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International Land Alliance, Inc. 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 net revenue to $1,303,271 from $358,129 in the same quarter the previous year. The increase is attributed to real estate sales, interest from financed sales, and components of home construction.
Cost of revenue for the quarter was $390,788, compared to $296,680 in the same quarter of the previous year. This increase is due to land cost and related land improvements.
The company reported a gross profit of $912,483 for the quarter, compared to $61,449 in the previous year.
Operating expenses decreased to $635,703 from $1,019,030, primarily due to reduced marketing efforts and general administrative expenses.
Net loss for the quarter was $251,598, compared to a net loss of $6,340,368 in the previous year. The decrease in net loss was due to reduced other expenses, including changes in fair value of derivative liabilities and decreased interest expenses.
Cash provided by operating activities was $741,721, while cash used in investing and financing activities was $513,138 and $365,491, respectively.
International Land Alliance had a working capital deficit of $13.8 million as of September 30, 2024. The company acknowledges its dependence on generating increased revenues and raising additional capital to continue as a going concern.
The filing also details various financial agreements, including promissory notes and convertible notes with related parties.
The company continues to focus on marketing its residential plots and increasing house construction sales to improve its financial position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the International Land Alliance Inc quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.