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- Debt Default (new) — Note includes severe default penalties: automatic 25% principal increase and conversion at 15% discount to market price.
Global Interactive Technologies raises $550k via convertible note with harsh default terms
Filed April 28, 2026 · Period ending April 22, 2026 · ~1 min read
Key Changes
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Company closed $550k convertible note with FirstFire Global Opportunities Fund, receiving $506k net after 8% original issue discount. Note matures in 12 months at 9% annual interest.
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Default triggers automatic 25% penalty increase on outstanding balance plus $5k monthly increases until repaid, creating severe downside risk if company cannot meet obligations.
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Upon default, lender can convert debt to shares at 15% discount to market price, creating significant dilution risk and potential downward pressure on stock price.
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1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify