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MGSD (MGSD0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $1,022,155 from $123,970 in the same quarter the previous year. The revenue increase is attributed to the addition of hotel reservation services and an increase in product sales.
Cost of revenue for the quarter was $642,347, resulting in a gross profit of $379,808. The gross profit margin was 37%.
Selling, general, and administrative expenses increased slightly to $105,915 from $100,433, primarily due to professional fees and salaries.
Net income for the quarter was $166,993, compared to a net loss of $52,494 in the previous year.
Cash provided by operating activities was $58,671, while cash from financing activities, primarily loans from the CEO, was $297,665.
MGSD had cash and cash equivalents of $1,022,727 as of December 31, 2024. The company relies on loans from its CEO for liquidity.
The filing also notes that MGSD is expanding its product offerings and developing new customer relationships to support future operations.
The company acknowledges potential risks from U.S.-China relations, which could impact its business operations and market conditions.
MGSD identified material weaknesses in its internal controls over financial reporting, including a lack of segregation of duties and expertise in U.S. GAAP.
The company is not involved in any litigation that could have a material adverse effect on its financial condition or results of operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MGSD quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.