8-K
filed April 24, 2023, 7:59 PM ET
ticker EDGM
CIK 0001652958
debt
confidence high
sentiment neutral
materiality 0.50
Edgemode, Inc. (EDGM): debt financing — Edgemode issues $108.5K in combined promissory notes with deep-discount conversion terms
Edgemode, Inc.
- Sold $60,760 promissory note (13% interest, matures Mar 2024) and $56,962 convertible note (8% interest, matures Apr 2024) to 1800 Diagonal Lending; net proceeds $108,500.
- Promissory note converts upon default at 71% of lowest closing bid in prior 20 trading days; convertible note converts at 65% of avg of 3 lowest closing bids in 15 days after 180 days.
- Company reserved 18,002,962 shares for promissory note conversion and 16,877,629 shares for convertible note conversion, totaling ~34.9M shares (~9% of current 390,437,459 outstanding).
- Both notes contain events of default including failure to file SEC reports and maintain OTC listing; conversion limited to 4.99% beneficial ownership cap.
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
Edgemode, Inc. incurred loan of $60,760 at one-time interest charge of thirteen percent (13%) maturing March 10, 2024.
- Instrument
- loan
- Principal
- $60,760
- Rate
- one-time interest charge of thirteen percent (13%)
- Maturity
- March 10, 2024
- Event
- incurrence
Exact text from the filing
Effective April 20, 2023, Edgemode, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Promissory Note Purchase Agreement”) with an accredited investor (the “Investor”), pursuant to which the Company sold the Investor an unsecured promissory note in the principal amount of $60,760 (the “Promissory Note”). The Promissory Note carries a one-time interest charge of thirteen percent (13%) which was applied on the issuance date to the principal (22% upon the occurrence of an event of default) and has a maturity date of March 10, 2024.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Edgemode, Inc. incurred convertible notes of $56,962 at 8% per annum maturing April 11, 2024.
- Instrument
- convertible notes
- Principal
- $56,962
- Rate
- 8% per annum
- Maturity
- April 11, 2024
- Event
- incurrence
Exact text from the filing
In addition, effective April 20, 2023, the Company entered into a Securities Purchase Agreement (the “Convertible Note Purchase Agreement”) with the Investor, pursuant to which the Company sold the Investor an unsecured convertible promissory note in the principal amount of $56,962 (the “Convertible Note”). The maturity date of the Convertible Note is April 11, 2024. The Convertible Note shall bear interest at a rate of 8% per annum (22% upon the occurrence of an event of default), which interest shall not be payable until the Convertible Note becomes payable, whether at the maturity date or upon acceleration or by prepayment, as described below.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Edgemode, Inc. entered into Convertible Note Purchase Agreement with the Investor valued at $56,962 (effective 2023-04-20).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- the Investor
- Value
- $56,962
- Effective
- 2023-04-20
Exact text from the filing
In addition, effective April 20, 2023, the Company entered into a Securities Purchase Agreement (the “Convertible Note Purchase Agreement”) with the Investor, pursuant to which the Company sold the Investor an unsecured convertible promissory note in the principal amount of $56,962 (the “Convertible Note”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Edgemode, Inc. entered into Promissory Note Purchase Agreement with an accredited investor valued at $60,760 (effective 2023-04-20).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- an accredited investor
- Value
- $60,760
- Effective
- 2023-04-20
Exact text from the filing
Effective April 20, 2023, Edgemode, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Promissory Note Purchase Agreement”) with an accredited investor (the “Investor”), pursuant to which the Company sold the Investor an unsecured promissory note in the principal amount of $60,760 (the “Promissory Note”).
View on SEC.gov
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