Wed, May 15, 8:25 PM (232 days ago)
Alset Inc. reported a significant increase in revenue for Q1 2024, totaling $6.09 million compared to $926.9 thousand in Q1 2023. This growth was driven primarily by property sales from the Lakes at Black Oak Project. Rental revenue also increased to $707.6 thousand from $633.8 thousand in the prior year. The company saw a substantial rise in operating expenses, which reached $8.35 million from $3.02 million, primarily due to goodwill and investment impairments. The net loss widened to $7.31 million from $4.32 million year-over-year, impacted by higher costs and unrealized losses on securities investments. Cash and cash equivalents decreased to $23.73 million from $26.92 million at the end of 2023. Total assets fell to $96.71 million from $126.31 million, mainly due to a reduction in cash held in the Trust Account following shareholder redemptions. Liabilities decreased to $6.67 million from $9.07 million. The company completed a major transaction, merging with HWH International Inc., and anticipates future revenue from lot sales and government reimbursements to support liquidity. Management believes current cash reserves and revenue will fund operations for the next 12 months.