Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 14, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
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 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash | $ 8,795 | $ 56,222 |
Draws against commissions | 224,663 | 208,344 |
Prepaid stock compensation | 185,000 | 185,000 |
Total Current Assets | 418,458 | 449,566 |
Operating lease right of use asset | 304,455 | 318,114 |
Property and equipment, net | 9,496 | 15,971 |
Total other assets | 313,951 | 334,085 |
Total Assets | 732,409 | 783,651 |
Current Liabilities: | ||
Accounts payable and accruals | 58,743 | 74,318 |
Operating lease liability – current portion | 52,026 | 55,036 |
Total Current Liabilities | 236,407 | 229,992 |
Long Term Liabilities: | ||
Operating lease liability – net of current portion | 305,648 | 297,529 |
Loan payable, net of current portion | 139,362 | 139,362 |
Long Term Liabilities | 445,010 | 436,891 |
Total Liabilities | 681,417 | 666,883 |
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 | (2,754,244) | (2,688,468) |
Total stockholders’ equity | 50,992 | 116,768 |
Total Liabilities and Stockholders’ Equity | 732,409 | 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 | $ 115,000 | $ 90,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares designated | 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 designated | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Revenue | $ 532,593 | $ 501,500 |
Gross margin | 200,089 | (80,560) |
Operating expenses: | ||
Professional fees | 26,500 | 447,057 |
Consulting | 10,450 | 50,750 |
Payroll expense | 79,033 | 48,294 |
General and administrative | 147,689 | 550,185 |
Total operating expenses | 263,672 | 1,096,286 |
Loss from operations | (63,583) | (1,176,846) |
Other expense: | ||
Interest expense | (2,193) | |
Total other expense | (2,193) | |
Net loss income before income tax | (65,776) | (1,176,846) |
Income tax | ||
Net Loss | $ (65,776) | $ (1,176,846) |
(Loss) per share, basic | $ 0 | $ (0.11) |
(Loss) per share, diluted | $ 0 | $ (0.11) |
Weighted average shares outstanding, basic | 100,055,935 | 11,164,274 |
Weighted average shares outstanding, diluted | 100,055,935 | 11,164,274 |
Nonrelated Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Commission expense | $ (226,339) | $ (337,960) |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Commission expense | $ (106,165) | $ (244,100) |
Condensed Statements of Changes
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 |
Balances at Dec. 31, 2022 | $ 101 | $ 426,500 | $ 427,022 | $ 853,623 | |
Balance, shares at Dec. 31, 2022 | 10,133,284 | ||||
Net loss | (1,176,846) | (1,176,846) | |||
Stock issued for services | $ 18 | 894,096 | 894,114 | ||
Stock issued for services, shares | 1,788,224 | ||||
Shares issued for reverse acquisition | $ 874 | (874) | |||
Shares issued for reverse acquisition, shares | 87,424,424 | ||||
Balances at Mar. 31, 2023 | $ 993 | 1,319,722 | (749,824) | 570,891 | |
Balance, shares at Mar. 31, 2023 | 99,345,932 | ||||
Balances at Dec. 31, 2023 | $ 1,000 | 2,804,236 | (2,688,468) | 116,768 | |
Balance, shares at Dec. 31, 2023 | 100,055,935 | ||||
Net loss | (65,776) | (65,776) | |||
Balances at Mar. 31, 2024 | $ 1,000 | $ 2,804,236 | $ (2,754,244) | $ 50,992 | |
Balance, shares at Mar. 31, 2024 | 100,055,935 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (65,776) | $ (1,176,846) |
Adjustments to reconcile net loss to net cash used in Operating activities: | ||
Common stock issued for services | 894,114 | |
Depreciation expense | 6,475 | 6,476 |
Operating lease expense | 18,768 | |
Changes in Operating Assets and Liabilities: | ||
Draws against commissions | (16,319) | (33,241) |
Accounts payable and accruals | (15,575) | (27,386) |
Net cash used by operating activities | (72,427) | (336,883) |
Cash Flows from Investing Activities: | ||
Cash Flows from Financing Activities: | ||
Loan payable – related party | 25,000 | |
Loan payable | (2,193) | |
Net cash provided (used) by financing activities | 25,000 | (2,193) |
Net change in cash | (47,427) | (339,076) |
Cash, at beginning of period | 56,222 | 374,091 |
Cash, at end of period | 8,795 | 35,015 |
Supplemental Non-Cash Disclosure: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-cash financing activity: | ||
Establish right of use of asset | $ 373,489 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 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.) On May 11, 2022, G. Reed Petersen Irrevocable Trust (the “Seller”), agreed to sell all 1,000 495,000 10,000,000 98.7 10,000,000 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 87,424,424 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 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 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 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 5,000,000 0 Revenue Recognition The Company follows ASC 606, Revenue from Contracts with Customers For the three months ended March 31, 2024, the Company recognized 47 22 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. Draws Against Commissions Draws against commissions are payments made to originators, brokers or sales people 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 sales people 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. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 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 three months ended March 31, 2024, we had a net loss of $ 65,776 72,427 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. |
REVERSE MERGER
REVERSE MERGER | 3 Months Ended |
Mar. 31, 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 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. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Mar. 31, 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 March 31, 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 (181,808 ) (175,333 ) Total property and equipment, net $ 9,496 $ 15,971 Depreciation expense for the three months ended March 31, 2024, and 2023, was $ 6,475 6,476 |
LOAN PAYABLE
LOAN PAYABLE | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LOAN PAYABLE | NOTE 6 – LOAN PAYABLE On May 27, 2020, the Company received a $ 150,000 3.75 thirty years 731 150,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 - RELATED PARTY TRANSACTIONS As of March 31, 2024 and December 31, 2023, the Company has a loan payable due to Mag Mile Capital LLC of $ 65,000 40,000 The Company has an office lease dated January 1, 2023, with a term of five years 1,625 4,062 3 Per the terms of Mr. Shah’s employment agreement, he received between 50 75 106,165 244,100 55 |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 8 – COMMON STOCK The Company has authorized 480,000,000 0.00001 |
PREFERRED STOCK
PREFERRED STOCK | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 9 – PREFERRED STOCK The Company has authorized 20,000,000 0.00001 Of the authorized preferred stock 1,000 10,000 100,000 voting rights per share. |
OPERATING LEASE
OPERATING LEASE | 3 Months Ended |
Mar. 31, 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 1,625 4,062 3 6 SCHEDULE OF OPERATING LEASE Balance Sheet Classification March 31, 2024 Asset Operating lease asset Right of use asset $ 304,455 Total lease asset $ 304,455 Liability Operating lease liability – current portion Current operating lease liability $ 52,026 Operating lease liability – noncurrent portion Long-term operating lease liability 305,648 Total lease liability $ 357,674 Lease obligations at March 31, 2024 consisted of the following: SCHEDULE OF LEASE OBLIGATIONS For the year ended December 31: 2024 $ 49,725 2025 83,850 2026 83,850 2027 83,850 2028 83,850 Total payments 285,125 Amount representing interest (27,451 ) Lease obligation, net 357,674 Less current portion (52,026 ) Lease obligation – long term $ 305,648 Lease expense for the three months ended March 31, 2024 was $ 18,211 |
WARRANTS
WARRANTS | 3 Months Ended |
Mar. 31, 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 We accounted for the warrants in accordance with the guidance of Financial Accounting Standards Board (“FASB”) ASC Topic 718, Compensation — Stock Compensation, The Warrants are exercisable for shares of the Company’s common stock at a price of $ 0.50 December 31, 2024 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, March 31, 2024 5,000,000 $ 0.50 1.00 $ — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 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 |
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 5,000,000 0 |
Revenue Recognition | Revenue Recognition The Company follows ASC 606, Revenue from Contracts with Customers For the three months ended March 31, 2024, the Company recognized 47 22 |
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. |
Draws Against Commissions | Draws Against Commissions Draws against commissions are payments made to originators, brokers or sales people 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 sales people 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. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment, net consists of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 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 (181,808 ) (175,333 ) Total property and equipment, net $ 9,496 $ 15,971 |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Operating Lease | |
SCHEDULE OF OPERATING LEASE | SCHEDULE OF OPERATING LEASE Balance Sheet Classification March 31, 2024 Asset Operating lease asset Right of use asset $ 304,455 Total lease asset $ 304,455 Liability Operating lease liability – current portion Current operating lease liability $ 52,026 Operating lease liability – noncurrent portion Long-term operating lease liability 305,648 Total lease liability $ 357,674 |
SCHEDULE OF LEASE OBLIGATIONS | Lease obligations at March 31, 2024 consisted of the following: SCHEDULE OF LEASE OBLIGATIONS For the year ended December 31: 2024 $ 49,725 2025 83,850 2026 83,850 2027 83,850 2028 83,850 Total payments 285,125 Amount representing interest (27,451 ) Lease obligation, net 357,674 Less current portion (52,026 ) Lease obligation – long term $ 305,648 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Mar. 31, 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, March 31, 2024 5,000,000 $ 0.50 1.00 $ — |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) - USD ($) | 3 Months Ended | |||||
Mar. 30, 2023 | May 11, 2022 | Mar. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 08, 2022 | |
Reddington Partners LLC [Member] | ||||||
Ownership percentage | 98.70% | |||||
Mag Mile Capital [Member] | ||||||
Ownership percentage | 88% | |||||
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 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Product Information [Line Items] | |||
Cash equivalents | $ 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 | 47% | ||
Customer Two [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 22% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ 65,776 | $ 1,176,846 |
Net cash (used) provided by operating activities | $ 72,427 | $ 336,883 |
REVERSE MERGER (Details Narrati
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 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 191,304 | $ 191,304 |
Less: accumulated depreciation and amortization | (181,808) | (175,333) |
Total property and equipment, net | 9,496 | 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 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 6,475 | $ 6,476 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
May 27, 2020 | Mar. 31, 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 interest and remaining balance | $ 150,000 | $ 150,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jan. 01, 2023 ft² | |
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% | |||
Mr Shahs [Member] | Employment Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Comission earned | $ 106,165 | $ 244,100 | ||
Mr Shahs [Member] | Employment Agreement [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue percentage | 50% | |||
Commission percentage | 55% | |||
Mr Shahs [Member] | Employment Agreement [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue percentage | 75% | |||
Mag Mile Capital LLC [Member] | Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | $ 65,000 | $ 40,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Equity [Abstract] | ||
Common stock, shares authorized | 480,000,000 | 480,000,000 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||
Preferred stock, shares designated | 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 designated | 1,000 | |
Number of shares converted into common shares | 10,000 | |
Description of voting rights | 100,000 voting rights per share. |
SCHEDULE OF OPERATING LEASE (De
SCHEDULE OF OPERATING LEASE (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Lease | ||
Operating lease asset | $ 304,455 | $ 318,114 |
Total lease asset | 304,455 | 318,114 |
Operating lease liability – current portion | 52,026 | 55,036 |
Operating lease liability – noncurrent portion | 305,648 | $ 297,529 |
Total lease liability | $ 357,674 |
SCHEDULE OF LEASE OBLIGATIONS (
SCHEDULE OF LEASE OBLIGATIONS (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Lease | ||
2024 | $ 49,725 | |
2025 | 83,850 | |
2026 | 83,850 | |
2027 | 83,850 | |
2028 | 83,850 | |
Total payments | 285,125 | |
Amount representing interest | (27,451) | |
Total lease liability | 357,674 | |
Less current portion | (52,026) | $ (55,036) |
Lease obligation – long term | $ 305,648 | $ 297,529 |
OPERATING LEASE (Details Narrat
OPERATING LEASE (Details Narrative) | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Jan. 01, 2023 ft² | |
Operating Lease | ||
Operating lease term | 5 years | |
Area of land | ft² | 1,625 | |
Payments for rent | $ 4,062 | |
Annual rate adjustment | 3% | |
Discount rate | 6% | |
Lease expense | $ 18,211 |
SCHEDULE OF FAIR VALUE OF THE W
SCHEDULE OF FAIR VALUE OF THE WARRANTS (Details) | Mar. 31, 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 |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Warrants | ||
Number of Warrants, Outstanding, Beginning Balance | 5,000,000 | |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 0.50 | |
Number of Warrants, Granted | 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, Beginning Balance | ||
Number of Warrants, Outstanding, Ending Balance | 5,000,000 | 5,000,000 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ 0.50 | $ 0.50 |
Aggregate Intrinsic Value, Outstanding, Ending Balance |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 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 |