MGO Global Inc.

CIK:0001902794|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 565,400	$ 1,054,161	$ 2,661,253	$ 2,823,601
Cost of sales	72,414	235,003	586,502	761,473
Gross profit	492,986	819,158	2,074,751	2,062,128
Operating expenses:
Selling, general and administrative expenses	1,386,146	1,827,926	5,711,978	3,325,737
Marketing and e-commerce expenses	464,571	1,022,732	2,026,263	2,362,606
Total operating expenses	1,850,717	2,850,658	7,738,241	5,688,343
Operating loss	(1,357,731)	(2,031,500)	(5,663,490)	(3,626,215)
Other (income) expenses:
Interest expense	4,454		8,403
Interest income	(15,381)		(16,151)	(29,876)
Other (income) expenses, net			(2,715)
Total other (income) expenses	(10,927)		(10,463)	(29,876)
Net loss from continuing operations	(1,346,804)	(2,031,500)	(5,653,027)	(3,596,339)
Net income (loss) from discontinued operations	44,237	(520,613)	1,938,008	(1,574,104)
Net loss	(1,302,567)	(2,552,113)	(3,715,019)	(5,170,443)
Less: net income (loss) attributable to noncontrolling interest	5,229	(62,800)	229,073	(185,556)
Net loss attributable to MGO stockholders	$ (1,307,796)	$ (2,489,313)	$ (3,944,092)	$ (4,984,887)
Basic weighted average shares outstanding	2,507,442	1,424,154	1,953,276	1,408,517
Diluted weighted average shares outstanding	2,507,442	1,424,154	1,953,276	1,408,517
Basic net loss per share to MGO stockholders on continuing operations	$ (0.54)	$ (1.43)	$ (2.89)	$ (2.55)
Diluted net loss per share to MGO stockholders on continuing operations	(0.54)	(1.43)	(2.89)	(2.55)
Basic net loss per share to MGO stockholders on discontinued operations	0.02	(0.37)	0.99	(1.12)
Diluted net loss per share to MGO stockholders on discontinued operations	0.02	(0.37)	0.99	(1.12)
Basic net income (loss) per share to MGO stockholders	(0.52)	(1.79)	(1.90)	(3.67)
Diluted net income (loss) per share to MGO stockholders	$ (0.52)	$ (1.79)	$ (1.90)	$ (3.67)

Consolidated Statements of Cash Flow (Unaudited) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (1,302,567)	$ 63,163	$ (2,552,113)	$ (1,220,125)	$ (3,715,019)	$ (5,170,443)
Net income (loss) from discontinued operations	44,237		(520,613)		1,938,008	(1,574,104)
Net loss from continuing operations					(5,653,027)	(3,596,339)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expenses					81,590	38,321
Stock compensation expense					1,976,962	673,624
Net changes in operating assets and liabilities:
Accounts receivable					9,354	(44,274)
Inventory					(442,337)	(479,375)
Prepaid expenses					146,446	(388,238)
Other current assets						(7,500)
Accounts payable - related party					(2,909)	(22,533)
Accrued payroll					(474,995)	(643,030)
Accounts payable and accrued liabilities					1,622,298	(2,071,651)
Net cash used in continuing operating activities					(2,736,618)	(6,540,995)
Net cash provided by (used in) discontinued operating activities					(1,978,857)	144,432
Net cash used in operating activities					(4,715,475)	(6,396,563)
Cash flows from investing activities:
Purchases of property and equipment					(512)	(179,853)
Net cash used in investing activities					(512)	(179,853)
Net cash provided by discontinued investing activities					2,000,000
Net cash provided by (used in) investing activities					1,999,488	(179,853)
Cash flows from financing activities:
Shares issued for cash, net					3,215,752	7,622,354
Cash received from exercise of warrants						700,000
Payment for investment advisor services					(25,000)
Principle payment on loan payable					(57,212)
Borrowings from loan payable					85,000
Net cash provided by continuing financing activities					3,218,540	8,322,354
Net cash provided by discontinued financing activities						(138,840)
Net cash provided by financing activities					3,218,540	8,183,514
Net increase in cash and cash equivalents					502,553	1,607,098
Cash and cash equivalents at beginning of period, including discontinued operations		$ 934,911		$ 113,952	934,911	113,952	$ 113,952
Cash and cash equivalents at end of period, including discontinued operations	1,437,464		1,721,050		1,437,464	1,721,050	934,911
Less cash from discontinued operations	(2,176)		(88,271)		(2,176)	(88,271)	$ (98,466)
Cash and cash equivalents at the end of the period	$ 1,435,288		$ 1,632,779		1,435,288	1,632,779
Supplemental disclosure of cash flow information
Interest					14,364
Non-cash financing activities
Stock issued for legal settlement					99,999
Stock issued for settlement of accounts payable					$ 131,950

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,435,288	$ 836,446
Accounts receivable	15,998	25,352
Inventories	1,049,359	607,022
Prepaid expenses	56,979	178,425
Other current assets	7,500	7,500
Current assets from discontinued operations	10,135	267,703
Total current assets	2,575,259	1,922,448
Property and equipment, net	238,384	319,462
Total assets	2,813,643	2,241,910
Current liabilities:
Accrued liabilities	40,340	216,297
Accrued payroll	58,648	533,643
Loan payable	27,788
Current liabilities from discontinued operations	1,529	379,867
Total current liabilities	182,244	1,320,162
Total liabilities	182,244	1,320,162
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock, par value, $.00001, authorized 20,000,000 shares, nil outstanding
Common stock, par value $0.00001, authorized 150,000,000 shares; 2,904,001 and 1,426,613 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	29	14
Additional paid-in capital	19,874,872	14,450,217
Accumulated deficit	(16,884,132)	(12,940,040)
Total MGO stockholders’ equity	2,990,769	1,510,191
Non-controlling interest	(359,370)	(588,443)
Total stockholder’s equity	2,631,399	921,748
Total liabilities and stockholders’ equity	2,813,643	2,241,910
Nonrelated Party [Member]
Current liabilities:
Accounts payable	51,170	184,677
Related Party [Member]
Current liabilities:
Accounts payable	$ 2,769	$ 5,678