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MGNC (MGNC) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing total revenue of $16,041, up from $1,400 in the same quarter the previous year. The increase in revenue is attributed to the sale of consulting services and API requests.
Operating expenses for the quarter were $27,075, compared to $7,071 in the previous year. The increase was primarily due to professional fees, server expenses, and website development costs.
The company reported a net loss of $11,034 for the quarter, compared to a net loss of $5,666 in the previous year.
For the six months ended October 31, 2024, MGNC reported total revenue of $21,334, compared to $1,400 in the same period the previous year. The increase in revenue is attributed to the sale of consulting services and API requests.
Operating expenses for the six months were $46,396, compared to $14,496 in the previous year. The increase was primarily due to professional fees, server expenses, and website development costs.
The company reported a net loss of $25,060 for the six months, compared to a net loss of $13,085 in the previous year.
As of October 31, 2024, MGNC had total assets of $114,675 and total liabilities of $170,779. The company had a stockholders' deficit of $56,104.
The company has an accumulated deficit of $93,830 as of October 31, 2024, and further losses are anticipated in the development of its business.
MGNC has no off-balance sheet arrangements and is not involved in any legal proceedings.
The company acknowledges the existence of a material weakness in its internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MGNC quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.