Hubilu Venture Corporation reported a rental revenue of $2.23 million for the fiscal year ending December 31, 2024, marking an 18% increase from $1.89 million in 2023. The company attributed this growth primarily to the acquisition of six new properties during the year. Despite the increase in revenue, Hubilu experienced a net loss of $186,237, a reduction from the previous year's loss of $275,332, indicating improved operational efficiency. The decrease in net loss was largely due to lower repair and maintenance costs, which fell significantly from $435,282 in 2023 to $143,280 in 2024.
In terms of operational changes, Hubilu's total properties under management increased to 30, with the company actively seeking new tenants after a significant client, responsible for 64% of its revenue, terminated their lease. The company is currently focused on filling these vacancies to stabilize its revenue stream. Additionally, the firm reported a total of $22.23 million in liabilities, up from $17.75 million in the previous year, primarily due to increased mortgage obligations associated with the new property acquisitions.
The company’s general and administrative expenses surged to $265,863 in 2024, up from $110,084 in 2023, reflecting the costs associated with its expansion efforts. Professional fees also increased by 52% to $138,876, driven by legal and accounting expenses related to the company's growth. Despite these rising costs, total operating expenses decreased slightly to $1.11 million from $1.14 million, showcasing improved cost management in certain areas.
Looking ahead, Hubilu Venture Corporation faces challenges related to its liquidity, with cash on hand reported at $9,799 and negative working capital of $2.58 million. The company has indicated that it will require additional financing to sustain operations and continue its growth trajectory. Management is actively pursuing new capital sources and is optimistic about achieving profitability through its ongoing real estate acquisitions and consulting services. However, the company acknowledges the inherent risks and uncertainties in the real estate market, particularly in light of changing economic conditions and interest rates.
About Hubilu Venture Corp
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