Mag Mile Capital, Inc.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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.
Jun 30, 2026 · Filed Aug 14, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001493152-26-022917
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001493152-26-038184
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 45 previous paragraphs and 64 current paragraphs.
31 unchanged; 10 reworded; 20 added; 4 removed; 0 previous and 3 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 (20)
Current report
Our revenue for the three months ended June 30, 2026 and 2025 was $879,050 and $706,875, respectively, an increase of $172,175, or 24.4%. The increase in revenue was primarily attributable to increased deal activity, including several large loans originated through the Commercial Mortgage-Backed Securities (“CMBS”) market, which remained active during the second quarter of 2026. The Company also recognized $235,000 of securitization fees and $644,051 of success fees during the second quarter of 2026, compared to $284,000 and $422,875, respectively, during the second quarter of 2025.
Current report
The Company continues to experience fluctuations in monthly and quarterly revenue as a result of the timing and size of transactions closed. Revenue is dependent on overall deal flow, lender activity, pricing, and individual lenders’ credit appetites. During the second quarter of 2026, the Company continued to benefit from increased activity in the CMBS market and several larger financing transactions.
Current report
Our commission expense for the three months ended June 30, 2026 and 2025, was $343,612 and $364,301, respectively, a decrease of $20,689 or 5.7%. The decrease in commission expense, despite the increase in revenue, was primarily due to restructuring certain originator commission splits and overrides to improve the Company’s profitability.
Current report
As a result, gross profit decreased to $229,938 for the three months ended June 30, 2026, compared to $293,074 for the three months ended June 30, 2025, a decrease of $63,136, or approximately 21.5%. The decrease in gross profit was primarily attributable to the significant increase in related-party commission expense, partially offset by the increase in revenue and the decrease in non-related-party commission expense.
Current report
Payroll expense for the three months ended June 30, 2026 and 2025, was $102,943 and $139,369, respectively, a decrease of $36,426 or 26.1%. Payroll expense decreased due to improved payroll management, decreased splits of some of the originators, and moving bonus for the Analyst to formulaic bonus directly connected to revenue as opposed to discretionary bonus.
Current report
For the three months ended June 30, 2026 and 2025, the Company recognized $40,391 and $0, respectively of bad debt expense related to its draw receivable accounts.
Current report
Net Loss
Current report
Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Current report
Revenue and Gross Profit
Current report
Our revenue for the six months ended June 30, 2026 and 2025, was $3,261,425 and $1,487,375, respectively, an increase of $1,774,050 or 119.3%. The increase in revenue was primarily attributable to increased deal activity, including several large loans originated through the Commercial Mortgage-Backed Securities (“CMBS”) market, which remained active during the second quarter of 2026.
Current report
The Company continues to experience fluctuations in monthly and quarterly revenue as a result of the timing and size of transactions closed. Revenue is dependent on overall deal flow, lender activity, pricing, and individual lenders’ credit appetites. During the second quarter of 2026, the Company continued to benefit from increased activity in the CMBS market and several larger financing transactions.
Current report
Our commission expense for the six months ended June 30, 2026 and 2025, was $927,031 and $708,321, respectively, an increase of $218,710 or 30.9%. We saw an increase in commission expenses in conjunction with the increase in revenue due to restructuring of some of the Originator’s splits and overrides to increase the Company’s profitability.
Current report
Our related-party commission expense for the six months ended June 30, 2026 and 2025, was $1,406,163 and $229,900, respectively, an increase of $1,176,263 or 511.6%.
Current report
As a result, gross profit increased to $928,231 for the six months ended June 30, 2026, compared to $549,154 for the six months ended June 30, 2025, an increase of $379,077, or 69%. The increase in gross profit was primarily attributable to the increase in revenue.
Current report
Operating Expenses
Current report
Payroll expense for the six months ended June 30, 2026 and 2025, was $168,066 and $210,007, respectively, a decrease of $41,941 or 20%. Payroll expense decreased due to improved payroll management, decreased splits of some of the originators, and moving bonus for the Analyst to formulaic bonus directly connected to revenue as opposed to discretionary bonus.
Current report
General and administrative expenses for the six months ended June 30, 2026 and 2025, were $397,983 and $340,752, respectively, an increase of $57,231 or 16.8%. In the current period we had an increase of conference expense of approximately $30,000, $36,000 for marketing expense, office expense of $14,500 and other general business expense of $21,700. The larger increases were offset by a $26,000 decrease for meals and entertainment.
Current report
For the six months ended June 30, 2026 and 2025, the Company recognized $40,391 and $0, respectively of bad debt expense related to its draw receivable accounts.
Current report
Other Expense
Current report
We had net income of $138,175 for the six months ended June 30, 2026, compared to a net loss of $55,870 for the six months ended June 30, 2025. The increase from a net loss to net income was primarily attributable to a $379,077 increase in gross profit, partially offset by a $185,032 increase in operating expenses.
Removed paragraphs (4)
Previous report
Our revenue from commission income for the three months ended March 31, 2026 and 2025, was $2,382,375 and $780,500, respectively, an increase of $1,601,875 or 205.2%. During Q1, the Company closed a $79.5 million refinance transaction with the HKB Hotels Group resulting in gross revenue of $1,390,000. This deal was also consummated at the marketing event in Lisbon in early August 2025 subsequently after the 3 deals closed in Q4 2025. The COO of HKB Hotels and Managing Director of Barclays were present at the event. In addition, revenue has increased due to several new large loans originated through the Commercial Mortgage Backed Securities (“CMBS”). The CMBS market has been very active in Q1.
Previous report
Our commission expense for the three months ended March 31, 2026 and 2025, was $583,419 and $344,020, respectively, an increase of $239,399 or 69.6%. We saw an increase in commission expenses due to the increase in revenue and for deals closed by loan originators with beneficial commission structures.
Previous report
Gross Profit is our main profitability metric as it is net of commissions paid. We had a gross profit of $698,293 for the three months ended March 31, 2026, compared to a gross profit of $256,080 for the three months ended March 31, 2025. The increase in our gross profit is due in part to reconfigured commissions by slightly reducing overrides. Furthermore, when the Company closes deals for more profitable originators, it generates higher gross profit compared to lower-profit originators.
Previous report
Payroll expense for the three months ended March 31, 2026 and 2025, was $65,123 and $70,638, respectively, a decrease of only $5,515 or 7.8%.
Reworded paragraphs (10)
Previous wording
Our commission expense – related party, for the three months ended March 31, 2026 and 2025, was $1,100,663 and $180,400, respectively. Related party commission expense increaseddue to more 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 related-party commission expense for the three months ended June 30, 2026 and 2025, was $305,500 and $49,500, respectively, an increase of $256,000 or 517.2%. The increase was primarily attributable to a greater number of transactions originated by the Company’s Chairman and CEO. Related-party commission expense represents commissions paid to Park River Investments, LLC, a company owned by the Chairman and CEO, where the Chairman and CEO was the procuring cause of the related revenue.
Previous wording
General and administrative expenses for the three months ended March 31, 2026 and 2025, were $178,294 and $147,722, respectively, an increase of $30,572 or 20.7%. In the current period we had an increase of travel expense of approximately $7,800, $10,000 for OTC fees and office expense of $6,000.
Current wording
General and administrative expenses for the three months ended June 30, 2026 and 2025, were $219,689 and $193,030, respectively, an increase of $26,659 or 13.8%. In the current period we had an increase of conference expense of approximately $33,000, $31,000 for marketing expense and office expense of $8,700. These increases were offset by a $46,250 decrease in consulting expense and a $35,264 decrease in meals and entertainment expense.
Previous wording
We had a net income of $301,433 for the three months ended March 31, 2026, compared to $9,714 for the three months ended March 31, 2025. The increase to our net income was the result of a $442,213 increase in our gross profit, with only a $150,495 increase in operating expenses, for a net increase to operating income of $291,719.
Current wording
We had a net loss of $163,258 for the three months ended June 30, 2026, compared to $65,584 for the three months ended June 30, 2025. The increase to our net loss was the result of a $63,136 decrease in our gross profit, while our operating expenses were about the same, for a net increase to operating loss of $97,674.
Previous wording
Professional fees for the three months ended March 31, 2026 and 2025, were $15,000 and $25,813, respectively, a decrease of $10,813 or 41.9%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had a $15,000 and $6,500 decrease in audit and accounting fees, respectively, (due to timing of billings) offset by an increase of legal fees.
Current wording
Professional fees for the six months ended June 30, 2026 and 2025, were $42,980 and $49,879, respectively, a decrease of $6,899 or 13.8%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had a $14,557 decrease in audit fees, (due to timing of billings) offset by increases of accounting and legal fees.
Previous wording
Consulting expense for the three months ended March 31, 2026 and 2025, was $136,250 and $0, respectively, an increase of $136,250. In the current year we recognized $90,000 for IR consulting and $46,250 of non-cash consulting expense, that had been in prepaids, for common stock issued in a prior period.
Current wording
Consulting expense for the six months ended June 30, 2026 and 2025, was $136,250 and $0, respectively, an increase of $136,250. In the current year we recognized $90,000 for IR consulting. We also recognized $46,250 of non-cash consulting expense, that had been in prepaids, for common stock issued in a prior period.
Previous wording
As of March 31, 2026, we had cash of approximately $644,000 and working capital of $169,103.
Current wording
As of June 30, 2026, we had cash of approximately $613,000 and a working capital deficit of $57,551.
Previous wording
During the three months ended March 31, 2026, we generated $130,339 of cash from operating activities. Our cash flows provided by operating activities is the result of (i) our net income of $301,433, adjusted for non-cash activity of $61,662 and (ii) a decrease in prepaids of $959, a decrease of draws against commissions of $40,141, a decrease of accounts payable and accruals of $283,004 and an increase of accounts payable and accruals, related party, of $9,148.
Current wording
During the six months ended June 30, 2026, we generated $98,983 of cash from operating activities. Cash flows provided by operating activities were the result of (i) our net income of $138,175, adjusted for non-cash activity of $117,730 and (ii) a decrease in prepaids of $6,209, a decrease of draws against commissions of $49,155, a decrease of accounts payable and accruals of $199,123 and a decrease of accounts payable - related party of $13,163.
Previous wording
During the three months ended March 31, 2025, we generated $139,650 of cash from operating activities. Our cash flows provided by operating activities is the result of (i) our net income of $9,714, adjusted for non-cash activity of $14,388 and (ii) an increase in prepaids of $17,640, a decrease of draws against commissions of $5,986, an increase of accounts payable and accruals of $72,202 and an increase for proceeds from related parties of $55,000.
Current wording
During the six months ended June 30, 2025, we received $342,906 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, an increase of accounts payable and accruals of $234,200 and an increase of proceeds from related parties of $55,000.
Previous wording
During the three months ended March 31, 2026 and 2025, we had no investing activities.
Current wording
During the six months ended June 30, 2026 and 2025, we had no investing activities.
Previous wording
During the three months ended March 31, 2026 and 2025, we had no financing activities.
Current wording
During the six months ended June 30, 2026 and 2025, we had no financing activities.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Professional fees for the three months ended June 30, 2026 and 2025, were $27,980 and $24,066, respectively, an increase of $3,914 or 16.3%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had a $7,000 increase in accounting fees (due to timing of billings) offset by decrease of legal fees.
Current report — wording carried from elsewhere
The increase was primarily attributable to a greater number of transactions originated by the Company’s Chairman and CEO. Related-party commission expense represents commissions paid to Park River Investments, LLC, a company owned by the Chairman and CEO, where the Chairman and CEO was the procuring cause of the related revenue.
Current report — wording carried from elsewhere
We incurred interest expense of $4,386 and $4,386 for the six months ended June 30, 2026 and 2025. We incur interest expense for our Small Business Administration loan (Note 5).