VISIUM TECHNOLOGIES, INC. (VISM): debt financing — Visium Technologies enters $57,500 convertible note with 1800 Diagonal Lending; net proceeds $45,000

VISIUM TECHNOLOGIES, INC.

Loan principal $57,500; 15% OID ($7,500) and $5,000 expense reimbursement yield net proceeds of $45,000.
One-time interest charge of 15% ($8,625) applied at issuance; total payback $66,125 in nine payments.
Upon default, note converts into common stock at 58% of lowest trading price over prior 20 trading days.
Default interest rate 22%; liquidated damages of 150% of outstanding if default occurs.
Company must reserve shares equal to 6x conversion shares; significant dilution risk for existing shareholders.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

VISIUM TECHNOLOGIES, INC. incurred loan of $57,500 with 1800 Diagonal Lending, LLC at 15% original issue discount; 15% one-time interest; 22% default interest maturing nine payments with final two payments of $3,062.50.

Instrument: loan
Principal: $57,500
Counterparty: 1800 Diagonal Lending, LLC
Rate: 15% original issue discount; 15% one-time interest; 22% default interest
Maturity: nine payments with final two payments of $3,062.50
Event: incurrence

Exact text from the filing

On December 1, 2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the Lender”), pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $57,500 (the “Note”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

VISIUM TECHNOLOGIES, INC. entered into Securities Purchase Agreement with 1800 Diagonal Lending, LLC valued at $57,500 (effective 2023-12-01).

Action: entry
Agreement: credit facility
Counterparty: 1800 Diagonal Lending, LLC
Value: $57,500
Effective: 2023-12-01

Exact text from the filing

On December 1, 2023, we entered into a Securities Purchase Agreement with 1800 Diagonal Lending, LLC, an accredited investor (“the Lender”), pursuant to which the Lender made a loan to us, evidenced by promissory note in the principal amount of $57,500 (the “Note”).

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VISIUM TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001654954-23-015558

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