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Hubilu Venture Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in rental revenue to $616,393 from $473,105 in the same quarter the previous year. The increase is attributed to higher rental rates and additional properties.
General and administrative expenses rose to $37,145 from $19,687, primarily due to increased property management costs.
Salaries and benefits expenses increased to $35,300 from $17,200, reflecting higher compensation for the vice president.
Utilities expenses decreased to $7,760 from $10,003, due to reimbursements from tenants.
Professional fees rose to $35,867 from $13,476, driven by increased compliance and legal costs.
Net income for the quarter was $66,522, up from $62,040 in the previous year, due to increased revenues.
Cash provided by operating activities was $354,703, while cash used in investing and financing activities was $1,203,313 and $882,483, respectively.
Hubilu had negative working capital of $3,167,357 as of September 30, 2024. The company acknowledges its need for additional financing to sustain operations.
The filing also details property acquisitions, including purchases in Los Angeles, and investments in a conglomerate of spiritual and health-based product companies.
The company reported a total liability of $21,849,063 and an accumulated deficit of $2,117,118 as of September 30, 2024.
Hubilu continues to focus on acquiring student housing and corporate income properties near Los Angeles Metro stations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hubilu Venture Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.