Mag Magna Corp 10-Q for FY2025 Q3

Mag Magna Corp (MGNC)

10-Q 2025-03-17 For: 2025-01-31

Added on April 06, 2026

About this 10-Q

Mag Magna Corp filed this 10-Q on March 17, 2025, covering the quarter ended January 31, 2025 (FY2025 Q3).

Headline figures

Quarter ended January 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $22.29K; up 430.8% from $4200 a year earlier
Net loss: $4670; compared with a net loss of $2078 a year earlier

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Securities registered under Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
N/a	N/a	N/a

Securities registered under Section 12(g) of the Exchange Act:
None

Large accelerated Filer	[ ]	Accelerated Filer	[ ]
Non-accelerated Filer	[X]	Smaller reporting company	[X]
		Emerging growth company	[X]

		Page
PART I	FINANCIAL INFORMATION:

Item 1.	Condensed Financial Statements (Unaudited)	4
	Condensed Balance Sheets as of January 31, 2025 (Unaudited) and April 30, 2024	5
	Condensed Statements of Operations for the three and nine months ended January 31, 2025 and 2024 (Unaudited)	6
	Condensed Statements of Changes in Stockholders’ Equity (Deficit) for the three and nine months ended January 31, 2025 and 2024 (Unaudited)	7
	Condensed Statements of Cash Flows for the nine months ended January 31, 2025 and 2024 (Unaudited)	8
	Notes to the Condensed Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18

Item 4.	Controls and Procedures	18

PART II	OTHER INFORMATION:

Item 1.	Legal Proceedings	19

Item 1A.	Risk Factors	19

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19

Item 3.	Defaults Upon Senior Securities	19

Item 4.	Mine Safety Disclosures	19

Item 5.	Other Information	19

Item 6.	Exhibits	19

Signatures		20

		As of January 31, 2025 (Unaudited)		As of April 30, 2024

ASSETS
Current Assets
Prepaid Expense	$	20,200	$	73,600
Total Current Assets		20,200		73,600
Other Assets
Intangible Assets, net		67,860		13,172
Total Other Assets		67,860		13,172
TOTAL ASSETS	$	88,060	$	86,772

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Liabilities
Current Liabilities
Accounts Payable	$	698	$	12,447
Deferred Income		11,549		-
Loan Payable – Related Party		136,587		105,369
Total Current Liabilities		148,834		117,816
Total Liabilities		148,834		117,816

Stockholders’ Equity (Deficit)
Common stock, $0.001 par value, 75,000,000 shares authorized, 5,829,047 and 5,829,047 shares issued and outstanding at January 31, 2025 and April 30, 2024, respectively		5,829		5,829
Additional Paid-in Capital		31,897		31,897
Accumulated Deficit		(98,500)		(68,770)
Total Stockholders’ Equity (Deficit)		(60,774)		(31,044)
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)	$	88,060	$	86,772

		Three months ended January 31, 2025		Three months ended January 31, 2024		Nine months ended January 31, 2025		Nine months ended January 31, 2024

Revenues:
Consulting services	$	9,987	$	4,200	$	23,726	$	5,600
API Requests		12,307		-		19,902		-
TOTAL REVENUE		22,294		4,200		43,628		5,600

OPERATING EXPENSES
General and administrative expenses		26,964		6,284		73,360		20,780
TOTAL OPERATING EXPENSES		26,964		6,284		73,360		20,780

INCOME (LOSS) FROM OPERATIONS		(4,670)		(2,084)		(29,732)		(15,180)

OTHER INCOME (EXPENSE)
Interest income		-		6		2		17
TOTAL OTHER INCOME (EXPENSE)		-		6		2		17

NET INCOME (LOSS)	$	(4,670)	$	(2,078)	$	(29,730)	$	(15,163)

NET INCOME (LOSS) PER SHARE	$	(0.00)	$	(0.00)	$	(0.01)	$	(0.00)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		5,829,047		5,289,847		5,829,047		5,289,847


	Common Stock			AdditionalPaid-in Capital		Accumulated Deficit		Total Stockholders’Equity (Deficit)
	Shares	Amount
Balance at April 30, 2023	4,500,000	$	4,500	$	-	$	(17,917	$	(13,417)

Sales of common stock at $0.025 per share	789,847		790		18,956		-		19,746
Net loss	-		-		-		(15,163)		(15,163)

Balance at January 31, 2024	5,289,847	$	5,290	$	18,956	$	(33,080)	$	(8,834)

Balance at April 30, 2024	5,829,047	$	5,829	$	31,897	$	(68,770)	$	(31,044)

Net loss	-		-		-		(29,730)		(29,730)

Balance at January 31, 2025	5,829,047	$	5,829	$	31,897	$	(98,500)	$	(60,774)

Balance at October 31, 2023	4,500,000	$	4,500	$	-	$	(31,002)	$	(26,502)

Sales of common stock at $0.025 per share	789,847		790		18,956		-		19,746
Net loss	-		-		-		(2,078)		(2,078)

Balance at January 31, 2024	5,289,847	$	5,290	$	18,956	$	(33,080)	$	(8,834)

Balance at October 31, 2024	5,829,047	$	5,829	$	31,897	$	(93,830)	$	(56,104)

Net loss	-		-		-		(4,670)		(4,670)

Balance at January 31, 2025	5,829,047	$	5,829	$	31,897	$	(98,500)	$	(60,774)

		Nine months ended January 31, 2025		Nine months ended January 31, 2024
OPERATING ACTIVITIES:
Net income (loss)	$	(29,730)	$	(15,163)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization expense		11,412		3,001
Changes in operating assets and liabilities:
Accounts receivable		-		-
Prepaid expense		(12,700)		(4,500)
Accounts payable		(11,749)		-
Deferred income		11,549		-
NET CASH USED IN OPERATING ACTIVITIES		(31,218)		(16,662)

INVESTING ACTIVITIES:
Intangible Assets		-		(12,600)
NET CASH USED IN INVESTING ACTIVITIES		-		(12,600)

FINANCING ACTIVITIES:
Proceeds from borrowings – related party		85,347		35,379
Repayments to related party		(54,129)		(25,863)
Proceeds from share issuance		-		19,746
NET CASH PROVIDED BY FINANCING ACTIVITIES		31,218		29,262

Net increase (decrease) in cash		-		-
Cash at beginning of period		-		-
Cash at end of period	$	-	$	-

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments for:
Interest paid	$	-	$	-
Income taxes paid	$	-	$	-

Non-cash investing and financing activities:
Reclassification of Prepaid Expense to Intangible Assets	$	66,100	$	9,000

	Estimated Useful Life (years)	January 31, 2025		April 30, 2024
Website	3	$	9,400	$	9,400
Software	5		75,100		9,000
			84,500		18,400
Accumulated amortization			(16,640)		(5,228)
Net book value		$	67,860	$	13,172

For the fiscal year ending:	Amortization Expense
April 30, 2025 (remaining)	$4,539
April 30, 2026	$16,958
April 30, 2027	$15,020
April 30, 2028	$15,020
April 30, 2029	$14,120
April 30, 2030	$2,203

Exhibit No.		Description
31.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

32.1		Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

MAG MAGNA CORP

Date: March 17, 2025	By:	s/ Oleg Bilinski
		Oleg Bilinski, Chief Executive Officer/Director
		(Principle Executive Officer)
		s/ Oleg Bilinski
		Oleg Bilinski, Chief Financial Officer/Chief Accounting Officer/Director (Principle Financial Officer)

1.	I have reviewed this Quarterly Report on Form 10-Q of MAG MAGNA CORP;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: March 17, 2025	By:	s/ Oleg Bilinski
		Oleg Bilinski, Chief Executive Officer/Director
		(Principle Executive Officer)
		s/ Oleg Bilinski
		Oleg Bilinski, Chief Financial Officer/Chief Accounting Officer/Director (Principle Financial Officer)

(1)	the Quarterly Report on Form 10-Q of MAG MAGNA CORP for the period ended January 31, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of MAG MAGNA CORP.