---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-23-009330"
form_type: "8-K"
ticker: null
cik: "0001407573"
company_name: "AmeriCrew Inc."
filed_at: "2023-07-18T23:59:59+00:00"
generated_at: "2026-06-13T06:58:45.828511+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# AmeriCrew enters $2M credit line, defaults on $2.485M prior notes, accelerating debt at 18% interest

## Summary
- New $2M revolving line from Thermo Communications Funding, secured by assets and lockbox; matures June 9, 2024.
- Interest rate is prime +9.75% (minimum 13.95%); non-refundable commitment fee of $40,000 (2% of line).
- Agreement triggers default on $2.485M prior convertible notes (Oct 2021–Oct 2022), accelerating debt and raising interest from 8% to 18%.
- President and COO Brian Weis provides a limited recourse guaranty for borrowings under the new line.
- Monthly monitoring fee equals 0.45% of average outstanding principal balance.

## SEC filing metadata
- accession: 0001654954-23-009330
- form_type: 8-K
- cik: 0001407573
- company_name: AmeriCrew Inc.
- filed_at: 2023-07-18T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 2.04, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1407573/000165495423009330/0001654954-23-009330-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1407573/000165495423009330/acru_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-23-009330
- JSON: https://secwatch.observer/filing/0001654954-23-009330.json
- Plain text: https://secwatch.observer/filing/0001654954-23-009330.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1407573/000165495423009330/0001654954-23-009330-index.htm
- Debt Financings
  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
  source text: 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%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1407573/000165495423009330/0001654954-23-009330-index.htm
- Debt Financings
  AmeriCrew Inc. amended credit facility.
  - Instrument: credit facility
  - Event: amendment
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1407573/000165495423009330/0001654954-23-009330-index.htm
- Material Agreements
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1407573/000165495423009330/0001654954-23-009330-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.