NEXTNRG, INC. (NXXT): debt financing — NextNRG enters into two promissory notes with CEO for $712,000 at 12% interest

NEXTNRG, INC.

Michael D. Farkas, CEO and majority shareholder, lends $600,000 (May 5 Note) and $112,000 (May 9 Note) for working capital.
Both notes carry 12% fixed interest and mature earlier of one year or cumulative capital raise of $4 million.
Notes issued with original issue discount of $72,000 and $12,000 respectively, reflecting effective higher cost.
The CEO is the lender, making this a related-party transaction; proceeds used for working capital.

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

NEXTNRG, INC. incurred loan of $600,000 with Michael D. Farkas at 12% per annum maturing the earlier of (1) May 5, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 5 Note.

Instrument: loan
Principal: $600,000
Counterparty: Michael D. Farkas
Rate: 12% per annum
Maturity: the earlier of (1) May 5, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 5 Note
Event: incurrence

Exact text from the filing

On May 5, 2025, NextNRG, Inc. (the “Company”) and Michael D. Farkas entered into a promissory note (the “May 5 Note”) for the principal sum of $600,000 to be used for the Company’s working capital needs.

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

NEXTNRG, INC. incurred loan of $112,000 with Michael D. Farkas at 12% per annum maturing the earlier of (1) May 9, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 9 Note.

Instrument: loan
Principal: $112,000
Counterparty: Michael D. Farkas
Rate: 12% per annum
Maturity: the earlier of (1) May 9, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 9 Note
Event: incurrence

Exact text from the filing

On May 9, 2025, the Company and Mr. Farkas entered into a promissory note (the “May 9 Note”) or the principal sum of $112,000 to be used for the Company’s working capital needs.

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10 debt financings filed in the last 30 days. Browse all debt financings →

NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001641172-25-009484

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