Focus Universal enters $300K loan at 3% as first tranche of $5M credit facility

FOCUS UNIVERSAL INC.

Board authorized up to $5M revolving credit facility on Jan 2, 2024; first $300,000 tranche funded Jan 9.
Loan carries 3% annual compound interest, matures Feb 4, 2024.
Repayment in 12 equal installments of $25,408.11 starting on maturity date.
Lender is a private entity; terms do not include publicly traded counterparty.

Key facts

Extracted from this filing and checked against the source text.

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

FOCUS UNIVERSAL INC. entered into Revolving Credit Facility with private lender valued at $300,000 (effective 2024-01-09).

Action: entry
Agreement: credit facility
Counterparty: private lender
Value: $300,000
Effective: 2024-01-09

Exact text from the filing

On January 2, 2024, the board of directors of Focus Universal Inc. (the “Company”) authorized the Company to enter into a revolving credit facility or series of promissory notes of up to $5 million with one or more lenders. The Company accepted the first $300,000 tranche on January 9, 2024 (the “Loan”) with a private lender (the “Lender”) whereby the Lender loaned $300,000 to the Company (the “Principal Amount”).

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FOCUS UNIVERSAL INC. filing history →

Source: SEC EDGAR

accession 0001683168-24-000184

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