$YBGJ

MAGNA LAB INC

CIK:0000895464|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Sales of products and services	$ 0	$ 0	$ 0	$ 0
Cost of goods and services sold	0	0	0	0
Gross Profit	0	0	0	0
Operating expenses:
Employee compensation	165,491	183,864	357,281	389,661
Occupancy	28,609	49,723	56,800	99,446
Depreciation and amortization of property and equipment	793	41,744	26,538	83,007
Amortization of intangible assets	162	3,400	3,487	6,760
Other operating expenses	43,806	(29,032)	84,028	13,220
Total Operating Expenses	238,860	249,699	528,135	592,094
Income (loss) from operations	(238,860)	(249,699)	(528,135)	(592,094)
Other Income (Expenses)
Other income (expense)	(29,860)	(23)	(35,612)	(42)
Total Other Income (Expenses)	(29,860)	(23)	(35,612)	(42)
Loss before Provision for Income Tax	(268,721)	(249,722)	(563,747)	(592,136)
Provision for Income Tax	0	0	0	0
Net loss	(268,721)	(249,722)	(563,747)	(592,136)
Net loss attributable to non-controlling interest	(20,772)	(19,389)	(43,190)	(51,077)
Net loss attributable to common stockholders	$ (247,949)	$ (230,333)	$ (520,557)	$ (541,059)
Net loss per share basic and diluted	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Weighted average common shares outstanding basic and diluted	170,420,790	119,820,790	170,420,790	119,820,790
Comprehensive income (loss)
Net loss to the Company	$ (247,949)	$ (230,333)	$ (520,557)	$ (541,059)
Net loss to NCI	(20,772)	(19,389)	(43,190)	(51,077)
Foreign currency translation adjustment to the Company	(77,027)	(100,456)	(147,377)	90,185
Foreign currency translation adjustment to the NCI	0	14,809	0	(57,168)
Total comprehensive income (loss)	$ (345,747)	$ (335,369)	$ (711,124)	$ (559,119)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (563,747)	$ (592,136)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	30,026	89,766
Bad debt of prepaid expenses	29,050	0
Changes in operating assets and liabilities:
Receivables	(8)	46,979
Prepaid expense	14,150	(45,430)
Inventory	0	(697)
Due from related parties	0	(5,235)
Lease security deposit	0	80,018
Accounts payable and accrued expenses	199,269	12,662
Advances from prospective customers	0	8,002
Net cash used in operating activities	(291,261)	(406,071)
Cash flows from investing activities:
Proceeds for sale of Equipment	0	79,904
Net cash provided in investing activities	0	79,904
Cash flows from financing activities:
Advances from related parties (net)	291,754	473,919
Net cash provided by financing activities	291,754	473,919
Effect of exchange rate changes	3,434	(144,351)
Net increase (decrease) in cash	3,927	3,401
Cash at beginning of period	8,062	7,015
Cash at end of period	11,989	10,416
Supplemental Cash Flow Information:
Income taxes paid	0	0
Interest paid	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash	$ 11,989	$ 8,062
Receivables	138,052	138,043
Prepaid expenses	110,982	209,316
Inventory	24,803	24,034
Due from related parties	297,273	288,057
Total Current Assets	583,098	667,512
Property and equipment, net	17,444	43,030
Intangible assets, net	39,883	42,080
Operating lease right of use asset	15,655	78,783
Lease security deposit	16,192	15,690
Total Assets	672,272	847,094
Current liabilities
Accounts payable and accrued expenses (including accounts payable and accrued expenses of VIE without recourse to the Company of $1,253,792 and $1,008,758 as of June 30, 2026 and December 31, 2025, respectively)	1,307,427	1,060,730
Advances from prospective customers (including advances from prospective customers of VIE without recourse to the Company of $454,432 and $440,344 as of June 30, 2026 and December 31, 2025, respectively)	454,432	440,344
Due to related parties (including due to related parties of VIE without recourse to the Company of $1,400,015 and $1,061,372 as of June 30, 2026 and December 31, 2025, respectively)	1,550,084	1,211,440
Operating lease liabilities - current (including operating lease liabilities - current of VIE without recourse to the Company of $15,655 and $78,783 as of June 30, 2026 and December 31, 2025, respectively)	15,655	78,783
Total Current Liabilities	3,327,598	2,791,297
Non-current liabilities
Operating lease liabilities - non-current (including operating lease liabilities - non-current of VIE without recourse to the Company of $0 and $0 as of June 30, 2026 and December 31, 2025, respectively)	0	0
Total Liabilities	3,327,598	2,791,297
Commitments and contingencies	0	0
Shareholders' Deficit:
Preferred stock, par value $.01 per share, 5,000,000 shares authorized, none issued	0	0
Additional Paid in Capital	5,468,883	5,468,883
Accumulated deficit	(8,260,616)	(7,740,059)
Accumulated other comprehensive income (loss)	(1,278)	146,100
Total deficit attributable to common shareholders	(2,622,591)	(1,954,657)
Non-controlling interests	(32,736)	10,454
Total Deficit	(2,655,327)	(1,944,203)
Total Liabilities and Shareholders' Equity	672,272	847,094
Common Class A [Member]
Shareholders' Deficit:
Common stock, value	170,416	170,416
Common Class B [Member]
Shareholders' Deficit:
Common stock, value	$ 4	$ 4