Thu, Nov 21, 11:02 AM (230 days ago)
International Land Alliance, Inc. (ILAL) reported significant financial improvements for the third quarter ending September 30, 2024, compared to the same period in 2023. Net revenues surged to $1,303,271 from $358,129, driven by increased real estate sales and financing activities. For the nine months, revenues rose to $7,134,240, up from $1,084,641. Gross profit also improved to $912,483 for Q3 and $6,141,126 year-to-date. However, the company recorded a net loss of $251,598 for Q3, a substantial reduction from the previous year's loss of $6,340,368, while achieving a net income of $3,492,250 for the nine months, contrasting with a loss of $8,627,589 in 2023. Despite these gains, ILAL faces liquidity challenges, with current liabilities exceeding current assets by approximately $13.8 million, raising concerns about its ability to continue as a going concern. Cash reserves dwindled to $3,339 from $140,247. The company is focusing on marketing efforts to boost sales and is exploring additional financing options to support ongoing operations and project developments, including the Rancho Costa Verde Development acquisition, which significantly influences future performance.