SurgePays, Inc. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by SurgePays, Inc. on March 18, 2021, reporting events that occurred on March 17, 2021. The company is incorporated in Nevada and maintains its principal executive offices in Bartlett, Tennessee.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or margin data. The specific financial event reported involves the retirement of a debt obligation.
- Debt Retired: $216,000
- Creditor: FOURTH MAN, LLC
- Instrument: Convertible promissory note issued on February 6, 2020
Material Changes
On March 17, 2021, the Company retired the $216,000 debt owed to FOURTH MAN, LLC. Concurrently, the Creditor agreed to release a share reserve consisting of 15,219,771 shares of the Company's common stock.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of risks and contingencies beyond the specific debt settlement event. No unusual items were disclosed other than the debt retirement and share reserve release.
Investor Verification Checklist
- Verify the terms of the original convertible promissory note issued on February 6, 2020.
- Confirm the impact of the 15,219,771 share reserve release on the company's total authorized and outstanding share count.
- Review the company's current liquidity position following the retirement of the $216,000 debt.
- Check for any subsequent filings regarding the status of the released shares.