Wed, May 15, 8:49 PM (72 days ago)
Mitesco, Inc. reported a significant improvement in its financial performance for the quarter ended March 31, 2024, compared to the same period in 2023. The company achieved a consolidated net income of $46,524, a notable turnaround from the net loss of $5,613,825 in Q1 2023. This positive shift was driven by a sharp reduction in operating expenses, which fell to $135,476 from $1,758,368, primarily due to the cessation of its clinic operations in late 2022. Interest expenses also decreased significantly, reflecting reduced debt balances. Despite this progress, Mitesco faces substantial liquidity challenges with current liabilities of $14.7 million against cash reserves of only $41,000. The company is actively pursuing capital-raising initiatives and negotiating debt settlements to sustain operations. Uncertainties remain, particularly regarding the resolution of legal settlements and the viability of future ventures, which are crucial for the company's ongoing financial health.