Mitesco, Inc. Files 8-K for Material Agreement
Ticker: MITI · Form: 8-K · Filed: Jul 19, 2024 · CIK: 802257
Sentiment: neutral
Topics: material-agreement, 8-k, filing
TL;DR
Mitesco filed an 8-K on July 19th for a material agreement on July 17th.
AI Summary
Mitesco, Inc. filed an 8-K on July 19, 2024, reporting on events that occurred on July 17, 2024. The filing indicates the entry into a material definitive agreement, other events, and financial statements/exhibits. Specific details regarding the agreement or financial information are not provided in this excerpt.
Why It Matters
This 8-K filing signals a significant development for Mitesco, Inc., potentially involving a new contract or partnership that could impact its business operations and financial future.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which could represent significant opportunities or risks depending on the nature of the agreement not detailed here.
Key Players & Entities
- Mitesco, Inc. (company) — Registrant
- July 17, 2024 (date) — Earliest event reported
- July 19, 2024 (date) — Filing date
- Nevada (jurisdiction) — State of incorporation
- 505 Beachland Blvd., Suite 1377 (address) — Principal executive offices
- Vero Beach, Florida (location) — Principal executive offices location
FAQ
What is the nature of the material definitive agreement entered into by Mitesco, Inc. on July 17, 2024?
The provided excerpt does not specify the details of the material definitive agreement.
What specific 'other events' are being reported by Mitesco, Inc. in this 8-K filing?
The excerpt mentions 'Other Events' as an item, but does not provide specific details about these events.
Are there any financial statements or exhibits included with this 8-K filing?
Yes, the filing indicates 'Financial Statements and Exhibits' are included, but the content is not detailed in the excerpt.
When was Mitesco, Inc. incorporated, and in which state?
Mitesco, Inc. is incorporated in Nevada.
What is the principal executive office address for Mitesco, Inc.?
The principal executive offices are located at 505 Beachland Blvd., Suite 1377, Vero Beach, Florida 32963.
Filing Stats: 769 words · 3 min read · ~3 pages · Grade level 12 · Accepted 2024-07-19 16:00:21
Key Financial Figures
- $10,000 — 2024, with total consideration paid of $10,000. The agreement with Mr. Valania is for
- $11,250 — s for a term of 12 months, at a rate of $11,250 per month. The Company has also agreed
- $135,000 — ram as additional compensation of up to $135,000 per year based on achievement of specif
- $25,000 — ital ("the Lenders"). The notes provide $25,000 of proceeds each, are for a 12-month pe
Filing Documents
- mitesco20240719_8k.htm (8-K) — 28KB
- ex_700731.htm (EX-10.1) — 50KB
- ex_700732.htm (EX-10.2) — 12KB
- 0001185185-24-000712.txt ( ) — 240KB
- miti-20240717.xsd (EX-101.SCH) — 3KB
- miti-20240717_def.xml (EX-101.DEF) — 10KB
- miti-20240717_lab.xml (EX-101.LAB) — 19KB
- miti-20240717_pre.xml (EX-101.PRE) — 10KB
- mitesco20240719_8k_htm.xml (XML) — 3KB
01
Item 1.01 Entry into a Material Definitive Agreement. Consulting Agreement On July 17, 2024, the Company entered into a Consulting Agreement, effective July 8, 2024, with Mr. Brian Valania, a seasoned sales professional with experience in large database software and systems including SAP as well as data center services. Mr. Valania 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. He replaces Ms. Betsy Berlin who was terminated by mutual consent in June 2024, with total consideration paid of $10,000. The agreement with Mr. Valania is for a term of 12 months, at a rate of $11,250 per month. The Company has also agreed to provide a bonus program as additional compensation of up to $135,000 per year based on achievement of specific business goals. Mr. Valania will receive up to 200,000 of restricted common stock as additional consideration subject to certain tenure and performance requirements. Financing Agreements On July 18, 2024, in one case, and July 19, 2024, for the other two cases, 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 $25,000 of proceeds each, are for a 12-month period, and earn interest at ten percent (10%) per year. The Lenders and the Company have agreed that the use of the proceeds is intended to fund compliance related costs such as SEC reporting, audit, legal and accounting related. The Company expects to enter into similar agreements with other investors to meet its continuing costs for compliance. A copy of the form of notes can be found in the exhibits to this filing.
01
Item 8.01 Other Events. The Company's began operations for its new data center offering in late June 2024 with four (4) clients currently, and two (2) additional organizations in the process of migrating their applications. The Company is evaluating a number of specialized software applications to offer on a "cloud" basis, generally focused on infrastructure design, build and maintenance professionals, as well of some security related areas. It has recently begun discussions with several geographical information system (GIS) software vendors and users and expects to make further announcements regarding partnerships, licensing and users over the next few weeks and months. It is also evaluating an offering aimed at small to medium sized businesses utilizing Oracle and SAP software.
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibits Description 10.1 Form of consulting agreement for Valania 10.2 Form of financing agreement 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: July 19, 2024 MITESCO, INC. By: /s/ Mack Leath Mack Leath Chairman and CEO