In This Story
MGO Global Inc (MGOL-2.20%). 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 revenues to $565,400 from $1,054,161 in the same quarter the previous year. This decrease is attributed to a reduction in marketing expenses.
Cost of sales for the quarter was $72,414, representing 13% of sales, compared to 22% in the same quarter of the previous year.
The company reported a gross profit of $492,986 for the quarter, compared to $819,158 in the previous year.
Selling, general, and administrative expenses decreased to $1,386,146 from $1,827,926, primarily due to a reduction in stock-based compensation expense.
Net loss from continuing operations for the quarter was $1,346,804, down from $2,031,500 in the previous year. Net income from discontinued operations was $44,237, compared to a net loss of $520,613 in the previous year.
Cash used in operating activities was $4,715,475, while cash provided by investing and financing activities was $1,999,488 and $3,218,540, respectively.
MGO had a working capital of $2,393,015 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details a business combination agreement with Heidmar, Inc., which is expected to close late in the fourth quarter of 2024.
The company effected a reverse stock split at a ratio of 1-for-10 on July 18, 2024, as part of its compliance plan with Nasdaq (NDAQ-0.10%) listing requirements.
MGO Global does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its brand acceleration platform and the acquisition, optimization, and monetization of consumer brands.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MGO Global Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.