Mitesco (MITI) announced that its financial results for the quarter ended September 30, 2024, included a substantial gain from its restructuring efforts, and provides this update and perspective on the near term expectations for the Company. It also noted the addition of Marty Valania, a 25-year veteran of digital marketing and technology to its Advisory Board. Highlights include: For the quarter ending September 30, 2024, the net income was $2.0 million income vs a loss in the year earlier of ($2.5 million). For the Q3 period, it reported a fully diluted income of $.29 EPS on 6.3 million shares outstanding, vs ($.48) loss on 5.3 million shares outstanding in the year prior. For the 9 months ending September 30, 2024, the operating expenses were $721,000 vs $2.4 million in the year prior. Net income for the 9-month period was $697,000 versus a loss of ($15.8 million). The expenses year to date were dominated by interest expense related to liabilities related to the prior clinic business, the majority of which have now been eliminated because of the restructuring effort. Mack Leath, CEO, provided this commentary, “Clearly our restructuring effort is in gear and providing important results for our shareholders. We are finding support from our holders of our debt and senior securities who see the longer term potential. We still have much work ahead of us as we rebuild our balance sheet and create success of size in our operating businesses. Since the end of the quarter we have converted an additional $4 million of debt, notes and senior securities, leaving mostly obligations from the discontinued clinic business and settlements from prior landlords at the seven shuttered clinic sites. The remaining part of the quarter will include efforts to resolve these, and all other liabilities, through similar conversions into equity.” As previously reported on Form 8k, over $25 million in liabilities has been restructured including over $13 million in senior securities being processed into a new non-interest-bearing security which amortizes over 36 months, and over $12 million of obligations debt eliminated through conversion into restricted common stock at $4.00 per share.
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Read More on MITI:
- Mitesco Restructures Financial Obligations Amid Strategic Shift
- Mitesco Restructures Debt and Shifts Focus to Cloud
- Mitesco provides shareholder update on restructuring, expands advisory board
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