Mangoceuticals, Inc. (MGRX) reported revenues of $615,873 for the year ended December 31, 2024, a decrease of $115,620 from the $731,493 reported in 2023. This decrease was attributed to the transition to a new telehealth platform. Cost of revenues decreased to $93,296 in 2024 from $154,900 in 2023, reflecting the lower revenue. Related-party cost of revenues, primarily payments to Epiq Scripts, LLC, decreased slightly to $142,613 in 2024 from $145,092 in 2023, also correlating with reduced revenue. The company reported a net loss of $8,707,226 for 2024, a decrease of $505,191 from the $9,212,417 net loss in 2023. This improvement was primarily due to lower overall operating expenses.
Significant changes in operating expenses contributed to the decrease in net loss. Advertising and marketing expenses decreased to $1,478,663 in 2024 from $2,097,505 in 2023, due to reduced advertising during the website relaunch. Conversely, salaries and benefits increased to $1,063,781 in 2024 from $977,890 in 2023, reflecting increased staffing. Investor relations expenses decreased to $453,749 in 2024 from $1,100,465 in 2023, following the 2023 IPO. Stock-based compensation increased to $2,355,193 in 2024 from $2,155,114 in 2023, primarily due to a difference in the amount of stock issued for compensation. The company also incurred $13,700 in interest expense in 2024, compared to no interest expense in 2023, and $721,533 in amortization expense for patents acquired in 2024.
During the year, Mangoceuticals entered into several significant agreements. A Master Services Agreement with Epiq Scripts, LLC, a related party, covers pharmacy services for the company's products. A Marketing Agreement with Marius Pharmaceuticals, LLC, grants Mangoceuticals the right to use the Kyzatrex® trademark for its Prime testosterone product. The company also entered into distribution agreements with ISFLST, Inc. for distribution in Asia-Pacific and Latin America (excluding Mexico), and with Propre Energie, Inc. for the Dermytol® skin care line. Furthermore, Mangoceuticals acquired patents related to respiratory illness prevention from Intramont Technologies, Inc. and patents related to nutraceutical compositions from Greenfield Investments, Ltd.
The company's operations are concentrated in the United States, with expansion plans into Mexico and the United Kingdom. As of December 31, 2024, the company had approximately 40 record holders of its common stock. No dividends have been paid to date, and the company anticipates retaining earnings for future operations and growth. The company's financial statements include an explanatory paragraph from its independent auditor regarding substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows. The company's outlook includes plans for continued marketing and sales of existing products, development of new products, and potential acquisitions, all contingent upon securing additional funding. A strategic alternatives review process is underway to explore options for maximizing shareholder value. A lawsuit was filed by Eli Lilly and Company alleging false advertising, which the company is defending.
About MANGOCEUTICALS, INC.
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