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Mag Magna Corp. (MGNC) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing total revenue of $22,294, up from $4,200 in the same quarter the previous year. The increase is attributed to the commencement of service sales in October 2023.
Operating expenses for the quarter were $26,964, compared to $6,284 in the same quarter of the previous year. The increase is primarily due to consulting, marketing, SEO services, and server expenses.
The company reported a net loss of $4,670 for the quarter, compared to a net loss of $2,078 in the previous year.
For the nine months ended January 31, 2025, Mag Magna Corp reported total revenue of $43,628, up from $5,600 in the previous year. This increase is also attributed to the start of service sales.
Operating expenses for the nine-month period were $73,360, compared to $20,780 in the previous year. The increase is due to consulting, marketing, SEO services, professional fees, and server expenses.
The company reported a net loss of $29,730 for the nine-month period, compared to a net loss of $15,163 in the previous year.
As of January 31, 2025, Mag Magna Corp had total assets of $88,060 and total liabilities of $148,834. The company had a stockholders' deficit of $60,774.
The company has an accumulated deficit of $98,500 as of January 31, 2025, and continues to face challenges in achieving profitability.
Mag Magna Corp's liquidity is supported by related party loans, with no cash flows from investing activities reported for the nine-month period.
The company reports no off-balance sheet arrangements and no legal proceedings are currently pending.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mag Magna Corp. quarterly 10-Q report dated March 17, 2025. To report an error, please email earnings@qz.com.