10-Q - Mitesco, Inc. (0000802257) (Filer)
Mon, Nov 25, 10:05 PM (73 days ago)
Mitesco, Inc. (Ticker: MITESCO) reported notable financial developments for the quarter ended September 30, 2024. The company generated $23.5K in revenue, a significant increase from $0 in the same period last year, attributed to the newly formed subsidiary, Centcore, LLC. However, operating expenses surged to $239.7K, up from $41.9K, reflecting investments in establishing new operations. The net income available to common shareholders was $2.05M, a turnaround from a loss of $2.56M in Q3 2023. This improvement stemmed from gains on settlements of debt and accounts payable, totaling $1.7M, and a decrease in interest expenses due to reduced debt levels. Cash flow from operations showed a net outflow of $399.8K, indicating ongoing liquidity challenges, with current liabilities at $12.1M against cash and equivalents of $31.8K. The company continues to face uncertainties regarding its ability to sustain operations without securing additional funding, raising doubts about its going concern status. Mitesco is focused on restructuring its operations, including the conversion of debt into equity, to stabilize its financial position and pursue new opportunities in the data center services sector.