Company: GEDC
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001641172-25-002190
Chunk: 699

Company: CalEthos, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 6
Chunk 699
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the “Property”),
                                            of a general plan amendment, zone change, and approved use for data center and/or onsite
                                            power production use; 

○will
                                            vest as to 20% of such Option Shares (35,000 shares) upon the completion of a development
                                            agreement with Imperial County, CA (the “County”) or similar land use and entitlement
                                            to memorialize the approval of a data center use for the Property; 

○will
                                            vest as to 20% of such Option Shares (35,000 shares) upon the Company receiving from the
                                            County permits necessary to start construction at the Property of either an onsite power
                                            production of a 50MW generation system or a 60MW critical load data center facility (including
                                            but not limited to power substations, on-site roads, water, power, fiber communications,
                                            buildings, perimeter walls, and security systems); 

○will
                                            vest as to 20% of such Option Shares (35,000 shares) upon the completion of binding agreements
                                            for an external or onsite portfolio of power sources for a minimum of 500MW of power to support
                                            the data center load at the Property; and 

○will
                                            vest as to 20% of such Option Shares (35,000 shares) upon the completion of the sale or lease
                                            of all or a portion of the Property for “powered dirt”, a “powered shell”
                                            or a built-to-suit data center facility. 

●Vesting
                                            milestones can be altered or changed by the Company and the optionee mutually agreeing as
                                            the data center site development, building designs, and construction plans are further defined
                                            and timelines for permitting, construction, and customer contracts, occupancies, and operations’
                                            milestones are established.

In
January 2025, the Company issued a Debenture in the amount of $25,000, with a commission of $2,000 for net proceeds of $23,000.

In
February 2025, the Company issued a Debenture in the amount of $100,000, with a commission of $4,000 for net proceeds of $96,000.

In
March 2025, the Company issued a Debenture in the amount of $100,000, with a commission of $4,000 for net proceeds of $96,000.

F-23