Mag Mile Capital, Inc.
For the period ended Mar 31, 2025. Filed May 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.
Mar 31, 2025 · Filed May 13, 2025
MMCPStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-14.
0001493152-24-045568
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001641172-25-009930
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 58 previous paragraphs and 42 current paragraphs.
30 unchanged; 11 reworded; 1 added; 16 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
Payroll expense for the three months ended March 31, 2025 and 2024, was $70,638 and $79,033, respectively, a decrease of $8,395 or 10.6%.
Removed paragraphs (16)
Previous report
Our revenue from commission income for the three months ended September 30, 2024 and 2023, was $254,550 and $376,800, respectively, a decrease of $122,250 or 32.4%. Revenue in the current period decreased due to challenging market conditions leading up to the U.S. Presidential Elections and rapid rise in interest rates leading to a slower deal activity in the market.
Previous report
Professional fees for the three months ended September 30, 2024 and 2023, were $13,900 and $41,032, respectively, a decrease of $27,132 or 66.1%. Professional fees consist mainly of legal, audit and accounting fees. In the current period we had decreases to both audit and legal expense of approximately $18,550 and $10,700, respectively. This is due to better management of the expenses and running efficient operations.
Previous report
Payroll expense for the three months ended September 30, 2024 and 2023, was $77,120 and $132,556, respectively, a decrease of $55,436 or 41.8%. In the prior period we incurred a bonus expense that was not incurred in the current period.
Previous report
Results of Operations for the Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
Previous report
Revenue and Gross Profit
Previous report
Our commission expense for the nine months ended September 30, 2024 and 2023, was $807,080 and $459,310, respectively, an increase of $347,770 or 75.7%. We saw an increase in commission expense due to deals closed by loan originators with beneficial commission structures.
Previous report
Our commission expense – related party, for the nine months ended September 30, 2024 and 2023, was $522,749 and $533,750 respectively, a decrease of $11,001 or 2.1%. Related party commission expense decreased due to a new commission agreement that lowered the percentage to 55% of all closed deals.
Previous report
Operating Expenses
Previous report
Stock based compensation for the nine months ended September 30, 2024 was $0 compared to $1,582,072 for the nine months ended September 30, 2023, for expense related to the issuance of warrants.
Previous report
Payroll expense for the nine months ended September 30, 2024 and 2023, was $244,282 and $280,717, respectively, a decrease of $36,435 or 13%. In the prior period we incurred a bonus expense that was not incurred in the current period.
Previous report
General and administrative (“G&A”) expenses for the nine months ended September 30, 2024 and 2023, were $433,480 and $815,137, respectively, a decrease of $381,657 or 46.8%. In the prior period we issued 894,113 shares of common stock for services for total non-cash expense of $447,057.
Previous report
Other Expense
Previous report
We incurred interest expense of $6,580 for the nine months ended September 30, 2024, compared to $8,872 for the nine months ended September 30, 2023.
Previous report
Net Loss
Previous report
We had a net loss of $35,428 for the nine months ended September 30, 2024, compared to a net loss of $2,759,098 for the nine months ended September 30, 2023. We had an increase from a net loss in the prior period to new income in the current period due to the reasons discussed above.
Previous report
We used no cash in investing activities for the nine months ended September 30, 2024 and 2023.
Reworded paragraphs (11)
Previous wording
Our revenue from commission income for the nine months ended September 30, 2024 and 2023, was $2,051,443 and $1,491,111, respectively, an increase of $560,332 or 37.6%. Revenue in the current period increased due to several new large loans originated through the Commercial Mortgage Backed Securities (“CMBS”).
Current wording
Our revenue from commission income for the three months ended March 31, 2025 and 2024, was $780,500 and $532,593, respectively, an increase of $247,907 or 46.5%. Revenue in the current period increased due to several new large loans originated through the Commercial Mortgage Backed Securities (“CMBS”).
Previous wording
Our commission expense for the three months ended September 30, 2024 and 2023, was $216,453 and $103,069, respectively, an increase of $113,069 or 110%. We saw an increase in commission expense due to the timing of revenue receipts for which the commissions were paid on. Additionally, $93,125 was commission paid on a transaction back to the client in form a revenue rebate.
Current wording
Our commission expense for the three months ended March 31, 2025 and 2024, was $344,020 and $226,339, respectively, an increase of $117,681 or 52%. We saw an increase 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 September 30, 2024 and 2023, was $250,594 and $35,750 respectively, an increase of $214,844 or 601%. Related party commission expense increaseddue to the timing of revenue receipts for which the commissions were paid on. 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 March 31, 2025 and 2024, was $180,400 and $106,165 respectively, an increase of $74,235 or 69.9%. Related party commission expense increaseddue to the timing of revenue receipts for which the commissions were paid on. 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 negative gross profit of $212,497 for the three months ended September 30, 2024, compared to a gross profit of $237,981 for the three months ended September 30, 2023.
Current wording
Gross Profit is our main revenue metric as it is net of commissions paid. We had a gross profit of $256,080 for the three months ended March 31, 2025, compared to a gross profit of $200,089 for the three months ended March 31, 2024.
Previous wording
Professional fees for the nine months ended September 30, 2024 and 2023, were $72,700 and $570,351, respectively, a decrease of $497,651 or 87.3%. 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.
Current wording
Professional fees for the three months ended March 31, 2025 and 2024, were $25,813 and $26,500, respectively, a decrease of $687 or 2.6%. Professional fees consist mainly of legal, audit and accounting fees.
Previous wording
General and administrative (“G&A”) expenses for the three months ended September 30, 2024 and 2023, were $144,804 and $144,657, respectively, an increase of only $147.
Current wording
General and administrative (“G&A”) expenses for the three months ended March 31, 2025 and 2024, were $147,722 and $147,689, respectively, an increase of only $33.
Previous wording
We incurred interest expense of $2,194 for the three months ended September 30, 2024, compared to $3,655 for the three months ended September 30, 2023.
Current wording
We incurred interest expense of $2,193 for the three months ended March 31, 2025 and 2024.
Previous wording
We had a net loss of $450,514 for the three months ended September 30, 2024, compared to a net loss of $83,919 for the three months ended September 30, 2023. We had an increase in our net loss due to the reasons discussed above.
Current wording
We had net income of $9,714 for the three months ended March 31, 2025, compared to a net loss of $65,776 for the three months ended March 31, 2024.
Previous wording
As of September 30, 2024, we had cash of approximately $15,600 and working capital of approximately $241,500.
Current wording
As of March 31, 2025, we had cash of approximately $140,134 and a working capital deficit of $35,860.
Previous wording
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 and decrease of accounts payable of $33,644 and $48,300, respectively. During the nine months ended September 30, 2023, we used $235,104 of cash in operating activities. Our cash flows used in operating activities is primarily a result of (i) our net loss of $2,759,098, adjusted for non-cash activity of $2,667,621 and (ii) an increase of $136,039 in accounts receivable and decrease of accounts payable of $7,588.
Current wording
During the three months ended March 31, 2025, we received $84,650 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 and an increase of accounts payable and accruals of $72,202. During the three months ended March 31, 2024, we used $72,427 of cash in operating activities. Our cash flows used in operating activities is primarily a result of (i) our net loss of $65,776, adjusted for non-cash activity of $25,243 and (ii) an increase in draws against commissions and decrease of accounts payable of $16,319 and $15,575, respectively.
Previous wording
During the nine months ended September 30, 2024, we received $110,000 of cash from related party loans, all of which $90,000 was repaid. In the prior period we received $48,060 from a related party and used $45,077 for shareholder distributions.
Current wording
During the three months ended March 31, 2025, we received $55,000 of cash from related party loans. In the prior period we received $25,000 from related party loans.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Gross Profit is our main revenue metric as it is net of commissions paid. We had a gross profit of $721,614 for the nine months ended September 30, 2024, compared to $498,051 for the nine months ended September 30, 2023.