Mag Mile Capital, Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-023777
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001493152-25-022332
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 56 previous paragraphs and 56 current paragraphs.
34 unchanged; 21 reworded; 1 added; 0 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
General and administrative (“G&A”) expenses for the nine months ended September 30, 2025 and 2024, were $813,809 and $433,480, respectively, an increase of $380,329 or 87.8%. In the current period we had an increase of travel expense of approximately $12,000 and marketing expenses of $296,000. We also recognized $92,500 of non-cash consulting expense, that had been in prepaids, for common stock issued in a prior period. In August 2025, we had an extraordinary marketing expense where we hosted a party in Lisbon, Portugal attended by the Chairman and CEO's friends, family, clients, vendors, employees, and existing and prospective shareholders. The Company hired Osiris Events as a DMC - Destination Management Company. They were the event management company that planned the entire event. The event was used as a marketing and activation tactic for some of our largest clients. This event helped the Company close a large transaction in October 2025 with a client and a capital source that were present at the party in Lisbon. The rationale behind this expense was to celebrate Mag Mile Capital's success and its clients, shareholders, employees, and capital sources' trust in the CEO - Rushi Shah for many years.
Reworded paragraphs (21)
Previous wording
Our revenue from commission income for the three months ended June 30, 2025 and 2024, was $706,875 and $1,264,300, respectively, a decrease of $557,425 or 44.1%. Revenue in the current period decreased due to several new large loans signed up to close by end of the summer through the Commercial Mortgage Backed Securities (“CMBS”). They will be realized in 3 rd quarter.
Current wording
Our revenue from commission income for the three months ended September 30, 2025 and 2024, was $324,600 and $254,550, respectively, an increase of $70,050 or 27.5%. Revenue in the current period increase due to several new large loans signed up to close by end of the summer through the Commercial Mortgage Backed Securities (“CMBS”).
Previous wording
Our commission expense for the three months ended June 30, 2025 and 2024, was $364,301 and $364,288, respectively, an increase of only $13. Although we had a decrease of commission revenue our commission expense stayed about the same due to increases in some of commission percentages for Originators to retain them. Revenue during this period was generated from higher commissioned Originators compared to the same period last year. We saw an increase in commission expense due to the timing of revenue receipts for which the commissions were paid on.
Current wording
Our commission expense for the three months ended September 30, 2025 and 2024, was $187,924 and $216,453, respectively, a decrease of $28,529 or 13.2%. We saw a decrease in commission expense due to the timing of revenue receipts for which the commissions were paid on.
Previous wording
Our commission expense – related party, for the three months ended June 30, 2025 and 2024, was $49,500 and $165,990, respectively, a decrease of $116,490 or 70.2%. Related party commission expense decreaseddue to the fact that deals that were originated by the Chairman and CEO dropped from last year. Related party commission expense is for commission paid to Park River Investments, LLC, a company owned by the Chairman and CEO, where the Chairman and CEO was the procuring cause for the revenue.
Current wording
Our commission expense – related party, for the three months ended September 30, 2025 and 2024, was $0 and $250,594, respectively. Related party commission expense decreaseddue to the fact that deals that were originated by the Chairman and CEO dropped from last year. Related party commission expense is for commission paid to Park River Investments, LLC, a company owned by the Chairman and CEO, where the Chairman and CEO was the procuring cause for the revenue.
Previous wording
Gross Profit is our main revenue metric as it is net of commissions paid. We had a gross profit of $293,074 for the three months ended June 30, 2025, compared to a gross profit of $734,022 for the three months ended June 30, 2024. This decreased happened due to the drop in revenue during the same period compared last year.
Current wording
Gross Profit is our main revenue metric as it is net of commissions paid. We had a gross profit of $136,676 for the three months ended September 30, 2025, compared to a gross margin of ($212,497) for the three months ended September 30, 2024. This increase happened due to the increase in revenue and decrease in commission expense.
Previous wording
Professional fees for the three months ended June 30, 2025 and 2024, were $24,066 and $32,300, respectively, a decrease of $8,234 or 25.5%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had a decrease of both accounting and audit fees.
Current wording
Professional fees for the three months ended September 30, 2025 and 2024, were $24,265 and $13,900, respectively, an increase of $10,365 or 74.6%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had an increase of both accounting and audit fees.
Previous wording
Payroll expense for the three months ended June 30, 2025 and 2024, was $139,369 and $88,129, respectively, an increase of $51,240 or 58.1%. Payroll expense increased due to a bonus paid to the analyst and salary paid to the CEO, which was not paid during the same period last year.
Current wording
Payroll expense for the three months ended September 30, 2025 and 2024, was $84,225 and $77,120, respectively, an increase of $7,105 or 9.2%. Payroll expense increased due to a bonus paid to the analyst and salary paid to the CEO, which was not paid during the same period last year.
Previous wording
General and administrative (“G&A”) expenses for the three months ended June 30, 2025 and 2024, were $193,030 and $130,537, respectively, an increase of $62,493 or 47.9%. In the current period we had an increase of travel and client relations expense. We also recognized $46,250 of non-cash consulting expense, that had been in prepaids, for common stock issued in a prior period.
Current wording
General and administrative (“G&A”) expenses for the three months ended September 30, 2025 and 2024, were $473,057 and $144,804, respectively, an increase of $328,253 or 226.7%. In the current period we had an increase of travel expense of approximately $11,000 and marketing expenses of $270,000. We also recognized $46,250 of non-cash consulting expense, that had been in prepaids, for common stock issued in a prior period. In August 2025, we had an extraordinary marketing expense where we hosted a party in Lisbon, Portugal attended by the Chairman and CEO's friends, family, clients, vendors, employees, and existing and prospective shareholders. The Company hired Osiris Events as a DMC - Destination Management Company. They were the event management company that planned the entire event. The event was used as a marketing and activation tactic for some of our largest clients. This event helped the Company close a large transaction in October 2025 with a client and a capital source that were present at the party in Lisbon. The rationale behind this expense was to celebrate Mag Mile Capital's success and its clients, shareholders, employees, and capital sources' trust in the CEO - Rushi Shah for many years.
Previous wording
We incurred interest expense of $2,193 and $2,193 for the three months ended June 30, 2025 and 2024.
Current wording
We incurred interest expense of $2,193 and $2,194 for the three months ended September 30, 2025 and 2024.
Previous wording
We had a net loss of $65,584 for the three months ended June 30, 2025, compared to net income of $480,863 for the three months ended June 30, 2024.
Current wording
We had a net loss of $447,064 for the three months ended September 30, 2025, compared to $450,515 for the three months ended September 30, 2024.
Previous wording
Results of Operations for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Current wording
Results of Operations for the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Previous wording
Our revenue from commission income for the six months ended June 30, 2025 and 2024, was $1,487,375 and $1,796,893, respectively, a decrease of $309,518 or 17.2%. Revenue in the current period decreased due to sustained higher interest rates and lower deal activities.
Current wording
Our revenue from commission income for the nine months ended September 30, 2025 and 2024, was $1,811,975 and $2,051,443, respectively, a decrease of $239,468 or 11.7%. Revenue in the current period decreased due to sustained higher interest rates and lower deal activities.
Previous wording
Our commission expense for the six months ended June 30, 2025 and 2024, was $708,321 and $590,627, respectively, an increase of $117,694 or 19.9%. Although we had a decrease of commission revenue our commission expense increased due to deals being generated by originators with higher splits.
Current wording
Our commission expense for the nine months ended September 30, 2025 and 2024, was $896,245 and $807,080, respectively, an increase of $89,165 or 11%. Although we had a decrease of commission revenue our commission expense increased due to deals being generated by originators with higher splits.
Previous wording
Our commission expense – related party, for the six months ended June 30, 2025 and 2024, was $229,900 and $272,155, respectively, a decrease of $42,255 or 15.5%. Related party commission expense decreaseddue less deals originated by the Chairman and CEO. Related party commission expense is for commission paid to Park River Investments, LLC, a company owned by the Chairman and CEO, where the Chairman and CEO was the procuring cause for the revenue.
Current wording
Our commission expense – related party, for the nine months ended September 30, 2025 and 2024, was $229,900 and $522,749, respectively, a decrease of $292,849 or 56%. Related party commission expense decreaseddue less deals originated by the Chairman and CEO. Related party commission expense is for commission paid to Park River Investments, LLC, a company owned by the Chairman and CEO, where the Chairman and CEO was the procuring cause for the revenue.
Previous wording
Gross Profit is our main revenue metric as it is net of commissions paid. We had a gross profit of $549,154 for the six months ended June 30, 2025, compared to a gross profit of $934,111 for the six months ended June 30, 2024.
Current wording
Gross Profit is our main revenue metric as it is net of commissions paid. We had a gross profit of $685,830 for the nine months ended September 30, 2025, compared to a gross profit of $721,614 for the nine months ended September 30, 2024, a 5% decrease. This decrease in gross profit is attributed to the decrease in revenue.
Previous wording
Professional fees for the six months ended June 30, 2025 and 2024, were $49,879 and $58,800, respectively, a decrease of $8,921 or 15.2%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had a decrease of both accounting and audit fees.
Current wording
Professional fees for the nine months ended September 30, 2025 and 2024, were $74,144 and $72,700, respectively, an increase of $1,444 or 2%. Professional fees consist mainly of legal, audit and accounting fees.
Previous wording
Payroll expense for the six months ended June 30, 2025 and 2024, was $210,007 and $167,162, respectively, an increase of $42,845 or 25.6%. Payroll expense increased due to an increase in bonus for the analyst as well as increase in salary processed for the CEO compared to last year.
Current wording
Payroll expense for the nine months ended September 30, 2025 and 2024, was $294,232 and $244,282, respectively, an increase of $49,950 or 20.4%. Payroll expense increased due to an increase in bonus for the analyst as well as increase in salary processed for the CEO compared to last year.
Previous wording
We incurred interest expense of $4,386 and $4,386 for the six months ended June 30, 2025 and 2024.
Current wording
We incurred interest expense of $6,579 and $6,580 for the nine months ended September 30, 2025 and 2024.
Previous wording
We had a net loss of $55,870 for the six months ended June 30, 2025, compared to net income of $415,087 for the six months ended June 30, 2024.
Current wording
We had a net loss of $502,934 for the nine months ended September 30, 2025, compared to $35,428 for the nine months ended September 30, 2024.
Previous wording
As of June 30, 2025, we had cash of approximately $343,400 and a working capital deficit of $93,704.
Current wording
As of September 30, 2025, we had cash of approximately $58,700 and a working capital deficit of $568,210.
Previous wording
During the six months ended June 30, 2025, we received $287,906 of cash from operating activities. Our cash flows provided by operating activities is the result of (i) our net loss of $55,870, adjusted for non-cash activity of $75,276 and (ii) an increase in prepaids of $16,921, a decrease of draws against commissions of $51,221 and an increase of accounts payable and accruals of $234,200. During the six months ended June 30, 2024, we used $67,063 of cash in operating activities. Our cash flows used in operating activities is primarily a result of (i) our net income of $415,087, adjusted for non-cash activity of $42,528 and (ii) an increase in draws against commissions and accounts receivable and an increase of accounts payable of $427,448 and $36,896, respectively.
Current wording
During the nine months ended September 30, 2025, we used $256,807 of cash from operating activities. Our cash flows provided by operating activities is the result of (i) our net loss of $502,934, adjusted for non-cash activity of $136,508 and (ii) an increase in prepaids of $8,138, a decrease of draws against commissions of $44,537 and an increase of accounts payable and accruals of $73,220. During the nine months ended September 30, 2024, we used $60,592 of cash in operating activities. Our cash flows used in operating activities is primarily a result of (i) our net loss of $35,428, adjusted for non-cash activity of $72,277 and (ii) an increase in draws against commissions and accounts receivable of $33,644 and $48,300, respectively and a decrease of accounts payable of $15,497.
Previous wording
During the six months ended June 30, 2025, we received $55,000 of cash from related party loans. In the prior period we received $90,000 from related party loans all of which was repaid.
Current wording
During the nine months ended September 30, 2025, we received $315,000 of cash from related party loans. In the prior period we received $110,000 from related party loans, $90,000 of which was repaid.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
General and administrative (“G&A”) expenses for the six months ended June 30, 2025 and 2024, were $340,752 and $288,676, respectively, an increase of $52,076 or 18%. In the current period we recognized $46,250 of non-cash consulting expense, that had been in prepaids, for common stock issued in a prior period.