FreeCast, Inc. has disclosed in its recent 8-K filing that it entered into a revolving convertible promissory note with Nextelligence, Inc. on November 21, 2025. The note, which has a principal amount of up to $5 million, is significant as it is controlled by William A. Mobley, the CEO and Chairman of FreeCast. As of March 23, 2026, the outstanding principal balance under this note has reached approximately $4.69 million, following additional draws totaling $265,000 made between March 11 and March 19, 2026. The terms of the note allow for conversion into shares of FreeCast's Class A common stock at a conversion price of $8.00 per share. This financing arrangement is expected to provide FreeCast with necessary liquidity to support its operations and growth initiatives. The note accrues interest at a fixed rate of 12% per annum, with the principal and accrued interest due by June 30, 2026. The company retains the right to prepay the note, subject to a five-day notice to Nextelligence. This financing is a strategic move to bolster FreeCast's financial position, especially as it navigates the competitive landscape of the media and entertainment industry.

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