Thu, Jun 27, 9:30 PM (72 days ago)
International Land Alliance, Inc. (ILAL) reported significant changes in its financial performance for the fiscal year ended December 31, 2023. The company generated $7.1 million in revenue, primarily from the acquisition and consolidation of Rancho Costa Verde Development, LLC (RCVD), compared to no revenue in the prior year. However, ILAL recorded a net loss of $2.1 million, an improvement from the $10.4 million loss in 2022. Operating expenses decreased to $4.4 million from $8.4 million, driven by reduced impairment losses and general administrative costs. The company faced substantial interest expenses and losses from debt extinguishment, contributing to net losses. ILAL's working capital deficit stood at $26.8 million, with cash and cash equivalents of $140,247. The company emphasized its need for additional capital to continue operations and highlighted risks related to liquidity and the transfer of property titles.