Thu, Jun 20, 10:08 AM (79 days ago)
Mag Mile Capital, Inc. filed Amendment No. 2 to its Form 10-K for the fiscal year ended December 31, 2023. This amendment addresses SEC comments regarding the restatement of 2022 financial statements and the issuance of warrants to GK Partners ApS. Key financial highlights include: - Revenue decreased by 42.2% to $1,919,243 due to higher interest rates and reduced transaction activity. - Net loss was $3,115,490, compared to net income of $864,190 in 2022, impacted by $1,582,072 in non-cash expenses for warrant issuance. - Operating expenses increased significantly, driven by stock-based compensation, professional fees, and payroll expenses. - Cash used in operations was $367,869, with a year-end cash balance of $56,000. Strategic initiatives involve investing in sales and marketing, pursuing acquisitions, and commercializing their CapLogiq software. The company faces risks from economic conditions, competition, and cybersecurity threats. The financial condition raises substantial doubt about continuing as a going concern.