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NextNRG (NXXT) cancels note with shares and sells 6.87% of future receipts

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

NextNRG, Inc. entered into two material financing agreements and retired a note obligation. On March 11, 2026, the company agreed to issue 3,181,818 common shares to the Noteholder under a Stock Purchase Agreement in exchange for absolution of $1,750,000 of liability under an existing promissory note, effectively terminating the note and related obligations.

On March 9, 2026, NextNRG signed a Future Receivables Sale and Purchase Agreement, selling 6.87% of its future receipts until a total of $2,772,000 is delivered, for consideration of $2,100,000 less $105,035 in fees. The company must make fixed biweekly payments initially equal to $231,000 and granted the purchaser a first-priority lien on its accounts, receivables, other receivables and inventory. CEO Michael D. Farkas personally guaranteed the company’s obligations under this receivables agreement.

Positive

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Negative

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Insights

NextNRG trades equity for debt relief and raises cash backed by future revenues.

NextNRG is reshaping its balance sheet through a mix of equity and receivables financing. It will issue 3,181,818 shares to cancel $1,750,000 of note liability, eliminating obligations under that promissory note. This swaps debt for equity and removes a fixed claim on cash flows.

The receivables agreement brings in $2,100,000 of funding, less $105,035 in fees, in exchange for assigning 6.87% of future receipts until $2,772,000 is delivered, with fixed biweekly payments initially at $231,000. The first‑priority lien over accounts, receivables, other receivables and inventory, plus the personal guarantee from CEO Michael D. Farkas, underscores the secured and committed nature of this financing.

Overall, these steps improve liquidity and remove one note, while committing future revenue streams and key assets as collateral. The actual impact on shareholders will depend on future revenue performance and how comfortably the company services the receivables payments from ongoing operations.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C., 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 9, 2026

 

NEXTNRG, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-40809   84-4260623

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

407 Lincoln Rd. #9F, Miami Beach, Florida 33190

(Address of principal executive offices, including Zip Code)

 

(305) 791-1169

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.0001 par value per share   NXXT   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

March 11 Stock Purchase Agreement

 

As previously disclosed, on July 15, 2025, NextNRG, Inc. (the “Company”) issued a promissory note in favor of a third party (the “Noteholder”) in the original principal amount of $2,000,000 (the “Note”). On March 11, 2026, the Company entered into a Stock Purchase Agreement (the “March 11 SPA”) with the Noteholder. Pursuant to the terms of the March 11 SPA, the Company agreed to sell to the Noteholder, and the Noteholder agreed to purchase, 3,181,818 shares of the Company’s common stock at a purchase price of $1,750,000 (the “Purchase Price”), representing a price per share of $0.55. In lieu of paying the Purchase Price in cash, the Noteholder agreed to absolve the Company of its liability in the amount of $1,750,000 pursuant to the Note.

 

The March 11 SPA contains customary representations, warranties and covenants.

 

The foregoing description of the March 11 SPA does not purport to be complete and is qualified in its entirety by reference to the full text of the March 11 SPA, a copy of which is filed herewith as Exhibit 10.1.

 

Receivables Agreement

 

On March 9, 2026, the Company entered into a Future Receivables Sale and Purchase Agreement (the “Receivables Agreement”), dated as of March 5, 2026, with a third party funder (the “Purchaser”). Pursuant to the terms of the Receivables Agreement, the Company agreed to sell to the Purchaser, and the Purchaser agreed to purchase, the Company’s right, title and interest in 6.87% (the “Specified Percentage”) of the Company’s receipts of monies for the sale of its goods and services after the effective date of the Agreement (the “Future Receipts”) until $2,772,000 (the “Purchased Amount”) shall have been delivered by the Company to the Purchaser. In consideration thereof, the Purchaser paid $2,100,000 to the Company, less applicable fees in the amount of $105,035.

 

The Company agreed to deliver to the Purchaser daily a fixed amount that the parties agree to be a good faith approximation of the Specified Percentage of the Future Receipts, which amount initially will be equal to $231,000 on a biweekly basis.

 

As security for payment and performance of the Company’s obligations pursuant to the Receivables Agreement, the Company agreed to grant to the Purchaser a first priority lien on all of the Company’s interest in all accounts, including, but not limited to deposit accounts, accounts receivables, other receivables and inventory, whether existing as of the effective date of the Receivables Agreement or thereafter acquired.

 

Upon occurrence of an event of default due to the Company’s breach of its obligations under the Receivables Agreement, the Company agreed to immediately deliver to the Purchaser the entire unpaid portion of the Purchased Amount. The Company also agreed to pay the Purchaser specified damages, and the entire sum due will bear simple interest from the default date until it is paid in full, at a rate of 9% per annum, with interest accruing daily.

 

The Receivables Agreement does not have a fixed duration and will expire on the date on which the Purchased Amount and all other sums due to the Purchaser are paid in full.

 

The Receivables Agreement contains customary representations, warrants and covenants.

 

Michael D. Farkas, the Company’s Chief Executive Officer, Chairman of the Board of Directors and beneficial holder of a majority of the Company’s outstanding common stock, personally guaranteed the Company’s obligations under the Receivables Agreement.

 

The foregoing description of the Receivables Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Receivables Agreement, a copy of which is filed herewith as Exhibit 10.2.

 

Item 1.02. Termination of a Material Definitive Agreement.

 

In connection with entry into the March 11 SPA and payment of the Purchase Price through the Noteholder’s absolving of the Company’s liability in the amount of $1,750,000 pursuant to the Note, the Note was terminated on March 11, 2026. As a result, any obligations and/or liabilities of the Company under the Note are null and void, of no further force or effect, and fully satisfied.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
10.1   Stock Purchase Agreement, dated as of March 11, 2026, by and between the registrant and the Noteholder.
10.2   Future Receivables Sale and Purchase Agreement, entered into on March 9, 2026 and dated March 5, 2026, by and between the registrant and the Purchaser.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  NextNRG, Inc.
     
Date: March 13, 2026 By: /s/ Michael Farkas
  Name: Michael Farkas
  Title: Chief Executive Officer

 

 

FAQ

What stock transaction did NextNRG (NXXT) enter on March 11, 2026?

NextNRG agreed to sell 3,181,818 common shares to its Noteholder for a purchase price of $1,750,000. Instead of cash, the Noteholder absolved $1,750,000 of the company’s liability under a promissory note, and the note obligations were fully terminated.

How does the Future Receivables Agreement impact NextNRG’s cash and revenues?

NextNRG received $2,100,000 in consideration, less $105,035 in fees, by selling 6.87% of its future receipts until $2,772,000 is delivered. The company will make fixed biweekly payments initially totaling $231,000, tying a portion of future revenue streams to this funding.

What collateral did NextNRG pledge under the Receivables Agreement?

As security for its obligations, NextNRG granted the purchaser a first‑priority lien on all its interests in accounts, including deposit accounts, accounts receivable, other receivables and inventory. This applies to assets existing on the effective date and those acquired afterwards, strengthening the purchaser’s secured position.

Did NextNRG’s CEO provide any personal guarantee in the new financing?

Yes. Michael D. Farkas, NextNRG’s Chief Executive Officer, Chairman and majority beneficial owner, personally guaranteed the company’s obligations under the Future Receivables Sale and Purchase Agreement. This guarantee supports the company’s performance commitments to the purchaser of the future receipts.

What happened to NextNRG’s promissory note mentioned in the filing?

The promissory note issued on July 15, 2025 was terminated on March 11, 2026. This followed the Noteholder’s agreement to absolve $1,750,000 of the company’s liability as the purchase price for 3,181,818 shares, rendering all obligations under the note null and void.

Does the Receivables Agreement have a fixed end date for NextNRG?

The agreement does not have a fixed duration. It will expire once the full $2,772,000 Purchased Amount and all other sums due under the agreement are paid in full. Until then, the company must continue delivering the agreed portion of future receipts.

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NextNRG Inc.

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