Summary by Moomoo AI
Mangoceuticals, Inc. reported financial results for the quarter ended March 31, 2024, with revenue reaching $214,095, a significant increase from $100,722 in the same period the previous year. The company's cost of revenues was $20,795, down from $23,753 year-on-year, while related party cost of revenues increased to $45,902 from $19,770. Gross profit for the quarter stood at $147,398, more than double the $57,199 reported in the prior year's quarter. Operating expenses totaled $2,515,015, with general and administrative expenses at $771,958, down from $1,297,271 in the previous year. The company also reported salary and benefits expenses of $293,209, advertising and marketing costs of $852,383, and investor relations expenses of $143,000. Stock-based compensation was $454,465. The net loss for the quarter was $2,367,617, a slight improvement from a net loss of $2,560,885 in the same quarter of the previous year. Mangoceuticals' business development included efforts to expand and grow operations, with plans to enhance its telemedicine platform, develop new products, and explore strategic acquisitions. The company's future plans involve continued investment in marketing and technology to attract new customers and expand product offerings.