| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Common Stock, par value $0.01 per share |
| (b) | Name of Issuer:
Mitesco, Inc. |
| (c) | Address of Issuer's Principal Executive Offices:
505 BEACHLAND BLVD., SUITE 1377, VERO BEACH,
FLORIDA
, 32963. |
| Item 2. | Identity and Background |
|
| (a) | This Schedule 13D is being filed by Jordan Balencic (the "Reporting Person"). |
| (b) | The principal business address of the Reporting Person is 505 Beachland Blvd., Suite 1377, Vero Beach, Florida 32963. |
| (c) | The principal business of the Reporting Person is the provision of medical services. The Reporting Person is also a director of the Issuer since December 15, 2023. |
| (d) | During the past five years, the Reporting Person has not (i) been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, as a result of which any of them became or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. |
| (e) | During the past five years, the Reporting Person has not (i) been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, as a result of which any of them became or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. |
| (f) | The Reporting Person is a citizen of the United States of America. |
| Item 3. | Source and Amount of Funds or Other Consideration |
| | In aggregate, the Reporting Person has voting and dispositive power over 1,218,661 shares of Common Stock of the Issuer, which consists of (i) 258,661 shares of Common Stock held directly by the Reporting Person, and (ii) 2,400 shares of the Issuer's Series X Preferred Stock ("Series X Preferred Stock") held directly by the Reporting Person which entitle the holder to 400 votes per share on all matters submitted to a vote of the Issuer's common stockholders.
On January 1, 2024, the Issuer issued 2,400 shares of Series X Preferred Stock to the Reporting Person as compensation for director services rendered to the Issuer. Between January 1, 2024 and January 15, 2025, the Issuer issued to the Reporting Person a total of 10,132 shares of Common Stock for accrued dividends on the 2,400 shares of Series X Preferred Stock held by the Reporting Person.
On July 29, 2024, the Issuer issued 100,000 shares of Common Stock to the Reporting as compensation for non-director services rendered to the Issuer.
On November 12, 2024, the Issuer issued 150,000 shares of Common Stock to the Reporting Person as compensation for non-director services rendered to the Issuer. |
| Item 4. | Purpose of Transaction |
| | The purpose of the Reporting Person's acquisition of the Series X Preferred Stock on January 1, 2024, was for investment purposes and to discharge obligations owed by the Issuer to the Reporting Person for services rendered.
The purpose of the Reporting Person's acquisition of Common Stock on July 29, 2024 and November 12, 2024, was for investment purposes and to discharge obligations owed by the Issuer to the Reporting Person for services rendered.
The Reporting Person intend to evaluate on an ongoing basis the investments in the Issuer and their options with respect to such investments. The Reporting Person may, from time to time and at any time, acquire additional shares of Common Stock for investment purposes if market conditions are favorable, in the open market, in privately negotiated transactions or otherwise. The Reporting Person may also dispose of some or all of the shares of Common Stock that the Reporting Person beneficially owns, periodically, by public or private sale (registered or unregistered and with or without the simultaneous sale of newly-issued Common Stock by the Issuer), gift, expiration of options, forfeiture of restricted shares or otherwise, including, without limitation, sales of Common Stock pursuant to Rule 144 under the Securities Act of 1933, as amended, or otherwise. The Reporting Person reserve the right not to acquire Common Stock at any given time and not to dispose of all or part of Common Stock the Reporting Person may own at any given time if they determine such acquisition or disposal is not in their best interests at the time in question.
Other than as described above, the Reporting Person does not have any current plans or proposals which relate to, or would result in, (a) any acquisition or disposition of securities of the Issuer, (b) any extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries, (c) any sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries, (d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board of directors, (e) any material change in the Issuer's present capitalization or dividend policy, (f) any other material change in the Issuer's business or corporate structure, (g) any change in the Issuer's articles of incorporation or bylaws or other actions which may impede the acquisition of control of the Issuer by any person, (h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association, (i) a class of the Issuer's equity securities becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended, or (j) any action similar to those enumerated above. |
| Item 5. | Interest in Securities of the Issuer |
| (a) | The information set forth in rows 11 and 13 of the cover pages to this Schedule 13D is incorporated by reference. The percentage set forth in row 13 was calculated based on 9,774,332 shares of Common Stock outstanding as of February 3, 2025.
As of the date of this Schedule 13D, the Reporting Person may be deemed to be the beneficial owner of an aggregate of 1,218,661 shares of Common Stock, including (i) 260,132 shares of Common Stock held directly by the Reporting Person, and (ii) 2,400 shares of Series X Preferred Stock held directly by the Reporting Person. Such shares constitute approximately 6.9 % of the Common Stock. The Reporting Person may be deemed to have sole voting and sole dispositive power with respect to such shares. |
| (b) | The information set forth in rows 11 and 13 of the cover pages to this Schedule 13D is incorporated by reference. The percentage set forth in row 13 was calculated based on 9,774,332 shares of Common Stock outstanding as of February 3, 2025.
As of the date of this Schedule 13D, the Reporting Person may be deemed to be the beneficial owner of an aggregate of 1,218,661 shares of Common Stock, including (i) 260,132 shares of Common Stock held directly by the Reporting Person, and (ii) 2,400 shares of Series X Preferred Stock held directly by the Reporting Person. Such shares constitute approximately 6.9 % of the Common Stock. The Reporting Person may be deemed to have sole voting and sole dispositive power with respect to such shares. |
| (c) | None other than the transactions described in this Scheduled 13D. |
| (d) | No person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, securities covered by this Schedule 13D. |
| (e) | Not applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
| | To the knowledge of the Reporting Persons, except for the matters described in this Schedule 13D, there is no contract, arrangement, understanding or relationship (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any other person with respect to any securities of the Issuer. |
