secwatch.observer — SEC 8-K summary
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Issuer:     PAID INC (PAYD)
CIK:        0001017655
Form:       8-K
Filed at:   2022-10-25T23:59:59+00:00
Accession:  0001851734-22-000633
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PAID loans $1.5M to Embolx via convertible note; gets warrant to buy Embolx shares
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- PAID loans $1.5M cash; note principal $1.875M due to 20% original issue discount.
- Note matures 9 months from closing; 20% annual interest accrues if unpaid.
- PAID receives 5-year warrant to purchase Embolx common stock at 105% of next financing price; warrant coverage increases from 50% to 75% if note unpaid at maturity.
- PAID has the right to invest up to $2M total on same terms via over-allotment option.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1017655/000185173422000633/0001851734-22-000633-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1017655/000185173422000633/payd20221024_8k.htm
  HTML page:      https://secwatch.observer/filing/0001851734-22-000633

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