debt
confidence high
sentiment negative
materiality 0.60
Mitesco enters $50K promissory notes at 10% interest; plans Q4 debt restructuring
Mitesco, Inc.
- Two 12-month promissory notes of $25k each at 10% interest with Mercer Street Capital and AJB.
- Proceeds used to fund SEC reporting, audit, legal and accounting compliance costs.
- Company plans to eliminate obligations from 'The Good Clinic' operations (ceased late 2022).
- Series F Preferred terms reset to eliminate all interest payments; broader debt consolidation targeted for Q4 2024.
- No assurance of successful restructuring; discussions with investors, note holders, and former vendors ongoing.