secwatch.observer — SEC 8-K summary
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Issuer:     AmeriCrew Inc. (—)
CIK:        0001407573
Form:       8-K
Filed at:   2023-07-18T23:59:59+00:00
Accession:  0001654954-23-009330
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 2.04, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1407573/000165495423009330/0001654954-23-009330-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1407573/000165495423009330/acru_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-009330

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