Mitesco, Inc. (MITI) Form 8-K — Oct 13, 2026
Mitesco, Inc. received $25,000 in bridge financing from ZSP Capital, LLC via a convertible promissory note with a $27,500 face value, 10% interest, and a 12-month maturity. The note converts at $0.15 per share or, more favorably to the holder, at 65% of the lowest trade price over the prior ten days — a toxic conversion feature that carries meaningful dilution risk. The company also issued 2 million restricted shares at $0.0375 each as compensation to two individuals for work on its TCDC edge computing and Robo Agent projects, bringing shares outstanding to approximately 51 million.
Key figures
- Debt Amount
- 27500
- Interest Rate
- 10
- Maturity Date
- 12 months from issue date (October 2026)
- Gross Proceeds
- 25000
- Shares Outstanding
- 51000000
- Conversion price
- $0.15 per share
- Default interest
- 18% per annum
- Compensation charge
- $37,500 total
- Original issue discount
- $2,500 (10%)
- Compensation share value
- $0.0375 per share
- Shares issued as compensation
- 2000000
AI analysis
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