Fortune Rise Acquisition Corp: debt financing — Fortune Rise Acquisition issues $605k in unsecured promissory notes to affiliates

Fortune Rise Acquisition Corp

Issued 10 non-interest bearing unsecured notes totaling $605,420 to OriginClear ($50k) and Water On Demand ($555.4k).
Notes payable upon earliest of initial business combination or liquidation; convertible into Class A common at $10/share.
Issuance exempt from registration under Section 4(a)(2) of Securities Act; no commissions paid.
Board approved notes on April 17, 2023; notes were dated from Nov 23, 2022 through Mar 31, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Fortune Rise Acquisition Corp incurred loan with Water On Demand, Inc. at non-interest bearing maturing the earlier of (i) consummation of the Company’s initial business combination; and (ii) the date of the liquidation of the Company.

Instrument: loan
Counterparty: Water On Demand, Inc.
Rate: non-interest bearing
Maturity: the earlier of (i) consummation of the Company’s initial business combination; and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

· Unsecured promissory note dated January 6, 2023 in the principal amount of $25,000 to Water On Demand, Inc., a Nevada corporation and an affiliate of the Company’s Sponsor (“ WODI ”); · Unsecured promissory note dated January 9, 2023 in the principal amount of $75,000 to WODI; · Unsecured promissory note dated February 15, 2023 in the principal amount of $106,920 to WODI; · Unsecured promissory note dated February 28, 2023 in the principal amount of $12,500 to WODI; · Unsecured promissory note dated February 28, 2023 in the principal amount of $8,500 to WODI; · Unsecured promissory note dated March 3, 2023 in the principal amount of $45,000 to WODI; · Unsecured promissory note dated March 8, 2023 in the principal amount of $12,500 to WODI; · Unsecured promissory note dated March 17, 2023 in the principal amount of $125,000 to WODI; and · Unsecured promissory note dated March 31, 2023 in the principal amount of $145,000 to WODI.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Fortune Rise Acquisition Corp incurred loan of $50,000 with OriginClear, Inc. at non-interest bearing maturing the earlier of (i) consummation of the Company’s initial business combination; and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: $50,000
Counterparty: OriginClear, Inc.
Rate: non-interest bearing
Maturity: the earlier of (i) consummation of the Company’s initial business combination; and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

Unsecured promissory note dated November 23, 2022 in the principal amount of $50,000 to OriginClear, Inc.

View on SEC.gov

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Source: SEC EDGAR

accession 0001683168-23-002577

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