Mitesco, Inc. Files 8-K with Material Agreement
Ticker: MITI · Form: 8-K · Filed: May 16, 2024 · CIK: 802257
Sentiment: neutral
Topics: material-agreement, corporate-actions
Related Tickers: MITC
TL;DR
Mitesco (MITC) filed an 8-K on 5/10, reporting a material definitive agreement. Details TBD.
AI Summary
On May 10, 2024, Mitesco, Inc. entered into a Material Definitive Agreement, the details of which are not fully disclosed in this filing. The company also reported other events and filed financial statements and exhibits. Mitesco, Inc. was formerly known as True Nature Holding, Inc., Trunity Holdings, Inc., and BRAIN TREE INTERNATIONAL INC.
Why It Matters
This filing indicates a significant event for Mitesco, Inc., potentially impacting its business operations and financial standing through a new material definitive agreement.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which could represent significant opportunities or risks depending on the undisclosed terms.
Key Players & Entities
- Mitesco, Inc. (company) — Registrant
- May 10, 2024 (date) — Date of earliest event reported
- True Nature Holding, Inc. (company) — Former company name
- Trunity Holdings, Inc. (company) — Former company name
- BRAIN TREE INTERNATIONAL INC (company) — Former company name
- Nevada (jurisdiction) — State of incorporation
- 000-53601 (file_number) — SEC File Number
FAQ
What is the nature of the Material Definitive Agreement entered into by Mitesco, Inc. on May 10, 2024?
The specific details of the Material Definitive Agreement are not disclosed in this 8-K filing, which only reports its entry.
What other items are reported in this 8-K filing besides the material agreement?
The filing also reports 'Other Events' and 'Financial Statements and Exhibits'.
When was Mitesco, Inc. previously known by other names?
Mitesco, Inc. was formerly known as True Nature Holding, Inc. (effective 20160122), Trunity Holdings, Inc. (effective 20120125), and BRAIN TREE INTERNATIONAL INC (effective 19860922).
What is Mitesco, Inc.'s state of incorporation and fiscal year end?
Mitesco, Inc. is incorporated in Nevada and its fiscal year ends on December 31.
What is the principal business address of Mitesco, Inc. as listed in the filing?
The principal business address is 505 Beachland Blvd., Suite 1377, Vero Beach, Florida 32963.
Filing Stats: 873 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2024-05-16 14:52:55
Key Financial Figures
- $60,000 — pensation for the participants shall be $60,000 per year paid through the issuance of r
- $10,000 — s for a term of 12 months, at a rate of $10,000 per month. The Company has also agreed
- $33,000 — ital ("the Lenders"). The notes provide $33,000 of proceeds each, are for 12-month peri
Filing Documents
- mitesco20240512_8k.htm (8-K) — 31KB
- ex_672385.htm (EX-10.1) — 51KB
- ex_672386.htm (EX-10.2) — 14KB
- ex_675723.htm (EX-99.1) — 12KB
- 0001185185-24-000538.txt ( ) — 262KB
- miti-20240510.xsd (EX-101.SCH) — 3KB
- miti-20240510_def.xml (EX-101.DEF) — 10KB
- miti-20240510_lab.xml (EX-101.LAB) — 19KB
- miti-20240510_pre.xml (EX-101.PRE) — 10KB
- mitesco20240512_8k_htm.xml (XML) — 3KB
01
Item 1.01 Entry into a Material Definitive Agreement. Advisory Board The Board of Directors recently authorized the creation of a new Advisory Board whose participants shall include subject matter experts in certain business areas under consideration by the Company. These positions are "non-executive" and as such are not governed by Section 16 of the Securities Act. The compensation for the participants shall be $60,000 per year paid through the issuance of restricted common stock. The per share valuation to be used shall be determined by the Board of Directors based on the market of the Company's common stock at the time of the appointment. The Board of Director has made April 1, 2024 the effective date for the Advisor's agreements who were appointed through April 2024. On May 10, 2024 the Company issued 75,000 shares of restricted common stock to each of four (4) members of its Advisory Board as consideration for their services over the next 12 months. The 300,000 shares, in aggregate, were priced at $.80 per share. Previously the Company announced that it had added William Thein to its Advisory Board to assist on evaluation of consumer products related areas. Given recent decisions to proceed with businesses directly related to technology, and not consumer products, it has decided not to proceed with that appointment and no consideration has been provided. Consulting Agreement On May 14, 2024 the Company entered into a Consulting Agreement with Ms. Betsy Berlin, a seasoned professional with experience in data center services, AI and other applications. Ms. Berlin will assume responsibility for the development of its business unit focused on data center operations, cyber and data security, as well as infrastructure related applications for municipal, utility and commercial applications. The agreement is for a term of 12 months, at a rate of $10,000 per month. The Company has also agreed to provide a bonus program as additional compensation at a later da
01
Item 8.01 Other Events. On May 16, 2024 the Company issued a press release which discusses the formation of a new business unit focused on data center operations, cyber and data security. A copy of the press release is attached herein as Exhibit 99.1
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibits Description 10.1 Form of Financing Agreement 10.2 Form of Consulting Agreement for Berlin 99.1 Press Release dated May 14, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: May 16, 2024 MITESCO, INC. By: /s/ Mack Leath Mack Leath Chairman and CEO