Mangoceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in revenue for the three months ended September 30, 2024, generating $133,368 compared to $245,160 in the same period of 2023, marking a decrease of 45.6%. This decline was attributed to migration issues from a previous telehealth platform. However, for the nine months ended September 30, 2024, revenues increased to $510,626 from $487,119 in 2023, reflecting a 4.8% growth due to enhanced digital marketing and recurring subscriptions.

Gross profit for the third quarter also fell to $82,671 from $144,589 year-over-year, while gross profit for the nine-month period rose slightly to $299,861 from $288,918. Total operating expenses for the third quarter decreased to $1,840,745 from $1,944,049, with reductions in various expense categories, including general consulting and insurance costs. The net loss for the third quarter was $1,999,694, an increase from $1,799,460 in the prior year, while the nine-month net loss was $6,758,630, slightly higher than the $6,644,370 reported in 2023.

The company’s financial position showed a significant decrease in cash and cash equivalents, which fell to $73,912 as of September 30, 2024, from $739,006 at the end of 2023. Total current liabilities surged to $1,391,382, primarily due to increased accounts payable and accrued liabilities. The accumulated deficit also widened to $17,985,966 from $11,228,173 at the end of the previous fiscal year.

Strategically, Mangoceuticals executed a reverse stock split at a ratio of 1-for-15 on October 16, 2024, reducing the total outstanding shares from approximately 35.5 million to about 2.4 million. This move aimed to enhance the stock's marketability and comply with listing requirements. The company also entered into a Patent Purchase Agreement for $20 million, acquiring patents related to infection prevention, which included the issuance of Series C Convertible Preferred Stock.

Mangoceuticals continues to face challenges, including a working deficit of $1.3 million and the need for additional funding to sustain operations over the next 12 months. The company plans to explore various funding avenues, including debt and equity offerings, which may lead to shareholder dilution.