Awaysis Capital, Inc. reported its financial results for the three months ended September 30, 2024, showing significant changes in revenue, expenses, and overall financial position compared to the same period in 2023. The company generated revenue of $44,119, a substantial increase from $6,800 in the prior year, attributed to enhanced rental availability from its real estate portfolio.

Total operating expenses for the quarter decreased dramatically to $710,987 from $3,538,628 in the previous year. This reduction was primarily due to the absence of over $2.6 million in bonuses that were paid in Q3 2023. Consequently, the loss from operations narrowed to $(666,868) from $(3,531,828) year-over-year. The net loss before income taxes also decreased to $(694,074) from $(3,531,828), reflecting improved operational efficiency and increased rental revenue.

As of September 30, 2024, Awaysis Capital's cash balance was $234,367, down from $745,991 at the end of June 2024. The company’s inventory also saw a decline, totaling $7,357,103 compared to $10,594,936 in the previous quarter. Total current assets decreased to $7,652,381 from $11,348,142, while total assets slightly fell to $12,159,185 from $12,483,146. The accumulated deficit increased to $(13,300,442) from $(12,606,368), indicating ongoing challenges in achieving profitability.

The company’s total stockholders’ equity decreased to $7,006,118 from $7,684,521 as of June 30, 2024. This decline is partly due to the adoption of ASU 2020-06, which resulted in an increase in liabilities by $1,063,435 and a decrease in equity of $1,100,000 related to beneficial conversion features.

In terms of strategic developments, Awaysis Capital is focused on real estate management and hospitality, particularly in the Caribbean, Europe, South America, and the United States. The company recently signed leases for commercial space at its Casamora property in Belize, expected to generate an additional $16,000 per month in rental income. Additionally, the company is in the process of rebranding its Casamora assets to align with its overall brand strategy.

The company has also approved a reverse stock split of up to 1-for-20, pending final determination of the ratio and effective date. Awaysis Capital continues to seek additional funding, having raised $1,918,000 in private placements since November 2021 and aiming to raise an additional $10 million through common stock sales.