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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): April 27, 2026
NEXTNRG,
INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-40809 |
|
83-4260623 |
(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.
On
April 27, 2026, NextNRG, Inc. (the “Company”) entered into a Business Loan and Security Agreement (the “Venture Debt
Agreement”), dated as of April 27, 2026, with Venture Debt, LLC (“Venture Debt”), pursuant to which Venture Debt provided
the Company a loan in the principal amount of $1,000,000 (the “Venture Debt Loan”). The Company received net disbursement
proceeds of $930,000 after deducting a $70,000 origination fee. The Venture Debt Loan carries a $450,000 interest expense, resulting
in a total repayment obligation of $1,450,000. The Venture Debt Loan is scheduled to be repaid in 24 weekly installments of $60,417,
beginning immediately following disbursement, with a maturity date of October 13, 2026. The annual percentage rate for the Venture Debt
Loan is approximately 203.17%.
The
Company may prepay the Venture Debt Loan in whole or in part. If the Company elects to prepay the Venture Debt Loan in its entirety,
it is entitled to a prepayment interest reduction percentage of 25%. This reduction applies only to the aggregate amount of unpaid interest
remaining on the Venture Debt Loan at the time of prepayment. Notwithstanding this reduction, 75% of the remaining unpaid interest remains
due and payable upon such prepayment. The Company may make partial prepayments, but such payments will not reduce the total interest
expense over the life of the Venture Debt Loan.
The
Venture Debt Agreement contains customary representations, warranties and covenants for a transaction of this type. The Venture Debt
Agreement also contains certain negative covenants that, among other things, restrict the Company’s ability to incur additional
indebtedness. Specifically, the Company is prohibited from entering into any loan agreement or arrangement involving the sale or assignment
of its future receipts (such as merchant cash advances) with any party other than Venture Debt, if such arrangement carries an interest
rate greater than 10%. These restrictions are subject to certain exceptions, including the following:
| ● | Conventional
bank loans and bank financing arrangements are permitted; and |
| ● | Financing
arrangements are permitted provided that the proceeds are used to repay Venture Debt in full
at the closing of such financing and prior to the release of any funds to the Company. |
Pursuant
to the terms of the Venture Debt Agreement, Venture Debt can impose a $145,000 fee for each violation of this provision.
The
Venture Debt Agreement contains comprehensive events of default provisions. In addition to customary defaults, such as non-payment and
breaches of representations or warranties, the Venture Debt Agreement includes several restrictive triggers, including the following:
| ● | A
default occurs if the Company’s indebtedness to other lenders could potentially be
accelerated, or if the Company defaults on any other existing or future agreement with Venture
Debt. |
| ● | The
filing of any federal or state tax liens, or the entry of a judgment exceeding 15 days without
satisfaction or stay, constitutes a default. |
| ● | Defaults
are triggered by any material change in ownership or organizational structure, the death
or dissolution of key control persons (including 10% stockholders), or the cessation of a
substantial part of the Company’s current business. |
| ● | Venture
Debt may declare a default if it believes in good faith that the prospect of payment or performance
is impaired, or if a material adverse change in the Company’s business or financial
condition occurs. |
| ● | Taking
additional financing, such as credit card advances or additional working capital loans without
Venture Debt’s prior written consent, is an express event of default. |
Upon
the occurrence of an event of default under the Venture Debt Agreement, Venture Debt may, without notice or demand:
| ● | Cease
further loan advances and debit due amounts directly from the Company’s accounts; |
| ● | Declare
all outstanding obligations immediately due and payable; |
| ● | Take
possession of, assemble, and sell the collateral at public or private sale; |
| ● | Appoint
a receiver to manage the collateral and collect revenues; and |
| ● | Seek
a deficiency judgment against the Company or any guarantors if collateral proceeds are insufficient
to satisfy the debt. |
Venture
Debt’s remedies are cumulative and may be exercised singularly or concurrently.
Michael
D. Farkas, the Company’s Chief Executive Officer, Chairman of the Board of Directors and a significant stockholder, personally
guaranteed the Company’s obligations under the Venture Debt Agreement.
The
Venture Debt Loan is secured by a security interest in all of the Company’s and Mr. Farkas’ assets and personal property.
The
foregoing description of the Venture Debt Agreement does not purport to be complete and is qualified in its entirety by reference to
the full text of the Venture Debt Agreement, a copy of which is filed herewith as Exhibit 10.1.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The
information contained in Item 1.01 is incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
| Exhibit
No. |
|
Description |
| 10.1 |
|
Business Loan and Security Agreement, dated as of April 27, 2026, by and between the registrant and Venture Debt, LLC. |
| 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: May 1, 2026 |
By: |
/s/ Michael
Farkas |
| |
Name: |
Michael Farkas |
| |
Title: |
Chief Executive Officer |
