1606 Corp. Files 8-K for Material Definitive Agreement
Ticker: CBDW · Form: 8-K · Filed: Nov 7, 2024 · CIK: 1877461
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
1606 Corp. signed a big deal creating debt, filing an 8-K on Nov 1st.
AI Summary
On November 1, 2024, 1606 Corp. entered into a material definitive agreement, creating a direct financial obligation. The company, incorporated in Nevada with its principal executive offices in Phoenix, AZ, filed this Form 8-K to report this significant event. The filing does not provide specific details on the agreement or the financial obligation.
Why It Matters
This filing indicates 1606 Corp. has entered into a significant contract that creates a financial obligation, which could impact its financial health and future operations.
Risk Assessment
Risk Level: medium — The creation of a direct financial obligation suggests potential new debt or financial commitments, which carries inherent risk.
Key Numbers
- 000-56467 — SEC File Number (Identifies the specific SEC filing for 1606 Corp.)
- 86-1497346 — I.R.S. Employer Identification Number (Tax identification number for 1606 Corp.)
Key Players & Entities
- 1606 Corp. (company) — Registrant
- November 1, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of Incorporation
- Phoenix, AZ (location) — Principal executive offices
- 602-481-1544 (phone_number) — Registrant's telephone number
FAQ
What is the nature of the material definitive agreement entered into by 1606 Corp. on November 1, 2024?
The filing does not specify the nature of the material definitive agreement, only that one was entered into.
What is the direct financial obligation created by 1606 Corp. as reported in this 8-K?
The filing states that a direct financial obligation was created, but does not provide specific details about its amount or terms.
Where are 1606 Corp.'s principal executive offices located?
1606 Corp.'s principal executive offices are located at 2425 E. Camelback Rd, Suite 150, Phoenix, AZ 85016.
In which U.S. state is 1606 Corp. incorporated?
1606 Corp. is incorporated in Nevada.
What is the SEC file number for 1606 Corp.?
The SEC file number for 1606 Corp. is 000-56467.
Filing Stats: 789 words · 3 min read · ~3 pages · Grade level 12.3 · Accepted 2024-11-07 16:01:13
Key Financial Figures
- $755,050 — missory Note in the principal amount of $755,050. Due to additional amounts loaned by M
- $1,220,550 — missory Note in the principal amount of $1,220,550 (the " Note "). The Note matures on De
Filing Documents
- cbdw_8k.htm (8-K) — 30KB
- cbdw_ex41.htm (EX-4.1) — 18KB
- 0001477932-24-006943.txt ( ) — 170KB
- cbdw-20241101.xsd (EX-101.SCH) — 6KB
- cbdw-20241101_lab.xml (EX-101.LAB) — 13KB
- cbdw-20241101_cal.xml (EX-101.CAL) — 1KB
- cbdw-20241101_pre.xml (EX-101.PRE) — 8KB
- cbdw-20241101_def.xml (EX-101.DEF) — 2KB
- cbdw_8k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement On June 30, 2023, 1606 Corp., a Nevada corporation (the " Company "), issued to Gregory Lambrecht, the Company's former Chief Executive Officer and director, an Amended Promissory Note in the principal amount of $755,050. Due to additional amounts loaned by Mr. Lambrecht to the Company, on November 1, 2024, the Company issued to Mr. Lambrecht an Amended and Restated Promissory Note in the principal amount of $1,220,550 (the " Note "). The Note matures on December 31, 2025, does not accrue any interest, and is subject to the following "Events of Default:" The Company fails to pay, in full, any principal or other amounts due upon maturity; The Company defaults in the performance of or compliance with any covenant, agreement or other obligation contained in the Note that is not remedied, waived or cured within 15 business days; Any representation or warranty of the Company contained in the Note proves to have been false or incorrect in any material respect as of the date of the Note; The Company has an uncured default for more than 30 days (as principal, guarantor, or other surety) in the payment of any principal of, premium (if any) or interest on any indebtedness for borrowed money to any other party, or defaults in the performance of or compliance with any other obligation contained in the documentation evidencing or securing any other indebtedness, and in connection with the default the indebtedness becomes due and payable prior to the date it would otherwise become due and payable, or the Company fails to pay the indebtedness at its stated maturity; or other than on terms approved beforehand by the Mr. Lambrecht, the Company shall institutes proceedings to be adjudicated as bankrupt or insolvent, or consents to institution of bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under Title XI of the United States Code, o
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 4.1 Amended and Restated Promissory Note Issued to Gregory Lambrecht on November 1, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
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. 1606 Corp. Date: November 7, 2024 By: /s/ Austen Lambrecht Austen Lambrecht, Chief Executive Officer 3