# EDGAR Filing Document

**Accession Number:** 0000802257
**File Stem:** 0001185185-25-000970
**Filing Date:** 2025-8
**Character Count:** 116680
**Document Hash:** bc9db504ea233892b8ed43f1cb7124f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-000970.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001185185-25-000970

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mitesco, Inc.
- **CENTRAL INDEX KEY:** 0000802257
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53601
- **FILM NUMBER:** 251213129

**BUSINESS ADDRESS:**
- **STREET 1:** 505 BEACHLAND BLVD., SUITE 1377
- **CITY:** VERO BEACH
- **STATE:** FL
- **ZIP:** 32963
- **BUSINESS PHONE:** 844-383-8689

**MAIL ADDRESS:**
- **STREET 1:** 505 BEACHLAND BLVD., SUITE 1377
- **CITY:** VERO BEACH
- **STATE:** FL
- **ZIP:** 32963

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** True Nature Holding, Inc.
- **DATE OF NAME CHANGE:** 20160122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Trunity Holdings, Inc.
- **DATE OF NAME CHANGE:** 20120125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRAIN TREE INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19860922

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 10-Q**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarter ended June 30, 2025**

OR

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to** 

Commission File Number 000-53601

**<u>MITESCO, INC.</u>**

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| **Nevada** | **87-0496850** |
| (State Other Jurisdiction of <br> Incorporation or Organization) | (I.R.S. Employer <br> Identification Number) |

---

**505 Beachland Blvd., Suite 1377 <u>Vero Beach, Florida 32963</u>**

(Address of principal executive offices) (Zip code)

**<u>844-383-8689</u>**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large, accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large, accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

As of August 13, 2025, the registrant had 11,742,807 shares of common stock issued and outstanding.

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **PART I – FINANCIAL INFORMATION** | **PART I – FINANCIAL INFORMATION** |  |
| Item 1. | Financial Statements (Unaudited) |  |
|  | [Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024](#a_001) | 1 |
|  | [Consolidated Statements of Operations for the three and six months ended June 30, 2025, and 2024](#a_002) | 2 |
|  | [Consolidated Stockholder's Deficit for the three and six months ended June 30, 2025, and 2024](#a_003) | 3 |
|  | [Consolidated Statements of Cash Flows for the six months ended June 30, 2025, and 2024](#a_004) | 4 |
|  | [Notes to Consolidated Financial Statements](#a_005) | 5 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#a_006) | 20 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk.](#a_007) | 25 |
| Item 4. | [Controls and Procedures.](#a_008) | 25 |
| **PART II – OTHER INFORMATION** | **PART II – OTHER INFORMATION** |  |
| Item 1. | [Legal Proceedings.](#a_009) | 26 |
| Item 1A. | [Risk Factors.](#a_010) | 27 |
| Item 2. | [Sale of Unregistered Securities.](#a_011) | 27 |
| Item 3. | [Defaults Upon Senior Secured Securities.](#a_012) | 27 |
| Item 4. | [Mine Safety Disclosures.](#a_013) | 27 |
| Item 5. | [Other Information.](#a_014) | 27 |
| Item 6. | [Exhibits.](#a_015) | 28 |
| [Signatures](#a_016) | [Signatures](#a_016) | 29 |

---

i

[**Table of Contents**](#TableOfContents)

**MITESCO, INC.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **June 30**<br>**2025** | **December 31,**<br>**2024** |
|  | (Unaudited) | |
| ASSETS |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2724 | $3402 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 33300 | 29700 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2258 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 38282 | 38070 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 132396 | 151771 |
| Total Assets | $170678 | $189841 |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $4234538 | $4167061 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 341043 | 374376 |
| &nbsp;&nbsp;&nbsp;Accrued interest - related parties |  | 22547 |
| &nbsp;&nbsp;&nbsp;Derivative liabilities | 254808 | 4685675 |
| &nbsp;&nbsp;&nbsp;Royalty payable | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;Lease liability - operating leases, current | 99477 | 99477 |
| &nbsp;&nbsp;&nbsp;Notes payable | 536666 | 548137 |
| &nbsp;&nbsp;&nbsp;Notes payable - related parties |  | 64044 |
| &nbsp;&nbsp;&nbsp;SBA loan payable | 381143 | 393761 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 96136 | 96136 |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends payable - related parties |  | 14439 |
| &nbsp;&nbsp;&nbsp;Legal settlements | 2764214 | 2666675 |
| &nbsp;&nbsp;&nbsp;Series A preferred stock liability, current | 7046876 | 5160815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 15904901 | 18443143 |
| &nbsp;&nbsp;&nbsp;Series A preferred stock liability, non-current | 6335877 | 8162644 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 22240778 | 26605787 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 15) |  |  |
| Stockholders' equity (deficit) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 100,000,000 shares authorized; 10,000,000 shares designated Series D; 10,000 shares designated as Series E; 140,000 shares designated as Series F; and 31,427 shares designated Series X: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, Series D, $0.01 par value, no shares and 25,000 shares issued and outstanding as of June 30, 2025, and December 31, 2024 respectively |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, Series F, $0.01 par value, no shares issued and outstanding as of June 30, 2025, and December 31, 2024 respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, Series X, $0.01 par value, 19,703 shares issued and outstanding at June 30, 2025, and December 31, 2024 respectively | 197 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 500,000,000 shares authorized, 11,742,807 and 9,762,258 shares issued and outstanding as of June 30, 2025, and December 31, 2024, respectively | 117429 | 97623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 38304673 | 37341335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (60492399) | (63855351) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (22070100) | (26415946) |
| Total liabilities and stockholders' equity (deficit) | $170678 | $189841 |

---

*See accompanying notes to these unaudited consolidated financial statements*.

[**Table of Contents**](#TableOfContents)

**MITESCO, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2025** | **June 30,<br> 2024** | **June 30,<br> 2025** | **June 30, <br> 2024** |
| Revenue | $18700 | $6000 | $35700 | $6000 |
| OPERATING EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of operations | 4769 |  | 10051 |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 344563 | 345877 | 623267 | 481353 |
| &nbsp;&nbsp;&nbsp;Software development | 21122 | - | 21122 | - |
| Total operating expenses | 370454 | 345877 | 654440 | 481353 |
| Net loss from operations | (351754) | (339877) | (618740) | (475353) |
| OTHER INCOME (EXPENSES): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (358607) | (67603) | (750656) | (108227) |
| &nbsp;&nbsp;&nbsp;Interest expense - related parties |  | (4965) | (2297) | (15546) |
| &nbsp;&nbsp;&nbsp;Gain on forgiveness of liabilities | 562793 |  | 562793 |  |
| &nbsp;&nbsp;&nbsp;Gain on termination of operating lease |  |  |  | 233205 |
| &nbsp;&nbsp;&nbsp;Loss on revaluation of Series A Preferred | (8038) |  | (259015) |  |
| &nbsp;&nbsp;&nbsp;Gain on revaluation of derivative liabilities | 68222 | - | 4430867 | - |
| Total other income (expense) | 264370 | (72568) | 3981692 | 109432 |
| Net income (loss) | (87384) | (412445) | 3362952 | (365921) |
| Preferred stock dividends | (12314) | (309143) | (24628) | (859455) |
| Preferred stock dividends - related parties | - | (47747) | (388) | (136000) |
| Net loss available to common shareholders | $(99698) | $(769335) | 3337936 | (1361376) |
| Basic Net income (loss) per common share | $(0.01) | $(0.15) | $0.32 | $(0.25) |
| Dilutive Net income (loss) per common share | $(0.01) | $(0.15) | $(0.07) | $(0.25) |
| Weighted average shares outstanding – Basic | 11305362 | $5802968 | 10543075 | 5698479 |
| Weighted average shares outstanding – Diluted | 14531229 | $5802968 | 13768942 | 5698479 |

---

*See accompanying notes to these unaudited consolidated financial statements.*

[**Table of Contents**](#TableOfContents)

**MITESCO, INC.**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS**' **EQUITY (DEFICIT)**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 and 2024**

**(UNAUDITED)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock <br> Series D** | **Preferred Stock <br> Series D** | **Preferred Stock <br> Series F** | **Preferred Stock <br> Series F** | **Preferred Stock <br> Series X** | **Preferred Stock <br> Series X** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** |<br>**Total** |
| **Balance, December 31, 2024** | 25000 | $250 |  | $- | 19703 | $197 | 9762258 | $97623 | $37341335 | $(63855351) | $(26415946) |
| Shares issued for Series A redemptions |  |  |  |  |  |  | 1366394 | 13664 | 794539 |  | 808203 |
| Shares issued for Series X dividends |  |  |  |  |  |  | 28358 | 284 | 12030 |  | 12314 |
| Stock-based compensation |  |  |  |  |  |  |  |  | 6250 |  | 6250 |
| Preferred stock dividends |  |  |  |  |  |  |  |  | (12702) |  | (12702) |
| Net income | - | - | - | - | - | - | - | - | - | 3450336 | 3450336 |
| **Balance, March 31, 2025** | 25000 | 250 | - | - | 19703 | 197 | 11157010 | 111571 | 38141452 | (60405015) | (22151545) |
| Shares issued for Series A redemptions |  |  |  |  |  |  | 402450 | 4025 | 116269 |  | 120294 |
| Shares issued for Series X dividends |  |  |  |  |  |  | 33347 | 333 | 11981 |  | 12314 |
| Shares issued for settlement of Series D, notes payable, and accrued liabilities | (25000) | (250) |  |  |  |  | 150000 | 1500 | 41035 |  | 42285 |
| Stock-based compensation |  |  |  |  |  |  |  |  | 6250 |  | 6250 |
| Preferred stock dividends |  |  |  |  |  |  |  |  | (12314) |  | (12314) |
| Net loss | - | - | - | - | - | - | - | - | - | (87384) | (87384) |
| **Balance, June 30, 2025** | - | $- | - | $- | 19703 | $197 | 11742807 | $117429 | $38304673 | $(60492399) | $(22070100) |
| **Balance, December 31, 2023** | 250000 | $2500 | 20057 | $201 | 24227 | $242 | 5567957 | $55680 | $47856444 | $(62046824) | $(14131757) |
| Shares issued for Series X dividends |  |  |  |  |  |  | 66070 | 661 | 52195 |  | 52856 |
| Preferred stock dividends |  |  |  |  |  |  |  |  | (638565) |  | (638565) |
| Net income | - | - | - | - | - | - | - | - | - | 46524 | 46524 |
| **Balance, March 31, 2024** | 250000 | 2500 | 20057 | 201 | 24227 | 242 | 5634027 | 56341 | 47270074 | (62000300) | (14670942) |
| Shares issued for compensation |  |  |  |  |  |  | 300000 | 3000 | 99000 |  | 102000 |
| Series X shares issued for compensation |  |  |  |  | 7200 | 72 |  |  | 179928 |  | 180000 |
| Shares issued for Series X dividends |  |  |  |  |  |  | 24555 | 246 | 19396 |  | 19642 |
| Preferred stock dividends |  |  |  |  |  |  |  |  | (356890) |  | (356890) |
| Net loss | - | - | - | - | - | - | - | - | - | (412445) | (412445) |
| **Balance, June 30, 2024** | 250000 | $2500 | 20057 | $201 | 31427 | $314 | 5958582 | $59587 | $47211508 | $(62412745) | $(15138635) |

---

*See accompanying notes to these unaudited consolidated financial statements.*

[**Table of Contents**](#TableOfContents)

 

**MITESCO, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2025** | **June 30,<br> 2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $3362952 | $(365921) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 19375 |  |
| &nbsp;&nbsp;&nbsp;Original issue discount charged to interest expense | 5000 |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 12500 | 282000 |
| &nbsp;&nbsp;&nbsp;Accretion of Series A preferred recorded as interest expense | 628776 |  |
| &nbsp;&nbsp;&nbsp;Loss on revaluation of Series A preferred | 259015 |  |
| &nbsp;&nbsp;&nbsp;Gain on lease terminations |  | (233205) |
| &nbsp;&nbsp;&nbsp;Gain on revaluation of derivative liabilities | (4430867) |  |
| &nbsp;&nbsp;&nbsp;Gain on settlement of liabilities | (562793) |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (3600) | (6000) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 2710 |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 574752 | (46718) |
| &nbsp;&nbsp;&nbsp;Accrued interest | (33333) | 100634 |
| &nbsp;&nbsp;&nbsp;Accrued interest - related parties | (22547) | 21053 |
| &nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (188060) | (248157) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Principal payments on SBA loan | (12618) | (13485) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of Series A preferred stock | 100000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable | 100000 | 299000 |
| **Net cash provided by financing activities** | 187382 | 285515 |
| Net change in cash | (678) | 37358 |
| Cash at beginning of period | 3402 | 2838 |
| **Cash at end of period** | $2724 | $40196 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $1616 | $- |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes | $- | $- |
| Supplemental disclosure of financing cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | $25016 | $995455 |
| &nbsp;&nbsp;&nbsp;Shares issued for Series X dividends | $24628 | $72498 |
| &nbsp;&nbsp;&nbsp;Shares issued for redemption of Series A preferred stock | $928497 | $- |
| &nbsp;&nbsp;&nbsp;Shares issued for settlement of Series D, notes payable, and accrued liabilities | $42535 | $- |

---

*See accompanying notes to these unaudited consolidated financial statements.*

[**Table of Contents**](#TableOfContents)

**MITESCO, INC.**

**UNAUDITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2025**

**Note 1: Description of Business**

***Company Overview***

Mitesco, Inc. (the "Company," "we," "us," or "our") was formed in the state of Delaware on January 18, 2012. On December 9, 2015, we restructured our operations and acquired Newco4pharmacy, LLC, a development stage company which sought to acquire compounding pharmacy businesses. As a part of the restructuring, we shut down our former business line. On April 24, 2020, we changed our name to Mitesco, Inc. In October 2023, the Company changed its domicile from Delaware to Nevada in order to effect reduced costs.

We are a holding company seeking to provide products, services and technology.

In June 2024 we announced the formation of two (2) new wholly owned business units, Centcore, LLC ("Centcore") that is providing datacenter services including cloud computing and application hosting, and Vero Technology Ventures, LLC ("VTV"), whose aim is to seek investment and acquisition opportunities, generally in the areas of cloud computing and datacenter related applications.

Centcore has two (2) areas of focus. The first, generic datacenter services, is aimed at hosting applications for a specific user, sometimes referred to as "managed services offerings" or MSO, where the client moves the software licensed from various vendors, or internally developed, into our datacenter where we maintain the computing, communications and backup environment. We currently offer services through a "co-location" agreement with a datacenter based in Melbourne, Florida, which has relationships with eight (8) other datacenters worldwide. Using this approach, we have an ability to rapidly expand the size of our computing resources quickly, at minimal expense. Over time we expect to create similar situations with other datacenters worldwide based on our clients' specific needs.

The second focus involves hosting software applications developed by software vendors, from which they will sell the use of the software by their end user clients on a "cloud" basis. By taking this approach, we gain the business of the vendor, and potentially their clients, allowing us to grow at a faster rate with lower cost of sales. We have developed the "Centcore Partner Program" where we will help promote the software vendors who are hosting in our datacenters. If we are successful helping the vendor grow his business, we will have provided a "value added service", and benefit from increased utilization of our computing resources by not only the vendor, but also his new end user clients. Our initial focus for this area is on software providers who serve the "technology infrastructure" market doing design, engineering, construction and maintenance of significant systems. We desire to create "life cycle" relationships as the design, construction and operational life of these systems includes document management and performance modelling over years, often from 5 to 20 years.

We have retained experienced professionals in the datacenter, cyber security and infrastructure services areas to support our needs on a per hour basis, which we believe will allow us to control our costs relative to business activity, without significant staffing internally. We have also formed an "Advisory Board" where individuals with experience in business areas where we have interest have agreed to assist us, receiving a nominal issuance of restricted common stock, in consideration of their advice.

The Vero Technology Ventures arm is actively reviewing potential early-stage cloud computing solution vendors and is developing its own artificial intelligence (A.I.) based application set. (VTV) is currently involved with the formation of a new software development project aimed at applying artificial intelligence (A.I.) to the sales process for various businesses including residential real estate using cloud computing-based software. It is currently in development of a new sales automation tool set deemed the 'Robo Agent' application. This software is intended to utilize A.I. to promote more efficient sales and marketing within certain direct to consumer (D2C) markets, and with highly targeted market research. This initial effort dubbed "Robo Agent", is expected to be available for initial users in Q3 of FY2025. Later versions may include similar functionality focused on other markets, generally in a "business to consumer" (B2C) selling situation.

[**Table of Contents**](#TableOfContents)

**Note 2: Going Concern**

As of June 30, 2025, the Company had cash and cash equivalents of approximately $2,700, current liabilities of approximately $15.9 million, and has incurred significant losses from the previous clinic operations. The Company's activities are subject to significant risks and uncertainties, including failing to secure additional funding to execute its business plan. As a result of these factors, there is substantial doubt about the ability of the Company to continue as a going concern for one year from the date the consolidated financial statements are issued. The Company's continuance is dependent on raising capital and generating revenues sufficient to sustain operations. However, as of the date of these consolidated financial statements, no formal agreement exists.

The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts classified as liabilities that might be necessary should the Company be forced to take any such actions.

**Note 3: Summary of Significant Accounting Policies**

*Basis of Presentation* – The consolidated financial statements are prepared in conformity with accounting principles accepted in the United States of America ("GAAP").

The consolidated financial statements and related disclosures as of June 30, 2025, are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission ("<u>SEC</u>"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations. In our opinion, these unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2024, and 2023 included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025. The results of operations for the three and six months ended June 30, 2025, are not necessarily indicative of the results to be expected for the full year ended December 31, 2025.

*Principles of Consolidation* – The accompanying consolidated financial statements include the accounts of Mitesco, Inc., and its wholly owned subsidiaries Mitesco NA, LLC, The Good Clinic, LLC, Vero Technology Ventures, LLC, and Centcore, LLC. In addition, we relied on the operating activities of certain legal entities in which we did not maintain a controlling ownership interest, but over which we had indirect influence and of which we were considered the primary beneficiary. These entities are typically subject to nominee ownership and transfer restriction agreements that effectively transfer the majority of the economic risks and rewards of their ownership to the Company. The Company's management, restrictions and other agreements concerning such nominee-owned entities typically includes both financial terms and protective and participating rights to the entities' operating, strategic and non-clinical governance decisions which transfer substantial powers over and economic responsibility for these entities to the Company. As such, the Company applies the guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810 – Consolidation ("ASC 810"), to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity should be consolidated. All intercompany balances and transactions have been eliminated.

*Segments* - The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company's Chief Operating Decision Maker ("CODM") is its Chief Executive Officer. The CODM allocates resources and evaluates the performance of the Company at the consolidated level using information about its revenues, gross profit, and income from operations. All significant operating decisions are based upon an analysis of the Company as one operating segment, which is the same as its reporting segment.

 

*Per Share Data -* Basic income (loss) per share is computed by dividing net loss by the weighted average number of common shares outstanding for the year. Diluted loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive) related to warrants, options, and convertible instruments.

The following table presents the effect of potential dilutive issuances for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2025** | **June 30, <br> 2024** | **June 30,<br> 2025** | **June 30, <br> 2024** |
| Net income (loss) attributable to common stockholders | $(99698) | $(769335) | $3337936 | $(1361376) |
| Preferred stock dividends | 12314 |  | 25016 |  |
| Derivative gain | (68222) |  | (4430867) |  |
| Interest expense associated with convertible debt | 19372 | - | 38531 | - |
| Net loss for dilutive calculation | (136234) | (769335) | (1029384) | (1361376) |
| Weighted average shares outstanding | 11305362 | 5802968 | 10543075 | 5698479 |
| Dilutive effect of preferred stock |  |  |  |  |
| Dilutive effect of convertible debt | 3185100 |  | 3185100 |  |
| Dilutive effect of common stock warrants | 40767 | - | 40767 | - |
| Weighted average shares outstanding for diluted net income (loss) per share | 14531229 | 5802968 | 13768942 | 5698479 |

---

[**Table of Contents**](#TableOfContents)

During the three and six months ended June 30, 2025, the effect of 3,345,688 shares issuable upon the conversion of Series A preferred shares were anti-dilutive and are not included in the computation of dilutive earnings per share. During the three and six months ended June 30, 2024 the effect of 1,200,908 shares issuable upon conversions of the Series D preferred shares, 2,248,661 shares issuable upon the conversion of convertible notes, and 686,875 shares issuable upon exercise of the outstanding warrants and stock options were anti-dilutive and not included in the computation of dilutive earnings per share.

*Financial Instruments and Fair Values -* The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time, based upon relevant market information about the financial instrument. In determining fair value, we use various valuation methodologies and prioritize the use of observable inputs. We assess the inputs used to measure fair value using a three-tier hierarchy based on the extent to which inputs used in measuring fair value are observable in the market:

Level 1 – inputs include exchange quoted prices for identical instruments and are the most observable.

Level 2 – inputs include brokered and/or quoted prices for similar assets and observable inputs such as interest rates.

Level 3 – inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the asset or liability.

The use of observable and unobservable inputs and their significance in measuring fair value are reflected in our hierarchy assessment. The carrying amount of cash, prepaid assets, accounts payable and accrued liabilities approximate fair value due to the short-term maturities of these instruments. Because cash and cash equivalents are readily liquidated, management classifies these values as Level 1. The fair value of the derivative liabilities approximates their book value as the instruments are short-term in nature and contain market rates of interest. Because there is no ready market or observable transactions, management classifies the derivative liabilities as Level 3.

*Recent Accounting Standards* - In December 2023, the FASB issued <u>ASU 2023-09</u>, *Income Taxes (<u>Topic 740</u>)*: *Improvements to Income Tax Disclosures,* which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.

There are various other updates recently issued, most of which represent technical corrections to the accounting literature or application to specific industries and are not expected to have a material impact on the Company's consolidated financial position, results of operations or cash flows.

**Note 4: Business Acquisition**

On December 6, 2024, the Company entered into an Exclusive Source Code License agreement (the "License Agreement") between AgingTopic, LLC ("AgingTopic") and the Company where the Company has acquired, subject to certain payment milestones, the source code and business activities of AgingTopic, which constitutes substantially all of AgingTopic's assets utilized in the creation of advertising revenue from blog postings. The entity that owns the business and source code is controlled by Ms. Amy Lance, the wife of Mack Leath. The agreement calls for a $5,000 cash payment upon execution, and certain royalty payments up to a maximum of $150,000, at which time it becomes a fully paid-up license. The royalty payments are to be repaid at 30% of net collection up to the first $50,000 has been repaid, after which the remaining $100,000 will be repaid based on 15% of net collections. After the payment of the $150,000 license fee, the Company will then pay a commission of 2.5% of net collections until 36 months after the date of the agreement.

This acquisition closed on December 6, 2024. The acquisition of AgingTopic is being accounted for as a business combination under ASC 805. The Company is continuing to gather evidence to evaluate what identifiable intangible assets were acquired, such as a customer list, and the fair value of each, and expects to finalize the fair value of the acquired assets within one year of the acquisition date. The Company assigned the preliminary fair value of the consideration paid of $155,000 to domain name intangible assets that are amortized over an estimated useful life of four years. AgingTopic had not yet generated revenues prior to the time of acquisition.

[**Table of Contents**](#TableOfContents)

**Note 5: Intangible assets**

The following table represents the balances of intangible assets as of June 30, 2025, and December 31, 2024;

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31,<br> 2024** |
| Website Domains | $155000 | $155000 |
| Total Intangible assets | 155000 | 155000 |
| Accumulated Amortization – website domains | (22604) | (3229) |
| Net intangible assets | $132396 | $151771 |

---

On December 6, 2024, the Company closed on its acquisition of the AgingTopic Business and allocated the entire $155,000 purchase price to domain name assets with an estimated life of 4 years.

The following is an amortization analysis of the annual amortization of intangible assets on a fiscal year basis as of June 30, 2025:

---

| | |
|:---|:---|
| For the year ended December 31, | **Amount** |
| 2025 (6 months remaining) | $19375 |
| 2026 | 38750 |
| 2027 | 38750 |
| 2028 | 35521 |
| 2029 and thereafter | - |
| Total remaining intangibles amortization | 132396 |

---

**Note 6: Accounts Payable and Accrued Liabilities**

Accounts payable and accrued liabilities consisted of the following at June 30, 2025, and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Trade accounts payable | $3870101 | $3677455 |
| Accrued payroll and payroll taxes | 364437 | 489606 |
| Total accounts payable and accrued liabilities | $4234538 | $4167061 |

---

**Note 7: Right to Use Assets and Lease Liabilities** – **Operating Leases**

The Company had operating leases for its clinics for which the Company is currently in negotiations with the Lessors to settle the remaining amounts owed after closing the clinic facilities. As of June 30, 2025, the Company had impaired all balances of the related right to use assets.

Operating lease liabilities are summarized below:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Lease liability | $99477 | $99477 |
| Less: current portion | (99477) | (99477) |
| Lease liability, non-current | $- | $- |

---

As a result of closing the facilities, the Company has made no further lease payments during the year ending December 31, 2024, or the six months ending June 30, 2025. As of June 30, 2025, the Company has either settled amounts owed or entered into default judgements for all leases except for the office lease, noted in the above table, which we believe is nominal. For all leases for which a legal settlement has been entered into, all amounts have been reclassified to legal settlements as of June 30, 2025. See Note 15 for further details.

[**Table of Contents**](#TableOfContents)

**Note 8: SBA Loan Payable** 

*PPP Loan Conversion to SBA Loan*

During March 2020, in response to the COVID-19 crisis, the federal government announced plans to offer loans to small businesses in various forms, including the Payroll Protection Program, or "PPP", established as part of the Corona Virus Aid, Relief and Economic Security Act ("CARES Act") and administered by the U.S. Small Business Administration (the "SBA"). On April 25, 2020, the Company entered an unsecured Promissory Note with Bank of America for a loan in the original principal amount of $460,400, and the Company received the full amount of the loan proceeds on May 4, 2020 (the "PPP Loan"). The PPP Loan bears interest at the rate of 1% per year.

On July 12, 2023, the Company received confirmation of a payment plan arrangement from the SBA for total principal and interest due on the loan of $467,117. Pursuant to this payment plan, the Company agreed to pay a minimum of $2,595 each month until the loan is paid in full in July 2028. The Company will amortize the balance due on the loan including interest at the original PPP loan rate of 1% per annum; a gain on restructure of debt in the amount of $40,622 was recorded on this transaction during the year ended December 31, 2023, and the balance of the loan was recorded at the amount of $433,343 representing the net cash flows discounted at 1%. During the six months ended June 30, 2025, the Company made principal payments of $12,618 on this loan and recorded interest in the amount of $1940.

**Note 9: Notes Payable**

The following table summarizes the outstanding notes payable as of June 30, 2025, and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Kishon Note | $431666 | $431666 |
| Finnegan Note 1 |  | 51765 |
| Finnegan Note 2 |  | 32353 |
| Finnegan Note 3 |  | 32353 |
| 2025 Bridge Notes | 105000 | - |
| Total Notes Payable | 536666 | 548137 |
| Current Portion | 536666 | 548137 |
| Long-term portion | $- | $- |

---

*Kishon Note*

On May 10, 2022, the Company entered into a Securities Purchase Agreement (the "Kishon Agreement") with Kishon Investments, LLC ("Kishon") with respect to the sale and issuance to Kishon of: (i) an initial commitment fee in the amount of $159,259 in the form of 12,741 shares (the "Kishon Commitment Fee Shares") of the Company's Common Stock, (ii) a promissory note in the aggregate principal amount of $277,777 (the "Kishon Note"), and (iii) Common Stock Purchase Warrants to purchase 5,556 shares of the Company's common stock (the "Kishon Warrants"). Should Kishon receive net proceeds of less than $159,259 from the sale of the Kishon Commitment Fee Shares, the Company will issue additional shares to Kishon or pay the shortfall amount to Kishon in cash. The terms of the Kishon Agreement resulted in the Company recording a derivative liability in the initial amount of $27,793.

The Kishon Note was issued in the principal amount of $277,777 for a purchase price of $250,000 resulting in an original issue discount of $27,777. The Kishon Note has a due date of November 10, 2022, and bears interest at the rate of 10% per year for the first six months and 12% thereafter. In the event of default as defined in the Kishon Note this rate will increase to 18%, and the Kishon Note will become convertible at a price per share equal to the lowest trading price during the previous twenty trading days prior to the conversion date. The Kishon Note entered default status on November 11, 2022. The Kishon Commitment Fee Shares and Kishon Warrants resulted in a discount to the Kishon Note in the amount of $138,492.

During the year ended December 31, 2023, a default penalty in the amount of $138,889 and an additional fee in the amount of $15,000 were added to the principal amount of the Kishon Note. During the year ended December 31, 2024, as a result of the variable price of the conversion feature, the Company recorded an initial derivative liability of $100,551 upon bifurcating the conversion feature pursuant to ASC815. See Note 12 to these financials for further discussion.

[**Table of Contents**](#TableOfContents)

At June 30, 2025, principal and interest in the amount of $431,666 and $205,354, respectively, were due on the Kishon Note. At December 31, 2024, principal and interest in the amount of $431,666 and $166,823, respectively, were due on the Kishon Note. This note was in default at June 30, 2025. We continue to attempt to resolve this note though communication with the holder has been intermittent at best.

*Finnegan Note 1*

On May 23, 2022, the Company issued a 10% Promissory Note in the principal amount of $47,059 to Jessica Finnegan (the "Finnegan Note 1"). Finnegan Note 1 bears interest at the rate of 10% per annum accrued monthly and has a maturity date that is the earlier of (i) November 20, 2022, as extended, or (ii) five (5) business days after the date on which the Company successfully lists its shares of common stock on Nasdaq or NYSE. The purchase price of Finnegan Note 1 was $40,000; the amount payable at maturity will be $47,059 plus 10% of that amount plus any accrued and unpaid interest. Following an event of default as defined in the Finnegan Note 1, the principal amount shall bear interest for each day until paid at a rate per annum equal to the lesser of the maximum interest permitted by applicable law and 18%. Finnegan Note 1 entered default status on November 21, 2022, and the interest rate increased to 18%. The Finnegan Note 1 contains a "most favored nations" clause that provides that, so long as the note is outstanding, if the Company issues any new security which Ms. Finnegan reasonably believes contains a term that is more favorable than those in the Finnegan Note 1, the Company shall notify Ms. Finnegan of such term, and such term, at the option of Ms. Finnegan, shall become a part of the Finnegan Note 1. In addition, Ms. Finnegan received five-year warrants to purchase 386 shares of common stock at a price of $25.00 per share with a fair value of $2,000 at the date of issuance, and 1,930 shares of common stock with a value of $3,240; these amounts were recorded as discounts to Finnegan Note 1.

*Finnegan Note 2*

On May 26, 2022, the Company issued a 10% Promissory Note in the principal amount of $29,412 to Jessica Finnegan (the "Finnegan Note 2"). Finnegan Note 2 bears interest at the rate of 10% per annum accrued monthly and has a maturity date that is the earlier of (i) November 30, 2022, or (ii) five business days after the date on which the Company successfully lists its shares of common stock on Nasdaq or NYSE. The purchase price of the Finnegan Note 2 was $25,000; the amount payable at maturity will be $29,412 plus 10% of that amount plus any accrued and unpaid interest. Following an event of default as defined in the Finnegan Note 2, the principal amount shall bear interest for each day until paid at a rate per annum equal to the lesser of the maximum interest permitted by applicable law and 18%. Finnegan Note 2 entered default status on December 1, 2022, and the interest rate increased to 18%. The Finnegan Note 2 contains a "most favored nations" clause that provides that, so long as the note is outstanding, if the Company issues any new security which Ms. Finnegan reasonably believes contains a term that is more favorable than those in the Finnegan Note 2, the Company shall notify Ms. Finnegan of such term, and such term, at the option of Ms. Finnegan, shall become a part of the Finnegan Note 2. In addition, Ms. Finnegan received five-year warrants to purchase 242 shares of common stock at a price of $25.00 per share with a fair value of $1,250 at the date of issuance, and 242 shares of common stock with a value of $2,025; these amounts were recorded as discounts to the Finnegan Note 2.

*Finnegan Note 3*

On August 4, 2022, the Company issued a 10% Promissory Note in the principal amount of $29,412 (the "Finnegan Note 3") to Jessica, Kevin C., Brody, Isabella and Jack Finnegan (collectively, the "Finnegans"). Finnegan Note 3 bears interest at the rate of 10% per annum accrued monthly and has a maturity date that is the earlier of (i) February 3, 2023, or (ii) five business days after the date on which the Company successfully lists its shares of common stock on Nasdaq or NYSE. The purchase price of Finnegan Note 3 was $25,000; the amount payable at maturity will be $29,412 plus 10% of that amount plus any accrued and unpaid interest. Following an event of default as defined in Finnegan Note 3, the principal amount shall bear interest for each day until paid at a rate per annum equal to the lesser of the maximum interest permitted by applicable law and 18%. The Finnegan Note 3 contains a "most favored nations" clause that provides that, so long as the note is outstanding, if the Company issues any new security which The Finnegans reasonably believes contains a term that is more favorable than those in the Finnegan Note 3, the Company shall notify The Finnegans of such term, and such term, at the option of The Finnegans, shall become a part of the Finnegan Note 3. In addition, The Finnegans received five-year warrants to purchase 242 shares of common stock at a price of $25.00 per share with a fair value of $850 at the date of issuance, and 242 shares of common stock with a value of $1,100; these amounts were recorded as discounts to the Finnegan Note 3.

On April 24, 2025, the Company entered into an Obligation Exchange Agreement with Finnegan whereby Finnegan agreed to settle the above notes, accrued interest and other obligations in consideration of the issuance of 75,000 shares of restricted common stock for each of the holders. As a result of the exchange the Company recorded a gain on settlement of liabilities of $303,638.

At June 30, 2025, all principal and accrued interest were fully satisfied and retired on these notes. At December 31, 2024, principal and accrued interest in the amount of $105,883 and $44,957, respectively, were due on these notes.

[**Table of Contents**](#TableOfContents)

*2025 Bridge Notes*

On May 6, 2025, the Company entered into a short term note payable agreement with one of its investors and received cash proceeds of $25,000. The note is bears interest at 10% per annum and matures 10 days after issuance, May 17, 2025. In the event of default, the Company is required to pay 120% of the principal balance. This note has been exchanged for a 12 month note without penalty with an original issue discount of 5%, bears no interest on the unpaid principal balance of Notes unless and until an event of default has occurred and in the event of default, accrue interest at a rate equal to 15% or, if less, the highest amount permitted by law payable from and after the occurrence and during the continuance of any event of default until the event of default is cured, and have a twelve month term. The total face value of the Notes in aggregate is $26,250. An event of default includes, among others, failure to pay the debt on maturity date, breach of representation or warranty, occurrence of a material adverse event, failure to comply with reporting obligations with the Securities and Exchange Commission, or the loss of trading of Company's common stock on the OTC Markets. In the event of default, the Notes are convertible at the election of the noteholder, into common stock of the Company at the average VWAP price for the preceding five business days.

On May 19, 2025, the Company entered into Senior Secured 5% Original Issue Discount Promissory Notes with three of its institutional investors for gross proceeds of $75,000. ("Notes"). The Notes are issued with an original issue discount (OID) of 5%, bear no interest on the unpaid principal balance of Notes unless and until an event of default has occurred and in the event of default, accrue interest at a rate equal to 15% or, if less, the highest amount permitted by law payable from and after the occurrence and during the continuance of any event of default until the event of default is cured, and have a twelve month term. The total face value of the Notes in aggregate is $78,750. An event of default includes, among others, failure to pay the debt on maturity date, breach of representation or warranty, occurrence of a material adverse event, failure to comply with reporting obligations with the Securities and Exchange Commission, or the loss of trading of Company's common stock on the OTC Markets. In the event of default, the Notes are convertible at the election of the noteholder, into common stock of the Company at the average VWAP price for the preceding five business days.

Aggregate interest expense on the notes payable was $20,226 and $47,583 for the three months ended June 30, 2025 and 2024 respectively. Aggregate interest expense on the notes payable was $44,151 and $90,371 for the six months ended June 30, 2025 and 2024. Accrued interest on notes payable were $205,354 and $211,780 at June 30, 2025, and December 31, 2024, respectively.

**Note 10: Notes Payable** – **Related Parties**

The following table summarizes the outstanding related party notes payable as of June 30, 2025, and December 31, 2024;

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Lindstrom Note |  | 45294 |
| Lindstrom Note 2 | - | 18750 |
| Notes Payable |  | 64044 |
| Current Portion, net of discount | $- | $64044 |
| Long-term portion, net of discount | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-** | **-** |

---

[**Table of Contents**](#TableOfContents)

 

*Lindstrom Note*

On May 26, 2022, the Company issued a 10% Promissory Note in the principal amount of $41,176 in a related party transaction to Jenny Lindstrom, who was the Company's Chief Legal Officer (the "Lindstrom Note 1"). The Lindstrom Note 1 bears interest at the rate of 10% per annum accrued monthly and has a maturity date that is the earlier of (i) November 30, 2022, or (ii) five business days after the date on which the Company successfully lists its shares of common stock on Nasdaq or NYSE. The purchase price of the Lindstrom Note 1 was $35,000; the amount payable at maturity will be $41,176 plus 10% of that amount plus any accrued and unpaid interest. Following an event of default as defined in the Lindstrom Note 1, the principal amount shall bear interest for each day until paid at a rate per annum equal to the lesser of the maximum interest permitted by applicable law and 18%. The Lindstrom Note 1 entered default status on December 1, 2022, and the interest rate increased to 18%. The Lindstrom Note 1 contains a "most favored nations" clause that provides that, so long as the note is outstanding, if the Company issues any new security which Ms. Lindstrom reasonably believes contains a term that is more favorable than those in the Lindstrom Note 1, the Company shall notify Ms. Lindstrom of such term, and such term, at the option of Ms. Lindstrom, shall become a part of the Lindstrom Note 1. In addition, Ms. Lindstrom received five-year warrants to purchase 338 shares of common stock at a price of $25.00 per share with a fair value of $1,750 at the date of issuance, and 338 shares of common stock with a value of $2,835; these amounts were recorded as discounts to the Lindstrom Note 1.

*Lindstrom Note 2*

On November 29, 2022, the Company issued a promissory note (the "Lindstrom Note 2") in a related party transactions to Jenny Lindstrom, who was the Company's former Vice President and Chief Legal Officer. The Lindstrom Note 2 has a due date of May 28, 2023, and bears interest at the rate of 10% per annum which will accrue from the date of the note. Following an event of default as defined, the principal amount shall bear interest for each day until paid at a rate per annum equal to the lesser of the maximum interest permitted by applicable law and 18%. The Lindstrom Note 2 contains a "most favored nations" clause that provides that, so long as the note is outstanding, if the Company issues any new security which Ms. Lindstrom reasonably believes contains a term that is more favorable than those in the Lindstrom Note 2, the Company shall notify Ms. Lindstrom of such term, and such term, at the option of Ms. Lindstrom, shall become a part of the Lindstrom Note 2. In addition, Lindstrom received a five-year warrant to purchase 750 shares of the Company's common stock at a price equal to the price of any warrant included in an offering in connection with listing at the Nasdaq Global Market. This warrant has been cancelled in conjunction with the satisfaction of the notes.

On April 24, 2025, the Company entered into an Obligation Exchange Agreement with Lindstrom whereby Lindstrom agreed to settle the above notes, accrued interest and other obligations in consideration of the issuance of 75,000 shares of restricted common stock for each of the holders. As a result of the exchange the Company recorded a gain on settlement of liabilities of $249,765.

At June 30, 2025, all principal and accrued interest were fully satisfied and retired on these notes. At December 31, 2024, there was principal and interest in the aggregate amount of $64,044 and $22,548, respectively, due on these notes.

Aggregate interest expense on the notes payable – related parties was $0 and $10,471 for the three months ended June 30, 2025 and 2024, respectively. Aggregate interest expense on the notes payable – related parties was $2,297 and $21,052 for the six months ended June 30, 2025 and 2024, respectively. Accrued interest on notes payable – related parties were $0 and $22,547 at June 30, 2025, and December 31, 2024, respectively.

[**Table of Contents**](#TableOfContents)

**Note 11: Derivative Liabilities**

Certain of the Company's convertible notes and warrants contain features that create derivative liabilities. The derivative components of these notes are valued at issuance, at conversion, at restructuring, and at each period end.

Derivative liability activity for the six months ended June 30, 2025, is summarized in the table below:

---

| | |
|:---|:---|
| December 31, 2024 | $4685675 |
| Gain on revaluation | (4430867) |
| June 30, 2025 | $254808 |

---

The following assumptions were used for the valuation of the derivative liability associated with this obligation:

● The stock price on the date of valuation represents the fair market value of the stock

● The notes convert with variable conversion prices based on the percentages of the lowest trades over the prior 20 trading days

● The holder would automatically convert the note immediately (based on ownership or trading volume limitations) if the registration were effective and the Company was not in default

**Note 12: Series A preferred stock**

On October 28, 2024, the Company filed a Certificate of Designation, Preferences and Rights of the Series A Preferred Stock with the Nevada Secretary of State (the "Certificate of Designation"). The Company authorized 3,000,000 shares of Series A Preferred Stock, par value $0.01 per share. Each share of Series A Preferred Stock has a stated value equal to $25. The Series A Shares may be converted into shares of common stock by dividing the stated value by $4.00 (the "Conversion Price"). The Series A Shares may be converted at the option of the holder at any time, or mandatorily by the Company if certain conditions set forth in the Certificate of Designation are met. Unless prior conversion has occurred, shares of Series A Preferred Stock will be redeemed by the Company, using Common Stock, or cash, 1/36<sup>th</sup> of the remaining amounts monthly beginning in January 2025. The cash redemption shall be at 105% of the original price of Series A Preferred Stock (as adjusted) whereas Common Stock redemption shall be at a 10% discount to the average of the five lowest closing prices over a 30-trading day period. The Company intends to accrue the redemption shares monthly and issue any shares to be used thereunder quarterly to reduce its expense.

Holders of shares of the Series A Preferred Stock are not entitled to receive any dividends, and the security bears no interest.

The Series A Preferred Stock will rank, with respect to rights to the payment of dividends and the distribution of assets in the event of any liquidation, dissolution or winding up of the Company, (i) senior to all classes or series of the Company's Common Stock, and to all other equity securities issued by the Company; and (ii) effectively junior to all existing and future indebtedness (including indebtedness convertible into our Common Stock or preferred stock) of the Company and to any indebtedness and other liabilities of (as well as any preferred equity interest held by others in) existing subsidiaries of the Company.

In addition to any other rights provided by law, except where the vote or written consent of the holders of a greater number of shares is required by law or by another provision of the Articles of Incorporation, without first obtaining the affirmative vote at a meeting duly called for such purpose or the written consent without a meeting of the majority of the outstanding Series A Preferred Stock, voting together as a single class, the Company shall not: (a) amend or repeal any provision of, or add any provision to, its Articles of Incorporation or bylaws, or file any certificate of designations or certificate of amendment, if such action would adversely alter or change in any respect the preferences, rights, privileges or powers, or restrictions provided for the benefit, of the Series A Preferred Stock, regardless of whether any such action shall be by means of amendment to the Articles of Incorporation or by merger, consolidation or otherwise; or (b) without limiting the provisions of the Certificate of Designation, circumvent a right of the Series A Preferred Stock.

As a result of the mandatory redemption features requiring the Company to repay the Series A in either cash or shares of Common Stock of the Company, under ASC 480, the Company is required to record the full redemption value of the Series A preferred shares as a liability on the accompanying balance sheet. The Company has recorded the redemption value based on the 10% premium required if the Company were to repay in shares of Common Stock due to the current expected cash flows of the Company.

During the six months ended June 30, 2025, the Company issued 4,000 shares of Series A preferred stock in exchange for $100,000 in cash proceeds.

During the six months ended June 30, 2025, the Company redeemed 24,350 shares of Series A preferred for 1,768,893 shares of common stock with a fair value of $928,497, which resulted in a loss on settlement of $254,151. During the three and six months ended June 30, 2025, the Company recognized $302,360 and $628,763, respectively, in interest expense related to the accretion of the Series A preferred shares based on the change in fair value.

[**Table of Contents**](#TableOfContents)

The following table provides the maturities of Series A preferred stock redemptions at June 30, 2025:

---

| | |
|:---|:---|
|  | **Series A<br> Preferred<br> Stock** |
| 2025 | $4523136 |
| 2026 | 5197482 |
| 2027 | 5197482 |
| 2028 |  |
| 2029 and thereafter | - |
| Total future undiscounted redemption payments | 14918100 |
| Less: Interest | (1535347) |
| Present value of redemption payments | 13382753 |
| Current portion | (7046876) |
| Long term portion | $6335877 |

---

**Note 13: Stockholders**' **Equity (Deficit)**

**Common Stock**

The Company has authorized 500,000,000 shares of common stock, par value $0.01; 11,742,807 were issued and outstanding at June 30, 2025.

During the six months ended June 30, 2025, the Company issued 61,705 shares of common stock for dividends payable on its Series X Preferred Stock as discussed in further detail below. The price per share used in determining the number of shares issued was the stock price on the 15<sup>th</sup> day of each month to determine the number of shares issuable.

During the six months ended June 30, 2025, the Company issued 1,768,845 shares of its restricted common stock for the redemption of Series A shares as discussed in further detail above in Note 12.

During the six months ended June 30, 2025, the Company recorded stock-based compensation of $12,500 related to equity awards issued in prior periods. As of June 30, 2025, the Company expects to record additional compensation expense of $6,250 related to unvested awards.

During the six months ended June 30, 2025, the Company entered into Obligation Exchange Agreements with two of its creditors, Finnegan and Lindstrom as discussed above in Notes 9 and 10. The agreements call for the cancellation of notes, accrued interest and other obligations in consideration of the issuance of 75,000 shares of restricted common stock for each of the holders, which resulted in an aggregate gain on the settlement of liabilities of $553,403.

**Preferred Stock**

We have authorized to issue 100,000,000 shares of Preferred Stock with such rights designations and preferences as determined by our Board of Directors. We have designated 500,000 shares of series A stock, 10,000,000 shares of Series D Preferred, 10,000 shares of Series E Preferred, 140,000 shares of Series F Preferred, and 31,427 shares as Series X Preferred Stock.

Series D Preferred Stock

The Series D Preferred Stock has a par value of $0.01 per share, no stated maturity, a liquidation preference of 100% of the stated value plus accrued but unpaid dividends, accrued dividends at the rate of 6% on $1.05 per share, and converts into common shares at a rate of $0.25 per share. The Series D ranks senior to all other preferred stock of the Company except in relation to the Series X Cumulative Redeemable Perpetual Preferred Stock, which ranks *Pari passu* to the Series C Preferred Stock. Each holder of our Series D Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Series D preferred Stock held by such holder. The Company had zero and 25,000 shares of Series D Preferred Stock outstanding at June 30, 2025.

During the six months ended June 30, 2025, into Obligation Exchange Agreements with Lindstrom whereby the outstanding Series D Preferred Stock and all accrued dividends were exchanged for shares of Company common stock.

The Company accrued dividends in the amount of $388 on the Series D Preferred Stock for the six months ended June 30, 2025. As of June 30, 2025, the Company had $0 in accrued dividends on the Series D Preferred Stock.

[**Table of Contents**](#TableOfContents)

Series F Preferred Stock

The number of shares of Series F Preferred Stock designated is 140,000 and each share of Series F Preferred Stock has par value of $0.01, a liquidation preference of $1,000 and PIK dividends at 12%. The Series F Preferred Stock will rank senior to the Corporation's Common Stock and on parity with all Preferred Stock of the Corporation with terms specifically providing that such Preferred Stock rank on parity with the Series F Preferred Stock with respect to rights to the distribution of assets upon any liquidation, dissolution or winding up of the Corporation; and (iii) junior to all Preferred Stock of the Corporation with terms specifically providing that such Preferred Stock rank senior to the Series F Preferred Stock with respect to rights to the distribution of assets upon any liquidation, dissolution or winding up of the Company.

Holders of shares of the Series F Preferred Stock are entitled to receive payment-in-kind dividends payable only in additional shares of Series F Preferred Stock ("PIK Dividends") at rate of 12% per annum.

The Series F Preferred Stock will be convertible into common stock of the Company upon the listing of the Company's stock on any of the following trading markets: the NYSE, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, or the Nasdaq Global Select Market. The conversion price will be calculated as 65% of the volume-weighted average price of the Company's common stock on the conversion date. The number of shares issuable upon conversion will be calculated as the liquidation preference of the Series F Preferred stock plus any accrued but unpaid dividends divided by the conversion price.

There are no shares of Series F shares outstanding as of December 31, 2024, or June 30, 2025.

Series X Preferred Stock

The Company has 19,703 shares of its 10% Series X Cumulative Redeemable Perpetual Preferred Stock (the "Series X Preferred Stock") outstanding as of June 30, 2025, and December 31, 2024. The Series X Preferred Stock has a par value of $0.01 per share, no stated maturity, a liquidation preference of $25.00 per share, and will not be subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless the Company decides to redeem or otherwise repurchase the Series X Preferred Stock; the Series X Preferred Stock is not redeemable prior to November 4, 2020. The Series X Preferred Stock will rank senior to all classes of the Company's common and preferred stock and accrues dividends at the rate of 10% on $25.00 per share. The Company reserves the right to pay the dividends in shares of the Company's common stock at a price equal to the average closing price over the five days prior to the date of the dividend declaration. Beginning in October 2024, the Company elected to use the closing stock price on the 15<sup>th</sup> of each month. Each one share of the Series X Preferred Stock is entitled to 400 votes on all matters submitted to a vote of our shareholders.

The Company accrued dividends in the amount of $24,629 on the Series X Preferred Stock for the six months ended June 30, 2025. As of June 30, 2025, the Company had $0 in accrued dividends on the Series X Preferred Stock.

[**Table of Contents**](#TableOfContents)

**Warrants**

The Company has announced that it intends to cancel all outstanding warrants, and certain language to complete this has been added to all documents related to the conversion of outstanding debts, notes, accounts payable and other senior securities. The following table summarizes the warrants outstanding on June 30, 2025, and the related prices for the warrants to purchase shares of the Company's common stock:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br><br>**Range of**<br>**exercise**<br>**prices** |<br><br>**Number of**<br>**warrants**<br>**outstanding** |<br>**Weighted**<br>**average**<br>**remaining**<br>**contractual**<br>**life (years)** | **Weighted**<br>**average**<br>**exercise**<br>**price of**<br>**outstanding**<br>**warrants** |<br><br>**Number of**<br>**warrants**<br>**exercisable** | **Weighted**<br>**average**<br>**exercise**<br>**price of**<br>**exercisable**<br>**warrants** |
| $25.00 | 5556 | 1.86 | 25.00 | 5556 | 25.00 |
| $37.50 | 32000 | 1.5 | 37.50 | 32000 | 37.50 |
|  | 37556 | 1.55 | $35.65 | 37556 | $35.65 |

---

The following table summarizes the transactions involving options to purchase shares of the Company's common stock:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted-<br> Average<br> Exercise<br> Price <br> ($)** |
| Outstanding at December 31, 2024 | 40767 | $35.13 |
| Granted |  | $- |
| Cancelled | (3211) | $(29.09) |
| Exercised | - | $- |
| Outstanding at June 30, 2025 | 37556 | $35.65 |

---

At June 30, 2025, there was no intrinsic value on the issued or vested warrants.

**Note 14: Fair Value of Financial Instruments**

The following summarizes the Company's derivative financial liabilities that are recorded at fair value on a recurring basis at June 30, 2025, and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Liabilities |  |  |  |  |
| Derivative liabilities | $- | $- | $254808 | $254808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Liabilities |  |  |  |  |
| Derivative liabilities | $- | $- | $4685675 | $4685675 |

---

[**Table of Contents**](#TableOfContents)

**Note 15: Commitments and Contingencies**

*Legal*

 

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business.

The Company has a number of legal situations involved with the winding down of its clinic's business activities. These include claims regarding certain construction contracts and cancellation of leases as noted below:

*Nordhaus Clinic*

On November 1, 2020, we entered into an agreement to open a clinic in Minneapolis, Minnesota. The initial lease term is eight years. Fixed rent payments under the initial term are approximately $511,000. On November 6, 2023, the Company received a termination notice from the landlord indicating the lease had been terminated. No additional claims have been received from the landlord, and the Company believes no additional amounts are owed.

*Egan Clinic a.k.a. Vikings*

On October 14, 2021, we entered into an agreement to open a clinic in Eagan, Minnesota, which began operations in the fourth quarter of 2021. The initial lease term is for 96 months. Fixed rent payments under the initial term are approximately $767,000. A Summary Judgment was granted on December 4, 2023, in the amount of $488,491, and the entry of final judgment was entered on December 15, 2023, and the Company has released the property back to the leaseholder.

*St. Paul Clinic a.k.a. The Grove*

On August 31, 2021, we entered into an agreement to open a clinic in St. Paul, Minnesota, which began operations in the fourth quarter of 2021. The initial lease term is for 114 months. Fixed rent payments under the initial term are approximately $1,153,000. A stipulation for Judgment was filed on December 21, 2023, in the amount of $415,266. The stipulated judgment includes $178,542 in unpaid back rent, $172,124 in resolution of mechanics' liens, and $64,600 in attorneys' fees. Final entry of judgment by the Court was entered against the Company on January 19, 2024, and the Company has released the property back to the leaseholder.

*St. Louis Park Clinic a.k.a. Excelsior & Grand*

On May 24, 2021, we entered into an agreement to open a clinic in St. Louis Park, Minnesota, which began operations in the third quarter of 2021. The initial lease term is seven years. Fixed rent payments under the initial term are approximately $673,000. The Company agreed to and executed a Confession of Judgment in the amount of $425,350 on April 2, 2024, and has released the property back to the leaseholder. We received the fully executed and recorded judgement on April 10, 2024.

*Eden Prairie Clinic a.k.a. TP Elevate*

On June 8, 2021, we entered into an agreement to open a clinic in Eden Prairie, Minnesota, which began operation in the third quarter of 2021. The initial lease term is eight years. Fixed rent payments under the initial term are approximately $620,000. The Company has surrendered possession of the property and is currently in negotiations for the amounts owed and is in the process of settling the remaining amounts owed.

*Maple Grove Clinic a.k.a. Arbor Lakes*

On October 8, 2021, we entered into an agreement to open a clinic in Maple Grove, Minnesota which began operation in the fourth quarter of 2021. The initial lease term is for 108 months. Fixed rent payments under the initial term are approximately $1,153,127. On October 22, 2022, the Company entered into a settlement agreement with the leaseholder for $219,576 and the Company released the property back to the leaseholder.

[**Table of Contents**](#TableOfContents)

*Radiant Clinic a.k.a. LMC Welton*

On September 9, 2021, we entered into an agreement to open a clinic in Denver, Colorado, which was expected to begin operation in the first quarter of 2023 but possession of which has been relinquished to the landlords. The initial lease term is for 90 months. Fixed rent payments under the initial term are approximately $782,000. As of April 10, 2024, the Company has settled the amounts owed to the leaseholder and full resolution of all liens for approximately $530,000 and the Company has released the property back to the leaseholder.

*Quincy Clinic a.k.a. 1776 Curtis*

On September 28, 2021, we entered into an agreement to open a clinic in Denver, Colorado, which was expected to begin operation in the first quarter of 2023 but possession of which has been relinquished to the landlords. The initial lease term is for 94 months. Fixed rent payments under the initial term are approximately $1,079,000. A Final Judgment was granted on November 14, 2023, in the amount of $348,764 including interest, fees and other costs. The Company has released the property back to the leaseholder. See "Subsequent Events"

The following table summarizes the status of our property settlements as noted above and the total settlement amounts as of the date of the filing:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOCATION** | **PROPERTY<br> NAME** | **ORIGINAL<br> OBLIGATION** | **SETTLEMENT<br> AMOUNT** | **DATE OF<br> AWARD** | **INTEREST<br> RATE** | **INTEREST<br> ACCRUED<br> ON <br> SETTLEMENT** | **TOTAL<br> SETTLEMENT<br> OBLIGATION** | **TYPE OF<br> SETTLEMENT** |
| WAYZETTA, MN | WAZETTA BAY | $407000 | $25000 | NA |  |  | $25000 | CASH PAYMENT OBLIGATION |
| EAGAN, MN | VIKINGS | $767000 | $488491 | 12/7/2023 | 10% | $76419 | $564910 | DEFAULT JUDGEMENT |
| ST. LOUIS PARK, MN | EXCELSIOR | $673000 | $425350 | 5/22/2024 | 10% | $47080 | $472430 | DEFAULT JUDGEMENT |
| ST. PAUL, MN | CONTINENTAL 560 | $1153000 | $415606 | 1/22/2024 | 10% | $59779 | $475385 | DEFAULT JUDGEMENT |
| MAPLE GROVE, MN | BUTTNICK | $1153127 | $219000 | 10/3/2022 | 10% | $60060 | $279060 | SETTLEMENT AGREEMENT |
| DENVER, CO | RADIANT | $782000 | $530557 |  |  |  | $530557 | DISMISSED |
| DENVER, CO | QUINCY(1) | $1079000 | $348764 | 11/14/2023 | 12% | 68109 | $416873 | DEFAULT JUDGEMENT |
|  | TOTAL | $6014127 | $2452768 |  |  | $311447 | $2764215 |  |

---

 

*Note (1): There had been subsequent litigation with this former landlord which has now been resolved. See "Subsequent Events".*

*Administrative offices*

On June 24, 2021, we entered into an agreement to open an administrative office in St. Louis Park, Minnesota. The initial lease term is 2.5 years. Fixed rent payments under the initial term are approximately $244,000. We have not received any claims as to the obligations under this sublease agreement and the business from which we were renting has not responded to communications from our attorneys who have attempted to establish a formal settlement agreement since we have abandoned the location more than a year ago. We have received no communication from the landlord and we do not believe any further obligations exist.

During the six months ending June 30, 2025, and 2024, the Company recorded interest expense of $97,539 and $0, respectively related to the above settlements based on the statutory rates of the courts in the respective locations.

**Note 16: Income Taxes**

Deferred income taxes result from the temporary differences primarily attributable to amortization of intangible assets and debt discount and an accumulation of net operating loss carryforwards for income tax purposes with a valuation allowance against the carryforwards for book purposes.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Included in deferred tax assets are Federal and State net operating loss carryforwards of approximately $61.7 million and $14.6 million, respectively, which will expire through 2040. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Due to significant changes in the Company's ownership, the Company's future use of its existing net operating losses may be limited.

[**Table of Contents**](#TableOfContents)

For the six months ended June 30, 2025, the expected tax expense (benefit) based on the U. S. federal statutory rate is reconciled with the actual tax provision (benefit) as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** |
|  | **2025** | **2025** |
| Expected tax at statutory rates |  |  |
| &nbsp;&nbsp;&nbsp;Federal | $706000 | 21% |
| &nbsp;&nbsp;&nbsp;State | (330000) | (10)% |
| Permanent Differences |  | 0% |
| Temporary difference for derivative gain | (930000) | (28)% |
| Other | (868000) | (26)% |
| Current Year Change in Valuation Allowance |  |  |
| &nbsp;&nbsp;&nbsp;Federal | 1038000 | 31% |
| &nbsp;&nbsp;&nbsp;State | (537000) | (16)% |
| Prior Year True-Ups | - | 0% |
| Income tax expense | $- | 0% |

---

Deferred income taxes reflect the tax impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations.

Deferred income taxes include the net tax effects of net operating loss (NOL) carryforwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of June 30, 2025, and December 31, 2024, significant components of the Company's deferred tax assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Deferred Tax Assets (Liabilities): |  |  |
| Accrued payroll | $141000 | $141000 |
| ASC842-ROU (Liability) | 822000 | 822000 |
| Loss from derivatives | (29000) | (869000) |
| Stock based compensation | (306000) | (304000) |
| Depreciation | 3000 | 3000 |
| Net operating loss | 12662000 | 12462000 |
| Net deferred tax assets (liabilities) | 13293000 | 12255000 |
| Valuation allowance | (13293000) | (12255000) |
| Net deferred tax assets (liabilities) | $- | $- |

---

**Note 17: Subsequent Events**

*Issuance of Restricted Common Stock for Series X Preferred Stock Dividends*

 

Subsequent to June 30, 2025, the holders of the Series X preferred stock have earned an additional $4,105 in dividends which is equivalent to 16,426 shares of common stock. As of the date of filing the shares have not yet been issued.

Subsequent to June 30, 2025, The owner of the Quincy Clinic property filed before the same court, an action against the Company (Case No. 2022 CV 33173, Division: 409, Consolidated with 2022CV33653) seeking to modify the final settlement for an additional $1,250,000, including $350,000 which represent amounts paid to the contractor who was performing the build out, who had filed liens on the property. As of August 8th, 2025, we settled this matter by providing an additional judgment in the amount of $500,000.

[**Table of Contents**](#TableOfContents)

**ITEM 2. MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References to the* "*Company,*" "*Mitesco, Inc.,*" "*our,*" "*us*" *or* "*we*" *refer to Mitesco, Inc. The following discussion and analysis of the Company*'*s financial condition and results of operations should be read in conjunction with the unaudited interim financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.*

**Cautionary Note Regarding Forward-Looking Statements**

*This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as* "*may,*" "*should,*" "*could,*" "*would,*" "*expect,*" "*plan,*" "*anticipate,*" "*believe,*" "*estimate,*" "*continue,*" *or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other SEC filings.*

 

***Company Overview***

Mitesco, Inc. (the "Company," "we," "us," or "our") was formed in the state of Delaware on January 18, 2012. On December 9, 2015, we restructured our operations and acquired Newco4pharmacy, LLC, a development stage company which sought to acquire compounding pharmacy businesses. As a part of the restructuring, we shut down our former business line. On April 24, 2020, we changed our name to Mitesco, Inc. In October 2023, the Company changed its domicile from Delaware to Nevada in order to effect reduced costs.

***Current Business Operations***

 

We are a holding company seeking to provide products, services and technology.

 

In June 2024 we announced the formation of two (2) new wholly owned business units, Centcore, LLC ("Centcore") that is providing data center services including cloud computing and application hosting, and Vero Technology Ventures, LLC ("VTV"), whose aim is to seek investment and acquisition opportunities, generally in the areas of cloud computing and data center related applications.

Centcore has two (2) areas of focus. The first, generic data center services, is aimed at hosting applications for a specific user, sometimes referred to as "managed services offerings" or MSO, where the client moves the software licensed from various vendors, or internally developed, into our data center where we maintain the computing, communications and backup environment. We currently offer services through a "co-location" agreement with a data center based in Melbourne, Florida, which has relationships with eight (8) other data centers worldwide. Using this approach, we have an ability to rapidly expand the size of our computing resources quickly, at minimal expense. Over time we expect to create similar situations with other data centers worldwide based on our clients' specific needs.

The second focus involves hosting software applications developed by software vendors, from which they will sell the use of the software by their end user clients on a "cloud" basis. By taking this approach, we gain the business of the vendor, and their clients, perhaps allowing us to grow at a faster rate with lower cost of sales. We have developed the "Centcore Partner Program" where we will help promote the software vendors who are hosting in our data centers. If we are successful helping the vendor grow his business, we will have provided a "value added service", and benefit from increased utilization of our computing resources by not only the vendor, but also his new end user clients. Our initial focus for this area is on software providers who serve the "technology infrastructure" market doing design, engineering, construction and maintenance of significant systems. We desire to create "life cycle" relationships as the design, construction and operational life of these systems includes document management and performance modeling over years, often from 5 to 20 years.

[**Table of Contents**](#TableOfContents)

We have retained experienced professionals in the data center, cyber security and infrastructure services areas to support our needs on a per hour basis, which we believe will allow us to control our costs relative to business activity, without significant staffing internally. We have also formed an "Advisory Board" where individuals with experience in business areas where we have interest have agreed to assist us, receiving a nominal issuance of restricted common stock, in consideration of their advice.

The Vero Technology Ventures arm is actively reviewing potential early-stage cloud computing solution vendors and is developing its own artificial intelligence (A.I.) based application set (VTV) is currently involved with the formation of a new software development project aimed at applying artificial intelligence (A.I.) to the sales process for various businesses including residential real estate using cloud computing based software. This initial effort dubbed "Robo Agent", is expected to be available for initial users in Q3 of FY2025. Later versions may include similar functionality focused on other markets, generally in a "business to consumer" (B2C) selling situation.

There are several other projects in evaluation, generally aimed at software that would operate on a cloud computing platform such as that which the Company has in its Centcore Data Center.

**FY2024 Debt Restructuring**

From FY2021 until late FY2022 the Company invested in an operating subsidiary, The Good Clinic, which was developing a series of primary care healthcare facilities. In late FY2022, as a result of a lack of adequate revenues and limited funding, it ceased operations. As of June 30, 2024, the Company had over $30 million in senior securities, notes and accounts payable related to that discontinued operation. In order to clear those obligations management began a restructuring which involved negotiations to reduce the overall debt, converting certain accredited institutional investors into a newly created Series A Amortizing Preferred stock ("Series A Preferred"), and all others into restricted common stock using a price per share of $4.00.

As of the date of this filing it has converted over $25 million of its obligations, representing over $20 million of its senior securities, and over $2 million of notes and accounts payable, into 2,478,179 of restricted Common Stock, and 566,085 shares of Series A Preferred stock. The Series A Preferred stock is held by six (6) accredited institutional investors, while over 40 holders of obligations of the Company elected to receive common stock using the $4 per share valuation.

Included in the above totals, effective December 31, 2024, the Company has entered into Obligation Exchange Agreements pursuant to which it has converted $580,132, including $32,132 of principal and interest, of its 2024 Bridge Notes into Series A Preferred shares, which resulted in the issuance of 23,206 shares of Series A Preferred shares to three (3) of its institutional investor. This extinguishes $580,132 of its short-term debt. As of the date of this filing all FY2024 bridge notes have been extinguished. Further, during January 2025 the Company issued 4,000 shares of its Series A Preferred shares in consideration of an investment of $100,000 by three (3) of its institutional investors.

As part of the restructuring, the Company agreed to register shares of Common Stock issued and to be issued to Series A Preferred Stockholders.

Advisory Board

The Board of Directors authorized the creation of a new Advisory Board whose participants shall include subject matter experts in certain business areas under consideration by the Company. These positions are "non-executive" and as such are not governed by Section 16 of the Securities Act. The members of the advisory board do not have the authority to vote on matters brought to the Board of Directors and may only attend a meeting of the board of directors if they are invited. Also, the members of the advisory board are not bound by fiduciary duties and are not entitled to indemnification.

The compensation for the participants shall be $60,000 per year, paid through the issuance of restricted common stock. The per share valuation to be used shall be determined by the Board of Directors based on the market of the Company's common stock at the time of the appointment. For all appointments in FY2024 the valuation used was $.80 per share, resulting in the issuance of 75,000 shares of restricted common stock to each participant. The members of the advisory board do not have the authority to vote on matters brought to the board of directors and may only attend a meeting of the board of directors if they are invited. Also, the members of the advisory board are not bound by fiduciary duties and are not entitled to indemnification.

[**Table of Contents**](#TableOfContents)

The members of the Advisory Board are executives whose careers have focused on infrastructure related technology, cybersecurity, data center business development and data center systems software, and digital marketing as noted here:

1) Kristen Plybon is a cybersecurity professional with a strong background in data privacy with CIPP/US and CIPP/E certifications. She is a licensed attorney with a deep understanding of state, federal, and global data protection laws and regulations.

2) Nathaniel Wade is a professional specializing in cybersecurity and enterprise IT operations for a number of well-known Fortune 1,000, Department of Defense (DoD), and Federal Civilian (FedCiv) agencies specializing in design and implementation of cybersecurity programs for public safety, national defense, and intelligence communication systems;

3) Tom Simon, the owner of Synthos LLC, a Seattle-based provider of development and support services specializing in GIS. Synthos' services include data procurement and analysis, and spatial and statistical analysis using industry leading applications such as ESRI's Arc-Info and Trimble Navigation.

4) Chris McLoughlin has spent his career in software and systems development and is an owner of Accucom Consulting, Inc., which specializes in network infrastructure, and Sentry RMS, which provides software to the public safety sector including various state and municipal law enforcement and fire agencies.

5) Gabriel Crawford has over 20 years of experience in data center development from location selection through power distribution engineering and financial structuring including co-location, data center design, key account recruitment and multi-site data distribution.

6) Jim Clifton is a seasoned Software Field Sales Director with over 20 years of experience in driving business growth through innovative go-to-market sales strategies focused on systems software, modern infrastructure, and data analytics and innovative implementation to improve productivity across corporations and workforces worldwide.

7) Mr. Marty Valania is a senior executive whose career has focused on the use of digital marketing in support of the newspaper industry, for both businesses (B2B), and direct to consumer selling. He is focused on assisting the Company establish a digital marketing operation in support of both their internal needs, and as a service to third parties.

***Comparison of the Three Months Ended June 30, 2025, and 2024.***

Revenues

We had revenues of $18,700 for the three months ended June 30, 2025, compared to $6,000 in the comparable period. The revenues were related to our newly formed subsidiary Centcore, LLC.

Operating Expenses

Our total operating expenses for the three months ended June 30, 2025, were $370,454. For the comparable period in 2024, the operating expenses were $345,877. The increase is the result of the Company's focus on establishing the operations of its newly formed subsidiaries as well as development of a software platform.

[**Table of Contents**](#TableOfContents)

Other Income and Expenses

Interest expense was $358,607 for the three months ended June 30, 2025, compared to $67,603 for the comparable period in 2024. The increase was a result of the Series A preferred shares accretion.

Interest expense – related parties was $0 for the three months ended June 30, 2025, compared to $4,965 in the prior period. The decrease was a result of reduced debt balances in the current period.

During the three months ended June 30, 2025, we recorded a gain on settlement of liabilities of $562,793. There were no comparable transactions in the prior period.

During the three months ended June 30, 2025, we recorded a gain on revaluation of derivative liabilities of $68,222. There were no comparable transactions in the prior period.

During the three months ended June 30, 2025, we recorded a loss on revaluation of Series A preferred shares of $8,038. There were no comparable transactions in the prior period.

***Comparison of the Six Months Ended June 30, 2025, and 2024.***

Revenues

We had revenues of $35,700 for the six months ended June 30, 2025, compared to $6,000 in the comparable period. The revenues were related to our newly formed subsidiary Centcore, LLC.

Operating Expenses

Our total operating expenses for the six months ended June 30, 2025, were $654,440. For the comparable period in 2024, the operating expenses were $481,353. The increase is the result of the Company's focus on establishing the operations of its newly formed subsidiaries as well as development of a software platform.

Other Income and Expenses

Interest expense was $750,656 for the six months ended June 30, 2025, compared to $108,227 for the comparable period in 2024. The increase was a result of the Series A preferred shares accretion.

Interest expense – related parties was $2,297 for the six months ended June 30, 2025, compared to $15,546 in the prior period. The decrease was a result of reduced debt balances in the current period.

During the three months ended June 30, 2025, we recorded a gain on settlement of liabilities of $562,793. There were no comparable transactions in the prior period.

During the three months ended June 30, 2025, we recorded a gain on revaluation of derivative liabilities of $4,430,867. There were no comparable transactions in the prior period.

During the three months ended June 30, 2025, we recorded a loss on revaluation of Series A preferred shares of $259,015. There were no comparable transactions in the prior period.

[**Table of Contents**](#TableOfContents)

***Liquidity and Capital Resources***

To date, we have not generated sufficient revenue from operations to support our operations. We have financed our operations through the sale of equity securities and short-term borrowings. As of August 13, 2025, we had cash of approximately $2,000 compared to cash of approximately $2,700 as of June 30, 2025. Our Company's recurring losses from operations and negative cash flows from operations and our need to raise additional funding to finance our operations raise substantial doubt about our ability to continue as a going concern.

Net cash used in operating activities was $188,060 for the six months ended June 30, 2025. This is the result of establishing the operations of the Company's newly formed subsidiaries. Cash used in operations for the six months ended June 30, 2024, was $248,157.

The Company had no investing activities for the six months ended June 30, 2024 and 2025.

Net cash provided by financing activities for the six months ended June 30, 2025, was $187,382, compared to $285,515 for the six months ended June 30, 2024. Cash provided by financing activities was the result of cash proceeds from sales of Series A preferred shares of $100,000 and cash proceeds from notes payable of $100,000, offset by the repayment of principal on the SBA loan in the amount of $12,618.

At June 30, 2025, we had the following current liabilities which are payable in cash: Accounts payable and accrued liabilities of $4.2 million; notes payable of $0.5 million; SBA Loan Payable of $0.4 million; legal settlements of $2.8 million; accrued interest payable of $0.3 million; and other current liabilities of $0.2 million and royalty payable of $0.2 million. We also have the following liabilities which are payable in stock: derivative liabilities of $0.25 million and Series A Preferred Stock liability of $7 million.

The Company has relationships with a number of consultants who are assisting in the creation of the new business units. It is anticipated that this approach will continue indefinitely as it does not desire to create the overhead associated with a large employment force.

The following table summarizes the status of our property-related settlements as noted above and the total settlement amounts as of the date of the filing:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOCATION** | **PROPERTY<br> NAME** | **ORIGINAL<br> OBLIGATION** | **SETTLEMENT<br> AMOUNT** | **DATE OF<br> AWARD** | **INTEREST<br> RATE** | **INTEREST<br> ACCRUED<br> ON <br> SETTLEMENT** | **TOTAL<br> SETTLEMENT<br> OBLIGATION** | **TYPE OF<br> SETTLEMENT** |
| WAYZETTA, MN | WAZETTA BAY | $407000 | $25000 | NA |  |  | $25000 | CASH PAYMENT OBLIGATION |
| EAGAN, MN | VIKINGS | $767000 | $488491 | 12/7/2023 | 10% | $76419 | $564910 | DEFAULT JUDGEMENT |
| ST. LOUIS PARK, MN | EXCELSIOR | $673000 | $425350 | 5/22/2024 | 10% | $47080 | $472430 | DEFAULT JUDGEMENT |
| ST. PAUL, MN | CONTINENTAL 560 | $1153000 | $415606 | 1/22/2024 | 10% | $59779 | $475385 | DEFAULT JUDGEMENT |
| MAPLE GROVE, MN | BUTTNICK | $1153127 | $219000 | 10/3/2022 | 10% | $60060 | $279060 | SETTLEMENT AGREEMENT |
| DENVER, CO | RADIANT | $782000 | $530557 |  |  |  | $530557 | DISMISSED |
| DENVER, CO | QUINCY (1) | $1079000 | $848764 | 11/14/2023 | 12% | 68109 | $416873 | DEFAULT JUDGEMENT |
|  | TOTAL | $6014127 | $2952768 |  |  | $311447 | $3264215 |  |

---

 

*Note (1): There had been subsequent litigation with this former landlord which has now been resolved and is reflected in the table above.. See "Subsequent Events".*

[**Table of Contents**](#TableOfContents)

**Critical Accounting Estimates**

Management uses various estimates and assumptions in preparing our financial statements in accordance with generally accepted accounting principles. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Accounting estimates that are the most important to the presentation of our results of operations and financial condition, and which require the greatest use of judgment by management, are designated as our critical accounting estimates. We have the following critical accounting estimates:

● Estimates and assumptions used in the valuation of derivative liabilities: Management utilizes a lattice model to estimate the fair value of derivative liabilities. The model includes subjective assumptions that can materially affect the fair value estimates.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

Not applicable.

**ITEM 4. CONTROLS AND PROCEDURES.**

(a) Evaluation
of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based on such an evaluation, the Company's management has identified what it believes are material weaknesses in the Company's disclosure controls and procedures and concluded that we did not have effective disclosure controls and procedures.

The deficiencies in our disclosure controls and procedures included (i) lack of segregation of duties and (ii) lack of sufficient resources to ensure that information required to be disclosed by the Company in the reports that the Company files or submits to the SEC are recorded, processed, summarized, and reported, within the time periods specified in the SEC's rules and forms.

The Company intends to take corrective action to ensure that information required to be disclosed by the Company pursuant to the reports that the Company files or submits to the SEC is accumulated and communicated to the Company's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes
in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the three months ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

[**Table of Contents**](#TableOfContents)

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

The Company has a number of legal situations involved with the winding down of its clinic business activities. These include claims regarding certain construction contracts and cancellation of leases as noted below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOCATION** | **PROPERTY<br> NAME** | **ORIGINAL<br> OBLIGATION** | **SETTLEMENT<br> AMOUNT** | **DATE OF<br> AWARD** | **INTEREST<br> RATE** | **INTEREST<br> ACCRUED<br> ON<br> SETTLEMENT** | **TOTAL<br> SETTLEMENT<br> OBLIGATION** | **TYPE OF<br> SETTLEMENT** |
| WAYZETTA, MN | WAZETTA BAY | $407000 | $25000 | NA |  |  | $25000 | CASH PAYMENT OBLIGATION |
| EAGAN, MN | VIKINGS | $767000 | $488491 | 12/7/2023 | 10% | $76419 | $564910 | DEFAULT JUDGEMENT |
| ST. LOUIS PARK, MN | EXCELSIOR | $673000 | $425350 | 5/22/2024 | 10% | $47080 | $472430 | DEFAULT JUDGEMENT |
| ST. PAUL, MN | CONTINENTAL 560 | $1153000 | $415606 | 1/22/2024 | 10% | $59779 | $475385 | DEFAULT JUDGEMENT |
| MAPLE GROVE, MN | BUTTNICK | $1153127 | $219000 | 10/3/2022 | 10% | $60060 | $279060 | SETTLEMENT AGREEMENT |
| DENVER, CO | RADIANT | $782000 | $530557 |  |  |  | $530557 | DISMISSED |
| DENVER, CO | QUINCY (1) | $1079000 | $848764 | 11/14/2023 | 12% | 68109 | $416873 | DEFAULT JUDGEMENT |
|  | TOTAL | $6014127 | $2952768 |  |  | $311447 | $3264215 |  |

---

*Note (1): There had been subsequent litigation with this former landlord which has now been resolved and is reflected in the table above.. See "Subsequent Events".*

*Quincy Clinic a.k.a. 1776 Curtis*

On September 28, 2021, we entered into an agreement to open a clinic in Denver, Colorado, which was expected to begin operation in the first quarter of 2023 but possession of which has been relinquished to the landlords. The initial lease term is 94 months. Fixed rent payments under the initial term are approximately $1,079,000. A Final Judgment was granted on November 14, 2023, in the amount of $348,764 including interest, fees and other costs. The Company has released the property back to the leaseholder. The owner of the property has filed before the same court, an action against the Company (Case No. 2022 CV 33173, Division: 409, Consolidated with 2022CV33653) seeking to modify the final settlement for an additional $1,250,000, including $350,000 which represent amounts paid to the contractor who was performing the build out, who had filed liens on the property. As of August 8th, 2025, we settled this matter by providing an additional judgment in the amount of $500,000. See "Subsequent Events".

*Administrative office*

On June 24, 2021, we entered into an agreement to open an administrative office in St. Louis Park, Minnesota. The initial lease term is 2.5 years. Fixed rent payments under the initial term were approximately $244,000. We believe that there is no further obligation in this situation, but we do not have such documented in writing at this time.

**Gardner Debt for Equity Agreement and other obligations**

The Company entered into a debt-for-equity exchange agreement with Gardner Builders Holdings, LLC (the "Creditor") on January 7, 2022 (the "Agreement"). Pursuant to the Agreement, the Company issued shares of restricted common stock, par value $0.01 per share, of MITI (the "Restricted Shares") to the Creditor in exchange for the Company Debt Obligations, as defined below.

The Agreement settled certain accounts payable amounts owed by the Company to the Creditor (the "Accounts Payable Amount") as well as then upcoming amounts that would become due between the date of the Agreement and April 1, 2022. The Agreement also settled incurred interest and penalties on the amounts due through January 5, 2022, as well as future interest payments on amounts to be incurred in the first quarter of 2022 (collectively, the "Additional Costs", and combined with the Accounts Payable Amount, the "Company Debt Obligations"). The Accounts Payable Amount was $500,000, the Additional Costs were $294,912 and the conversion price was $12.50. As a result, 63,593 Restricted Shares were authorized to be issued. The Company's Board of Directors approved the Agreement on January 5, 2022. Much of the amounts claimed by Gardner have been resolved by the settlements with the various leaseholders where Gardner had filed liens. During 2021 and through 2022 a total of $2,305,155 was paid by the Company directly to Gardner for their services. As of the date of this filing the Company is continuing an effort to negotiate a settlement.

[**Table of Contents**](#TableOfContents)

**ITEM 1A. RISK FACTORS**

Our business is subject to risks and events that, if they occur, could adversely affect our financial condition and results of operations and the trading price of our securities. In addition to the other information set forth in this quarterly report on Form 10-Q, you should carefully consider the factors described in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on June 30, 2025. There have been no material changes to the risk factors described in that report.

**ITEM 2. SALE OF UNREGISTERED SECURITIES**

During the period ending June 30, 2025, the Company made the following issuances of restricted common stock:

*Issuance of Restricted Common Stock for Series X Preferred Stock Dividends*

 

During the three months ended June 30, 2025, the Company issued 33,347 shares of common stock for dividends payable on its Series X Preferred Stock

 

*Issuance of Restricted Common Stock for the Redemption of Series A Preferred Stock*

On June 30, 2025, the Company issued 1,366,394 shares of its restricted common stock in order to redeem $546,900 of its Series A Preferred stock, effective June 30, 2025.

**ITEM 3. DEFAULTS ON SENIOR SECURED SECURITIES**

Not Applicable.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not Applicable.

**ITEM 5. OTHER INFORMATION**

Not Applicable.

[**Table of Contents**](#TableOfContents)

**ITEM 6. EXHIBITS**

The following exhibits are included with this Quarterly Report on Form 10-Q.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Form <br> Type** | **Exhibit <br> Number** | **Date <br> Filed** | **Filed <br> Herewith** |
| 3.1 | [Certificate of Incorporation of Trunity Holdings, Inc., dated January 18, 2012.](http://www.sec.gov/Archives/edgar/data/802257/000101905612000082/ex10_1.htm) | 8-K | 10.1 | 1/31/2012 |  |
| 3.2 | [Bylaws of Trunity Holdings, Inc., dated January 18, 2012.](http://www.sec.gov/Archives/edgar/data/802257/000101905612000082/ex10_2.htm) | 8-K | 10.2 | 1/31/2012 |  |
| 3.3 | [Certificate of Ownership Merging between Trunity Holdings, Inc. and Brain Tree International, Inc. dated January 24, 2012.](http://www.sec.gov/Archives/edgar/data/802257/000109690613000580/trunityexh33.htm) | 10-K | 3.3 | 4/16/2013 |  |
| 3.4 | [Certificate of Amendment to the Certificate of Incorporation of Trunity Holdings, Inc., dated December 24, 2015.](http://www.sec.gov/Archives/edgar/data/802257/000157570516000088/ex3_1i.htm) | 8-K | 3.1(i) | 1/06/2016 |  |
| 3.5 | [Certificate of Designations of Series X Preferred Stock of True Nature Holding, Inc.](http://www.sec.gov/Archives/edgar/data/802257/000118518520000019/ex_168535.htm) | 8-K | 3.6 | 1/06/2020 |  |
| 3.6 | [Form of Amended and Restated Certificate of Designations of Series A Preferred Stock of True Nature Holding, Inc.](http://www.sec.gov/Archives/edgar/data/802257/000118518520000295/ex_177184.htm) | 8-K | 3.07 | 3/13/2020 |  |
| 3.7 | [Certificate of Amendment of the Certificate of Incorporation of True Nature Holding, Inc. dated April 21, 2020.](http://www.sec.gov/Archives/edgar/data/802257/000118518520001183/ex_199288.htm) | 10-Q | 3.7 | 8/14/2020 |  |
| 3.8 | [Certificate of Amendment of Certificate of Incorporation, dated as of November 5, 2020, correcting December 24, 2015, Certificate of Amendment.](http://www.sec.gov/Archives/edgar/data/802257/000118518520001577/ex_213792.htm) | 10-Q | 3.8 | 11/13/2020 |  |
| 3.9 | [Bylaws of Mitesco, Inc., as amended, dated November 10, 2020](http://www.sec.gov/Archives/edgar/data/802257/000118518520001577/ex_213793.htm) | 10-Q | 3.9 | 11/13/2020 |  |
| 3.10 | [Certificate of Designations, Preferences and Rights of the Series C Convertible Preferred Stock of Mitesco, Inc.](http://www.sec.gov/Archives/edgar/data/802257/000118518521000383/ex_236865.htm) | 8-K | 3.1 | 03/26/2021 |  |
| 3.11 | [Certificate of Correction to the Certificate of Designations, Preferences and Rights of the Series C Convertible Preferred Stock of Mitesco, Inc.](http://www.sec.gov/Archives/edgar/data/802257/000118518521000383/ex_236866.htm) | 8-K | 3.2 | 03/26/2021 |  |
| 31.1 | [Certification by the Principal Executive Officer of the Registrant pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](mitiex31-1.htm) |  |  |  | X |
| 32.1 | [Certification by the Principal Executive Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](mitiex32-1.htm) |  |  |  | X |
| 101.INS \*\* | Inline XBRL INSTANCE DOCUMENT |  |  |  |  |
| 101.SCH \*\* | Inline XBRL TAXONOMY EXTENSION SCHEMA |  |  |  |  |
| 101.CAL \*\* | Inline XBRL TAXONOMY EXTENSION CALCULATION LINKBASE |  |  |  |  |
| 101.DEF \*\* | Inline XBRL TAXONOMY EXTENSION DEFINITION LINKBASE |  |  |  |  |
| 101.LAB \*\* | Inline XBRL TAXONOMY EXTENSION LABEL LINKBASE |  |  |  |  |
| 101.PRE \*\* | Inline XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE |  |  |  |  |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  |

---

# Management contract or compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this report.

[**Table of Contents**](#TableOfContents)

**SIGNATURE**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report on Form 10-Q for the period ended June 30, 2025, to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **MITESCO, INC.** | **MITESCO, INC.** |
| Dated: August 13, 2025 | By: | /s/ Mack Leath |
|  |  | Mack Leath |
|  |  | Chief Executive Officer, Chief Financial Officer and Principal Financial Officer |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**AND PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO RULE 13a-14 OR RULE 15d-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mack Leath, certify that:

1. I
have reviewed this quarterly report on Form 10-Q of Mitesco, Inc.;

2. Based
on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this annual report;

3. Based
on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
quarterly report;

4. I
am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I
have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

Date: August 13, 2025

---

| |
|:---|
| /s/ Mack Leath |
| Mack Leath |
| Chief Executive Officer, Chief Financial Officer and <br> Principal Executive Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Mitesco, Inc. (the "Company") on Form 10-Q for the six months ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof, I, Mack Leath, Chief Executive Officer, Chief Financial Officer, and Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
quarterly report on Form 10-Q fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the
Company.

Date: August 13, 2025

---

| |
|:---|
| /s/ Mack Leath |
| Mack Leath |
| Chief Executive Officer, Chief Financial Officer, and <br> Principal Executive Officer |

---