10-Q Filing

MITESCO, INC. CIK: 802257 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001575705-15-000056`
Period End Date	20150630
Filing Date	20150814
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	tntyob-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 56 Cash Flow Statement 62 Stockholders Equity 13

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Preferred stock par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$14.12K	USD	Point-in-time
Cash	`Cash`	$16.00K	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$3.02K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$5.17K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Debt issuance costs	`DeferredCostsAndOtherAssets`	$33.40K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Debt issuance costs	`DeferredCostsAndOtherAssets`	$33.69K	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$106.80K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$115.39K	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
Total current assets	`AssetsCurrent`	$169.95K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$157.63K	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	56.18M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	54.80M	shares	Point-in-time
Fixtures and equipment	`FixturesAndEquipmentGross`	$76.09K	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	56.18M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	54.80M	shares	Point-in-time
Fixtures and equipment	`FixturesAndEquipmentGross`	$76.09K	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$62.09K	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$56.38K	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.72K	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$14.01K	USD	Point-in-time
Costs incurred	`CapitalizedComputerSoftwareGross`	$4.30M	USD	Point-in-time
Costs incurred	`CapitalizedComputerSoftwareGross`	$4.23M	USD	Point-in-time
Less accumulated amortization	`CapitalizedComputerSoftwareAccumulatedAmortization`	$3.46M	USD	Point-in-time
Less accumulated amortization	`CapitalizedComputerSoftwareAccumulatedAmortization`	$3.71M	USD	Point-in-time
Total capitalized software development costs, net	`CapitalizedComputerSoftwareNet`	$593.65K	USD	Point-in-time
Total capitalized software development costs, net	`CapitalizedComputerSoftwareNet`	$774.41K	USD	Point-in-time
Other long term assets	`OtherAssetsNoncurrent`	$12.89K	USD	Point-in-time
Other long term assets	`OtherAssetsNoncurrent`	$12.30K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$789.91K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$964.65K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$984.84K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.12M	USD	Point-in-time
Accrued interest	`AccruedInterest`	$203.74K	USD	Point-in-time
Accrued interest	`AccruedInterest`	$106.27K	USD	Point-in-time
Accrued payroll expenses	`AccruedPayrollTaxesCurrent`	$184.96K	USD	Point-in-time
Accrued payroll expenses	`AccruedPayrollTaxesCurrent`	$75.53K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$139.94K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$120.56K	USD	Point-in-time
Debentures Series A, B, C, D, E and F, net	`ConvertibleDebtCurrent`	$1.46M	USD	Point-in-time
Debentures Series A, B, C, D, E and F, net	`ConvertibleDebtCurrent`	$1.89M	USD	Point-in-time
Convertible debenture, net	`ConvertibleNotesPayableCurrent`	$99.55K	USD	Point-in-time
Convertible debenture, net	`ConvertibleNotesPayableCurrent`	$115.46K	USD	Point-in-time
Convertible promissory note, net	`ConvertibleNotesPayable`	$45.09K	USD	Point-in-time
Convertible promissory note, net	`ConvertibleNotesPayable`	$52.34K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$271.81K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$324.17K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.96M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.23M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.96M	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, 56,176,756 and 54,803,131 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	`CommonStockValue`	$5.62K	USD	Point-in-time
Common stock, $0.0001 par value - 200,000,000 shares authorized, 56,176,756 and 54,803,131 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	`CommonStockValue`	$5.48K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$14.62M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$14.22M	USD	Point-in-time
Other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$30.78K	USD	Point-in-time
Other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$17.97K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-17.83M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-16.51M	USD	Point-in-time
Total Stockholders' Equity Deficit	`StockholdersEquity`	$-3.17M	USD	Point-in-time
Total Stockholders' Equity Deficit	`StockholdersEquity`	$-2.26M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$789.91K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$964.65K	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$85.32K	USD	2 Qtrs
Net Sales	`SalesRevenueNet`	$185.14K	USD	2 Qtrs
Net Sales	`SalesRevenueNet`	$24.89K	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$66.46K	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$19.80K	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$90.02K	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$68.93K	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$27.89K	USD	1 Quarter
Gross Profit	`GrossProfit`	$38.56K	USD	1 Quarter
Gross Profit	`GrossProfit`	$5.09K	USD	1 Quarter
Gross Profit	`GrossProfit`	$16.39K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$95.11K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$410.21K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$186.95K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$381.65K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$902.09K	USD	2 Qtrs
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$232.60K	USD	1 Quarter
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$380.76K	USD	1 Quarter
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$484.86K	USD	2 Qtrs
Selling, general and administrative	`GeneralAndAdministrativeExpense`	$929.71K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.83M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$866.51K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$790.97K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$419.55K	USD	1 Quarter
Loss from Operations	`IncomeLossFromContinuingOperations`	$-1.82M	USD	2 Qtrs
Loss from Operations	`IncomeLossFromContinuingOperations`	$-785.88K	USD	1 Quarter
Loss from Operations	`IncomeLossFromContinuingOperations`	$-380.98K	USD	1 Quarter
Loss from Operations	`IncomeLossFromContinuingOperations`	$-771.40K	USD	2 Qtrs
Interest expense	`InterestExpense`	$191.69K	USD	2 Qtrs
Interest expense	`InterestExpense`	$97.21K	USD	1 Quarter
Interest expense	`InterestExpense`	$318.75K	USD	1 Quarter
Interest expense	`InterestExpense`	$550.80K	USD	2 Qtrs
Total other expenses	`OperatingIncomeLoss`	$-97.21K	USD	1 Quarter
Total other expenses	`OperatingIncomeLoss`	$-191.69K	USD	2 Qtrs
Total other expenses	`OperatingIncomeLoss`	$-550.80K	USD	2 Qtrs
Total other expenses	`OperatingIncomeLoss`	$-318.75K	USD	1 Quarter
Net loss	`IncomeLoss`	$-2.01M	USD	2 Qtrs
Net loss	`IncomeLoss`	$-699.73K	USD	1 Quarter
Net loss	`IncomeLoss`	$-883.09K	USD	1 Quarter
Net loss	`IncomeLoss`	$-1.32M	USD	2 Qtrs
Foreign currency translation adjustments	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.00K	USD	1 Quarter
Foreign currency translation adjustments	`ForeignCurrencyTransactionGainLossBeforeTax`	$14.08K	USD	1 Quarter
Foreign currency translation adjustments	`ForeignCurrencyTransactionGainLossBeforeTax`	$7.88K	USD	2 Qtrs
Foreign currency translation adjustments	`ForeignCurrencyTransactionGainLossBeforeTax`	$12.81K	USD	2 Qtrs
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-2.00M	USD	2 Qtrs
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-1.31M	USD	2 Qtrs
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-885.09K	USD	1 Quarter
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-685.65K	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	2 Qtrs
Net Loss Per Share - Basic and Diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	2 Qtrs
Net Loss Per Share - Basic and Diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Weighted average number of common shares - Basic and Diluted:	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49.11M	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`	55.08M	shares	1 Quarter
Weighted average number of common shares - Basic and Diluted:	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	54.94M	shares	2 Qtrs

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`ProfitLoss`	$-2.01M	USD	2 Qtrs
Net Loss	`ProfitLoss`	$-1.32M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$258.05K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$286.55K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$81.23K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$258.89K	USD	2 Qtrs
Accretion for debt discounts and issuance costs	`AccretionExpense`	$131.80K	USD	2 Qtrs
Accretion for debt discounts and issuance costs	`AccretionExpense`	$384.03K	USD	2 Qtrs
Warrants issued in exchange for services	`SharesIssuedInExchangeForServices`	-	USD	2 Qtrs
Warrants issued in exchange for services	`SharesIssuedInExchangeForServices`	$-20.75K	USD	2 Qtrs
Fair value of embedded conversion feature	`EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet`	$-1.09K	USD	2 Qtrs
Fair value of embedded conversion feature	`EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.09K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.15K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-7.44K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.59K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$131.75K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$243.38K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-17.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	2 Qtrs
Accrued interest and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$272.18K	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`	$-52.36K	USD	2 Qtrs
Deferred rent	`IncreaseDecreaseInOtherDeferredLiability`	-	USD	2 Qtrs
Deferred rent	`IncreaseDecreaseInOtherDeferredLiability`	$3.77K	USD	2 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-239.97K	USD	2 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.09M	USD	2 Qtrs
Payment for patent and trademark applications	`PaymentForPatentApplication`	$1.40K	USD	2 Qtrs
Payment for patent and trademark applications	`PaymentForPatentApplication`	-	USD	2 Qtrs
Payment of platform development costs	`PaymentsToDevelopSoftware`	$71.58K	USD	2 Qtrs
Payment of platform development costs	`PaymentsToDevelopSoftware`	$328.72K	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-328.72K	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-72.98K	USD	2 Qtrs
Proceeds from issuance of debentures	`ProceedsFromIssuanceOfMediumTermNotes`	-	USD	2 Qtrs
Proceeds from issuance of debentures	`ProceedsFromIssuanceOfMediumTermNotes`	$319.00K	USD	2 Qtrs
Repayments on notes payable related parties	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-4.16K	USD	2 Qtrs
Repayments on notes payable related parties	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-252.00	USD	2 Qtrs
Proceeds from issuance of convertible note payable	`RepaymentOfNotesReceivableFromRelatedParties`	-	USD	2 Qtrs
Proceeds from issuance of convertible note payable	`RepaymentOfNotesReceivableFromRelatedParties`	$100.00K	USD	2 Qtrs
Sale of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	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`	$314.84K	USD	2 Qtrs
Net Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-762.68K	USD	2 Qtrs
Net Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.88K	USD	2 Qtrs
Cash, Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.12K	USD	Point-in-time
Cash, Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$812.06K	USD	Point-in-time
Cash, Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$49.39K	USD	Point-in-time
Cash, Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$16.00K	USD	Point-in-time
Cash, End of Period	`CashAndCashEquivalentsAtCarryingValue`	$14.12K	USD	Point-in-time
Cash, End of Period	`CashAndCashEquivalentsAtCarryingValue`	$812.06K	USD	Point-in-time
Cash, End of Period	`CashAndCashEquivalentsAtCarryingValue`	$49.39K	USD	Point-in-time
Cash, End of Period	`CashAndCashEquivalentsAtCarryingValue`	$16.00K	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`	-	USD	2 Qtrs
Accrued interest reclassed to debenture principal	`AccruedInterestReclassedToDebenturePrincipal`	-	USD	2 Qtrs
Accrued interest reclassed to debenture principal	`AccruedInterestReclassedToDebenturePrincipal`	$41.75K	USD	2 Qtrs
Conversion of debt to common stock shares	`DebtConversionOriginalDebtAmount1`	$45.95K	USD	2 Qtrs
Conversion of debt to common stock shares	`DebtConversionOriginalDebtAmount1`	-	USD	2 Qtrs
Discount related to issuance of debt with warrants and allocated fair value to beneficial conversion feature	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$274.12K	USD	2 Qtrs
Discount related to issuance of debt with warrants and allocated fair value to beneficial conversion feature	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	-	USD	2 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance beginning	`StockholdersEquity`	$-3.17M	USD	Point-in-time
Balance beginning	`StockholdersEquity`	$-2.26M	USD	Point-in-time
Balance beginning, Shares	`CommonStockSharesOutstanding`	56.18M	shares	Point-in-time
Balance beginning, Shares	`CommonStockSharesOutstanding`	54.80M	shares	Point-in-time
Common stock issued upon conversion of debenture	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$45.95K	USD	2 Qtrs
Discount related to issuance of debt with warrants and allocated fair value to beneficial conversion feature	`DebtBeneficialConversionFeatureForWarrants`	$274.12K	USD	2 Qtrs
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$81.23K	USD	2 Qtrs
Foreign currency translation gain	`DisposalGroupIncludingDiscontinuedOperationForeignCurrencyTranslationGainsLosses`	$12.81K	USD	2 Qtrs
Net loss	`NetLoss`	$-1.32M	USD	2 Qtrs
Balance ending	`StockholdersEquity`	$-3.17M	USD	Point-in-time
Balance ending	`StockholdersEquity`	$-2.26M	USD	Point-in-time
Balance ending, Shares	`CommonStockSharesOutstanding`	56.18M	shares	Point-in-time
Balance ending, Shares	`CommonStockSharesOutstanding`	54.80M	shares	Point-in-time

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