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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-K
(Mark
One)
☒ ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For
the fiscal year ended June 30, 2024
☐ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from ____ to _____
Commission
file number: 000-21477
AWAYSIS
CAPITAL, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
27-0514566 |
(State
or Other Jurisdiction |
|
(I.R.S.
Employer |
of
Incorporation or Organization) |
|
Identification
No.) |
3400
Lakeside Drive, Suite 100, Miramar, Florida 33027
(Address
including zip code of registrant’s Principal Executive Offices)
(855)
795-3311
(Registrant’s
Telephone Number, Including Area Code)
Securities
registered under Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Securities
registered under Section 12(g) of the Act: Common Stock, par value $0.01
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
Emerging
Growth Company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s
most recently completed second fiscal quarter: approximately $18,317,582
As
of September 30, 2024 there were 383,991,026 shares of common stock, par value $0.01 per share, outstanding.
TABLE
OF CONTENTS
NOTE
REGARDING REFERENCES TO OUR COMPANY
Throughout
this Form 10-K, the words “we,” “us,” “our,” the “Company” and “Awaysis”
refer to Awaysis Capital, Inc., a Delaware corporation, and, unless the context otherwise requires, our directly and indirectly wholly
owned subsidiaries.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Annual Report on Form 10-K contains forward-looking statements. Forward-looking statements convey management’s expectations as
to the future of Awaysis, and are based on management’s beliefs, expectations, assumptions and such plans, estimates, projections
and other information available to management at the time Awaysis makes such statements. Forward-looking statements include all statements
that are not historical facts and may be identified by terminology such as the words “outlook,” “believe,” “expect,”
“potential,” “goal,” “continues,” “may,” “will,” “should,” “could,”,
“would”, “seeks,” “approximately,” “projects,” predicts,” “intends,”
“plans,” “estimates,” “anticipates” “future,” “guidance,” “target,”
or the negative version of these words or other comparable words, although not all forward-looking statements may contain such words.
The forward-looking statements contained in this Annual Report on Form 10-K may include statements related to Awaysis’ revenues,
earnings, taxes, cash flow and related financial and operating measures, and expectations with respect to future operating, financial
and business performance, and other anticipated future events and expectations that are not historical facts.
Awaysis
cautions you that our forward-looking statements involve known and unknown risks, uncertainties and other factors, including those that
are beyond Awaysis’ control, which may cause the actual results, performance or achievements to be materially different from the
future results. Factors that could cause Awaysis’ actual results to differ materially from those contemplated by its forward-looking
statements include: risks that there may be significant costs and expenses associated with liabilities related to the development of
its business that were either unknown or are greater than those anticipated at the time of the acquisition of its assets; risks that
Awaysis may not be successful in integrating new properties into all aspects of our business and operations or that the integration will
take longer than anticipated; the operational risks as a result of acquiring undeveloped or underdeveloped assets and real estate and
integration of those assets into our business; risks related to disruption of management’s attention from Awaysis’ ongoing
business operations due to its efforts to identify, acquire, develop and manage new resort properties into Awaysis; any adverse effect
of an acquired asset on Awaysis’ reputation, relationships, operating results and business generally; any lingering impact of the
COVID-19 pandemic on Awaysis’ business, operating results, and financial condition or on global economic conditions; Awaysis’
ability to meet its liquidity needs; risks related to Awaysis’ indebtedness, especially in light of the significant amount of indebtedness
we expect to incurred to complete various identified properties for our resort portfolio; inherent business risks, market
trends and competition within the resort and hospitality industries; compliance with and changes to United States, Belize and global
laws and regulations, including those related to anti-corruption and privacy; risks related to Awaysis’ planned acquisitions, joint
ventures, and other partnerships; Awaysis’ dependence on third-party development activities; the performance of Awaysis’
information technology systems and our ability to maintain data security; regulatory proceedings or litigation; adequacy of our workforce
to meet Awaysis’ business and operation needs; Awaysis’ ability to attract and retain key executives and employees with skills
and capacity to meet our needs; and natural disasters or adverse geo-political conditions. Any one or more of the foregoing factors could
adversely impact Awaysis’ operations, revenue, operating profits and margins, financial condition or credit rating.
For
additional information regarding factors that could cause Awaysis’ actual results to differ materially from those expressed or
implied in the forward-looking statements in this Annual Report on Form 10-K, please see the risk factors discussed in “Part I—Item
1A. Risk Factors” of this Annual Report on Form 10-K and those described from time to time in other periodic reports that we file
with the SEC. There may be other risks and uncertainties that we are unable to predict at this time or we currently do not expect to
have a material adverse effect on our business. Except for Awaysis’ ongoing obligations to disclose material information under
the federal securities laws, we undertake no obligation to publicly update or review any forward-looking statement, whether as a result
of new information, future developments, changes in management’s expectations, or otherwise.
Risk
Factor Summary
Our business is subject to a number of risks of which you should be aware before making an investment decision. These risks include,
but are not limited to, the following:
● | We
are a development stage company with a limited operating history and have not yet achieved profitability, making it difficult for
you to evaluate our business and your investment. |
● | Since
inception of our new business model, we have not established any material and recurring revenues
or operations that will provide financial stability in the long term or achieve profitability, and there can be no
assurance that we will realize our plans on our projected timetable (or at all) in order
to reach sustainable or profitable operations. |
| |
● | We have incurred net losses to date, we anticipate that we will continue to incur significant losses for the foreseeable
future, and even if we were to generate revenue, we may never achieve or maintain profitability. We had a net loss of $7,093,476 and $4,295,446
for the fiscal years ended June 30, 2024 and 2023, respectively, and as of June 30, 2024 and 2023, we had an accumulated deficit of $12,642,933
and $5,549,457, respectively. |
| |
● | We
are dependent on management; |
| |
● | The
expansion of our operations can have a significant impact on our profitability; |
| |
● | Our
financial success is dependent on general economic conditions; |
| |
● | Our
operating results are subject to significant fluctuations; |
| |
● | Our
proposed objectives are capital intensive and subject to change; |
| |
● | There
is a limited trading market for our common stock, which could make it difficult for you to
liquidate an investment in our common stock, in a timely manner; |
| |
● | Our success will partially depend upon the acquisition and re-development
of hospitality properties in varying stages of development, and we may be unable to consummate acquisitions on advantageous terms, the
acquired properties may not perform as expected, or we may be unable to efficiently integrate assets into our existing operations; |
| |
● | Investors
are reliant on management’s assessment, selection, and development of appropriate properties; |
| |
● | We
face significant competition that may increase costs; |
| |
● | Our
profitability may be impacted by delays in the selection, acquisition, and re-development
of properties; |
| |
● | Supply chain disruptions could create unexpected renovation or maintenance costs or delays and/or could impact our development projects, any of which could adversely impact our results of operations. |
| |
● | Our
properties may be subject to environmental laws and regulations that have the potential to
impose liability; |
| |
● | We
may be unable to sell a property if or when we decide to do so, including as a result of
uncertain market conditions, which could adversely affect our ability to respond to market conditions; |
| |
● | We
may not succeed in creating a portfolio enclave strategy; |
| |
● | Our
properties may be subject to liabilities or other problems; |
| |
● | The failure to successfully execute and integrate properties that support
our planned business model could adversely affect our growth rate and consequently our revenues and results of operations; |
| |
● | There
are significant risks associated with “value-add” and properties in need of re-positioning; |
| |
● | Uninsured
losses relating to real property may adversely affect our performance; |
| |
● | Competition
for investment assets may increase costs and reduce returns; |
● | Environmental
regulations and issues, certain of which we may have no control over, may adversely impact
our business; |
| |
● | Real
estate may develop harmful mold, which could lead to liability for adverse health effects
and costs of remediating the problem; |
| |
● | Terrorist
attacks or other acts of violence or war may adversely affect our industry, operations, and
profitability; |
| |
● | We
will be subject to risks related to the geographic locations of the properties we develop and manage; |
| |
● | There
may be several conflicts of interest that arise as we implement our business plan; |
| |
● | The
market price and trading volume of our common stock may be volatile, which may adversely
affect its market price; |
| |
● | Your
interest in us may be diluted if we issue additional shares of common stock. |
| |
● | The sale of our common stock may cause its market price to drop significantly, regardless of the Company’s
performance. |
| |
● | We
cannot assure you that our common stock will become listed on a national securities exchange
and the failure to do so may adversely affect your ability to dispose of our common stock
in a timely fashion. |
| |
● | Our
common stock is subject to the “penny stock” rules of the SEC, which makes transactions
in our stock cumbersome and may reduce the value of an investment in our stock. |
| |
● | Certain
of our executive officers and directors, through their direct and indirect ownership of common
stock, can substantially influence the outcome of matters requiring shareholder approval
and may prevent you and other stockholders from influencing significant corporate decisions,
which could result in conflicts of interest that could cause the Company’s stock price
to decline. |
| |
● | Anti-takeover provisions in the Company’s charter and bylaws under Delaware law may prevent or frustrate attempts
by stockholders to change the board of directors or current management and could make a third-party acquisition of the Company difficult |
| |
● | Investments
in our common stock may provide you with limited rights, and we do not expect to pay cash
dividends in the short term. |
PART
I
Item
1. Business.
The
Company
Awaysis
Capital, Inc. (the “Company”, “we”, “us” or “our”) is a real estate management and hospitality
company focused on acquisition, redevelopment, sales, and managing 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 with the goals of creating 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.
Increased
global trends towards “work from home” opportunities have impacted both residency and travel. We believe that more people
are seeking comfortable and convenient places to travel, visit, and live for extended durations. We seek to capitalize on these trends
by transforming residential resort properties in desirable locations into convenient enclaves that facilitate this type of travel or
residency. We define an enclave as a gated community that has all the amenities that will allow a person to live, work and play without
having to leave the community.
At least initially, our target acquisitions are resorts that have not been completed nor have a prior operational
history. As such we intend to purchase the real estate and finish
the development, then we would sell the finished units to individual buyers and put them in a rental pool that we would manage.
The
Company seeks to own, grow and manage a stable, cash generating, diversified portfolio of single-family and luxury resort/residence
properties in the Caribbean, Europe, South America, and the United States.
We are a licensed real estate corporation in the State of Florida and maintain compliance with the Florida Real Estate
Commission, the entity that regulates companies providing real estate services such as rentals, management, and sales. Additionally, our
business is subject to federal, state, local and foreign laws, rules, and regulations that may vary depending on the geographical location
and classification of our individual properties. Hospitality operations are also subject to compliance with the U.S. Americans with Disabilities
Act and other laws and regulations relating to accessibility, and to laws, regulations and standards in other areas such as zoning and
land use, licensing, permitting and registrations, safety, environmental and other property condition matters, staffing and employee training,
and cleanliness/sanitation protocols.
Our
business strategy entails targeting and identifying undervalued assets in emerging markets located in proximity to high demand travel
destinations. The Company intends to focus these efforts on shovel-ready properties and/or other assets that we believe can be used to
optimize sales and rental revenues. We have currently identified five properties in Belize, all of which are expected to constitute our
initial real estate portfolio. To that effect, on June 30, 2022, we closed on the acquisition of certain real estate assets in San Pedro,
Belize (the “Casamora Awaysis Assets”), pursuant to our previously announced series of Agreements of Purchase and Sale, all
dated April 15, 2022. The total consideration paid by us for the properties subject to the agreements was at the appraisal value of $11.4
million (excluding transaction costs and fees) and was settled in a combination of a Purchase Money Mortgage of $2.6 million at 0% interest
rate, payable on demand, a Purchase Money Mortgage of $280,000 at 0% interest rate that was paid on August 8, 2022 and 56.8 million shares
of the Company’s common stock based on a per share price equal to the market price on the date of appraisal of $0.150. As the first
acquisition by the Company in Belize and an important milestone, the Company expects to rebrand the Casamora Awaysis Asset, so it is
easily identifiable as an Awaysis Property and fit perfectly with its strategy of creating a countrywide network of Awaysis residential
enclave communities in the country.
The Casamora Awaysis Assets is in San Pedro,
Belize, minutes away from the town core and is a 22 unit property, representing 45,206 square feet, and is expected to feature a wellness
spa and fitness facility, restaurant, executive remote work center, private rooftop lounge, lap pool, beach bar, and waterfront esplanade.
It consists of the following:
| ● | A rectangular shaped parcel with 100.0 feet of street frontage containing
a 9,100 sq. ft. two story reinforced concrete building, with 2,173 sq. ft. of basement, a 1,600 sq. ft. porch/deck and a 3,062 sq. ft.
terrace. The plan for this building is to have: (a) on the ground floor, a state-of-the-art fitness facility and wellness spa; (b) on
the second floor, an executive conference center, a Yoga/Pilates studio with individual massage rooms associated with a planned wellness
spa, and access to the porch/deck; and (c) on the third floor, a members-only roof-top patio and lounge. The project is targeted for completion
by June 2025. |
| | |
| ● | A rectangular shaped parcel with 100.0 ft. of frontage on the beach reserve
and the Caribbean Sea having a total square footage of 13,590 sq. ft. The lot is elevated, sandy, has a reinforced concrete sea wall and
currently contains two double-story concrete buildings. The northernmost building has four 1-bedroom, 1-bath units, each with a living
room, kitchen, and covered porches. The southernmost building has two 1-bedroom, 1 bath units, each with a living room and kitchen on
the ground floor and one 3-bedroom, 2-bath unfinished unit on the second floor, each with their own covered porches. Currently these existing
units, while pending renovations, are available to be rented and generate hospitality revenues. The plan is to eventually renovate all
these units into more modern, luxury boutique waterfront villas. This project is targeted for completion by June 2024. |
|
● |
3,825
sq. ft. of raw open land with 105 feet of street frontage. Currently there is a main single-level concrete building having dimensions
of 14.0 ft. by 14.0 ft. and consisting of a reinforced concrete foundation and reinforced concrete floors. In addition, there is
a wooden bar open area with shade, having dimensions of 14.0 ft. by 16.0 ft., as well a single-level wooden structure having dimensions
of 16.0 ft. by 24.0 ft. plus a 10 ft. by 24 ft. front shade that are currently rented by third-party proprietors contributing to
the hospitality revenues. The planned use for this land is expected to serve both the patio extension and parking area for a planned
ground floor café. |
|
|
|
|
● |
1,717.83
sq. ft. of elevated land containing a three-story concrete building having dimensions of approximately 31.0 ft. by 41.0 ft. plus
covered concrete porches on each floor of approximately 15.0 ft. by 18 ft. The ground floor unit is approximately 80% complete and
we have executed a letter of intent from a real estate brokerage firm to lease unit as a sales office. The second-floor unit is under
renovations and is currently planned for residential use as a 2 bedroom, 2 bath unit. The penthouse unit is a 3-bedroom, 2-bath that
we currently plan to remodel with a dining room, living room, kitchen and small balcony facing the ocean. There is also an open-air
patio situated above the covered patio of the penthouse which provides sweeping views of the ocean as well as sunset views over the
lagoon side. This is targeted to be completed by June 2024. |
|
|
|
|
● |
A
four-story condominium complex that sits atop 20,995 sq. ft. of oceanfront land and comprises twenty individual 2-bedroom, 2-bathroom
ocean view condo suites of which twelve are owned by Awaysis. Our units are being fully renovated and targeted for completion by
the end of 2024. Of the remaining eight units that are owned by third-parties, five units are still being renovated while the other
three are fully furnished and under rental agreements and Homeowner’s Association (HOA) management agreements with their owners
to generate hospitality revenues. The twelve units owned by Awaysis are further described below: |
|
○ |
Two
1,380 sq. ft. ground floor units including a covered balcony/porch, the plan of which is to renovate each into a 2-bedroom, 2-bath
high-end condominium unit with a living room, dining area and kitchen. The units have an unobstructed view of the ocean and overlook
the pool and main ground garden landscape. |
|
|
|
|
○ |
Two
1,455 sq. ft. ground floor units including a covered balcony/porch, the plan of which is to renovate each into a 2-bedroom, 2-bath
high-end condominium unit with a living room, dining area and kitchen. The units have an unobstructed view of the ocean and overlooks
the pool and main ground garden landscape. |
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A
1,380 sq. ft. second floor unit including a covered balcony/porch, the plan of which is to renovate into a 2-bedroom, 2-bath high-end
condominium unit with a living room, dining area and kitchen. The unit has an unobstructed view of the ocean and overlooks the pool
and main ground garden landscape. |
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Three
1,455 sq. ft. second floor units including a covered balcony/porch, the plan of which is to renovate each into a 2-bedroom, 2-bath
high-end condominium unit with a living room, dining area and kitchen. The units have an unobstructed view of the ocean and overlooks
the pool and main ground garden landscape. |
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Three
1,455 sq. ft. third floor units including a covered balcony/porch, the plan of which is to renovate each into a 2-bedroom, 2-bath
high-end condominium unit with a living room, dining area and kitchen. The units have an unobstructed view of the ocean and overlooks
the pool and main ground garden landscape. |
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○ |
A
1,380 sq. ft. third floor unit including a covered balcony/porch, the plan of which is to renovate into a 2-bedroom, 2-bath high-end
condominium unit with a living room, dining area and kitchen. The unit has an unobstructed view of the ocean and overlooks the pool
and main ground garden landscape. |
History
The
Company was formed in Delaware on September 29, 2008, under the name ASPI, Inc (“ASPI”).
On
April 25, 2012, ASPI filed an amendment to its Certificate of Incorporation to change its name from ASPI, Inc. to JV Group, Inc. and
to increase the number of its authorized common shares from One Hundred Million (100,000,000) shares to One Billion (1,000,000,000) shares.
From
its formation on September 28, 2008, through September 7, 2011, the Company was a publicly quoted shell company seeking to merge with
an entity with experienced management and opportunities for growth in return for shares of common stock to create value for the Company’s
shareholders.
From
September 8, 2011, through October 2015, through the Company’s wholly owned subsidiary, Prestige Prime Office, Limited (“Prestige”),
a Hong Kong Special Administrative Region Corporation, the Company operated as a serviced office provider in the Far East. Prestige ceased
serviced office provider operations in October 2015, and effective September 30, 2017, the Company disposed of Prestige and its assets
and liabilities.
As
of November 23, 2021, Michael A. Littman ATTY, Defined Benefit Plan, MAL as trustee, an affiliate of Michael A. Littman, the then secretary
and a director of the Company and the owner of 98,108,000 shares of the Company’s common stock representing approximately 99.2%
of the Company’s issued and outstanding common stock, sold 98,008,000 shares to Harthorne Capital Inc., a Delaware corporation
(“Harthorne”), for aggregate consideration of $500,000, or approximately $0.0051 per share. This transaction was deemed a
change of control, and effective as of November 23, 2021, (a) Calvin D. Smiley, Sr., the Company’s Chief Executive Officer and
President, resigned from all officer and employment positions with the Company and its subsidiaries, (b) Michael A. Littman resigned
from all officer and employment positions with the Company and its subsidiaries, (c) Michael Singh was appointed Chief Executive Officer,
(d) Andrew Trumbach was appointed President, Chief Financial Officer, Secretary and Treasurer and (e) Lisa Marie Iannitelli was appointed
Executive Vice President, Director-Investor Relations.
Contemporaneously,
the size of the Board of Directors of the Company was increased from three directors to six directors. Michael Singh was appointed as
Chairman of the Board and Andrew Trumbach and Lisa Marie Iannitelli were each appointed as a director, filling the vacancies on the Board
resulting from the increase to the size of the Board.
Effective
as of January 7, 2022, Messrs. Littman, Smiley and Green each resigned as directors of the Company. Subsequently, Tyler A Trumbach, Claude
Stuart and Narendra Kini were appointed to the Board to fill the vacancies resulting from such January 7, 2022 resignations.
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.
On
May 18, 2022, we changed our 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.
In September 2024, our Board of Directors and holders of a majority of our outstanding voting securities, approved
of a reverse split of up to 1-for-20 of our issued and outstanding shares of common stock (the “Reverse Split”) and authorized
our Co-CEOs, in their sole discretion, to determine the final ratio and effect the Reverse Split any time before the one year anniversary
of the approval date. We do not yet have an effective date for the Reverse Split, but expect the Reverse Split to take effect in the second
half of our 2025 fiscal year.
Our principal executive offices are located at 3400 Lakeside Drive, Suite 100, Miramar, Florida 33027. Our main telephone
number is (855) 795-3311. Our website is www.awaysisgroup.com. The information contained on, or that can be accessed through, our
website is not incorporated by reference and is not a part of this Annual Report on Form 10-K.
Our Business
Our business is expected to include real estate development and sales, hospitality rentals, resort operations and club management.
Revenues are expected to come from:
● | selling our own developed resort inventory that includes condominiums,
single family homes, and villas. |
| |
● | providing management
services to our branded resorts under HOA management agreements; and |
| |
● | manage short-term
unit rentals of sold and unsold inventory at the resorts we own or manage. |
The Casamora Awaysis development, our first property, has started its hospitality
operations and has commenced sales operations on or about June 1, 2023.
As of June 30, 2024, Awaysis has a total of six units available for rent. Four of these units consist of Company
owned villas. The Company maintains a rental agreement with the owners of the other two units, both of which are a part of the Company’s
rental pool. Awaysis has also entered into a one-year lease agreement, effective April 1, 2024, on a three bedroom condominium located
in the commercial building adjacent to the Casamora Resort Property. This unit has been listed for sale.
As of June 30, 2024, we estimate approximately $3,000,000 in construction cost projections for the remaining portions
of the Casamora property. As development progresses, and more units are expected to become rentable, we expect an increased in hospitality
revenues.
In September 2024 the Company entered into leases for the renting out of commercial space at Casamora, enabling an
increase in rental income of $16,000 per month in the aggregate.
Inventory
and Development Activities
We
intend to acquire real estate assets to develop into resorts, starting in Belize and then expand into other resort markets as funds allow,
including building additional phases at existing resorts, including re-acquiring inventory from owners in default and in the open market
and sourcing other real estate assets from third parties.
Our
development activities involving the acquisition of real estate are expected to be followed by construction or renovation to create integrated
resorts under the “Awaysis” banner and brand. These development activities, and the related management of construction activities,
are expected to be performed by us as developers and under a cost-plus construction contract with other construction companies. The
development and construction of the resorts require a large upfront investment of capital and can take several years to complete in the
case of a ground-up or partially completed project.
On
March 24, 2022, we executed a non-binding letter of intent with Chial Mountain Ltd., an affiliate of Michael Singh, our Chairman and
CEO. Subject to the terms and conditions of a definitive purchase agreement we expect that we will enter into among the parties, we intend
to acquire approximately thirty-five villas consisting of an estimated 59,000 sq. ft. located in Cayo, Belize, for an aggregate purchase
price of approximately $5,500,000 payable in a combination of cash and shares of our Common Stock (the “Chial Acquisition”).
We can make no assurances that the Chial Acquisition will ever be consummated.
On
August 10, 2023, we executed a non-binding letter of intent with W2 Enterprises S.R.L. Subject to the terms and conditions of a definitive
purchase agreement we expect that we will enter into among the parties, we intend to acquire approximately thirty-eight units consisting
of an estimated 44,527 sq. ft. located in Cabarete, Dominican Republic, for an aggregate purchase price of approximately $1,500,000 payable
in a combination of cash and shares of our Common Stock (the “La Bocca Acquisition”). We can make no assurances that the
La Bocca Acquisition will ever be consummated.
On
January 4, 2024, we executed a non-binding letter of intent with Boca Chica Resorts Limited. Subject to the terms and conditions of a
definitive purchase agreement we expect that we will enter into among the parties, we intend to acquire approximately 126 units consisting
of an estimated 286,312 sq. ft. located in San Pedro, Belize, for an aggregate purchase price of approximately $42,000,000 payable in
a combination of cash and shares of our Common Stock (the “La Sirene Acquisition”). We can make no assurances that the La
Sirene Acquisition will ever be consummated.
Marketing
and Sales Activities
Our
planned marketing and sales activities are expected to be based on targeted direct marketing and a highly personalized sales approach.
We intend to use targeted direct marketing to reach potential purchasers of units or sell through a licensed distribution network of
both in-market and off-site sales centers. Our products are expected to be marketed for sale or rent globally. We intend to offer owner financing up to 50% of the price of the units. In its current form, the offering of owner
financing allows a buyer to pay a minimum of 50% of the purchase price at closing. The remaining balance is to be paid off by giving a
mortgage to Awaysis that is registered on title at an interest rate that is slightly higher than commercially available interest rates
and amortized over five, ten or twenty-five years where the buyer agrees to make monthly payments to Awaysis until the term is complete
and the balance is paid in full.
Resort
Management Activities
Resort
Management
For
each resort property we acquire and develop, we intend for Awaysis Capital, LLC, our management company subsidiary to enter into a
management agreement. The management company is expected to ensure that the resorts are well-maintained and financially stable, and
the services provided are expected to include day-to-day operations of the resort, maintenance of the resort, preparation of
reports, budgets and projections and employee training and oversight. The management agreements are expected to provide for a
cost-plus management fee, which means we would generally earn a fee over and above the cost to operate the applicable resort. As a
result, the management fees we expect to earn would be predictable, unlike traditional revenue-based hotel management fees, and our
management fees generally would be unaffected by changes in rental rate or occupancy. We also expect to be reimbursed for the costs
incurred to perform our management services, principally related to personnel providing on-site services.
Rental
of Available Inventory
We
intend to rent unsold inventory at our resorts as well as to rent inventory that is sold on behalf of the owners. By using our websites
and other direct booking channels to rent available inventory, we intend to be able to reach potential new customers and introduce them
to our resorts. Inventory rentals would allow us to utilize otherwise unoccupied inventory to generate additional revenues and provision
of ancillary services. We expect that we will earn a fee from rentals of third-party inventory. Additionally, we intend to provide ancillary
offerings including food and beverage, retail, and spa offerings at our planned resorts.
Competition
The
resort and hotel industry are highly competitive and comprised of several national and regional companies that develop, finance and operate
resorts and hotels.
Our
planned business will compete with other entities engaged in the leisure and vacation industry, including resorts, hotels, cruises, and
other accommodation alternatives, such as condominium and single-family home rentals. We also intend to compete with home and apartment
sharing services that operate websites that market available privately-owned residential properties that can be rented on a nightly,
weekly, or monthly basis. In certain markets, we may compete with timeshare operators, and it is possible that other potential competitors
may develop properties near our resort locations once acquired, developed, and marketed.
Our
planned business will compete with the virtually thousands of other hotels, resorts and timeshare operators vying for vacation travelers,
in all cases based principally on location, quality of accommodations, price, service levels and amenities, financing terms, quality
of service, terms of property use, reservation systems, flexibility, as well as brand name recognition and reputation. We also compete
for property acquisitions and partnerships with entities that have similar investment and development objectives to us.
We
believe that, in the competitive industry in which we intend to operate, trademarks, service marks, trade names and logos are very important
to the marketing and sales of products. While we have trademarked the name and logo “Awaysis”, which we believe is compelling,
it is a new brand and there are many other trademarks, service marks, trade names and logos that have much greater brand identification.
There
is also significant competition for talent at all levels within the industry, especially in sales and management.
Seasonality
and Cyclicality
We
expect to experience seasonality in the rental segment of our planned business, with stronger revenue generation during traditional vacation
periods for those expected locations. Our business of selling units may be moderately cyclical as the demand for vacation units for sale
is affected by the availability and cost of financing for purchasers, as well as general economic conditions and the relative health
of the travel industry.
Government
Regulation
Our
proposed business is subject to various international, national, federal, state, and local laws, regulations and policies in jurisdictions
in which we intend to operate. Some laws, regulations and policies would impact multiple areas of our business, such as securities, anti-discrimination,
anti-fraud, data protection and security and anti-corruption and bribery laws and regulations or government economic sanctions, including
applicable regulations under the U.S. Treasury’s Office of Foreign Asset Control and the U.S. Foreign Corrupt Practices Act (“FCPA”).
The FCPA and similar anti-corruption and bribery laws in other jurisdictions generally prohibit companies and their intermediaries from
making improper payments to government officials for the purpose of obtaining or generating business. Other laws, regulations and policies
primarily affect one of our areas of business: real estate development activities; marketing and sales activities; financial services
activities; and resort management activities. We will continue to be subject to applicable new legislation, rules and regulations that
have been proposed, or may be proposed, by federal, state and local authorities relating to the origination, servicing and securitization
of mortgage loans.
Real
Estate Development Regulation
Our
planned real estate development activities are regulated under a number of different statutes in the jurisdictions we intend to operate,
including Belize. We would generally be subject to laws and regulations typically applicable to real estate development, subdivision,
and construction activities, such as laws relating to zoning, land use restrictions, environmental regulation, accessibility, title transfers,
title insurance and taxation. In Belize, these include the equivalent to the U.S. Americans with Disabilities Act of 1990 and the Accessibility
Guidelines promulgated thereunder. In addition, we may be subject to laws in some jurisdictions that impose liability on property developers
for construction defects discovered or repairs made by future owners of property developed by the developer.
Marketing
and Sales Regulation
Our
marketing and sales activities are expected to be highly regulated. A wide variety of laws and regulations govern our marketing and sales
activities, including regulations implementing the USA PATRIOT Act, Foreign Investment In Real Property Tax Act, the Federal Interstate
Land Sales Full Disclosure Act and fair housing statutes, U.S. Federal Trade Commission (“FTC”) and state “Little FTC
Act” and other regulations governing unfair, deceptive or abusive acts or practices including unfair or deceptive trade practices
and unfair competition, state attorney general regulations, anti-fraud laws, prize, gift and sweepstakes laws, real estate, title agency
or insurance and other licensing or registration laws and regulations, anti-money laundering, consumer information privacy and security,
breach notification, information sharing and telemarketing laws, home solicitation sales laws, tour operator laws, lodging certificate
and seller of travel laws and other consumer protection laws.
We
expect that we must obtain the approval of numerous governmental authorities for our planned marketing and sales activities. Changes
in circumstances or applicable law may necessitate the application for or modification of existing approvals.
Resort
Management Regulation
Our
planned resort management activities are expected to be subject to laws and regulations regarding community association management, public
lodging, food and beverage services, liquor licensing, labor, employment, health care, health and safety, accessibility, discrimination,
immigration, gaming, and the environment (including climate change).
Environmental
Matters
We
expect to be subject to certain requirements and potential liabilities under various U.S. federal, state and local and foreign environmental,
health and safety laws and regulations and incur costs in complying with such requirements. These laws and regulations govern actions
including air emissions, the use, storage and disposal of hazardous and toxic substances, and wastewater disposal. In addition to investigation
and remediation liabilities that could arise under such laws, we may also face personal injury, property damage, fines, or other claims
by third parties concerning environmental compliance or contamination. We expect to use and store hazardous and toxic substances, such
as cleaning materials, pool chemicals, heating oil and fuel for back-up generators at some of our planned facilities, and we expect to
generate certain wastes in connection with our planned operations. We may, from time to time, be responsible for investigating and remediating
contamination at some of our developed facilities, such as contamination that has been discovered when we have removed underground storage
tanks, and we could be held responsible for any contamination resulting from the disposal of wastes that we generate, including at locations
where such wastes have been sent for disposal. In some cases, we may be entitled to indemnification from the party that caused the contamination
pursuant to our management, construction, or renovation agreements, but there can be no assurance that we would be able to recover all
or any costs we incur in addressing such problems. From time to time, we may also be required to manage, abate, remove, or contain mold,
lead, asbestos-containing materials, radon gas or other hazardous conditions found in or on our planned properties.
Human
Capital
Currently,
we have four full-time employees, including our executives. We presently do not have pension, health, annuity or, insurance; however,
we intend to adopt some or all of such employee benefits in the future. There are presently no personal benefits available to any officers,
directors, or employees. Our employees are all based in the United States, at our office located in Miramar, Florida. These employees
oversee day-to-day operations of the Company. As required, we also engage consultants to provide services to the Company both in the
U.S. and Belize, including real estate, regulatory, legal and corporate services. We are subject to labor laws and regulations that apply
to our locations in the U.S. and Belize. These laws and regulations principally concern matters such as pensions, paid annual vacation,
paid sick days, length of the workday and work week, minimum wages, overtime pay, insurance for work-related accidents, severance pay
and other conditions of employment. We have no unionized employees.
We
believe we are able to attract and retain top talent by creating a culture that challenges and engages our employees, offering them opportunities
to learn, grow and achieve their career goals.
We
believe that we provide competitive compensation for our employees. We may also offer annual bonuses and stock-based compensation
for eligible employees.
We
aim to provide our employees with advanced professional and development skills, so that they can perform effectively in their roles and
build their capabilities and career prospects for the future.
We
strive to encourage a diversity of views and to create an equal opportunity workplace.
Where
You Can Find More Information
Our
website address is https://awaysisgroup.com. Information on our website is not incorporated by reference herein.
Risk
Factors
We
are subject to various risks that could materially and adversely affect our business, financial condition, results of operations, liquidity,
and stock price. You should carefully consider the risk factors discussed below, in addition to the other information in this Annual
Report on Form 10-K. Further, other risks and uncertainties not presently known to management or that management currently deems less
significant also may result in material and adverse effects on our business, financial condition, results of operations, liquidity, and
stock price. The risks below also include forward-looking statements; and actual results and events may differ substantially from those
discussed or highlighted in these forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements.”
We
are a development stage company with a limited operating history and have not yet achieved profitability, making it difficult for you
to evaluate our business and your investment.
Our
operations are subject to all of the risks inherent in the establishment of a new business enterprise, including but not limited to the
absence of an operating history, lack of fully-developed or commercialized properties, insufficient capital, limited assets, expected
substantial and continual losses for the foreseeable future, limited experience in dealing with regulatory issues, lack of marketing
experience, need to rely on third parties for the development and commercialization of our proposed properties, a competitive environment
characterized by well-established and well-capitalized competitors and reliance on key personnel.
We
may not be successful in carrying out our business objectives. The revenue and income potential of our business and operations are
unproven as the lack of operating history makes it difficult to evaluate the future prospects of our business. There is nothing at
this time on which to base an assumption that our business operations will prove to be successful or that we will ever be able to
operate profitably. We have incurred net losses since our inception. Accordingly, we have no track record of successful business
activities, strategic decision-making by management, fund-raising ability, and other factors that would allow an investor to assess
the likelihood that we will be successful in our business. There is a substantial risk that we will not be successful in fully
implementing our business plan, or if initially successful, in thereafter generating material operating revenues or in achieving
profitable operations.
Since
inception of our new business model, we have not established any material and recurring revenues or operations that will provide
financial stability in the long term or achieve profitability, and there can be no assurance that we will realize our plans on our projected timetable (or
at all) in order to reach sustainable or profitable operations.
Investors
are subject to all the risks incident to the creation and development of a new business and each investor should be prepared to withstand
a complete loss of his, her or its investment. Furthermore, the accompanying financial statements have been prepared assuming that we
will continue as a going concern. We have not emerged from the development stage and may be unable to raise further equity. Additionally, we have not generated material and recurring revenues to date, have sustained losses and have accumulated
a significant deficit since our inception. As of June 30, 2023, we had cash of approximately $746,000 and total current liabilities of
approximately $3,552,000. These factors
raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
Even
if we successfully develop and market our business plan, we may not generate sufficient or sustainable revenue to achieve or sustain
profitability, which could cause us to cease operations and cause you to lose all of your investment. Because we are subject to these
risks, you may have a difficult time evaluating our business and your investment in our Company.
We have incurred net losses to date,
we anticipate that we will continue to incur significant losses for the foreseeable future, and even if we were to generate revenue, we
may never achieve or maintain profitability.
During the fiscal years ended June 30,
2024 and 2023, we recognized a net loss of $7,093,476 and $4,295,446, respectively. We had an accumulated deficit as of June 30, 2024
and 2023 of $12,642,933 and $5,549,457, respectively. We expect to incur significant losses for the foreseeable future as we continue
to implement our business plan and acquire, develop and operate a range of hospitality properties. In the future, acquisition and development
of such additional properties, together with anticipated general and administrative expenses, will likely result in the Company incurring
further significant losses.
To
become profitable, we must successfully implement our proposed business plan and strategies, either alone or in conjunction with possible
collaborators. We may never have any significant recurring revenues or become profitable.
We
are dependent on management.
Our
business is and will continue to be significantly dependent on our management team, including Michael Singh and Andrew Trumbach, our Co-CEOs. The loss of any member of our management team could
have a materially adverse effect on the Company.
The
expansion of our operations can have a significant impact on our profitability.
We
intend on expanding our business through the acquisition, development, and maintenance of real estate assets. Any expansion of operations
that we may undertake will entail risks, such actions may involve specific operational activities which may negatively impact our profitability.
Consequently, investors must assume the risk that (i) such expansion may ultimately involve expenditures of funds beyond the resources
available to us at that time, and (ii) management of such expanded operations may divert management’s attention and resources away
from our existing operations, all of which may have a material adverse effect on our present and prospective business activities.
Our
financial success is dependent on general economic conditions.
Our
financial success may be sensitive to adverse changes in general economic conditions in the United States, Belize and any other jurisdiction
in which our assets are located, such as recession, inflation, unemployment, geopolitical situations, and interest rates. Such changing
conditions could reduce demand in the marketplace for our planned real estate portfolio. We have no control over these changes.
Our
operating results are subject to significant fluctuations.
Our
operating results may fluctuate significantly from period to period as a result of a variety of factors, including purchasing patterns
of customers, competitive pricing, debt service and principal reduction payments, and general economic conditions. Consequently, our
revenues may vary by quarter, and our operating results may experience fluctuations.
Our
proposed objectives are capital intensive and subject to change.
Our
proposed business plans may change. Many of our potential business endeavors are capital intensive and may be subject to statutory or
regulatory requirements. Management reserves the right, at any time, to make significant modifications to the Company’s stated
strategies depending on future events.
There
is a limited trading market for our common stock, which could make it difficult for you to liquidate an investment in our common stock,
in a timely manner.
Our
common stock is currently traded on the OTC Pink market. Because there is a limited public market for our common stock, you may not be
able to liquidate your investment when you want. We cannot assure you that an active trading market for our common stock will ever develop.
There is limited trading in our common stock, and we cannot assure you that an active public market for our common stock will ever develop.
The lack of an active public trading market means that you may not be able to sell your shares of common stock when you want, thereby
increasing your market risk. Until our common stock is listed on a national securities exchange, which we can provide no assurance, we
expect that it will continue to be listed on the OTC Pink market. An investor may find it difficult to obtain accurate quotations as
to the market value of the common stock and the trading of our common stock may be extremely sporadic. For example, several days may
pass before any shares may be traded. A more active market for our common stock may never develop. In addition, if we failed to meet
the criteria set forth in SEC regulations, various requirements would be imposed by law on broker-dealers who sell our securities to
persons other than established customers and accredited investors. Consequently, such regulations may deter broker-dealers from recommending
or selling the common stock, which may further affect its liquidity. This would also make it more difficult for us to raise additional
capital.
Our success will partially depend upon acquiring and redevelopment
of hospitality properties in varying stages of development, and we may be unable to consummate acquisitions on advantageous
terms, the acquired properties may not perform as expected, or we may be unable to efficiently develop or integrate assets into our existing
operations.
We intend to acquire hospitality properties in varying stages of development
which we would then re-develop, operate, maintain, sell, rent and/or manage. The acquisition of such properties entails various risks,
including the risks that they may not perform as expected, that we may be unable to integrate assets quickly and efficiently into our
existing operations and that the cost estimates for the development of a property may prove inaccurate.
Investors
are reliant on management’s assessment, selection, and development of appropriate properties.
Our ability to achieve our current objectives is dependent upon the performance
of our management team in the quality and timeliness of our acquisition and development of hospitality properties. Subject to requirements
of applicable law, our stockholders are not expected to have an opportunity to evaluate the terms of transactions or other economic or
financial data concerning any particular property we may acquire and re-develop. Investors must rely entirely on the decisions of the
management team and the oversight of our principals.
We
face significant competition that may increase costs.
We will experience significant competition from other buyers and sellers
of real estate and other real estate hospitality projects. Competition may have the effect of increasing our acquisition costs, making
it more difficult to identify and close on the acquisition of desirable real estate properties, and decrease the sales price or lease
rates of developed assets.
Our
profitability may be impacted by delays in the selection, acquisition, and development of properties.
We
may encounter delays in the selection, acquisition and development of properties that could adversely affect our profitability. We may
experience delays in identifying properties that satisfy ideal purchase parameters.
Supply chain disruptions could create unexpected renovation or maintenance costs or delays and/or could impact our
development projects, any of which could adversely impact our results of operations.
Supply chain disruptions and the cost of materials, parts and labor have progressively increased, and may continue
to do so over the long-term. Our construction projects, including renovations and/or maintenance are a routine and necessary part of our
business. We may incur costs for these projects or routine maintenance at our properties that exceeds our original estimates due to increased
costs for materials or labor or other costs that we do not anticipate. We also may be unable to complete our development projects on schedule
due to supply chain disruptions or labor shortages.
Our
properties may be subject to environmental laws and regulations that have the potential to impose liability.
Under
various local environmental laws, ordinances, and regulations, a current or previous owner or operator of real property may be liable
for the cost of removal or remediation of hazardous or toxic substances on, under or in such property. Such laws often impose liability
whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Environmental
laws also may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may
require expenditures. Environmental laws provide for sanctions in the event of non-compliance and may be enforced by governmental agencies
or, in certain circumstances, by private parties. In connection with the acquisition and ownership of its properties, we may be potentially
liable for such costs. The cost of defending against claims of liability, complying with environmental regulatory requirements or remediation
of any contaminated property could have a materially adverse effect on our business, assets or results of operations.
We may be unable to sell a property if or when we decide to do so,
including as a result of uncertain market conditions, which could adversely affect our ability to respond to market conditions.
Although we expect to develop, operate, manage and hold the various properties
we acquire as part of our business plan, there may be times when it would be appropriate to instead sell or otherwise divest one or
more properties. Our ability to dispose of properties on advantageous terms depends on factors, some of which are beyond our control,
including competition from other sellers and the availability of attractive financing for potential buyers of the properties acquired.
We cannot predict the various market conditions affecting real estate and hospitality properties which will exist at any particular time
in the future. Due to the uncertainty of market conditions, which may affect the future disposition of the properties acquired, we cannot
assure our shareholders that we will be able to sell such properties at a profit in the future. Furthermore, we may be required to expend funds to correct defects or to make improvements to our real
estate assets and hospitality properties if we otherwise would want to dispose of a property but the market to do so is not positive.
Funds may not be available to correct such defects or to make such improvements. In acquiring a property, we may agree to restrictions
that prohibit the sale of that property for a period of time or impose other restrictions, such as a limitation on the amount of debt
that can be placed or repaid on that property. These provisions would restrict our ability to sell a property.
We
may not succeed in creating a portfolio enclave strategy.
We believe that the acquisition of assets will be critical to our ability to enter new emerging markets and build
local market density. This strategy is expected to contribute to our ability to grow sales and rental revenues and increase profitability
over time. In order to build on this concept of creating vacation-remote work enclave communities, we must be able to identify and maintain
a pipeline of locally managed vacation homes and condominiums in new and emerging markets. We have had initial success in identifying
existing shovel ready resorts and vacation properties by giving developers and owners an exit strategy and providing market and developmental
expertise to reposition the acquired assets to maximize revenues, but that may not continue. Our ability to maintain this momentum depends
on our ability to provide a unique travel experience to both owners and guests and to be able to consistently generate income to the residence
owners. Our ability to provide this level of income and expectations are likely to be partially dependent on the labor cost of our local
markets and our ability to hire teams for a diversity of roles at a reasonable cost given the constraints of each particular local market
environment.
Our
properties may be subject to liabilities or other problems.
We intend to perform certain due diligence for each property or other real
estate related asset that we acquire. We will also seek to obtain appropriate representations and indemnities from sellers with respect
to such properties. We may, nevertheless, acquire properties that are subject to uninsured liabilities or that otherwise have problems.
In some instances, we may have only limited or perhaps even no recourse for any such liabilities or other problems or, if we received
indemnification from a seller, the resources of such seller may not be adequate to fulfill its indemnity obligation. As a result, we could
be required to resolve or cure any such liability or other problems, and such payment could have an adverse effect on our cash flow available
to meet other expenses or to make dividend payments to shareholders.
The failure to successfully execute and integrate properties that
support our business model could adversely affect our growth rate and consequently our revenues and results of operations.
We expect that we may acquire multiple properties for development or redevelopment
at any given time, from time to time. If we are not able to consummate these acquisitions, it could negatively impact our projected growth
rate, revenue results, results of operations and the trading prices of our common stock. Furthermore, such transactions involve a number
of financial, accounting, operational, legal, compliance and other risks and challenges, any of which could negatively affect our projected
growth rate revenue results, results of operations and the trading price of our common stock and may have a material adverse effect on
our business, results of operations and financial condition.
There
are significant risks associated with “value-add” and properties in need of re-positioning.
Our targeting of financially distressed properties (and, in some cases,
raw land) is expected to result in properties which are partially leased or completely vacant and thus not generating positive cash flow
(or any cash flow). Similarly, under-performing and value-add properties that we are targeting may experience unanticipated delays in,
or increases of the cost to improve or reposition those properties that may be beyond our control. There is no assurance we will be successful
in stabilizing such properties given the significant number of factors beyond our control, including general or local economic conditions
and local market demand that may come into play, which could materially adversely affect our results of operations and financial condition.
Uninsured
losses relating to real property may adversely affect our performance.
We
will attempt to ensure that all of our properties are comprehensively insured (including liability, fire, storm and extended coverage)
in amounts sufficient to permit replacement in the event of a total loss, subject to applicable deductibles. However, in the event such
insurance is not sufficient, or if we do not have a sufficient external source of funding to repair or reconstruct a damaged property
our results of operations and financial condition could be adversely affected. There can be no assurance that any such source of funding
will be available to us for such purposes in the future.
Competition
for real property may increase costs and reduce returns.
We will experience competition for real property and other hospitality
assets from individuals, corporations, banks, and insurance company investment accounts, as well as other real estate limited partnerships,
real estate investment funds, commercial developers, pension plans, institutional and foreign investors and entities engaged in real estate
investment activities. We will compete against other potential purchasers of resort-style properties and, as a result of
the weakened world economy, there is greater competition for the properties of the type we seek to acquire. Some of these competing entities
may have greater financial and other resources allowing them to compete more effectively. This competition may result in us paying higher
prices to acquire properties than we otherwise would, or we may be unable to acquire properties that we believe meet our business objectives
from time to time.
In addition, our properties may be located close to properties that are
owned by competitors. These competing properties may be better located and more suitable for desirable tenants or customers than our properties,
resulting in a competitive advantage for these other properties. We may face similar competition from other properties that may be developed
in the future. This competition may limit our ability to sell units and/or rent and manage such units, increase our costs of securing
such purchasers or renters, and limit our ability to charge higher prices or rents and/or require us to make capital improvements we otherwise
might not make to our properties. As a result, we may suffer reduced cash flow with a decrease in share price and/or the ability to provide
dividends.
Environmental
regulations and issues, certain of which we may have no control over, may adversely impact our business.
Federal,
state, and local laws and regulations impose environmental controls, disclosure rules and zoning restrictions which directly impact the
management, development, use, and/or sale of real estate. Such laws and regulations tend to discourage sales and leasing activities and
mortgage lending with respect to some properties, and may therefore adversely affect us specifically, and the real estate industry in
general. Failure to uncover and adequately protect against environmental issues may subject
us to liability as the buyer of such property or asset. Environmental laws and regulations impose liability on current or previous real
property owners or operators for the cost of investigating, cleaning up or removing contamination caused by hazardous or toxic substances
at the property.
We
may be held liable for such costs as a subsequent owner and developer of such property. Liability can be imposed even if the original
actions were legal, and we had no knowledge of the presence of hazardous or toxic substances.
We
may also be held responsible for the entire payment of the liability if we are subject to joint and several liabilities and the other
responsible parties are unable to pay. Further, we may be liable under common law to third parties for damages and injuries resulting
from environmental contamination emanating from the site, including the presence of asbestos containing materials. Insurance for such
matters may not be available. Additionally, new or modified environmental regulations could develop in a manner which could adversely
affect us.
Real
estate may develop harmful mold, which could lead to liability for adverse health effects and costs of remediating the problem.
When
excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains
undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Concern about indoor exposure
to mold has been increasing as exposure to mold may cause a variety of adverse health effects and symptoms, including allergies or other
reactions.
As
a result, the presence of significant mold at any of our properties could require us to undertake a costly remediation program to contain
or remove the mold from the affected property. In addition, the presence of significant mold could expose us to liability from its tenants,
employees of such tenants and others if property damage or health concerns arise.
Terrorist
attacks or other acts of violence or war may adversely affect our industry, operations, and profitability.
Terrorist
attacks or other acts of violence or war may harm our results of operations. There can be no assurance that these attacks or armed conflicts,
whether international or domestic, will not occur. These attacks or armed conflicts may directly or indirectly impact the value of the
property we own or that secures our loans. Losses resulting from these types of events may be uninsurable or not insurable to the full
extent of the loss suffered. Moreover, any of these events could cause consumer confidence and spending to decrease or result in increased
volatility in the United States and worldwide financial markets and economy. These attacks or armed conflicts could also result in economic
uncertainty in the United States or abroad. Adverse economic conditions resulting from terrorist attacks or other acts of violence or
war could reduce demand for space in our properties due to the adverse effect on the economy and thereby reduce the value of our properties.
We
will be subject to risks related to the geographic locations of the properties we develop and manage.
We intend to acquire, develop or re-develop, maintain, operate and manage
residential and resort vacation home communities. If the hospitality markets or general economic conditions in the geographic areas in
which we intend to operate declines, we may be delayed in completing development of our properties or revenues generated from these properties
in these areas could decline. Any of these events could materially adversely affect our business, financial condition or results of operations.
There
may be several conflicts of interest that arise as we implement our business plan.
Certain
of our officers and directors and our affiliates may engage, for their own account, or for the account of others, in other business ventures
similar to ours or otherwise, and neither we nor any shareholder shall be entitled to any interest therein. Our management will devote
only so much time to our business as is reasonably required. If a specific business venture becomes available, such person(s) may face
a conflict in selecting between our business and his or her other business interests. We have not yet formulated a policy for the resolution
of such conflicts. We will not share in the risks or rewards of such other ventures; however, such other ventures will compete for their
time and attention, which might create other conflicts of interest. We do not at this time require our officers or directors to devote
any particular amount of time to the Company. As a result, our business and results of operations could be materially adversely affected.
We are buying certain assets in our portfolio from certain of our officers and directors. Even though these will be purchased with arms-length
appraisals, there is still an inherent conflict between the roles of certain officers and/or directors acting and representing the sellers
and buyers in the same transaction.
The
market price and trading volume of our common stock may be volatile, which may adversely affect its market price.
The
market price of our common stock could be subject to significant fluctuations due to factors such as:
● | actual
or anticipated fluctuations in our financial condition or results of operations; |
| |
● | the
success or failure of our operating strategies and our perceived prospects; realization of
any of the risks described in this section; failure to be covered by securities analysts
or failure to meet the expectations of securities analysts; |
| |
● | a
decline in the stock prices of peer companies; and |
| |
● | a
discount in the trading multiple of our common stock relative to that of common stock of
certain of our peer companies due to perceived risks associated with our smaller size. |
As
a result, shares of our common stock may trade at prices significantly below the price you paid to acquire them. Furthermore, declines
in the price of our common stock may adversely affect our ability to conduct future offerings or to recruit and retain key employees,
including our managing directors and other key professional employees.
Your
interest in us may be diluted if we issue additional shares of common stock.
In
general, shareholders do not have preemptive rights to any common stock issued by us in the future. Therefore, shareholders may experience
dilution of their equity investment if we issue additional shares of common stock in the future, including shares issuable under equity
incentive plans, or if we issue securities that are convertible into shares of our common stock, which we intend to do.
The
sale of our Common Stock may cause its market price to drop significantly, regardless of the Company’s performance.
Any
future sale of shares of our Common Stock could have the effect of increasing the volatility in the trading price of our Common Stock.
The
sale of our Common Stock could also encourage short sales by market participants. Short selling is a method used to capitalize on an
expected decline in the market price of a security and could depress the price of our Common Stock, which could further increase the
potential for future short sales.
The
Company cannot predict the size of future issuances or sales of our Common Stock or the effect, if any, that future issuances and sales
of our Common Stock will have on its market price. Sales involving significant amounts of Common Stock, including issuances made in the
ordinary course of the Company’s business, or the perception that such sales could occur, may materially and adversely affect
prevailing market prices of our Common Stock.
We
cannot assure you that our common stock will become listed on a national securities exchange and the failure to do so may adversely
affect your ability to dispose of our common stock in a timely fashion.
We intend to apply for our Common Stock to be listed on the NYSE American and have retained an investment banking
firm to assist in this process and to assist in raising capital. We have also commenced discussions with representatives of the NYSE American
in connection with our application. We do not have a specific timetable for such listing, although we anticipate it will commence during
the calendar year ending December 31, 2024. We can give no assurance that such investment bank will be successful in raising the capital
we will need to list on the NYSE American or that the NYSE American will accept our application for listing which has not yet been submitted.
NYSE American has numerous requirements that an applicant must satisfy to list their common stock on the exchange, including total number
of stockholders, minimum stock price, total value of public float, and in some cases total shareholders’ equity and market capitalization.
Our failure to satisfy such applicable initial listing criteria could prevent us from listing our Common Stock on NYSE American. In the
event we are unable to uplist our Common Stock, our Common Stock will continue to trade on the OTC Marketplace, which is generally considered
less liquid and more volatile than the NYSE American or other national securities exchange. Our inability to uplist our Common Stock could
make it more difficult for you to trade our Common Stock, could prevent our Common Stock trading on a frequent and liquid basis and could
result in the value of our Common Stock being less than it would be if we were able to successfully uplist. We may never satisfy the initial
listing standards of NYSE American or any other exchange and cannot assure you when or if we will satisfy such applicable listing standards,
or that we will be able to maintain such a listing of our Common Stock.
Our
common stock is subject to the “penny stock” rules of the SEC, which makes transactions in our stock cumbersome and may reduce
the value of an investment in our stock.
The
SEC has adopted regulations which generally define a “penny stock” as an equity security that has a market price of less
than $5.00 per share, subject to specific exemptions. The SEC’s penny stock rules require a broker-dealer, before a transaction
in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document that provides information about
penny stocks and the risks in the penny stock market. The broker-dealer must also provide the customer with current bid and offer quotations
for the penny stock, the compensation of the broker-dealer and the salesperson in the transaction, and monthly account statements showing
the market value of each penny stock held in the customer’s account. In addition, the penny stock rules generally require that
before a transaction in a penny stock occurs, the broker-dealer must make a special written determination that the penny stock is a suitable
investment for the purchaser and receive the purchaser’s agreement to the transaction. If applicable in the future, these rules
may restrict the ability of brokers-dealers to sell our common stock and may affect the ability of investors to sell their shares, until
our common stock no longer is considered a penny stock.
Certain
of our executive officers and directors, through their direct and indirect ownership of common stock, can substantially influence the
outcome of matters requiring shareholder approval and may prevent you and other stockholders from influencing significant corporate decisions,
which could result in conflicts of interest that could cause the Company’s stock price to decline.
Harthorne Capital, Inc., which is owned by certain of our executive officers
and directors, along with Mr. Singh and Dr. Trumbach, collectively beneficially owns shares of our common stock equal to approximately
86% of our outstanding shares of common stock. As a result, such individuals will have the ability, acting together, to substantially
influence the election of our directors and the outcome of corporate actions requiring shareholder approval, such as (i) a merger or a
sale of our Company, (ii) a sale of all or substantially all of our assets, and (iii) amendments to our articles of incorporation and
bylaws. Additionally, such ownership concentration and leadership positions give Mr. Singh and Dr. Trumbach the power to control, or substantial
influence over, employment decisions, including compensation arrangements for themselves. Furthermore, this concentration of voting power
and control could have a significant effect in delaying, deferring or preventing an action that might otherwise be beneficial to our other
shareholders and be disadvantageous to our shareholders with interests different from those individuals. These individuals also have significant
control over our business, policies and affairs as officers and/or directors of our Company. These stockholders may exert influence in
delaying or preventing a change in control of the Company, even if such change in control would benefit the other stockholders of the
Company. Lastly, the significant concentration of stock ownership may adversely affect the market value of the Company’s common
stock due to investors’ perception that conflicts of interest may exist or arise. Therefore, you should not invest in reliance on
your ability to have any control over the Company. In addition, stock ownership of insiders and management, at high levels of ownership,
may induce executive decisions inconsistent with growth-oriented risk-taking.
Anti-takeover provisions in the
Company’s charter and bylaws under Delaware law may prevent or frustrate attempts by stockholders to change the board of directors
or current management and could make a third-party acquisition of the Company difficult.
Provisions in the Company’s certificate
of incorporation and bylaws may delay or prevent an acquisition or a change in management. These provisions include a classified board
of directors. Although the Company believes this provision could provide for an opportunity to receive higher bids by requiring potential
acquirers to negotiate with the Company’s board of directors, they would apply even if the offer may be considered beneficial by
some stockholders. In addition, these provisions may frustrate or prevent any attempts by the Company’s stockholders to replace
or remove then current management by making it more difficult for stockholders to replace members of the board of directors, which is
responsible for appointing members of management.
Investments
in our common stock may provide you with limited rights, and we do not expect to pay cash dividends in the short term.
Common
stock and similar equity securities generally represent the most junior position in an issuer’s capital structure and, as such,
generally entitle holders to an interest in the assets of the issuer, if any, remaining after all more senior claims to such assets have
been satisfied. Holders of common stock generally are entitled to dividends only if and to the extent declared by the governing body
of the issuer out of income or other assets available after making interest, dividend, and any other required payments on more senior
securities of the issuer. We anticipate that we will retain our earnings, if any, for future growth and therefore do not anticipate paying
cash dividends on our common stock in the short term. Investors seeking cash dividends should not invest in our common stock for that
purpose.
Item
1B. Unresolved Staff Comments
Not
Applicable.
Item
1C. Cybersecurity
Since
2022, we have been primarily focused on launching our real estate management and hospitality business. We have 4 employees and currently
use third-party vendors and service providers for other activities.
We
use a third-party sub-contractor to manage all Information Technology (IT) issues, including protection against, detection, and response
to cyberattacks.
The
measures that are taken to ensure proper protection include:
|
● |
All
computers are protected using a cloud-powered endpoint security solution that helps enterprises prevent, detect, investigate, and
respond to advanced threats on their networks. It offers endpoint protection, endpoint detection and response, mobile threat defense,
and integrated vulnerability management. It also provides, among other things, malware and spyware detection and remediation, rootkit
detection and remediation and network vulnerability detection. |
|
● |
All
Company e-mails are protected by a cloud-based email filtering service designed to protect the Company against advanced threats related
to email and collaboration tools. |
|
● |
Periodically,
all users on the Company’s computer network are required to perform multi-factor authentication. |
|
● |
The
Company uses a cloud-based identity and access management service that enables access to external resources. |
|
● |
Backup
is performed using a secure, automatic cloud-based backup and restore service. |
Additionally,
we believe that our third-party vendors and service providers have their own respective cybersecurity protocols which our management
believes to be adequate for protecting any of the Company’s data that might be in their possession from time to time; however,
having such protocols is not necessarily a condition for us using or not using the services of any such vendors or providers.
Our
Chief Financial Officer is responsible for assessing and managing cybersecurity risks, through his oversight of our IT service provider
that manages our IT. Our CFO has a Doctorate Degree in Information Technology Management and has the specific cybersecurity expertise.
The Company has an Information Technology Policy that, among other things, governs and provides for cybersecurity policies and processes,
including to define safety measures to protect the Company’s confidentiality, integrity and availability of data and other intellectual
property, as well as to define the manner in which information is stored, saved and routed in the Company’s network. Additionally,
the Board and management believe cybersecurity represents an important component of the Company’s overall approach to risk management
and oversight, especially as the Company moves towards commercialization of its first product.
Cybersecurity
threats have not materially affected, and are not reasonably likely to affect, the Company, including its business strategy, results
of operations or financial condition while we are strategically focused on pursuing development of our Casamora property. The Company
is not aware of any material security breach to date. Accordingly, the Company has not incurred any expenses over the last two years
relating to information security breaches. The occurrence of cyber-incidents, or a deficiency in our cybersecurity or in those of any
of our third-party service providers could negatively impact our business by causing a disruption to our operations, a compromise or
corruption of our confidential information and systems, or damage to our business relationships or reputation, all of which could negatively
impact our business and results of operations. There can be no assurance that the Company’s third-party vendors’ and service
providers’ cybersecurity risk management processes, including their policies, controls or procedures, will be fully implemented,
complied with or effective in protecting the Company’s systems and information.
Item
2. Properties.
Our principal executive office is located at 3400 Lakeview Drive, Suite
100, Miramar, Florida, pursuant to a 62-month lease that commenced at or around September 1, 2022. This facility, consisting of 2,349
square feet, is expected to provide the space and infrastructure necessary to accommodate our present operations, based on our current
business plan. The annual rent for the first lease year was approximately $86,000, with subsequent lease years subject to escalation clauses.
As of September 30, 2023, we have been the owner of the Casamora Resort
Assets, which are still under development.
Item
3. Legal Proceedings.
From
time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However,
litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may
harm business.
We
are not currently a party in any legal proceeding or governmental regulatory proceeding nor are we currently aware of any pending or
potential legal proceeding or governmental regulatory proceeding proposed to be initiated against us that would have a material adverse
effect on us or our business.
Item
4. Mine Safety Disclosures.
Not
applicable.
PART
II
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
There
is no “established trading market” for our shares of Common Stock. Since May 25, 2022, our Common Stock has been quoted on
the OTC Pink Market under the ticker symbol “AWCA”. There can be no assurance that a trading market will ever develop or,
if such a market does develop, that it will continue. Prior to May 25, 2022, our Common Stock was quoted on the OTC Pink Market under
the symbol “ASZP”.
The
following table shows the high and low bid prices of our Common Stock for the periods indicated. These quotations reflect inter-dealer
prices, without retail mark-up, markdown or commissions, and may not represent actual transactions.
Quarter Ended | |
High | | |
Low | |
| |
| | |
| |
June 30, 2024 | |
$ | 1.5500 | | |
$ | 0.7500 | |
March 31, 2024 | |
$ | 0.9090 | | |
$ | 0.1799 | |
December 31, 2023 | |
$ | 0.4500 | | |
$ | 0.1570 | |
September 30, 2023 | |
$ | 0.5100 | | |
$ | 0.1075 | |
| |
| | | |
| | |
June 30, 2023 | |
$ | 0.5100 | | |
$ | 0.2538 | |
March 31, 2023 | |
$ | 0.5100 | | |
$ | 0.1001 | |
December 31, 2022 | |
$ | 0.4100 | | |
$ | 0.0921 | |
September 30, 2022 | |
$ | 0.4499 | | |
$ | 0.1503 | |
As of September 30, 2024, there were approximately 297 holders of record of our common stock, and the last reported closing sales price of our common stock on that date was $0.74.
Dividend
Policy
We
have never declared or paid any cash dividend. We do not anticipate that we will declare or pay any dividends in the foreseeable future.
Our current policy is to retain earnings, if any, to fund operations, and the development and growth of our business. Any future determination
to pay cash dividends will be at the discretion of our Board and will be dependent upon our financial condition, operation results, capital
requirements, applicable contractual restrictions, restrictions in our organizational documents, and any other factors that our Board
deems relevant.
Equity
Compensation Plan Information Table
The
following table provides information about shares of our common stock that may be issued upon the exercise of options under all of our
existing compensation plans as of June 30, 2024.
| |
Number
of securities to be issued upon exercise of outstanding options, warrants and rights | | |
Weighted-
average exercise price of outstanding options, warrants and rights | | |
Number
of securities remaining available for future issuance | |
Plan
Category | |
| | | |
| | | |
| | |
Equity
compensation plans approved by security holders: | |
| | | |
| | | |
| | |
2022
Omnibus Performance Award Plan | |
| - | | |
| - | | |
| 19,775,931 | |
| |
| | | |
| | | |
| | |
Equity
compensation plans not approved by security holders: | |
| - | | |
| - | | |
| - | |
Options
to Purchase Common Stock (Michael Singh) | |
| 11,250,000 | | |
$ | 0.32 | | |
| - | |
Options
to Purchase Common Stock (Andrew Trumbach) | |
| 11,250,000 | | |
$ | 0.32 | | |
| - | |
| |
| | | |
| | | |
| | |
Total | |
| 22,500,000 | | |
| | | |
| 19,775,931 | |
Unregistered
Sale of Securities
During
the past three years, the Company made the following issuances of its unregistered securities, none of which involved any underwriters,
underwriting discounts or commissions. Unless otherwise specified below, the Company believes these transactions were exempt from registration
under the Securities Act in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as
amended (the “Securities Act”) and/or Rule 506(b) under Regulation D of the Securities Act, as transactions by an issuer
not involving any public offering. The recipients of the securities in each of these transactions represented their intentions to acquire
the securities for investment purposes only and not with a view to or for sale in connection with any distribution thereof.
Between
May 26, 2022, and June 30, 2022, the Company sold, in a private offering of up to $25 million of the Company’s Common Stock, at
a price per share of $1.00 (the “Offering”), the Company entered into a Subscription Agreement with investors in the Offering
for an aggregate of 1,818,000 shares of Common Stock with a total subscription price of $1,818,000. The Company has received a total
of $875,000 and still has pending an aggregate of 943,000 shares of Common Stock (the “Pending Shares”) for a total subscription
receivable of $943,000. The Company expects such proceeds to be funded, and the Pending Shares to be issued, during fiscal year 2025.
All purchases made in connection with the Offering were pursuant to Subscription Agreements & Investor Suitability Questionnaires
as between the Company and each of the investors.
As
of June 30, 2022, as partial consideration for the Company’s acquisition of the Casamora Awaysis Assets, the Company issued to
the owners of the seller of such assets an aggregate of 56.8 million shares of its common stock based on a per share price equal to the
market price on the date of appraisal of $0.150.
In
July 2022, the Company issued 25,000 shares of our common stock to an investor who participated in the Company’s private offering
of common stock at a price per share of $1.00.
In
July 2022, the Company issued an aggregate of 107,484 shares of the Company’s common stock as consideration for services rendered.
As
of August 2022, the Company issued 75,000 shares of its common stock to an investor who participated in the Company private offering
of common stock at a price per share of $1.00.
In
September 2022, the Company issued 333,333 shares of its common stock as consideration for services rendered.
In
December 2022, the Company issued an aggregate of 31,648 shares of its common stock as consideration for services rendered.
On
February 13, 2023, the Company issued (i) an aggregate of 100,000,000 restricted shares of its common stock, and (ii) options to purchase
an aggregate of 22,500,000 shares of its commons stock, both as consideration for services rendered by affiliates of the Company.
In
February 2023, the Company issued 150,000 shares of its common stock to an investor who previously subscribed in the Company’s
private offering of common stock at a price per share of $1.00.
In
March 2023, the Company issued 75,000 shares of its common stock to an investor who previously subscribed in the Company’s private
offering of common stock at a price per share of $1.00.
In
February and March 2023, the Company issued an aggregate of 73,958 shares of its common stock as consideration for services rendered.
In December 2023 and April 2024, the Company issued 50,000,000 shares of
common stock to each of Mr. Singh and Dr. Trumbach, respectively, in lieu of cash bonus at a discounted price per share of $0.01.
In
December 2023, the Company issued an aggregate of 9,982 shares of its common stock as consideration for services rendered.
In June 2024, the Company has approved the issuance of, and in September
2024 the Company issued, an aggregate of 31,706,358 shares of restricted common stock in lieu of cash compensation to Mr. Singh, Dr. Trumbach,
Mr. Trumbach and a consultant, at an average price per share of $0.247.
Item
6. [Reserved]
Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Forward
Looking Statements
Certain
information contained in this MD&A includes “forward-looking statements.” Statements which are not historical reflect
our current expectations and projections about our future results, performance, liquidity, financial condition and results of operations,
prospects and opportunities and are based upon information currently available to us and our management and their interpretation of what
is believed to be significant factors affecting our existing and proposed business, including many assumptions regarding future events.
Actual results, performance, liquidity, financial condition and results of operations, prospects and opportunities could differ materially
and perhaps substantially from those expressed in, or implied by, these forward-looking statements as a result of various risks, uncertainties
and other factors, including those risks described in detail in the section of this Annual Report on Form 10-K entitled “Risk Factors”
as well as elsewhere in this Annual Report.
Forward-looking
statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use
of the words “may,” “should,” “would,” “will,” “could,” “scheduled,”
“expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,”
or “project” or the negative of these words or other variations on these words or comparable terminology.
In
light of these risks and uncertainties, and especially given the nature of our existing and proposed business, there can be no assurance
that the forward-looking statements contained in this section and elsewhere in this Annual Report on Form 10-K will in fact occur. Potential
investors should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws,
there is no undertaking to publicly update or revise any forward-looking statements, whether as a result of new information, future events,
changed circumstances or any other reason.
Overview
Awaysis Capital Inc is a real estate management
and hospitality company focused on acquisition, redevelopment, sales, and managing 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 with the goals of creating 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 travellers. Our strategy overlays the quality and consistency of the hotel management system over the Airbnb type rental
model.
The
Company seeks to own and grow a stable, cash generating, diversified portfolio of single-family and luxury resort/residence properties
in the Caribbean, Europe, South America, and the United States.
Our
business strategy entails targeting and identifying undervalued assets in emerging markets located in proximity to high demand travel
destinations. The Company intends to focus these efforts on shovel-ready properties and/or other assets that we believe can be used to
optimize sales and rental revenues. We have currently identified five properties in the country of Belize, all of which are expected
to constitute our initial real estate portfolio. To that effect, on June 30, 2022, we closed on the acquisition of certain real estate
assets in San Pedro, Belize (the “Casamora Awaysis Assets”), pursuant to our previously announced series of Agreements of
Purchase and Sale, all dated April 15, 2022. The total consideration paid by us for the properties subject to the agreements was at the
appraisal value of $11.4 million (excluding transaction costs and fees) and was settled in a combination of a Purchase Money Mortgage
of $2.6 million at 0% interest rate, payable on demand, a Purchase Money Mortgage of $280,000 at 0% interest rate that was paid on August
8, 2022 and 56.8 million shares of the Company’s common stock based on a per share price equal to the market price on the date
of appraisal of $0.150. As the first acquisition by the Company in Belize and an important milestone, the Company expects to rebrand
the Casamora Awaysis Asset, so it is easily identifiable as an Awaysis Property and fit perfectly with its strategy of creating a countrywide
network of Awaysis residential enclave communities in the country for owners and guests to travel, work and play.
Revenues
As
of June 30, 2024, our revenue consists primarily of monthly rental income of villas and commission from the rental of real property.
Sales
and Marketing Expenses
Our
sales and marketing expenses consist primarily of salaries, commissions and other personnel-related expenses, which may include share-based
compensation, for employees engaged in sales, marketing and support of our products and services, promotional and public relations expenses
and management and administration expenses in support of sales and marketing.
General
and Administrative Expenses
Our
general and administrative costs include payroll, employee benefits, and other personnel-related costs, which include share-based
compensation, associated with administrative and support staff, as well as legal and accounting costs, insurance costs, depreciation
and other administrative fees.
Results
of Operations – Fiscal Years Ended June 30, 2024 and June 30, 2023
We
commenced activities and started to incur material costs in the fiscal year ended June 30, 2022, as a result of our change in control
transaction in November 2021 and commencement in February 2022 of our business strategy of acquiring, developing, and managing residential
vacation home communities in desirable travel destinations. Our business strategy continued through the fiscal year ended June 30,
2024, showing substantial growth in operating expenses in preparation for expected future growth in revenue.
We
have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern
and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities
that might be necessary should we be unable to continue in operation.
We
expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through,
among other things, the sale of equity or debt securities.
Revenues
We
recognized revenue of $50,674 and $107,760 - during the fiscal years ended June 30, 2024, and 2023, respectively. Revenue generated during fiscal year 2024
consisted of monthly rental income and commissions from short term property rentals. Revenue generated during fiscal year 2023 also consisted
of monthly rental income and commissions from property rentals. The decrease in revenue from fiscal year 2023 to fiscal year 2024 was
a result of construction in areas of the Casamora property which decreased the rental ability of existing units.
Sales
and Marketing Expenses
During
the fiscal years ended June 30, 2024 and 2023, we incurred sales and marketing expenses of $36,675 and $91,319, respectively,
consisting of marketing and support of our products and services, promotional and public relations expenses and management and
administration expenses in support of rental offerings and marketing. The decrease in sales and marketing expenses from fiscal year
2023 to fiscal year 2024 was because in fiscal year 2023, we incurred more expenses on the initial push of marketing and sales than in fiscal year 2024 when such expenses stabilized.
General
and Administrative Expenses
During
the fiscal years ended June 30, 2024 and 2023, we incurred general and administrative expenses of $7,037,957 and $4,312,499,
respectively, consisting of audit and accounting fees, travel and entertainment, payroll and employee benefits, legal fees, filing
fees and transfer agent fees, all relating to both sustaining the corporate existence of the Company and public company-related
expenses and its continued transitioning from being a shell company to an operating company. The increase
in general and administrative expenses from fiscal year 2023 to 2024 was a result of continued growth of the Company’s operations and related increases
in such expenses.
Operating
Loss
During
the fiscal years ended June 30, 2024, and 2023, we recognized operating losses of $(7,023,958) and $(4,296,058), respectively. These
losses were primarily attributable to increased operating expenses related to salaries due to the Company scaling its hospitality
operations under the Awaysis brand, having to re-audit its two prior years financial statements and preparing for a registered
offering of securities. The increase in operating loss from fiscal year 2023 to fiscal year 2024 was a result of increased general and
administrative expense and a decrease in recognized revenue which occurred when Casamora moved its Villas from its rental portfolio
to renovate them.
Other
Income (Expenses)
During
the fiscal years ended June 30, 2024 and 2023, we incurred other income and expense of $69,518 and $(612), respectively, consisting
of interest earned, offset by interest expense and loss on asset from the write off of software which was never put into service.
Net
Loss
During
the fiscal years ended June 30, 2024 and 2023, we recognized net losses of $(7,093,476) and $(4,295,446), respectively. These losses
were primarily attributable to accounting, marketing, legal, filing fees and transfer agent fees to sustaining the corporate
existence of the Company and public company related expenses, and the continued transitioning from being a shell company to an
operating company. The increase in net loss from fiscal year 2023 to fiscal year 2024 was a
result of increased expenses as described above.
Liquidity
and Capital Resources
As of June 30, 2024, we had cash of $745,991 and had a positive working
capital of $7,795,602, of which was mainly from the issuance of shares for real estate inventory, the sale of shares from our private placement
of common stock and the June 2024 loan of $1,100,000 to the Company from an affiliate. We have sufficient cash or commitments for
funding to satisfy our basic operations for at least 12 months and expect the anticipated cost of development of our first properties
to come from pre-sales, investors subscriptions, advances or loans from our principal shareholders and not cash-on-hand. We will need
to raise additional cash to satisfy our long-term requirements.
Historically, an affiliate shareholder has advanced funds on our behalf
as we have required for the Company to become, and remain, a fully reporting public company while seeking to create value for shareholders.
The shareholder has indicated its intention to continue to do so and most recently loaned $1,100,000 to the Company; provided, however,
that such intentions do not represent a binding commitment by the affiliate shareholder and there is no guarantee that it will be able
to provide all of the funding necessary to achieve this objective. To date, this affiliate shareholder has advanced and received a net
of approximately $599,537 on behalf of the Company to cover certain of the Company’s expenses and loaned $1,100,000 for bridge financing.
If
we are unable to obtain additional advances from our affiliate shareholder, we anticipate facing major challenges in raising the necessary
funding to affect our business plan. Raising debt or equity funding for small publicly quoted, penny stock companies is extremely challenging.
We can provide no assurance that financing will be available in the amounts it needs or on terms acceptable to it, if at all. If we are
not able to secure adequate additional working capital when it becomes needed, it may be required to make reductions in spending, extend
payment terms with suppliers, liquidate assets where possible and/or suspend or curtail planned acquisitions and developments. Any of
these actions could materially harm our planned business.
Our plan for satisfying our cash requirements for the next 12 months and beyond or to further expand our asset base is through the generation of rental revenues, sale of shares of
our capital stock to third parties and advances from our affiliate shareholder. While we are seeking to raise up to $10 million
through the sale of our common stock or through other offerings of securities, we cannot assure you we will be successful in raising any
or all of such capital and in meeting our working capital needs. Through June 30, 2024, we have raised an aggregate of $1,918,000 in our
recent private placement and can give no assurance that we will be successful in raising the remaining funds being sought. The capital
raises from issuances of equity securities could result in additional dilution to our shareholders. In addition, to the extent we determine
to incur indebtedness, our incurrence of debt could result in debt service obligations and operating and financing covenants that would
restrict our operations.
The
following table provides a summary of the net cash flow activity for each of the periods set forth below:
| |
Year ended June 30, | |
| |
2024 | | |
2023 | |
Cash used in operating activities | |
$ | 503,108 | | |
$ | (257,255 | ) |
Cash provided by investing activities | |
| (857,196 | ) | |
| (29,631 | ) |
Cash provided by financing activities | |
| 1,100,000 | | |
| (195,000 | ) |
Change in cash | |
$ | 745,912 | | |
$ | (481,886 | ) |
Cash
Flows from Operating Activities
We
generated positive cash flows from operating activities in the fiscal year ended June 30, 2024 compared to the fiscal year ended
June 30, 2023. Net cash flows used in operating activities were $503,108 and $(257,255) for the fiscal years ended June 30, 2024,
and 2023, respectively.
Cash
Flows from Investing Activities
During
the fiscal years ended June 30, 2024 and 2023, net cash flow used for investing activities was $(857,196) and $(29,631), respectively.
Cash
Flows from Financing Activities
In 2022 through June 30, 2024, we have financed our operations by way of advances from our current majority shareholders,
issuance of shares and debt for real estate inventory, in addition to cash raised from the private placement offering and an affiliate
loan. In June 2024 the company received a convertible note in the amount of $1,100,000 from Harthorne Capital, an affiliate shareholder.
For
the fiscal years ended June 30, 2024, and 2023, net cash from financing activities was $1,100,000 and $(195,000), respectively.
We are dependent upon the receipt of capital investment or other financing
to fund our ongoing construction and to execute our business plan. In addition, we are dependent upon our controlling shareholders to
provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, we may
not be able to implement our plan of operations.
Critical
Accounting Policies
The
company applies judgment and estimates that may have material effect in the eventual outcome of assets, liabilities, revenues and expenses,
accounts receivable, inventory and goodwill. The following explains the basis and the procedure where judgment and estimates are applied.
Inventories
New
real estate inventory is carried at the lower of cost or net realizable value. The cost of finished inventories determined on the specific
identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In
addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method,
if finished real estate inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or net
realizable value.
As per ASC 970-340-25-18, once
the property is considered substantially complete, the capitalization of costs typically ceases. The entity stops adding new costs to
the property’s carrying value except for additional improvements or costs that extend the asset’s life or improve its utility. This means
that these types of costs are no longer added to the property’s carrying value once the property is substantially completed and
held for rental. Instead, these costs are expensed as incurred, unless they directly enhance the property or extend its useful life.
Once the property is held for
rental and substantially complete, the property is classified as a depreciable real estate asset and the total cost capitalized to date
up to the point of substantial completion becomes the asset’s carrying amount. The cost of the property’s carrying amount
(less its land value) is allocated over its estimated useful life.
Costs incurred after the property is completed
and held for rental are generally expensed unless they extend the property’s useful life (ASC 970-340-35-3).
Item
7A. Quantitative and Qualitative Disclosures About Market Risk.
Not
required.
Item
8. Financial Statements and Supplementary Data.
The
consolidated financial statements and supplementary data required by this item are included in this Annual Report on Form 10-K immediately
following Part IV and are incorporated herein by reference.
Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item
9A. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
The
Company needs to implement disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange
Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in the Company’s
Exchange Act reports are recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the
Securities and Exchange Commission, and that such information is accumulated and communicated to our Chief Executive Officer and Chief
Financial Officer to allow timely decisions regarding required disclosure.
As
of June 30, 2024, the Chief Executive Officer and Chief Financial Officer carried out an assessment, of the effectiveness of the design
and operation of our then existing disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(b) and 15d-15(b). As of the
date of this assessment, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls
and procedures were not effective as of June 30, 2024 to provide reasonable assurance that
such information is accumulated and communicated to our management, including our principal executive officer and principal financial
officer, as appropriate to allow timely decisions regarding required disclosures, primarily as a result of the late filing of certain reports with the Securities
and Exchange Commission. The Company’s management is seeking to remedy this deficiency.
Management’s
Annual Report on Internal Control Over Financial Reporting.
Our
management is responsible for establishing and maintaining effective internal control over financial reporting (as defined in Rule 13a
– 15(f) of the Exchange Act). There are inherent limitations to the effectiveness of any internal control, including the possibility
of human error and the circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable
assurance with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control
may vary over time. We have assessed the effectiveness of our internal controls over financial reporting (as defined in Rule 13a -15(f)
of the Exchange Act) as of June 30, 2024, and have concluded that, as of June 30, 2024, our internal control over financial reporting
was effective.
This
annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial
reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to the rules of
the Securities and Exchange Commission that permit us to provide only management’s report in this annual report.
Changes
in Internal Control Over Financial Reporting.
There
were no changes in our internal control over financial reporting, identified in connection with the evaluation of such internal control
that occurred during our last fiscal quarter and year that have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting.
Item
9B. Other Information.
None.
Item
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
None.
PART
III
Item
10. Directors, Executive Officers, and Corporate Governance.
Board
of Directors
We
currently have six directors serving on our Board. The following table lists the names, ages and positions of the individuals who serve
as directors of the Company, as of September 30, 2024:
Name |
|
Age |
|
Titles |
Michael
Singh |
|
58 |
|
Chairman,
Co-Chief Executive Officer and Director |
Dr.
Andrew E. Trumbach |
|
63 |
|
Director, Co-Chief Executive Officer and CFO |
Lisa-Marie
Iannitelli |
|
46 |
|
Director
and Executive Vice President of Investor Relations |
Dr.
Claude Stuart |
|
63 |
|
Director |
Dr.
Narendra Kini |
|
62 |
|
Director |
Tyler
Trumbach |
|
34 |
|
Director
and Chief Legal Counsel |
Michael
Singh, Chairman, Co-Chief Executive Officer and Director. Mr. Singh has been the Company’s Chairman of the Board and a member
of the Company’s Board of Directors since November 23, 2021, and from November 23, 2021 to June 26, 2024 he was the Company’s
Chief Executive Officer. On June 26, 2024, Mr. Singh was appointed Co-Chief Executive Officer with Andrew Trumbach. Mr. Singh is the founder
and CEO of BTALCO Limited for over 20 years, and which is a leading logistics provider in Belize. Mr. Singh is also the managing partner
for Island Club Resorts Ltd since June 2002 and has successfully developed, operated and sold the Belize Yacht Club, a major condominium
development in San Pedro, Ambergris Caye, which consists of approximately 80 luxury units. Mr. Singh is also, since February 2016, the
founder and Managing Partner of Century 21 Belize, a leading provider of real estate sales services in Belize. Mr. Singh holds a degree
in Finance and International Business from Loyola University in New Orleans. At various times, he has served in the capacity of CEO for
the Ministry of Tourism, Civil Aviation and Culture, and CEO of the Ministry of Trade and Investments, in Belize. Mr. Singh has extensive
experience in a variety of successful Belize-based ventures.
Mr.
Singh is an Executive Director of Harthorne Capital, Inc.
The
Company believes that Mr. Singh is qualified to serve as a member of the Board of Directors due to his extensive business experience.
Dr.
Andrew E. Trumbach, Co-Chief Executive Officer, Chief Financial Officer and Director. Dr. Trumbach has been a member of the Company’s Board of Directors
since November 23, 2021, and President from November 23, 2021 to June 26, 2024. Dr. Trumbach previously served as the Chief Financial
Officer of the Company until his resignation on August 15, 2022, and has since been reappointed as CFO in September 2023. On June
26, 2024, Dr. Trumbach was appointed Co-Chief Executive Officer of the Company with Mr. Singh. Since 1992, Dr. Trumbach has been a
consultant providing tax, accounting and financial analysis services and accounting information systems solutions to middle market
companies and family-owned businesses. From 2008 to 2014, Dr. Trumbach was a part-time Professor at Nova Southeastern University, H.
Wayne Huizenga School of Business and Entrepreneurship, where he taught classes on accounting, financial management , cost
accounting, and accounting information systems. He was the part-time Chief Financial Officer of Omnia Wellness Inc.
(OTC:OMWS) from March 2021 to October 2023. He was the EVP/CFO of a holding company from 2008 to 2019 that owned and operated one of the largest
perfume distribution businesses operating worldwide. The company acquired and managed affiliated companies that included over 45
retail stores and a duty-free company operating airline, cruise, and retail duty free and duty paid concessions located in cruise,
airport, and border locations worldwide. Prior to 2008, Dr. Trumbach spent 14 years as the CFO/CIO and Sr VP of a family-owned
holding and investment company that included a portfolio that consisted of commercial, industrial, and residential real estate
holdings, mining operations, outdoor advertising, publishing, polling, water and sewer utility, mobile home parks, data centers, and
funeral homes. Prior to moving to industry, Dr. Trumbach spent three years working in an international accounting firm and five
years in a regional firm working in public accounting in both the Caribbean and the United States. Dr. Trumbach is currently the
owner of Writeup Express, Inc.In addition to a Bachelor of Science degree in Accounting and a Master of Business Administration
degree, Dr. Trumbach has earned Doctorate degrees in both Information Technology Management and Accounting. He has undertaken
numerous consulting projects for major companies in the United States and the Caribbean.
Dr.
Trumbach is the President, CFO and an Executive Director of Harthorne Capital, Inc.
The
Company believes that Dr. Trumbach is qualified to serve as a member of the Board of Directors due to his extensive business and financial
experience, including acting as executive officers and directors of other public companies.
Lisa
Marie Iannitelli, Executive Vice President, Investor Relations and Director. Ms. Iannitelli has been the Company’s Executive
Vice President, Investor Relations and a member of the Company’s Board of Directors since November 23, 2021. Ms. Iannitelli has
been the CEO and President of Wentworth Capital Markets Inc. since January 2017. Prior to that, from October 2010 to December 2018, Ms.
Iannitelli was Director of Investor Relations
&
Business Development at The Delavaco Group. From March 2005 to August 2010, she was a Compliance Officer and then was an Investment Associate,
at BMO Nesbitt Burns Inc. Ms. Iannitelli is an executive director of Harthorne Capital, Inc.
The
Company believes that Ms. Iannitelli is qualified to serve as a member of the Board of Directors due to her extensive investor relations
experience and experience assisting real estate companies to go public.
Dr.
Claude Stuart, Director. Dr. Stuart has been a member of the Company’s Board of Directors since February 17, 2022. Dr.
Stuart is an Adjunct Assistant Professor of Mathematics at Farmingdale State College of the State University of New York, and an instructor
for the New York City Department of Education for more than the past five years. He earned a Bachelor of Science in Economics from Rider
University, a Juris Doctorate from Seton Hall University School of Law, a Master of Science in Mathematics from St. John’s University,
and a Doctorate in Education Administration from Dowling College, New York. He is an attorney and is admitted to practice law in the
New Jersey Supreme Court and Federal Court. He is also being called to the Bar in Belize. He is a trustee of the New York Annual Conference
of the United Methodist Church, a not-for-profit organization, a member of the Council of Finance and Administration, and a member of
the Audit Committee and the Board of Camping and Retreat Ministries. He is the Vice-President and Treasurer of Friends Supporting the
Anglican Diocese of Belize Inc., a not-for-profit organization registered in the State of New York. He is also the Northeast-Regional
Director of Benjamin Banneker Association, an affiliate of The National Council of Teachers in Mathematics and a member of several research
and professional organizations.
The
Company believes that Dr. Stuart is qualified to serve as a member of the Board of Directors due to his experience as an attorney and
his education.
Dr.
Narendra M. Kini, Director. Dr. Kini has been a member of the Company’s Board of Directors since February 17, 2022. Dr.
Kini has more than 25 years’ experience as a Chief Executive Officer, Chief Medical Officer, and an ER and Trauma doctor. Dr. Kini
most recently served as the Chief Medical Officer of the State of Florida COVID-19 Infectious Disease Field Hospital System where he
oversaw all clinical personnel for the 9-hospital system. In that role, Dr. Kini provided training and in-servicing, ran drills with
clinical staff, ensured quality patient care, and provided guidance regarding necessary equipment and supplies to treat COVID-19 patients.
Prior to that, from January 2008 until June 2019, Dr. Kini served as the Chief Executive Officer for Nicklaus Children’s Hospital
(f/k/a Miami Children’s Hospital), providing management to the 26 facilities in the system and a 309-bed hospital with 3,000 employees
and 700 plus physicians. He also provided ancillary and clinical operations leadership as the Chief Medical Officer for Trinity Health,
a 45-hospital, $5 billion system. Dr. Kini also works as a consultant for innovation in digital health at KiniConsult, a company he founded
in 2019. A graduate from University of Alabama and Medical College of Wisconsin, Dr. Kini has a Master of Science in Health Management
to complement his Medical Doctorate degree.
The
Company believes that Dr. Kini is qualified to serve as a member of the Board of Directors due to his education and experience.
Tyler
Trumbach, Chief Legal Counsel and Director. Mr. Trumbach has been the Company’s Chief Legal Counsel and a member of the
Company’s Board of Directors since February 17, 2022. Mr. Trumbach is a member of the Florida and New York bars. He graduated in
2013 from Columbia University with a B.A. in Economics and History. He was involved in various political organizations and served two
terms as President of the Columbia University College Republicans. After Columbia, Mr. Trumbach attended Fordham University School of
Law where he obtained his J.D. While at law school, Tyler was a member of the Urban Law Journal where he wrote a note analyzing the effects
of Dodd-Frank on the current mortgage marker. He was also a participant in the Fordham Criminal Defense Clinic where he represented low-income
clients in the Manhattan Criminal Court with the guide of the clinic professors. He was employed as in-house legal counsel for Carolina
Financial Securities LLC and since 2017, he has been the principal of the Law Offices of Tyler A. Trumbach, P.A.
Mr.
Trumbach is the son of Dr. Andrew Trumbach, the Company’s Co-CEO and CFO, and a director.
The
Company believes that Mr. Trumbach is qualified to serve as a member of the Board of Directors due to his education and experience as
an attorney.
Executive
Officers
Following
are the name, age and other information for our executive officers. All company officers have been appointed to serve until their successors
are elected and qualified or until their earlier resignation or removal. Information regarding our executive officers is set forth above
under “Board of Directors.”
Name |
|
Age |
|
Titles |
Michael
Singh |
|
58 |
|
Chairman,
Co-Chief Executive Officer and Director |
Dr.
Andrew E. Trumbach |
|
63 |
|
Director, Co-Chief Executive Officer and CFO |
Lisa-Marie
Iannitelli |
|
46 |
|
Director and Executive Vice President of Investor Relations |
Tyler
Trumbach |
|
34 |
|
Director and Chief Legal Counsel |
Committees
of the Board of Directors
Structure
and Operation of the Board
Presently,
our Board of Directors maintains a standing Audit Committee that does not yet satisfy Nasdaq’s definition of independence. The
Company does not have a standing compensation or nominating committee. However, the full Board performs all of the functions of a standing
compensation committee and nominating committee. The Board currently consists of six directors: Mr. Singh (Chairman), Dr. Trumbach, Ms.
Iannitelli, Dr. Stuart, Dr. Kini and Mr. Trumbach. The following is a brief description of these functions of the Board:
Nomination
of Directors
The
Board does not currently have a standing nominating committee, and thus we do not have a nominating committee charter. Due to our small
size and limited operations to date, the Board determined that it was appropriate for the entire Board to act as the nominating committee.
The full Board currently has the responsibility of selecting individuals to be nominated for election to the Board. Board candidates
are typically identified by existing directors or members of management. The Board will consider director candidates recommended by shareholders.
Any such candidates will be evaluated on the same basis as other candidates being evaluated by the Board. Information with respect to
such candidates should be sent to Awaysis Capital, Inc., 3400 Lakeview Drive, Suite 100, Miramar, FL 33027; c/o Chairman. The Board considers
the needs for the Board as a whole when identifying and evaluating nominees and, among other things, considers diversity in background,
age, experience, qualifications, attributes and skills in identifying nominees, although it does not have a formal policy regarding the
consideration of diversity.
Audit
Committee
Our Audit Committee consists of Messrs. Trumbach, Stuart and Kini. The
Board has determined that Messrs. Stuart and Kini are independent, and Dr. Trumbach is an “audit committee financial expert”
as defined in SEC rules, although he is not independent. The Audit Committee has not yet adopted a written charter but expects to do so.
The
primary functions of the Audit Committee are to assist the Board in overseeing (i) the effectiveness of the Company’s accounting
and financial reporting processes and internal controls and the audits of the Company’s financial statements, (ii) the qualifications,
independence, appointment, retention, compensation and performance of the Company’s registered public accounting firm, and (iii)
the performance of the Company’s internal audit department or department or person(s) having the equivalent responsibility and
functions.
Because
the Company’s common stock is traded on the OTC Pink market, the Company is not subject to the listing requirements of any securities
exchange regarding audit committee related matters.
Risk
Oversight
The
Board’s risk oversight is administered primarily through the following:
● | review and approval
of an annual business plan; |
| |
● | review of a summary
of risks and opportunities at meetings of the Board; |
| |
● | review of business
developments, business plan implementation and financial results; |
| |
● | oversight of internal
controls over financial reporting; and |
| |
● | review of employee
compensation and its relationship to our business plans. |
Due
to the small size and early stage of the Company, we have not adopted a formal policy on whether there should be a separate Non-Executive
Chairman.
Compensation
Committee Related Function
The
Board does not currently have a standing compensation committee, and thus we do not have a compensation committee charter. Due to our
small size and limited operations to date, the Board determined that it was appropriate for the entire Board to act as the compensation
committee. The full Board currently has the responsibility for reviewing and establishing compensation for executive officers and making
policy decisions concerning salaries and incentive compensation for executive officers of the Company.
The
Company’s executive compensation program is administered by the Board, which determines the compensation of the executive officers
of the Company. In reviewing the compensation of the individual executive officers, the Board intends to consider the recommendations
of the executive officers, published compensation surveys and current market conditions.
Communication
with Shareholders
Shareholders
wishing to communicate with the Board can send an email to info@awaysiscapital.com or write or telephone to the Company’s corporate
offices:
Awaysis
Capital, Inc.
Chairman
3400
Lakeview Drive, Suite 100
Miramar,
FL 33027
Telephone:
(855) 795-3311
Code
of Business Conduct and Ethics
We
adopted a Code of Business Conduct and Ethics that applies to, among other persons, our principal executive officers, principal financial
officer, principal accounting officer or controller, and persons performing similar functions. Our Code of Business Conduct and Ethics is incorporated by reference into this Annual Report on Form 10-K.
Corporate
Governance
Section
16(a) Reports
Section
16(a) of the Exchange Act requires our executive officers, directors, and persons who own more than 10% of a registered class of our
equity securities, to file with the SEC reports of ownership of our securities and changes in reported ownership. Executive
officers, directors and greater than 10% beneficial owners are required by SEC rules to furnish us with copies of all Section 16(a)
reports they file. Based solely on a review of the copies of such forms furnished to us, or written representations from the
reporting persons that no Form 5 was required, we believe that, during the fiscal year ended June 30, 2024, with the exception of
one untimely Form 4 for each of Narendra Kini and Andrew Trumbach, and two untimely Form 4’s for Tyler Trumbach, all Section
16(a) filing requirements applicable to our officers, directors and greater than 10% beneficial owners have been met.
Item
11. Executive Compensation.
The
following table sets forth information regarding each element of compensation that was paid or awarded to the named executive officers
of the Company for the periods indicated. On June 26, 2024, the Board passed a resolution to allow the officers of the Company to convert
their unpaid salaries to equity compensation
| |
| |
| | |
| | |
| | |
| | |
Non-Equity | | |
| | |
| |
| |
| |
| | |
| | |
Stock | | |
Option | | |
Incentive Plan | | |
All Other | | |
| |
Name and Principal | |
| |
Salary | | |
Bonus | | |
Awards | | |
Awards | | |
Compensation | | |
Compensation | | |
Total | |
Position | |
Year(1) | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Michael Singh(2) | |
2024 | |
| 750,000 | | |
| 750,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,500,000 | |
Co-CEO & Chairman | |
2023 | |
| 750,000 | | |
| 750,000 | | |
| - | | |
| (3 | ) | |
| - | | |
| - | | |
| 1,500,000 | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Dr. Andrew Trumbach(4) | |
2024 | |
| 750,000 | | |
| 750,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,500,000 | |
Co-CEO and Chief Financial Officer | |
2023 | |
| 750,000 | | |
| 750,000 | | |
| - | | |
| (3 | ) | |
| - | | |
| - | | |
| 1,500,000 | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Lisa-Marie Iannitelli | |
2024 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Executive Vice President | |
2023 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Tyler Trumbach(5) | |
2024 | |
| 200,000 | | |
| 200,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 400,000 | |
Chief Legal Counsel | |
2023 | |
| 200,000 | | |
| 200,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 400,000 | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amir Vasquez(6) | |
2024 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Former CFO | |
2023 | |
| 118,750 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 118,750 | |
(1)
“2024” represents the fiscal year ended June 30, 2024, and “2023” represents the fiscal year ended June 30, 2023.
(2)
Mr. Singh’s salary for the 2023 and 2024 fiscal years has been earned and paid subsequent to June 30, 2024 through the issuance
of common stock of the Company.
(3) The executive was granted options to purchase 11,250,000 shares of
Common Stock on February 13, 2023. No expense has been recorded under ASC 718 as there is no compensation expense to be recognized. The
expense for stock options is based on the fair value of the options at the grant date and this fair value is determined to be zero.
(4)
Dr. Trumbach’s salary for the 2023 and 2024 fiscal years has been earned and paid subsequent to June 30, 2024 through the issuance
of common stock of the Company.
(5)
Mr. Trumbach’s salary for the 2023 and 2024 fiscal years has been earned and paid subsequent to June 30, 2024 through the
issuance of common stock of the Company.
(6)
Mr. Vasquez resigned from CFO in or around September 2023.
Outstanding
Equity Awards at Fiscal Year-End
The
following table presents the outstanding equity awards held by each of the named executive officers as of the end of the fiscal year
ended June 30, 2024.
| |
Option Awards | |
Stock Awards | |
| |
| | |
| | |
| | |
| |
| | |
| | |
| | |
Equity | |
| |
| | |
| | |
| | |
| |
| | |
| | |
Equity | | |
Incentive | |
| |
| | |
| | |
| | |
| |
| | |
| | |
Incentive | | |
Plan | |
| |
| | |
| | |
| | |
| |
| | |
| | |
Plan | | |
Awards: | |
| |
| | |
| | |
| | |
| |
| | |
| | |
Awards: | | |
Market | |
| |
| | |
| | |
| | |
| |
| | |
| | |
Number | | |
or Payout | |
| |
| | |
| | |
| | |
| |
| | |
| | |
of | | |
Value of | |
| |
| | |
| | |
| | |
| |
| | |
Market | | |
Unearned | | |
Unearned | |
| |
| | |
| | |
| | |
| |
Number of | | |
value of | | |
Shares, | | |
Shares, | |
| |
Number of | | |
Number of | | |
| | |
| |
Shares | | |
Shares | | |
Units or | | |
Units or | |
| |
Securities | | |
Securities | | |
| | |
| |
or Units | | |
of Units | | |
Other | | |
Other | |
| |
Underlying | | |
Underlying | | |
| | |
| |
of Stock | | |
of Stock | | |
Rights | | |
Rights | |
| |
Unexercised | | |
Unexercised | | |
Option | | |
Option | |
That | | |
That | | |
That | | |
That | |
| |
Options | | |
Options | | |
Exercise | | |
Expiration | |
Have Not | | |
Have Not | | |
Have Not | | |
Have Not | |
Name | |
Exercisable | | |
Unexercisable | | |
Price | | |
Date | |
Vested | | |
Vested | | |
Vested | | |
Vested | |
| |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| |
Michael Singh | |
| 11,250,000 | | |
| - | | |
$ | 0.32 | | |
02/13/2033 | |
| - | | |
| - | | |
| - | | |
| - | |
Andrew Trumbach | |
| 11,250,000 | | |
| - | | |
$ | 0.32 | | |
02/13/2033 | |
| - | | |
| - | | |
| - | | |
| - | |
Tyler Trumbach | |
| - | | |
| - | | |
| - | | |
- | |
| | | |
| | | |
| | | |
| | |
Lisa-Marie Iannitelli | |
| - | | |
| - | | |
| - | | |
- | |
| - | | |
| - | | |
| - | | |
| - | |
Executive
Employment Agreements
Michael
Singh
Pursuant
to Mr. Singh’s employment agreement (the “Singh Agreement”) with the Company, Mr. Singh will receive an annual base
salary of $750,000 (the “Singh Base Salary”), retroactive to December 1, 2021 which was the approximate date he commenced
his employment relationship with the Company. The Singh Base Salary will be reviewed on an annual basis to determine potential increases,
if any, based on Mr. Singh’s performance and that of the Company. The Singh Base Salary may be paid in shares of the Company’s
common stock or cash depending on cash availability and as agreed to by the Company and Employee.
Mr.
Singh was granted (a) restricted shares of Company common stock pursuant to a Restricted Stock Agreement (the “Singh Restricted
Stock Agreement”) equal in value to $500,000 and at an assumed per share value of par value, or 50,000,000 shares (the “Singh
Restricted Stock”), which Singh Restricted Stock shall vest 50% on the date of grant and 50% on December 1, 2023, and (b) options
to purchase an aggregate of 11,250,000 shares of the Company’s common stock pursuant to a Stock Option Agreement (the “Singh
Option Agreement”), at an exercise price per share equal to the fair market value of the Company’s common stock on the date
of grant, and which shall vest upon grant. He will also be entitled to participate in the Company’s incentive plans from time to
time. Upon entering into the Singh Agreement, Additionally, Mr. Singh may earn an annual bonus of up to 100%-400% of Singh Base Salary,
payable based on objectives and performance in the previous fiscal year.
Mr.
Singh is also entitled to customary benefits and vacation, and is subject to customary confidentiality, ownership of intellectual property,
non-disparagement, non-solicitation and non-compete provisions, as described in the Singh Agreement.
The
Singh Agreement may be terminated by the Company at any time without prior notice for “Cause”, as defined in the Singh Agreement.
Upon termination for Cause, Mr. Singh will be provided with any unpaid, earned Singh Base Salary up to the date of termination.
The
Singh Agreement may be terminated at any time without Cause, and provided that Mr. Singh executes a general release, the Company shall
pay to Mr. Singh an amount equal to 12-months’ Singh Base Salary (the “Singh Severance”) plus accrued unused vacation;
provided that the Company shall not be required to pay the Singh Severance in the event the Company elects to enforce the Singh Agreement’s
non-competition provisions and pay salary post-termination pursuant to the terms of the Singh Agreement.
Mr.
Singh can terminate the Singh Agreement and his employment at any time for any reason on 30 days prior written notice. In case of “Good
Reason,” as defined in the Singh Agreement, the Company shall pay to Mr. Singh the Singh Severance plus accrued unused vacation;
provided that the Company shall not be required to pay the Singh Severance in the event the Company elects to enforce the Singh Agreement’s
non-competition provisions and pay salary post-termination pursuant to the terms of the Singh Agreement.
If
Mr. Singh dies while employed under this Agreement, the Singh Agreement shall terminate immediately and the Company shall pay to his
estate, any earned Singh Base Salary and accrued vacation, if any, that is unpaid up to the date of his death. The Company may terminate
the Singh Agreement as a result of any mental or physical disability or illness which results in (a) Mr. Singh being unable to substantially
perform his duties for a continuous period of 150 days or for periods aggregating 180 days within any period of 365 days or (b) Mr. Singh
being subject to a permanent or indefinite inability to perform essential functions based on the opinion of a qualified medical provider
chosen by the Company. Such termination will be effective on the date designated by the Company, and the Employee will be paid his annual
Singh Base Salary, accrued vacation, if any, and certain benefits as set out in the Singh Agreement through the date of termination.
Andrew
Trumbach
Pursuant
to Mr. Trumbach’s employment agreement (the “Trumbach Agreement”) with the Company, Mr. Trumbach will receive an annual
base salary of $750,000 (the “Trumbach Base Salary”), retroactive to December 1, 2021 which was the approximate date he commenced
his employment relationship with the Company. The Trumbach Base Salary will be reviewed on an annual basis to determine potential increases,
if any, based on Mr. Trumbach’s performance and that of the Company. The Trumbach Base Salary may be paid in shares of the Company’s
common stock or cash depending on cash availability and as agreed to by the Company and Employee.
Mr.
Trumbach was granted (a) restricted shares of Company common stock pursuant to a Restricted Stock Agreement (the “Trumbach Restricted
Stock Agreement”) equal in value to $500,000 and at an assumed per share value of par value, or 50,000,000 shares (the “Trumbach
Restricted Stock”), which Trumbach Restricted Stock shall vest 50% on the date of grant and 50% on December 1, 2023, and (b) options
to purchase an aggregate of 11,250,000 shares of the Company’s common stock pursuant to a Stock Option Agreement (the “Trumbach
Option Agreement”), at an exercise price per share equal to the fair market value of the Company’s common stock on the date
of grant, and which shall vest upon grant. He will also be entitled to participate in the Company’s incentive plans from time to
time. Upon entering into the Trumbach Agreement, Additionally, Mr. Trumbach may earn an annual bonus of up to 100%-400% of Trumbach Base
Salary, payable based on objectives and performance in the previous fiscal year.
Mr.
Trumbach is also entitled to customary benefits and vacation, and is subject to customary confidentiality, ownership of intellectual
property, non-disparagement, non-solicitation and non-compete provisions, as described in the Trumbach Agreement.
The
Trumbach Agreement may be terminated by the Company at any time without prior notice for “Cause”, as defined in the Trumbach
Agreement. Upon termination for Cause, Mr. Trumbach will be provided with any unpaid, earned Trumbach Base Salary up to the date of termination.
The
Trumbach Agreement may be terminated at any time without Cause, and provided that Mr. Trumbach executes a general release, the Company
shall pay to Mr. Trumbach an amount equal to 12-months’ Trumbach Base Salary (the “Trumbach Severance”) plus accrued
unused vacation; provided that the Company shall not be required to pay the Trumbach Severance in the event the Company elects to enforce
the Trumbach Agreement’s non-competition provisions and pay salary post-termination pursuant to the terms of the Trumbach Agreement.
Mr.
Trumbach can terminate the Trumbach Agreement and his employment at any time for any reason on 30 days prior written notice. In case
of “Good Reason,” as defined in the Trumbach Agreement, the Company shall pay to Mr. Trumbach the Trumbach Severance plus
accrued unused vacation; provided that the Company shall not be required to pay the Trumbach Severance in the event the Company elects
to enforce the Trumbach Agreement’s non-competition provisions and pay salary post-termination pursuant to the terms of the Trumbach
Agreement.
If
Mr. Trumbach dies while employed under this Agreement, the Trumbach Agreement shall terminate immediately and the Company shall pay to
his estate, any earned Trumbach Base Salary and accrued vacation, if any, that is unpaid up to the date of his death. The Company may
terminate the Trumbach Agreement as a result of any mental or physical disability or illness which results in (a) Mr. Trumbach being
unable to substantially perform his duties for a continuous period of 150 days or for periods aggregating 180 days within any period
of 365 days or (b) Mr. Trumbach being subject to a permanent or indefinite inability to perform essential functions based on the opinion
of a qualified medical provider chosen by the Company. Such termination will be effective on the date designated by the Company, and
the Employee will be paid his annual Trumbach Base Salary, accrued vacation, if any, and certain benefits as set out in the Trumbach
Agreement through the date of termination.
Tyler
Trumbach, Esq.
On
July 25, 2022, we entered into an Employment Agreement with Tyler Trumbach, the Company’s Chief Legal Counsel and a director.
Pursuant
to the Employment Agreement, Mr. Trumbach will receive an annual base salary of $200,000 (the “Tyler Trumbach Base Salary”),
payable in shares of common stock of the Company or cash, depending on cash availability. The Tyler Trumbach Base Salary will be reviewed
on an annual basis to determine potential increases, if any, based on Mr. Trumbach’ s performance and that of the Company. Additionally,
Mr. Trumbach may earn an annual bonus of up to 200% of Tyler Trumbach Base Salary, payable based on performance in the previous fiscal
year, and based on the achievement of objectives agreed to with the Company’s Chief Executive Office and/or President for each
fiscal year.
Mr.
Trumbach is also entitled to customary benefits and vacation, and is subject to customary confidentiality, ownership of intellectual
property, non-disparagement, non-solicitation and non-compete provisions, as described in the Employment Agreement.
The
Employment Agreement may be terminated by the Company at any time without prior notice for “Cause”, as defined in the Employment
Agreement.
Upon
termination for Cause, Mr. Trumbach will be provided with any unpaid, earned Base Salary up to the date of termination.
The
Employment Agreement may be terminated at any time without Cause, and provided that Mr. Trumbach executes a general release, the Company
shall pay to Mr. Trumbach an amount equal to 12-months’ Base Salary (the “Severance”) plus accrued unused vacation;
provided that the Company shall not be required to pay the Severance in the event the Company elects to enforce the Employment Agreement’s
non-competition provisions and pay salary post-termination pursuant to the terms of the Employment Agreement.
Mr.
Trumbach can terminate the Employment Agreement and his employment at any time for any reason on 30 days prior written notice. In case
of “Good Reason,” as defined in the Employment Agreement, the Company shall pay to Mr. Trumbach the Severance plus accrued
unused vacation; provided that the Company shall not be required to pay the Severance in the event the Company elects to enforce the
Employment Agreement’s non-competition provisions and pay salary post-termination pursuant to the terms of the Employment Agreement.
Mr.
Trumbach is entitled to participate in the Company’s incentive plans and shall initially be granted options to purchase 1,500,000
shares of the Company’s common stock, which have not been issued as of the date of this Annual Report on Form 10-K.
Limits
on Liability and Indemnification
We
provide directors and officers insurance for our current directors and officers.
Our
certificate of incorporation eliminates the personal liability of our directors to the fullest extent permitted by law. The certificate
of incorporation further provides that the Company will indemnify its directors to the fullest extent permitted by law.
Director
Compensation
Equity
compensation was earned by the Company’s independent directors in the amounts of $24,000 and $24,000 each during the fiscal years
ended June 30, 2024 and 2023. Dr. Kini received his equity compensation in the amount of $24,000
for the fiscal year ended June 30, 2023, and has not received his equity compensation for the fiscal year ended June 30, 2024. Dr. Stuart
has not received his equity compensation for either of the fiscal years ended June 30, 2024 and 2023. In consideration for their board service, we may also choose to compensate our outside directors in
the form of options for each year for their continued service. We also reimburse our directors reasonable out of pocket expenses
incurred in attending board meetings and in carrying out their board duties.
The
following table summarizes cash and equity-based compensation information for our outside directors, for the year ended June 30, 2024:
| |
Fees | | |
| | |
| | |
| | |
Nonqualified | | |
| | |
| |
| |
earned | | |
| | |
| | |
Non-Equity | | |
Deferred | | |
| | |
| |
| |
or paid | | |
Stock | | |
Option | | |
Incentive Plan | | |
Compensation | | |
All Other | | |
| |
Name | |
in cash | | |
Awards | | |
Awards | | |
Compensation | | |
Earnings | | |
Compensation | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Dr. Claude Stuart(1) | |
| - | | |
$ | 24,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | 24,000 | |
Dr. Narendra Kini(1) | |
| - | | |
$ | 24,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | 24,000 | |
(1)
Such amount was earned during the fiscal year ended June 30, 2024 but the shares have not yet been issued.
All
executive officers of the Company who are also directors received compensation, if any, for services to the Company as set forth under
the summary compensation table above.
Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The following table shows the number of shares of our common stock beneficially
owned, as September 30, 2024, by (i) each of our directors and director nominees, (ii) each of our named executive officers, (iii) all
of our current directors and executive officers as a group, and (iv) all those known by us to be to a beneficial owner of more than 5%
of the Company’s common stock. In general, “beneficial ownership” refers to shares that an individual or entity has
the power to vote or dispose of, and any rights to acquire common stock that are currently exercisable or will become exercisable within
60 days of September 30, 2024. We calculated percentage ownership in accordance with the rules of the SEC. The percentage of common stock
beneficially owned is based on 383,991,026 shares outstanding as of September 30, 2024. In addition, shares issuable pursuant to options
or other convertible securities that may be acquired within 60 days of September 30, 2024 are deemed to be issued and outstanding and
have been treated as outstanding in calculating and determining the beneficial ownership and percentage ownership of those persons possessing
those securities, but not for any other persons.
This
table is based on information supplied by each director, officer and principal stockholder of the Company. Except as indicated in footnotes
to this table, the Company believes that the stockholders named in this table have sole voting and investment power with respect to all
shares of Common Stock shown to be beneficially owned by them, based on information provided by such stockholders. Unless otherwise indicated,
the address for each director, executive officer and 5% or greater stockholders of the Company listed is: c/o Awaysis Capital, Inc.,
3400 Lakeside Drive, Suite 100, Miramar, FL 33027.
| |
Number of Shares | | |
Percentage of
Common Stock | |
Beneficial Owner | |
Beneficially Owned | | |
Beneficially Owned | |
Harthorne Capital, Inc.(1) | |
| 101,674,666 | | |
| 26.23 | % |
Michael Singh | |
| 125,321,153 | (2)(3) | |
| 31.71 | % |
Amir Vasquez | |
| - | | |
| - | % |
Andrew Trumbach | |
| 125,321,153 | (2)(3) | |
| 31.71 | % |
Lisa-Marie Iannitelli | |
| - | (2) | |
| - | % |
Claude Stuart(4) | |
| - | | |
| - | % |
Narendra Kini(5) | |
| 70,588 | | |
| * | % |
Tyler Trumbach(6) | |
| 3,862,460 | | |
| 1.01 | % |
All current directors and executive officers as a group (6 persons) | |
| 356,250,020 | | |
| 86.86 | % |
*
Less than 1%.
(1)
Pursuant to a Schedule 13D filed with the Securities and Exchange Commission on March 14, 2022, as amended, Harthorne Capital, Inc.
(“Harthorne”) operates as a holding entity for Mr. Singh and Dr. Trumbach’s initial investments in the Company.
Additionally, each of Mr. Singh, Dr. Trumbach and Ms. Iannitelli are Executive Directors of Harthorne. Each of Mr. Singh, Dr.
Trumbach and Ms. Iannitelli disclaims beneficial ownership of all such securities except to the extent of his or her pecuniary
interest therein. Also includes 3,666,666 shares of our common stock underlying a Convertible
Promissory Note which may be converted from time to time in the discretion of Harthorne, executed by the Company and Harthorne on August
2, 2024. Such conversion shares do not include any additional shares upon conversion of accrued and unpaid interest under the note.
(2) Does
not include shares held by Harthorne. See Footnote (1) above.
(3)
Includes options to purchase 11,250,000 shares of common stock. through December 1, 2023.
(4) Does not include $48,000 of equity compensation
earned by Mr. Stuart but not yet issued.
(5)
Such shares are owned indirectly through Lucky International Limited Corp., of which Mr. Kini has voting and dispositive control. Does not include $24,000 of equity compensation earned by Mr. Kini but
not yet issued.
(6)
Such shares are owned indirectly through River Rock Holdings, Inc., of which Mr. Trumbach has voting and dispositive control. Does not include options to purchase 1,500,000 shares of the Company’s common stock which the Company is obligated
to grant to Mr. Trumbach, but which have not been issued as
of the date of this Annual Report on Form 10-K.
Item
13. Certain Relationships and Related Transactions, and Director Independence.
Related
Person Transaction
The
Board intends to implement a policy to review, approve and oversee any transaction between us and any related person and any other potential
conflict of interest situations on an ongoing basis, and develops policies and procedures for the approval of related party transactions.
Prior to consideration of a transaction with a related person, the material facts as to the related person’s relationship or interest
in the transaction would be disclosed to the disinterested directors. The transaction would not be approved unless a majority of the
members of the Board who are not interested in the transaction approve the transaction. The Board intends to take into account, among
other factors that it deems appropriate, whether the related person transaction is on terms no less favorable to us than terms generally
available in a transaction with an unrelated third-party under the same or similar circumstances and the extent of the related person’s
interest in the related person transaction.
Each
of Mr. Singh, Dr. Trumbach and Ms. Iannitelli are Executive Directors of Harthorne, the owner of approximately 24.11% of the issued and
outstanding shares of common stock of the Company.
As of the fiscal years ended June 30, 2024 and 2023, Harthorne advanced and received a net amount of $599,537
and $255,489, respectively, relating to costs paid on behalf of the Company. The Company expects Harthorne to continue to make and be repaid advances
from time to time to cover construction and other expenses, although Harthorne has no legal obligation to do so. There is no agreement
as between Harthorne and the Company with respect to these advances or the repayment of any such advances.
Tyler
Trumbach, a director of the Company and its Chief Legal Officer, performed certain general counsel and legal services for the Company
through The Law Offices of Tyler A. Trumbach, P.A., and in September 2022, received through his holding company River Rock Holdings,
Inc., 333,333 shares of the Company’s common stock as payment in full for $50,000 of legal services provided by such firm. As of
June 30 2024, Tyler Trumbach was issued through his holding company 3,529,127 shares of the Company’s common stock in lieu of accrued and unpaid cash compensation in the amount of
$895,512.36 through June 30, 2024. Such shares were issued to Mr. Trumbach in September 2024.
As of June 30, 2024, Michael Singh and Andrew Trumbach were each issued
14,071,153 shares of the Company’s common stock in lieu of accrued and unpaid cash compensation in the amount of $3,469,664 through
June 30, 2024. Such shares were issued to Mr. Singh and Dr. Trumbach in September 2024.
In June 2024, Harthorne loaned $1,100,000 in bridge financing to the Company, which was evidenced by a Convertible
Promissory Note, executed by the Company and Harthorne on August 2, 2024, with an issue date as of July 30, 2024. Interest on the loan
is 12% per annum, payable, with the principal and any and all fees, costs and expenses then due under the note, on July 30, 2025. The
outstanding principal balance of and interest on the note shall be convertible, in whole or in part, at the option of Harthorne at any
time prior to the maturity date, into shares of common stock of the Company, at a conversion price of $.30 per share.
Family
Relationships
Tyler
Trumbach, the Company’s Chief Legal Counsel and a director, is the son of Dr. Andrew Trumbach, the C-CEO and CFO and a director of
the Company.
There
are no other familial relationships between any of our officers and directors.
Apart
from the disclosures set forth under this Item 13, there have been no related party transactions, or any other transactions or relationships
required to be disclosed pursuant to Item 404 of Regulation S-K.
Director
Independence
We
use the definition of “independence” of The NASDAQ Stock Market to make this determination. NASDAQ Listing Rule 5605(a)(2)
provides that an “independent director” is a person other than an officer or employee of the company or any other individual
having a relationship, which, in the opinion of the Company’s Board, would interfere with the exercise of independent judgment
in carrying out the responsibilities of a director. The NASDAQ listing rules provide that a director cannot be considered independent
if:
●
The director is, or at any time during the past three years was, an employee of the company;
● The
director or a family member of the director accepted any compensation from the company in excess of $120,000 during any period of 12
consecutive months within the three years preceding the independence determination (subject to certain exclusions, including, among other
things, compensation for board or board committee service);
● A
family member of the director is, or at any time during the past three years was, an executive officer of the company;
● The
director or a family member of the director is a partner in, controlling shareholder of, or an executive officer of an entity to which
the company made, or from which the company received, payments in the current or any of the past three fiscal years that exceed 5% of
the recipient’s consolidated gross revenue for that year or $200,000, whichever is greater (subject to certain exclusions);
● The
director or a family member of the director is employed as an executive officer of an entity where, at any time during the past three
years, any of the executive officers of the company served on the compensation committee of such other entity; or
● The
director or a family member of the director is a current partner of the company’s outside auditor, or at any time during the past
three years was a partner or employee of the company’s outside auditor, and who worked on the company’s audit.
Under
such definitions, two of our directors can be considered independent.
Item
14. Principal Accountant Fees and Services.
The
Board of Directors has reviewed and discussed the audited consolidated financial statements of Awaysis Capital, Inc. for the fiscal year
ended June 30, 2024, with management and have reviewed related written disclosures of Moore Belize LLP, our independent accountants of
the matters required to be discussed by SAS 114 (Codification of Statements on Auditing Standards, AU Section 380), as amended, with
respect to those statements. We have reviewed the written disclosures and the letter from Moore Belize LLP required by regulatory and
professional standards and have discussed with Moore Belize LP its independence in connection with its audit of our most recent financial
statements. Based on this review and these discussions, the Board of Directors recommends that the financial statements be included in
this Form 10-K for the fiscal year ended June 30, 2024.
We
have also reviewed the various fees that we paid or accrued to our auditors,Moore Assurance SAS, Columbia, and Moore Belize LP during
the year ended June 30, 2024, and 2023 for services they rendered in connection with our annual audits and quarterly reviews, as well
as for any other non-audit services they rendered.
The
following table shows the fees for professional and other services rendered by Moore Belize LP for the audit of our financial statements
for the years ended June 30, 2024, and 2023:
| |
2024 | | |
2023 | |
Audit Fees | |
$ | 43,200 | | |
$ | 18,000 | |
Audit Related Fees | |
$ | 2,000 | | |
$ | 6,000 | |
Tax Fees | |
$ | 0 | | |
$ | 0 | |
All Other Fees | |
$ | 0 | | |
$ | 0 | |
Total | |
$ | 45,200 | | |
$ | 24,000 | |
Audit
fees consist of fees billed for professional services rendered for the audit of our financial statements that are normally provided by
the above auditor in connection with statutory and regulatory filings or engagements. Audit-related fees consist of fees billed for professional
services rendered for the review of SEC filings or review in quarterly reports and services that are normally provided by the above auditor
in connection with statutory and regulatory filings. Tax fees consist of fees to prepare the Company’s federal and state income
tax returns. Other fees relate to advisory services related research on accounting or other regulatory matters.
Pre-Approval
Policies and Procedures
We
have not adopted a policy on pre-approval of audit and permissible non-audit services.
PART
IV
Item
15. Exhibits and Financial Statement Schedules
(a) The
following documents are filed as part of this Annual Report on Form 10-K:
(1)
Financial Statements:
The
financial statements are filed as part of this Annual Report on Form 10-K commencing on page F-1 and are hereby incorporated by reference.
(2)
Financial Statement Schedules:
The
financial statement schedules are omitted as they are either not applicable or the information required is presented in the financial
statements and notes thereto.
(3)
Exhibits:
The
documents set forth below are filed herewith or incorporated by reference to the location indicated.
Exhibit |
|
|
Number |
|
Description
of Document |
|
|
|
3.1 |
|
Articles of Incorporation (1) |
3.2 |
|
Certificate of Amendment of Certificate of Incorporation (1) |
3.3 |
|
Certificate of Amendment to its Articles of Incorporation (2) |
3.4 |
|
By-Laws (1) |
4.1 |
|
Description of Registrant’s Securities |
4.2 |
|
Promissory Note with Harthorne Capital Inc. (9) |
10.1* |
|
2022 Omnibus Performance Award Plan (3) |
10.2 |
|
Agreement of Purchase and Sale, dated as of April 15, 2022, by and between JV Group, Inc. and Curah Capital Corporation (4) |
10.3 |
|
Agreement of Purchase and Sale, dated as of April 15, 2022, by and between JV Group, Inc. and Agorapyth X Corporation (4) |
10.4 |
|
Agreement of Purchase and Sale, dated as of April 15, 2022, by and between JV Group, Inc. and Abraxas Corporation (4) |
10.5* |
|
Employment Agreement with Tyler Trumbach (5) |
10.6* |
|
Employment Agreement with Michael Singh (6) |
10.7* |
|
Employment Agreement with Andrew Trumbach (6) |
10.8* |
|
Restricted Stock Agreement with Michael Singh (6) |
10.9* |
|
Restricted Stock Agreement with Andrew Trumbach (6) |
10.10* |
|
Stock Option Agreement with Michael Singh (6) |
10.11* |
|
Stock Option Agreement with Andrew Trumbach (6) |
10.12 |
|
Demand Promissory Note dated June 30, 2022 with Curah Capital Corporation (7) |
10.13 |
|
Demand Promissory Note dated June 30, 2022 with Abraxas Corporation(7) |
10.14* |
|
First Amendment to Employment Agreement with Michael Singh (8) |
10.15* |
|
First Amendment to Employment Agreement with Andrew Trumbach (8) |
14.1 |
|
Code of Business Conduct and Ethics(7) |
21.1 |
|
Subsidiaries of the Registrant(7) |
31.1 |
|
Certification Pursuant to Securities Exchange Act Rule 13(a)-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 |
|
Certification Pursuant to Securities Exchange Act Rule 13(a)-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1 |
|
Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 |
|
Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
|
Inline
XBRL Instance - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within
the Inline XBRL document. |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema. |
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation. |
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition. |
101.LAB |
|
Inline
XBRL Taxonomy Extension Labels. |
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation. |
104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
*Indicates
Management contract or compensatory plan or arrangement
(1) |
Incorporated
by reference from the exhibit included in the Company’s Registration Statement on Form 10 filed with the SEC dated August 2,
2021. |
|
|
(2) |
Incorporated
by reference from the exhibit included in the Company’s Current Report on Form 8-K filed with the SEC on May 23, 2022. |
|
|
(3) |
Incorporated
by reference from Appendix B of the Information Statement on Schedule 14C filed with the SEC on March 4, 2022. |
|
|
(4) |
Incorporated
by reference from the exhibit included in the Company’s Current Report on Form 8-K filed with the SEC on April 21, 2022. |
|
|
(5) |
Incorporated
by reference from the exhibit included in the Company’s Current Report on Form 8-K filed with the SEC on July 29, 2022. |
|
|
(6) |
Incorporated
by reference from the exhibit included in the Company’s Annual Report on Form 10-K filed for the fiscal year ended June 30,
2023. |
|
|
(7) |
Incorporated
by reference from the exhibit included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022. |
|
|
(8) |
Incorporated
by reference from the exhibit included in the Company’s Current Report on Form 8-K filed with the SEC on August 7, 2024 |
|
|
(9) |
Incorporated
by reference from the exhibit included in the Company’s Current Report on Form 8-K/A filed with the SEC on August 7, 2024 |
Item
16. Form 10-K Summary
None
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
AWAYSIS
CAPITAL, INC. |
|
|
|
/s/
Michael Singh |
|
Michael
Singh |
|
Chairman
and Chief Executive Officer |
|
Dated:
October 11, 2024
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Michael Singh |
|
Chairman and Co-CEO |
|
October 11, 2024 |
Michael
Singh |
|
(Co-Principal Executive Officer) |
|
|
|
|
|
|
|
/s/
Andrew Trumbach |
|
Co-CEO and Chief Financial Officer and Director |
|
October 11, 2024 |
Andrew
Trumbach |
|
(Co-Principal Executive Officer and Financial and Accounting Officer) |
|
|
|
|
|
|
|
/s/
Lisa-Marie Iannitelli |
|
Executive
Vice President and Director |
|
October 11, 2024 |
Lisa-Marie
Iannitelli |
|
|
|
|
|
|
|
|
|
/s/
Claude Stuart |
|
Director |
|
October 11, 2024 |
Claude
Stuart |
|
|
|
|
|
|
|
|
|
/s/
Narendra Kini |
|
Director |
|
October 11, 2024 |
Narendra
Kini |
|
|
|
|
|
|
|
|
|
/s/
Tyler Trumbach |
|
Chief
Legal Counsel and Director |
|
October 11, 2024 |
Tyler
Trumbach |
|
|
|
|
Awaysis
Capital, Inc.
Index
to Consolidated Financial Statements
|
|
Moore
Belize LLP
New
Horizon Building
3
½ Miles Philip S. W.
Goldson Hwy
Belize
City, Belize
T
+501 223 2144
T
+501 223 2139
E
r.magana@moore-belize.bz
www.moore-belize.bz |
Report
of Independent Registered Public Accounting Firm
To
the shareholders and the board of directors of Awaysis Capital, Inc.
Opinion
on the Financial Statements
We have audited the accompanying consolidated balance sheets of Awaysis Capital, Inc. and subsidiaries (the Company)
as of 30 June 2024 and 30 June 2023, the related consolidated statements of operations, stockholders’ equity (deficit), and cash
flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of 30 June 2024 and 30 June 2023, and the results of its operations and its cash flows for the years then ended, in conformity with
accounting principles generally accepted in the United States.
Basis
for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility
is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether
due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for
the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly,
we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining,
on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial
statements. We believe that our audits provide a reasonable basis for our opinion.
Critical
Audit Matter
Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the
critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they
relate.
We
determined that there are no critical audit matters.
We
have served as the Company’s auditor since 2023.
Moore
Belize LLP (PCAOB ID 6999)
Belize
City Belize CA
October 11, 2024
Awaysis
Capital, Inc.
(formerly
known as JV Group, Inc.)
Consolidated
Balance Sheet
(Audited)
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
(Audited) | | |
(Audited) | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 745,991 | | |
$ | 79 | |
Accounts receivable | |
| 4,284 | | |
| - | |
Prepaid expenses | |
| 2,931 | | |
| 17,201 | |
Inventory | |
| 10,594,936 | | |
| 11,323,226 | |
Total current assets | |
| 11,348,142 | | |
| 11,340,506 | |
| |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Fixed assets, net | |
| 853,940 | | |
| 49,028 | |
Escrow Deposit - Real Estate | |
| 5,000 | | |
| - | |
Security deposit | |
| 14,500 | | |
| 14,500 | |
Operating lease right-of-use | |
| 261,564 | | |
| 328,976 | |
Total non-current assets | |
| 1,135,004 | | |
| 392,504 | |
| |
| | | |
| | |
Total Assets | |
$ | 12,483,146 | | |
$ | 11,733,010 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
| 98,200 | | |
| 44,859 | |
Other current liabilities | |
| 75,356 | | |
| 118,860 | |
Current portion of lease liability | |
| 89,003 | | |
| - | |
Due to related party | |
| 653,417 | | |
| 2,834,323 | |
Convertible note payable - related party, net of discount | |
| 36,565 | | |
| - | |
Notes payable | |
| 2,600,000 | | |
| 2,600,000 | |
Total current liabilities | |
| 3,552,541 | | |
| 5,598,042 | |
| |
| | | |
| | |
Operating lease liabilities | |
| 182,649 | | |
| 251,214 | |
Total non-current liabilities | |
| 182,649 | | |
| 251,214 | |
| |
| | | |
| | |
Total liabilities | |
| 3,735,190 | | |
| 5,849,256 | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock - 25,000,000 shares authorized $0.01 par value none issued and outstanding at June 30, 2024 and June 30, 2023, respectively | |
| - | | |
| - | |
Common stock – 1,000,000,000 shares authorized $0.01 par value issued and outstanding common shares at June 30, 2024 and June 30, 2023 were 383,958,598 and 252,227,035, respectively | |
| 3,839,586 | | |
| 2,522,271 | |
Common stock subscribed – $0.01 par value subscribed common shares at June 30, 2024 and June 30, 2023 were 943,000 and 943,000, respectively | |
| 9,430 | | |
| 9,430 | |
Additional paid-in capital | |
| 18,484,873 | | |
| 9,844,510 | |
Accumulated deficit | |
| (12,642,933 | ) | |
| (5,549,457 | ) |
Subscription receivable | |
| (943,000 | ) | |
| (943,000 | ) |
Total stockholders’ equity | |
| 8,747,956 | | |
| 5,883,754 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
| 12,483,146 | | |
| 11,733,010 | |
See
notes to audited consolidated financial statements
Awaysis
Capital, Inc.
(formerly
known as JV Group, Inc.)
Consolidated
Statements of Operations
(Audited)
| |
Year Ended | | |
Year Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| |
Revenue | |
$ | 50,674 | | |
$ | 107,760 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Sales and marketing | |
| 36,675 | | |
| 91,319 | |
General and administrative | |
| 7,037,957 | | |
| 4,312,499 | |
Total operating expenses | |
| 7,074,632 | | |
| 4,403,818 | |
| |
| | | |
| | |
Loss from operations | |
| (7,023,958 | ) | |
| (4,296,058 | ) |
| |
| | | |
| | |
Other (income) expense | |
| | | |
| | |
Other Income | |
| (192 | ) | |
| (612 | ) |
Interest Expense | |
| 47,565 | | |
| - | |
Loss on Asset | |
| 22,145 | | |
| - | |
Total other (income) expense | |
| 69,518 | | |
| (612 | ) |
| |
| | | |
| | |
Income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net loss | |
$ | (7,093,476 | ) | |
$ | (4,295,446 | ) |
| |
| | | |
| | |
Basic and diluted per common share amounts: | |
| | | |
| | |
Basic and diluted net loss | |
$ | (0.02 | ) | |
$ | (0.03 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding (basic and diluted) | |
| 292,965,978 | | |
| 162,781,188 | |
See
notes to audited consolidated financial statements
Awaysis
Capital, Inc.
(formerly
known as JV Group, Inc.)
Consolidated
Statements of Changes in Stockholders’ Equity
For
the Years Ended June 30, 2024, and 2023
(Audited)
| |
Common Stock Shares | | |
Common Stock Par Value | | |
Common Stock Subscribed | | |
Subscription Receivable | | |
Additional Paid-in Capital | | |
Accumulated Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, June 30, 2022 | |
| 157,804,875 | | |
$ | 997,486 | | |
$ | 580,563 | | |
$ | (1,193,000 | ) | |
$ | 9,850,605 | | |
$ | (1,254,011 | ) | |
$ | 8,981,643 | |
Shares issued for services | |
| 475,387 | | |
| 4,755 | | |
| - | | |
| - | | |
| 107,802 | | |
| - | | |
| 112,557 | |
Shares issued at $1.00 | |
| 100,000 | | |
| 1,000 | | |
| - | | |
| - | | |
| 99,000 | | |
| - | | |
| 100,000 | |
Restricted Stock awards | |
| 100,000,000 | | |
| 1,000,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,000,000 | |
Shares subscribed adjustment on acquisition | |
| (5,210,209 | ) | |
| 516,530 | | |
| (568,633 | ) | |
| - | | |
| (212,897 | ) | |
| - | | |
| (265,000 | ) |
Decrease in subscriptions | |
| - | | |
| 2,500 | | |
| (2,500 | ) | |
| 250,000 | | |
| - | | |
| - | | |
| 250,000 | |
Net Income (Loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,295,446 | ) | |
| (4,295,446 | ) |
Balance, June 30, 2023 | |
| 253,170,053 | | |
$ | 2,522,271 | | |
$ | 9,430 | | |
$ | (943,000 | ) | |
$ | 9,844,510 | | |
$ | (5,549,457 | ) | |
$ | 5,883,754 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 253,170,053 | | |
$ | 2,522,271 | | |
| 9,430 | | |
| (943,000 | ) | |
| 9,844,510 | | |
| (5,549,457 | ) | |
| 5,883,754 |
|
Balance | |
| 253,170,053 | | |
$ | 2,522,271 | | |
| 9,430 | | |
| (943,000 | ) | |
| 9,844,510 | | |
| (5,549,457 | ) | |
| 5,883,754 | |
Shares issued for services | |
| 3,589,239 | | |
| 35,891 | | |
| - | | |
| - | | |
| 882,456 | | |
| - | | |
| 918,348 | |
Directors’ Equity Compensation | |
| 28,142,306 | | |
| 281,423 | | |
| | | |
| | | |
| 6,657,907 | | |
| | | |
| 6,939,330 | |
Shares issued at $.01 for directors’ Bonuses | |
| 100,000,000 | | |
| 1,000,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,000,000 | |
Shares
issued | |
| 100,000,000 | | |
| 1,000,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,000,000 | |
Additional paid in capital BCF | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,100,000 | | |
| - | | |
| 1,100,000 | |
Net Income (Loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,093,476 | ) | |
| (7,093,476 | ) |
Balance, June 30, 2024 | |
| 384,901,598 | | |
$ | 3,839,585 | | |
$ | 9,430 | | |
$ | (943,000 | ) | |
$ | 18,484,874 | | |
$ | (12,642,933 | ) | |
$ | 8,747,956 | |
Balance | |
| 384,901,598 | | |
$ | 3,839,585 | | |
$ | 9,430 | | |
$ | (943,000 | ) | |
$ | 18,484,874 | | |
$ | (12,642,933 | ) | |
$ | 8,747,956 | |
See
notes to audited consolidated financial statements
Awaysis
Capital, Inc.
(Formerly
JV Group, Inc.)
Consolidated
Statements of Cash Flows
(Audited)
| |
Year End | | |
Year End | |
| |
June 30, 2024 | | |
June 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (7,093,476 | ) | |
$ | (4,295,446 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
$ | 30,139 | | |
| 2,747 | |
Loss on write-off of asset | |
$ | 22,145 | | |
| - | |
Interest Expense | |
| 47,565 | | |
| - | |
Stock based compensation | |
$ | 8,857,679 | | |
| 112,557 | |
Restricted stock awards | |
$ | - | | |
| 1,000,000 | |
Amortization of operating lease right-of-use | |
$ | 67,412 | | |
| 52,869 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
(Increase) decrease in accounts receivable | |
$ | (4,284 | ) | |
| - | |
(Increase) decrease in prepaid expenses | |
$ | 14,270 | | |
| (14,701 | ) |
(Increase) decrease in Inventory expenses | |
$ | 728,289 | | |
| 86,275 | |
(Increase) decrease in escrow deposit – real estate | |
$ | (5,000 | ) | |
| - | |
(Increase) decrease in security deposit | |
$ | - | | |
| (14,500 | ) |
Increase (decrease) in due to related party | |
$ | (2,180,906 | ) | |
| 2,821,826 | |
Increase (decrease) in accounts payable | |
$ | 53,340 | | |
| 2,889 | |
Increase (decrease) in other current liabilities | |
$ | (54,504 | ) | |
| 118,860 | |
Increase (decrease) in operating lease liabilities | |
$ | 20,439 | | |
| (130,631 | ) |
Net cash provided by/(used in) operating activities | |
$ | 503,108 | | |
| (257,255 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchase of fixed assets | |
$ | (2,554 | ) | |
| (54,631 | ) |
Asset put into service | |
$ | (856,491 | ) | |
| | |
Sale of fixed assets | |
| 1,849 | | |
| 25,000 | |
Net cash used in investing activities | |
$ | (857,196 | ) | |
| (29,631 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from related party notes payable | |
$ | 1,100,000 | | |
| - | |
Payment of note payable | |
$ | - | | |
| (280,000 | ) |
Net proceeds from sale of equity | |
$ | - | | |
| 85,000 | |
Net cash provided by/(used in) financing activities | |
$ | 1,100,000 | | |
| (195,000 | ) |
Net change in cash | |
$ | 745,912 | | |
| (481,886 | ) |
Cash - beginning of year | |
$ | 79 | | |
| 481,965 | |
Cash - end of year | |
$ | 745,991 | | |
| 79 | |
See
notes to audited consolidated financial statements
Awaysis
Capital, Inc.
Notes
to the Consolidated Financial Statements
1.
NATURE OF OPERATIONS
Nature
of Business
Awaysis
Capital, Inc. (formerly known as JV Group, Inc.), a Delaware corporation, (“Awaysis”, “JV Group”, “the
Company”, “we”, “us” or “our’) is a publicly quoted operating company listed on the OTC Marketplace. We are a vacation rental
company focused on acquisition, construction, selling and managing 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 residential/resort communities in global travel destinations, with the intention to relaunch these assets under
the “Awaysis” brand with the goals of creating a network of residential and resort enclave communities that will optimize
revenues, providing attractive returns to investors and exceptional vacation experiences to travellers.
Company
History
JV
Group was formed in Delaware on September 29, 2008 under the name ASPI, Inc.
On
May 18, 2022, we changed our 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.
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.
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.
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.
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.
2.
SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
summary of significant accounting policies is presented to assist in the understanding of the consolidated financial statements. These
policies conform to GAAP and have been consistently applied. The Company has selected June 30 as its financial year end.
Principals
of Consolidation
The
consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries Awaysis Capital, LLC, Awaysis Cove
Limited, Awaysis Chial Limited and Awaysis Casamora Limited. All significant intercompany balances and transactions have been eliminated
in consolidation.
Use
of Estimates
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.
Cash
and Cash Equivalents
We
maintain cash balances in a non-interest-bearing account and unrestricted cash in escrow that currently does not exceed federally insured
limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered
to be cash equivalents. The Company will hold payments made by guest in advance of reservations in a restricted escrow account until
the rescission period expires in accordance with U.S. state regulations.
Fair
Value Measurements
ASC
Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides a comprehensive framework for measuring fair value
and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value
and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets
for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level
1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets
and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on
the New York Stock Exchange.
Level
2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported
date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced
with models using highly observable inputs.
Level
3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included
in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts
used to determine the fair value of financial transmission rights.
Our
financial accounts consist of prepaid expenses, accounts payable, accounts payable due to related parties and note payable. The carrying
amount of our prepaid expenses, accounts payable, accounts payable - related party and note payable – related party approximate
their fair values because of the short-term maturities.
Related
Party Transactions
A
related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s
immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control
with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related
party transaction when there is a transfer of resources or obligations between related parties.
Fixed
Assets
Fixed
assets are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over
the estimated useful lives. The fixed assets include property, equipment and software which ownership is maintained by the Company.
When a property is substantially completed and held
for rental, it transitions from being considered a development project (in progress) to an operating asset. At this point, the key measurement
focuses on capitalizing costs and transitioning into depreciation as required under ASC 970-340-25-18.
Capitalization of Construction Costs Ceases after
Substantial Completion
Prior to substantial completion, the costs incurred
for the construction and development of the property (such as land acquisition, construction costs, interest, and certain other costs)
are capitalized.
As per ASC 970-340-25-18, once the property is considered
substantially complete, the capitalization of costs typically ceases. The entity stops adding new costs to the property’s carrying value
except for additional improvements or costs that extend the asset’s life or improve its utility. This means that these types of costs
are no longer added to the property’s carrying value once the property is substantially completed and held for rental. Instead,
these costs are expensed as incurred, unless they directly enhance the property or extend its useful life.
Once the property is held for rental and substantially
complete, the property is classified as a depreciable real estate asset and the total cost capitalized to date up to the point of substantial
completion becomes the asset’s carrying amount. The cost of the property’s carrying amount (less its land value) is allocated
over its estimated useful life.
Costs incurred after the property is completed and
held for rental are generally expensed unless they extend the property’s useful life (ASC 970-340-35-3).
Impairment Testing (ASC 970-340-35-1 to 35-2)
Even though the property is measured at cost, impairment
testing may be required under ASC 360 if there are indicators that the property’s carrying amount might not be recoverable. After
substantial completion, the property’s carrying value is subject to impairment testing under ASC 360, where a reduction in the property’s
recoverable value may require a write-down to fair value (ASC 970-340-35). If held at fair value (under ASC 360 or other applicable standards),
market-based inputs would be used, including comparable sales, discounted cash flows, or appraisals to determine the fair value of the
property.
Leases
The
Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), and all related amendments on January 1,
2022, on a modified retrospective basis. Under Topic 842, the Company determines if an arrangement is or contains a lease at inception.
A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that
option and when doing so is at the Company’s sole discretion. The Company has elected the short-term lease exception for all classes
of assets, and therefore has not applied the recognition requirements of Topic 842 to leases of 12 months or less. The Company has also
elected the practical expedient to not separate lease and non-lease components for all classes of assets. The Company’s classes
of assets that are leased include real estate leases and equipment leases. Real estate leases typically pertain to the Company’s
corporate office locations, field operation locations, or vacation properties whereby the Company takes control of a third party’s
property during the lease period for the purpose of renting the property on a short-term basis.
The
Company recognizes lease expense on a straight-line basis over the lease term. The Company’s lease agreements may contain variable
costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated
statements of operations.
We
determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”)
as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are
property and equipment, other current liabilities, and other non-current liabilities in the balance sheet.
ROU
assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising
from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease
payments over lease term. As most of the leases doesn’t provide an implicit rate, we generally use the incremental borrowing rate
on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating
ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line
basis over lease term.
As
of the fiscal year ended June 30, 2024, we were party to an operating lease agreement which commenced during the fiscal year ended June
30, 2023. See Note 6 below for details of lessee leases.
Beneficial
Conversion Features - The Company accounts for convertible notes payable in accordance with ASC 470-20. A beneficial conversion
feature is a non-detachable conversion feature that is “in the money” at the commitment date, which requires recognition
of interest expense for underlying debt instruments and a deemed dividend for underlying equity instruments. A conversion option is in
the money if the effective conversion price is lower than the commitment date fair value of a share into which it is convertible.
Income
Taxes
The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and
liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured
using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced
by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in the statements of operations in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25
addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial
statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely
than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.
The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has
a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates
of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction
varies from estimates, additional allowances or reversals of reserves may be necessary.
Revenue
Recognition
Revenue
Recognition Standard, ASC 606 is used by the Company to recognize revenue. ASC 606 standards were jointly issued by the Financial Accounting
Standards Board (FASB) and the International Accounting Standards Board (IASB). Revenues are recognized when control of the promised
goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in
exchange for those goods or services. The total booking value is generally due prior to the commencement of the reservation. The total
booking value collected in advance of the reservation is recorded on the balance sheets as funds payable to owners, hospitality and sales
taxes payable and deferred revenue in the amount obligated to the homeowner, the taxing authority, and the Company, respectively.
The
Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its
obligations under each of its agreements:
Step
1: Identify the contract(s) with customers
Step
2: Identify the performance obligations in the contract
Step
3: Determine the transaction price
Step
4: Allocate the transaction price to performance obligations
Step
5: Recognize revenue when the entity satisfies a performance obligation
The
Company is a development stage corporation, and we have identified certain revenue streams during this development stage.
The
Company currently derives its revenue primarily from the short-term unit rentals of sold and unsold inventory at the resort we own and
manage.
Revenue
from rentals is recognized over the period in which a guest completes a stay.
Other
services consist of revenue derived from our real estate brokerage and other related services.
Other
Services
In addition to providing vacation rental platform services, the Company
provides other services including real estate brokerage and management services. The purpose of these services is to attract and retain
homeowners as customers of the Company’s vacation rental platform. As such, the Company enters into an exclusive rental management
contract with each homeowners’ associations it controls. Under the real estate brokerage services, the Company assists home buyers
and sellers in listing, marketing, selling and finding homes. Real estate commissions earned by the Company’s real estate brokerage
business are recorded as revenue at a point in time which is upon the closing of a real estate transaction (i.e., purchase or sale of
a home). The commissions the Company pays to real estate agents are recognized concurrently with associated revenues and presented as
cost of revenue in the consolidated statements of operations. Under the homeowner’s association management services, the Company
provides common area property management, community governance, and association accounting services to community and homeowner associations
in exchange for a management fee and other incrementally billed services. The services represent an individual performance obligation
in which the Company has determined it is primarily responsible. Revenue is recognized over time as services are rendered for the management
fee and incrementally billed services are recognized at a point in time.
Inventory
New
real estate inventory is carried at the lower of cost or net realizable value. The cost of finished inventories determined on the specific
identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In
addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method,
if finished real estate inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or net
realizable value.
For real estate inventory that is considered substantially completed and
may include the Company’s rental pool, the Company has implemented the Real Estate Accounting Guidance under ASC 970 for real estate
development, rental, and sales activities. Details of ASC 970 are included in Fixed Assets above.
Financial
Instruments
Fair
Value of Financial Instruments - From inception, the Company adopted ASC 820, Fair Value Measurements and Disclosures, which provides
a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid
to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction
between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and
establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
|
● |
Level
1: Quoted prices for identical assets and liabilities in active markets. |
|
|
|
|
● |
Level
2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities
in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable
in active markets; and |
|
|
|
|
● |
Level
3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
The
carrying amounts of financial instruments including cash, accounts payable and notes payable approximated fair value
as of June 30, 2024, and 2023 due to the relatively short maturity of the respective instruments.
Advertising
and Marketing Costs
We
expense advertising costs when advertisements occur. Advertising for the Company consists primarily of the creation and marketing of
the Awaysis brand guideline, logo, wordmark, tagline, and website.
Stock
Based Compensation
The
cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair
value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized
as services are rendered or vesting periods elapse.
Net
Loss per Share Calculation
Basic
earnings (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the
weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income
(loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share
excludes all potential common shares if their effect is anti-dilutive.
Recently
Issued Accounting Pronouncements
As
of June 30, 2024, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each
of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of
these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.
3.
CASH
As
of June 30, 2024, our cash balance was $745,991 and as of June 30, 2023 our cash balance was $79.
4.
INVENTORY
Inventory
of real estate under construction was $10,594,936 and $11,323,226 as of June 30, 2024 and 2023, respectively.
5.
FIXED ASSETS
The
carrying basis and accumulated depreciation of fixed assets at June 30, 2024 and 2023 is as follows:
SCHEDULE
OF FIXED ASSETS
| |
Useful
Lives | |
June
30, 2024 | | |
June
30, 2023 | |
Furniture and
fixtures | |
7 years | |
$ | 15,017 | | |
$ | 15,017 | |
Computer and equipment | |
5 years | |
| 3,782 | | |
| 5,631 | |
Machinery | |
5 years | |
| 5,000 | | |
| 5,000 | |
Software | |
3 years | |
| 6,536 | | |
| 26,127 | |
Assets/property placed into service | |
40 years | |
| 856,491 | | |
| - | |
Total
fixed assets, gross | |
| |
| 856,491 | | |
| - | |
Less
depreciation and amortization | |
| |
| (32,886 | ) | |
| (2,747 | ) |
Total
fixed assets, net | |
| |
$ | 853,940 | | |
| 49,028 | |
6.
OPERATING LEASES - LESSEE
The
Company has an operating lease for office space, with a term of 5 years. As of June 30, 2024, the Company did not have any additional
material operating leases that were entered into, but not yet commenced.
The
maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported
on the Consolidated Balance Sheets was as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
June 30, 2024 | |
| |
| |
2025 | |
| 89,003 | |
2026 | |
| 90,588 | |
2027 | |
| 92,220 | |
Thereafter | |
| 31,113 | |
Total operating lease payments | |
| 302,924 | |
Present value adjustment | |
| (31,272 | ) |
Total operating lease liabilities | |
$ | 271,652 | |
The
total operating lease liability amount consists of current and long-term portion of operating lease liabilities of $89,003 and $182,649,
respectively.
7.
ACCOUNTS PAYABLE
As
of June 30, 2024, and 2023, the balance of accounts payable was $98,200 and $44,859, respectively, and related primarily to expenses relating
to SEC filings, outstanding legal expenses and share transfer expenses.
8.
OTHER CURRENT LIABILITIES
Other
current liabilities consist of a hospitality tax payable, a security deposit liability and accrued expenses. the balance of other current
liabilities was as of June 30, 2024, and 2023 was $75,356 and $118,860, respectively,
As
of June 30, 2024, and 2023, the balance of accrued expenses was $73,196
and $118,860,
respectively, As of June 30, 2023 the balance consisted of expenses relating to salary and payroll accrual for development and
administration teams and the current portion of operating lease liabilities. As of June 30, 2024, salary and payroll accruals for
related party are reported in due to related parties and current portion of operating lease liabilities are reported as its own line
item. As June 30, 2024, the balance consisted of accrued interest of $11,000
and payroll for non-related parties of $62,196.75.
9.
DUE TO RELATED PARTIES
As
of June 30, 2024, and 2023, the balance of due to related parties was $1,753,417
and $2,834,323,
respectively, and related to both costs paid on behalf of the Company and funding to the Company provided by Harthorne Capital, Inc,
an affiliate of the Company and other related party members. As of June 30, 2024, salary and payroll accruals for directors are also
included in due to related party. In prior year they were included in accrued expenses.
On
February 13, 2023, the Company entered into compensation agreements with certain executive officers and directors of the Company and
as a result, approximately $2,500,000 in salary compensation is included in the related party as of June 30, 2023.
On
June 26, 2024, the Board approved a $1.1
million convertible bridge loan to Awaysis Capital,
Inc by Harthorne Capital, Inc, an affiliate of the Company. As of June 30, 2024, and 2023, the net balance of Notes – related party was $36,565 and $0, respectively. The
net balance consists of the principle of the note of $1,100,000 and the discount on the beneficial conversion feature of $(1,100,000).
This Discount is amortized on a straight-line basis over the life of the note. The current amortization of the discount is $36,565.
10.
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLE – RELATED PARTY
The
Company has notes payable as of June 30, 2024, and 2023 in the amount of approximately $2,600,000 and $2,600,000, respectively.
On
June 30, 2022, the Company purchased from a non-related party, real estate asset appraised at $11,409,500 and executed two unsecured
demand promissory notes bearing annual interest rates of 0%. The first is for $2,600,000 and the second was in the amount of $280,000.
This second note was subsequently fully paid on August 8, 2022.
Convertible
Note Payable – Related Party
On
June 26, 2024, the Board approved a $1.1
million convertible bridge loan to Awaysis Capital, Inc. by Harthorne Capital, Inc., an affiliate of the Company, bearing an annual
interest rate of 12%.
The note is due June 19, 2025 unless sooner paid in full or converted in accordance with the terms of conversion at $.30
per share. The excess of the fair value of the convertible note is $2,016,667
and the discount in the amount of $1,100,000 is amortized over a 1-year
period with a maturity date of June
19, 2025.
As
of June 30, 2024, and 2023, the net balance of Notes – related party was $36,565
and $0,
respectively. The net balance consists of the principle of the note of $1,100,000
and the discount on the beneficial conversion feature of $(1,100,000)..This
Discount is amortized on a straight-line basis over the life of the note. The current amortization of the discount (recorded as
interest expense) is $36,565.
11.
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred
Stock
As
of June 30, 2024, we were authorized to issue 25,000,000 shares of preferred stock with a par value of $0.01.
No
shares of preferred stock were issued and outstanding during the fiscal years ended June 30, 2024 or 2023.
Common
Stock
As
of June 30, 2024, we were authorized to issue 1,000,000,000 shares of common stock with a par value of $0.01, of which 383,958,598 shares
of common stock were issued and outstanding and 943,000 shares of common stock were subscribed, contractually obligated and committed
to be issued but not yet issued.
During
the fiscal year ended June 30, 2024, the Company issued 131,731,545 common shares in the amount of $8,857,679. From this amount, the
Company issued 3,589,239 shares for payment of professional services in the amount of $$918,349. The Company issued 28,142,306 shares
for Director equity compensation in the amount of $6,939,330, and paid a discounted director bonus of 100,000,000 shares in the amount
of $1,000,000,
During
the fiscal year ended June 30, 2023, the Company sold 100,000 common shares in a private offering, at a price per share of $1.00 for
$100,000 in gross proceeds.
During
the year ended June 30, 2023, the Company entered into subscription agreements with investors in a private offering, for 943,000 shares,
at a price per share of $1.00 for $943,000 and has a subscription receivable of $943,000 in the Consolidated Balance Sheet.
During
the year ended June 30, 2023, the Company has collected an aggregate of $250,000 from the committed subscription agreements and has issued
250,000 shares of common stock accordingly.
During
the fiscal year ended June 30, 2023, the Company issued 100,050,000 shares of restricted common stock to certain of its executive officers
and directors.
On
June 26, 2024, the Board passed a resolution to allow the officers of the Company and certain other parties to convert their unpaid
salaries or other compensation to equity compensation, The company converted salaries and other compensation totaling $6,939,330
into an aggregate of 28,142,306
shares of common stock. The issuance of such shares was effected subsequent to June 30, 2024.
Stock-based
compensation of $918,349 and $112,557 was issued for services during the fiscal years ended June 30, 2024, and 2023, respectively, and
is included in the General and Administrative expenses in the Consolidated Statements of Operations.
No
potentially dilutive debt or equity instruments were issued or outstanding during the fiscal year ended June 30, 2024, and 2023.
The
Company has not declared or paid any dividends or returned any capital to common stock shareholders as of June 30, 2024, and 2023.
Warrants
No
warrants were issued or outstanding during the twelve months ended June 30, 2024, or 2023.
Stock
Options
The
Company has adopted the 2022 Omnibus Performance Award Plan in February 2022 (the “Plan”). The Plan authorizes the granting of 19,775,931
of the Company’s Common Stock. No stock options under the Plan were issued or outstanding during the twelve
months ended June 30, 2024 or 2023.
On
February 13, 2023, the Company awarded to certain of its executive officers, options to purchase an aggregate of 22,500,000
shares of the Company’s stock at an exercise
price per share equal to the fair market value of the Company’s common stock on the date of the grant, $0.32
per share; all of which are currently exercisable
and outstanding as of June 30, 2024. No expense has been recorded under ASC 718 as there is no compensation expense to be recognized.
The expense for stock options is based on the fair value of the options at the grant date and this fair value is determined to be zero.
12.
REVENUE
During
the fiscal year ended June 30, 2024 and June 30, 2023, the Company earned revenue of $50,674
and $107,760,
respectively. Of this revenue, $17,655
was recognized from rental income, while $33,019
was earned from commissions and other services.
13.
SALES AND MARKETING EXPENSES
Advertising
expenses amounted to approximately $36,675 and $91,319 as of June 30, 2024, and June 30, 2023, respectively, consisting of marketing and
support of our products and services, promotional and public relations expenses and management and administration expenses in support
of sales and marketing.
14.
GENERAL AND ADMINISTRATIVE EXPENSES
During
the fiscal years ended June 30, 2024 and 2023, we incurred general and administrative expenses of $7,037,957 and $4,312,499, respectively,
consisting of audit and accounting fees related to its re-audit of 2021 and 2022 financial statements,
travel and entertainment, payroll and employee benefits, legal fees, filing fees and transfer agent fees, all relating to both sustaining
the corporate existence of the Company and public company offering and compliance expenses.
15.
OTHER INCOME (EXPENSE)
During the fiscal year ended June 30, 2024, we incurred interest expense
on a convertible note and interest expense on the beneficial conversion feature of $47,565, a loss of $22,145 on an asset from a write off
of software which was never put into service and other income of $192.
During the fiscal year ended June 30, 2023 we incurred other income of
$612.
16.
COMMITMENTS & CONTINGENCIES
Legal
Proceedings
We
were not subject to any legal proceedings during the twelve months ended June 30, 2024 and 2023 and, to the best of our knowledge, no
legal proceedings are pending or threatened.
17.
SUBSEQUENT EVENTS
The
Company evaluated subsequent events after June 30, 2024, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance
of these financial statements and has determined the following subsequent events are required
to be disclosed.
As of the date of the issuance of these financial statements, the Company has engaged in two lease contracts for
commercial space rental enabling an increase in rental income of
$16,000 per month. The two Leases are detailed below.
|
● | On September 1,
2024, The Company obtained a signed 6-month lease contract for the use of Parcel 12132 and 12135 Block 7 of commercial space located at
Casamora Resort in San Pedro, Belize for $3,000
USD a month rent with utilities not included.
Due at commencement of this lease is first month’s rent, last month’s rent, and a security deposit of $3,000.
This lease may be renewed for an additional six months if the tenant gives notice 2 months prior to termination date. |
|
| |
|
● | On September 1,
2024, The Company obtained a signed 6-month lease contract for the use of approximately 2500 square feet of commercial space basement, 5,000 square
feet first floor, and 5,000 square feet second floors, and large terrace on the roof located at Casamora Resort in San Pedro, Belize
for $13,000
USD
a month rent with utilities not included. The first month’s
rent is abated, and due at commencement of this lease is the last month’s rent, and a security deposit of $13,000.
In the event of a default, the abated rent shall be immediately due. This lease may be renewed for an additional six months if the tenant
gives notice 2 months prior to termination date. |
|
| |
|
● | As
of September 30,2024, the Company was approved for a $5,000
000 Line of Credit with an expected closing date
in October 2024. The
Line of Credit terms are for 12 months at an interest
rate of 3.5%.
The use of proceeds is for acquisition of Chial Limited and other targeted acquisitions and to complete the development of Awaysis Casamora. |
In September 2024, the Company’s Board of Directors and holders of a majority of its outstanding voting securities,
approved of a reverse split of up to 1-for-20 of the Company’s issued and outstanding shares of common stock (the “Reverse
Split”) and authorized the Company’s Co-CEOs, in their sole discretion, to determine the final ratio and effect the Reverse
Split any time before the one year anniversary of the approval date. The Company does not yet have an effective date for the Reverse Split,
but expects the Reverse Split to take effect in the second half of its 2025 fiscal year.
Other
than as provided above or in the other notes to these financial statements, the
Company has determined that there were no other subsequent events that are required to be disclosed.
Exhibit
4.1
DESCRIPTION
OF THE REGISTRANT’S SECURITIES
REGISTERED
PURSUANT TO SECTION 12 OF THE
SECURITIES
EXCHANGE ACT OF 1934
The
following description of the common stock of Awaysis Capital, Inc. (referred to as “the Company”, “we”, “us”
and “our” unless specified otherwise) is based upon relevant provisions of the Company’s Articles of Incorporation,
as amended (the “Certificate of Incorporation”), the Company’s Bylaws (the “Bylaws”) and applicable provisions
of law. We have summarized certain portions of the Certificate of Incorporation and Bylaws below. The summary is not complete and is
subject to, and is qualified in its entirety by express reference to, the provisions of our Certificate of Incorporation and Bylaws,
which are incorporated by reference to the Company’s Annual Report on Form 10-K filed on September 30, 2024.
General
Our
authorized capital stock consists of 1,000,000,000 shares of Common Stock, with a par value of $0.01 per share, and 25,000,000 shares
of Preferred Stock, with a par value of $0.1 per share. As of September 30, 2024, there were 383,991,026 shares of Common Stock issued
and outstanding and no shares of Preferred Stock issued and outstanding.
Common
Stock
The
Company’s Certificate of Incorporation, as amended, authorizes us to issue an aggregate of 1,000,000,000 shares of Common Stock.
All outstanding shares of Common Stock are of the same class and have equal rights and attributes. The holders of Common Stock are entitled
to one vote per share on all matters submitted to a vote of shareholders of the Company. Holders of Common Stock do not have cumulative
voting rights. In the event of a liquidation, dissolution or winding up, each outstanding share entitles its holder to participate pro
rata in all assets that remain after payment of liabilities and after providing for each class of stock, if any, having preference over
the Common Stock. The Common Stock has no pre-emptive, subscription or conversion rights and there are no applicable redemption provisions.
Holders
of Common Stock are entitled to receive proportionately any dividends as may be declared by our board of directors, out of funds that
we may legally use to pay dividends, subject to any preferential dividend rights of any outstanding series of preferred stock or series
of preferred stock that we may designate and issue in the future.
In
the event of our liquidation or dissolution, the holders of Common Stock are entitled to receive proportionately our net assets available
for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding
preferred stock.
Holders
of Common Stock have no pre-emptive, subscription, redemption or conversion rights. There are no redemption or sinking fund provisions
applicable to Common Stock.
Transfer
Agent
The
transfer agent for our common stock is Mountain Share Transfer LLC, 2030 Powers Ferry Road SE, Suite 212, Atlanta, GA 30339.
Exhibit
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Michael Singh, certify that:
1.
I have reviewed this Form 10-K of Awaysis Capital, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
October 11, 2024 |
By: |
/s/
Michael Singh |
|
|
Michael
Singh |
|
|
Co-Chief
Executive Officer |
|
|
(Co-Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Andrew Trumbach, certify that:
1.
I have reviewed this Form 10-K of Awaysis Capital, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
October 11, 2024 |
By:
|
/s/
Andrew Trumbach |
|
|
Andrew
Trumbach |
|
|
Co-Chief Executive Officer and CFO |
|
|
(Co-Principal Executive Officer and Principal Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the accompanying Annual Report on Form 10-K of Awaysis Capital, Inc. for the fiscal year ended June 30, 2024, I, Michael
Singh, Chairman of the Board and Co-Chief Executive Officer of Awaysis Capital, Inc., hereby certify pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:
1.
Such Annual Report on Form 10-K for the fiscal year ended June 30, 2024 fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and
2.
The information contained in such Annual Report on Form 10-K for the fiscal year ended June 30, 2024, fairly presents, in all material
respects, the financial condition and results of operations of Awaysis Capital, Inc.
October 11, 2024 |
By:
|
/s/
Michael Singh |
|
|
Michael
Singh |
|
|
Chairman
of the Board and Co-Chief Executive Officer |
|
|
(Co-Principal Executive Officer) |
Exhibit
32.2
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the accompanying Annual Report on Form 10-K of Awaysis Capital, Inc. for the fiscal year ended June 30, 2024, I,
Andrew Trumbach, Co-Chief Executive Officer and Chief Financial Officer of Awaysis Capital, Inc., hereby certify pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief,
that:
1.
Such Annual Report on Form 10-K for the fiscal year ended June 30, 2024, fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and
2.
The information contained in such Annual Report on Form 10-K for the fiscal year ended June 30, 2024, fairly presents, in all material
respects, the financial condition and results of operations of Awaysis Capital, Inc.
October 11, 2024 |
By:
|
/s/
Andrew Trumbach |
|
|
Andrew
Trumbach |
|
|
Co-Chief Executive Office and Chief Financial Officer |
|
|
(Co-Principal Executive Officer and Principal Financial and Accounting Officer) |
v3.24.3
Cover - USD ($)
|
12 Months Ended |
|
|
Jun. 30, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
Cover [Abstract] |
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|
|
Entity File Number |
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|
|
|
Entity Registrant Name |
AWAYSIS
CAPITAL, INC.
|
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|
Entity Central Index Key |
0001021917
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v3.24.3
Consolidated Balance Sheet - USD ($)
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Current assets |
|
|
Cash |
$ 745,991
|
$ 79
|
Accounts receivable |
4,284
|
|
Prepaid expenses |
2,931
|
17,201
|
Inventory |
10,594,936
|
11,323,226
|
Total current assets |
11,348,142
|
11,340,506
|
Non-current assets |
|
|
Fixed assets, net |
853,940
|
49,028
|
Escrow Deposit - Real Estate |
5,000
|
|
Security deposit |
14,500
|
14,500
|
Operating lease right-of-use |
261,564
|
328,976
|
Total non-current assets |
1,135,004
|
392,504
|
Total Assets |
12,483,146
|
11,733,010
|
Current liabilities: |
|
|
Accounts payable |
98,200
|
44,859
|
Current portion of lease liability |
89,003
|
|
Convertible note payable - related party, net of discount |
36,565
|
|
Notes payable |
2,600,000
|
2,600,000
|
Total current liabilities |
3,552,541
|
5,598,042
|
Operating lease liabilities |
182,649
|
251,214
|
Total non-current liabilities |
182,649
|
251,214
|
Total liabilities |
3,735,190
|
5,849,256
|
Stockholders’ equity: |
|
|
Preferred stock - 25,000,000 shares authorized $0.01 par value none issued and outstanding at June 30, 2024 and June 30, 2023, respectively |
|
|
Common stock – 1,000,000,000 shares authorized $0.01 par value issued and outstanding common shares at June 30, 2024 and June 30, 2023 were 383,958,598 and 252,227,035, respectively |
3,839,586
|
2,522,271
|
Common stock subscribed – $0.01 par value subscribed common shares at June 30, 2024 and June 30, 2023 were 943,000 and 943,000, respectively |
9,430
|
9,430
|
Additional paid-in capital |
18,484,873
|
9,844,510
|
Accumulated deficit |
(12,642,933)
|
(5,549,457)
|
Subscription receivable |
(943,000)
|
(943,000)
|
Total stockholders’ equity |
8,747,956
|
5,883,754
|
Total liabilities and stockholders’ equity |
12,483,146
|
11,733,010
|
Nonrelated Party [Member] |
|
|
Current liabilities: |
|
|
Due to related party |
75,356
|
118,860
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Due to related party |
$ 653,417
|
$ 2,834,323
|
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v3.24.3
Consolidated Balance Sheet (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, shares authorized |
25,000,000
|
25,000,000
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, shares authorized |
1,000,000,000
|
1,000,000,000
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares issued |
383,958,598
|
252,227,035
|
Common stock, shares outstanding |
383,958,598
|
252,227,035
|
Common stock subscribed, par value |
$ 0.01
|
$ 0.01
|
Common stock, subscribed shares |
943,000
|
943,000
|
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v3.24.3
Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
Revenue |
$ 50,674
|
$ 107,760
|
Operating expenses |
|
|
Sales and marketing |
36,675
|
91,319
|
General and administrative |
7,037,957
|
4,312,499
|
Total operating expenses |
7,074,632
|
4,403,818
|
Loss from operations |
(7,023,958)
|
(4,296,058)
|
Other (income) expense |
|
|
Other Income |
(192)
|
(612)
|
Interest Expense |
47,565
|
|
Loss on Asset |
22,145
|
|
Total other (income) expense |
69,518
|
(612)
|
Net loss before income taxes |
(7,093,476)
|
(4,295,446)
|
Income taxes |
|
|
Net loss |
$ (7,093,476)
|
$ (4,295,446)
|
Basic and diluted per common share amounts: |
|
|
Basic net loss |
$ (0.02)
|
$ (0.03)
|
Diluted net loss |
$ (0.02)
|
$ (0.03)
|
Weighted average number of common shares outstanding (basic) |
292,965,978
|
162,781,188
|
Weighted average number of common shares outstanding (diluted) |
292,965,978
|
162,781,188
|
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v3.24.3
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
|
Common Stock [Member] |
Common Stock Subscribed [Member] |
Subscription Receivable [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Jun. 30, 2022 |
$ 997,486
|
$ 580,563
|
$ (1,193,000)
|
$ 9,850,605
|
$ (1,254,011)
|
$ 8,981,643
|
Balance, shares at Jun. 30, 2022 |
157,804,875
|
|
|
|
|
|
Shares issued for services |
$ 4,755
|
|
|
107,802
|
|
112,557
|
Shares issued for services, shares |
475,387
|
|
|
|
|
|
Shares issued |
$ 1,000
|
|
|
99,000
|
|
100,000
|
Shares issued, shares |
100,000
|
|
|
|
|
|
Restricted Stock awards |
$ 1,000,000
|
|
|
|
|
1,000,000
|
Restricted Stock awards, shares |
100,000,000
|
|
|
|
|
|
Shares subscribed adjustment on acquisition |
$ 516,530
|
(568,633)
|
|
(212,897)
|
|
(265,000)
|
Shares subscribed adjustment on acquisition, shares |
(5,210,209)
|
|
|
|
|
|
Decrease in subscriptions |
$ 2,500
|
(2,500)
|
250,000
|
|
|
250,000
|
Net Income (Loss) |
|
|
|
|
(4,295,446)
|
(4,295,446)
|
Balance at Jun. 30, 2023 |
$ 2,522,271
|
9,430
|
(943,000)
|
9,844,510
|
(5,549,457)
|
5,883,754
|
Balance, shares at Jun. 30, 2023 |
253,170,053
|
|
|
|
|
|
Shares issued for services |
$ 35,891
|
|
|
882,456
|
|
$ 918,348
|
Shares issued for services, shares |
3,589,239
|
|
|
|
|
3,589,239
|
Shares issued |
$ 1,000,000
|
|
|
|
|
$ 1,000,000
|
Shares issued, shares |
100,000,000
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
(7,093,476)
|
(7,093,476)
|
Directors’ Equity Compensation |
$ 281,423
|
|
|
6,657,907
|
|
6,939,330
|
Directors' Equity Compensation, shares |
28,142,306
|
|
|
|
|
|
Additional paid in capital BCF |
|
|
|
1,100,000
|
|
1,100,000
|
Balance at Jun. 30, 2024 |
$ 3,839,585
|
$ 9,430
|
$ (943,000)
|
$ 18,484,874
|
$ (12,642,933)
|
$ 8,747,956
|
Balance, shares at Jun. 30, 2024 |
384,901,598
|
|
|
|
|
|
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v3.24.3
Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (7,093,476)
|
$ (4,295,446)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
30,139
|
2,747
|
Loss on write-off of asset |
22,145
|
|
Interest Expense |
47,565
|
|
Stock based compensation |
8,857,679
|
112,557
|
Restricted stock awards |
|
1,000,000
|
Amortization of operating lease right-of-use |
67,412
|
52,869
|
Changes in operating assets and liabilities: |
|
|
(Increase) decrease in accounts receivable |
(4,284)
|
|
(Increase) decrease in prepaid expenses |
14,270
|
(14,701)
|
(Increase) decrease in Inventory expenses |
728,289
|
86,275
|
(Increase) decrease in escrow deposit – real estate |
(5,000)
|
|
(Increase) decrease in security deposit |
|
(14,500)
|
Increase (decrease) in due to related party |
(2,180,906)
|
2,821,826
|
Increase (decrease) in accounts payable |
53,340
|
2,889
|
Increase (decrease) in other current liabilities |
(54,504)
|
118,860
|
Increase (decrease) in operating lease liabilities |
20,439
|
(130,631)
|
Net cash provided by/(used in) operating activities |
503,108
|
(257,255)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of fixed assets |
(2,554)
|
(54,631)
|
Asset put into service |
(856,491)
|
|
Sale of fixed assets |
1,849
|
25,000
|
Net cash used in investing activities |
(857,196)
|
(29,631)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from related party notes payable |
1,100,000
|
|
Payment of note payable |
|
(280,000)
|
Net proceeds from sale of equity |
|
85,000
|
Net cash provided by/(used in) financing activities |
1,100,000
|
(195,000)
|
Net change in cash |
745,912
|
(481,886)
|
Cash - beginning of year |
79
|
481,965
|
Cash - end of year |
$ 745,991
|
$ 79
|
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v3.24.3
NATURE OF OPERATIONS
|
12 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF OPERATIONS |
1.
NATURE OF OPERATIONS
Nature
of Business
Awaysis
Capital, Inc. (formerly known as JV Group, Inc.), a Delaware corporation, (“Awaysis”, “JV Group”, “the
Company”, “we”, “us” or “our’) is a publicly quoted operating company listed on the OTC Marketplace. We are a vacation rental
company focused on acquisition, construction, selling and managing 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 residential/resort communities in global travel destinations, with the intention to relaunch these assets under
the “Awaysis” brand with the goals of creating a network of residential and resort enclave communities that will optimize
revenues, providing attractive returns to investors and exceptional vacation experiences to travellers.
Company
History
JV
Group was formed in Delaware on September 29, 2008 under the name ASPI, Inc.
On
May 18, 2022, we changed our 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.
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.
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.
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.
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.
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- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.3
SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
2.
SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
summary of significant accounting policies is presented to assist in the understanding of the consolidated financial statements. These
policies conform to GAAP and have been consistently applied. The Company has selected June 30 as its financial year end.
Principals
of Consolidation
The
consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries Awaysis Capital, LLC, Awaysis Cove
Limited, Awaysis Chial Limited and Awaysis Casamora Limited. All significant intercompany balances and transactions have been eliminated
in consolidation.
Use
of Estimates
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.
Cash
and Cash Equivalents
We
maintain cash balances in a non-interest-bearing account and unrestricted cash in escrow that currently does not exceed federally insured
limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered
to be cash equivalents. The Company will hold payments made by guest in advance of reservations in a restricted escrow account until
the rescission period expires in accordance with U.S. state regulations.
Fair
Value Measurements
ASC
Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides a comprehensive framework for measuring fair value
and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value
and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets
for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level
1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets
and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on
the New York Stock Exchange.
Level
2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported
date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced
with models using highly observable inputs.
Level
3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included
in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts
used to determine the fair value of financial transmission rights.
Our
financial accounts consist of prepaid expenses, accounts payable, accounts payable due to related parties and note payable. The carrying
amount of our prepaid expenses, accounts payable, accounts payable - related party and note payable – related party approximate
their fair values because of the short-term maturities.
Related
Party Transactions
A
related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s
immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control
with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related
party transaction when there is a transfer of resources or obligations between related parties.
Fixed
Assets
Fixed
assets are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over
the estimated useful lives. The fixed assets include property, equipment and software which ownership is maintained by the Company.
When a property is substantially completed and held
for rental, it transitions from being considered a development project (in progress) to an operating asset. At this point, the key measurement
focuses on capitalizing costs and transitioning into depreciation as required under ASC 970-340-25-18.
Capitalization of Construction Costs Ceases after
Substantial Completion
Prior to substantial completion, the costs incurred
for the construction and development of the property (such as land acquisition, construction costs, interest, and certain other costs)
are capitalized.
As per ASC 970-340-25-18, once the property is considered
substantially complete, the capitalization of costs typically ceases. The entity stops adding new costs to the property’s carrying value
except for additional improvements or costs that extend the asset’s life or improve its utility. This means that these types of costs
are no longer added to the property’s carrying value once the property is substantially completed and held for rental. Instead,
these costs are expensed as incurred, unless they directly enhance the property or extend its useful life.
Once the property is held for rental and substantially
complete, the property is classified as a depreciable real estate asset and the total cost capitalized to date up to the point of substantial
completion becomes the asset’s carrying amount. The cost of the property’s carrying amount (less its land value) is allocated
over its estimated useful life.
Costs incurred after the property is completed and
held for rental are generally expensed unless they extend the property’s useful life (ASC 970-340-35-3).
Impairment Testing (ASC 970-340-35-1 to 35-2)
Even though the property is measured at cost, impairment
testing may be required under ASC 360 if there are indicators that the property’s carrying amount might not be recoverable. After
substantial completion, the property’s carrying value is subject to impairment testing under ASC 360, where a reduction in the property’s
recoverable value may require a write-down to fair value (ASC 970-340-35). If held at fair value (under ASC 360 or other applicable standards),
market-based inputs would be used, including comparable sales, discounted cash flows, or appraisals to determine the fair value of the
property.
Leases
The
Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), and all related amendments on January 1,
2022, on a modified retrospective basis. Under Topic 842, the Company determines if an arrangement is or contains a lease at inception.
A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that
option and when doing so is at the Company’s sole discretion. The Company has elected the short-term lease exception for all classes
of assets, and therefore has not applied the recognition requirements of Topic 842 to leases of 12 months or less. The Company has also
elected the practical expedient to not separate lease and non-lease components for all classes of assets. The Company’s classes
of assets that are leased include real estate leases and equipment leases. Real estate leases typically pertain to the Company’s
corporate office locations, field operation locations, or vacation properties whereby the Company takes control of a third party’s
property during the lease period for the purpose of renting the property on a short-term basis.
The
Company recognizes lease expense on a straight-line basis over the lease term. The Company’s lease agreements may contain variable
costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated
statements of operations.
We
determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”)
as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are
property and equipment, other current liabilities, and other non-current liabilities in the balance sheet.
ROU
assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising
from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease
payments over lease term. As most of the leases doesn’t provide an implicit rate, we generally use the incremental borrowing rate
on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating
ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line
basis over lease term.
As
of the fiscal year ended June 30, 2024, we were party to an operating lease agreement which commenced during the fiscal year ended June
30, 2023. See Note 6 below for details of lessee leases.
Beneficial
Conversion Features - The Company accounts for convertible notes payable in accordance with ASC 470-20. A beneficial conversion
feature is a non-detachable conversion feature that is “in the money” at the commitment date, which requires recognition
of interest expense for underlying debt instruments and a deemed dividend for underlying equity instruments. A conversion option is in
the money if the effective conversion price is lower than the commitment date fair value of a share into which it is convertible.
Income
Taxes
The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and
liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured
using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced
by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in the statements of operations in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25
addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial
statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely
than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.
The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has
a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates
of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction
varies from estimates, additional allowances or reversals of reserves may be necessary.
Revenue
Recognition
Revenue
Recognition Standard, ASC 606 is used by the Company to recognize revenue. ASC 606 standards were jointly issued by the Financial Accounting
Standards Board (FASB) and the International Accounting Standards Board (IASB). Revenues are recognized when control of the promised
goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in
exchange for those goods or services. The total booking value is generally due prior to the commencement of the reservation. The total
booking value collected in advance of the reservation is recorded on the balance sheets as funds payable to owners, hospitality and sales
taxes payable and deferred revenue in the amount obligated to the homeowner, the taxing authority, and the Company, respectively.
The
Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its
obligations under each of its agreements:
Step
1: Identify the contract(s) with customers
Step
2: Identify the performance obligations in the contract
Step
3: Determine the transaction price
Step
4: Allocate the transaction price to performance obligations
Step
5: Recognize revenue when the entity satisfies a performance obligation
The
Company is a development stage corporation, and we have identified certain revenue streams during this development stage.
The
Company currently derives its revenue primarily from the short-term unit rentals of sold and unsold inventory at the resort we own and
manage.
Revenue
from rentals is recognized over the period in which a guest completes a stay.
Other
services consist of revenue derived from our real estate brokerage and other related services.
Other
Services
In addition to providing vacation rental platform services, the Company
provides other services including real estate brokerage and management services. The purpose of these services is to attract and retain
homeowners as customers of the Company’s vacation rental platform. As such, the Company enters into an exclusive rental management
contract with each homeowners’ associations it controls. Under the real estate brokerage services, the Company assists home buyers
and sellers in listing, marketing, selling and finding homes. Real estate commissions earned by the Company’s real estate brokerage
business are recorded as revenue at a point in time which is upon the closing of a real estate transaction (i.e., purchase or sale of
a home). The commissions the Company pays to real estate agents are recognized concurrently with associated revenues and presented as
cost of revenue in the consolidated statements of operations. Under the homeowner’s association management services, the Company
provides common area property management, community governance, and association accounting services to community and homeowner associations
in exchange for a management fee and other incrementally billed services. The services represent an individual performance obligation
in which the Company has determined it is primarily responsible. Revenue is recognized over time as services are rendered for the management
fee and incrementally billed services are recognized at a point in time.
Inventory
New
real estate inventory is carried at the lower of cost or net realizable value. The cost of finished inventories determined on the specific
identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In
addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method,
if finished real estate inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or net
realizable value.
For real estate inventory that is considered substantially completed and
may include the Company’s rental pool, the Company has implemented the Real Estate Accounting Guidance under ASC 970 for real estate
development, rental, and sales activities. Details of ASC 970 are included in Fixed Assets above.
Financial
Instruments
Fair
Value of Financial Instruments - From inception, the Company adopted ASC 820, Fair Value Measurements and Disclosures, which provides
a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid
to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction
between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and
establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
|
● |
Level
1: Quoted prices for identical assets and liabilities in active markets. |
|
|
|
|
● |
Level
2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities
in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable
in active markets; and |
|
|
|
|
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Level
3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
The
carrying amounts of financial instruments including cash, accounts payable and notes payable approximated fair value
as of June 30, 2024, and 2023 due to the relatively short maturity of the respective instruments.
Advertising
and Marketing Costs
We
expense advertising costs when advertisements occur. Advertising for the Company consists primarily of the creation and marketing of
the Awaysis brand guideline, logo, wordmark, tagline, and website.
Stock
Based Compensation
The
cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair
value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized
as services are rendered or vesting periods elapse.
Net
Loss per Share Calculation
Basic
earnings (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the
weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income
(loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share
excludes all potential common shares if their effect is anti-dilutive.
Recently
Issued Accounting Pronouncements
As
of June 30, 2024, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each
of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of
these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.
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v3.24.3
INVENTORY
|
12 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
4.
INVENTORY
Inventory
of real estate under construction was $10,594,936 and $11,323,226 as of June 30, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.3
FIXED ASSETS
|
12 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
FIXED ASSETS |
5.
FIXED ASSETS
The
carrying basis and accumulated depreciation of fixed assets at June 30, 2024 and 2023 is as follows:
SCHEDULE
OF FIXED ASSETS
| |
Useful
Lives | |
June
30, 2024 | | |
June
30, 2023 | |
Furniture and
fixtures | |
7 years | |
$ | 15,017 | | |
$ | 15,017 | |
Computer and equipment | |
5 years | |
| 3,782 | | |
| 5,631 | |
Machinery | |
5 years | |
| 5,000 | | |
| 5,000 | |
Software | |
3 years | |
| 6,536 | | |
| 26,127 | |
Assets/property placed into service | |
40 years | |
| 856,491 | | |
| - | |
Total
fixed assets, gross | |
| |
| 856,491 | | |
| - | |
Less
depreciation and amortization | |
| |
| (32,886 | ) | |
| (2,747 | ) |
Total
fixed assets, net | |
| |
$ | 853,940 | | |
| 49,028 | |
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.3
OPERATING LEASES - LESSEE
|
12 Months Ended |
Jun. 30, 2024 |
Operating Leases - Lessee |
|
OPERATING LEASES - LESSEE |
6.
OPERATING LEASES - LESSEE
The
Company has an operating lease for office space, with a term of 5 years. As of June 30, 2024, the Company did not have any additional
material operating leases that were entered into, but not yet commenced.
The
maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported
on the Consolidated Balance Sheets was as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
June 30, 2024 | |
| |
| |
2025 | |
| 89,003 | |
2026 | |
| 90,588 | |
2027 | |
| 92,220 | |
Thereafter | |
| 31,113 | |
Total operating lease payments | |
| 302,924 | |
Present value adjustment | |
| (31,272 | ) |
Total operating lease liabilities | |
$ | 271,652 | |
The
total operating lease liability amount consists of current and long-term portion of operating lease liabilities of $89,003 and $182,649,
respectively.
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v3.24.3
ACCOUNTS PAYABLE
|
12 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE |
7.
ACCOUNTS PAYABLE
As
of June 30, 2024, and 2023, the balance of accounts payable was $98,200 and $44,859, respectively, and related primarily to expenses relating
to SEC filings, outstanding legal expenses and share transfer expenses.
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.3
OTHER CURRENT LIABILITIES
|
12 Months Ended |
Jun. 30, 2024 |
Other Liabilities Disclosure [Abstract] |
|
OTHER CURRENT LIABILITIES |
8.
OTHER CURRENT LIABILITIES
Other
current liabilities consist of a hospitality tax payable, a security deposit liability and accrued expenses. the balance of other current
liabilities was as of June 30, 2024, and 2023 was $75,356 and $118,860, respectively,
As
of June 30, 2024, and 2023, the balance of accrued expenses was $73,196
and $118,860,
respectively, As of June 30, 2023 the balance consisted of expenses relating to salary and payroll accrual for development and
administration teams and the current portion of operating lease liabilities. As of June 30, 2024, salary and payroll accruals for
related party are reported in due to related parties and current portion of operating lease liabilities are reported as its own line
item. As June 30, 2024, the balance consisted of accrued interest of $11,000
and payroll for non-related parties of $62,196.75.
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v3.24.3
DUE TO RELATED PARTIES
|
12 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
DUE TO RELATED PARTIES |
9.
DUE TO RELATED PARTIES
As
of June 30, 2024, and 2023, the balance of due to related parties was $1,753,417
and $2,834,323,
respectively, and related to both costs paid on behalf of the Company and funding to the Company provided by Harthorne Capital, Inc,
an affiliate of the Company and other related party members. As of June 30, 2024, salary and payroll accruals for directors are also
included in due to related party. In prior year they were included in accrued expenses.
On
February 13, 2023, the Company entered into compensation agreements with certain executive officers and directors of the Company and
as a result, approximately $2,500,000 in salary compensation is included in the related party as of June 30, 2023.
On
June 26, 2024, the Board approved a $1.1
million convertible bridge loan to Awaysis Capital,
Inc by Harthorne Capital, Inc, an affiliate of the Company. As of June 30, 2024, and 2023, the net balance of Notes – related party was $36,565 and $0, respectively. The
net balance consists of the principle of the note of $1,100,000 and the discount on the beneficial conversion feature of $(1,100,000).
This Discount is amortized on a straight-line basis over the life of the note. The current amortization of the discount is $36,565.
|
X |
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v3.24.3
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLE – RELATED PARTY
|
12 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLE – RELATED PARTY |
10.
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLE – RELATED PARTY
The
Company has notes payable as of June 30, 2024, and 2023 in the amount of approximately $2,600,000 and $2,600,000, respectively.
On
June 30, 2022, the Company purchased from a non-related party, real estate asset appraised at $11,409,500 and executed two unsecured
demand promissory notes bearing annual interest rates of 0%. The first is for $2,600,000 and the second was in the amount of $280,000.
This second note was subsequently fully paid on August 8, 2022.
Convertible
Note Payable – Related Party
On
June 26, 2024, the Board approved a $1.1
million convertible bridge loan to Awaysis Capital, Inc. by Harthorne Capital, Inc., an affiliate of the Company, bearing an annual
interest rate of 12%.
The note is due June 19, 2025 unless sooner paid in full or converted in accordance with the terms of conversion at $.30
per share. The excess of the fair value of the convertible note is $2,016,667
and the discount in the amount of $1,100,000 is amortized over a 1-year
period with a maturity date of June
19, 2025.
As
of June 30, 2024, and 2023, the net balance of Notes – related party was $36,565
and $0,
respectively. The net balance consists of the principle of the note of $1,100,000
and the discount on the beneficial conversion feature of $(1,100,000)..This
Discount is amortized on a straight-line basis over the life of the note. The current amortization of the discount (recorded as
interest expense) is $36,565.
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v3.24.3
STOCKHOLDERS’ EQUITY (DEFICIT)
|
12 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
11.
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred
Stock
As
of June 30, 2024, we were authorized to issue 25,000,000 shares of preferred stock with a par value of $0.01.
No
shares of preferred stock were issued and outstanding during the fiscal years ended June 30, 2024 or 2023.
Common
Stock
As
of June 30, 2024, we were authorized to issue 1,000,000,000 shares of common stock with a par value of $0.01, of which 383,958,598 shares
of common stock were issued and outstanding and 943,000 shares of common stock were subscribed, contractually obligated and committed
to be issued but not yet issued.
During
the fiscal year ended June 30, 2024, the Company issued 131,731,545 common shares in the amount of $8,857,679. From this amount, the
Company issued 3,589,239 shares for payment of professional services in the amount of $$918,349. The Company issued 28,142,306 shares
for Director equity compensation in the amount of $6,939,330, and paid a discounted director bonus of 100,000,000 shares in the amount
of $1,000,000,
During
the fiscal year ended June 30, 2023, the Company sold 100,000 common shares in a private offering, at a price per share of $1.00 for
$100,000 in gross proceeds.
During
the year ended June 30, 2023, the Company entered into subscription agreements with investors in a private offering, for 943,000 shares,
at a price per share of $1.00 for $943,000 and has a subscription receivable of $943,000 in the Consolidated Balance Sheet.
During
the year ended June 30, 2023, the Company has collected an aggregate of $250,000 from the committed subscription agreements and has issued
250,000 shares of common stock accordingly.
During
the fiscal year ended June 30, 2023, the Company issued 100,050,000 shares of restricted common stock to certain of its executive officers
and directors.
On
June 26, 2024, the Board passed a resolution to allow the officers of the Company and certain other parties to convert their unpaid
salaries or other compensation to equity compensation, The company converted salaries and other compensation totaling $6,939,330
into an aggregate of 28,142,306
shares of common stock. The issuance of such shares was effected subsequent to June 30, 2024.
Stock-based
compensation of $918,349 and $112,557 was issued for services during the fiscal years ended June 30, 2024, and 2023, respectively, and
is included in the General and Administrative expenses in the Consolidated Statements of Operations.
No
potentially dilutive debt or equity instruments were issued or outstanding during the fiscal year ended June 30, 2024, and 2023.
The
Company has not declared or paid any dividends or returned any capital to common stock shareholders as of June 30, 2024, and 2023.
Warrants
No
warrants were issued or outstanding during the twelve months ended June 30, 2024, or 2023.
Stock
Options
The
Company has adopted the 2022 Omnibus Performance Award Plan in February 2022 (the “Plan”). The Plan authorizes the granting of 19,775,931
of the Company’s Common Stock. No stock options under the Plan were issued or outstanding during the twelve
months ended June 30, 2024 or 2023.
On
February 13, 2023, the Company awarded to certain of its executive officers, options to purchase an aggregate of 22,500,000
shares of the Company’s stock at an exercise
price per share equal to the fair market value of the Company’s common stock on the date of the grant, $0.32
per share; all of which are currently exercisable
and outstanding as of June 30, 2024. No expense has been recorded under ASC 718 as there is no compensation expense to be recognized.
The expense for stock options is based on the fair value of the options at the grant date and this fair value is determined to be zero.
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v3.24.3
REVENUE
|
12 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE |
12.
REVENUE
During
the fiscal year ended June 30, 2024 and June 30, 2023, the Company earned revenue of $50,674
and $107,760,
respectively. Of this revenue, $17,655
was recognized from rental income, while $33,019
was earned from commissions and other services.
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v3.24.3
SALES AND MARKETING EXPENSES
|
12 Months Ended |
Jun. 30, 2024 |
Sales And Marketing Expenses |
|
SALES AND MARKETING EXPENSES |
13.
SALES AND MARKETING EXPENSES
Advertising
expenses amounted to approximately $36,675 and $91,319 as of June 30, 2024, and June 30, 2023, respectively, consisting of marketing and
support of our products and services, promotional and public relations expenses and management and administration expenses in support
of sales and marketing.
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v3.24.3
GENERAL AND ADMINISTRATIVE EXPENSES
|
12 Months Ended |
Jun. 30, 2024 |
General And Administrative Expenses |
|
GENERAL AND ADMINISTRATIVE EXPENSES |
14.
GENERAL AND ADMINISTRATIVE EXPENSES
During
the fiscal years ended June 30, 2024 and 2023, we incurred general and administrative expenses of $7,037,957 and $4,312,499, respectively,
consisting of audit and accounting fees related to its re-audit of 2021 and 2022 financial statements,
travel and entertainment, payroll and employee benefits, legal fees, filing fees and transfer agent fees, all relating to both sustaining
the corporate existence of the Company and public company offering and compliance expenses.
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v3.24.3
OTHER INCOME (EXPENSE)
|
12 Months Ended |
Jun. 30, 2024 |
Other Income and Expenses [Abstract] |
|
OTHER INCOME (EXPENSE) |
15.
OTHER INCOME (EXPENSE)
During the fiscal year ended June 30, 2024, we incurred interest expense
on a convertible note and interest expense on the beneficial conversion feature of $47,565, a loss of $22,145 on an asset from a write off
of software which was never put into service and other income of $192.
During the fiscal year ended June 30, 2023 we incurred other income of
$612.
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v3.24.3
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.3
SUBSEQUENT EVENTS
|
12 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
17.
SUBSEQUENT EVENTS
The
Company evaluated subsequent events after June 30, 2024, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance
of these financial statements and has determined the following subsequent events are required
to be disclosed.
As of the date of the issuance of these financial statements, the Company has engaged in two lease contracts for
commercial space rental enabling an increase in rental income of
$16,000 per month. The two Leases are detailed below.
|
● | On September 1,
2024, The Company obtained a signed 6-month lease contract for the use of Parcel 12132 and 12135 Block 7 of commercial space located at
Casamora Resort in San Pedro, Belize for $3,000
USD a month rent with utilities not included.
Due at commencement of this lease is first month’s rent, last month’s rent, and a security deposit of $3,000.
This lease may be renewed for an additional six months if the tenant gives notice 2 months prior to termination date. |
|
| |
|
● | On September 1,
2024, The Company obtained a signed 6-month lease contract for the use of approximately 2500 square feet of commercial space basement, 5,000 square
feet first floor, and 5,000 square feet second floors, and large terrace on the roof located at Casamora Resort in San Pedro, Belize
for $13,000
USD
a month rent with utilities not included. The first month’s
rent is abated, and due at commencement of this lease is the last month’s rent, and a security deposit of $13,000.
In the event of a default, the abated rent shall be immediately due. This lease may be renewed for an additional six months if the tenant
gives notice 2 months prior to termination date. |
|
| |
|
● | As
of September 30,2024, the Company was approved for a $5,000
000 Line of Credit with an expected closing date
in October 2024. The
Line of Credit terms are for 12 months at an interest
rate of 3.5%.
The use of proceeds is for acquisition of Chial Limited and other targeted acquisitions and to complete the development of Awaysis Casamora. |
In September 2024, the Company’s Board of Directors and holders of a majority of its outstanding voting securities,
approved of a reverse split of up to 1-for-20 of the Company’s issued and outstanding shares of common stock (the “Reverse
Split”) and authorized the Company’s Co-CEOs, in their sole discretion, to determine the final ratio and effect the Reverse
Split any time before the one year anniversary of the approval date. The Company does not yet have an effective date for the Reverse Split,
but expects the Reverse Split to take effect in the second half of its 2025 fiscal year.
Other
than as provided above or in the other notes to these financial statements, the
Company has determined that there were no other subsequent events that are required to be disclosed.
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v3.24.3
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
summary of significant accounting policies is presented to assist in the understanding of the consolidated financial statements. These
policies conform to GAAP and have been consistently applied. The Company has selected June 30 as its financial year end.
|
Principals of Consolidation |
Principals
of Consolidation
The
consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries Awaysis Capital, LLC, Awaysis Cove
Limited, Awaysis Chial Limited and Awaysis Casamora Limited. All significant intercompany balances and transactions have been eliminated
in consolidation.
|
Use of Estimates |
Use
of Estimates
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.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
We
maintain cash balances in a non-interest-bearing account and unrestricted cash in escrow that currently does not exceed federally insured
limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered
to be cash equivalents. The Company will hold payments made by guest in advance of reservations in a restricted escrow account until
the rescission period expires in accordance with U.S. state regulations.
|
Fair Value Measurements |
Fair
Value Measurements
ASC
Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides a comprehensive framework for measuring fair value
and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value
and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets
for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:
Level
1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets
and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on
the New York Stock Exchange.
Level
2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported
date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced
with models using highly observable inputs.
Level
3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included
in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts
used to determine the fair value of financial transmission rights.
Our
financial accounts consist of prepaid expenses, accounts payable, accounts payable due to related parties and note payable. The carrying
amount of our prepaid expenses, accounts payable, accounts payable - related party and note payable – related party approximate
their fair values because of the short-term maturities.
|
Related Party Transactions |
Related
Party Transactions
A
related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s
immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control
with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related
party transaction when there is a transfer of resources or obligations between related parties.
|
Fixed Assets |
Fixed
Assets
Fixed
assets are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over
the estimated useful lives. The fixed assets include property, equipment and software which ownership is maintained by the Company.
When a property is substantially completed and held
for rental, it transitions from being considered a development project (in progress) to an operating asset. At this point, the key measurement
focuses on capitalizing costs and transitioning into depreciation as required under ASC 970-340-25-18.
Capitalization of Construction Costs Ceases after
Substantial Completion
Prior to substantial completion, the costs incurred
for the construction and development of the property (such as land acquisition, construction costs, interest, and certain other costs)
are capitalized.
As per ASC 970-340-25-18, once the property is considered
substantially complete, the capitalization of costs typically ceases. The entity stops adding new costs to the property’s carrying value
except for additional improvements or costs that extend the asset’s life or improve its utility. This means that these types of costs
are no longer added to the property’s carrying value once the property is substantially completed and held for rental. Instead,
these costs are expensed as incurred, unless they directly enhance the property or extend its useful life.
Once the property is held for rental and substantially
complete, the property is classified as a depreciable real estate asset and the total cost capitalized to date up to the point of substantial
completion becomes the asset’s carrying amount. The cost of the property’s carrying amount (less its land value) is allocated
over its estimated useful life.
Costs incurred after the property is completed and
held for rental are generally expensed unless they extend the property’s useful life (ASC 970-340-35-3).
Impairment Testing (ASC 970-340-35-1 to 35-2)
Even though the property is measured at cost, impairment
testing may be required under ASC 360 if there are indicators that the property’s carrying amount might not be recoverable. After
substantial completion, the property’s carrying value is subject to impairment testing under ASC 360, where a reduction in the property’s
recoverable value may require a write-down to fair value (ASC 970-340-35). If held at fair value (under ASC 360 or other applicable standards),
market-based inputs would be used, including comparable sales, discounted cash flows, or appraisals to determine the fair value of the
property.
|
Leases |
Leases
The
Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), and all related amendments on January 1,
2022, on a modified retrospective basis. Under Topic 842, the Company determines if an arrangement is or contains a lease at inception.
A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that
option and when doing so is at the Company’s sole discretion. The Company has elected the short-term lease exception for all classes
of assets, and therefore has not applied the recognition requirements of Topic 842 to leases of 12 months or less. The Company has also
elected the practical expedient to not separate lease and non-lease components for all classes of assets. The Company’s classes
of assets that are leased include real estate leases and equipment leases. Real estate leases typically pertain to the Company’s
corporate office locations, field operation locations, or vacation properties whereby the Company takes control of a third party’s
property during the lease period for the purpose of renting the property on a short-term basis.
The
Company recognizes lease expense on a straight-line basis over the lease term. The Company’s lease agreements may contain variable
costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated
statements of operations.
We
determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”)
as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are
property and equipment, other current liabilities, and other non-current liabilities in the balance sheet.
ROU
assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising
from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease
payments over lease term. As most of the leases doesn’t provide an implicit rate, we generally use the incremental borrowing rate
on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating
ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line
basis over lease term.
As
of the fiscal year ended June 30, 2024, we were party to an operating lease agreement which commenced during the fiscal year ended June
30, 2023. See Note 6 below for details of lessee leases.
Beneficial
Conversion Features - The Company accounts for convertible notes payable in accordance with ASC 470-20. A beneficial conversion
feature is a non-detachable conversion feature that is “in the money” at the commitment date, which requires recognition
of interest expense for underlying debt instruments and a deemed dividend for underlying equity instruments. A conversion option is in
the money if the effective conversion price is lower than the commitment date fair value of a share into which it is convertible.
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and
liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured
using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced
by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in the statements of operations in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25
addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial
statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely
than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.
The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has
a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates
of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction
varies from estimates, additional allowances or reversals of reserves may be necessary.
|
Revenue Recognition |
Revenue
Recognition
Revenue
Recognition Standard, ASC 606 is used by the Company to recognize revenue. ASC 606 standards were jointly issued by the Financial Accounting
Standards Board (FASB) and the International Accounting Standards Board (IASB). Revenues are recognized when control of the promised
goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in
exchange for those goods or services. The total booking value is generally due prior to the commencement of the reservation. The total
booking value collected in advance of the reservation is recorded on the balance sheets as funds payable to owners, hospitality and sales
taxes payable and deferred revenue in the amount obligated to the homeowner, the taxing authority, and the Company, respectively.
The
Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its
obligations under each of its agreements:
Step
1: Identify the contract(s) with customers
Step
2: Identify the performance obligations in the contract
Step
3: Determine the transaction price
Step
4: Allocate the transaction price to performance obligations
Step
5: Recognize revenue when the entity satisfies a performance obligation
The
Company is a development stage corporation, and we have identified certain revenue streams during this development stage.
The
Company currently derives its revenue primarily from the short-term unit rentals of sold and unsold inventory at the resort we own and
manage.
Revenue
from rentals is recognized over the period in which a guest completes a stay.
Other
services consist of revenue derived from our real estate brokerage and other related services.
|
Other Services |
Other
Services
In addition to providing vacation rental platform services, the Company
provides other services including real estate brokerage and management services. The purpose of these services is to attract and retain
homeowners as customers of the Company’s vacation rental platform. As such, the Company enters into an exclusive rental management
contract with each homeowners’ associations it controls. Under the real estate brokerage services, the Company assists home buyers
and sellers in listing, marketing, selling and finding homes. Real estate commissions earned by the Company’s real estate brokerage
business are recorded as revenue at a point in time which is upon the closing of a real estate transaction (i.e., purchase or sale of
a home). The commissions the Company pays to real estate agents are recognized concurrently with associated revenues and presented as
cost of revenue in the consolidated statements of operations. Under the homeowner’s association management services, the Company
provides common area property management, community governance, and association accounting services to community and homeowner associations
in exchange for a management fee and other incrementally billed services. The services represent an individual performance obligation
in which the Company has determined it is primarily responsible. Revenue is recognized over time as services are rendered for the management
fee and incrementally billed services are recognized at a point in time.
|
Inventory |
Inventory
New
real estate inventory is carried at the lower of cost or net realizable value. The cost of finished inventories determined on the specific
identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In
addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method,
if finished real estate inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or net
realizable value.
For real estate inventory that is considered substantially completed and
may include the Company’s rental pool, the Company has implemented the Real Estate Accounting Guidance under ASC 970 for real estate
development, rental, and sales activities. Details of ASC 970 are included in Fixed Assets above.
|
Financial Instruments |
Financial
Instruments
Fair
Value of Financial Instruments - From inception, the Company adopted ASC 820, Fair Value Measurements and Disclosures, which provides
a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid
to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction
between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and
establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
|
● |
Level
1: Quoted prices for identical assets and liabilities in active markets. |
|
|
|
|
● |
Level
2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities
in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable
in active markets; and |
|
|
|
|
● |
Level
3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
The
carrying amounts of financial instruments including cash, accounts payable and notes payable approximated fair value
as of June 30, 2024, and 2023 due to the relatively short maturity of the respective instruments.
|
Advertising and Marketing Costs |
Advertising
and Marketing Costs
We
expense advertising costs when advertisements occur. Advertising for the Company consists primarily of the creation and marketing of
the Awaysis brand guideline, logo, wordmark, tagline, and website.
|
Stock Based Compensation |
Stock
Based Compensation
The
cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair
value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized
as services are rendered or vesting periods elapse.
|
Net Loss per Share Calculation |
Net
Loss per Share Calculation
Basic
earnings (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the
weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income
(loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share
excludes all potential common shares if their effect is anti-dilutive.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
As
of June 30, 2024, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each
of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of
these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.
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v3.24.3
FIXED ASSETS (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF FIXED ASSETS |
The
carrying basis and accumulated depreciation of fixed assets at June 30, 2024 and 2023 is as follows:
SCHEDULE
OF FIXED ASSETS
| |
Useful
Lives | |
June
30, 2024 | | |
June
30, 2023 | |
Furniture and
fixtures | |
7 years | |
$ | 15,017 | | |
$ | 15,017 | |
Computer and equipment | |
5 years | |
| 3,782 | | |
| 5,631 | |
Machinery | |
5 years | |
| 5,000 | | |
| 5,000 | |
Software | |
3 years | |
| 6,536 | | |
| 26,127 | |
Assets/property placed into service | |
40 years | |
| 856,491 | | |
| - | |
Total
fixed assets, gross | |
| |
| 856,491 | | |
| - | |
Less
depreciation and amortization | |
| |
| (32,886 | ) | |
| (2,747 | ) |
Total
fixed assets, net | |
| |
$ | 853,940 | | |
| 49,028 | |
|
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v3.24.3
OPERATING LEASES - LESSEE (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Operating Leases - Lessee |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS |
The
maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported
on the Consolidated Balance Sheets was as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS
| |
June 30, 2024 | |
| |
| |
2025 | |
| 89,003 | |
2026 | |
| 90,588 | |
2027 | |
| 92,220 | |
Thereafter | |
| 31,113 | |
Total operating lease payments | |
| 302,924 | |
Present value adjustment | |
| (31,272 | ) |
Total operating lease liabilities | |
$ | 271,652 | |
|
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v3.24.3
SCHEDULE OF FIXED ASSETS (Details) - USD ($)
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Less depreciation and amortization |
$ (32,886)
|
$ (2,747)
|
Total fixed assets, net |
853,940
|
49,028
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total fixed assets, gross |
$ 15,017
|
15,017
|
Useful lives |
7 years
|
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total fixed assets, gross |
$ 3,782
|
5,631
|
Useful lives |
5 years
|
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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$ 5,000
|
5,000
|
Useful lives |
5 years
|
|
Software Development [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total fixed assets, gross |
$ 6,536
|
26,127
|
Useful lives |
3 years
|
|
Assets Property Placed into Service [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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$ 856,491
|
|
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40 years
|
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v3.24.3
DUE TO RELATED PARTIES (Details Narrative) - USD ($)
|
12 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 26, 2024 |
Related Party Transaction [Line Items] |
|
|
|
Bridge Loan |
|
|
$ 1,100,000
|
Convertible note payable related party |
$ 36,565
|
|
|
Principal amount |
1,100,000
|
|
|
Debt conversion instrument |
1,100,000
|
|
|
Debt amortization of discount |
36,565
|
|
1,100,000
|
Harthorne Capital Inc [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Advances related party |
1,753,417
|
2,834,323
|
|
Related Party [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Advances related party |
$ 653,417
|
2,834,323
|
|
Salary compensation |
|
$ 2,500,000
|
|
Bridge Loan |
|
|
$ 1,100,000
|
X |
- DefinitionShort-Term financing which is expected to be paid back relatively quickly, such as by a subsequent longer-term loan. Also called swing loan or bridge financing.
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v3.24.3
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLE – RELATED PARTY (Details Narrative) - USD ($)
|
|
|
12 Months Ended |
|
Jun. 26, 2024 |
Jun. 30, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
Notes payable |
|
|
$ 2,600,000
|
$ 2,600,000
|
Purchase of real estate appraised |
|
$ 11,409,500
|
|
|
Interest rate |
12.00%
|
|
|
|
Bridge loan |
$ 1,100,000
|
|
|
|
Conversion price |
$ 0.30
|
|
|
|
Fair value of convertible note |
$ 2,016,667
|
|
|
|
Debt amortization of discount |
$ 1,100,000
|
|
36,565
|
|
Amortization of debt discount term |
1 year
|
|
|
|
Maturity date |
Jun. 19, 2025
|
|
|
|
Convertible note payable related party |
|
|
36,565
|
|
Principal amount |
|
|
1,100,000
|
|
Debt conversion instrument |
|
|
$ 1,100,000
|
|
Two Unsecured Demand Promissory Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Interest rate |
|
0.00%
|
|
|
First Promissory Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Unsecured debt |
|
$ 2,600,000
|
|
|
Second Promissory Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Unsecured debt |
|
$ 280,000
|
|
|
X |
- DefinitionShort-Term financing which is expected to be paid back relatively quickly, such as by a subsequent longer-term loan. Also called swing loan or bridge financing.
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v3.24.3
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)
|
|
|
12 Months Ended |
|
Jun. 26, 2024 |
Feb. 13, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Feb. 28, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorized |
|
|
25,000,000
|
25,000,000
|
|
Preferred stock, par value |
|
|
$ 0.01
|
$ 0.01
|
|
Preferred stock shares issued |
|
|
0
|
0
|
|
Preferred stock shares outstanding |
|
|
0
|
0
|
|
Common stock shares authorized |
|
|
1,000,000,000
|
1,000,000,000
|
|
Common Stock, Par or Stated Value Per Share |
|
|
$ 0.01
|
$ 0.01
|
|
Common stock, shares issued |
|
|
383,958,598
|
252,227,035
|
|
Common stock, shares outstanding |
|
|
383,958,598
|
252,227,035
|
|
Shares issued during period, shares |
|
|
943,000
|
943,000
|
|
Shares issued for services, shares |
|
|
3,589,239
|
|
|
Professional services |
|
|
$ 918,349
|
|
|
Director equity compensation amount |
|
|
$ 6,939,330
|
|
|
Shares issued price per share |
|
|
$ 0.01
|
$ 1.00
|
|
Common stock shares subscription |
|
|
$ 9,430
|
$ 9,430
|
|
Common stock shares subscription receivable |
|
|
943,000
|
943,000
|
|
Shares issued during period, value |
|
|
1,000,000
|
100,000
|
|
Number of shares issued for services, shares |
|
|
$ 918,348
|
$ 112,557
|
|
Potentially dilutive shares |
|
|
0
|
0
|
|
Stock Repurchased During Period, Shares |
|
22,500,000
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value |
|
$ 0.32
|
|
|
|
Share sased compensation expense |
|
$ 0
|
$ 8,857,679
|
$ 112,557
|
|
Stock options of fair value granted |
|
$ 0
|
|
|
|
Stock Options [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Stock options issued or outstanding |
|
|
0
|
0
|
|
2022 Omnibus Performance Award Plan [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Stock options, number of shares authorized |
|
|
|
|
19,775,931
|
General and Administrative Expense [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Number of shares issued for services, shares |
|
|
$ 918,349
|
$ 112,557
|
|
Director [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Director equity compensation, shares |
|
|
28,142,306
|
|
|
Director equity compensation amount |
|
|
$ 6,939,330
|
|
|
Paid a discounted director bonus, shares |
|
|
100,000,000
|
|
|
Paid a discounted director bonus, amount |
|
|
$ 1,000,000
|
|
|
Common Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock shares issued, shares |
|
|
131,731,545
|
|
|
Common stock shares issued, value |
|
|
$ 8,857,679
|
|
|
Shares issued for services, shares |
|
|
3,589,239
|
475,387
|
|
Director equity compensation, shares |
|
|
28,142,306
|
|
|
Director equity compensation amount |
|
|
$ 281,423
|
|
|
Shares issued during period, value |
|
|
$ 1,000,000
|
$ 1,000
|
|
Shares issued during period, shares |
|
|
100,000,000
|
100,000
|
|
Number of shares issued for services, shares |
|
|
$ 35,891
|
$ 4,755
|
|
Common Stock [Member] | Executive Officers and Directors [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Shares issued of restricted common stock, shares |
|
|
|
100,050,000
|
|
Common Stock [Member] | Officer [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Converted salaries into shares of common stock, value |
$ 6,939,330
|
|
|
|
|
Converted salaries into shares of common stock, shares |
28,142,306
|
|
|
|
|
Common Stock [Member] | Subscription Agreements [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Shares issued during period, value |
|
|
|
$ 250,000
|
|
Shares issued during period, shares |
|
|
|
250,000
|
|
Common Stock [Member] | Private Placement [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Number of shares sold |
|
|
|
100,000
|
|
Sale of stock price per share |
|
|
|
$ 1.00
|
|
Gross proceeds from private offering |
|
|
|
$ 100,000
|
|
Common Stock [Member] | Private Placement [Member] | Subscription Agreements [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Shares issued during period, shares |
|
|
|
943,000
|
|
Shares issued price per share |
|
|
|
$ 1.00
|
|
Common stock shares subscription |
|
|
|
$ 943,000
|
|
Common stock shares subscription receivable |
|
|
|
$ 943,000
|
|
Warrant [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Warrants issued or outstanding |
|
|
0
|
0
|
|
X |
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v3.24.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
12 Months Ended |
|
Sep. 27, 2024 |
Sep. 01, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
Rental income |
|
|
|
$ 17,655
|
|
Security deposit |
|
|
|
$ 14,500
|
$ 14,500
|
Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Rental income |
|
$ 16,000
|
|
|
|
Long-Term Line of Credit |
$ 5,000
|
|
|
|
|
Line of Credit Facility, Frequency of Payment and Payment Terms |
The
Line of Credit terms are for 12 months
|
|
|
|
|
Line of Credit Facility, Interest Rate During Period |
3.50%
|
|
|
|
|
Reverse stock split |
|
|
1-for-20
|
|
|
Subsequent Event [Member] | Lease One [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Payments for rent |
|
3,000
|
|
|
|
Security deposit |
|
3,000
|
|
|
|
Subsequent Event [Member] | Lease Two [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Payments for rent |
|
13,000
|
|
|
|
Security deposit |
|
$ 13,000
|
|
|
|
Subsequent Event, Description |
|
The Company obtained a signed 6-month lease contract for the use of approximately 2500 square feet of commercial space basement, 5,000 square
feet first floor, and 5,000 square feet second floors, and large terrace on the roof located at Casamora Resort in San Pedro, Belize
for $
|
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Awaysis Capital (PK) (USOTC:AWCA)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Awaysis Capital (PK) (USOTC:AWCA)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024