Forward-Looking Statements
This press release contains forward-looking statements regarding the Company's current expectations that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, our ability to successfully integrate acquisitions into our business operations, customer acceptance of new services, the demand for the Company's services and the Company's customers' economic condition, the impact of competitive services and pricing, general economic conditions, the successful integration of the Company's past and future acquired brokerages, the effect of the recent National Association of Realtors' landmark settlement on our business operations, and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission (the "SEC"). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other reports and documents that we file from time to time with the SEC, including our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. Forward-looking statements contained in this press release are made only as of the date of this press release, and La Rosa does not undertake any responsibility to update any forward-looking statements in this release, except as may be required by applicable law. References and links to websites have been provided as a convenience, and the information contained on such websites has not been incorporated by reference into this press release.
For more information, contact: info@larosaholdings.com
Investor Relations Contact:
Crescendo Communications, LLC
David Waldman/Natalya Rudman
Tel: (212) 671-1020
Email: LRHC@crescendo-ir.com
La Rosa Holdings Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
September 30, 2024 December 31, 2023
(unaudited) (audited)
-------------------- -------------------
Assets
Current assets:
Cash $ 1,811,608 $ 959,604
Restricted cash 2,148,148 1,484,223
Accounts receivable,
net of allowance for
credit losses of
$165,554 and $83,456,
respectively 817,391 826,424
Other current assets 1,188 --
Total current assets 4,778,335 3,270,251
Noncurrent assets:
Property and equipment,
net 17,739 14,893
Right-of-use asset, net 1,088,759 687,570
Intangible assets, net 5,673,222 4,632,449
Goodwill 8,102,089 5,702,612
Other long-term assets 26,853 21,270
Total noncurrent
assets 14,908,662 11,058,794
Total assets $ 19,686,997 $ 14,329,045
=============== ==============
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts payable $ 2,093,563 $ 1,147,073
Accrued expenses 729,043 227,574
Contract liabilities 72,365 --
Line of credit 75,697 --
Derivative liability 50,040 --
Advances on future
receipts 262,263 77,042
Accrued acquisition
cash consideration 341,404 300,000
Notes payable, current 2,095,692 4,400
Lease liability,
current 526,609 340,566
Total current
liabilities 6,246,676 2,096,655
Noncurrent liabilities:
Note payable, net of
current 643,734 615,127
Security deposits
payable 1,821,582 1,484,223
Lease liability,
noncurrent 581,622 363,029
Other liabilities 2,950 2,950
Total non-current
liabilities 3,049,888 2,465,329
--------------- --------------
Total liabilities 9,296,564 4,561,984
--------------- --------------
Stockholders' equity:
Preferred stock -
$0.0001 par value;
50,000,000 shares
authorized; 2,000
Series X shares issued
and outstanding at
September 30, 2024 and
December 31, 2023,
respectively -- --
Common stock - $0.0001
par value; 250,000,000
shares authorized;
18,560,199 and
13,406,480 issued and
outstanding at
September 30, 2024 and
December 31, 2023,
respectively 1,856 1,341
Additional paid-in
capital 26,433,290 18,016,400
Accumulated deficit (21,478,792) (12,107,756)
Total stockholders'
equity - La Rosa
Holdings Corp.
shareholders 4,956,354 5,909,985
Noncontrolling interest
in subsidiaries 5,434,079 3,857,076
Total stockholders'
equity 10,390,433 9,767,061
--------------- --------------
Total liabilities
and stockholders'
equity $ 19,686,997 $ 14,329,045
=============== ==============
La Rosa Holdings Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended September
September 30, 30,
------------------------- -----------------------------
2024 2023 2024 2023
---------- --------- ----------- ----------
Revenue $19,593,036 $6,792,250 $ 51,733,355 $20,320,606
Cost of revenue 17,957,130 6,216,751 47,349,141 18,450,162
Gross profit 1,635,906 575,499 4,384,214 1,870,444
---------- --------- ----------- ----------
Operating expenses:
Sales and
marketing 246,369 49,277 691,704 242,548
General and
administrative 2,747,616 938,634 7,809,627 2,672,372
Stock-based
compensation -
general and
administrative 389,711 5,041 4,054,821 79,341
---------- --------- ----------- ----------
Total operating
expenses 3,383,696 992,952 12,556,152 2,994,261
Loss from operations (1,747,790) (417,453) (8,171,938) (1,123,817)
Other income
(expense)
Interest expense,
net (98,566) (6,966) (197,425) (147,505)
Loss on
extinguishment of
debt (722,729) - (722,729) -
Amortization of
debt discount (135,185) (207,887) (455,289) (882,781)
Change in fair
value of
derivative
liability 307,098 10,201 218,998 138,985
Other income, net 4,544 278,266 4,544 278,834
---------- --------- ----------- ----------
Net loss (2,392,628) (343,839) (9,323,839) (1,736,284)
Less: Net income
(loss)
attributable to
noncontrolling
interests in
subsidiaries 59,540 -- 47,197 --
---------- --------- ----------- ----------
Net loss after
noncontrolling
interest in
subsidiaries (2,452,168) (343,839) (9,371,036) (1,736,284)
Less: Deemed
dividend 920,038 -- 1,150,706 --
-----------
Net loss
attributable to
common
stockholders $(3,372,206) $ (343,839) $(10,521,742) $(1,736,284)
========== ========= =========== ==========
Loss per share of
common stock
attributable to
common
stockholders
Basic and
diluted $ (0.21) $ (0.06) $ (0.70) $ (0.29)
Weighted average
shares used in
computing net loss
per share of common
stock attributable
to common
stockholders
Basic and
diluted 16,358,452 6,180,633 14,970,099 6,063,056
(END) Dow Jones Newswires
November 20, 2024 08:30 ET (13:30 GMT)
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