Mag Mile Capital, Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 31, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-04-17.
0001493152-24-014911
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-03-31.
0001641172-25-001445
Item 7. 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 27 previous paragraphs and 28 current paragraphs.
12 unchanged; 9 reworded; 7 added; 6 removed; 0 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 (7)
Current report
Our revenue from commission income for the years ended December 31, 2024 and 2023, was $2,051,443 and $1,919,243, respectively, an increase of $132,200 or 6.9%. Revenue in the second half of the year increased due to several new large loans originated through the Commercial Mortgage Backed Securities (“CMBS”).
Current report
Our commission expense for the years ended December 31, 2024 and 2023, was $870,434 and $802,464, respectively, an increase of $67,970 or 8.5%. We saw an increase in commission expense due to deals closed by loan originators with beneficial commission structures.
Current report
Our commission expense – related party, for the years ended December 31, 2024 and 2023, was $522,749 and $678,750, respectively, a decrease of $156,001 or 23%. Related party commission expense decreased due to a new commission agreement that lowered the percentage to 55% of all closed deals.
Current report
Consulting expense for the years ended December 31, 2024 and 2023, were $30,450 and $459,806, respectively, a decrease of $429,356 or 93.4%. In the prior year we issued 894,113 shares of common stock to a consultant for total non-cash expense of $447,057.
Current report
Payroll expense for the years ended December 31, 2024 and 2023, was $281,911 and $360,341, respectively, a decrease of $78,430 or 21.8%. Our payroll expense decreased in the current year due to bonuses that were paid out in the prior year but not in the current.
Current report
General and administrative expenses for the years ended December 31, 2024 and 2023, were $528,709 and $549,628, respectively, a decrease of $20,919 or 3.8%, an immaterial change year over year.
Current report
The Company does not currently have any accounting policies it considers critical accounting policies.
Removed paragraphs (6)
Previous report
Our revenue from commission income for the years ended December 31, 2023 and 2022, was $1,919,243 and $3,321,837, respectively, a decrease of $1,402,594 or 42.2%. The decrease was driven mainly by the rise in interest rates and the drop in transaction activity.
Previous report
Our commission expense for the years ended December 31, 2023 and 2022, was $802,464 and $1,250,920, respectively, a decrease of $448,456 or 35.9%. Commission expenses decreased in conjunction with our large decrease in revenue.
Previous report
Our commission expense – related party, for the years ended December 31, 2023 and 2022, was $678,750 and $495,625, respectively, an increase of $183,125 or 36.9%. Related party commission expense increased during the reverse merger when the related party commission agreement was put in place at 55% of all closed deals. Prior to the reverse merger, the related party was 100% owner of the company, some of the commission expense was left in the company and paid out as dividends.
Previous report
Payroll expense for the years ended December 31, 2023 and 2022, was $360,341 and $244,104, respectively, an increase of $116,237 or 47.6%. Our payroll expense increased in the current period due to the increase in Chairman and CEO salary along with the hiring of an administrative assistant and a business intern who assisted in marketing.
Previous report
General and administrative expenses for the years ended December 31, 2023 and 2022, were $549,628 and $428,875, respectively, an increase of $120,753 or 28.2%. In the current period we issued 894,113 shares of common stock for services for total non-cash expense of $447,057. This was offset with a decrease in expenses associated with public relations and recruiting expense of $24,834 and a decrease for contract labor of $30,638.
Previous report
Refer to Note 2 of our financial statements contained elsewhere in this Form 10-K for a summary of our critical accounting policies and recently adopted and issued accounting standards.
Reworded paragraphs (9)
Previous wording
Gross Profit is our main revenue metric as it is net of commissions paid. We had a gross profit of $438,029 for the year ended December 31, 2023, compared to $1,575,292 for the year ended December 31, 2022.
Current wording
Gross Profit is our main revenue metric as it is net of commissions paid. We had a gross profit of $658,260 for the year ended December 31, 2024, compared to $438,029 for the year ended December 31, 2023.
Previous wording
For the year ended December 31, 2023, we recognized $1,582,072 for the fair value of warrants issued. We had no similar expense in the prior period.
Current wording
For the year ended December 31, 2023, we recognized $1,582,072 for the fair value of warrants issued. We had no similar expense in the current period.
Previous wording
Professional fees for the years ended December 31, 2023 and 2022, were $590,607 and $38,123, respectively, an increase of $552,484. Professional fees increased mainly because of legal fees associated with our acquisition. We also issued 894,113 shares of common stock to an attorney for total non-cash expense of $447,057.
Current wording
Professional fees for the years ended December 31, 2024 and 2023, were $91,764 and $590,607, respectively, a decrease of $498,843 or 84.5%. Professional fees consist mainly of legal, audit and accounting fees. In the prior year we issued 894,113 shares of common stock to an attorney for total non-cash expense of $447,057.
Previous wording
We incurred interest expense of $11,065 for the year ended December 31, 2023, compared to $0 for the year ended December 31, 2022.
Current wording
We incurred interest expense of $8,772 for the year ended December 31, 2024, compared to $11,065 for the year ended December 31, 2023.
Previous wording
We had a net loss of $3,115,490 for the year ended December 31, 2023, compared to net income of $864,190 for the year ended December 31, 2022. The large net loss in the current period is the result of the $1,582,072 of non-cash expense incurred for the issuance of warrants.
Current wording
We had a net loss of $283,346 for the year ended December 31, 2024, compared to a net loss of $3,115,490 for the year ended December 31, 2023. The large net loss in the prior period is the result of the $1,582,072 of non-cash expense incurred for the issuance of warrants and other stock compensation expense.
Previous wording
As of December 31, 2023, we had cash of approximately $56,000 and working capital of approximately $220,000.
Current wording
As of December 31, 2024, we had cash of approximately $484 and a working capital deficit of approximately $60,000.
Previous wording
During the year ended December 31, 2023, we used $367,869 of cash in operating activities. Our cash flows used in operating activities is primarily a result of (i) our net loss of $3,115,490, adjusted for non-cash activity of $2,536,537 and (ii) and a net change in operating assets and liabilities of $41,084. In the prior period operating activities provided $231,577 of cash.
Current wording
During the year ended December 31, 2024, we used $210,738 of cash in operating activities. Our cash flows used in operating activities is primarily a result of (i) our net loss of $283,346, adjusted for non-cash activity of $73,744 and (ii) and a net change in operating assets and liabilities of ($1,136). In the prior period operating activities used $537,869 of cash.
Previous wording
During the year ended December 31, 2023, we received $50,000 of cash from related party loans and $170,000 from the sale of common stock. In the prior period we received $77,649 of cash from related party loans and used $87,490 for shareholder distributions.
Current wording
During the year ended December 31, 2024, we received $245,000 of cash from related party loans and repaid $90,000 of those loans. In the prior period we received $50,000 of cash from related party loans and $170,000 from the sale of common stock.
Previous wording
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has an accumulated deficit of $2,688,468 at December 31, 2023, had a net loss of $3,115,490 and net cash used in operating activities of $367,869 for the year ended December 31, 2023. The Company’s ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing, the successful development of the Company’s operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors over the next twelve months raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.
Current wording
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has an accumulated deficit of $2,971,814 at December 31, 2024, had a net loss of $283,346 and net cash used in operating activities of $210,738 for the year ended December 31, 2024. The Company’s ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing, the successful development of the Company’s operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors over the next twelve months raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.