10-Q - Mag Magna Corp (0001949864) (Filer)
Wed, Dec 11, 4:38 PM (62 days ago)
For the quarter ending October 31, 2024, Mag Magna Corp (MAG) reported significant revenue growth, achieving $16,041 compared to $1,400 in the same period last year, primarily driven by new consulting services and API offerings. However, operating expenses surged to $27,075 from $7,071, leading to a net loss of $11,034, worsening from a loss of $5,666 in Q3 2023. As of October 31, 2024, total assets increased to $114,675, largely due to an uptick in intangible assets, while total liabilities rose to $170,779, primarily from related-party loans. The stockholders' deficit expanded to $56,104, reflecting an accumulated deficit of $93,830. Cash flow from operations was negative at $25,866, but financing activities provided $33,923, underscoring reliance on related-party loans for liquidity. The company’s future viability hinges on successful revenue generation and financing, amidst ongoing operational challenges and rising expenses.