Mag Mile Capital, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001493152-26-050430
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 64 previous paragraphs and 64 current paragraphs.
33 unchanged; 25 reworded; 5 added; 5 removed; 1 previous and 1 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 (5)
Current report
General and administrative expenses for the three months ended September 30, 2026 and 2025, were $156,016 and $473,057 respectively, a decrease of $317,041 or 67%. In the current period we had a decrease of approximately $272,500 for marketing expenses. The prior year period included marketing costs for the August 2025 Lisbon event, which was intended to strengthen relationships with clients and capital sources and to support business development. No comparable event took place in 2026.
Current report
Bad debt expense for the three months ended September 30, 2026 and 2025 was $19,112 and $0, respectively. Bad debt expense in the current period relates to the write-off of draws against commissions determined to be uncollectible, consisting of the remaining $10,098 balance of a former originator whose draw balance had been partially reserved in the second quarter of 2026 and $9,014 of draw balances of other originators.
Current report
Net Income (Loss)
Current report
General and administrative expenses for the nine months ended September 30, 2026 and 2025, were $553,999 and $813,809, respectively, a decrease of $259,810 or 31.9%. In the current period we had a decrease of client entertainment expenses of approximately $38,500 and $238,000 for marketing expense. The prior year period included marketing costs for the August 2025 Lisbon event, which was intended to strengthen relationships with clients and capital sources and to support business development. No comparable event took place in 2026.
Current report
Net Income (Loss)
Removed paragraphs (5)
Previous 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.
Previous report
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 report
Net Loss
Previous 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.
Reworded paragraphs (25)
Previous wording
On March 30, 2023, the Company entered into a Reorganization Agreement (the “Reorganization Agreement”) with Megamile Capital, Inc. d/b/a Mag Mile Capital f/k/a CSF Capital LLC (“Mag Mile Capital”) under which Mag Mile Capital was merged with and into Myson. At the closing of the Reorganization Agreement, the sole member of the Myson Board of Directors and its officer resigned and Rushi Shah, President and CEO of Mag Mile Capital, assumed the positions of Chairman of the Myson Board of Directors and the titles of President and CEO, Secretary and Treasurer of Myson. Under the terms of the Reorganization Agreement, Mag Mile Capital’s shareholders now own 88% of the issued and outstanding shares of the Company’s common stock or 87,424,424 shares.
Current wording
On March 30, 2023, the Company entered into a Reorganization Agreement (the “Reorganization Agreement”) with Megamile Capital, Inc. d/b/a Mag Mile Capital f/k/a CSF Capital LLC (“Mag Mile Capital”) under which Mag Mile Capital was merged with and into Myson, Inc. (“Myson”), the registrant’s former name. At the closing of the Reorganization Agreement, the sole member of the Myson Board of Directors and its officer resigned and Rushi Shah, President and CEO of Mag Mile Capital, assumed the positions of Chairman of the Myson Board of Directors and the titles of President and CEO, Secretary and Treasurer of Myson. Under the terms of the Reorganization Agreement, Mag Mile Capital’s shareholders owned, as of the closing of the merger, 88% of the issued and outstanding shares of the Company’s common stock or 87,424,424 shares.
Previous wording
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 wording
Our revenue for the three months ended September 30, 2026 and 2025 was $1,042,650 and $324,600, respectively, an increase of $718,050, or 221.2%. 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 third quarter of 2026. The Company also recognized $545,362 of securitization fees and $497,288 of success fees during the third quarter of 2026, compared to $0 and $324,600, respectively, during the third quarter of 2025.
Previous wording
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 wording
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 third quarter of 2026, the Company continued to benefit from increased activity in the CMBS market and several larger financing transactions.
Previous wording
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 wording
Our commission expense for the three months ended September 30, 2026 and 2025, was $278,157 and $187,924, respectively, an increase of $90,233 or 48.0%. We saw an increase in commission expenses in conjunction with the increase in revenue due to the restructuring of some of the Originators’ splits and overrides to increase the Company’s profitability.
Previous 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.
Current wording
Our related-party commission expense for the three months ended September 30, 2026 and 2025, was $416,000 and $0, respectively, an increase of $416,000. 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
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 wording
As a result, gross profit increased to $348,493 for the three months ended September 30, 2026, compared to $136,676 for the three months ended September 30, 2025, an increase of $211,817, or approximately 155.0%. The increase in gross profit was primarily attributable to the significant increase in revenue, partially offset by the increase in commission expense.
Previous wording
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 wording
Professional fees for the three months ended September 30, 2026 and 2025, were $15,400 and $24,265, respectively, a decrease of $8,865 or 36.5%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had a $9,235 decrease in audit fees (due to timing of billings) offset by a slight increase of accounting fees.
Previous wording
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 wording
Payroll expense for the three months ended September 30, 2026 and 2025, was $95,004 and $84,225, respectively, an increase of $10,779 or 12.8%. Payroll expense increased due to formulaic bonus directly connected to revenue as opposed to discretionary bonus.
Previous 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.
Current wording
We had net income of $60,768 for the three months ended September 30, 2026, compared to a net loss of $447,064 for the three months ended September 30, 2025. The increase from a net loss to net income was the result of a $211,817 increase in our gross profit, while our operating expenses decreased $296,015, for a net increase to operating income of $507,832.
Previous wording
Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Current wording
Results of Operations for the Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025
Previous wording
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 wording
Our revenue for the nine months ended September 30, 2026 and 2025, was $4,304,075 and $1,811,975, respectively, an increase of $2,492,100 or 137.5%. 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 third quarter of 2026.
Previous wording
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 wording
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 third quarter of 2026, the Company continued to benefit from increased activity in the CMBS market and several larger financing transactions.
Previous wording
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 wording
Our related-party commission expense for the nine months ended September 30, 2026 and 2025, was $1,822,163 and $229,900, respectively, an increase of $1,592,263 or 692.6%.
Previous wording
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 wording
As a result, gross profit increased to $1,276,724 for the nine months ended September 30, 2026, compared to $685,830 for the nine months ended September 30, 2025, an increase of $590,894, or 86.2%. The increase in gross profit was primarily attributable to the increase in revenue.
Previous 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.
Current wording
Professional fees for the nine months ended September 30, 2026 and 2025, were $58,380 and $74,144, respectively, a decrease of $15,764 or 21.3%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had a $23,792 decrease in audit fees, (due to timing of billings) offset by increases of accounting and legal fees.
Previous 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.
Current wording
Consulting expense for the nine months ended September 30, 2026 and 2025, was $136,250 and $0, respectively, an increase of $136,250. In the current year we recognized $90,000 for investor relations (“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. For the nine months ended September 30, 2025, consulting costs of $92,500 were included in general and administrative expenses rather than presented separately. Excluding the effect of this change in presentation, consulting costs increased by $43,750 compared to the prior year period.
Previous wording
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 wording
Payroll expense for the nine months ended September 30, 2026 and 2025, was $263,070 and $294,232, respectively, a decrease of $31,162 or 10.6%. Payroll expense decreased due to improved payroll management and moving bonus for the Analyst to formulaic bonus directly connected to revenue as opposed to discretionary bonus.
Previous wording
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 wording
For the nine months ended September 30, 2026 and 2025, the Company recognized $59,503 and $0, respectively of bad debt expense related to its draw receivable accounts. Of the nine-month amount, $40,391 was recognized in the second quarter of 2026 and $19,112 was recognized in the third quarter of 2026, in each case related to the write-off or reserve of draws against commissions determined to be uncollectible.
Previous wording
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).
Current wording
We incurred interest expense of $6,579 and $6,579 for the nine months ended September 30, 2026 and 2025. We incur interest expense for our Small Business Administration loan (Note 5).
Previous wording
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.
Current wording
We had net income of $198,943 for the nine months ended September 30, 2026, compared to a net loss of $502,934 for the nine months ended September 30, 2025. The increase from a net loss to net income was primarily attributable to a $590,894 increase in gross profit, and a $110,983 decrease in operating expenses.
Previous wording
As of June 30, 2026, we had cash of approximately $613,000 and a working capital deficit of $57,551.
Current wording
As of September 30, 2026, we had cash of approximately $567,000 and working capital of $2,247.
Previous 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.
Current wording
During the nine months ended September 30, 2026, we generated $53,125 of cash from operating activities. Cash flows provided by operating activities were the result of (i) our net income of $198,943, adjusted for non-cash activity of $152,789 and (ii) a decrease in prepaids of $11,459, a decrease of draws against commissions of $34,141, a decrease of accounts payable and accruals of $240,077 and a decrease of accounts payable - related party of $104,130.
Previous 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.
Current wording
During the nine months ended September 30, 2025, we generated $58,193 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, an increase of accounts payable and accruals of $73,220 and advances from a related party of $315,000. The related party advances were used to fund operating expenses and are not structured as loans with stated repayment terms or interest; accordingly, they are presented within operating activities.
Previous wording
During the six months ended June 30, 2026 and 2025, we had no investing activities.
Current wording
During the nine months ended September 30, 2026 and 2025, we had no investing activities.
Previous wording
During the six months ended June 30, 2026 and 2025, we had no financing activities.
Current wording
During the nine months ended September 30, 2026 and 2025, we had no financing activities.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Our commission expense for the nine months ended September 30, 2026 and 2025, was $1,205,188 and $896,245, respectively, an increase of $308,943 or 34.5%. We saw an increase in commission expenses in conjunction with the increase in revenue due to the restructuring of some of the Originators’ splits and overrides to increase the Company’s profitability.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.