Alset Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $4.96 million for the three months ended September 30, 2024, a remarkable increase of 401% compared to $990,199 in the same period of 2023. This surge was primarily driven by a substantial rise in real estate revenue, which reached $4.54 million, up 538% from $711,634 in the prior year. However, for the nine months ended September 30, 2024, total revenue decreased to $12.17 million, down 42% from $21.07 million in the same period of 2023.

Despite the quarterly revenue growth, Alset reported a net loss of $1.47 million for the three months ended September 30, 2024, an improvement from a net loss of $17.03 million in the same period of 2023. For the nine-month period, the net loss narrowed to $6.99 million from $27.16 million in the previous year. The company’s operating expenses for the quarter increased to $5.92 million, up from $3.07 million in the prior year, reflecting higher costs associated with its operations.

Alset's total assets decreased to $98.79 million as of September 30, 2024, down from $126.31 million at the end of 2023. Cash and cash equivalents also fell to $16.68 million from $26.92 million during the same period. The company’s stockholders’ equity was reported at $93.40 million, a decline from $96.79 million at the end of 2023.

Strategically, Alset has been active in acquisitions and restructuring. The company completed a merger with HWH International Inc. on January 9, 2024, which resulted in HWH becoming a wholly owned subsidiary. Additionally, Alset acquired Hapi Travel Limited in June 2023 for $214,993, which was accounted for as a business combination. The company also entered into various convertible credit agreements with Value Exchange International, Inc. (VEII), reflecting its ongoing investment strategy.

The company has faced challenges, including a significant foreign exchange loss of $3.67 million for the quarter, compared to a gain of $198,817 in the same period of 2023. Furthermore, Alset's management acknowledged that its disclosure controls and procedures are currently ineffective in ensuring timely and accurate reporting as required by the Securities Exchange Act.

Overall, while Alset Inc. demonstrated strong quarterly revenue growth, it continues to navigate a complex financial landscape marked by strategic acquisitions, operational challenges, and fluctuating market conditions.