M&A - Mitesco, Inc.

Form Type: 10-Q

Filing Date: 2025-05-15

Corporate Action: Acquisition

Type: Update

Accession Number: 000118518525000491

Filing Summary: As of March 31, 2025, Mitesco, Inc. reported a revenue of $17,000, reflecting a significant increase from the previous year where the revenue was zero. Operating expenses totaled $283,986, leading to a net operating loss of $266,986 for the quarter. However, the company reported a net income of $3,450,336 due to substantial other income derived mainly from a gain on the revaluation of derivative liabilities. The total liabilities were reported at $22,341,131, while total stockholders’ equity showed a deficit of $22,151,545. The financial statements indicate that the company is still navigating significant challenges, including the need for further funding and addressing accumulated losses, raising doubts about its ability to continue as a going concern. Mitesco also announced the completion of the acquisition of AgingTopic, a business unit aimed at generating advertising revenue, under an Exclusive Source Code License agreement, with projected royalty payments post-acquisition.