Notes · 2026-06-13
Today's ugly filings: source-backed notes, not trade calls
A walk through the five highest-scoring distress filings in our latest scan (window ending 2026-06-13). Every excerpt is verbatim, every company links to its SEC filing, and every note is exactly that — a note. None of this is a recommendation to buy, sell, or hold anything.
The scorer ranks filings by stacked distress language; we then read the actual document. Below are the five that stacked the most real distress signals. Read the filing yourself before forming any view — that is the whole point.
1. Netcapital Inc. (NCPL, NCPLW) — score 13
What the filing says: a note with both a going-concern reference and a default clause that makes the balance immediately due and payable on an event of default. Two distress mechanics in one document.
“…and during the continuation of any Event of Default, the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its…”verbatim from filing · filed 2026-06-10
Neutral note: the combination of going-concern language and acceleration-on-default is the microcap distress pattern. Open the note and check the trigger conditions before drawing any conclusion.
2. VSee Health, Inc. (VSEE, VSEEW) — score 12
What the filing says: the note's interest rate steps up to as high as 28% on an event of default, and the balance becomes immediately due and payable.
“…From and after the occurrence and during the continuance of any Event of Default, the Interest shall automatically be increased to the lower of (i) 28% per…”verbatim from filing · filed 2026-06-11
Neutral note: a 28% default rate is a steep penalty. Lenders price that high only when repayment risk is real. Read it and decide for yourself what it implies.
3. Edible Garden AG Inc (EDBL, EDBLW) — score 12
What the filing says: a note with a defined trigger event and event of default, where the outstanding balance becomes immediately due and payable at a Mandatory Default Amount — a penalty payoff above principal.
“…this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory Default Amount. Notwithstanding the foregoing, upon…”verbatim from filing · filed 2026-06-12
Neutral note: the Mandatory Default Amount means default costs more than the principal. That is a tough-terms note. Read the trigger-event definition to see how easily it fires.
View Edible Garden SEC filing →
4. Universal Safety Products, Inc. (UUU) — score 12
What the filing says: an event-of-default clause that bumps the interest rate to 20% per annum and lets the lender call the entire principal plus accrued interest immediately.
“…after the occurrence and during the continuance of any Event of Default, the Interest Rate shall automatically be increased to 20.0% per annum (the “…”verbatim from filing · filed 2026-06-12
Neutral note: a 20% default rate plus acceleration is the punitive-note profile. Whether it matters depends on the company's cash position — which you should check in the filing.
View Universal Safety Products SEC filing →
5. Vireo Growth Inc. (VREOD, VREOF) — score 12
What the filing says: explicit substantial-doubt going-concern language plus a lender option to raise the rate on default. Balance-sheet doubt meeting tightening credit terms.
“…there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year…”verbatim from filing · filed 2026-06-11
Neutral note: going-concern doubt stated by the company itself is the most direct distress tell. Read the management plan that accompanies it before forming any view.
View Vireo Growth SEC filing →
Read this as notes, not calls
Everything above is a flag pointing you at a source document, not a position. A distress phrase tells you where to look; it does not tell you what a stock will do. Some flagged companies refinance and recover; some do not. The work is yours — we just save you the reading time of finding the filings worth opening. For how we score and curate, see the methodology.
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