NextNRG entered into a secured merchant cash advance with Avanza Capital Holdings, selling $1,499,900 of future receivables for $1,000,000 in gross proceeds and receiving $940,000 net after fees. The company will remit 25% of daily settlements, with an initial estimated ACH debit of $62,496 each Tuesday and a monthly cap of $268,732, subject to reconciliation. The obligation is secured by a first-priority lien on substantially all assets, may be prepaid without penalty, and is personally guaranteed by CEO Michael D. Farkas.
Agreement details:
- Agreement type: Secured merchant cash advance of future receivables
- Counterparty: Avanza Capital Holdings
- Signed / Effective: Jun 30 2026 / same
- Duration / Termination: Until purchased amount collected
- Reason: Enhance liquidity and working capital
Original SEC Filing:
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