$AWCA
Awaysis Capital, Inc.

2023 Q3 Form 10-Q Financial Statement

#000149315223041191 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $6.800K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.539M $398.7K
YoY Change 787.64% 2043.31%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $698.00 $214.00
YoY Change 226.17%
% of Gross Profit
Operating Expenses $3.539M $398.7K
YoY Change 787.64% 2086.21%
Operating Profit -$3.532M -$398.7K
YoY Change 785.93% 2086.21%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.532M -$398.7K
YoY Change 785.93% 2043.54%
Income Tax
% Of Pretax Income
Net Earnings -$3.532M -$398.7K
YoY Change 785.93% 2043.54%
Net Earnings / Revenue -51938.65%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 252.0M shares 99.87M shares
Diluted Shares Outstanding 252.0M shares 99.87M shares

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.56K $19.43K
YoY Change 16.11%
Cash & Equivalents $22.56K $19.43K
Short-Term Investments
Other Short-Term Assets $26.83K $5.950K
YoY Change 350.92% 37.41%
Inventory $11.42M $11.41M
Prepaid Expenses $26.83K $5.946K
Receivables
Other Receivables
Total Short-Term Assets $11.47M $11.43M
YoY Change 0.3% 264290.22%
LONG-TERM ASSETS
Property, Plant & Equipment $46.48K $37.66K
YoY Change 23.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.50K
YoY Change
Other Assets $14.50K
YoY Change
Total Long-Term Assets $373.5K $428.8K
YoY Change -12.89%
TOTAL ASSETS
Total Short-Term Assets $11.47M $11.43M
Total Long-Term Assets $373.5K $428.8K
Total Assets $11.84M $11.86M
YoY Change -0.18% 274205.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.13K $166.6K
YoY Change -52.49% 885.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.600M $2.600M
YoY Change 0.0% 10112.1%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.256M $2.799M
YoY Change 230.66% 5697.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $234.7K $298.8K
YoY Change -21.46%
Total Long-Term Liabilities $234.7K $298.8K
YoY Change -21.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.256M $2.799M
Total Long-Term Liabilities $234.7K $298.8K
Total Liabilities $9.491M $3.098M
YoY Change 206.34% 6316.08%
SHAREHOLDERS EQUITY
Retained Earnings -$9.081M -$1.653M
YoY Change 449.49% 60.02%
Common Stock $2.522M $1.002M
YoY Change 151.68% 1.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.352M $8.766M
YoY Change
Total Liabilities & Shareholders Equity $11.84M $11.86M
YoY Change -0.18% 274205.23%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$3.532M -$398.7K
YoY Change 785.93% 2043.54%
Depreciation, Depletion And Amortization $698.00 $214.00
YoY Change 226.17%
Cash From Operating Activities $20.63K -$287.0K
YoY Change -107.19% 1027.38%
INVESTING ACTIVITIES
Capital Expenditures $15.73K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.850K
YoY Change
Cash From Investing Activities $1.849K -$15.73K
YoY Change -111.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$159.8K
YoY Change -727.56%
NET CHANGE
Cash From Operating Activities $20.63K -$287.0K
Cash From Investing Activities $1.849K -$15.73K
Cash From Financing Activities -$159.8K
Net Change In Cash $22.48K -$462.5K
YoY Change -104.86%
FREE CASH FLOW
Cash From Operating Activities $20.63K -$287.0K
Capital Expenditures $15.73K
Free Cash Flow $20.63K -$302.8K
YoY Change -106.81% 1089.15%

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<p id="xdx_801_eus-gaap--NatureOfOperations_zQ7vOxkiRi05" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82F_zq5oHqZoAgPk">NATURE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nature of Business</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awaysis Capital, Inc., a Delaware corporation, (“Awaysis”, “the Company”, “we”, “us” or “our’) is real estate investment and management company focused on acquisition, construction, selling and managing short term rentals of residential vacation home communities in desirable travel destinations. We seek to create value through the targeting and acquisition, development, and up-cycling, rebranding, and repositioning of currently undervalued operating and shovel ready residential/resort communities in global travel destinations, with the intention to relaunch these assets under the “Awaysis” brand. The goal is to create a network of residential and resort enclave communities that will optimize both sales and rental revenues, providing attractive returns to owners and exceptional vacation experiences to travelers. The company is licensed as a real estate corporation in Florida.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2020 the World Health Organization declared COVID-19 a pandemic. The Company is still assessing the impact COVID-19 may have on its business, but there can be no assurance that this analysis will enable the Company to avoid part or all of any impact from the spread of COVID-19 or its consequences, including downturns in business sentiment generally. The extent to which the COVID-19 pandemic and global efforts to contain its spread will impact the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the pandemic and the actions taken to contain or treat the COVID-19 pandemic.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We currently have not been directly impacted by the Covid-19 outbreak. However, management believes the effect of the pandemic outbreak on the global economy has driven demand for vacation home ownership and remote work at home while travelling. The Company believes that this will enhance its ability to raise funding for working capital and other needs and to attract an experienced management team to take advantage of the opportunities for growth.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Company History</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was formed in Delaware on September 29, 2008 under the name ASPI, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 18, 2022, the Company changed its name from JV Group, Inc. to Awaysis Capital, Inc. In connection with this name change, we changed our ticker symbol from “ASZP” to “AWCA” and effective May 25, 2022, we began trading on the OTC Market under our new symbol.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2021, we formed a wholly owned subsidiary, Awaysis Capital, LLC, a Florida single member limited liability corporation to hold the office lease and to become the master payroll company for Awaysis Capital, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also formed a wholly owned subsidiary, Awaysis Casamora Limited, a Belize single member limited liability corporation to hold the title to the acquisition of the Casamora assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From October 2015 to February 2022, we were a publicly quoted shell company seeking to merge with an entity with experienced management and opportunities for growth in return for shares of our common stock to create values for our shareholders. In February 2022, the Board of Directors of the Company determined to pursue a business strategy of acquiring, developing and managing residential vacation home communities in desirable travel destinations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s principal executive office is located at 3400 Lakeside Drive, Suite 100, Miramar, FL 33027 and its main number is 855-795-3377. The Company’s website address is www.awaysisgroup.com. The information in its website is not a part of this Form 10-Q.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 AWCA Proceeds From Subscription Receivable
ProceedsFromSubscriptionReceivable
0 usd
CY2023Q3 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
0 usd
CY2023Q3 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zT9Wn8aaVAb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zHRNmDCdO9aj">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
22558 usd
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
-0.50 pure
CY2023Q3 us-gaap Proceeds From Rents Received
ProceedsFromRentsReceived
6800 usd
CY2023Q3 us-gaap Regulated Operating Revenue Field Services
RegulatedOperatingRevenueFieldServices
0 usd
CY2023Q3 us-gaap Inventory Real Estate
InventoryRealEstate
11181629 usd
CY2023Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
3021 usd
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
22558 usd
CY2023Q3 us-gaap Common Stock Share Subscribed But Unissued Subscriptions Receivable
CommonStockShareSubscribedButUnissuedSubscriptionsReceivable
943000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3446 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
214 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
46481 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37657 usd
CY2023Q3 us-gaap Depreciation
Depreciation
698 usd
CY2022Q3 us-gaap Depreciation
Depreciation
214 usd
CY2023Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
79128 usd
CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
42909 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
0 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
123638 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y1M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070 pure
CY2022Q2 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
11409500 usd
CY2023Q3 us-gaap Notes Payable Current
NotesPayableCurrent
2600000 usd
CY2022Q3 us-gaap Notes Payable Current
NotesPayableCurrent
2600000 usd
CY2023Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
65786 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
89003 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
90588 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
92220 usd
CY2023Q3 AWCA Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
31113 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
368710 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
47991 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
320719 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
87844 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
234690 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
21963 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
7321 usd
CY2023Q3 us-gaap Legal Fees
LegalFees
0 usd
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
252227053 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
252227053 shares
CY2023Q3 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
943000 shares
CY2023 us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
8529500 usd
CY2022Q4 AWCA Share Subscribed Adjustment For Acquisition Shares
ShareSubscribedAdjustmentForAcquisitionShares
5210209 shares
CY2022Q4 AWCA Shares Subscribed Adjustment On Acquisition Value
SharesSubscribedAdjustmentOnAcquisitionValue
265000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1000000 usd
CY2023Q1 AWCA Vesting Of Shares Granted Percentage
VestingOfSharesGrantedPercentage
0.50 pure
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
22500000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.32

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