10-Q Filing

MITESCO, INC. CIK: 802257 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001575705-14-000064`
Period End Date	20140630
Filing Date	20140819
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	tntyob-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 56 Cash Flow Statement 60 Stockholders Equity 16

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash	`Cash`	$812.06K	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash	`Cash`	$49.39K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$1.64K	USD	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	46.70M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	50.72M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$2.73K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$41.64K	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	46.70M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$34.20K	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	50.72M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$85.23K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$856.43K	USD	Point-in-time
Fixtures and equipment	`FixturesAndEquipmentGross`	$210.17K	USD	Point-in-time
Fixtures and equipment	`FixturesAndEquipmentGross`	$210.17K	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$164.23K	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$179.53K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$45.95K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$30.64K	USD	Point-in-time
Costs incurred	`CapitalizedComputerSoftwareGross`	$3.96M	USD	Point-in-time
Costs incurred	`CapitalizedComputerSoftwareGross`	$3.63M	USD	Point-in-time
Less accumulated amortization	`CapitalizedComputerSoftwareAccumulatedAmortization`	$3.19M	USD	Point-in-time
Less accumulated amortization	`CapitalizedComputerSoftwareAccumulatedAmortization`	$2.92M	USD	Point-in-time
Total capitalized software development costs	`CapitalizedComputerSoftwareNet`	$773.64K	USD	Point-in-time
Total capitalized software development costs	`CapitalizedComputerSoftwareNet`	$716.16K	USD	Point-in-time
Debt issuance costs and other assets	`UnamortizedDebtIssuanceExpense`	$32.02K	USD	Point-in-time
Debt issuance costs and other assets	`UnamortizedDebtIssuanceExpense`	$13.85K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.65M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$903.36K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$394.32K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$637.70K	USD	Point-in-time
Accrued interest and other liabilities	`AccruedLiabilitiesCurrent`	$276.99K	USD	Point-in-time
Accrued interest and other liabilities	`AccruedLiabilitiesCurrent`	$279.46K	USD	Point-in-time
Notes payable - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$252.00	USD	Point-in-time
Debentures Series A and B, carrying value	`ConvertibleDebtCurrent`	$991.50K	USD	Point-in-time
Debentures Series A and B, carrying value	`ConvertibleDebtCurrent`	$1.10M	USD	Point-in-time
Convertible note payable	`ConvertibleNotesPayableCurrent`	$100.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$281.85K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$315.85K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.98M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.39M	USD	Point-in-time
Deferred rent, long-term portion	`DeferredRentCreditNoncurrent`	$2.52K	USD	Point-in-time
Deferred rent, long-term portion	`DeferredRentCreditNoncurrent`	$6.29K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.52K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$6.29K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.98M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.40M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value - 200,000,000 shares authorized; 50,722,221 and 46,697,891 shares issued and outstanding, respectively	`CommonStockValue`	$4.67K	USD	Point-in-time
Common stock, $0.0001 par value - 200,000,000 shares authorized; 50,722,221 and 46,697,891 shares issued and outstanding, respectively	`CommonStockValue`	$5.07K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$13.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$12.40M	USD	Point-in-time
Other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.53K	USD	Point-in-time
Other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$3.65K	USD	Point-in-time
Accumulated Deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$12.74M	USD	Point-in-time
Accumulated Deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$14.75M	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-333.35K	USD	Point-in-time
Total stockholders' Deficit	`StockholdersEquity`	$-1.50M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.65M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$903.36K	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$24.89K	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$59.63K	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$85.32K	USD	2 Qtrs
Net Sales	`SalesRevenueNet`	$84.50K	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$4.62K	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$16.99K	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$19.80K	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$68.93K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$5.09K	USD	1 Quarter
Gross Profit	`GrossProfit`	$67.51K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$55.01K	USD	1 Quarter
Gross Profit	`GrossProfit`	$16.39K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$410.21K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$837.26K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$902.09K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$483.43K	USD	1 Quarter
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$380.76K	USD	1 Quarter
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$929.71K	USD	2 Qtrs
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$634.49K	USD	2 Qtrs
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$321.64K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$805.07K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.47M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$790.97K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.83M	USD	2 Qtrs
Loss from Operations	`IncomeLossFromContinuingOperations`	$-785.88K	USD	1 Quarter
Loss from Operations	`IncomeLossFromContinuingOperations`	$-1.82M	USD	2 Qtrs
Loss from Operations	`IncomeLossFromContinuingOperations`	$-750.06K	USD	1 Quarter
Loss from Operations	`IncomeLossFromContinuingOperations`	$-1.40M	USD	2 Qtrs
Interest expense	`InterestExpense`	$191.69K	USD	2 Qtrs
Interest expense	`InterestExpense`	$86.05K	USD	1 Quarter
Interest expense	`InterestExpense`	$97.21K	USD	1 Quarter
Interest expense	`InterestExpense`	$205.31K	USD	2 Qtrs
Total other expenses	`OtherExpenses`	$97.21K	USD	1 Quarter
Total other expenses	`OtherExpenses`	$86.05K	USD	1 Quarter
Total other expenses	`OtherExpenses`	$205.31K	USD	2 Qtrs
Total other expenses	`OtherExpenses`	$191.69K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-883.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-836.10K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.61M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.01M	USD	2 Qtrs
Foreign currency translation adjustments	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.00K	USD	1 Quarter
Foreign currency translation adjustments	`ForeignCurrencyTransactionGainLossBeforeTax`	$7.88K	USD	2 Qtrs
Foreign currency translation adjustments	`ForeignCurrencyTransactionGainLossBeforeTax`	$6.78K	USD	2 Qtrs
Foreign currency translation adjustments	`ForeignCurrencyTransactionGainLossBeforeTax`	$3.25K	USD	1 Quarter
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-1.60M	USD	2 Qtrs
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-885.09K	USD	1 Quarter
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-832.85K	USD	1 Quarter
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-2.00M	USD	2 Qtrs
Net Loss per Share - Basic and Diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Net Loss per Share - Basic and Diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Net Loss per Share - Basic and Diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	2 Qtrs
Net Loss per Share - Basic and Diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	2 Qtrs
Weighted average number of common shares - Basic and Diluted:	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	38.93M	shares	2 Qtrs
Weighted average number of common shares - Basic and Diluted:	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	41.41M	shares	1 Quarter
Weighted average number of common shares - Basic and Diluted:	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.92M	shares	2 Qtrs
Weighted average number of common shares - Basic and Diluted:	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49.11M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-883.09K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-836.10K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.61M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-2.01M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$253.05K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$286.55K	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$258.89K	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$193.33K	USD	2 Qtrs
Accretion for debt discounts and issuance costs	`AccretionExpense`	$131.80K	USD	2 Qtrs
Accretion for debt discounts and issuance costs	`AccretionExpense`	$137.50K	USD	2 Qtrs
Shares issued as a conversion of payables	`SharesIssuedAsConversionOfPayables`	$-57.50K	USD	2 Qtrs
Shares issued as a conversion of payables	`SharesIssuedAsConversionOfPayables`	-	USD	2 Qtrs
Warrants issued in exchange for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-31.14K	USD	2 Qtrs
Warrants issued in exchange for services	`StockIssuedDuringPeriodValueIssuedForServices`	$-20.75K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$25.09K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.09K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-7.44K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$243.38K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-259.58K	USD	2 Qtrs
Accrued interest and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$4.20K	USD	2 Qtrs
Accrued interest and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-2.48K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-34.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$358.52K	USD	2 Qtrs
Deferred rent	`IncreaseDecreaseInOtherDeferredLiability`	$3.77K	USD	2 Qtrs
Deferred rent	`IncreaseDecreaseInOtherDeferredLiability`	$-5.07K	USD	2 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-864.04K	USD	2 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.09M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.61K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Payment of platform development costs	`PaymentsToDevelopSoftware`	$328.72K	USD	2 Qtrs
Payment of platform development costs	`PaymentsToDevelopSoftware`	$263.80K	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-328.72K	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-284.40K	USD	2 Qtrs
Proceeds from notes payable related parties	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$96.42K	USD	2 Qtrs
Proceeds from notes payable related parties	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Repayments on notes payable related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$-252.00	USD	2 Qtrs
Repayments on notes payable related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$-158.30K	USD	2 Qtrs
Proceeds from issuance of convertible note payable	`ProceedsFromConvertibleDebt`	-	USD	2 Qtrs
Proceeds from issuance of convertible note payable	`ProceedsFromConvertibleDebt`	$100.00K	USD	2 Qtrs
Conversion of convertible note to equity	`ConversionOfConvertibleNoteToEquity`	$-53.06K	USD	2 Qtrs
Conversion of convertible note to equity	`ConversionOfConvertibleNoteToEquity`	-	USD	2 Qtrs
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Sale of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$3.61M	USD	2 Qtrs
Sale of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$556.20K	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$655.95K	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$3.49M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-762.68K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.34M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$812.06K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$49.39K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.36M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.72K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$812.06K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$49.39K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.72K	USD	Point-in-time
Cash paid during the period for interest	`InterestPaid`	$9.60K	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaid`	$40.00K	USD	2 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance beginning	`StockholdersEquity`	$-333.35K	USD	Point-in-time
Balance beginning	`StockholdersEquity`	$-1.50M	USD	Point-in-time
Balance beginning, Shares	`CommonStockSharesOutstanding`	46.70M	shares	Point-in-time
Balance beginning, Shares	`CommonStockSharesOutstanding`	50.72M	shares	Point-in-time
Sale of common stock, net of issuance costs	`SaleOfCommonStockNetIssuanceCosts`	$556.20K	USD	2 Qtrs
Warrants issued for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$20.75K	USD	2 Qtrs
Employee stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$258.89K	USD	2 Qtrs
Foreign currency translation gain	`DisposalGroupIncludingDiscontinuedOperationForeignCurrencyTranslationGainsLosses`	$7.88K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-883.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-836.10K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.61M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.01M	USD	2 Qtrs
Balance ending	`StockholdersEquity`	$-333.35K	USD	Point-in-time
Balance ending	`StockholdersEquity`	$-1.50M	USD	Point-in-time
Balance ending, Shares	`CommonStockSharesOutstanding`	46.70M	shares	Point-in-time
Balance ending, Shares	`CommonStockSharesOutstanding`	50.72M	shares	Point-in-time

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