Mitesco, Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years | ||
|---|---|---|
| Ended | ||
| December 31, | ||
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss from continuing operations | $(2,511,947) | $(11,963,372) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Impairment of assets | - | 132,000 |
| Amortization of intangible assets | 3,229 | - |
| Penalties on notes payable | - | 1,027,778 |
| Conversion fees on notes payable | - | 75,000 |
| Equity investment incentives | - | 7,644,077 |
| Gain on settlement of operating leases | (869,690) | - |
| Loss on commitment shares | - | 119,370 |
| Loss on conversion of accrued salary | - | 25,000 |
| Gain on settlement of notes payable | (515,964) | (164,837) |
| (Gain) loss on revaluation of derivative liabilities | 4,585,124 | 85,773 |
| (Gain) loss on settlement of accounts payable | (2,289,283) | 24,895 |
| Loss on legal settlement | - | 18,759 |
| Amortization of discount on notes payable | - | 32,011 |
| Amortization of discount on notes payable - related parties | - | 19,587 |
| Share-based compensation | 702,016 | 904,540 |
| Other income | - | (40,622) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (29,700) | - |
| Prepaid expenses and other current assets | (4,968) | 51,632 |
| Accounts payable and accrued liabilities | 195,578 | 1,491,390 |
| Operating lease liability, net | - | (38,948) |
| Other current liabilities | - | 25,000 |
| Accrued interest | 187,215 | 471,564 |
| Accrued interest - related parties | 33,981 | (1,716) |
| Net cash provided by operating activities – continuing operations | (514,409) | (61,119) |
| Net cash used in operating activities – discontinued operations | - | (698,611) |
| Net cash used in operating activities | (514,409) | (759,730) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Cash paid for acquisition of business | (5,000) | - |
| Net cash used in investing activities | (5,000) | - |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from sales of Series F Preferred Stock, net of fees | - | 738,500 |
| Principal payments on SBA Loan | (28,027) | (11,555) |
| Proceeds from notes payable, net of discounts | 548,000 | - |
| Net cash provided by financing activities | 519,973 | 726,945 |
| Net change in cash and cash equivalents | 564 | (32,785) |
| Cash and cash equivalents at beginning of period | 2,838 | 35,623 |
| Cash and cash equivalents at end of period | $3,402 | $2,838 |
| For the Years | ||||
|---|---|---|---|---|
| Ended | ||||
| December 31, | ||||
| 2024 · 2023 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
| Interest paid | $4,128 | $ | - | |
| Income taxes paid | $ | - | $ | - |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
| Stock issued for common stock subscribed | $ | - | $36,575 | |
| Preferred stock dividend | $1,033,729 | $1,719,781 | ||
| 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 | $62,328 | $79,503 | ||
| 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 | $363,608 | $83,456 | ||
| Series A accrued dividends reclassified to APIC from prior transactions | $ | - | $10,967 | |
| Shares issued for Series X dividends | $104,454 | $60,564 | ||
| Forgiveness of notes for purchase of subsidiary assets | $ | - | $2,454,774 | |
| Conversion of notes payable to common stock - related party | $969,469 | $ | - | |
| (Decrease) Increase in capital expenditures included in accounts payable | $987,575 | $ | - | |
| Conversion of Series D Preferred Stock and accrued dividends to common stock | $101,165 | $ | - | |
| Conversion of Series X Preferred Stock and accrued dividends to common stock | $117 | $ | - | |
| Conversion of Series F and Series D preferred stock to Series A preferred stock | $12,774,079 | $ | - | |
| Conversion of Notes Payable and accrued interest to Series A preferred stock | $580,132 | $ | - | |
| Royalty payable issued for purchase of business | $150,000 | $ | - | |
| Release of true-up obligation on commitment shares | $152,945 | $ | - | |
| Establishment of derivative liability of conversion feature upon default | $100,551 | $ | - | |
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