Mangoceuticals, Inc., a Texas-based health services company, has entered into agreements with several consulting firms, issuing equity as payment for services provided. The company, trading under the ticker NASDAQ:MGRX, disclosed these transactions in a recent SEC filing.
On August 15, 2024, Mangoceuticals signed a Consulting Agreement with Veritas Consulting Group, Inc. for investor relations and business advisory services. Veritas received 150,000 shares of restricted common stock, valued at $43,155, and will be paid $7,500 monthly for their services.
A week later, on August 22, Mangoceuticals entered a Marketing Agreement with Levo Healthcare Consulting, Inc. to provide digital marketing services. Levo was issued 195,000 restricted shares, vesting monthly, and will receive $6,250 per month. Additionally, Mangoceuticals has agreed to grant Levo warrants to purchase up to 300,000 shares upon achieving customer milestones.
On September 10, 2024, Luca Consulting, LLC was engaged for management consulting services. In return, Luca received 650,000 shares of restricted common stock, valued at $175,500, and will receive a total cash payment of $30,000 over the six-month agreement period.
Furthermore, Mangoceuticals has utilized its Equity Line of Credit (ELOC) with Platinum Point Capital, issuing 2,000,000 shares at $0.26 per share, resulting in net proceeds of $521,016 after fees and expenses. This transaction is part of a larger commitment by Platinum Point Capital to purchase up to $25 million of Mangoceuticals' common stock.
Additionally, Platinum Point Capital converted Series B Preferred Stock into common stock, with 140 shares converted into 718,552 common shares on September 26, 2024, and 190 shares into 1,003,842 common shares on October 2, 2024.
In other recent news, Mangoceuticals, also known as MangoRx, has announced several developments. The company introduced a new weight loss treatment, Slim, which is available through its telemedicine platform. In addition, MangoRx has sold 500 shares of its Series B Convertible Preferred Stock to an institutional accredited investor and increased the monthly car allowance for CEO Jacob Cohen.
MangoRx also secured a patent in India for its preventive care technology and initiated clinical trials with Vipragen Biosciences. The company received DEA authorization for its telemedicine operating system through Surescripts, which allows it to prescribe a broader range of medications.
Furthermore, MangoRx appointed Dr. Douglas Christianson as Director of Medical Research and Product Innovation and formed a strategic partnership with the International Society of Frontier Life Sciences and Technology to distribute its men's health and wellness products in Asia and Latin America. These are the recent developments for MangoRx, a company that continues to innovate and expand its product offerings in the healthcare sector.
InvestingPro Insights
Mangoceuticals' recent equity-based transactions and consulting agreements align with its current financial position and market performance. According to InvestingPro data, the company's market cap stands at $8.92 million, reflecting its small-cap status. This context helps explain why Mangoceuticals is leveraging equity to secure services and funding.
InvestingPro Tips highlight that Mangoceuticals is "quickly burning through cash" and has "short term obligations exceed liquid assets." These factors likely contribute to the company's strategy of issuing shares for services and utilizing its Equity Line of Credit. Despite these challenges, the company boasts "impressive gross profit margins," with InvestingPro data showing a gross profit margin of 58.19% for the last twelve months as of Q2 2024.
The company's stock has shown volatility, with InvestingPro Tips noting a "significant return over the last week" and a "strong return over the last month." This is corroborated by the 1-week price total return of 30.88% and 1-month return of 24.39%. However, investors should be aware that the stock has "fallen significantly over the last year," with a 1-year price total return of -64.48%.
For those interested in a deeper analysis, InvestingPro offers 13 additional tips for Mangoceuticals, providing a more comprehensive view of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.