Mon, Aug 19, 10:06 AM (148 days ago)
For the quarter ending June 30, 2024, International Land Alliance, Inc. reported a significant increase in revenue, totaling $742,095, up from $485,580 in the same period last year. For the six months, revenue surged to $5,830,969, a notable rise from $726,512. Despite this growth, the cost of revenue also increased substantially, leading to a gross profit of $323,357 for the quarter and $5,228,643 for the six months. Operating expenses decreased to $386,551 for the quarter, reflecting reduced marketing efforts and lower general administrative costs. The company achieved net income of $93,696 for the quarter, compared to a loss of $378,660 in Q2 2023, and a net income of $3,743,848 for the six-month period, reversing a loss from the previous year. However, the company faces liquidity challenges, with a working capital deficit of approximately $13.6 million and cash reserves decreasing to $53,002 from $140,247. The ongoing reliance on raising capital through debt and equity financing raises concerns about the company's ability to sustain operations. The overall financial health is marked by uncertainties regarding future sales and project title transfers, which could impact cash flow and operational viability.