Thu, Nov 14, 5:59 PM (29 days ago)
For the quarter ending September 30, 2024, Mag Mile Capital, Inc. (MMCP) reported a revenue decline of 32.4% year-over-year, totaling $254,550, attributed to challenging market conditions and rising interest rates. Commission expenses surged by 110% to $216,453, alongside a 601% increase in related-party commission expenses to $250,594, reflecting the timing of revenue receipts. Consequently, the company recorded a net loss of $450,515, compared to a loss of $83,919 in Q3 2023. Over the nine-month period, revenue increased by 37.6% to $2,051,443, driven by significant loan originations. However, total commission expenses also rose by 75.7%. Despite these pressures, net loss narrowed to $35,428 from $2,759,098 in the prior year. Cash flow from operations showed improvement, with a net cash usage of $60,592 compared to $235,104 in 2023. As of the end of September 2024, cash reserves stood at $15,630. The company continues to face uncertainties regarding its ability to sustain operations, highlighting the need for effective capital management and strategic growth initiatives.