SKYX Platforms Corp. Enters Loan Agreement, Incurs Debt
Ticker: SKYX · Form: 8-K · Filed: Sep 24, 2024 · CIK: 1598981
| Field | Detail |
|---|---|
| Company | Skyx Platforms Corp. (SKYX) |
| Form Type | 8-K |
| Filed Date | Sep 24, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $3.5 million, $1.75 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financing, loan-agreement
TL;DR
SKYX just took out a loan, adding to its debt load.
AI Summary
On September 23, 2024, SKYX Platforms Corp. entered into a material definitive agreement, specifically a loan agreement. This agreement creates a direct financial obligation for the company, indicating it has taken on new debt. The filing also includes financial statements and exhibits related to this event.
Why It Matters
This filing indicates SKYX Platforms Corp. has taken on new debt, which could impact its financial leverage and future investment capacity.
Risk Assessment
Risk Level: medium — Taking on new debt can increase financial risk for a company, especially if the terms are unfavorable or if the company's ability to repay is uncertain.
Key Players & Entities
- SKYX Platforms Corp. (company) — Registrant
- September 23, 2024 (date) — Date of earliest event reported
- Florida (location) — State of incorporation
FAQ
What is the principal amount of the loan agreement entered into by SKYX Platforms Corp. on September 23, 2024?
The filing does not specify the principal amount of the loan agreement.
What are the key terms and conditions of the new loan agreement?
The filing indicates the entry into a loan agreement and the creation of a direct financial obligation, but the specific terms and conditions are not detailed in this summary.
Who is the lender in this new loan agreement?
The identity of the lender is not disclosed in the provided filing information.
What is the purpose of the loan obtained by SKYX Platforms Corp.?
The purpose of the loan is not stated in the provided filing information.
Are there any covenants or restrictions associated with this new debt obligation?
The filing mentions the creation of a direct financial obligation but does not detail any associated covenants or restrictions.
Filing Stats: 713 words · 3 min read · ~2 pages · Grade level 10.9 · Accepted 2024-09-24 06:05:38
Key Financial Figures
- $3.5 million — Belami, Inc. ("Belami"), entered into a $3.5 million secured revolving line of credit (the "
- $1.75 million — including working capital in excess of $1.75 million and a debt service coverage ratio in ex
Filing Documents
- form8-k.htm (8-K) — 38KB
- ex10-1.htm (EX-10.1) — 9KB
- ex10-2.htm (EX-10.2) — 4KB
- ex10-1_001.jpg (GRAPHIC) — 946KB
- ex10-1_002.jpg (GRAPHIC) — 1350KB
- ex10-1_003.jpg (GRAPHIC) — 1268KB
- ex10-1_004.jpg (GRAPHIC) — 1009KB
- ex10-1_005.jpg (GRAPHIC) — 1313KB
- ex10-1_006.jpg (GRAPHIC) — 1156KB
- ex10-1_007.jpg (GRAPHIC) — 1377KB
- ex10-1_008.jpg (GRAPHIC) — 1221KB
- ex10-1_009.jpg (GRAPHIC) — 977KB
- ex10-1_010.jpg (GRAPHIC) — 960KB
- ex10-1_011.jpg (GRAPHIC) — 151KB
- ex10-2_001.jpg (GRAPHIC) — 1320KB
- ex10-2_002.jpg (GRAPHIC) — 1415KB
- ex10-2_003.jpg (GRAPHIC) — 1342KB
- ex10-2_004.jpg (GRAPHIC) — 1120KB
- ex10-2_005.jpg (GRAPHIC) — 187KB
- 0001493152-24-037887.txt ( ) — 23792KB
- skyx-20240923.xsd (EX-101.SCH) — 3KB
- skyx-20240923_lab.xml (EX-101.LAB) — 33KB
- skyx-20240923_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 3KB
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The disclosure set forth under Item 1.01 of this Current Report is incorporated by reference into this Item 2.03. Item 9.01 Financial Statements and Exhibits Exhibit Number Description 10.1 Business Loan Agreement (Asset Based), signed September 23, 2024, by and between Belami, Inc., as borrower, and Farmers & Merchants Bank of Central California, as lender . 10.2 Commercial Guaranty, signed September 23, 2024, by and among Belami, Inc., as borrower, SKYX Platforms Corp., as guarantor, and Farmers & Merchants Bank of Central California, as lender . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
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. SKYX PLATFORMS CORP. Date: September 24, 2024 By: /s/ Leonard J. Sokolow Name: Leonard J. Sokolow Title: Co-Chief Executive Officer