Wed, May 15, 8:59 PM (244 days ago)
Mangoceuticals, Inc. (MGRX) filed its 10-Q for the quarter ending March 31, 2024. Key takeaways include: 1. **Financial Position**: The company reported $15,305 in cash and cash equivalents, down from $739,006 at year-end 2023. Total assets decreased to $301,447 from $1,050,793. Current liabilities surged to $1,212,202 from $211,078, driven by increased accounts payable and accrued liabilities. 2. **Revenue and Profitability**: Quarterly revenues rose to $214,095 from $100,722 YoY. Gross profit improved to $147,398 from $57,199. However, operating expenses were $2,515,015, leading to a net loss of $2,367,617, a slight improvement from the $2,560,885 loss in Q1 2023. 3. **Cash Flow**: Operating activities used $991,131 in cash, a reduction from $1,808,302 YoY. Financing activities provided $267,500, mainly from related-party loans and stock sales. 4. **Equity and Debt**: The company issued 2,200,000 shares of common stock for services and cash. Notably, it raised $1.65 million through a Series B Preferred Stock offering and entered an Equity Purchase Agreement for up to $25 million, potentially causing significant dilution. 5. **Future Outlook**: Mangoceuticals anticipates needing additional funds to sustain operations over the next 12 months, with plans for aggressive marketing and potential acquisitions.