10-Q Filing

MITESCO, INC. CIK: 802257 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001185185-23-001031`
Period End Date	20230331
Filing Date	20231004
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	mitesco20230331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 43 Cash Flow Statement 63 Stockholders Equity 25

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$45.00K	USD	Point-in-time
Fixed assets, accumulated depreciation (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$0.06	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.62K	USD	Point-in-time
Notes payable, discounts (in Dollars)	`DebtInstrumentUnamortizedDiscountCurrent`	-	USD	Point-in-time
Notes payable, discounts (in Dollars)	`DebtInstrumentUnamortizedDiscountCurrent`	$0.40	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$299.00	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$6.60K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$30.94K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Inventory	`InventoryNet`	$90.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$113.72K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$59.83K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$66.82K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$180.29K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Right to use assets, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Right to use assets, net	`OperatingLeaseRightOfUseAsset`	$544.06K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.63M	shares	Point-in-time
Fixed assets, net of accumulated depreciation of $45,000 and $.06 million	`PropertyPlantAndEquipmentNet`	$1.88M	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $45,000 and $.06 million	`PropertyPlantAndEquipmentNet`	$47.02K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Total Assets	`Assets`	$2.60M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.63M	shares	Point-in-time
Total Assets	`Assets`	$113.84K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$8.34M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$7.35M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$513.26K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$362.09K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$568.91K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$568.91K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$679.69K	USD	Point-in-time
Lease liability - operating leases, current	`OperatingLeaseLiabilityCurrent`	$512.89K	USD	Point-in-time
Lease liability - operating leases, current	`OperatingLeaseLiabilityCurrent`	$442.87K	USD	Point-in-time
Notes payable, net of discounts	`ConvertibleNotesPayableCurrent`	$6.17M	USD	Point-in-time
Notes payable, net of discounts	`ConvertibleNotesPayableCurrent`	$5.11M	USD	Point-in-time
SBA Loan Payable	`LoansPayableCurrent`	$460.41K	USD	Point-in-time
SBA Loan Payable	`LoansPayableCurrent`	$460.41K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$96.14K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$121.14K	USD	Point-in-time
Preferred stock dividends payable	`StockPayable`	$444.86K	USD	Point-in-time
Preferred stock dividends payable	`StockPayable`	$395.41K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.80M	USD	Point-in-time
Lease Liability- operating leases, non-current	`OperatingLeaseLiabilityNoncurrent`	$3.55M	USD	Point-in-time
Lease Liability- operating leases, non-current	`OperatingLeaseLiabilityNoncurrent`	$3.94M	USD	Point-in-time
Total Liabilities	`Liabilities`	$23.93M	USD	Point-in-time
Total Liabilities	`Liabilities`	$21.74M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock subscribed	`CommonStockSharesSubscriptions`	$36.58K	USD	Point-in-time
Common stock subscribed	`CommonStockSharesSubscriptions`	$36.58K	USD	Point-in-time
Common stock, $0.01 par value, 500,000,000 shares authorized, 4,995,573 and 4,630,372 shares issued and outstanding as of March 31, 2023 and December 31 2022, respectively	`CommonStockValue`	$49.96K	USD	Point-in-time
Common stock, $0.01 par value, 500,000,000 shares authorized, 4,995,573 and 4,630,372 shares issued and outstanding as of March 31, 2023 and December 31 2022, respectively	`CommonStockValue`	$46.30K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$29.45M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$30.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-54.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-48.71M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$1.12M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-23.81M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-19.14M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.24M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$113.84K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.60M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	$120.38K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$588.32K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.42K	USD	1 Quarter
Gross (loss) profit	`GrossProfit`	$-2.42K	USD	1 Quarter
Gross (loss) profit	`GrossProfit`	$-467.95K	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$2.01M	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$2.56M	USD	1 Quarter
Impairment of fixed assets	`AssetImpairmentCharges`	-	USD	1 Quarter
Impairment of fixed assets	`AssetImpairmentCharges`	$2.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.56M	USD	1 Quarter
Net Operating Loss	`OperatingIncomeLoss`	$-3.03M	USD	1 Quarter
Net Operating Loss	`OperatingIncomeLoss`	$-4.29M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.38M	USD	1 Quarter
Interest expense	`InterestExpense`	$828.33K	USD	1 Quarter
Gain on termination of operating lease	`GainLossOnTerminationOfLease`	$287.90K	USD	1 Quarter
Gain on termination of operating lease	`GainLossOnTerminationOfLease`	-	USD	1 Quarter
Gain on waiver and commitment fee shares	`GainLossOnWaiverAndCommitmentFeeShares`	$198.27K	USD	1 Quarter
Gain on waiver and commitment fee shares	`GainLossOnWaiverAndCommitmentFeeShares`	-	USD	1 Quarter
Gain on settlement of accrued salary	`GainsLossesOnRestructuringOfDebt`	$15.03K	USD	Point-in-time
Gain on settlement of accrued salary	`GainsLossesOnRestructuringOfDebt`	-	USD	1 Quarter
Gain on settlement of accrued salary	`GainsLossesOnRestructuringOfDebt`	$15.03K	USD	1 Quarter
(Loss) Gain on settlement of accounts payable	`LossOnConversionOfAccountsPayable`	$-78.23K	USD	1 Quarter
(Loss) Gain on settlement of accounts payable	`LossOnConversionOfAccountsPayable`	-	USD	1 Quarter
Loss on revaluation of derivative liabilities	`DerivativeGainLossOnDerivativeNet`	$79.84K	USD	1 Quarter
Loss on revaluation of derivative liabilities	`DerivativeGainLossOnDerivativeNet`	$-110.78K	USD	1 Quarter
Total other expense	`OtherNonoperatingIncomeExpense`	$-613.42K	USD	1 Quarter
Total other expense	`OtherNonoperatingIncomeExpense`	$-1.33M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.61M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.65M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.65M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStock`	$79.82K	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStock`	$79.69K	USD	1 Quarter
Net loss available to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.72M	USD	1 Quarter
Net loss available to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-5.69M	USD	1 Quarter
Net loss per share - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted1`	$-0.87	USD	1 Quarter
Net loss per share - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted1`	$-1.18	USD	1 Quarter
Weighted average shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted1`	4.83M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted1`	4.27M	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.65M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Impairment of assets	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	1 Quarter
Impairment of assets	`ImpairmentOfLongLivedAssetsHeldForUse`	$2.27M	USD	1 Quarter
Gain on lease termination	`GainLossOnTerminationOfLease`	$287.90K	USD	1 Quarter
Gain on lease termination	`GainLossOnTerminationOfLease`	-	USD	1 Quarter
Depreciation	`Depreciation`	$102.78K	USD	1 Quarter
Depreciation	`Depreciation`	$179.89K	USD	1 Quarter
Penalties on notes payable	`OtherNoncashExpense`	$1.10M	USD	1 Quarter
Penalties on notes payable	`OtherNoncashExpense`	-	USD	1 Quarter
Amortization of right-to-use asset	`FinanceLeaseRightOfUseAssetAmortization`	$267.46K	USD	1 Quarter
Amortization of right-to-use asset	`FinanceLeaseRightOfUseAssetAmortization`	-	USD	1 Quarter
Financing cost - waiver fee shares	`AmortizationOfFinancingCosts`	$565.43K	USD	1 Quarter
Financing cost - waiver fee shares	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Gain on waiver fee shares	`GainLossOnWaiverFeeShares`	$198.27K	USD	1 Quarter
Gain on waiver fee shares	`GainLossOnWaiverFeeShares`	-	USD	1 Quarter
Gain on conversion of accrued salary	`GainsLossesOnRestructuringOfDebt`	$15.03K	USD	Point-in-time
Gain on conversion of accrued salary	`GainsLossesOnRestructuringOfDebt`	-	USD	1 Quarter
Gain on conversion of accrued salary	`GainsLossesOnRestructuringOfDebt`	$15.03K	USD	1 Quarter
(Gain) loss on revaluation of derivative liabilities	`DerivativeGainLossOnDerivativeNet`	$79.84K	USD	1 Quarter
(Gain) loss on revaluation of derivative liabilities	`DerivativeGainLossOnDerivativeNet`	$-110.78K	USD	1 Quarter
Loss on settlement of accounts payable	`GainOnSettlementOfAccountsPayableAndAccruedLiabilities`	-	USD	1 Quarter
Loss on settlement of accounts payable	`GainOnSettlementOfAccountsPayableAndAccruedLiabilities`	$-78.23K	USD	1 Quarter
Amortization of discount on notes payable	`AmortizationOfDebtDiscountPremium`	$23.54K	USD	1 Quarter
Amortization of discount on notes payable	`AmortizationOfDebtDiscountPremium`	$231.18K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$168.53K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$897.93K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-24.34K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$11.27K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-53.89K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$19.70K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$90.00	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$5.28K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$534.13K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$989.56K	USD	1 Quarter
Operating lease liability, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$12.16K	USD	1 Quarter
Operating lease liability, net	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.91M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-35.32K	USD	1 Quarter
Cash paid for acquisition of fixed assets and construction in progress	`PaymentsToAcquireFurnitureAndFixtures`	-	USD	1 Quarter
Cash paid for acquisition of fixed assets and construction in progress	`PaymentsToAcquireFurnitureAndFixtures`	$19.22K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-19.22K	USD	1 Quarter
Proceeds from notes payable, net of discounts	`ProceedsFromIssuanceOfDebt`	$675.00K	USD	1 Quarter
Proceeds from notes payable, net of discounts	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.02M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-35.32K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-901.34K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.16M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.62K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$263.15K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$299.00	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.16M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.62K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$263.15K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$299.00	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	1 Quarter
Interest paid	`InterestPaid`	$2.68K	USD	1 Quarter
Preferred stock dividend	`DividendsPreferredStock`	$79.82K	USD	1 Quarter
Preferred stock dividend	`DividendsPreferredStock`	$79.69K	USD	1 Quarter
Increase in capital expenditures included in accounts payable	`IncreaseDecreaseInOtherOperatingCapitalNet`	$1.01M	USD	1 Quarter
Increase in capital expenditures included in accounts payable	`IncreaseDecreaseInOtherOperatingCapitalNet`	$109.38K	USD	1 Quarter

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$-23.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$-19.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.24M	USD	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	4.63M	shares	Point-in-time
Vesting of shares issued to employees	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.51K	USD	1 Quarter
Vesting of stock options issued to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$933.00	USD	1 Quarter
Vesting of stock options issued to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$167.01K	USD	1 Quarter
Issuance of common stock to service providers	`StockIssuedDuringPeriodValueIssuedForServices`	$897.00K	USD	1 Quarter
Issuance of common stock to service providers (in Shares)	`StockIssuedDuringPeriodSharesIssuedForServices`	150,000.00	shares	Point-in-time
Issuance of common stock to service providers (in Shares)	`StockIssuedDuringPeriodSharesIssuedForServices`	150,000.00	shares	Point-in-time
Preferred stock dividends	`DividendsPreferredStock`	$79.82K	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStock`	$79.69K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-3.65M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Gain on settlement of accrued payroll	`GainOnSettlementOfAccountsPayableAndAccruedLiabilities`	-	USD	1 Quarter
Gain on settlement of accrued payroll	`GainOnSettlementOfAccountsPayableAndAccruedLiabilities`	$-78.23K	USD	1 Quarter
Gain on settlement of accrued payroll (in Shares)	`StockIssuedDuringPeriodSharesShareBasedCompensationForfeited`	8,000.00	shares	Point-in-time
Balance	`StockholdersEquity`	$1.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$-23.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$-19.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.24M	USD	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	4.63M	shares	Point-in-time

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