UCASU Reports Profit For 2020 and Trumps Projected Loss
August 03 2021 - 9:00AM
InvestorsHub NewsWire
Atlanta,
GA -- August 3, 2021 -- InvestorsHub NewsWire -- UC Asset LP
(OTCQX:
UCASU) filed its annual filing 10-K for the fiscal year 2020,
after several months of delay, due to its change of auditing firm.
For the
year of 2020,
it reports
a moderate net asset increase of $14,175 from
operation,
beats the company's
previous projection that it might suffer a moderate
loss.
"After
taking losses in Q1 and Q2 due to the Covid-19
pandemic,
our management team responded and made correct
adjustments
to our investment strategy,"
says
Greg Bankston, managing general partner of UC Asset.
"We
held back new investments from properties that require heavy
renovations to dodge the negative impact of fast-rising
construction costs. We rode the wave of a
bullish residential market and exited most residential properties
in our portfolio investment, in the second half of 2020, and then
in the first half of 2021, which allowed us to adjust the book
value of these sold properties by the end of
2020."
After
this
moderate gain from operations and other
equity increase from financing,
the company's
net equity per share rose to $1.594 per share, an increase of $0.07
per share. However, net equity per share would drop to $1.548, if
the company's
outstanding shares were fully diluted, and net
increase per share would drop to $0.02 per share.
The
company also adjusted its 2019 reporting by consolidating its
subsidiaries, which is the accounting policy adopted after changing
its auditing firm.
"By
consolidating our subsidiaries we
report
much
stronger revenue in our income statement. Before consolidation, we
only reported $12,097 of total income for the year of 2019. Now we
report $2.93 million in total income for the same year. We also
reported $4.53 million of total income for the year of
2020,"
says
Larry Wu, founder of UC Asset.
"It
is important to point out that this does not represent any material
change of our operational or financial situations for the year of
2019. It merely shifts incomes from previously unconsolidated
entities into the
reporting entity,"
explains
Wu. "However,
the new method
of reporting, in
our point of view, are more straightforward and much easier to
comprehend for our investors."
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
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