Kaival Brands Innovations Group, Inc. (KAVL): debt financing — Kaival Brands repays $650K note, enters $1.728M in receivables purchase agreements

Kaival Brands Innovations Group, Inc.

Repaid all amounts due under $650,000 promissory note to AJB Capital on Dec 1, 2023; total $650,180.56.
Entered Clearview and Mr. Advance agreements: each $864,000 principal sold for $600,000; net proceeds ~$563,000 after fees.
New financing used to repay note and for working capital; weekly payments of $30,857 over ~28 weeks.
Default under Clearview: immediate acceleration and damages of 33% or $5,000; under Advance: 25% or $2,500 plus 9% interest.
CEO Eric Mosser personally guaranteed both agreements.

item 1.02 item 2.03

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

Kaival Brands Innovations Group, Inc. incurred debt of $864,000 with Mr. Advance LLC maturing approximately 28 weeks.

Principal: $864,000
Counterparty: Mr. Advance LLC
Maturity: approximately 28 weeks
Event: incurrence

Exact text from the filing

Pursuant to the Advance Agreement, the Company sold future receivables in the principal amount of $864,000 (the “Advance Future Receivables”) to Advance in a private transaction for a purchase price of $600,000

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

Kaival Brands Innovations Group, Inc. incurred debt of $864,000 with Clearview Funding Solutions LLC maturing approximately 28 weeks.

Principal: $864,000
Counterparty: Clearview Funding Solutions LLC
Maturity: approximately 28 weeks
Event: incurrence

Exact text from the filing

Pursuant to the Clearview Agreement, the Company sold future receivables in the principal amount of $864,000 (the “Clearview Future Receivables”) to Clearview in a private transaction for a purchase price of $600,000

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

Kaival Brands Innovations Group, Inc. terminated Securities Purchase Agreement with AJB Capital Investments, LLC valued at Repaid $650,180.56 in full; Purchaser retained 400,000 Commitment Fee Shares (effective 2023-12-01).

Action: termination
Agreement: equity purchase
Counterparty: AJB Capital Investments, LLC
Value: Repaid $650,180.56 in full; Purchaser retained 400,000 Commitment Fee Shares
Effective: 2023-12-01

Exact text from the filing

On December 1, 2023, the Company repaid all amounts due and owing under the Note in full, in an aggregate amount, including accrued interest, equal to $650,180.56. In connection with the repayment of the Note, the Company agreed that the Purchaser would be permitted to retain all of the Commitment Fee Shares.

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73 debt financings filed in the last 30 days. Browse all debt financings →

Kaival Brands Innovations Group, Inc. filing history →

Source: SEC EDGAR

accession 0001731122-23-002212

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