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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from

 

Commission File Number 000-56333

 

MAG MILE CAPITAL, INC.

(Exact Name of registrant as specified in its charter)

 

Oklahoma   87-1614433
(State or other Jurisdiction of
Incorporation or Organization		  
 		 I.R.S. Employer-
Identification No.)

 

1141 W. Randolph Street, Suite 200, Chicago, IL 60607

(Address of Principal Executive Offices and zip code)

 

(312) 642-0100

(Registrant’s Telephone Number, including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
         
Common Stock   MMCP   OTC Link

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13, or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (of for such shorter period that the Registrant was required to file such reports) and (ii) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer ☐   Accelerated filer ☐
Non-accelerated filer ☒   Smaller reporting company ☒
Emerging growth company ☒    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.

 

As of November 12, 2024, there were 100,055,935 shares of Common Stock, $0.00001 par value, outstanding.

 

 

 

 
 

 

MAG MILE CAPITAL, INC.

 

FORM 10-Q

 

For the Period ended September 30, 2024

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION   3
     
Item 1. Financial Statements   3
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   14
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk   18
     
Item 4. Controls and Procedures   18
     
PART II – OTHER INFORMATION   19
     
Item 1. Legal Proceedings   19
     
Item 1A. Risk Factors   19
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   19
     
Item 3. Defaults Upon Senior Securities   19
     
Item 4. Mine Safety Disclosures   19
     
Item 5. Other Information   19
     
Item 6. Exhibits   19
     
SIGNATURES   20

 

2
 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Condensed Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 (audited)   4
     
Condensed Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited)   5
     
Condensed Statements of Changes in Stockholders’ Equity for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited)   6
     
Condensed Statements of Cash Flows for the Nine Months ended September 30, 2024 and 2023 (unaudited)   7
     
Notes to Condensed Financial Statements (unaudited)   8

 

3
 

 

MAG MILE CAPITAL, INC.

CONDENSED BALANCE SHEETS

 

   September 30, 2024   December 31, 2023 
   (Unaudited)     
ASSETS          
Current Assets:          
Cash  $15,630   $56,222 
Accounts receivable   48,300    — 
Draws against commissions   241,988    208,344 
Prepaid stock compensation   185,000    185,000 
Total Current Assets   490,918    449,566 
           
Operating lease right of use asset   276,615    318,114 
Property and equipment, net   —    15,971 
Total other assets   276,615    334,085 
           
Total Assets  $767,533   $783,651 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current Liabilities:          
Accounts payable and accruals  $58,821   $74,318 
Loan payable   10,638    10,638 
Loan payable – related party   110,000    90,000 
Operating lease liability – current portion   69,949    55,036 
Total Current Liabilities   249,408    229,992 
Long Term Liabilities:          
Operating lease liability – net of current portion   297,423    297,529 
Loan payable, net of current portion   139,362    139,362 
Long Term Liabilities   436,785    436,891 
           
Total Liabilities   686,193    666,883 
           
Commitments and contingencies   —    — 
           
Stockholders’ Equity (Deficit):          
Preferred stock, $0.00001 par value, 20,000,000 shares authorized   —    — 
Series A Preferred stock, $0.00001 par value, 1,000,000 shares designated, no shares issued and outstanding   —    — 
Common stock, $0.00001 par value, 480,000,000 shares authorized; 100,055,935 shares issued and outstanding   1,000    1,000 
Additional paid in capital   2,804,236    2,804,236 
Accumulated deficit   (2,723,896)   (2,688,468)
Total stockholders’ equity   81,340    116,768 
Total Liabilities and Stockholders’ Equity  $767,533   $783,651 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

4
 

 

MAG MILE CAPITAL, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

   2024   2023   2024   2023 
   For the Three Months Ended
September 30,		   For the Nine Months Ended
September 30,		 
   2024   2023   2024   2023 
Revenue  $254,550   $376,800   $2,051,443   $1,491,111 
Commission expense   (216,453)   (103,069)   (807,080)   (459,310)
Commission expense – related party   (250,594)   (35,750)   (522,749)   (533,750)
                     
Gross margin   (212,497)   237,981    721,614    498,051 
                     
Operating expenses:                    
Stock based compensation   —    —    —    1,582,072 
Professional fees   13,900    41,032    72,700    570,351 
Payroll expense   77,120    132,556    244,282    280,717 
General and administrative   144,804    144,657    433,480    815,137 
Total operating expenses   235,824    318,245    750,462    3,248,277 
                     
Loss from operations   (448,321)   (80,264)   (28,848)   (2,750,226)
                     
Other expense:                    
Interest expense   (2,194)   (3,655)   (6,580)   (8,872)
Total other expense   (2,194)   (3,655)   (6,580)   (8,872)
                     
Net loss before income tax   (450,515)   (83,919)   (35,428)   (2,759,098)
Income tax   —    —    —    — 
                     
Net Loss  $(450,515)  $(83,919)  $(35,428)  $(2,759,098)
                     
Loss per share, basic and diluted  $(0.00)  $(0.00)  $(0.00)  $(0.04)
                     
Weighted average shares outstanding, basic and diluted   100,055,935    99,818,544    100,055,935    70,442,017 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

5
 

 

MAG MILE CAPITAL, INC.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Unaudited)

 

   Shares   Amount   Shares   Amount   Capital   Deficit   Equity 
   Common Stock   Series A
Preferred Stock		   Additional
Paid in		   Accumulated   Total Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Equity 
Balances, December 31, 2023   100,055,935   $1,000    —   $—   $2,804,236   $(2,688,468)  $116,768 
Net loss   —    —    —    —    —    (65,776)   (65,776)
Balances, March 31, 2024   100,055,935    1,000    —    —    2,804,236    (2,754,244)   50,992 
Net income   —    —    —    —    —    480,863    480,863 
Balances, June 30, 2024   100,055,935    1,000    —    —    2,804,236    (2,273,381)   531,855 
Net loss   —    —    —    —    —    (450,515)   (450,515)
Balances, September 30, 2024   100,055,935   $1,000    —   $—   $2,804,236   $(2,723,896)  $81,340 

 

   Common Stock   Series A
Preferred Stock		   Additional Paid in   Accumulated   Total Stockholders’ 
   Shares   Amount   Shares   Amount   Capital   Deficit   Equity 
Balances, December 31, 2022   10,133,284   $101    —   $—   $388,569   $457,410   $846,080 
Stock issued for services   1,788,227    18    —    —    894,096    —    894,114 
Shares issued for reverse acquisition   87,424,424    874    —    —    (45,952)   —    (45,078)
Net loss   —    —    —    —    —    (1,187,507)   (1,187,507)
Balances, March 31, 2023   99,345,935    993    —    —    1,236,713    (730,097)   507,609 
Stock issued for services   100,000    1    —    —    49,999    —    50,000 
Warrant expense   —    —    —    —    1,582,072    —    1,582,072 
Net loss   —    —    —    —    —    (1,487,672)   (1,487,672)
Balances, June 30, 2023   99,445,935    994    —    —    2,868,784    (2,217,769)   652,009 
Stock issued for services   610,000    6    —    —    304,994    —    305,000 
Net loss   —    —    —    —    —    (83,919)   (83,919)
Balances, September 30, 2023   100,055,935   $1,000    —   $—   $3,173,778   $(2,301,688)  $873,090 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

6
 

 

MAG MILE CAPITAL, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   2024   2023 
   For the Nine Months Ended
September 30,		 
   2024   2023 
Cash Flows from Operating Activities:          
Net loss  $(35,428)  $(2,759,098)
Adjustments to reconcile net loss to net cash used in Operating activities:          
Common stock issued for services   —    1,064,114 
Warrant expense   —    1,582,072 
Depreciation expense   15,971    19,425 
Operating lease expense   56,306    2,010 
Changes in Operating Assets and Liabilities:          
Accounts receivable   (48,300)   (136,039)
Draws against commissions   (33,644)   — 
Accounts payable and accruals   (15,497)   (7,588)
Net cash used by operating activities   (60,592)   (235,104)
           
Cash Flows from Investing Activities:   —    — 
           
Cash Flows from Financing Activities:          
Proceeds from related parties   110,000    48,060 
Repayment of related party loans   (90,000)   — 
Distributions to controlling shareholder   —    (45,077)
Net cash provided by financing activities   20,000    2,983 
           
Net change in cash   (40,592)   (232,121)
Cash, at beginning of period   56,222    374,091 
Cash, at end of period  $15,630   $141,970 
           
Supplemental Non-Cash Disclosure:          
Cash paid for interest  $—   $— 
Cash paid for taxes  $—   $— 
Non-cash financing activity:          
Establish right of use of asset  $—   $373,489 
Common stock issued for prepaid services  $—   $185,000 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

7
 

 

MAG MILE CAPITAL, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

September 30, 2024

 

NOTE 1 – NATURE OF OPERATIONS

 

Mag Mile Capital, Inc. (“Mag Mile”, or the “Company”) (formerly Myson, Inc.) is an Oklahoma corporation formed on July 8, 2021. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

 

On May 11, 2022, G. Reed Petersen Irrevocable Trust (the “Seller”), agreed to sell all 1,000 issued and outstanding Series A Preferred Shares of the Company to Reddington Partners LLC (the “Purchaser”), thus constituting a change of control of the Company, for $495,000, pursuant to a Stock Purchase Agreement (the “Stock Purchase Agreement”). The Preferred Shares were convertible into 10,000,000 common shares which, upon conversion, represent approximately 98.7% of the Company’s outstanding common shares. On June 8, 2022, Reddington Partners LLC converted their Series A Preferred Shares into 10,000,000 common shares.

 

The sale of the Shares to the Purchaser was completed on May 17, 2022. As part of the Stock Purchase Agreement, G. Reed Petersen agreed to resign as the Company’s sole officer and director; and the change of management was completed on June 5, 2022. On June 6, 2022, Henrik Rouf became the Company’s sole officer and director.

 

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 title 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.

 

The Merger is accounted for as a reverse recapitalization. Mag Mile Capital is deemed the accounting predecessor of the Merger and will be the successor registrant for SEC purposes, meaning that Mag Mile Capital’s financial statements for previous periods will be disclosed in the Company’s future periodic reports filed with the SEC.

 

On May 15, 2023, the Company filed with the Oklahoma Secretary of State an amendment to the Certificate of Incorporation to change the Company’s name to Mag Mile Capital, Inc., that became effective on June 16, 2023. On September 5, 2023, the name change to Mag Mile Capital, Inc. and symbol change to MMCP became effective on OTC Markets.

 

Mag Mile Capital is a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Colorado and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes nationwide, including hotels, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties, offering access to structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading national real estate mortgage intermediary. Its personnel have collectively raised over $9 billion in real estate financing during their combined 29 years of experience in this industry.

 

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

 

Cash and Cash Equivalents

 

The Company considers all cash accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less as cash and cash equivalents. The carrying amount of financial instruments included in cash and cash equivalents approximates fair value because of the short maturities for the instruments held. The Company had no cash equivalents as of September 30, 2024 and December 31, 2023.

 

Concentrations of Credit Risk

 

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may exceed the Federal Deposit Insurance Corporation insurable limit.

 

Basic and Diluted Earnings Per Share

 

Net income (loss) per common share is computed pursuant to ASC 260-10-45, Earnings per Share—Overall—Other Presentation Matters. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. As of September 30, 2024 and 2023, the Company has 5,000,000 and 0 potentially dilutive shares of common stock from warrants, respectively. Additionally, diluted amounts are not presented when the effect of the computations are anti-dilutive due to the losses incurred. Accordingly, there is no difference in the amounts presented for basic and diluted loss per share.

 

Revenue Recognition

 

The Company follows ASC 606, Revenue from Contracts with Customers, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or as the Company satisfies a performance obligation. The company generates revenues from brokering financing transactions, mainly senior debt on CRE transactions. Revenues are recognized when the transaction is finalized. For certain types of loans, mainly securitized CMBS loans, revenues are also earned after the transaction closing based on the successful securitization of the loan into bonds. There is a risk that the securitized revenue may not be realized if the market conditions deteriorate, and the lender is not able to make money. There is no refund policy or no credit risk to the company once the revenue is recognized.

 

For the three months ended September 30, 2024, the Company recognized 73.2% of its revenue from one customer.

 

For the three months ended September 30, 2023, the Company recognized 28.1%, 19.7%, 17.3% and 17.3% of its revenue from its top four customers, respectively.

 

For the nine months ended September 30, 2024, the Company recognized 30.6%, 18.2% and 14.4% of its revenue from its top three customers, respectively.

 

For the nine months ended September 30, 2023, the Company recognized 14.2% and 111.3% of its revenue from its top two customers, respectively.

 

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Cost of Revenue

 

Cost of revenues includes commission expense paid during the period.

 

Accounts Receivable

 

The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded, which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s historical losses and an overall assessment of past due trade accounts receivable outstanding. As of September 30, 2024, 100% of the accounts receivable is due form one customer.

 

Draws Against Commissions

 

Draws against commissions are payments made to originators, brokers or salespeople that are the procuring cause for bringing in a transaction for financing, in lieu of future commissions to be received. This acts as an unsecured working capital loan paid to the salespeople until the actual commission is earned and/or received.

 

Recent Accounting Pronouncements

 

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit losses on Financial Instruments.” The ASU, as amended, requires an entity to measure expected credit losses for financial assets carried at amortized cost based on historical experience, current conditions, and reasonable and supportable forecasts. Among other things, the ASU also amended the impairment model for available for sale securities and addressed purchased financial assets with deterioration. The updated guidance has not had any material impact on the Company’s disclosures.

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

NOTE 3 – GOING CONCERN

 

These unaudited financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. For the nine months ended September 30, 2024, we had a net loss of $35,428 and used $60,592 of cash in operations. These conditions and the ability to successfully resolve these factors 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.

 

The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. We expect to use the exercise of warrants to meet our needs for growth for more than twelve months from the date of issuance of these financial statements.

 

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NOTE 4 – REVERSE MERGER

 

On March 30, 2023, Myson, Inc, a public company, and Megamile Capital, Inc. d/b/a Mag Mile Capital f/k/a CSF Capital LLC (“Mag Mile Capital”), a private company, completed a reverse merger transaction. Under the terms of the agreement, Mag Mile Capital shareholders received 87,424,424 shares of Myson, Inc’s common stock, resulting in the Mag Mile Capital shareholders owning a majority of the outstanding shares of Myson, Inc.

 

For accounting purposes, Mag Mile Capital is considered the acquirer, and the transaction is considered a capital transaction in substance (i.e., the issuance of stock by Mag Mile Capital for the net monetary assets of Myson, Inc. Therefore, the assets and liabilities of Mag Mile Capital are carried forward at their historical cost, and the assets and liabilities of Myson, Inc. are adjusted to fair value.

 

The equity structure (i.e., the number and type of equity interests issued) in the consolidated financial statements reflects the equity structure of Myson, Inc., the legal parent, including the equity interests the legal parent issued to effect the merger. Accordingly, the equity structure of Mag Mile Capital, the accounting acquirer, is restated using the exchange ratio established in the merger to reflect the number of shares (or other equity interests) issued by the legal parent to effect the merger.

 

The operations of Myson, Inc. are included in the consolidated statement of operations from the date of the merger. The comparative periods in the financial statements are those of the Mag Mile Capital before the merger.

 

NOTE 5 - PROPERTY AND EQUIPMENT

 

Property and equipment, net consists of the following:

 

SCHEDULE OF PROPERTY AND EQUIPMENT 

   September 30, 2024   December 31, 2023 
Leasehold Improvement  $32,125   $32,125 
Computer   11,770    11,770 
Equipment   147,409    147,409 
Total   191,304    191,304 
Less: accumulated depreciation and amortization   (191,304)   (175,333)
Total property and equipment, net  $—   $15,971 

 

Depreciation expense for the nine months ended September 30, 2024, and 2023, was $15,971 and $19,425, respectively.

 

NOTE 6 – LOAN PAYABLE

 

On May 27, 2020, the Company received a $150,000 loan from the Small Business administration (“Loan”). The Loan accrues interest at 3.75% and matures in thirty years. Monthly payments of principal and interest of $731 are to begin twelve months from the date of the Loan. The Loan can be prepaid at any time without penalty. As of September 30, 2024 and December 31, 2023, all payments to date have been applied to interest and the balance remains at $150,000.

 

NOTE 7 - RELATED PARTY TRANSACTIONS

 

As of September 30, 2024 and December 31, 2023, the Company has a loan payable due to Mag Mile Capital LLC of $110,000 and $90,000, respectively.

 

The Company has an office lease dated January 1, 2023, with a term of five years for 1,625 square feet at 1141 W. Randolph Street, Floor 2, Chicago, IL 60607 with 1141 W. Randolph, LLC, a company owned and controlled by Rushi Shah, CEO. The lease requires a monthly rental payment of approximately $4,062 with an annual rate adjustment of 3% which we believe is a market rate for this space (Note 9).

 

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Per the terms of Mr. Shah’s employment agreement, he received between 50% and 75% of all revenue from commercial real estate mortgage financing for which he is the procuring cause, before the merger took place. For the three months ended September 30, 2024 and 2023, Mr. Shah earned commissions of $250,594 and $35,750, respectively. For the nine months ended September 30, 2024 and 2023, Mr. Shah earned commissions of $522,749 and $533,750, respectively. Per the terms of the new employment contract dated March 31, 2023, Mr. Shah’s commission is limited to 55%, resulting in a decrease of commission expense.

 

NOTE 8 – COMMON STOCK

 

The Company has authorized 480,000,000 shares of common stock, par value $0.00001.

 

NOTE 9 – PREFERRED STOCK

 

The Company has authorized 20,000,000 shares of preferred stock, par value $0.00001. The Preferred Stock authorized by these Articles of Incorporation may be issued in one or more series. The Board of Directors of the Company is authorized to determine or alter the rights, preferences, privileges, and restrictions granted or imposed upon any wholly unissued series of Preferred Stock, and within the limitations or restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any such series subsequent to the issue of shares of that series, to determine the designation and par value of any series and to fix the numbers of shares of any series.

 

Of the authorized preferred stock 1,000 shares have been designated as Series A Convertible Preferred Stock. Each share of Series A Convertible Preferred Stock is convertible into 10,000 shares of common stock and has 100,000 voting rights per share.

 

NOTE 10 – OPERATING LEASE

 

The Company has an office lease dated January 1, 2023, with a term of five years for 1,625 square feet at 1141 W. Randolph Street, Floor 2, Chicago, IL 60607 with 1141 W. Randolph, LLC, a company owned and controlled by Rushi Shah, CEO. The lease requires a monthly rental payment of approximately $4,062 with an annual rate adjustment of 3%. The Company used a discount rate of 6%, based on rates used for similar calculations.

 

SCHEDULE OF OPERATING LEASE 

   Balance Sheet Classification  September 30, 2024 
Asset        
Operating lease asset  Right of use asset  $276,615 
Total lease asset     $276,615 
         
Liability        
Operating lease liability – current portion  Current operating lease liability  $69,949 
Operating lease liability – noncurrent portion  Long-term operating lease liability   297,423 
Total lease liability     $367,372 

 

Lease obligations at September 30, 2024 consisted of the following:

 

SCHEDULE OF LEASE OBLIGATIONS 

For the year ended December 31:    
2024  $66,300 
2025   83,850 
2026   83,850 
2027   83,850 
2028   83,850 
Total payments   401,700 
Amount representing interest   (34,328)
Lease obligation, net   367,372 
Less current portion   (69,949)
Lease obligation – long term  $297,423 

 

Lease expense for the nine months ended September 30, 2024 was $55,749.

 

Lease expense for the nine months ended September 30, 2023, was $38,569.

 

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NOTE 11 – WARRANTS

 

On April 4, 2023, the Company issued warrants to GK Partners ApS to purchase up to 5,000,000 shares of common stock. The warrants were issued as an incentive to provide future financing to the Company. There are no specific requirements for future performance. We accounted for the warrants in accordance with the guidance of Financial Accounting Standards Board (“FASB”) ASC Topic 718, Compensation — Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

 

The Warrants are exercisable for shares of the Company’s common stock at a price of $0.50 per share and expire on December 31, 2024. Using the Black-Scholes option pricing model, the fair value for the warrants was calculated to be $1,582,072.

 

The assumptions used to determine the fair value of the Warrants as follows:

 

SCHEDULE OF FAIR VALUE OF THE WARRANTS 

Expected life (years)   1.75 
Risk-free interest rate   3.84%
Expected volatility   132.96%
Dividend yield   0%

 

SCHEDULE OF WARRANT ACTIVITY 

   Number of Warrants   Weighted Average Exercise Price   Weighted Average Remaining Contract Term   Intrinsic Value 
Outstanding, December 31, 2022   —    —    —      
Issued   5,000,000   $0.50    1.75      
Cancelled   —   $—    —      
Exercised   —   $—    —      
Outstanding, December 31, 2023   5,000,000   $0.50    1.25   $— 
Issued   —   $—    —    — 
Cancelled   —   $—    —    — 
Exercised   —   $—    —    — 
Outstanding, September 30, 2024   5,000,000   $0.50    1.00   $— 

 

NOTE 12 - SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that no material subsequent events exist.

 

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

 

Special Note Regarding Forward-Looking Statements

 

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

 

General Overview

 

We were incorporated on July 8, 2021 as an Oklahoma corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us. We intend to effectuate our initial business combination using our capital stock, debt or a combination of cash, stock and debt.

 

On May 11, 2022, G. Reed Petersen Irrevocable Trust (the “Seller”), agreed to sell all 1,000 issued and outstanding Series A Preferred Shares of the Company to Reddington Partners LLC (the “Purchaser”), thus constituting a change of control of the Company, for $495,000, pursuant to a Stock Purchase Agreement (the “Stock Purchase Agreement”). The Preferred Shares were convertible into 10,000,000 common shares which, upon conversion, represent approximately 98.7% of the Company’s outstanding common shares.

 

The sale of the Shares to the Purchaser was completed on May 17, 2022. As part of the Stock Purchase Agreement, G. Reed Petersen agreed to resign as the Company’s sole officer and director; and the change of management was completed on June 5, 2022. On June 6, 2022, Henrik Rouf became the Company’s sole officer and director.

 

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 title 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.

 

The Merger is accounted for as a reverse recapitalization. Mag Mile Capital is deemed the accounting predecessor of the Merger and will be the successor registrant for SEC purposes, meaning that Mag Mile Capital’s financial statements for previous periods will be disclosed in the Company’s future periodic reports filed with the SEC.

 

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Current Business

 

Mag Mile Capital is a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Colorado and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes nationwide, including hotels, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties, offering access to structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading national real estate mortgage intermediary. Its personnel have collectively raised over $9 billion in real estate financing during their combined 29 years of experience in this industry.

 

Mag Mile Capital leverages its access to diverse sources of capital, including family offices, hedge funds, private equity firms, investment banks, life insurance companies, money center and regional commercial banks, mortgage and equity REITs and sovereign wealth funds. Mag Mile Capital also utilizes historic tax credits and federal and state new markets tax credits to originate creative financing alternatives for its diverse customer base. Those customers are among the most high profile hotel brands such as Hilton, Hyatt, Marriott, Four Season and Wyndham.

 

Mag Mile Capital has developed a commercial real estate origination software platform named CapLogiq that uses automation and artificial intelligence to increase the efficiency of the loan closing process.

 

Our growth strategies are as follows:

 

Invest in sales and marketing.

 

We intend to continue to attract new customers through an increase in the number of salespeople we engage by leveraging our public company stock to provide a more competitive compensation package than many of our private company competitors that can only offer cash incentives as well as to attract highly talented marketing personnel.

 

Pursue Strategic Acquisitions.

 

We intend to explore potential high-quality acquisition opportunities using our public company status to offer attractive purchase prices and growth prospects to such targets.

 

Results of Operations

 

Results of Operations for the Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023

 

Revenue and Gross Profit

 

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.

 

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.

 

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 increased due 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.

 

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.

 

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Operating Expenses

 

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.

 

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.

 

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.

 

Other Expense

 

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.

 

Net Loss

 

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.

 

Results of Operations for the Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

 

Revenue and Gross Profit

 

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”).

 

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.

 

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.

 

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.

 

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Operating Expenses

 

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.

 

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.

 

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.

 

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.

 

Other Expense

 

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.

 

Net Loss

 

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.

 

Liquidity and capital resources.

 

As of September 30, 2024, we had cash of approximately $15,600 and working capital of approximately $241,500.

 

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.

 

We used no cash in investing activities for the nine months ended September 30, 2024 and 2023.

 

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.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

 

Critical Accounting Policies

 

Refer to Note 2 of our financial statements contained elsewhere in this Form 10-Q for a summary of our critical accounting policies and recently adopted and issued accounting standards.

 

17
 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

Evaluation of Disclosure Controls and Procedures

 

We conducted an evaluation of the effectiveness of our internal control over financial reporting, based on the framework in “Internal Control Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and published in 2013, and subsequent guidance prepared by COSO specifically for smaller public companies. Based on that evaluation, management concluded that our internal control over financial reporting was not sufficient as of September 30, 2024.

 

A significant deficiency is a deficiency, or combination of deficiencies in internal control over financial reporting, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control. A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. Management identified the following material weakness and significant deficiencies in its assessment of the effectiveness of internal control over financial reporting as of September 30, 2024:

 

  ● The Company did not maintain effective controls over certain aspects of the financial reporting process because we lacked personnel with accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements.
     
  ● Material Weakness – Inadequate segregation of duties.

 

We expect to be materially dependent on a third party that can provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses and significant deficiencies in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements, which could lead to a restatement of those financial statements. Our management does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and maintained, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must account for resource constraints. In addition, the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, can and will be detected.

 

This Quarterly Report on Form 10-Q does not include an attestation report from our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Commission that permit us to provide only management’s report in this Quarterly Report on Form 10-Q.

 

Changes in Internal Controls over Financial Reporting

 

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

18
 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

 

Item 1A. Risk Factors

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceed

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit No.   Description
3.1+   Certificate of Incorporation
3.2*   Amended Certificate of Incorporation
3.3+   Bylaws
31.1   Certification of Chief Executive and Financial Officer (Rule 13a-14(a))
32.1   Certification of Chief Executive and Financial Officer (18 USC 1350)
101 INS   Inline XBRL Instance Document
101 SCH   Inline XBRL Taxonomy Extension Schema Document.
101 Cal   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101 DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.
101 LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.
101 PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

+ Incorporated by reference to such exhibit as filed with the Company’s Registration Statement on Form 10 filed on August 23, 2021.

 

*Incorporated by reference to Exhibit 3.2 of the Company’s S-1 Registration Statement filed September 6, 2023

 

19
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Mag Mile Capital, Inc.  
   
Date: November 14, 2024  
   
By /s/ Rushi Shah  
  Rushi Shah  
 

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer, Principal Financial and Accounting Officer)

  

 

20

 

 

Exhibit 31.1

 

Certification of Chief Executive Officer and Chief Financial Officer and Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002-Rule 13a-14(a)/15d –14(a)

 

I, Rushi Shah certify that:

 

1. I have reviewed this report on Form 10-Q of Mag Mile Capital, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
   
d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
   
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  Mag Mile Capital, Inc.
   
Date: November 14, 2024 By /s/ Rushi Shah
    Rushi Shah
    Chief Executive Officer and
    Chief Financial Officer
    (Principal Executive Officer, Principal Financial and Accounting Officer)

 

 

 

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Mag Mile Capital, Inc., (the “Company”) on Form 10-Q for the period ended September 30, 2024, as filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, Rushi Shah Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

  Mag Mile Capital, Inc.
     
Date: November 14, 2024 By /s/ Rushi Shah
    Rushi Shah
    (Principal Executive Officer, Principal Financial and Accounting Officer)

 

 

 

v3.24.3
Cover - $ / shares
 9 Months Ended
Sep. 30, 2024
Nov. 12, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2024  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Entity File Number 000-56333  
Entity Registrant Name MAG MILE CAPITAL, INC.  
Entity Central Index Key 0001879293  
Entity Tax Identification Number 87-1614433  
Entity Incorporation, State or Country Code OK  
Entity Address, Address Line One 1141 W. Randolph Street  
Entity Address, Address Line Two Suite 200  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60607  
City Area Code (312)  
Local Phone Number 642-0100  
Title of 12(b) Security Common Stock  
Trading Symbol MMCP  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   100,055,935
Entity Listing, Par Value Per Share $ 0.00001  
v3.24.3
Condensed Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash $ 15,630 $ 56,222
Accounts receivable 48,300
Draws against commissions 241,988 208,344
Prepaid stock compensation 185,000 185,000
Total Current Assets 490,918 449,566
Operating lease right of use asset 276,615 318,114
Property and equipment, net 15,971
Total other assets 276,615 334,085
Total Assets 767,533 783,651
Current Liabilities:    
Accounts payable and accruals 58,821 74,318
Operating lease liability – current portion 69,949 55,036
Total Current Liabilities 249,408 229,992
Long Term Liabilities:    
Operating lease liability – net of current portion 297,423 297,529
Loan payable, net of current portion 139,362 139,362
Long Term Liabilities 436,785 436,891
Total Liabilities 686,193 666,883
Commitments and contingencies
Stockholders’ Equity (Deficit):    
Preferred stock, value
Common stock, $0.00001 par value, 480,000,000 shares authorized; 100,055,935 shares issued and outstanding 1,000 1,000
Additional paid in capital 2,804,236 2,804,236
Accumulated deficit (2,723,896) (2,688,468)
Total stockholders’ equity 81,340 116,768
Total Liabilities and Stockholders’ Equity 767,533 783,651
Series A Preferred Stock [Member]    
Stockholders’ Equity (Deficit):    
Preferred stock, value
Nonrelated Party [Member]    
Current Liabilities:    
Loan payable 10,638 10,638
Related Party [Member]    
Current Liabilities:    
Loan payable $ 110,000 $ 90,000
v3.24.3
Condensed Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized 20,000,000 20,000,000
Common stock, par value $ 0.00001 $ 0.00001
Common stock, shares authorized 480,000,000 480,000,000
Common stock, shares issued 100,055,935 100,055,935
Common stock, shares outstanding 100,055,935 100,055,935
Series A Preferred Stock [Member]    
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
v3.24.3
Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Revenue $ 254,550 $ 376,800 $ 2,051,443 $ 1,491,111
Gross margin (212,497) 237,981 721,614 498,051
Operating expenses:        
Stock based compensation 1,582,072
Professional fees 13,900 41,032 72,700 570,351
Payroll expense 77,120 132,556 244,282 280,717
General and administrative 144,804 144,657 433,480 815,137
Total operating expenses 235,824 318,245 750,462 3,248,277
Loss from operations (448,321) (80,264) (28,848) (2,750,226)
Other expense:        
Interest expense (2,194) (3,655) (6,580) (8,872)
Total other expense (2,194) (3,655) (6,580) (8,872)
Net loss before income tax (450,515) (83,919) (35,428) (2,759,098)
Income tax
Net Loss $ (450,515) $ (83,919) $ (35,428) $ (2,759,098)
Loss per share, basic $ (0.00) $ (0.00) $ (0.00) $ (0.04)
Loss per share, diluted $ (0.00) $ (0.00) $ (0.00) $ (0.04)
Weighted average shares outstanding, basic 100,055,935 99,818,544 100,055,935 70,442,017
Weighted average shares outstanding, diluted 100,055,935 99,818,544 100,055,935 70,442,017
Nonrelated Party [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Commission expense $ (216,453) $ (103,069) $ (807,080) $ (459,310)
Related Party [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Commission expense $ (250,594) $ (35,750) $ (522,749) $ (533,750)
v3.24.3
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Preferred Stock [Member]
Series A Preferred Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance at Dec. 31, 2022 $ 101 $ 388,569 $ 457,410 $ 846,080
Balance, shares at Dec. 31, 2022 10,133,284      
Net income (loss) (1,187,507) (1,187,507)
Stock issued for services $ 18 894,096 894,114
Stock issued for services, shares 1,788,227        
Shares issued for reverse acquisition $ 874 (45,952) (45,078)
Shares issued for reverse acquisition, shares 87,424,424        
Balance at Mar. 31, 2023 $ 993 1,236,713 (730,097) 507,609
Balance, shares at Mar. 31, 2023 99,345,935      
Balance at Dec. 31, 2022 $ 101 388,569 457,410 846,080
Balance, shares at Dec. 31, 2022 10,133,284      
Net income (loss)         (2,759,098)
Balance at Sep. 30, 2023 $ 1,000 3,173,778 (2,301,688) 873,090
Balance, shares at Sep. 30, 2023 100,055,935      
Balance at Mar. 31, 2023 $ 993 1,236,713 (730,097) 507,609
Balance, shares at Mar. 31, 2023 99,345,935      
Net income (loss) (1,487,672) (1,487,672)
Stock issued for services $ 1 49,999 50,000
Stock issued for services, shares 100,000        
Warrant expense 1,582,072 1,582,072
Balance at Jun. 30, 2023 $ 994 2,868,784 (2,217,769) 652,009
Balance, shares at Jun. 30, 2023 99,445,935      
Net income (loss) (83,919) (83,919)
Stock issued for services $ 6 304,994 305,000
Stock issued for services, shares 610,000        
Balance at Sep. 30, 2023 $ 1,000 3,173,778 (2,301,688) 873,090
Balance, shares at Sep. 30, 2023 100,055,935      
Balance at Dec. 31, 2023 $ 1,000 2,804,236 (2,688,468) 116,768
Balance, shares at Dec. 31, 2023 100,055,935      
Net income (loss) (65,776) (65,776)
Balance at Mar. 31, 2024 $ 1,000 2,804,236 (2,754,244) 50,992
Balance, shares at Mar. 31, 2024 100,055,935      
Balance at Dec. 31, 2023 $ 1,000 2,804,236 (2,688,468) 116,768
Balance, shares at Dec. 31, 2023 100,055,935      
Net income (loss)         (35,428)
Balance at Sep. 30, 2024 $ 1,000 2,804,236 (2,723,896) 81,340
Balance, shares at Sep. 30, 2024 100,055,935      
Balance at Mar. 31, 2024 $ 1,000 2,804,236 (2,754,244) 50,992
Balance, shares at Mar. 31, 2024 100,055,935      
Net income (loss) 480,863 480,863
Balance at Jun. 30, 2024 $ 1,000 2,804,236 (2,273,381) 531,855
Balance, shares at Jun. 30, 2024 100,055,935      
Net income (loss) (450,515) (450,515)
Balance at Sep. 30, 2024 $ 1,000 $ 2,804,236 $ (2,723,896) $ 81,340
Balance, shares at Sep. 30, 2024 100,055,935      
v3.24.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net loss $ (35,428) $ (2,759,098)
Adjustments to reconcile net loss to net cash used in Operating activities:    
Common stock issued for services 1,064,114
Warrant expense 1,582,072
Depreciation expense 15,971 19,425
Operating lease expense 56,306 2,010
Changes in Operating Assets and Liabilities:    
Accounts receivable (48,300) (136,039)
Draws against commissions (33,644)
Accounts payable and accruals (15,497) (7,588)
Net cash used by operating activities (60,592) (235,104)
Cash Flows from Investing Activities:
Cash Flows from Financing Activities:    
Proceeds from related parties 110,000 48,060
Repayment of related party loans (90,000)
Distributions to controlling shareholder (45,077)
Net cash provided by financing activities 20,000 2,983
Net change in cash (40,592) (232,121)
Cash, at beginning of period 56,222 374,091
Cash, at end of period 15,630 141,970
Supplemental Non-Cash Disclosure:    
Cash paid for interest
Cash paid for taxes
Non-cash financing activity:    
Establish right of use of asset 373,489
Common stock issued for prepaid services $ 185,000
v3.24.3
NATURE OF OPERATIONS
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS

NOTE 1 – NATURE OF OPERATIONS

 

Mag Mile Capital, Inc. (“Mag Mile”, or the “Company”) (formerly Myson, Inc.) is an Oklahoma corporation formed on July 8, 2021. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

 

On May 11, 2022, G. Reed Petersen Irrevocable Trust (the “Seller”), agreed to sell all 1,000 issued and outstanding Series A Preferred Shares of the Company to Reddington Partners LLC (the “Purchaser”), thus constituting a change of control of the Company, for $495,000, pursuant to a Stock Purchase Agreement (the “Stock Purchase Agreement”). The Preferred Shares were convertible into 10,000,000 common shares which, upon conversion, represent approximately 98.7% of the Company’s outstanding common shares. On June 8, 2022, Reddington Partners LLC converted their Series A Preferred Shares into 10,000,000 common shares.

 

The sale of the Shares to the Purchaser was completed on May 17, 2022. As part of the Stock Purchase Agreement, G. Reed Petersen agreed to resign as the Company’s sole officer and director; and the change of management was completed on June 5, 2022. On June 6, 2022, Henrik Rouf became the Company’s sole officer and director.

 

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 title 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.

 

The Merger is accounted for as a reverse recapitalization. Mag Mile Capital is deemed the accounting predecessor of the Merger and will be the successor registrant for SEC purposes, meaning that Mag Mile Capital’s financial statements for previous periods will be disclosed in the Company’s future periodic reports filed with the SEC.

 

On May 15, 2023, the Company filed with the Oklahoma Secretary of State an amendment to the Certificate of Incorporation to change the Company’s name to Mag Mile Capital, Inc., that became effective on June 16, 2023. On September 5, 2023, the name change to Mag Mile Capital, Inc. and symbol change to MMCP became effective on OTC Markets.

 

Mag Mile Capital is a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Colorado and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes nationwide, including hotels, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties, offering access to structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading national real estate mortgage intermediary. Its personnel have collectively raised over $9 billion in real estate financing during their combined 29 years of experience in this industry.

 

 
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

 

Cash and Cash Equivalents

 

The Company considers all cash accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less as cash and cash equivalents. The carrying amount of financial instruments included in cash and cash equivalents approximates fair value because of the short maturities for the instruments held. The Company had no cash equivalents as of September 30, 2024 and December 31, 2023.

 

Concentrations of Credit Risk

 

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may exceed the Federal Deposit Insurance Corporation insurable limit.

 

Basic and Diluted Earnings Per Share

 

Net income (loss) per common share is computed pursuant to ASC 260-10-45, Earnings per Share—Overall—Other Presentation Matters. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. As of September 30, 2024 and 2023, the Company has 5,000,000 and 0 potentially dilutive shares of common stock from warrants, respectively. Additionally, diluted amounts are not presented when the effect of the computations are anti-dilutive due to the losses incurred. Accordingly, there is no difference in the amounts presented for basic and diluted loss per share.

 

Revenue Recognition

 

The Company follows ASC 606, Revenue from Contracts with Customers, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or as the Company satisfies a performance obligation. The company generates revenues from brokering financing transactions, mainly senior debt on CRE transactions. Revenues are recognized when the transaction is finalized. For certain types of loans, mainly securitized CMBS loans, revenues are also earned after the transaction closing based on the successful securitization of the loan into bonds. There is a risk that the securitized revenue may not be realized if the market conditions deteriorate, and the lender is not able to make money. There is no refund policy or no credit risk to the company once the revenue is recognized.

 

For the three months ended September 30, 2024, the Company recognized 73.2% of its revenue from one customer.

 

For the three months ended September 30, 2023, the Company recognized 28.1%, 19.7%, 17.3% and 17.3% of its revenue from its top four customers, respectively.

 

For the nine months ended September 30, 2024, the Company recognized 30.6%, 18.2% and 14.4% of its revenue from its top three customers, respectively.

 

For the nine months ended September 30, 2023, the Company recognized 14.2% and 111.3% of its revenue from its top two customers, respectively.

 

 

Cost of Revenue

 

Cost of revenues includes commission expense paid during the period.

 

Accounts Receivable

 

The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded, which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s historical losses and an overall assessment of past due trade accounts receivable outstanding. As of September 30, 2024, 100% of the accounts receivable is due form one customer.

 

Draws Against Commissions

 

Draws against commissions are payments made to originators, brokers or salespeople that are the procuring cause for bringing in a transaction for financing, in lieu of future commissions to be received. This acts as an unsecured working capital loan paid to the salespeople until the actual commission is earned and/or received.

 

Recent Accounting Pronouncements

 

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit losses on Financial Instruments.” The ASU, as amended, requires an entity to measure expected credit losses for financial assets carried at amortized cost based on historical experience, current conditions, and reasonable and supportable forecasts. Among other things, the ASU also amended the impairment model for available for sale securities and addressed purchased financial assets with deterioration. The updated guidance has not had any material impact on the Company’s disclosures.

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 
v3.24.3
GOING CONCERN
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

These unaudited financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. For the nine months ended September 30, 2024, we had a net loss of $35,428 and used $60,592 of cash in operations. These conditions and the ability to successfully resolve these factors 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.

 

The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. We expect to use the exercise of warrants to meet our needs for growth for more than twelve months from the date of issuance of these financial statements.

 

 
v3.24.3
REVERSE MERGER
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
REVERSE MERGER

NOTE 4 – REVERSE MERGER

 

On March 30, 2023, Myson, Inc, a public company, and Megamile Capital, Inc. d/b/a Mag Mile Capital f/k/a CSF Capital LLC (“Mag Mile Capital”), a private company, completed a reverse merger transaction. Under the terms of the agreement, Mag Mile Capital shareholders received 87,424,424 shares of Myson, Inc’s common stock, resulting in the Mag Mile Capital shareholders owning a majority of the outstanding shares of Myson, Inc.

 

For accounting purposes, Mag Mile Capital is considered the acquirer, and the transaction is considered a capital transaction in substance (i.e., the issuance of stock by Mag Mile Capital for the net monetary assets of Myson, Inc. Therefore, the assets and liabilities of Mag Mile Capital are carried forward at their historical cost, and the assets and liabilities of Myson, Inc. are adjusted to fair value.

 

The equity structure (i.e., the number and type of equity interests issued) in the consolidated financial statements reflects the equity structure of Myson, Inc., the legal parent, including the equity interests the legal parent issued to effect the merger. Accordingly, the equity structure of Mag Mile Capital, the accounting acquirer, is restated using the exchange ratio established in the merger to reflect the number of shares (or other equity interests) issued by the legal parent to effect the merger.

 

The operations of Myson, Inc. are included in the consolidated statement of operations from the date of the merger. The comparative periods in the financial statements are those of the Mag Mile Capital before the merger.

 
v3.24.3
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 - PROPERTY AND EQUIPMENT

 

Property and equipment, net consists of the following:

 

SCHEDULE OF PROPERTY AND EQUIPMENT 

   September 30, 2024   December 31, 2023 
Leasehold Improvement  $32,125   $32,125 
Computer   11,770    11,770 
Equipment   147,409    147,409 
Total   191,304    191,304 
Less: accumulated depreciation and amortization   (191,304)   (175,333)
Total property and equipment, net  $—   $15,971 

 

Depreciation expense for the nine months ended September 30, 2024, and 2023, was $15,971 and $19,425, respectively.

 
v3.24.3
LOAN PAYABLE
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
LOAN PAYABLE

NOTE 6 – LOAN PAYABLE

 

On May 27, 2020, the Company received a $150,000 loan from the Small Business administration (“Loan”). The Loan accrues interest at 3.75% and matures in thirty years. Monthly payments of principal and interest of $731 are to begin twelve months from the date of the Loan. The Loan can be prepaid at any time without penalty. As of September 30, 2024 and December 31, 2023, all payments to date have been applied to interest and the balance remains at $150,000.

 
v3.24.3
RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

 

As of September 30, 2024 and December 31, 2023, the Company has a loan payable due to Mag Mile Capital LLC of $110,000 and $90,000, respectively.

 

The Company has an office lease dated January 1, 2023, with a term of five years for 1,625 square feet at 1141 W. Randolph Street, Floor 2, Chicago, IL 60607 with 1141 W. Randolph, LLC, a company owned and controlled by Rushi Shah, CEO. The lease requires a monthly rental payment of approximately $4,062 with an annual rate adjustment of 3% which we believe is a market rate for this space (Note 9).

 

 

Per the terms of Mr. Shah’s employment agreement, he received between 50% and 75% of all revenue from commercial real estate mortgage financing for which he is the procuring cause, before the merger took place. For the three months ended September 30, 2024 and 2023, Mr. Shah earned commissions of $250,594 and $35,750, respectively. For the nine months ended September 30, 2024 and 2023, Mr. Shah earned commissions of $522,749 and $533,750, respectively. Per the terms of the new employment contract dated March 31, 2023, Mr. Shah’s commission is limited to 55%, resulting in a decrease of commission expense.

 
v3.24.3
COMMON STOCK
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
COMMON STOCK

NOTE 8 – COMMON STOCK

 

The Company has authorized 480,000,000 shares of common stock, par value $0.00001.

 
v3.24.3
PREFERRED STOCK
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
PREFERRED STOCK

NOTE 9 – PREFERRED STOCK

 

The Company has authorized 20,000,000 shares of preferred stock, par value $0.00001. The Preferred Stock authorized by these Articles of Incorporation may be issued in one or more series. The Board of Directors of the Company is authorized to determine or alter the rights, preferences, privileges, and restrictions granted or imposed upon any wholly unissued series of Preferred Stock, and within the limitations or restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any such series subsequent to the issue of shares of that series, to determine the designation and par value of any series and to fix the numbers of shares of any series.

 

Of the authorized preferred stock 1,000 shares have been designated as Series A Convertible Preferred Stock. Each share of Series A Convertible Preferred Stock is convertible into 10,000 shares of common stock and has 100,000 voting rights per share.

 
v3.24.3
OPERATING LEASE
 9 Months Ended
Sep. 30, 2024
Operating Lease  
OPERATING LEASE

NOTE 10 – OPERATING LEASE

 

The Company has an office lease dated January 1, 2023, with a term of five years for 1,625 square feet at 1141 W. Randolph Street, Floor 2, Chicago, IL 60607 with 1141 W. Randolph, LLC, a company owned and controlled by Rushi Shah, CEO. The lease requires a monthly rental payment of approximately $4,062 with an annual rate adjustment of 3%. The Company used a discount rate of 6%, based on rates used for similar calculations.

 

SCHEDULE OF OPERATING LEASE 

   Balance Sheet Classification  September 30, 2024 
Asset        
Operating lease asset  Right of use asset  $276,615 
Total lease asset     $276,615 
         
Liability        
Operating lease liability – current portion  Current operating lease liability  $69,949 
Operating lease liability – noncurrent portion  Long-term operating lease liability   297,423 
Total lease liability     $367,372 

 

Lease obligations at September 30, 2024 consisted of the following:

 

SCHEDULE OF LEASE OBLIGATIONS 

For the year ended December 31:    
2024  $66,300 
2025   83,850 
2026   83,850 
2027   83,850 
2028   83,850 
Total payments   401,700 
Amount representing interest   (34,328)
Lease obligation, net   367,372 
Less current portion   (69,949)
Lease obligation – long term  $297,423 

 

Lease expense for the nine months ended September 30, 2024 was $55,749.

 

Lease expense for the nine months ended September 30, 2023, was $38,569.

 

 
v3.24.3
WARRANTS
 9 Months Ended
Sep. 30, 2024
Warrants  
WARRANTS

NOTE 11 – WARRANTS

 

On April 4, 2023, the Company issued warrants to GK Partners ApS to purchase up to 5,000,000 shares of common stock. The warrants were issued as an incentive to provide future financing to the Company. There are no specific requirements for future performance. We accounted for the warrants in accordance with the guidance of Financial Accounting Standards Board (“FASB”) ASC Topic 718, Compensation — Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

 

The Warrants are exercisable for shares of the Company’s common stock at a price of $0.50 per share and expire on December 31, 2024. Using the Black-Scholes option pricing model, the fair value for the warrants was calculated to be $1,582,072.

 

The assumptions used to determine the fair value of the Warrants as follows:

 

SCHEDULE OF FAIR VALUE OF THE WARRANTS 

Expected life (years)   1.75 
Risk-free interest rate   3.84%
Expected volatility   132.96%
Dividend yield   0%

 

SCHEDULE OF WARRANT ACTIVITY 

   Number of Warrants   Weighted Average Exercise Price   Weighted Average Remaining Contract Term   Intrinsic Value 
Outstanding, December 31, 2022   —    —    —      
Issued   5,000,000   $0.50    1.75      
Cancelled   —   $—    —      
Exercised   —   $—    —      
Outstanding, December 31, 2023   5,000,000   $0.50    1.25   $— 
Issued   —   $—    —    — 
Cancelled   —   $—    —    — 
Exercised   —   $—    —    — 
Outstanding, September 30, 2024   5,000,000   $0.50    1.00   $— 

 
v3.24.3
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 - SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that no material subsequent events exist.
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 
Use of estimates

Use of estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

 
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all cash accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less as cash and cash equivalents. The carrying amount of financial instruments included in cash and cash equivalents approximates fair value because of the short maturities for the instruments held. The Company had no cash equivalents as of September 30, 2024 and December 31, 2023.

 
Concentrations of Credit Risk

Concentrations of Credit Risk

 

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may exceed the Federal Deposit Insurance Corporation insurable limit.

 
Basic and Diluted Earnings Per Share

Basic and Diluted Earnings Per Share

 

Net income (loss) per common share is computed pursuant to ASC 260-10-45, Earnings per Share—Overall—Other Presentation Matters. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. As of September 30, 2024 and 2023, the Company has 5,000,000 and 0 potentially dilutive shares of common stock from warrants, respectively. Additionally, diluted amounts are not presented when the effect of the computations are anti-dilutive due to the losses incurred. Accordingly, there is no difference in the amounts presented for basic and diluted loss per share.

 
Revenue Recognition

Revenue Recognition

 

The Company follows ASC 606, Revenue from Contracts with Customers, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or as the Company satisfies a performance obligation. The company generates revenues from brokering financing transactions, mainly senior debt on CRE transactions. Revenues are recognized when the transaction is finalized. For certain types of loans, mainly securitized CMBS loans, revenues are also earned after the transaction closing based on the successful securitization of the loan into bonds. There is a risk that the securitized revenue may not be realized if the market conditions deteriorate, and the lender is not able to make money. There is no refund policy or no credit risk to the company once the revenue is recognized.

 

For the three months ended September 30, 2024, the Company recognized 73.2% of its revenue from one customer.

 

For the three months ended September 30, 2023, the Company recognized 28.1%, 19.7%, 17.3% and 17.3% of its revenue from its top four customers, respectively.

 

For the nine months ended September 30, 2024, the Company recognized 30.6%, 18.2% and 14.4% of its revenue from its top three customers, respectively.

 

For the nine months ended September 30, 2023, the Company recognized 14.2% and 111.3% of its revenue from its top two customers, respectively.

 

 
Cost of Revenue

Cost of Revenue

 

Cost of revenues includes commission expense paid during the period.

 
Accounts Receivable

Accounts Receivable

 

The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded, which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s historical losses and an overall assessment of past due trade accounts receivable outstanding. As of September 30, 2024, 100% of the accounts receivable is due form one customer.

 
Draws Against Commissions

Draws Against Commissions

 

Draws against commissions are payments made to originators, brokers or salespeople that are the procuring cause for bringing in a transaction for financing, in lieu of future commissions to be received. This acts as an unsecured working capital loan paid to the salespeople until the actual commission is earned and/or received.

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit losses on Financial Instruments.” The ASU, as amended, requires an entity to measure expected credit losses for financial assets carried at amortized cost based on historical experience, current conditions, and reasonable and supportable forecasts. Among other things, the ASU also amended the impairment model for available for sale securities and addressed purchased financial assets with deterioration. The updated guidance has not had any material impact on the Company’s disclosures.

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
v3.24.3
PROPERTY AND EQUIPMENT (Tables)
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
SCHEDULE OF PROPERTY AND EQUIPMENT

Property and equipment, net consists of the following:

 

SCHEDULE OF PROPERTY AND EQUIPMENT 

   September 30, 2024   December 31, 2023 
Leasehold Improvement  $32,125   $32,125 
Computer   11,770    11,770 
Equipment   147,409    147,409 
Total   191,304    191,304 
Less: accumulated depreciation and amortization   (191,304)   (175,333)
Total property and equipment, net  $—   $15,971 
v3.24.3
OPERATING LEASE (Tables)
 9 Months Ended
Sep. 30, 2024
Operating Lease  
SCHEDULE OF OPERATING LEASE

SCHEDULE OF OPERATING LEASE 

   Balance Sheet Classification  September 30, 2024 
Asset        
Operating lease asset  Right of use asset  $276,615 
Total lease asset     $276,615 
         
Liability        
Operating lease liability – current portion  Current operating lease liability  $69,949 
Operating lease liability – noncurrent portion  Long-term operating lease liability   297,423 
Total lease liability     $367,372 
SCHEDULE OF LEASE OBLIGATIONS

Lease obligations at September 30, 2024 consisted of the following:

 

SCHEDULE OF LEASE OBLIGATIONS 

For the year ended December 31:    
2024  $66,300 
2025   83,850 
2026   83,850 
2027   83,850 
2028   83,850 
Total payments   401,700 
Amount representing interest   (34,328)
Lease obligation, net   367,372 
Less current portion   (69,949)
Lease obligation – long term  $297,423 
v3.24.3
WARRANTS (Tables)
 9 Months Ended
Sep. 30, 2024
Warrants  
SCHEDULE OF FAIR VALUE OF THE WARRANTS

The assumptions used to determine the fair value of the Warrants as follows:

 

SCHEDULE OF FAIR VALUE OF THE WARRANTS 

Expected life (years)   1.75 
Risk-free interest rate   3.84%
Expected volatility   132.96%
Dividend yield   0%
SCHEDULE OF WARRANT ACTIVITY

SCHEDULE OF WARRANT ACTIVITY 

   Number of Warrants   Weighted Average Exercise Price   Weighted Average Remaining Contract Term   Intrinsic Value 
Outstanding, December 31, 2022   —    —    —      
Issued   5,000,000   $0.50    1.75      
Cancelled   —   $—    —      
Exercised   —   $—    —      
Outstanding, December 31, 2023   5,000,000   $0.50    1.25   $— 
Issued   —   $—    —    — 
Cancelled   —   $—    —    — 
Exercised   —   $—    —    — 
Outstanding, September 30, 2024   5,000,000   $0.50    1.00   $— 
v3.24.3
NATURE OF OPERATIONS (Details Narrative) - USD ($)
 3 Months Ended
Mar. 30, 2023
May 11, 2022
Mar. 31, 2023
Sep. 30, 2024
Dec. 31, 2023
Jun. 08, 2022
Reddington Partners LLC [Member]            
Ownership percentage   98.70%        
Mag Mile Capital [Member]            
Ownership percentage 88.00%          
Capital raised in real estate financing       $ 9,000,000,000    
Common Stock [Member]            
Number of preferred shares converted   10,000,000        
Stock issued during period shares acquisitions     87,424,424      
Mag Mile Capital [Member]            
Stock issued during period shares acquisitions 87,424,424          
Stock Purchase Agreement [Member]            
Consideration received on transaction   $ 495,000        
Series A Preferred Stock [Member]            
Preferred stock, shares issued       0 0  
Preferred stock, shares outstanding       0 0  
G Reed Petersen Irrevocable Trust [Member] | Series A Preferred Stock [Member]            
Preferred stock, shares issued   1,000        
Preferred stock, shares outstanding   1,000        
Reddington Partners LLC [Member] | Common Stock [Member]            
Number of preferred shares converted           10,000,000
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Product Information [Line Items]          
Cash equivalents $ 0   $ 0   $ 0
Dilutive shares of common stock     5,000,000 0  
Customer One [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]          
Product Information [Line Items]          
Concentration risk, percentage 73.20% 28.10% 30.60% 14.20%  
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]          
Product Information [Line Items]          
Concentration risk, percentage     100.00%    
Customer Two [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]          
Product Information [Line Items]          
Concentration risk, percentage   19.70% 18.20% 111.30%  
Customer Three [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]          
Product Information [Line Items]          
Concentration risk, percentage   17.30% 14.40%    
Customer Four [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]          
Product Information [Line Items]          
Concentration risk, percentage   17.30%      
v3.24.3
GOING CONCERN (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]                
Net loss $ 450,515 $ (480,863) $ 65,776 $ 83,919 $ 1,487,672 $ 1,187,507 $ 35,428 $ 2,759,098
Cash used in operations             $ 60,592 $ 235,104
v3.24.3
REVERSE MERGER (Details Narrative) - Common Stock [Member] - shares
 3 Months Ended
Mar. 30, 2023
Mar. 31, 2023
Business Acquisition [Line Items]    
Shares issued for reverse acquisition, shares   87,424,424
Myson Inc [Member]    
Business Acquisition [Line Items]    
Shares issued for reverse acquisition, shares 87,424,424  
v3.24.3
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total $ 191,304 $ 191,304
Less: accumulated depreciation and amortization (191,304) (175,333)
Total property and equipment, net 15,971
Leaseholds and Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total 32,125 32,125
Computer Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total 11,770 11,770
Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total $ 147,409 $ 147,409
v3.24.3
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 15,971 $ 19,425
v3.24.3
LOAN PAYABLE (Details Narrative) - USD ($)
May 27, 2020
Sep. 30, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Debt instrument principal amount $ 150,000    
Debt instrument interest percentage 3.75%    
Debt instrument term 30 years    
Debt instrument principal and interest $ 731    
Debt instrument remaining   $ 150,000 $ 150,000
v3.24.3
RELATED PARTY TRANSACTIONS (Details Narrative)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2023
Jan. 01, 2023
ft²
Chief Executive Officer [Member]              
Related Party Transaction [Line Items]              
Operating lease term             5 years
Area of land | ft²             1,625
Payments for rent     $ 4,062        
Annual rate adjustment 3.00%   3.00%        
Chief Executive Officer [Member] | Employment Agreement [Member]              
Related Party Transaction [Line Items]              
Comission earned $ 250,594 $ 35,750 $ 522,749 $ 533,750      
Commission percentage           55.00%  
Chief Executive Officer [Member] | Employment Agreement [Member] | Minimum [Member]              
Related Party Transaction [Line Items]              
Revenue percentage 50.00%   50.00%        
Chief Executive Officer [Member] | Employment Agreement [Member] | Maximum [Member]              
Related Party Transaction [Line Items]              
Revenue percentage 75.00%   75.00%        
Mag Mile Capital LLC [Member] | Related Party [Member]              
Related Party Transaction [Line Items]              
Due to related parties $ 110,000   $ 110,000   $ 90,000    
v3.24.3
COMMON STOCK (Details Narrative) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Equity [Abstract]    
Common stock, shares authorized 480,000,000 480,000,000
Common stock, par value $ 0.00001 $ 0.00001
v3.24.3
PREFERRED STOCK (Details Narrative) - $ / shares
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, par value $ 0.00001 $ 0.00001
Series A Convertible Preferred Stock [Member]    
Class of Stock [Line Items]    
Preferred stock, shares authorized 1,000  
Number of shares converted into common shares 10,000  
Description of voting rights 100,000 voting rights per share  
v3.24.3
SCHEDULE OF OPERATING LEASE (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Operating Lease    
Operating lease asset $ 276,615 $ 318,114
Total lease asset 276,615 318,114
Operating lease liability – current portion 69,949 55,036
Operating lease liability – noncurrent portion 297,423 $ 297,529
Total lease liability $ 367,372  
v3.24.3
SCHEDULE OF LEASE OBLIGATIONS (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Operating Lease    
2024 $ 66,300  
2025 83,850  
2026 83,850  
2027 83,850  
2028 83,850  
Total payments 401,700  
Amount representing interest (34,328)  
Total lease liability 367,372  
Less current portion (69,949) $ (55,036)
Lease obligation – long term $ 297,423 $ 297,529
v3.24.3
OPERATING LEASE (Details Narrative)
 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Jan. 01, 2023
ft²
Defined Benefit Plan Disclosure [Line Items]      
Lease expense $ 55,749 $ 38,569  
Chief Executive Officer [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Operating lease term     5 years
Area of land | ft²     1,625
Payments for rent $ 4,062    
Annual rate adjustment 3.00%    
Discount rate 6.00%    
v3.24.3
SCHEDULE OF FAIR VALUE OF THE WARRANTS (Details)
Sep. 30, 2024
Measurement Input, Expected Term [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Expected life (years) 1 year 9 months
Measurement Input, Risk Free Interest Rate [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrants measurement input 3.84
Measurement Input, Price Volatility [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrants measurement input 132.96
Measurement Input, Expected Dividend Payment [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrants measurement input 0
v3.24.3
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Warrants    
Number of Warrants, Outstanding 5,000,000
Weighted Average Exercise Price, Outstanding $ 0.50
Number of Warrants, Issued 5,000,000
Weighted Average Exercise Price, Issued $ 0.50
Weighted Average Remaining Contractual Term (Years), Outstanding, Issued   1 year 9 months
Number of Warrants, Cancelled
Weighted Average Exercise Price, Cancelled
Number of Warrants, Exercised
Weighted Average Exercise Price, Exercised
Weighted Average Remaining Contractual Term (Years), Outstanding 1 year 1 year 3 months
Aggregate Intrinsic Value, Outstanding  
Number of Warrants, Outstanding 5,000,000 5,000,000
Weighted Average Exercise Price, Outstanding $ 0.50 $ 0.50
Aggregate Intrinsic Value, Outstanding
v3.24.3
WARRANTS (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2024
Apr. 04, 2023
Warrants maturity date Dec. 31, 2024  
Fair value of warrants $ 1,582,072  
Warrant [Member]    
Warrants price per share $ 0.50  
GK Partners Aps [Member] | Warrant [Member]    
Class of warrant or right outstanding   5,000,000
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