LiquidValue Development Inc. reported a revenue of $16.77 million for the fiscal year ending December 31, 2024, a decrease from $18.20 million in 2023. The decline in revenue is attributed primarily to reduced property sales from its Lakes at Black Oak and Alset Villas projects. Despite the drop in revenue, the company achieved a net income of $6.67 million, up from $6.21 million in the previous year, largely due to increased other income from interest on related party loans. The cost of revenue also decreased to $9.44 million from $11.46 million, contributing to an improved gross margin.
In terms of operational changes, LiquidValue completed the sale of all available lots at its Lakes at Black Oak project by the end of 2024. The company engaged in several significant transactions, including the sale of 335 lots in early 2023, which generated approximately $18.1 million in revenue. Additionally, the company closed sales of 70 and 72 lots in July and October 2024, respectively, generating $3.8 million and $3.9 million. The company also finalized the sale of 63 lots at Alset Villas for $3.8 million in December 2024.
The company’s total assets increased to $38.79 million as of December 31, 2024, compared to $32.10 million in 2023, while total liabilities decreased to $2.99 million from $3.20 million. The increase in assets is primarily due to cash and receivables from developer reimbursements. LiquidValue's cash position improved to $2.76 million from $1.77 million year-over-year. The company currently employs six full-time staff members, relying heavily on contractors for project work.
Looking ahead, LiquidValue plans to explore additional land development projects across the United States, potentially expanding into commercial and retail properties. The company is also considering opportunities in solar energy and smart home technologies, although these initiatives remain in the exploratory phase. Management has expressed confidence in the company's ability to meet its financial obligations, supported by expected cash flows from reimbursements and ongoing financial backing from its majority shareholder, Alset Inc. However, the company has acknowledged a material weakness in its internal controls due to limited staffing, which it aims to address by hiring additional qualified personnel.
About LiquidValue Development Inc.
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