Business Context and Reporting Period
Company: Super League Enterprise, Inc. (SLE)
Filing Type: Form 8-K (Current Report)
Date of Report: June 13, 2025
Reporting Period: Specific event date of June 13, 2025.
Context: The Company entered into material definitive agreements to amend existing unsecured promissory notes with related parties and a board member.
Key Financial Metrics and Debt Obligations
This filing details debt restructuring rather than operational financial performance. No revenue, profit, or cash flow data is provided in this document.
| Creditor | Original Note Date | Principal Amount | Amendment Terms |
|---|---|---|---|
| Sam Drozdov | August 1, 2024 | $661,171 | Maturity extended to August 1, 2025; Interest rate increased to 20% (effective June 1, 2025). |
| Ben Khakshoor | August 1, 2024 | $661,171 | Maturity extended to August 1, 2025; Interest rate increased to 20% (effective June 1, 2025). |
| Firepit Partners Co. | August 1, 2024 | $446,115 | Maturity extended to August 1, 2025; Interest rate increased to 20% (effective June 1, 2025). |
| Non-employee Board Member | November 19, 2024 | $1,500,000 | Maturity extended to November 19, 2026; Interest accrual ceases Nov 19, 2025; Monthly payments of $175,000 starting Nov 19, 2025. |
Consideration Payments: The Company agreed to pay $37,500 to Drozdov, $37,500 to Khakshoor, and $25,000 to Firepit as consideration for the amendments. The first payment of $75,000 total was made on June 15, 2025, with the second payment due July 15, 2025.
Material Changes Versus Prior Period
- Interest Rate Increase: The interest rate on the August 2024 notes (Drozdov, Khakshoor, Firepit) increased to 20% effective June 1, 2025.
- Maturity Extension: The August 2024 notes were extended to August 1, 2025. The November 2024 note was extended to November 19, 2026.
- Payment Structure Change: The November 2024 note shifted from a standard accrual model to a fixed monthly repayment schedule of $175,000 starting November 2025, with interest ceasing to accrue after that date.
Guidance, Risks, and Contingencies
Default Risk: Failure to make the agreed-upon Consideration Payments (due June 15 and July 15, 2025) will be considered an Event of Default under the Firepit Notes.
Liquidity Requirements: The Company must secure funds for the immediate consideration payments and future monthly obligations of $175,000 starting in November 2025.
Management Commentary: The filing contains no forward-looking guidance, outlook, or management commentary beyond the terms of the amendments.
Investor Verification Checklist
- Verify the Company's ability to meet the second Consideration Payment due July 15, 2025, to avoid an Event of Default.
- Confirm the Company's cash flow sufficiency to support the new monthly debt service of $175,000 commencing November 19, 2025.
- Review the full text of Exhibits 10.1 through 10.4 for any additional covenants or default triggers not summarized in the 8-K.
- Assess the impact of the 20% interest rate on the August 2024 notes on the Company's upcoming financial statements.