Summary by Futu AI
reAlpha Tech Corp., a technology company focused on the real estate market, reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of $1,419,045, a significant increase from the net loss of $864,913 in the same quarter of the previous year. This was attributed to increased wages, professional and legal fees, and other expenses. Revenue for the quarter was $20,426, a substantial decrease from $111,451 in the prior year's quarter, primarily due to the sale of myAlphie and a reduction in short-term rental operations. Operating expenses rose to $1,309,675 from $834,568, with notable increases in wages, benefits, payroll taxes, and professional and legal fees. The company's cash position remains strong, with $4.8 million in cash and cash equivalents as...Show More