secwatch.observer — SEC 8-K summary
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Issuer:     CNBX Pharmaceuticals Inc. (CNBX)
CIK:        0001343009
Form:       8-K
Filed at:   2022-03-16T23:59:59+00:00
Accession:  0001683168-22-001701
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cannabics defaults on $1.375M note, obtains forbearance; issues $280K demand note
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- Forbearance with institutional investor on $1.375M Senior Secured Note due Dec 21, 2021; forbearance through May 7, 2022.
- Issued $280K demand promissory note ($240K net after $40K OID) for general working capital.
- Demand note payable after earlier of May 16, 2022 or next securities offering; late charge 15% p.a.
- Future securities offering proceeds must first repay demand note, then the February Note.
- Company acknowledges defaults; waives defenses and holder waives registration rights during forbearance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1343009/000168316822001701/0001683168-22-001701-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1343009/000168316822001701/cannabics_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-22-001701

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