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Mitesco Inc (MITI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $23,500, attributed to the company's newly formed subsidiary, Centcore, LLC.
Operating expenses for the quarter were $239,742, compared to $41,876 in the same quarter of the previous year, reflecting the establishment of new operations.
The company reported a net income from continuing operations of $2,077,028 for the quarter, compared to a net loss of $1,176,021 in the previous year.
Interest expense decreased to $50,979 from $69,776 in the previous year, due to reduced debt balances.
Interest expense related to related parties also decreased to $10,587 from $34,820.
A gain of $693,768 was recorded from the settlement of notes payable, and a gain of $1,024,583 was recorded from the settlement of accounts payable.
The company reported a net income available to common shareholders of $2,053,503, compared to a net loss of $2,555,354 in the previous year.
Cash used in operating activities was $399,775 for the nine months ended September 30, 2024.
Mitesco had cash and cash equivalents of $31,822 as of September 30, 2024.
The filing also details various financial agreements, including the issuance of promissory notes and settlement agreements for outstanding liabilities.
Mitesco continues to focus on developing its new business units, Centcore, LLC, and Vero Technology Ventures, LLC, with an emphasis on data center services and cloud computing applications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mitesco Inc quarterly 10-Q report dated November 25, 2024. To report an error, please email earnings@qz.com.