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Mitesco Inc (MITI-0.05%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Mitesco Inc is a holding company focused on providing products, services, and technology. In 2024, Mitesco formed two new business units: Centcore, LLC, which provides data center services, and Vero Technology Ventures, LLC, which seeks investment and acquisition opportunities in cloud computing and data center applications.
Mitesco reported revenues of $43,700 for 2024, primarily from its Centcore subsidiary. Operating expenses for the year were $1,207,241, a decrease from $2,586,668 in 2023, largely due to the closure of its clinic operations.
The company recorded a net loss available to common shareholders of $2,842,256 for 2024, compared to a net loss of $15,052,144 in 2023. The decrease in net loss was attributed to the winding down of clinic operations and restructuring efforts.
Mitesco's restructuring efforts included the conversion of over $25 million of obligations into restricted common stock and Series A Preferred Stock. The Series A Preferred Stock is subject to mandatory redemption starting January 2025.
The filing also details several legal settlements related to the closure of clinic operations, with total settlement obligations of approximately $2.7 million.
Mitesco's management has identified material weaknesses in internal control over financial reporting, including a lack of segregation of duties and insufficient resources with appropriate accounting experience.
The company plans to address these issues by adding qualified staff and reviewing procedures implemented by similar companies.
Mitesco's board of directors consists of three members, with Mack Leath serving as CEO, CFO, and Chairman. The company also established an advisory board to assist with business development and strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mitesco Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.