Sky Quarry Inc. — Form 8-K
Filed July 2, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 71/100
What the filing says
On June 29, 2026, Sky Quarry Inc., Foreland Refining Corporation, and 2020 Resources LLC converted $3,985,000 in outstanding merchant cash advance (MCA) obligations owed to Libertas Funding LLC into a single 8% promissory note with a weekly escalating payment schedule (starting at $15,000/week, rising to $70,000/week). Marcus Laun, CEO, personally guaranteed the note. All prior MCA remedies (including acceleration rights, 'Bad Acts' provisions, and ACH debit authorizations) were superseded; Libertas' sole remedy is standard note acceleration on default. Existing security interests under the MCA agreements remain in place and continue to secure the new note.
Why this rating
Debt restructuring materially affecting $3.985M obligation (29% of company's $13.7M market value). Improves terms (fixed 8% vs. MCA cost structure, removes aggressive MCA remedies) but extends payoff period ~86 weeks. CEO personal guarantee increases risk concentration. Relative to company size, significant but not transformational.
View original filing on SEC.gov ↗
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