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reAlpha Tech | 8-K: Current report

SEC announcement ·  Mar 12 06:17
Summary by Moomoo AI
On March 12, 2024, reAlpha Tech Corp., a real estate technology company, reported its financial results for the eight-month transition period ending December 31, 2023. The company, which specializes in AI technologies for real estate, announced a shift in its fiscal year-end from April 30 to December 31, effective December 31, 2023. This transition period was documented in a Transition Report on Form 10-KT filed with the SEC. reAlpha Tech Corp. also provided a business update, highlighting strategic moves such as its Nasdaq listing under the ticker AIRE, the introduction of its AI-powered real estate technology GENA, and definitive agreements to acquire Naamche, Inc. and Naamche Inc. Pvt. Ltd. Additionally, the company has a non-binding letter of intent to acquire United Software Group and...Show More
On March 12, 2024, reAlpha Tech Corp., a real estate technology company, reported its financial results for the eight-month transition period ending December 31, 2023. The company, which specializes in AI technologies for real estate, announced a shift in its fiscal year-end from April 30 to December 31, effective December 31, 2023. This transition period was documented in a Transition Report on Form 10-KT filed with the SEC. reAlpha Tech Corp. also provided a business update, highlighting strategic moves such as its Nasdaq listing under the ticker AIRE, the introduction of its AI-powered real estate technology GENA, and definitive agreements to acquire Naamche, Inc. and Naamche Inc. Pvt. Ltd. Additionally, the company has a non-binding letter of intent to acquire United Software Group and its affiliates. The company's financial results showed a decrease in revenue to $121,690 for the eight months ended December 31, 2023, down from $284,666 for the same period in the previous year. This was mainly due to lower rental income following the disposal of properties. The net loss for the period was significantly reduced to $1,251,259 from a net loss of $4,241,555 in the previous year, largely due to the sale of myAlphie. The company ended the period with cash and cash equivalents of $6,456,370. reAlpha Tech Corp. also emphasized its strategic pivot from acquiring real estate to focusing on the development and commercialization of its AI technologies.

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