10-Q Filing

MITESCO, INC. CIK: 802257 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001019056-12-000671`
Period End Date	20120331
Filing Date	20120521
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	tntyob-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 33 Cash Flow Statement 69 Stockholders Equity 34

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$3.02K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.64M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.13M	shares	Point-in-time
Cash	`Cash`	$123.14K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.64M	shares	Point-in-time
Accounts receivable	`AccountsReceivableGrossCurrent`	$1.90K	USD	Point-in-time
Accounts receivable	`AccountsReceivableGrossCurrent`	$2.80K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.13M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.46K	USD	Point-in-time
Deposits	`DepositAssets`	$175.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$307.39K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.92K	USD	Point-in-time
Fixtures and equipment	`PropertyPlantAndEquipmentGross`	$162.01K	USD	Point-in-time
Fixtures and equipment	`PropertyPlantAndEquipmentGross`	$162.01K	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$88.92K	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$75.36K	USD	Point-in-time
PropertyPlantAndEquipmentNet	`PropertyPlantAndEquipmentNet`	$86.64K	USD	Point-in-time
PropertyPlantAndEquipmentNet	`PropertyPlantAndEquipmentNet`	$73.09K	USD	Point-in-time
Costs incurred	`CapitalizedComputerSoftwareGross`	$2.69M	USD	Point-in-time
Costs incurred	`CapitalizedComputerSoftwareGross`	$2.57M	USD	Point-in-time
Less accumulated amortization	`CapitalizedComputerSoftwareAccumulatedAmortization`	$2.02M	USD	Point-in-time
Less accumulated amortization	`CapitalizedComputerSoftwareAccumulatedAmortization`	$1.80M	USD	Point-in-time
CapitalizedComputerSoftwareNet	`CapitalizedComputerSoftwareNet`	$770.04K	USD	Point-in-time
CapitalizedComputerSoftwareNet	`CapitalizedComputerSoftwareNet`	$667.21K	USD	Point-in-time
Total assets	`Assets`	$745.21K	USD	Point-in-time
Total assets	`Assets`	$1.16M	USD	Point-in-time
Notes payable- related party	`DueToRelatedPartiesCurrent`	$273.00K	USD	Point-in-time
Notes payable- related party	`DueToRelatedPartiesCurrent`	$85.83K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$452.87K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$473.85K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$210.35K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$172.51K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$8.25K	USD	Point-in-time
Stock subscribed	`ProceedReceviedButUnissuedSubscriptionsLiability`	$25.00K	USD	Point-in-time
Deferred rent, current portion	`DeferredRentCreditCurrent`	$10.13K	USD	Point-in-time
Deferred rent, current portion	`DeferredRentCreditCurrent`	$10.13K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$916.76K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$805.15K	USD	Point-in-time
Deferred rent, less current portion	`DeferredLongTermLiabilityCharges`	$3.38K	USD	Point-in-time
Deferred rent, less current portion	`DeferredLongTermLiabilityCharges`	$5.91K	USD	Point-in-time
Total long-term liabilities	`OtherLongTermDebtCurrent`	$3.38K	USD	Point-in-time
Total long-term liabilities	`OtherLongTermDebtCurrent`	$5.91K	USD	Point-in-time
Total liabilities	`Liabilities`	$811.07K	USD	Point-in-time
Total liabilities	`Liabilities`	$920.14K	USD	Point-in-time
Common stock, $0.001 par value - 50,000,000 shares authorized, 34,129.608 and 32,641,953 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$32.64K	USD	Point-in-time
Common stock, $0.001 par value - 50,000,000 shares authorized, 34,129.608 and 32,641,953 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$34.13K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$7.34M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$7.23M	USD	Point-in-time
Deficit accumulated during development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$7.55M	USD	Point-in-time
Deficit accumulated during development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$6.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-2.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$353.01K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-1.14M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-174.93K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$745.21K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.16M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$10.76K	USD	1 Quarter
Net sales	`SalesRevenueNet`	$153.13K	USD	1 Quarter
Net sales	`SalesRevenueNet`	$500.26K	USD	11 Qtrs
Cost of sales	`CostOfGoodsSold`	$1.38K	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$61.25K	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$185.49K	USD	11 Qtrs
Gross profit	`GrossProfit`	$314.78K	USD	11 Qtrs
Gross profit	`GrossProfit`	$9.38K	USD	1 Quarter
Gross profit	`GrossProfit`	$91.88K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.89M	USD	11 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$338.16K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$278.28K	USD	1 Quarter
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$2.95M	USD	11 Qtrs
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$182.55K	USD	1 Quarter
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$313.04K	USD	1 Quarter
OperatingExpenses	`OperatingExpenses`	$460.83K	USD	1 Quarter
OperatingExpenses	`OperatingExpenses`	$651.21K	USD	1 Quarter
OperatingExpenses	`OperatingExpenses`	$6.84M	USD	11 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-641.83K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-368.96K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.52M	USD	11 Qtrs
Interest expense	`InterestExpense`	$109.93K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.03M	USD	11 Qtrs
Net loss	`NetIncomeLoss`	$-2.50M	USD	Annual
Net loss	`NetIncomeLoss`	$-478.89K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.02M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.55M	USD	11 Qtrs
Net loss	`NetIncomeLoss`	$-641.83K	USD	1 Quarter
Net loss per share - basic and diluted (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.03	USD	1 Quarter
Net loss per share - basic and diluted (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Weighted average number of shares outstanding during the period - basic and diluted	`WeightedAverageNumberOfSharesOutstandingDuringThePeriodBasicAndDiluted`	$17.17M	USD	1 Quarter
Weighted average number of shares outstanding during the period - basic and diluted	`WeightedAverageNumberOfSharesOutstandingDuringThePeriodBasicAndDiluted`	$33.42M	USD	1 Quarter

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.50M	USD	Annual
Net loss	`NetIncomeLoss`	$-478.89K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.02M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.55M	USD	11 Qtrs
Net loss	`NetIncomeLoss`	$-641.83K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$238.65K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$236.28K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.11M	USD	11 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$94.02K	USD	11 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$43.12K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-1.90K	USD	11 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$901.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$15.90K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.46K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.00	USD	11 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$115.85K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-20.98K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$452.87K	USD	11 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-62.84K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$147.50K	USD	11 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$8.25K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$8.25K	USD	11 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-78.70K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRentReceivables`	$-2.53K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRentReceivables`	$13.52K	USD	11 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRentReceivables`	$10.13K	USD	1 Quarter
Accrued interest included in notes payable	`IncreaseDecreaseInInterestPayableNet`	$574.51K	USD	11 Qtrs
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-179.43K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.15M	USD	11 Qtrs
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-430.81K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$162.01K	USD	11 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.63K	USD	1 Quarter
Deposit for merger	`PaymentsForProceedsFromOtherInvestingActivities`	$150.00K	USD	1 Quarter
Deposit for merger	`PaymentsForProceedsFromOtherInvestingActivities`	$325.00K	USD	11 Qtrs
Payment of software development costs	`PaymentsToDevelopSoftware`	$122.26K	USD	1 Quarter
Payment of software development costs	`PaymentsToDevelopSoftware`	$2.69M	USD	11 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.63K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-272.26K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.18M	USD	11 Qtrs
Advances from related parties	`IncreaseDecreaseInDueToRelatedParties`	$162.35K	USD	11 Qtrs
Repayments of advances from related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$-162.35K	USD	11 Qtrs
Repayments of advances from related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$-465.09K	USD	1 Quarter
Net advances on line of credit related parties	`ProceedsFromLinesOfCredit`	$156.37K	USD	11 Qtrs
Proceeds from notes payable related parties	`ProceedsFromNotesPayable`	$3.61M	USD	11 Qtrs
Proceeds from notes payable related parties	`ProceedsFromNotesPayable`	$187.18K	USD	1 Quarter
Sale of common stock	`ProceedsFromSaleOfTreasuryStock`	$395.77K	USD	1 Quarter
Sale of common stock	`ProceedsFromSaleOfTreasuryStock`	$3.78M	USD	11 Qtrs
Sale of common stock	`ProceedsFromSaleOfTreasuryStock`	$1.44M	USD	1 Quarter
Stock issuance costs	`PaymentsOfStockIssuanceCosts`	$-164.76K	USD	11 Qtrs
Stock issuance costs	`PaymentsOfStockIssuanceCosts`	$-769.85K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.71M	USD	11 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$582.95K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.75M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.02K	USD	11 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-120.12K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.80K	USD	1 Quarter
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.55K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$123.14K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.74K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.02K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.55K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$123.14K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.74K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.02K	USD	Point-in-time
Cash paid during the period for interest	`InterestPaid`	$38.66K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaid`	$405.90K	USD	11 Qtrs
Conversion of debt to common stock shares	`DebtConversionOriginalDebtAmount1`	$4.06M	USD	11 Qtrs
Conversion of debt to common stock shares	`DebtConversionOriginalDebtAmount1`	$769.85K	USD	1 Quarter

Stockholders Equity 34 line items

Line Item	Tag	Value	Unit	Period
Balance at	`StockholdersEquity`	$-2.91M	USD	Point-in-time
Balance at	`StockholdersEquity`	$353.01K	USD	Point-in-time
Balance at	`StockholdersEquity`	$-1.14M	USD	Point-in-time
Balance at	`StockholdersEquity`	$-174.93K	USD	Point-in-time
Balance at (in Shares)	`CommonStockSharesOutstanding`	32.64M	shares	Point-in-time
Balance at (in Shares)	`CommonStockSharesOutstanding`	34.13M	shares	Point-in-time
Shares issued for stock offering services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$30.82K	USD	2 Qtrs
Shares issued for stock offering services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$37.45K	USD	1 Quarter
Employee stock based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$40.99K	USD	Annual
Employee stock based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$5.67K	USD	1 Quarter
Employee stock based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$-53.34K	USD	Annual
Employee stock based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$64.94K	USD	2 Qtrs
Warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$30.82K	USD	2 Qtrs
Warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$37.45K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.50M	USD	Annual
Net loss	`NetIncomeLoss`	$-478.89K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.39M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.02M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.55M	USD	11 Qtrs
Net loss	`NetIncomeLoss`	$-641.83K	USD	1 Quarter
Sale of common stock	`SaleOfStockConsiderationReceivedPerTransaction`	$395.77K	USD	1 Quarter
Sale of common stock	`SaleOfStockConsiderationReceivedPerTransaction`	$1.75M	USD	Annual
Sale of common stock	`SaleOfStockConsiderationReceivedPerTransaction`	$706.50K	USD	Annual
Sale of common stock	`SaleOfStockConsiderationReceivedPerTransaction`	$410.00K	USD	2 Qtrs
Reverse recapitalization related to acquisition	`RecapitalizationCosts`	$-325.00K	USD	1 Quarter
Stock issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-111.78K	USD	Annual
Stock issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-12.16K	USD	Annual
Stock issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-40.83K	USD	2 Qtrs
Balance at	`StockholdersEquity`	$-2.91M	USD	Point-in-time
Balance at	`StockholdersEquity`	$353.01K	USD	Point-in-time
Balance at	`StockholdersEquity`	$-1.14M	USD	Point-in-time
Balance at	`StockholdersEquity`	$-174.93K	USD	Point-in-time
Balance at (in Shares)	`CommonStockSharesOutstanding`	32.64M	shares	Point-in-time
Balance at (in Shares)	`CommonStockSharesOutstanding`	34.13M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.