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MGO Global Inc. (NASDAQ:MGOL) shares are skyrocketing on Wednesday.
Yesterday, the company said that its first quarter total revenues climbed 1385% to $670,264, up from $45,147 year-over-year.
The real reason behind the magnificent revenue growth was that the company did not launch sales of its Stand Flagpole line of products until mid-March 2023. This also resulted in a whopping 1725% increase in gross profit to $502,532.
On continuing operations basis, the company reported losses of 1 cent per share, compared to losses of 9 cents per share from the same quarter last year.
As of March 31, 2024, the company’s cash on hand from continuing operations was $1.517 million, as compared to $836,446 as of December 31, 2023, an increase of 81%.
The increase was primarily attributable to the assignment of the Messi Brand to Centric in exchange for $2 million in cash and their assumption of obligation to pay €1.5 million in royalty payments to LMM in 2024.
Effective as of that date (March 21, 2024), the company discontinued operations on The Messi Store.
Until such time that the company fully implements its growth strategy, it expects to continue generating operating losses in the foreseeable future, primarily due to higher corporate overhead, higher marketing and inventory expenses, and costs associated with being a public company.
Price Action: MGOL shares are trading higher by 36% to $1.70 premarket at last check Wednesday.
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Posted In: MGOL
