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Mangoceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details Mangoceuticals' financial performance, showing a decrease in revenues to $133,368 from $245,160 in the same quarter the previous year. The decrease is attributed to issues arising from the migration to a new telehealth platform.
Cost of revenues for the quarter was $21,505, with an additional $29,192 related to costs from a related party, Epiq Scripts. The total cost of revenues decreased compared to the previous year due to fewer products sold.
Operating expenses totaled $1,840,745, a slight decrease from $1,944,049 in the previous year. This includes general and administrative expenses, salary and benefits, and advertising costs.
Net loss for the quarter was $1,999,694, compared to $1,799,460 in the previous year. The increase in net loss is attributed to a decrease in revenue and increased interest expense related to the amortization of discount on preferred stock.
The filing also discusses recent events, including a Patent Purchase Agreement with Intramont Technologies, Inc., and a Master Distribution Agreement with ISFLST, Inc. These agreements are part of Mangoceuticals' strategy to expand its product offerings and market reach.
Mangoceuticals reported cash and cash equivalents of $73,912 as of September 30, 2024, down from $739,006 at the end of 2023. The decrease in cash is due to operating expenses and investments in business expansion.
The company acknowledges the need for additional funding to support operations over the next 12 months. Mangoceuticals is exploring strategic alternatives, including potential business combinations or asset sales.
Shareholders' equity was impacted by the issuance of Series B and Series C Convertible Preferred Stock, which include liquidation preferences and accrue dividends. These financial instruments could affect the company's financial position and shareholder value.
Mangoceuticals' management continues to focus on expanding its product offerings and enhancing its technology platform to improve customer experience and drive revenue growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mangoceuticals Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.