Summary by Moomoo AI
Mangoceuticals, Inc. has reported its financial performance for the year ended December 31, 2023, with revenues totaling $731,493 and a net loss of $9,212,417. The company's accumulated deficit has reached $11,228,173. Earlier in the year, Mangoceuticals completed an initial public offering (IPO) in March, raising approximately $4.35 million by issuing 1,250,000 shares at $4.00 each. Additionally, a follow-on offering was conducted, involving the sale of 4,600,000 shares and the issuance of warrants to Boustead Securities, LLC. The company has also entered into consulting agreements, compensating with restricted common stock, and borrowed funds from entities controlled by CEO Jacob D. Cohen, with the borrowed amounts being payable on demand without interest. Furthermore, stockholders have approved an amendment to the 2022 Equity Incentive Plan, increasing the number of shares available for awards. Despite the financial challenges, as indicated by the substantial doubt about the company's ability to continue as a going concern, Mangoceuticals has prepared its financial statements on a going concern basis and is not currently involved in any litigation that could impact its operations.