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Mag Mile Capital, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $254,550 from $376,800 in the same quarter the previous year. The decrease is attributed to challenging market conditions and a rise in interest rates.
Commission expenses for the quarter increased to $216,453 from $103,069, while related party commission expenses rose to $250,594 from $35,750. The increase is due to the timing of revenue receipts and a revenue rebate.
The company reported a negative gross profit of $212,497 for the quarter, compared to a positive gross profit of $237,981 in the previous year.
Professional fees decreased to $13,900 from $41,032, primarily due to reductions in audit and legal expenses.
Payroll expenses decreased to $77,120 from $132,556, attributed to the absence of bonus expenses incurred in the prior period.
General and administrative expenses remained stable at $144,804.
Interest expense for the quarter was $2,194, down from $3,655 in the previous year.
The company reported a net loss of $450,514 for the quarter, compared to a net loss of $83,919 in the previous year.
As of September 30, 2024, Mag Mile Capital had cash of approximately $15,600 and working capital of approximately $241,500.
The filing also details the company's current business operations, including its status as a full-service commercial real estate mortgage banking firm and its development of a commercial real estate origination software platform named CapLogiq.
The company identified material weaknesses in its internal controls over financial reporting due to inadequate segregation of duties and a lack of personnel with accounting expertise.
Mag Mile Capital continues to focus on expanding its customer base and exploring strategic acquisition opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mag Mile Capital Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.