Mitesco, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mitesco, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial and operational status.</b>

AI Summary

Mitesco, Inc. (MITI) filed a Annual Report (10-K) with the SEC on April 16, 2024. Mitesco, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and its principal executive offices are located in Vero Beach, Florida. Mitesco, Inc. was formerly known as True Nature Holding, Inc., Trunity Holdings, Inc., and BRAIN TREE INTERNATIONAL INC. The company has registered Common Stock, $0.01 Par Value, under Section 12(g) of the Act. Mitesco, Inc. has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Mitesco, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Mitesco, Inc.'s performance and compliance for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The 10-K report contains detailed financial statements, risk factors, and management discussion, offering insights into the company's business operations and strategic direction.

Risk Assessment

Risk Level: low — Mitesco, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain new material events or significant financial disclosures that would alter the risk profile.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand Mitesco, Inc.'s current financial health and potential challenges.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year ended December 31, 2023)
• 000-53601 — Commission File Number (SEC Commission File Number)
• 87-0496850 — IRS Employer Identification Number (IRS Employer Identification Number)
• 0000802257 — Central Index Key (Central Index Key for Mitesco, Inc.)
• 2024-04-16 — Filing Date (Date filed with SEC)

Key Players & Entities

• Mitesco, Inc. (company) — Registrant
• December 31, 2023 (date) — Fiscal year end
• Delaware (jurisdiction) — State of Incorporation
• Vero Beach, Florida (location) — Principal executive offices
• True Nature Holding, Inc. (company) — Former company name
• Trunity Holdings, Inc. (company) — Former company name
• BRAIN TREE INTERNATIONAL INC (company) — Former company name
• Common Stock, $0.01 Par Value (security) — Registered securities

FAQ

Industry Context

Mitesco, Inc. operates within the health services sector, as indicated by its SIC code [8000].

Regulatory Implications

The filing is made in accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934 and Rule 405 of Regulation S-T for interactive data files.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Review the risk factors section for potential operational, market, or regulatory challenges.
3. Examine any management discussion and analysis for insights into strategic initiatives and future outlook.

Year-Over-Year Comparison

This is the annual report for the fiscal year ended December 31, 2023. Previous filings would include quarterly reports (10-Q) and potentially other current reports (8-K).

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 Par Value Indicate by check mark if th
• $2.5 million — or total consideration of approximately $2.5 million in the form of forgiveness of certain n
• $0.5 million — ck with a stated value of approximately $0.5 million and accrued dividends of approximately
• $67,000 — and accrued dividends of approximately $67,000, and (ii) accrued salary owed to Mr. Ho
• $38,000 — Mr. Howe in the amount of approximately $38,000 or approximately $25,000 (the investmen
• $25,000 — approximately $38,000 or approximately $25,000 (the investment incentive of 65% applie
• $0.6 million — th a liquidation value of approximately $0.6 million. Other than the conversion of incentive

Filing Documents

• mitesco20231231_10k.htm (10-K) — 3641KB
• ex_651164.htm (EX-21.1) — 2KB
• ex_651165.htm (EX-31.1) — 13KB
• ex_651166.htm (EX-32.1) — 5KB
• accell_logo1.jpg (GRAPHIC) — 7KB
• mitesco20231231_10kimg005.jpg (GRAPHIC) — 4KB
• mitesco20231231_10kimg006.jpg (GRAPHIC) — 2KB
• 0001185185-24-000401.txt (&nbsp;) — 11884KB
• miti-20231231.xsd (EX-101.SCH) — 77KB
• miti-20231231_cal.xml (EX-101.CAL) — 65KB
• miti-20231231_def.xml (EX-101.DEF) — 420KB
• miti-20231231_lab.xml (EX-101.LAB) — 642KB
• miti-20231231_pre.xml (EX-101.PRE) — 423KB
• mitesco20231231_10k_htm.xml (XML) — 1929KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6.

Selected Financial Data

Selected Financial Data 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers, and Corporate Governance 97 Item 11.

Executive Compensation

Executive Compensation 102 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 Item 13. Certain Relationships and Related Transactions, and Director Independence 108 Item 14. Principal Accountant Fees and Services 110 PART IV Item 15. Exhibits 111 Item 16. Form 10-K Summary 116 SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION As used in this Annual Report on Form 10-K (this "Annual Report"), unless indicated or the context requires otherwise, the terms the "Company", "Mitesco" or "MITI" refer to Mitesco, Inc. In addition to historical information, this Annual Report contains forward-looking statements. The forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the sections entitled "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. We undertake no obligation to revise or release the results of any revision of these forward-looking statements. Readers should carefully review the risk factors described in this Annual Report and in other documents that we file from time to time with the Securities and Exchange Commission (the "SEC" or the "Commission"). You can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "proposed," "intended," or "continue" or the negative of these terms or other comparable terminology. You should read statements that contain these words carefully, because they discuss our expectations about our future operating results or our future financial co

BUSINESS

ITEM 1. BUSINESS Company Overview Mitesco, Inc. (the "Company," "we," "us," or "our") was formed in the state of Delaware on January 18, 2012. On December 9, 2015, we restructured our operations and acquired Newco4pharmacy, LLC, a development stage company which sought to acquire compounding pharmacy businesses. As a part of the restructuring, we completed a "spin out" of our former business line. On April 24, 2020, we changed our name to Mitesco, Inc. On October 13, 2023, the Company effected a re-domestication to Nevada. We are a holding company seeking to provide products, services and technology to make accessible higher quality, and more affordable healthcare solutions. We have recently discontinued the business activities within "The Good Clinic, LLC" healthcare subsidiary due to lack of profitability and limited funding. We have a number of near-term opportunities that we hope to pursue, assuming the capital markets make sufficient funding available at reasonable rates. Our operations are subject to comprehensive federal, state, and local laws and regulations in the jurisdictions in which it does business. There also continues to be a heightened level of review and/or audit by federal and state regulators of the health and related benefits industry's business and reporting practices. As of the date of this filing, we are not subject to any actual or anticipated regulatory reviews or audits relating to our operations. The laws and rules governing our businesses and interpretations of those laws and rules continue to evolve each year and are subject to frequent change. The application of these complex legal and regulatory requirements to the detailed operation of our businesses creates areas of uncertainty. Further, there are numerous proposed health care, financial services and other laws and regulations at the federal and state level some of which could adversely affect our businesses if they are enacted. We cannot predict whether pending or future fed

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View this 10-K filing on SEC EDGAR