Business Context and Reporting Period
Company: Our Bond, Inc. (Nevada corporation, trading symbol OBAI on Nasdaq)
Filing Type: Form 8-K (Current Report)
Reporting Date: February 17, 2026
Event: Entry into a Material Definitive Agreement (Item 1.01)
Key Financial Metrics
This filing reports a specific financing transaction rather than periodic financial performance. Key metrics related to the transaction include:
- Principal Amount: $526,315.79
- Purchase Price: $500,000 (reflecting a 5% original issue discount)
- Interest Rate: 10% per annum
- Maturity Date: June 30, 2026
- Payment Terms: Monthly accrued interest payments due on the first day of each month
Note: The filing text does not provide clear values for revenue, profit, cash flow, margins, total debt, or liquidity positions outside of this specific note.
Material Changes and Terms
The Company entered into a Promissory Note with Ascent Partners Fund, LLC. Material terms and covenants include:
- Proceeds Application: Net proceeds from all future offerings or issuances of securities must be applied to pay the Note until it is paid in full.
- Default Provisions:
- Default interest rate increases to 24% per annum.
- Late fees of 10% of the late payment amount apply.
- Events of default include failure to pay principal or interest, failure to perform covenants, default on other indebtedness exceeding $150,000, or a change in control.
Guidance, Outlook, and Risks
Management Commentary: The filing contains no forward-looking guidance, outlook, or management commentary regarding future operations beyond the terms of the Note.
Risks and Contingencies:
- Liquidity Constraint: The requirement to apply future capital raise proceeds to this Note may limit the Company's ability to use new funding for operations or growth.
- Default Risk: The high default interest rate (24%) and strict default triggers (including cross-defaults on other debt over $150,000) present significant financial risk.
- Short Maturity: The Note matures in approximately four months (June 30, 2026), requiring near-term refinancing or repayment.
Investor Verification Checklist
- Verify the Company's current cash position and ability to make monthly interest payments starting March 1, 2026.
- Review the full text of the Promissory Note (Exhibit 10.1) for additional covenants not summarized in the 8-K.
- Assess the impact of the "proceeds application" clause on any planned or potential future equity or debt offerings.
- Confirm the status of any other indebtedness to ensure no cross-default triggers (exceeding $150,000) are currently active.
- Check for any change in control discussions that could trigger an immediate default event.