Mitesco, Inc. Files Quarterly Report (10-Q) for Period Ended March 31, 2024

TL;DR

<b>Mitesco, Inc. has filed its quarterly report for Q1 2024, confirming compliance with SEC filing requirements.</b>

AI Summary

Mitesco, Inc. (MITI) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Mitesco, Inc. filed a 10-Q report for the quarter ended March 31, 2024. The company is incorporated in Nevada and its fiscal year ends on December 31. Mitesco, Inc. is classified as a non-accelerated filer and a smaller reporting company. The filing confirms Mitesco, Inc. has submitted all required reports for the preceding 12 months. The company has also submitted all Interactive Data Files required by Rule 405 of Regulation S-T.

Why It Matters

For investors and stakeholders tracking Mitesco, Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on Mitesco, Inc.'s financial performance and operational status for the first quarter of 2024. As a smaller reporting company and non-accelerated filer, this report is crucial for understanding the company's current financial health and regulatory adherence.

Risk Assessment

Risk Level: low — Mitesco, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain new material events or significant financial disclosures that would indicate elevated risk at this stage.

Analyst Insight

Monitor future 10-Q filings for detailed financial results and operational updates from Mitesco, Inc.

Key Numbers

• 2024-03-31 — Quarter End Date (Period covered by the 10-Q filing)
• 2024-05-15 — Filing Date (Date the 10-Q was filed with the SEC)
• 000-53601 — SEC File Number (Mitesco, Inc.'s SEC file number)
• 87-0496850 — IRS Employer Identification Number (Mitesco, Inc.'s EIN)

Key Players & Entities

• Mitesco, Inc. (company) — Registrant
• March 31, 2024 (date) — Quarter ended
• 20240515 (date) — Filing date
• 0001185185-24-000529 (filing_id) — Accession Number
• Nevada (jurisdiction) — State of Incorporation
• 1934 Act (regulation) — SEC Act
• 000-53601 (filing_id) — SEC File Number
• Rule 405 of Regulation S-T (regulation) — Interactive Data File requirement

FAQ

Industry Context

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

Regulatory Implications

The filing adheres to Section 13 or 15(d) of the Securities Exchange Act of 1934 and Rule 405 of Regulation S-T for interactive data submission.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Track Mitesco, Inc.'s subsequent filings for ongoing financial and operational performance.
3. Analyze industry trends impacting health services companies like Mitesco, Inc.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing analyzed for the period ending March 31, 2024. No prior period comparison is available within this specific document.

Key Financial Figures

• $0.01 — ers' equity (deficit) Preferred stock, $0.01 par value, 100,000,000 shares authorize
• $277,777 — te in the aggregate principal amount of $277,777 (the "Kishon Note"), and (iii) Common S
• $159,259 — ishon receive net proceeds of less than $159,259 from the sale of the Kishon Commitment

Filing Documents

• mitesco20240331_10q.htm (10-Q) — 1234KB
• ex_671924.htm (EX-31.1) — 13KB
• ex_671925.htm (EX-32.1) — 5KB
• 0001185185-24-000529.txt (&nbsp;) — 6427KB
• miti-20240331.xsd (EX-101.SCH) — 55KB
• miti-20240331_cal.xml (EX-101.CAL) — 30KB
• miti-20240331_def.xml (EX-101.DEF) — 256KB
• miti-20240331_lab.xml (EX-101.LAB) — 410KB
• miti-20240331_pre.xml (EX-101.PRE) — 257KB
• mitesco20240331_10q_htm.xml (XML) — 975KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 5 Consolidated Stockholder's Deficit for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 29 Item 4.

Controls and Procedures

Controls and Procedures. 29

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. Legal Proceedings. 30 Item 1A. Risk Factors. 32 Item 2. Sale of Unregistered Securities. 32 Item 3. Defaults Upon Senior Secured Securities. 32 Item 4. Mine Safety Disclosures. 32 Item 5. Other Information. 32 Item 6. Exhibits. 32

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MITESCO, INC. CONSOLIDATED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 40,785 $ 2,838 Prepaids and other current assets 15,000 - Total current assets 55,785 2,838 Total assets $ 55,785 $ 2,838 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued liabilities $ 7,393,234 $ 7,838,112 Accrued interest 389,444 348,821 Accrued interest - related party 72,374 61,792 Derivative liabilities 152,945 152,945 Lease liability - operating lease, current 99,477 99,477 Notes payable, net 1,145,429 945,429 Notes payable - related parties, net 300,012 300,012 SBA loan payable 414,002 421,788 Other current liabilities 96,136 121,136 Preferred stock dividends payable 2,049,289 1,551,833 Preferred stock dividends payable - related parties 161,617 73,364 Legal settlements 2,452,768 2,219,886 Total current liabilities 14,726,727 14,134,595 Total liabilities 14,726,727 14,134,595 Stockholders' equity (deficit) Preferred stock, $0.01 par value, 100,000,000 shares authorized; 500,000 shares designated Series A; 3,000,000 shares designated Series C; 10,000,000 shares designated Series D; 10,000 shares designated as Series E; 140,000 shares designated as Series F, and 27,324 shares designated Series X. Preferred stock, Series A, $ 0.01 par value, 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 - - Preferred stock, Series C, $ 0.01 par value, 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 - - Preferred stock, Series D, $ 0.01 par value, 250,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023 2,500 2,500 Preferred stock, Series F, $ 0.01 par value, 20,057 shares issued and outstanding as of March 31, 2024 and December 31, 2023 201 201 Preferred sto

View Full Filing

View this 10-Q filing on SEC EDGAR