International Land Alliance Inc. Q2 2024 10-Q Filed

TL;DR

ILA filed its Q2 10-Q. Financials for H1 2024 are in. Check preferred stock and related party deals.

AI Summary

International Land Alliance Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the second quarter and the first six months of the year, including data related to preferred stock series A, B, C, and D, as well as non-related and related party transactions. The company is a land subdivider and developer based in San Diego, California.

Why It Matters

This filing provides investors with a quarterly update on the financial health and operational activities of International Land Alliance Inc., crucial for assessing investment value.

Risk Assessment

Risk Level: medium — The company operates in the land development sector, which can be subject to economic cycles and regulatory changes, and the filing details various preferred stock series and related party transactions that warrant careful review.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-19 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• International Land Alliance Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 2024-08-19 (date) — Filing date
• San Diego, CA (location) — Company headquarters
• Series B Preferred Stock (financial_instrument) — Detailed in the filing
• Series C Preferred Stock (financial_instrument) — Detailed in the filing
• Series A Preferred Stock (financial_instrument) — Detailed in the filing
• Series D Preferred Stock (financial_instrument) — Detailed in the filing

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1307KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-032907.txt ( ) — 7575KB
• ilal-20240630.xsd (EX-101.SCH) — 55KB
• ilal-20240630_cal.xml (EX-101.CAL) — 64KB
• ilal-20240630_def.xml (EX-101.DEF) — 327KB
• ilal-20240630_lab.xml (EX-101.LAB) — 471KB
• ilal-20240630_pre.xml (EX-101.PRE) — 413KB
• form10-q_htm.xml (XML) — 1199KB

Financial Information

Part I. Financial Information 3

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 3 Consolidated Balance Sheets – As of June 30, 2024 (unaudited) and December 31, 2023 (audited) 3 Consolidated Statements of Operations – For the three and six months ended June 30, 2024, and 2023 (unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three and six months ended June 30, 2024, and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the six months ended June 30, 2024, and 2023 (unaudited) 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

Other Information

Part II. Other Information 36

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 36

Signatures

Signatures 37 2 PART I — FINANCIAL INFORMATION Item 1. Financial Statements INTERNATIONAL LAND ALLIANCE, INC. CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets Cash $ 53,002 $ 140,247 Accounts receivable 1,408,209 1,652,086 Prepaid and other current assets 25,215 16,815 Total current assets 1,486,426 1,809,148 Land 15,776,526 15,551,526 Buildings, net 1,830,344 1,818,825 Furniture and equipment, net 2,677 2,677 Other non-current assets 344,286 53,468 Goodwill 11,118,187 11,118,187 Total assets $ 30,558,446 $ 30,353,831 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities $ 1,934,250 $ 1,431,676 Accounts payable and accrued liabilities related parties 361,223 361,223 Accounts payable and accrued liabilities 361,223 361,223 Deferred revenue - 4,521,222 Accrued interest 1,359,705 1,756,937 Contract liability 142,933 93,382 Deposits 20,500 20,500 Derivative liability 269,593 781,924 Convertible notes, net of debt discounts 519,631 652,077 Convertible note RCVD acquisition - 8,900,000 Promissory notes, net of debt discounts 2,694,762 2,674,762 Promissory notes, net discounts – Related Parties 239,526 104,498 Promissory notes, net discounts 239,526 104,498 Other loans 7,563,322 7,358,600 Total current liabilities 15,105,445 28,656,801 Total liabilities 15,105,445 28,656,801 Commitments and Contingencies (Note 10) - - Preferred Stock Series B (Temporary Equity) 293,500 293,500 Preferred Stock Series C (Temporary Equity) 310,000 310,000 Total Temporary Equity 603,500 603,500 Stockholders' Equity Preferred stock; $ 0.001 par value; 2,000,000 shares authorized; 117,000 and 28,000 Series A shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 117 28 1,000 Series B shares issued and outstanding as of June 30, 2