Mitesco forms data center subsidiary, issues 300k shares to advisors, secures $99k loans

Mitesco, Inc.

Advisory Board created; four members each granted 75,000 restricted shares at $0.80/share (300,000 total) for 12-month service.
William Thein appointment terminated; no consideration paid due to shift from consumer products to technology focus.
Consulting agreement with Betsy Berlin: 12-month term, $10k/month salary, plus up to 75,000 restricted shares subject to performance.
Three lending agreements with Cavalry Fund, AJB, and Mercer Street Capital: each $33,000 at 10% interest, 12-month term, proceeds for compliance costs.
New wholly-owned subsidiary formed to develop secure data center operations and infrastructure-focused cybersecurity solutions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Mitesco, Inc. entered into a credit facility with Cavalry Fund, AJB and Mercer Street Capital valued at $33,000 each (effective 2024-05-13).

Action: entry
Agreement: credit facility
Counterparty: Cavalry Fund, AJB and Mercer Street Capital
Value: $33,000 each
Effective: 2024-05-13

Exact text from the filing

the Company entered into a lending agreement with each of three (3) of its historical institutional investors, Cavalry Fund, AJB and Mercer Street Capital (“the Lenders”). The notes provide $33,000 of proceeds each, are for 12-month period, and earn interest at ten percent (10%) per year.

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Mitesco, Inc. filing history →

Source: SEC EDGAR

accession 0001185185-24-000538

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