Loan & DebtNov 12, 2026, 05:21 PM
Stewards, Inc. Extends $1.6M Note Maturity to Jan 2027; Waives Default Interest
AI Summary
Stewards, Inc. has entered into Amendment No. 3 to a Promissory Note, further extending the maturity date of a $1.6 million final installment to January 15, 2027. The note will continue to accrue simple interest at 10% per annum, and the waiver of the 15% default interest rate has been extended to the new maturity date. This amendment addresses a related-party transaction involving FAVO Holdings, LLC, which is partially owned by the Company's Chairman Emeritus and CEO.
Key Highlights
- Stewards, Inc. extended the maturity date of a $1.6 million promissory note installment to January 15, 2027.
- The outstanding principal of $1.6 million will continue to bear simple interest at 10% per annum.
- The waiver of the 15% default interest rate is extended through January 15, 2027.
- The note is held by FAVO Holdings, LLC, which is 65% owned by Vincent Napolitano and 35% by Shaun Quin.
- This constitutes a related-party transaction, approved by disinterested board members.
Price Impact
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