MGO Global Announces First Quarter 2024 Results

MIAMI, FL and LONDON, UK and NEW YORK, NY / ACCESSWIRE / May 21, 2024 / MGO Global Inc. (NASDAQ:MGOL), a digitally-native, lifestyle brand portfolio company, ("MGO" or the "Company" or "MGO Global"), today announced its financial results for the three months ended March 31, 2024.

First Quarter Financial and Operational Highlights

• Total revenues climbed 1385% to $670,264 from $45,147 due primarily to the timing of the launch of the Company's Stand Flagpole line of products, which did not occur until mid-March 2023.
• On March 21, 2024, MGO assigned its Trademark License Agreement ("TLA") with Leo Messi Management ("LMM") for the Messi Brand line of apparel, accessories and homewares to Centric Brand in exchange for $2,000,000 in cash and Centric Brands assuming all of MGO's right and obligations pursuant to the TLA, including the minimum guaranteed royalty amount of €1,500,000 due in 2024 to LMM. As a result, revenues generated from sales of Messi Brand products have been reflected in discontinued operations for the comparable three month reporting periods ended March 31, 2024 and 2023.
• Net loss from continuing operations was $1,864,135, a 169% increase over the net loss of $692,506 reported for the three months ended March 31, 2024 and 2023, respectively.
• Net income from discontinued operations rose to $1,927,298 from a net loss of $527,619 for the three months ended March 31, 2024 and 2023, respectively, largely as a result of the Centric Brands deal.
• Overall, net income totaled $63,163 for the three months ended March 31, 2024, which compared to a net loss of $1,220,125 posted for the three months ended March 31, 2023. After factoring net income of $227,807 and a net loss of $62,069 for non-controlling interest for the three months ended March 31, 2024 and 2023, respectively, net loss attributable to MGO stockholders was $164,644, or $0.01 loss per share, and 1,158,056, or $0.08 loss per share, respectively.
• In February 2024, the Company engaged New York-based investment banking firm Maxim Group, LLC to implement an At-The-Market offering ("ATM") to raise gross proceeds of up to $1,650,000 through sales of our common stock in the open market from time to time, depending on prevailing market conditions. As of March 31, 2024, the Company has received net proceeds of $662,565 from the ATM.

As of March 31, 2024, cash and cash equivalents was $1,517,158, there was no long-term debt and total stockholders' equity was $2,042,886. This compared to cash and cash equivalents of $836,446, zero long term debt and total stockholders' equity of $921,748 as of December 31, 2023.