UCASU Files Amended 2020
Reports and Reconfirmed Net Gain
Atlanta,
GA -- August 10, 2021 -- InvestorsHub NewsWire -- UC Asset LP
(OTCQX:
UCASU) filed amendment 10K/A to its annual filing 10-K for the
fiscal year 2020, to correct a typographic error in regard of its
net equity per share.
The amended filing reconfirmed a net asset gain of $14,175 from
operations, which beats the company's
previous projection.
"The
amendment doesn't change anything in our financial statements,"
explains Larry Wu, founder of UC Asset. "
But in our
narrative
section where we provided management discussions of our operation,
we mistakenly used some text from a previous version, which
contained wrong numbers of our net equity per share, by the end of
fiscal year 2020. These numbers were mistakenly input
as
$1.594 before dilution and $1.548 after full dilution,
respectively."
According
to the Form 10K/A, the company's
net equity per share rose to $1.583 per share prior to dilution by
the end of 2020, and to $1.538 per share fully-diluted.
This represents a
$0.06 per share increase and a $0.01 per share increase
respectively, from the year end of 2019.
"We
are very sorry for this typographic error, despite
the fact that our
numbers in our financial statements have always been correct. The
amended filing states
the same fact, that our operation in the fiscal year of 2020 is
profitable. We beat our permissive projection, which was made at
the beginning of the year, when the COVID-19 pandemic had a
negative impact on our business along with so many others.
We
adjusted our strategy and made a big come-back in the second half
of 2020, and we are optimistic about our performance in the year of
2021." Says Wu.
In
addition,
the amended 10K/A reconfirms that UC Asset has a consolidated
revenue of $4.53
million for the fiscal year of 2020, which represents a 55% growth
from $2.93
million of
consolidated revenue for 2019.
This
is the result of portfolio management to exit its investments in
residential properties, with the intention to shift investments to
more profitable real estate products. In the year of 2021, UC Asset
has made a new investment into Airbnb-based home-office rentals, or
SHOC (shared home office cluster) properties. It has also invested
in a historical landmark and licensed its artistic rights to
technology partners to create and sell Ethereum-based
NFTs(non-fungible
tokens) .
Currently, UC Asset is still strong in cash and seeks more
investment opportunities.
About UC Asset
LP
UC
Asset LP is a limited partnership formed for the purpose of
investing in
real estate with value-added strategies, concentrating in
metropolitan areas of Atlanta, GA. For
more information about UC Asset, please visit: www.ucasset.com
Disclaimer:
This News Release
contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve known
and unknown risks, uncertainties and other important factors that
could cause our actual results, performance or achievements,
or industry results, to differ materially from any these
statements. You are cautioned not to place undue reliance on any
those forward-looking statements. Except as otherwise required by
the federal securities laws, we undertake no obligation to publicly
update or revise any forward-looking statements after the date of
this news release. None of such forward-looking statements should
be regarded as a representation by us or any other person that the
objectives and plans set forth in this News Release will
be achieved or be executed.
For More
Information Contact:
Christal Jordan |
Investor Relations Director, UC Asset LP
cjordan@ucasset.com |
678-499-0297