$AWCA
Awaysis Capital, Inc.

2024 Q1 Form 10-Q Financial Statement

#000149315224007549 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $8.148K $27.10K $43.76K
YoY Change -86.6% -38.07%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.237M $655.4K $1.914M
YoY Change 39.66% -65.76% 12400.65%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $980.00 $970.00 $750.00
YoY Change 22.5% 29.33%
% of Gross Profit
Operating Expenses $2.237M $655.4K $1.914M
YoY Change 39.66% -65.76% 12399.02%
Operating Profit -$2.229M -$628.3K -$1.870M
YoY Change 44.64% -66.4% 12113.23%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.229M -$628.3K -$1.870M
YoY Change 44.64% -66.4% 12113.23%
Income Tax
% Of Pretax Income
Net Earnings -$2.229M -$628.3K -$1.870M
YoY Change 44.64% -66.4% 12113.23%
Net Earnings / Revenue -27355.06% -2318.38% -4273.51%
Basic Earnings Per Share -$0.01 $0.00 -$0.02
Diluted Earnings Per Share -$0.01 $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 302.2M shares 252.2M shares 100.1M shares
Diluted Shares Outstanding 302.0M shares 266.5M shares 117.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.80K $12.17K $0.00
YoY Change -54.12%
Cash & Equivalents $12.80K $22.56K
Short-Term Investments
Other Short-Term Assets $23.04K $33.25K $7.740K
YoY Change -71.52% 329.59%
Inventory $11.41M $11.47M $11.14M
Prepaid Expenses $23.04K $33.25K $7.739K
Receivables $118.00
Other Receivables $0.00
Total Short-Term Assets $11.45M $11.52M $11.15M
YoY Change 1.74% 3.25%
LONG-TERM ASSETS
Property, Plant & Equipment $44.53K $45.51K $44.57K
YoY Change -43.28% 2.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.50K
YoY Change
Other Assets $19.50K $14.50K
YoY Change
Total Long-Term Assets $342.9K $355.8K $420.1K
YoY Change -21.74% -15.3%
TOTAL ASSETS
Total Short-Term Assets $11.45M $11.52M $11.15M
Total Long-Term Assets $342.9K $355.8K $420.1K
Total Assets $11.79M $11.87M $11.57M
YoY Change 0.86% 2.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $131.2K $101.4K $123.0K
YoY Change 108.61% -17.53% 2977.03%
Accrued Expenses $1.808M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.600M $2.600M $2.600M
YoY Change 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.09M $9.425M $4.654M
YoY Change 119.45% 102.53% 48125.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.3K $217.6K $283.2K
YoY Change -25.08% -23.15%
Total Long-Term Liabilities $200.3K $217.6K $283.2K
YoY Change -25.08% -23.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.09M $9.425M $4.654M
Total Long-Term Liabilities $200.3K $217.6K $283.2K
Total Liabilities $11.29M $9.643M $4.937M
YoY Change 112.19% 95.32% 51060.25%
SHAREHOLDERS EQUITY
Retained Earnings -$11.94M -$9.710M -$3.523M
YoY Change 135.76% 175.62%
Common Stock $3.522M $3.022M $1.519M
YoY Change 39.65% 98.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $499.3K $2.228M $6.635M
YoY Change
Total Liabilities & Shareholders Equity $11.79M $11.87M $11.57M
YoY Change 0.86% 2.58%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$2.229M -$628.3K -$1.870M
YoY Change 44.64% -66.4% 12113.23%
Depreciation, Depletion And Amortization $980.00 $970.00 $750.00
YoY Change 22.5% 29.33%
Cash From Operating Activities $505.2K -$514.9K -$101.8K
YoY Change -282.13% 406.0% 2186.74%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $7.660K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 -$7.660K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -504.5K 504.5K 89.99K
YoY Change -248.39% 460.65% 1922.25%
NET CHANGE
Cash From Operating Activities 505.2K -514.9K -101.8K
Cash From Investing Activities 0.000 0.000 -7.660K
Cash From Financing Activities -504.5K 504.5K 89.99K
Net Change In Cash 630.0 -10.38K -19.43K
YoY Change -97.74% -46.58%
FREE CASH FLOW
Cash From Operating Activities $505.2K -$514.9K -$101.8K
Capital Expenditures $0.00 $7.660K
Free Cash Flow $505.2K -$109.4K
YoY Change -261.86%

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us-gaap Proceeds From Issuance Or Sale Of Equity
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Nature Of Operations
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<p id="xdx_801_eus-gaap--NatureOfOperations_zj8xNIl0w18b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_828_zkwOAreLzvHd">NATURE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0"><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 0"><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 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 a real estate management and hospitality 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 0"><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 0; text-align: justify">We were not 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0"><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 0"><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 0"><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 0"><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 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 0"><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 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 0"><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 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 0"><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 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 0"><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 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zohud5tuKC78" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zmrmWl9XHB5d">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Cash
Cash
12173 usd
us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
0.50 pure
CY2023Q4 us-gaap Proceeds From Rents Received
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1800 usd
us-gaap Proceeds From Rents Received
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CY2023Q4 us-gaap Regulated Operating Revenue Field Services
RegulatedOperatingRevenueFieldServices
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us-gaap Regulated Operating Revenue Field Services
RegulatedOperatingRevenueFieldServices
25300 usd
CY2023Q4 us-gaap Inventory Real Estate
InventoryRealEstate
11469780 usd
CY2023Q4 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
25051 usd
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
28036 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
22558 usd
CY2023Q4 us-gaap Common Stock Share Subscribed But Unissued Subscriptions Receivable
CommonStockShareSubscribedButUnissuedSubscriptionsReceivable
943000 usd
AWCA Proceeds From Subscription Receivable
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0 usd
us-gaap Proceeds From Contributed Capital
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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4421 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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964 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45506 usd
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44569 usd
us-gaap Depreciation
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1674 usd
us-gaap Depreciation
Depreciation
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CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
0 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2022Q2 us-gaap Payments To Acquire Real Estate
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CY2023Q4 us-gaap Notes Payable Current
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2600000 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
2600000 usd
CY2023Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
43857 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
89003 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
90588 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
92220 usd
CY2023Q4 AWCA Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
31113 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
40922 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
305859 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
88230 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
217629 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
43925 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
29284 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070 pure
us-gaap Legal Fees
LegalFees
0 usd
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
302237035 shares
CY2023Q4 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
943000 shares
CY2023 us-gaap Stock Issued During Period Value Purchase Of Assets
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CY2022Q4 AWCA Share Subscribed Adjustment For Acquisition Shares
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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
CY2023Q4 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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