UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
We entered into an agreement (the “Loan Agreement”), dated July 3, 2024, with a private lender (the “Lender”), whereby the Lender agreed to loan US$750,000 (the “Loan”) to our company. The Loan matures (the “Maturity Date”) on July 3, 2025, and is payable bi-weekly in twenty four equal installments. The Loan is subject to an interest rate of 55.80% calculated annually and secured against all present and after-acquired property of the company and our wholly-owned subsidiary Yerbaé Brands Co. The principal amount of the Loan and any accrued and unpaid interest may be prepaid prior to the Maturity Date at an approximate 3% discount, in the event the company pays the Lender a total repayment amount of US$937,500 within ninety (90) days of the Loan proceeds being paid to us. In the event of the occurrence of an event of default, as defined in the Loan Agreement (including our company ceasing, or threatening to cease, to carry on our business as the same is conducted by our company from time to time and the occurrence of certain proceedings, such as bankrtupcy, insolvency or other similar proceedings), on demand of the Lender, the loan may become become due and payable or the Lender may collect collateral for the company to sell, lease, transfer or otherwise deal with the collateral to cover the Loan.
Item 7.01 Regulation FD Disclosure.
A copy of our news release dated November 8, 2024 is furnished herewith as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this current report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
d. Exhibits
| Exhibit Number | Description | |
| 99.1 | News Release dated November 8, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| YERBAÉ BRANDS CORP. | ||
| Dated: November 8, 2024 | By | /s/ Todd Gibson |
| Todd Gibson, Chief Executive Officer | ||