a qualified offering.
Proceeds used for legal fees ($200K), employee wages ($143K), audit/marketing ($63K), and inventory/operations ($93K).
Additional consideration: 225,000 common shares and 10,000 Class D Preferred shares issued to CEO.
Loan reflects short-term cash needs; equity issued in unregistered transaction exempt under Section 4(a)(2).

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Limitless X Holdings Inc. incurred loan of $500,000.00 with Jaspreet Mathur at 12.5% fixed maturing September 21, 2025.

Instrument: loan
Principal: $500,000.00
Counterparty: Jaspreet Mathur
Rate: 12.5% fixed
Maturity: September 21, 2025
Event: incurrence

Exact text from the filing

entered into a promissory note with the Company (the “Promissory Note”) in the amount of $500,000.00 plus accrued interest at the agreed upon rate of 12.5% fixed equaling the total sum of $562,500.00

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Source: SEC EDGAR

accession 0001641172-25-000444

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