Sky Quarry refinanced multiple merchant cash advance agreements with Libertas Funding by issuing a $3.985 million, 8% promissory note on Jun 29 2026. The exchange fully cancelled the prior MCA obligations, with Libertas providing a general release, while existing liens remain and new covenants restrict certain receivable and asset sales activities. The note carries principal-first, escalating weekly payments and allows prepayment without penalty. Interim CEO Marcus Laun provided a personal guarantee, supported by company indemnification, consolidating liabilities and aiming to improve repayment predictability.

New agreement details:

  • Agreement type: Secured promissory note with principal-first weekly amortization at 8% under a conversion and exchange agreement
  • Counterparty: Libertas Funding
  • Signed / Effective: Jun 29 2026 / Jun 29 2026
  • Duration / Termination: Until repaid
  • Reason: Refinance MCA obligations and improve repayment structure

Terminated agreement details:

  • Agreement terminated: Merchant cash advance agreement (Libertas #4) for sale of future receipts
  • Counterparty: Libertas Funding
  • Original agreement date: Oct 25 2023
  • Termination date: Jun 29 2026
  • Termination type: mutual
  • Exit fees / payments: None
  • Reason: Replaced by new promissory note
  • Agreement terminated: Merchant cash advance agreement (Libertas #5) for sale of future receipts
  • Counterparty: Libertas Funding
  • Original agreement date: Jan 11 2024
  • Termination date: Jun 29 2026
  • Termination type: mutual
  • Exit fees / payments: None
  • Reason: Replaced by new promissory note
  • Agreement terminated: Merchant cash advance agreement (Libertas #6) for sale of future receipts
  • Counterparty: Libertas Funding
  • Original agreement date: Jan 18 2024
  • Termination date: Jun 29 2026
  • Termination type: mutual
  • Exit fees / payments: None
  • Reason: Replaced by new promissory note
  • Agreement terminated: Merchant cash advance agreement (Libertas #7) for sale of future receipts
  • Counterparty: Libertas Funding
  • Original agreement date: Feb 19 2024
  • Termination date: Jun 29 2026
  • Termination type: mutual
  • Exit fees / payments: None
  • Reason: Replaced by new promissory note

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.