MIT Holding, Inc.

CIK:0001367416|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue
Sales and services rendered	$ 265,962	$ 238,062	$ 1,117,686	$ 711,215
Cost of medical supplies	2,794	72,549	222,793	233,462
Gross profit	$ 263,168	165,513	894,893	477,453
Operating Expenses
Salaries and payroll cost		5,600	14,390	126,212
Selling, general and administrative	$ 30,055	$ 139,118	324,948	$ 334,129
Stock issued for services	157,550		157,550
Depreciation and amortization	1,027		1,027
Total operating expenses	188,632	$ 144,718	497,915	$ 480,341
Income (loss) from operations	$ 74,536	20,795	$ 396,978	(2,588)
Other income (expense):
Income (expense) from revaluation of equity-based financial instruments with characteristics of liabilities at fair values
Interest expense		(123,900)	$ (56,475)	(182,285)
Income (loss) before provision for income taxes	$ 74,536	$ (103,105)	$ 340,503	$ (184,873)
Provision for income taxes
Net income (loss)	$ 74,536	$ (103,105)	$ 340,503	$ (184,873)
Increase in cumulative dividends payable on Series A Preferred Stock
Net income (loss) attributable to common stockholders	$ 74,536	$ (103,105)	$ 340,503	$ (184,873)
Net income (loss) per common share:
Basic and diluted	$ 0.00	$ 0.00	$ 0.00	$ (0.00)
Weighted average number of common shares outstanding:
Basic and diluted	98,401,768	82,374,957	95,507,695	80,939,979

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net income (loss)	$ 340,503	$ (184,873)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	1,027
Issuance of common stock for accrued expenses and services	347,289	$ 711,291
Changes in operating assets and liabilities:
Accounts receivable	$ (40,698)	(71,689)
Inventories		12,627
Prepaid expenses and other current assets	$ (32,638)	9,526
Employee advances		450
Accounts payable and accrued expenses	$ (561,860)	(484,852)
Net cash provided (used) by operating activities	53,623	(7,520)
FINANCING ACTIVITIES
Repayment of debt	(49,708)	(18,800)
Net cash used for financing activities	(49,708)	(18,800)
NET INCREASE (DECREASE) IN CASH	3,915	(26,320)
CASH BALANCE BEGINNING OF PERIOD	4,192	38,337
CASH BALANCE END OF PERIOD	8,107	12,017
Supplemental Disclosures:
Interest	$ 56,475	$ 182,285
Taxes

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 8,107	$ 4,192
Accounts receivable, net of allowance for doubtful accounts of $208,268 and $342,027, respectively	248,967	$ 208,269
Prepaid expenses and other current assets	32,638
Total current assets	289,712	$ 212,461
PROPERTY AND EQUIPMENT, net of accumulated depreciation	5,873	6,900
TOTAL ASSETS	295,585	219,361
CURRENT LIABILITIES
Accounts payable and accrued expenses	1,399,900	1,961,760
Current portion of long-term debt	1,800,828	1,850,536
Total current liabilities	$ 3,200,728	$ 3,812,296
Long-term debt
Common stock subject to mandatory redemption; 5,000,000 shares issuable at December 31, 2010 (Note F)	$ 250,000	$ 250,000
Estimated liability for equity-based financial instruments with characteristics of liabilities:
Series A Convertible Preferred stock (179.67 and 179.67 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively)	$ 17,967	$ 17,967
Warrants
TOTAL LIABILITIES	$ 3,468,695	$ 4,080,263
STOCKHOLDERS' DEFICIENCY
Preferred stock value
Common stock, $0.000001 par value; 250,000,000 shares authorized, 109,978,063 and 92,613,621 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 109	$ 92
Additional paid-in capital	12,322,576	11,975,304
Accumulated deficit	(15,495,796)	(15,836,299)
Total stockholders' deficiency	(3,173,110)	(3,860,902)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	295,585	219,361
Series B Preferred Stock [Member]
STOCKHOLDERS' DEFICIENCY
Preferred stock value	$ 1	$ 1