NextTrip, Inc. (NTRP): debt financing — NextTrip issues $645K promissory notes to chairman; reelects Monaco as director and ratifies auditor

NextTrip, Inc.

Issued $500K note for new cash and $145K note for prior advances from Donald P. Monaco Insurance Trust (chairman Monaco trustee).
Both notes at 7.5% simple interest, unsecured, mature April 8, 2026, prepayable without penalty.
Annual meeting: Donald Monaco re-elected as Class I director with 883,846 votes for, 648 against, 10,039 abstentions.
Shareholders ratified Haynie & Company as independent auditor for fiscal 2025 (909,733 for, 573 against).
Quorum of 47.3% achieved; total shares eligible to vote 1,922,946 as of record date March 7, 2025.

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

NextTrip, Inc. incurred loan of first Note has a principal balance of $500,000; second Note has a principal balance of $145,000 with Donald P. Monaco Insurance Trust at 7.5% annual interest rate maturing one year from the date of each note's execution.

Instrument: loan
Principal: first Note has a principal balance of $500,000; second Note has a principal balance of $145,000
Counterparty: Donald P. Monaco Insurance Trust
Rate: 7.5% annual interest rate
Maturity: one year from the date of each note's execution
Event: incurrence

Exact text from the filing

On April 9, 2024, NextTrip and Donald P. Monaco Insurance Trust (the “Trust”) entered into two promissory notes (each, a “Note,” and together, the “Notes”) under the Line of Credit. Donald Monaco, chairman of the Board, is the trustee of the Trust. The first Note has a principal balance of $500,000 and was issued in exchange for a new cash payment provided my Mr. Monaco. The second Note has a principal balance of $145,000 and was issued in exchange for cash advances previously made by Mr. Monaco to the Company.

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Source: SEC EDGAR

accession 0001641172-25-003841

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