HyOrc extends $165K note, lender keeps shares
HyOrc Corp extended a $150,000 note with GS Capital to March 13, 2027, increasing principal and confirming 250,000 shares remain with the lender.
Rhea-AI Filing Summary
HyOrc Corp (HYOR) amended its financing with GS Capital Partners, LLC by entering into a First Amendment to its Promissory Note and Securities Purchase Agreement. The original $150,000 note dated March 13, 2026 had its maturity date extended from September 13, 2026 to March 13, 2027.
In exchange for the extension, $15,000 was added to the principal, increasing the note’s balance to $165,000, which continues to bear interest at 12% per annum. Additionally, the 250,000 shares of common stock previously issued to GS Capital as returnable shares will now remain GS Capital’s property, with no further right for HyOrc to require their return or cancellation.
GS Capital acknowledged that the extension and related amendments were effective before any Event of Default for nonpayment on the original maturity date and agreed that no Event of Default will arise solely from HyOrc not paying the note on September 13, 2026. All other terms of the note and related agreements remain in effect.
Positive
- HyOrc obtained a maturity extension to March 13, 2027 on its $150,000 note, improving near-term liquidity by avoiding a required payment on September 13, 2026.
- GS Capital agreed that no Event of Default will arise solely from HyOrc not paying the note on the original September 13, 2026 maturity date, reducing immediate default risk.
Negative
- The note’s principal increased by $15,000 to $165,000 as consideration for the extension, raising HyOrc’s debt obligation at the same 12% interest rate.
- The 250,000 shares of common stock previously treated as returnable will permanently remain with GS Capital, eliminating HyOrc’s ability to have those shares returned or cancelled and locking in equity dilution.
8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Original note principal: $150,000
Amended principal balance: $165,000
Interest rate: 12% per annum
+3 more
6 metrics
Original note principal
$150,000
Promissory note issued to GS Capital on March 13, 2026
Amended principal balance
$165,000
Principal after $15,000 increase under the First Amendment
Interest rate
12% per annum
Rate on the outstanding principal balance of the note
Returnable shares now retained
250,000 shares
HyOrc common stock that will remain the property of GS Capital
Original maturity date
September 13, 2026
Initial maturity of the promissory note before amendment
Extended maturity date
March 13, 2027
New maturity date under the First Amendment
Key Terms
Promissory Note, Securities Purchase Agreement, Event of Default, Emerging growth company, +1 more
5 terms
Promissory Note financial
"First Amendment to Promissory Note and Securities Purchase Agreement"
A promissory note is a written IOU in which one party promises to pay a specific sum, often with interest, to another party by a set date or on demand. Investors care because it functions like a loan: it creates a legal claim on future cash flows, carries credit and timing risk, and can affect valuation or liquidity—think of it as a formal, tradable promise to be repaid that can be assessed like any other debt investment.
Securities Purchase Agreement financial
"First Amendment to Promissory Note and Securities Purchase Agreement"
A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.
Event of Default financial
"prior to the occurrence of any Event of Default resulting from nonpayment"
An event of default is a specific breach of a loan or bond agreement—such as missed payments or breaking agreed rules—that gives lenders the legal right to act, for example by demanding immediate repayment, seizing collateral, or accelerating other obligations. For investors, it’s a red flag because it can sharply reduce a company’s ability to operate or raise money, like a car lender repossessing a vehicle after missed payments, and often leads to falling share or bond prices.
Emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What financing change did HyOrc Corp (HYOR) disclose on September 13, 2026?
HyOrc entered into a First Amendment with GS Capital Partners to extend the maturity of a $150,000 promissory note from September 13, 2026 to March 13, 2027, while adjusting principal and equity terms.
How did the amendment affect HyOrc Corp’s (HYOR) note principal and interest?
As consideration for the extension, $15,000 was added to the note’s principal, increasing it from $150,000 to $165,000. The amended principal continues to bear interest at the existing rate of 12% per annum.
Did the amendment affect HyOrc Corp’s default status on the note?
GS Capital acknowledged that the maturity extension and related amendments became effective before any Event of Default for nonpayment and agreed that no Event of Default will arise solely because HyOrc did not pay the note on September 13, 2026.
Were other terms of HyOrc Corp’s (HYOR) note and Securities Purchase Agreement changed?
No. The filing states that, except as expressly amended by the First Amendment, the Promissory Note, Securities Purchase Agreement, and related transaction documents remain unchanged and in full force and effect.
AI-generated analysis. How Rhea-AI works. Not financial advice.
