VAYK Reported Over $2 Million Net Income for Fiscal Year 2023

Rhea-AI Summary

Vaycaychella, Inc. (VAYK) reported a net income of $2 million for 2023, with no free-tradable shares issued. The company issued 43 million restricted shares to settle unpaid compensations. Management expressed cautious optimism for revenue growth in 2024.

DALLAS, April 2, 2024 /PRNewswire/ -- Vaycaychella, Inc. (OTC Pink: VAYK) ("VAYK") today announced that the company reported a net income of slightly over $2 million for the fiscal year of 2023. This equals $0.002 net income per share, based on its weighted number of outstanding shares.

No Free-tradable Shares Issued During 2023

The filing also confirmed that the company had not issued any unrestricted shares for the whole fiscal year of 2023. In fact, last time the company issued any unrestricted shares was back in May 2022, almost two years ago.

The only issuance of new shares during the fiscal year of 2023 was 43 million restricted shares issued to a former consultant to settle unpaid compensations. These shares are not free-tradable, and the issuance price is $0.0073, way above the current average trading price of the company's stocks.

Cautious Optimism Expressed by the Management

However, the management cautioned that net income during the year 2023 was mostly from forgiveness of debts. The company has not yet posted any operative revenue, as its new business plan has only been implemented since March, 2024.

"We are expanding our management team to focus on domestic short-term rental(Airbnb) market, particularly in major metropolitan areas," says Bill Justice, the CEO of Vaycaychella. "I am cautiously optimistic that we will see revenue start picking up in the second half of 2024. Meanwhile, we will continue our financing efforts to reduce legacy debts and raise strategic investments. I believe that we'll see more substantial improvements of our financials in our Q1 report."

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

VAYK Contact:
Contact@Vaycaychella.com
+1 972-658-5365

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SOURCE Vaycaychella, Inc.

What was Vaycaychella's net income for the fiscal year of 2023?

Vaycaychella reported a net income of slightly over $2 million for the fiscal year of 2023.

How many free-tradable shares did Vaycaychella issue in 2023?

Vaycaychella did not issue any free-tradable shares during the fiscal year of 2023.

Why were 43 million restricted shares issued by Vaycaychella in 2023?

Vaycaychella issued 43 million restricted shares to a former consultant to settle unpaid compensations.

What did the management of Vaycaychella express regarding revenue growth in 2024?

The management of Vaycaychella expressed cautious optimism that revenue will start picking up in the second half of 2024.