Mag Mile Capital, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and operational expenses compared to the previous fiscal period.
For the three months ended September 30, 2024, the company generated revenue of $254,550, a decrease of 32.4% from $376,800 in the same period of 2023. This decline was attributed to challenging market conditions and rising interest rates. However, for the nine months ended September 30, 2024, revenue increased to $2,051,443, up 37.6% from $1,491,111 in the prior year. The increase in revenue for the nine-month period was driven by improved commission income.
Operating expenses for the third quarter of 2024 totaled $235,824, down from $318,245 in the same quarter of 2023, reflecting a strategic reduction in costs. For the nine-month period, total operating expenses were significantly lower at $750,462 compared to $3,248,277 in 2023, indicating a substantial decrease in operational costs. The company reported a loss from operations of $(448,321) for the third quarter of 2024, compared to a loss of $(80,264) in the same quarter of 2023. However, the loss from operations for the nine months ended September 30, 2024, was reduced to $(28,848) from $(2,750,226) in the previous year.
Net loss for the third quarter of 2024 was $(450,515), compared to $(83,919) in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $(35,428), a significant improvement from $(2,759,098) in the prior year.
The company’s total assets as of September 30, 2024, were $767,533, a slight decrease from $783,651 at the end of 2023. Total liabilities increased to $686,193 from $666,883, while total stockholders’ equity fell to $81,340 from $116,768.
In terms of strategic developments, Mag Mile Capital has focused on reducing expenses, with professional fees decreasing by 66.1% and payroll expenses down by 41.8% in the third quarter compared to the previous year. The company has also seen a significant increase in related party commission expenses, which rose to $250,594 in Q3 2024 from $35,750 in Q3 2023, primarily due to commissions paid to Park River Investments, LLC.
The company continues to navigate a challenging market environment while implementing cost-saving measures and focusing on improving its financial performance.
About Mag Mile Capital, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.