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Awaysis Capital, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $44,119, an increase from $6,800 in the same quarter the previous year. This increase is attributed to having more units available for rent.
Operating expenses for the quarter totaled $710,987, with sales and marketing expenses at $61,916 and general and administrative expenses at $649,071. The decrease in general and administrative expenses from the previous year is due to the absence of bonuses paid in the prior period.
The company reported an operating loss of $666,868 for the quarter, compared to $3,531,828 in the previous year. The decrease in operating loss is attributed to reduced expenses and increased revenue.
Other expenses for the quarter included interest expense of $33,054, partially offset by other income of $5,848.
Net loss for the quarter was $694,074, compared to a net loss of $3,531,828 in the previous year. The reduction in net loss is due to decreased operating expenses and increased revenue.
As of September 30, 2024, Awaysis Capital had cash of $234,367 and a positive working capital of $2,664,034. The company expects to raise additional capital through equity or debt securities.
The filing also details a $5,000,000 line of credit with BOS Investments Inc., with an initial tranche of $250,000 drawn on November 15, 2024.
Awaysis Capital continues to focus on acquiring and developing residential vacation home communities in desirable travel destinations, with current operations in Belize.
The company is subject to various federal, state, local, and foreign laws and regulations, including those related to real estate and hospitality operations.
The filing indicates that the company has identified deficiencies in its disclosure controls and procedures and is seeking to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Awaysis Capital Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.