Loan & DebtJul 2, 2026, 02:27 PM
Sky Quarry converts $3.985M MCA debt to 8% promissory note
AI Summary
Sky Quarry Inc., along with its subsidiaries, entered into a Conversion and Exchange Agreement with Libertas Funding LLC to restructure $3,985,000 in outstanding merchant cash advance obligations. These obligations were converted into a new promissory note for the same principal amount, bearing an 8% non-compounding interest rate with a principal-first repayment schedule. The company's Interim CEO, Marcus Laun, provided a personal guarantee for the note, for which the company has agreed to indemnify him.
Key Highlights
- Converted $3,985,000 in merchant cash advance (MCA) obligations.
- Issued a new promissory note for $3,985,000 principal amount.
- New note bears 8% per annum non-compounding interest.
- Repayment structured as principal-first with escalating weekly payments.
- Existing security interests from MCA agreements remain in effect.
- Interim CEO Marcus Laun provided a personal guarantee for the note.
- Company agreed to indemnify Mr. Laun for any guarantee-related losses.
Price Impact
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