PAID extends Embolx forbearance agreement on $5.97 million note through Oct. 31, 2026
PAYD•Disclaimer from the source
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. PAID Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001437749-26-029708), on September 04, 2026, and is solely responsible for the information contained therein.
Defaults and accounting impact
The loan went into default as of July 19, 2023, triggering a 20% penalty, 20% interest, and $578,425 of other income for 2023.
In March 2024, the note was amended and replaced with an added $500,000 investment at a 25% original issue discount, due June 19, 2024. The note defaulted again on June 19, 2024.
Original note and subsequent amendments
PAID entered a Securities Purchase Agreement on Oct. 13, 2022 for a secured $1.88 million convertible note issued by Embolx.
