SurgePays, Inc. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by SurgePays, Inc. on March 11, 2021, regarding a specific corporate event. The company is incorporated in Nevada and maintains its principal executive offices in Bartlett, Tennessee.
Key Financial Metrics
The filing details a specific debt repayment transaction but does not provide comprehensive financial statements, revenue, profit, or cash flow data for the reporting period.
- Debt Repayment: The Company paid $256,010.27 to Labrys Fund, LP to fully satisfy a convertible promissory note issued on January 5, 2021.
- Liquidity Impact: The payment represents a cash outflow of $256,010.27.
Material Changes
The primary material change reported is the resolution of a debt obligation and associated equity adjustments:
- Debt Elimination: Full repayment of the outstanding convertible promissory note to Labrys Fund, LP.
- Equity Cancellation: The Creditor agreed to cancel 750,000 shares of common stock previously held.
- Share Reserve Release: A share reserve of 4,088,181 shares of common stock was released.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of risks and contingencies beyond the specific event of debt settlement. The transaction was executed to clear the Company's obligation to the Creditor.
Key Facts for Investor Verification
- Verify the cash balance impact of the $256,010.27 payment on the Company's liquidity.
- Confirm the updated share count following the cancellation of 750,000 shares and the release of the 4,088,181 share reserve.
- Review the terms of the original January 5, 2021 convertible promissory note to understand the conversion mechanics that were avoided.
- Check for any remaining outstanding debt obligations to other creditors not mentioned in this filing.