UCASU Files Amended 2020 Reports and Reconfirmed Net Gain

Rhea-AI Summary

UC Asset LP (OTCQX: UCASU) has filed an amendment to its 2020 annual report correcting a typographical error regarding net equity per share. The amendment confirms a net asset gain of $14,175 from operations, surpassing earlier projections. The corrected figures show net equity per share of $1.583 before dilution and $1.538 after dilution, marking increases of $0.06 and $0.01 from 2019. The company reported consolidated revenue of $4.53 million for 2020, a 55% rise from 2019, attributed to strategic portfolio management.

Positive

• Net asset gain of $14,175 surpassing prior projections.
• Consolidated revenue increased to $4.53 million, up 55% from 2019.
• Net equity per share rose to $1.583 before dilution and $1.538 after dilution.

Negative

• Typographical error in previous reporting may affect investor trust.

ATLANTA, Aug. 10, 2021 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) filed amendment 10K/A to its annual filing 10-K for the fiscal year 2020, to correct a typographic error in regard of its net equity per share. The amended filing reconfirmed a net asset gain of $14,175 from operations, which beats the company's previous projection.

"The amendment doesn't change anything in our financial statements," explains Larry Wu, founder of UC Asset. "But in our narrative section where we provided management discussions of our operation, we mistakenly used some text from a previous version, which contained wrong numbers of our net equity per share, by the end of fiscal year 2020. These numbers were mistakenly input as $1.594 before dilution and $1.548 after full dilution, respectively."

According to the Form 10K/A, the company's net equity per share rose to $1.583 per share prior to dilution by the end of 2020, and to $1.538 per share fully-diluted. This represents a $0.06 per share increase and a $0.01 per share increase respectively, from the year end of 2019.

"We are very sorry for this typographic error, despite the fact that our numbers in our financial statements have always been correct. The amended filing states the same fact, that our operation in the fiscal year of 2020 is profitable. We beat our permissive projection, which was made at the beginning of the year, when the COVID-19 pandemic had a negative impact on our business along with so many others. We adjusted our strategy and made a big come-back in the second half of 2020, and we are optimistic about our performance in the year of 2021," says Wu.

In addition, the amended 10K/A reconfirms that UC Asset has a consolidated revenue of $4.53 million for the fiscal year of 2020, which represents a 55% growth from $2.93 million of consolidated revenue for 2019. This is the result of portfolio management to exit its investments in residential properties, with the intention to shift investments to more profitable real estate products. In the year of 2021, UC Asset has made a new investment into Airbnb-based home-office rentals, or SHOC (shared home office cluster) properties. It has also invested in a historical landmark and licensed its artistic rights to technology partners to create and sell Ethereum-based NFTs (non-fungible tokens). Currently, UC Asset is still strong in cash and seeks more investment opportunities.

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with value-added strategies, concentrating in metropolitan areas of Atlanta, GA. For more information about UC Asset, please visit: www.ucasset.com

Disclaimer: 

This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.

For More Information Contact:

Christal Jordan | Investor Relations Director, UC Asset LP
cjordan@ucasset.com | 678-499-0297

 

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SOURCE UC Asset LP

FAQ

What did UC Asset LP amend in its financial reports?

UC Asset LP amended its 2020 annual report to correct a typographical error regarding net equity per share.

What is the updated net equity per share for UC Asset LP?

The updated net equity per share is $1.583 before dilution and $1.538 after full dilution.

How much revenue did UC Asset LP report for fiscal year 2020?

UC Asset LP reported consolidated revenue of $4.53 million for fiscal year 2020.

What was the revenue growth for UC Asset LP from 2019 to 2020?

UC Asset LP experienced a 55% growth in revenue from $2.93 million in 2019 to $4.53 million in 2020.

What were the reasons behind the revenue increase for UC Asset LP?

The revenue increase was due to a strategic shift in portfolio management away from residential properties to more profitable real estate products.