INTRUSION INC (INTZ): debt financing — Intrusion Inc. secures $1.08M promissory note from CEO Anthony Scott

INTRUSION INC

CEO Anthony Scott lends $1.0M to company via $1.08M promissory note with 7% interest.
Weekly principal payments of $40,000 due; note matures June 15, 2024.
Note secured by all accounts receivable; includes $80,000 original issue discount.
Related-party transaction with CEO as investor.

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

INTRUSION INC incurred loan of $1,080,000 with Anthony Scott at 7.0% per annum, compounded daily maturing June 15, 2024.

Instrument: loan
Principal: $1,080,000
Counterparty: Anthony Scott
Rate: 7.0% per annum, compounded daily
Maturity: June 15, 2024
Event: incurrence

Exact text from the filing

On January 2, 2024, Intrusion Inc. (the “Company”) entered into an invoice financing arrangement pursuant to a note purchase agreement with Anthony Scott, President and Chief Executive Officer of the Company (“Scott”), according to which, among other things, Scott purchased from the Company a promissory note (the “Note”) in the aggregate principal amount of $1,080,000 in exchange for $1.0 million to the Company.

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Source: SEC EDGAR

accession 0001683168-24-000050

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