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Cuentas | 8-K: Current report

SEC announcement ·  Mar 14 21:03
Summary by Futu AI
Cuentas, Inc., a Florida-based company, has announced through a Form 8-K filing with the SEC that on March 13, 2024, it approved the signing of a Letter of Intent to sell the Brooksville Property for $7.2 million. The property, located at 19200 Cortez Boulevard in Brooksville, Florida, was originally acquired on April 28, 2023, for $5.05 million, a transaction that was disclosed in a previous SEC 8-K submission on May 4, 2023. Cuentas, which holds a 63% interest in Brooksville Development Partners, LLC, contributed $2 million towards the original purchase and an additional $65k for engineering expenses. The mortgage on the property was amended and restated on January 27, 2024, with Republic Bank of Chicago for $3.055 million. Furthermore, a $500,000 Loan Extension Agreement was executed to support the interest reserve, fees, and working capital needs of the company. The sale of the Brooksville Property represents a significant transaction for Cuentas and its partners in Brooksville Development Partners, LLC.
Cuentas, Inc., a Florida-based company, has announced through a Form 8-K filing with the SEC that on March 13, 2024, it approved the signing of a Letter of Intent to sell the Brooksville Property for $7.2 million. The property, located at 19200 Cortez Boulevard in Brooksville, Florida, was originally acquired on April 28, 2023, for $5.05 million, a transaction that was disclosed in a previous SEC 8-K submission on May 4, 2023. Cuentas, which holds a 63% interest in Brooksville Development Partners, LLC, contributed $2 million towards the original purchase and an additional $65k for engineering expenses. The mortgage on the property was amended and restated on January 27, 2024, with Republic Bank of Chicago for $3.055 million. Furthermore, a $500,000 Loan Extension Agreement was executed to support the interest reserve, fees, and working capital needs of the company. The sale of the Brooksville Property represents a significant transaction for Cuentas and its partners in Brooksville Development Partners, LLC.
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