NEXTNRG, INC. (NXXT): debt financing — NextNRG borrows $420K from CEO via two promissory notes; extends Alcourt note maturity

NEXTNRG, INC.

CEO Michael D. Farkas lends company $224K (May 19) and $196K (May 20), both at 12% interest for working capital.
Notes mature in one year or upon $4M cumulative capital raise; issued with OID of $24K and $21K respectively.
Alcourt Note ($1M, 15%) extended to May 31, 2025, in exchange for 26,000 shares and a $150K extension fee.
Transactions are related-party; Farkas is CEO, Chairman, and majority shareholder of NextNRG.

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 $196,000 with Michael D. Farkas at 12% per annum maturing the earlier of (1) May 20, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 20 Note.

Instrument: loan
Principal: $196,000
Counterparty: Michael D. Farkas
Rate: 12% per annum
Maturity: the earlier of (1) May 20, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 20 Note
Event: incurrence

Exact text from the filing

On May 20, 2025, the Company and Mr. Farkas entered into a promissory note (the “May 20 Note”) for the principal sum of $196,000 to be used for the Company’s working capital needs. The unpaid principal balance of the May 20 Note has a fixed interest rate of 12% per annum and matures on the earlier of (1) May 20, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 20 Note.

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

NEXTNRG, INC. amended loan of $1,000,000 with Alcourt LLC at 15% per annum maturing May 31, 2025.

Instrument: loan
Principal: $1,000,000
Counterparty: Alcourt LLC
Rate: 15% per annum
Maturity: May 31, 2025
Event: amendment

Exact text from the filing

As previously reported on a Current Report on Form 8-K dated April 4, 2025, the Company issued a promissory note to Alcourt LLC (“Alcourt”) in the principal sum of $1,000,000 at an interest rate of 15% per annum (the “Alcourt Note”). The maturity date of the Alcourt Note was April 30, 2025. On May 21, 2025, the Company and Alcourt entered into that

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

NEXTNRG, INC. incurred loan of $224,000 with Michael D. Farkas at 12% per annum maturing the earlier of (1) May 13, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 19 Note.

Instrument: loan
Principal: $224,000
Counterparty: Michael D. Farkas
Rate: 12% per annum
Maturity: the earlier of (1) May 13, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 19 Note
Event: incurrence

Exact text from the filing

On May 19, 2025, NextNRG, Inc. (the “Company”) and Michael D. Farkas entered into a promissory note (the “May 19 Note”) for the principal sum of $224,000 to be used for the Company’s working capital needs. The unpaid principal balance of the May 19 Note has a fixed interest rate of 12% per annum and matures on the earlier of (1) May 13, 2026 or (ii) the date the Company completes a cumulative capital raise of at least $4 million following the date of the May 19 Note.

View on SEC.gov

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

NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001641172-25-012304

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