Loan advance schedule
Company: Applied Digital - Project: Jamestown
The claim, verbatim
Initial advance of $12 million (80% of principal) made at closing; remaining $3 million (20%) available upon proof of 100% intended operating capacity of Jamestown facility
Source (primary)
Applied Digital 8-K filed 2022-08-12 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “The first advance on the Loan was made at the time the Loan was entered into and was not to exceed 80% of the total principal amount of the Loan, or $12,000,000.00. The remaining 20% balance of this Loan shall be available for advance following Borrower's proof of 100% intended operating capacity of its Jamestown, North Dakota hosting facility”
How we checked this
Checked on September 22, 2026. The cited source supports every part of this claim.
The document confirms the $12 million (80%) initial advance at closing and the $3 million (20%) balance contingent on proof of full operating capacity.
Confirmed in the source:
- The first advance was made when the loan was entered into and was not to exceed 80% of principal, or $12,000,000
- The remaining 20% balance (equal to $3 million) is available upon the borrower's proof of 100% intended operating capacity of the Jamestown facility
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000162828022022599/apld-20220725.htm) in full (6,667 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2022-08-12
Quote: “The first advance on the Loan was made at the time the Loan was entered into and was not to exceed 80% of the total principal amount of the Loan, or $12,000,000.00. The remaining 20% balance of this Loan shall be available for advance following Borrower's proof of 100% intended operating capacity of its Jamestown, North Dakota hosting facility”