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Mag Mile Capital Inc. (MMCP0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported revenue from commission income of $2,051,443 for 2024, an increase from $1,919,243 in 2023. This growth is attributed to new large loans originated through the Commercial Mortgage Backed Securities (CMBS).
Commission expenses increased to $870,434 in 2024 from $802,464 in 2023. Related party commission expenses decreased to $522,749 in 2024 from $678,750 in 2023 due to a new commission agreement.
Mag Mile Capital reported a gross profit of $658,260 for 2024, up from $438,029 in 2023.
Operating expenses decreased significantly, with professional fees dropping to $91,764 in 2024 from $590,607 in 2023, and consulting expenses reducing to $30,450 from $459,806.
The company reported a net loss of $283,346 for 2024, compared to a net loss of $3,115,490 in 2023. The previous year's loss was largely due to non-cash expenses related to warrants and stock compensation.
As of December 31, 2024, Mag Mile Capital had cash of approximately $484 and a working capital deficit of approximately $60,000.
The company has no off-balance sheet arrangements that are likely to have a material effect on its financial condition.
Mag Mile Capital's financial statements have been prepared on a going concern basis, with management noting substantial doubt about the company's ability to continue operations without additional financing.
The company completed a reverse merger with Megamile Capital, Inc. on March 30, 2023, resulting in Mag Mile Capital's shareholders owning 87% of the issued and outstanding shares.
Mag Mile Capital operates as a full-service commercial real estate mortgage banking firm with a national platform for real estate financing and advisory services.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.