SKYX Platforms Corp. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by SKYX Platforms Corp. (SKYX) on January 2, 2026, covering events occurring on December 30 and December 31, 2025. The filing details a material definitive agreement regarding the conversion of a subordinated convertible balloon promissory note held by a member of the Board of Directors.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or liquidity metrics. The specific financial data disclosed relates solely to the debt instrument:
- Debt Converted: $835,900 (representing full principal balance plus accrued and unpaid interest from 2020).
- Conversion Price: Adjusted to $2.20 per share.
- Interest Rate: Increased to 10% per year.
- New Maturity Date: Extended to May 1, 2027.
Material Changes
On December 31, 2025, a Board member converted the full $835,900 balance of a Subordinated Convertible Balloon Promissory Note (originally issued November 3, 2020) into shares of the Company's common stock. On December 30, 2025, the Company and the holder executed an amendment to the Note prior to conversion, which extended the maturity date, increased the interest rate, and adjusted the conversion price.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure that the issuance of shares was exempt from registration under Section 4(a)(2) of the Securities Act. The transaction was deemed exempt as it did not involve a public offering.
Investor Verification Checklist
- Verify the exact number of common shares issued upon conversion of the $835,900 note at the $2.20 conversion price.
- Confirm the current total outstanding debt and liquidity position of the Company, as this filing does not provide aggregate financial data.
- Review the full text of the Note Amendment (Exhibit 10.1) for any additional covenants or terms not summarized in the 8-K.
- Check subsequent filings for the impact of this share issuance on total authorized and outstanding share count.