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MIBE (MIBE0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a net loss of $428,064, compared to $850,912 in the previous year. The company attributes the decrease in losses to reduced operating expenses.
Revenue for the year was $7,580, down from $16,850 the previous year. The decline in revenue is attributed to a lack of marketing efforts due to limited working capital.
Operating expenses for the year were $431,745, down from $857,016 in the previous year. The decrease was primarily due to reduced compensation, advertising, and professional fees.
The company reported a working capital deficit of $136,026 as of December 31, 2024, compared to a working capital of $176,038 in the previous year.
MIBE's business strategy focuses on developing and distributing automotive care products, including a unique new car scent formula. The company targets various customer segments, including luxury car owners and automotive dealers.
The company faces risks related to its limited operating history, reliance on third-party manufacturers, and the need for additional financing to continue operations.
MIBE's management acknowledges the challenges posed by current economic conditions and the potential impact on consumer purchasing power and demand for their products.
The report details a change in control that occurred on October 29, 2024, with Harald Gietmann acquiring significant control through stock purchases and board appointments.
MIBE completed the acquisition of Gin City Group, Inc. and its subsidiary, Gincity GmbH, on February 28, 2025. The acquisition was executed through a stock exchange agreement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MIBE annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.