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Alset Inc. (AEI-8.31%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a revenue of $4,960,711, compared to $990,199 in the same quarter the previous year. The increase is primarily due to property sales from the Lakes at Black Oak Project.
Operating expenses for the quarter were $5,924,492, compared to $3,067,103 in the same quarter of the previous year. The increase is attributed to recording impairment of goodwill and investment.
The company reported a net income of $1,469,239 for the quarter, compared to a net loss of $17,026,008 in the previous year, with the improvement attributed to a decrease in loss on sale of securities and loss on consolidation of subsidiary.
Cash used in operating activities was $8,751,416, while cash provided by investing activities was $18,707,934, and cash used in financing activities was $21,370,610.
Alset had total assets of $98,788,837 as of September 30, 2024, down from $126,314,028 at the end of the previous year. This decrease is mainly due to a reduction in cash held in the Trust Account following shareholder redemptions.
The filing details various financial agreements, including a convertible credit agreement with Value Exchange International Inc., providing a maximum credit line of $1,500,000.
Alset Inc. continues to focus on its real estate segment, with recent sales agreements for lots in the Lakes at Black Oak and Alset Villa projects.
Alset does not anticipate any significant changes in its operations or financial position in the near future.
The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alset Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.