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Mangoceuticals Inc. (MGRX-5.61%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, noting a decrease in revenues to $615,873 from $731,493 in the previous year, attributed to issues with the transition to a new telehealth platform.
Cost of revenues was reported at $93,296, with additional related party costs amounting to $142,613, reflecting the company's reliance on Epiq Scripts, a related party pharmacy.
Operating expenses totaled $8,351,957, with significant allocations to general and administrative expenses, advertising, and stock-based compensation.
The company reported a net loss of $8,707,226 for the year, a slight improvement from the previous year's net loss of $9,212,417.
Mangoceuticals highlighted its strategic focus on developing and marketing men's wellness products, including erectile dysfunction and hair loss treatments, through its telemedicine platform.
The company also discussed its ongoing clinical trials and efficacy studies for patented respiratory illness prevention technology and plans for the marketing of Dermytol, a plant-based skin care formulation.
Mangoceuticals' liquidity was supported by various funding arrangements, including a securities purchase agreement and an equity line of credit, though it anticipates needing additional funding to support future operations.
The filing outlines the company's strategic review process to evaluate potential mergers, acquisitions, and other transactions to maximize shareholder value.
Mangoceuticals also addressed its reliance on related party transactions, particularly with Epiq Scripts, and the potential risks associated with these relationships.
The company acknowledged the challenges posed by regulatory compliance, data security, and market competition, and outlined its strategies to mitigate these risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mangoceuticals Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.