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Sow Good Inc. – ‘10-Q’ for 6/30/20 – ‘EX-10.7’

On:  Tuesday, 8/11/20, at 4:10pm ET   ·   For:  6/30/20   ·   Accession #:  1683168-20-2622   ·   File #:  0-53952

Previous ‘10-Q’:  ‘10-Q’ on 5/15/20 for 3/31/20   ·   Next:  ‘10-Q’ on 11/12/20 for 9/30/20   ·   Latest:  ‘10-Q’ on 11/14/23 for 9/30/23   ·   14 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/11/20  Black Ridge Oil & Gas, Inc.       10-Q        6/30/20   68:2.7M                                   GlobalOne Filings Inc/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    234K 
 2: EX-10.6     Promissory Note Dated April 24, 2020                HTML     42K 
 3: EX-10.7     Promissory Note Dated June 16, 2020                 HTML     31K 
 4: EX-10.8     Security Agreement Dated June 16, 2020              HTML     39K 
 5: EX-10.9     Loan Authorization & Agreement Dated June 16, 2020  HTML     53K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
14: R1          Document and Entity Information                     HTML     51K 
15: R2          Condensed Balance Sheets (Unaudited)                HTML     92K 
16: R3          Condensed Balance Sheets (Unaudited)                HTML     36K 
                (Parenthetical)                                                  
17: R4          Condensed Statements of Operations (Unaudited)      HTML    111K 
18: R5          Condensed Statements of Operations (Unaudited)      HTML     22K 
                (Parenthetical)                                                  
19: R6          Statement of Changes in Stockholders' Equity        HTML     46K 
                (Unaudited)                                                      
20: R7          Condensed Consolidated Statements of Cash Flows     HTML    112K 
                (Unaudited)                                                      
21: R8          1. Organization and Nature of Business              HTML     28K 
22: R9          2. Basis of Presentation and Significant            HTML     40K 
                Accounting Policies                                              
23: R10         3. Going Concern                                    HTML     23K 
24: R11         4. Related Party                                    HTML     26K 
25: R12         5. Fair Value of Financial Instruments              HTML     39K 
26: R13         6. Prepaid Expenses                                 HTML     24K 
27: R14         7. Property and Equipment                           HTML     25K 
28: R15         8. Investments in Allied Esports Entertainment,     HTML     26K 
                Inc.                                                             
29: R16         9. Notes Payable                                    HTML     34K 
30: R17         10. Changes in Stockholders' Equity                 HTML     25K 
31: R18         11. Options                                         HTML     27K 
32: R19         12. Warrants                                        HTML     24K 
33: R20         13. Income Taxes                                    HTML     25K 
34: R21         14. Commitments                                     HTML     22K 
35: R22         15. Subsequent Events                               HTML     23K 
36: R23         2. Basis of Presentation and Significant            HTML     69K 
                Accounting Policies (Policies)                                   
37: R24         2. Basis of Presentation and Significant            HTML     24K 
                Accounting Policies (Tables)                                     
38: R25         4. Related Party (Tables)                           HTML     23K 
39: R26         5. Fair Value of Financial Instruments (Tables)     HTML     34K 
40: R27         6. Prepaid Expenses (Tables)                        HTML     24K 
41: R28         7. Property and Equipment (Tables)                  HTML     24K 
42: R29         8. Investments in Allied Esports Entertainment,     HTML     22K 
                Inc. (Tables)                                                    
43: R30         9. Notes Payable (Tables)                           HTML     32K 
44: R31         11. Options (Tables)                                HTML     24K 
45: R32         12. Warrants (Tables)                               HTML     24K 
46: R33         1. Organization and Nature of Business (Details     HTML     34K 
                Narrative)                                                       
47: R34         2. Basis of Presentation and Significant            HTML     28K 
                Accounting Policies (Details - Basic and Diluted                 
                Loss Per Share)                                                  
48: R35         2. Basis of Presentation and Significant            HTML     33K 
                Accounting Policies (Details Narrative)                          
49: R36         3. Going Concern (Details Narrative)                HTML     22K 
50: R37         4. Related Party (Details-AESE Shares Owned by the  HTML     32K 
                Company Granted to the Grantee)                                  
51: R38         4. Related Party (Details Narrative)                HTML     31K 
52: R39         5. Fair Value of Financial Instruments (Details)    HTML     44K 
53: R40         6. Prepaid Expenses (Details)                       HTML     29K 
54: R41         7. Property and Equipment (Details-Property and     HTML     27K 
                equipment)                                                       
55: R42         7. Property and Equipment (Details Narrative)       HTML     21K 
56: R43         8. Investments in Allied Esports Entertainment,     HTML     27K 
                Inc. (Details - Gains and losses on investment )                 
57: R44         8. Investments in Allied Esports Entertainment,     HTML     45K 
                Inc. (Details Narrative)                                         
58: R45         9. Notes Payable (Details)                          HTML     36K 
59: R46         9. Notes Payable (Details Narrative)                HTML     59K 
60: R47         10. Changes in Stockholders? Equity (Details        HTML     34K 
                Narrative)                                                       
61: R48         11. Options (Details)                               HTML     31K 
62: R49         11. Options (Details Narrative)                     HTML     44K 
63: R50         12. Warrants (Details)                              HTML     28K 
64: R51         12. Warrants (Details Narrative)                    HTML     31K 
65: R52         13. Income Taxes (Details Narrative)                HTML     26K 
67: XML         IDEA XML File -- Filing Summary                      XML    118K 
66: EXCEL       IDEA Workbook of Financial Reports                  XLSX     72K 
 8: EX-101.INS  XBRL Instance -- brog-20200630                       XML    621K 
10: EX-101.CAL  XBRL Calculations -- brog-20200630_cal               XML    141K 
11: EX-101.DEF  XBRL Definitions -- brog-20200630_def                XML    321K 
12: EX-101.LAB  XBRL Labels -- brog-20200630_lab                     XML    570K 
13: EX-101.PRE  XBRL Presentations -- brog-20200630_pre              XML    502K 
 9: EX-101.SCH  XBRL Schema -- brog-20200630                         XSD    111K 
68: ZIP         XBRL Zipped Folder -- 0001683168-20-002622-xbrl      Zip     80K 


‘EX-10.7’   —   Promissory Note Dated June 16, 2020


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



Exhibit 10.7

 


 

 

U.S. Small Business Administration

 

NOTE

 

(SECURED DISASTER LOANS)

 

Date: 06.16.2020

 

Loan Amount: $150,000.00

 

Annual Interest Rate: 3.75%

 

SBA Loan # 6781797900 Application #3303511283

 

1.PROMISE TO PAY: In return for a loan, Borrower promises to pay to the order of SBA the amount of one hundred and fifty thousand and 00/100 Dollars ($150,000.00), interest on the unpaid principal balance, and all other amounts required by this Note.

 

2.DEFINITIONS: A) Collateralmeans any property taken as security for payment of this Note or any guarantee of this Note. B) Guarantormeans each person or entity that signs a guarantee of payment of this Note. C) Loan Documentsmeans the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral.

 

3.PAYMENT TERMS: Borrower must make all payments at the place SBA designates. Borrower may prepay this Note in part or in full at any time, without notice or penalty. Borrower must pay principal and interest payments of $731.00 every month beginning Twelve (12) months from the date of the Note. SBA will apply each installment payment first to pay interest accrued to the day SBA receives the payment and will then apply any remaining balance to reduce principal. All remaining principal and accrued interest is due and payable Thirty (30) years from the date of the Note.

 

4.DEFAULT: Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower: A) Fails to comply with any provision of this Note, the Loan Authorization and Agreement, or other Loan Documents; B) Defaults on any other SBA loan; C) Sells or otherwise transfers, or does not preserve or account to SBAs satisfaction for, any of the Collateral or its proceeds; D) Does not disclose, or anyone acting on their behalf does not disclose, any material fact to SBA; E) Makes, or anyone acting on their behalf makes, a materially false or misleading representation to SBA; F) Defaults on any loan or agreement with another creditor, if SBA believes the default may materially affect Borrowers ability to pay this Note; G) Fails to pay any taxes when due; H) Becomes the subject of a proceeding under any bankruptcy or insolvency law; I) Has a receiver or liquidator appointed for any part of their business or property; J) Makes an assignment for the benefit of creditors; K) Has any adverse change in financial condition or business operation that SBA believes may materially affect Borrowers ability to pay this Note; L) Dies; M) Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without SBAs prior written consent; or, N) Becomes the subject of a civil or criminal action that SBA believes may materially affect Borrowers ability to pay this Note.

 

5.SBA’S RIGHTS IF THERE IS A DEFAULT: Without notice or demand and without giving up any of its rights, SBA may: A) Require immediate payment of all amounts owing under this Note; B) Have recourse to collect all amounts owing from any Borrower or Guarantor (if any); C) File suit and obtain judgment; D) Take possession of any Collateral; or E) Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.

 

 

 

 

 C: 
 Page  C: 1 of 3 

 

 

SBA Loan # 6781797900 Application #3303511283

 

6.SBA’S GENERAL POWERS: Without notice and without Borrowers consent, SBA may: A) Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses; B) Collect amounts due under this Note, enforce the terms of this Note or any other Loan Document, and preserve or dispose of the Collateral. Among other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorneys fees and costs. If SBA incurs such expenses, it may demand immediate reimbursement from Borrower or add the expenses to the principal balance; C) Release anyone obligated to pay this Note; D) Compromise, release, renew, extend or substitute any of the Collateral; and E) Take any action necessary to protect the Collateral or collect amounts owing on this Note.

 

7.FEDERAL LAW APPLIES: When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

8.GENERAL PROVISIONS: A) All individuals and entities signing this Note are jointly and severally liable. B) Borrower waives all suretyship defenses. C) Borrower must sign all documents required at any time to comply with the Loan Documents and to enable SBA to acquire, perfect, or maintain SBA’s liens on Collateral. D) SBA may exercise any of its rights separately or together, as many times and in any order it chooses. SBA may delay or forgo enforcing any of its rights without giving up any of them. E) Borrower may not use an oral statement of SBA to contradict or alter the written terms of this Note. F) If any part of this Note is unenforceable, all other parts remain in effect. G) To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that SBA did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did not obtain the fair market value of Collateral at a sale. H) SBA may sell or otherwise transfer this Note.

 

9.MISUSE OF LOAN FUNDS: Anyone who wrongfully misapplies any proceeds of the loan will be civilly liable to SBA for one and one- half times the proceeds disbursed, in addition to other remedies allowed by law.

 

10.BORROWER’S NAME(S) AND SIGNATURE(S): By signing below, each individual or entity acknowledges and accepts personal obligation and full liability under the Note as Borrower.

 

Black Ridge Oil & Gas, Inc

 

/s/ Kenneth DeCubellis                                           

Kenneth DeCubellis, Owner/Officer

 

 

 

 

 

 C: 
 Page 2 of 3 

 

 

SBA Loan # 6781797900 Application #3303511283

 

SECURITY AGREEMENT

 

Read this document carefully. It grants the SBA a security interest (lien) in all the property described in paragraph 4.

 

This document is predated. DO NOT CHANGE THE DATE ON THIS DOCUMENT.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 C: 
 Page 3 of 3 

 


11 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/25/24  Sow Good Inc.                     S-1/A                  3:3.2M                                   Donnelley … Solutions/FA
 4/22/24  Sow Good Inc.                     S-1/A                  5:3.6M                                   Donnelley … Solutions/FA
 4/16/24  Sow Good Inc.                     S-1/A                  5:3.2M                                   Donnelley … Solutions/FA
 3/27/24  Sow Good Inc.                     S-1/A                 90:10M                                    RDG Filings/FA
 3/22/24  Sow Good Inc.                     10-K       12/31/23   93:11M                                    RDG Filings/FA
 2/13/24  Sow Good Inc.                     S-1                  155:17M                                    RDG Filings/FA
11/21/23  Sow Good Inc.                     S-1                  155:17M                                    RDG Filings/FA
 4/14/23  Sow Good Inc.                     10-K       12/31/22   92:7.4M                                   GlobalOne Filings Inc/FA
 3/29/22  Sow Good Inc.                     10-K       12/31/21  102:7.9M                                   GlobalOne Filings Inc/FA
 3/31/21  Sow Good Inc.                     10-K       12/31/20  100:5.8M                                   GlobalOne Filings Inc/FA
11/12/20  Sow Good Inc.                     10-Q        9/30/20   68:2.9M                                   GlobalOne Filings Inc/FA


3 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/17/20  Sow Good Inc.                     SC 13D/A               2:193K Allied Gaming & Entertainment Inc GlobalOne Filings Inc/FA
 5/15/20  Sow Good Inc.                     10-Q        3/31/20   64:2.5M                                   GlobalOne Filings Inc/FA
12/12/12  Sow Good Inc.                     8-K:1,3,5,912/10/12    4:187K                                   Publicease Inc./FA
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Filing Submission 0001683168-20-002622   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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