Mon, Aug 19, 7:56 PM (148 days ago)
For the quarter ended June 30, 2024, Mag Mile Capital, Inc. reported significant financial improvements, achieving revenue of $1,264,300, up 106.3% from $612,811 in Q2 2023. This growth was driven by the origination of large loans through Commercial Mortgage-Backed Securities (CMBS). Gross profit also rose sharply to $734,022, compared to $340,630 in the prior year. Operating expenses decreased significantly, particularly stock-based compensation, which dropped to $0 from $1,582,072 due to prior warrant issuances. Net income for the quarter was $480,863, a substantial recovery from a net loss of $1,492,890 in the same period last year. The company’s cash position improved to $123,285, with working capital at approximately $666,000. However, cash flow from operations was negative at $67,063, reflecting increased draws against commissions and accounts receivable. Despite these positive trends, uncertainties remain regarding future operations, particularly related to economic conditions and competition. The firm continues to rely on capital markets and strategic acquisitions for growth, while addressing internal control weaknesses which could affect financial reporting accuracy.