Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AmeriCrew Inc. incurred revolving credit of $2,000,000 with Thermo Communications Funding, LLC at the lesser of (i) the maximum non-usurious rate permitted by applicable law, and maturing June 9, 2024.
- Instrument
- revolving credit
- Principal
- $2,000,000
- Counterparty
- Thermo Communications Funding, LLC
- Rate
- the lesser of (i) the maximum non-usurious rate permitted by applicable law, and
- Maturity
- June 9, 2024
- Event
- incurrence
Exact text from the filing
On June 9, 2023, Americrew Inc. (the “Company”) and Mikab Corporation, a wholly-owned subsidiary of the Company (“Mikab”), entered into a Loan and Security Agreement (the “Agreement”) with Thermo Communications Funding, LLC (the “Lender”) which provides for a $2,000,000 revolving line of credit facility (the “Line of Credit”) to be evidenced by a promissory note (the “Note”).
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AmeriCrew Inc. reported a default on convertible notes of $2,485,000 at from 8% to 18%.
- Instrument
- convertible notes
- Principal
- $2,485,000
- Rate
- from 8% to 18%
- Event
- default
Exact text from the filing
As a result of the Agreement, the Note and the Line of Credit and related contemplated thereby, the Company is in default under certain of its outstanding indebtedness totaling $2,485,000 in connection with the Convertible Promissory Notes issued by the Company from October 2021 to October 2022 (the “Prior Notes”). This default results in the acceleration of the indebtedness evidenced by the Prior Notes, and an increase to the interest rate of the Prior Notes from 8% to 18%.
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AmeriCrew Inc. amended credit facility.
- Instrument
- credit facility
- Event
- amendment
Exact text from the filing
In connection with the Agreement, the Company entered into a Limited Recourse Guaranty (“Guaranty”) with the Lender and Brian Weis, the Company’s President and Chief Operating Officer, pursuant to which Mr. Weis guaranteed the payment of any amounts borrowed by the Company and/or Mikab under the Line of Credit.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AmeriCrew Inc. entered into Loan and Security Agreement with Thermo Communications Funding, LLC valued at $2,000,000 (effective 2023-06-09).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Thermo Communications Funding, LLC
- Value
- $2,000,000
- Effective
- 2023-06-09
Exact text from the filing
On June 9, 2023, Americrew Inc. (the "Company") and Mikab Corporation, a wholly-owned subsidiary of the Company ("Mikab"), entered into a Loan and Security Agreement (the "Agreement") with Thermo Communications Funding, LLC (the "Lender") which provides for a $2,000,000 revolving line of credit facility (the "Line of Credit") to be evidenced by a promissory note (the "Note").
View on SEC.gov