VAYK Corrects Major Clerical Error to Report $668K Operating Revenue for 2024

Rhea-AI Summary

Vaycaychella (OTC Pink: VAYK) has amended its annual report for 2024, correcting a major clerical error to report $668,000 in operating revenue with an operating profit of $71,000. The company also realized a $320K profit from selling Cuban legacy assets, resulting in a net profit of $309,000.

Key financial highlights include:

• Total assets increased to $2.9 million from $1.8 million year-over-year
• Liabilities increased by only $367,000
• Interest expense decreased to $81K from $236K in 2023
• Cash position improved to $27K from zero in 2023

Under new management, VAYK has achieved significant turnaround by eliminating $2.55 million in debt, selling overseas investments profitably, securing a joint venture for the Rufus Rose House renovation in Atlanta, and acquiring a property renovation company. The company accomplished these milestones without using toxic debt financing.

Positive

• Second consecutive year of net profit under new management
• Significant debt reduction without toxic financing
• Successful acquisition of profitable renovation company
• Improved cash position and reduced interest expenses
• Strategic joint venture for historic property renovation

Negative

• Initial filing error requiring amendment
• Management admits results haven't met expectations
• Relatively small cash position of $27K
• Still carries some debt despite reductions
• Forward-looking statements subject to risks and uncertainties

ATLANTA, April 17, 2025 /PRNewswire/ -- Vaycaychella, Inc. (OTC Pink: VAYK) ("VAYK") management announced today that the company has amended its annual report to correct a major clerical error, now reporting $668K in operating revenue for the fiscal year 2024. The amended report was filed yesterday.

"We acquired a renovation service company in 2024 and were supposed to consolidate its financials," explained Stephanie Anderl, Interim CEO of VAYK. "However, in the final hours of meeting the deadline, some people mistakenly gave a draft version the same file name as the correct version, and then another person uploaded that version into our filing. The reported version, hence, did not consolidate the new acquisition."

The amended disclosure reported approximately $668,000 in revenue for the year 2024, with an operating profit of approximately $71,000. Additionally, the company realized approximately $320K profit from selling its legacy assets in Cuba. After deducting costs, the company reported approximately $309,000 in net profit.

This marks the second consecutive year that the company has reported a net profit since its new management took over.

Several Other Key Points

Anderl highlighted several other key points contained in the annual report:

"First of all, the company has increased its total assets to about $2.9 million, compared to $1.8 million a year ago. That is a $1.1 million increase. Meanwhile, our liabilities only increased by approximately $367,000. In short, we were able to grow our business with less borrowing."

"Secondly, the company has restructured its debt and significantly decreased its interest expense. It paid only about $81K in interest in 2024, compared to $236K in interest payments in 2023."

"Our cash position has also moderately improved," says Anderl. "By the end of 2024, we had $27K cash in our hands. In comparison, we had zero cash in our bank account by the end of 2023."

A Huge Turnaround

"This is a huge turnaround," emphasized Anderl. "Three years ago, this company was a sinking ship, in deep debt of over $3 million and at risk of completely losing its overseas investment. Since the new management team took over, we have eliminated $2.55 million in debt, of which about $2.37 million was complete forgiveness or cancellation; we have sold our legacy investment overseas for a $320K profit; we have secured a joint-venture agreement to renovate and operate the famous Rufus Rose House, a downtown Atlanta historic landmark; and, we have closed an acquisition of a property renovation company with over $600K in annual revenue. Most importantly, we have achieved all of this without using any toxic debt financing. In particular, we have not issued any free trade shares for more than three years."

"However, our achievements so far have not met the expectations of either our investors or our management team. We are working very hard on several initiatives, and hopefully, we will be able to report greater progress in a few months."

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

VAYK Contact:
Contact@Vaycaychella.com

View original content:https://www.prnewswire.com/news-releases/vayk-corrects-major-clerical-error-to-report-668k-operating-revenue-for-2024-302431537.html

SOURCE Vaycaychella, Inc.

FAQ

What is VAYK's operating revenue and profit for 2024?

VAYK reported $668,000 in operating revenue for 2024, with an operating profit of $71,000 and a total net profit of $309,000, including gains from asset sales.

How much debt has VAYK eliminated since the new management took over?

VAYK has eliminated $2.55 million in debt, with approximately $2.37 million through complete forgiveness or cancellation.

What major acquisitions or partnerships did VAYK secure in 2024?

VAYK acquired a property renovation company with over $600K in annual revenue and secured a joint-venture agreement to renovate and operate the historic Rufus Rose House in downtown Atlanta.

How has VAYK's asset-to-liability ratio changed in 2024?

VAYK's total assets increased by $1.1 million to $2.9 million, while liabilities only increased by $367,000, indicating improved financial health.

What was the reason for VAYK's annual report amendment?

The amendment was due to a clerical error where a draft version was mistakenly filed instead of the correct version that should have included consolidated financials from their newly acquired renovation service company.