Mitesco Inc
For the period ended Dec 31, 2023. Filed Apr 16, 2024.
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FY2023 · Filed Apr 16, 2024
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years | ||
|---|---|---|
| Ended | ||
| December 31, | ||
| 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss from continuing operations | $(11,963,372) | $(8,276,696) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Impairment of assets | 132,000 | - |
| Depreciation | - | 8,916 |
| Amortization of right-to-use asset | - | 80,379 |
| Penalties on notes payable | 1,027,778 | - |
| Conversion fees on notes payable | 75,000 | - |
| Equity investment incentives | 7,644,077 | - |
| Financing cost - waiver fee shares | - | 565,431 |
| Gain on waiver fee shares | - | (198,273) |
| Loss on commitment shares | 119,370 | 34,707 |
| (Gain) loss on conversion of accrued salary | 25,000 | (15,032) |
| Gain on forgiveness of notes payable | (205,459) | - |
| (Gain) loss on revaluation of derivative liabilities | 85,773 | 687,178 |
| Loss on settlement of accounts payable | 24,895 | 88,235 |
| Loss on legal settlement | 18,759 | - |
| Amortization of discount on notes payable | 32,011 | 2,116,194 |
| Amortization of discount on notes payable - related parties | 19,587 | 264,385 |
| Share-based compensation | 904,540 | 451,215 |
| Changes in assets and liabilities: | ||
| Prepaid expenses | 51,632 | 165,671 |
| Accounts payable and accrued liabilities | 1,491,390 | 2,489,404 |
| Operating lease liability, net | (38,948) | (44,033) |
| Other current liabilities | 25,000 | (73,286) |
| Accrued interest | 471,564 | 350,508 |
| Accrued interest - related parties | (1,716) | 202,682 |
| Net cash provided by operating activities – continuing operations | (61,119) | (1,102,415) |
| Net cash used in operating activities – discontinued operations | (698,611) | (4,071,425) |
| Net cash used in operating activities | (759,730) | (5,173,840) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Cash paid for acquisition of fixed assets and construction in progress | - | (15,709) |
| Net cash used in investing activities – continuing operations | - | (15,709) |
| Net cash used in investing activities – discontinued operations | - | (1,733,117) |
| Net cash used in investing activities | - | (1,748,826) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from sales of Series F Preferred Stock, net of fees | 738,500 | - |
| Principal payments on SBA Loan | (11,555) | - |
| Proceeds from notes payable - related parties, net of discounts | - | 698,750 |
| Proceeds from notes payable, net of discounts | - | 4,359,350 |
| Principal payments on notes payable related parties | - | (235,294) |
| Net cash provided by financing activities – continuing operations | 726,945 | 4,822,806 |
| Net cash provided by financing activities – discontinued operation | - | 971,000 |
| Net cash provided by financing activities | 726,945 | 5,793,806 |
| Net change in cash and cash equivalents | (32,785) | (1,128,860) |
| Cash and cash equivalents at beginning of period | 35,623 | 1,164,483 |
| Cash and cash equivalents at end of period | $2,838 | $35,623 |
| For the Years | ||||
|---|---|---|---|---|
| Ended | ||||
| December 31, | ||||
| 2023 · 2022 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
| Interest paid | $ | - | $ | - |
| Income taxes paid | $ | - | $ | - |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
| Stock issued for common stock subscribed | $36,575 | $95,512 | ||
| Preferred stock dividend | $1,719,781 | $322,310 | ||
| Conversion of accounts payable to Series F Preferred Stock | $146,214 | $ | - | |
| Conversion of Series C Preferred Stock to Series F Preferred Stock | $1,198,472 | $ | - | |
| Conversion of Series D Preferred Stock to Series F Preferred Stock | $1,611,006 | $ | - | |
| Conversion of accounts payable to common stock | $79,503 | $578,235 | ||
| Conversion of Series D Preferred Stock and accrued salaries to Series F Preferred Stock by related party | $159,906 | $ | - | |
| Conversion of notes payable and accrued interest to Series F Preferred Stock | $9,523,178 | $ | - | |
| Conversion of debt and accrued salaries to Series F Preferred Stock by related parties | $2,137,055 | $ | - | |
| Conversion of accounts payable, accrued salaries, and board fees to common stock | $5,448 | $ | - | |
| Conversion of notes payable and accrued interest to common stock | $83,456 | $ | - | |
| Series A accrued dividends reclassified to APIC from prior transactions | $10,967 | $ | - | |
| Shares issued for Series X dividends | $60,564 | $ | - | |
| Forgiveness of notes for purchase of subsidiary assets | $2,454,774 | $ | - | |
| Discount on notes payable due to warrants | $ | - | $94,672 | |
| (Decrease) Increase in capital expenditures included in accounts payable | $ | - | $(51,587) | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.