1606 Corp. Enters Material Definitive Agreement
Ticker: CBDW · Form: 8-K · Filed: Jan 21, 2025 · CIK: 1877461
Sentiment: neutral
Topics: material-agreement, financial-obligation, 8-k
TL;DR
1606 Corp. just signed a big deal with new financial obligations.
AI Summary
On January 15, 2025, 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 details the nature of the agreement and its financial implications for the registrant.
Why It Matters
This filing indicates a new financial commitment or obligation for 1606 Corp., which could impact its financial health and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and financial obligations can introduce new risks related to performance, repayment, and market conditions.
Key Numbers
- 000-56467 — SEC File Number (Identifies the company's filings with the SEC.)
- 86-1497346 — IRS Employer Identification Number (Company's tax identification number.)
Key Players & Entities
- 1606 Corp. (company) — Registrant
- January 15, 2025 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of Incorporation
- Phoenix, AZ (location) — Address of principal executive offices
FAQ
What is the nature of the material definitive agreement entered into by 1606 Corp. on January 15, 2025?
The filing indicates the entry into a material definitive agreement and the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specific details of the agreement are not provided in the excerpt.
What is the company's state of incorporation and principal executive office location?
1606 Corp. is incorporated in Nevada and its principal executive offices are located at 2425 E. Camelback Rd Suite 150, Phoenix, AZ 85016.
What is the filing date of this Form 8-K?
This Form 8-K was filed on January 21, 2025.
What is the SIC code for 1606 Corp.?
The Standard Industrial Classification (SIC) code for 1606 Corp. is 7372, which corresponds to SERVICES-PREPACKAGED SOFTWARE.
What are the key items reported in this 8-K filing?
The key items reported are the Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, and Financial Statements and Exhibits.
Filing Stats: 810 words · 3 min read · ~3 pages · Grade level 12.3 · Accepted 2025-01-21 15:55:12
Key Financial Figures
- $1,220,550 — missory Note in the principal amount of $1,220,550. Due to additional amounts loaned by M
- $1,365,550 — missory Note in the principal amount of $1,365,550, (the " Note "). The issuance of the No
Filing Documents
- onesix_8k.htm (8-K) — 30KB
- onesix_ex41.htm (EX-4.1) — 18KB
- onesix_ex41img3.jpg (GRAPHIC) — 3KB
- onesix_ex41img4.jpg (GRAPHIC) — 3KB
- 0001477932-25-000360.txt ( ) — 178KB
- onesix-20250115.xsd (EX-101.SCH) — 6KB
- onesix-20250115_lab.xml (EX-101.LAB) — 13KB
- onesix-20250115_cal.xml (EX-101.CAL) — 1KB
- onesix-20250115_pre.xml (EX-101.PRE) — 8KB
- onesix-20250115_def.xml (EX-101.DEF) — 2KB
- onesix_8k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement On November 1, 2024, 1606 Corp., a Nevada corporation (the " Company "), issued to Gregory Lambrecht, the Company's former Chief Executive Officer and director, an Amended and Restated Promissory Note in the principal amount of $1,220,550. Due to additional amounts loaned by Mr. Lambrecht to the Company, on December 31, 2024, the Company issued to Mr. Lambrecht an Amended and Restated Promissory Note in the principal amount of $1,365,550, (the " Note "). The issuance of the Note was approved by the board of directors of the Company on January 15, 2025. 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 filin
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 December 31, 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: January 20, 2025 By: /s/ Austen Lambrecht Austen Lambrecht, Chief Executive Officer 3