Exxe Group also set a goal to uplist our stock. Our plans are on track and we intend to become fully reporting by the end of 2019.
EXXE Group Announces Annual Report Exceeding Expectations
Press Release | 06/17/2019
Asset Increase, Substantial Profits, Progress Towards
Full Reporting and Uplisting, and Shell Risk Removed
NEW YORK, June 17, 2019 (GLOBE NEWSWIRE) -- Exxe Group, Inc. (OTC PINK: AXXA), a diversified company focused on synergistic acquisitions in real estate, fintech, artificial intelligence, media and financial services sectors, recently announced its annual results for the year ending March 31, 2019. A change of management in May 2018 has led to significant activity, transforming the balance sheet and operations through multiple acquisitions. In our press release from November 14, 2018 we outlined our commitments to deliver $100,000,000 of assets in various stages of acquisition cycle starting from binding Memorandums of Understanding (MOU’s) to Definitive Agreements. Since June 2018, we have closed assets totaling in excess of $62,000,000 across the real estate, media and technology sectors, alone with $50,000,000 in binding MOU’s which are expected to close within three months. Exxe Group is pleased to report that it achieved the result above the projected $100,000,000 target.
Financial Progress
Our acquisition activity resulted in total assets of $62,442,208, including real estate valued at $36,155,470, long-term mortgage assets totaling $8,093,343, and intellectual property and goodwill totaling $16,392,083. To facilitate these acquisitions, the Company utilized partners private capital, long-term debt of $20,125,667, as well as preferred restricted stock that minimizes impact on issued common shares while maximizes shareholder value.
Revenues for the year were $2,102,415 (2018: $78,827), creating net income from operations of $913,541 (2018: loss of $145,665). After deducting financing charges of $209,050 and adding a one-time gain from the restructuring of one of the loan notes, the Company recorded net income of $1,686,106 or $0.01 per share (2018: loss of $174,260).
Operational Progress
Over the year, the Company focused on strengthening the Balance Sheet with high-quality assets and revenue streams in niche markets:
Our expanding US and European real estate portfolio now includes:
An apartment complex in Germany with 60+ units, where revenues should begin earlier than expected;
UBS storage in Switzerland, with rentals exceeding $300,000 and growing due to high demand;
US real estate valued at $20,000,000, which is generating in excess of $800,000 in rental income;
Domestic and European mortgage receivable portfolio valued at approximately $8,000,000 and high interest rate varying from 8 to 12 percent.
Our technology division, including our Artificial Intelligence (“AI”) and technology units, are generating annualized revenues in excess of $1,000,000, and growing strongly.
We now own media, entertainment and digital communities valued at more than $20,000,000.
In the next few months, further binding agreements on acquisitions will close, including Vita 5 star retirement community and QL Hotels Group, totaling approximately $40,000,000 in additional value. We also have a pipeline of new projects which will be added in the coming months: management anticipates continued high growth through our aggressive acquisitions policy, not only with quality real estate assets, both domestic and international, but also quality companies in Media, Fintech, Artificial Intelligence and Robotics.
Stock Progress
Exxe Group also set a goal to uplist our stock. Our plans are on track and we intend to become fully reporting by the end of 2019. Over the recent quarter Exxe Group received advisory services from several PCAOB auditors in connection with structuring our current deals to comply with auditors requirements. We plan on filing a registration with the SEC, and submitting of our first fully-SEC compliant reports by the end of our 2019-20 financial year. In the meantime, we are holding ourselves to the highest levels of transparency and reporting, with regular quarterly reports delivered as quickly as possible after each quarter end.
Exxe Group management also announced that it had applied to the OTC to remove the shell risk designation. We are pleased to announce that, based on the Company's accomplishments in securing solid assets and increasing revenues, AXXA no longer has shell risk designation and is considered a current alternative reporting pink sheets company.
AI
