Mitesco, Inc. Files Q2 2024 10-Q Report
Ticker: MITI · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 802257
Sentiment: neutral
Topics: 10-Q, financials, healthcare
TL;DR
Mitesco dropped its Q2 10-Q. Check financials.
AI Summary
Mitesco, Inc. filed its 10-Q for the quarter ended June 30, 2024, reporting on its financial performance. The company, formerly known as True Nature Holding, Inc., is incorporated in Nevada and operates in the health services sector. The filing provides details on its financial condition and results of operations for the specified period.
Why It Matters
This filing provides investors and stakeholders with the latest financial performance data for Mitesco, Inc., crucial for evaluating the company's health and future prospects.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.
Key Players & Entities
- Mitesco, Inc. (company) — Registrant
- June 30, 2024 (date) — End of reporting period
- True Nature Holding, Inc. (company) — Former company name
- Nevada (location) — State of incorporation
FAQ
What is the primary business of Mitesco, Inc.?
Mitesco, Inc. operates in the SERVICES-HEALTH SERVICES sector, as indicated by its Standard Industrial Classification code.
When was Mitesco, Inc. previously known by another name?
Mitesco, Inc. was formerly known as True Nature Holding, Inc., with a name change date of January 22, 2016.
What is the fiscal year end for Mitesco, Inc.?
The fiscal year end for Mitesco, Inc. is December 31.
In which state is Mitesco, Inc. incorporated?
Mitesco, Inc. is incorporated in Nevada.
What is the SEC file number for Mitesco, Inc.?
The SEC file number for Mitesco, Inc. is 000-53601.
Filing Stats: 4,642 words · 19 min read · ~15 pages · Grade level 16.4 · Accepted 2024-08-14 16:45:33
Key Financial Figures
- $0.01 — Stockholders' deficit Preferred stock, $0.01 par value, 100,000,000 shares authorize
Filing Documents
- mitesco20240630_10q.htm (10-Q) — 1668KB
- ex_712398.htm (EX-31.1) — 13KB
- ex_712399.htm (EX-32.1) — 5KB
- 0001185185-24-000820.txt ( ) — 7703KB
- miti-20240630.xsd (EX-101.SCH) — 60KB
- miti-20240630_cal.xml (EX-101.CAL) — 36KB
- miti-20240630_def.xml (EX-101.DEF) — 287KB
- miti-20240630_lab.xml (EX-101.LAB) — 465KB
- miti-20240630_pre.xml (EX-101.PRE) — 287KB
- mitesco20240630_10q_htm.xml (XML) — 1142KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 4 Consolidated Balance Sheets as of June 30, 2024, and December 31, 2023 4 Consolidated Statements of Operations for the three and six months ended June 30, 2024, and 2023 5 Consolidated Stockholder's Deficit for the three and six months ended June 30, 2024, and 2023 6 Consolidated Statements of Cash Flows for the six months ended June 30, 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. 28 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk. 32 Item 4.
Controls and Procedures
Controls and Procedures. 32
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1. Legal Proceedings. 33 Item 1A. Risk Factors. 34 Item 2. Sale of Unregistered Securities. 35 Item 3. Defaults Upon Senior Secured Securities. 35 Item 4. Mine Safety Disclosures. 35 Item 5. Other Information. 35 Item 6. Exhibits. 35
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS MITESCO, INC. CONSOLIDATED BALANCE SHEETS June 30, 2024 (Unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 40,196 $ 2,838 Prepaids and other current assets 6,000 - Total current assets 46,196 2,838 Total assets $ 46,196 $ 2,838 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities $ 7,350,307 $ 7,838,112 Accrued interest 449,455 348,821 Accrued interest - related party 82,845 61,792 Derivative liabilities 152,945 152,945 Lease liability - operating lease, current 99,477 99,477 Notes payable, net 1,244,429 945,429 Notes payable - related parties, net 300,012 300,012 SBA loan payable 408,303 421,788 Other current liabilities 96,136 121,136 Preferred stock dividends payable 2,338,790 1,551,833 Preferred stock dividends payable - related parties 209,364 73,364 Legal settlements 2,452,768 2,219,886 Total current liabilities 15,184,831 14,134,595 Total liabilities 15,184,831 14,134,595 Stockholders' 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 June 30, 2024, and December 31, 2023 - - Preferred stock, Series C, $ 0.01 par value, 0 shares issued and outstanding as of June 30, 2024, and December 31, 2023 - - Preferred stock, Series D, $ 0.01 par value, 250,000 shares issued and outstanding as of June 30, 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 June 30, 2024, and December 31, 2023 201 201 Preferred stock, Series X, $ 0.01