Fri, Sep 13, 5:22 PM (123 days ago)
For Q1 2025, MAG Magna Corp reported total revenue of $5,293, a notable increase from $0 in the same period last year, attributed to the initiation of consulting services and API sales. However, operating expenses surged to $19,321 from $7,424, primarily due to rising professional fees and server costs, leading to a net loss of $14,026 compared to $7,419 in Q1 2024. As of July 31, 2024, total assets decreased to $78,437 from $86,772, driven by a decline in prepaid expenses and an increase in intangible assets. Total liabilities rose to $123,507, with a significant related-party loan of $105,931. Stockholders' equity reflected a deficit of $45,070, worsening from $31,044. Cash flows showed a net cash usage of $562 in operating activities, with financing activities providing $562 from related-party loans. The company faces uncertainties regarding its ability to sustain operations amid ongoing losses and reliance on future financing. Management's focus remains on generating profitable operations and enhancing its poultry consulting services.