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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from           to

 

Commission file number: 000-56111

 

INTERNATIONAL LAND ALLIANCE, INC.

 

(Exact name of registrant as specified in its charter)

 

Wyoming   46-3752361
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

 

350 10th Avenue, Suite 1000, San Diego, California 92101

 

(Address of principal executive offices) (Zip Code)

 

(877) 661-4811

 

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act: None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large-accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large-accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

  Large-accelerated filer ☐ Accelerated filer ☐
  Non-accelerated filer ☒ Smaller reporting company ☒
      Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

As of November 20, 2024, the registrant had 90,006,719 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 

 

 

TABLE OF CONTENTS

 

Part I. Financial Information 3
Item 1. Consolidated Financial Statements 3
Consolidated Balance Sheets – As of September 30, 2024 (unaudited) and December 31, 2023 (audited) 3
Consolidated Statements of Operations – For the three and nine months ended September 30, 2024, and 2023 (unaudited) 4
Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2024, and 2023 (unaudited) 5
Consolidated Statements of Cash Flows for the nine months ended September 30, 2024, and 2023 (unaudited) 7
Notes to Consolidated Financial Statements 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29
Item 3. Quantitative and Qualitative Disclosures about Market Risk 33
Item 4. Controls and Procedures 33
   
Part II. Other Information 34
Item 1. Legal Proceedings 34
Item 1A. Risk Factors 34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Item 3. Defaults upon Senior Securities 34
Item 4. Mine Safety Disclosures 34
Item 5. Other Information 34
Item 6. Exhibits 34
   
Signatures 35

 

2

 

 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

INTERNATIONAL LAND ALLIANCE, INC.

CONSOLIDATED BALANCE SHEETS

 

   September 30, 2024
(unaudited)		   December 31, 2023 
ASSETS          
Current assets          
Cash  $3,339   $140,247 
Accounts receivable   1,297,481    1,652,086 
Prepaid and other current assets   25,215    16,815 
Total current assets   1,326,035    1,809,148 
           
Land   15,776,526    15,551,526 
Buildings, net   1,830,344    1,818,825 
Furniture and equipment, net   -    2,677 
Other non-current assets   440,040    53,468 
Goodwill   11,118,187    11,118,187 
           
Total assets  $30,491,132   $30,353,831 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Accounts payable and accrued liabilities  $1,931,051   $1,431,676 
Accounts payable and accrued liabilities related parties   326,947    361,223 
Deferred revenue   -    4,521,222 
Accrued interest   1,403,707    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   474,346    652,077 
Convertible note RCVD acquisition   -    8,900,000 
Promissory notes, net of debt discounts   2,184,762    2,674,762 
Promissory notes, net discounts – Related Parties   308,040    104,498 
Other loans   8,077,351    7,358,600 
Total current liabilities   15,139,229    28,656,801 
           
Total liabilities   15,139,229    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 September 30, 2024 and December 31, 2023, respectively   117    28 
1,000 Series B shares issued and outstanding as of September 30, 2024 and December 31, 2023   1    1 
3,100 Series C shares issued and outstanding as of September 30, 2024 and December 31, 2023   3    3 
17,000 Series D shares issued and outstanding as of September 30, 2024 and December 31, 2023   17    17 
Common stock; $0.001 par value; 150,000,000 shares authorized; 89,006,719 and 86,006,719 shares issued and outstanding as of September 30, 2024, respectively, and 79,658,165 and 76,658,165 shares issued and outstanding as of December 31, 2023, respectively   89,007    79,658 
Additional paid-in capital   38,661,748    28,476,622 
Common stock payable   -    31,939 
Treasury stock (3,000,000 shares as of September 30, 2024 and December 31, 2023)   (300,000)   (300,000)
Accumulated deficit   (23,702,489)   (27,194,738)
Total stockholders’ equity   14,748,403    1,093,530 
           
Total liabilities and stockholders’ equity  $30,491,132   $30,353,831 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

3

 

 

INTERNATIONAL LAND ALLIANCE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

                     
   For the three months ended   For the nine months ended 
   September 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023 
Net revenues and lease income  $1,303,271   $358,129   $7,134,240   $1,084,641 
                     
Cost of revenues   390,788    296,680    993,114    300,680 
                     
Gross profit   912,483    61,449    6,141,126    783,961 
                     
Operating expenses                    
Sales and marketing   160,884    12,000    497,863    300,259 
Impairment loss   -    -    -    245,674 
General and administrative expenses   474,819    1,007,030    1,176,452    2,316,807 
Total operating expenses   635,703    1,019,030    1,674,314    2,862,740 
                     
Income (loss) from operations   276,779    (957,581)   4,466,811    (2,078,779)
                     
Other income (expense)                    
Loss from debt extinguishment   -    (1,091,117)   -    (1,140,446)
Loss on acquisition of RCVD   -    (2,995,000)   -    (2,995,000)
Change in fair value derivative liability   -    (588,314)   229,814    (690,091)
Interest expense   (528,376)   (708,356)   (1,204,375)   (1,723,273)
Total other expense, net   (528,376)   (5,382,787)   (974,561)   (6,548,810)
                     
Net income (loss)  $(251,598)  $(6,340,368)  $3,492,250   $(8,627,589)
                     
Preferred stock dividends   -    1,007,822    114,308    1,082,825 
                     
Net income (loss) applicable to common shareholders  $(251,598)  $(7,348,190)  $3,377,942   $(9,710,413)
                     
Income (loss) per common share - basic and diluted  $(0.01)  $(0.11)  $0.04   $(0.16)
                     
Weighted average common shares outstanding - basic and diluted   90,340,381    64,441,149    82,483,960    62,191,188 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

4

 

 

INTERNATIONAL LAND ALLIANCE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

For the Three and Nine Months Ended September 30, 2024 and 2023

(unaudited)

 

Activity for the Three and Nine Months Ended September 30, 2024

 

   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Stock   Capital   Payable   Deficit   Equity 
  

Series A

Preferred Stock

  

Series B

Preferred Stock

  

Series C

Preferred Stock

  

Series D

Preferred Stock

   Common Stock   Treasury  

Additional

Paid-in

  

Common

Stock

   Accumulated  

Total

Stockholders’

 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Stock   Capital   Payable   Deficit   Equity 
Balance, December 31, 2023   28,000   $28    1,000   $1    3,100    3    17,000   $17    79,658,165   $79,658   $(300,000)  $28,476,622   $31,939   $(27,194,738)  $   1,093,530 
Dividend on Series C Preferred   -    -    -    -    -    -    -    -    94,827    95    -    (95)   -    -    - 
Common shares issued for exercise of warrants   -    -    -    -    -    -    -    -    2,484,832    2,485    -    (2,485)   -    -    - 
Common shares issued pursuant to promissory notes   -    -    -    -    -    -    -    -    50,000    50    -    34,915    (31,939)   -    3,026 
Stock-based compensation   -    -    -    -    -    -    -    -    -    -    -    78,047    -    -    78,047 
Common stock issued for consulting services   -    -    -    -    -    -    -    -    1,552,595    1,553    -    99,367    -    -    100,919 
Common stock issued from debt conversion   -    -    -    -    -    -    -    -    1,223,776    1,224    -    47,902    -    -    49,126 
Series A Preferred shares issued for the conversion of related party debt   89,000    89    -    -    -    -    -    -    -    -    -    9,456,161    -    -    9,456,250 
Net income   -    -    -    -    -    -    -    -    -    -    -    -    -    3,650,150    3,650,150 
Balance, March 31, 2024   117,000   $117    1,000   $1    3,100    3    17,000   $17    85,064,195   $85,064   $(300,000)  $38,190,434   $-   $(23,544,588)  $14,431,048 
Dividend on Series C Preferred   -    -    -    -    -    -    -    -    195,000    195    -    (22,825)   -    -    (22,630)
Common shares issued pursuant to inducement agreement   -    -    -    -    -    -    -    -    500,000    500    -    12,000    -    -    12,500 
Dividend on Series A Preferred   -    -    -    -    -    -    -    -    -    -    -    (91,678)   -    -    (91,678)
Settlement of derivative liability   -    -    -    -    -    -    -    -    -    -    -    282,517    -    -    282,517 
Stock-based compensation   -    -    -    -    -    -    -    -    -    -    -    78,047    -    -    78,047 
Common stock issued for consulting services   -    -    -    -    -    -    -    -    1,000,000    1,000    -    65,000    -    -    66,000 
Net income   -    -    -    -    -    -    -    -    -    -    -    -    -    93,697    93,697 
Balance, June 30, 2024   117,000   $117    1,000   $1    3,100    3    17,000   $17    86,759,195   $86,759   $-   $38,513,493   $-   $(23,450,890)  $14,849,502 
Dividend on Series C Preferred   -    -    -    -    -    -    -    -    97,524    98    -    (98)   -    -    - 
Common stock issued for consulting services   -    -    -    -    -    -    -    -    2,150,000    2,150    -    148,350    -    -    150,500 
Net loss   -    -    -    -    -    -    -    -    -    -    -    -    -    (251,598)   (251,598)
Balance, September 30, 2024   117,000   $117    1,000   $1    3,100    3    17,000   $17    89,006,719   $89,007   $-   $38,661,748   $-   $(23,702,489)  $14,748,403 

 

5

 

 

Activity for the Three and Nine Months Ended September 30, 2023

 

   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Stock   Capital   Payable   Deficit   Deficit 
   Series A
Preferred Stock		   Series B
Preferred Stock		   Series C
Preferred Stock		   Common Stock   Treasury   Additional
Paid-in		   Common Stock   Accumulated  

Total

Stockholders’

 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Stock   Capital   Payable   Deficit   Deficit 
Balance, December 31, 2022   28,000   $28    1,000   $1    -    -    43,499,423   $43,500    -   $20,233,446   $-   $(25,121,457)  $(4,844,482)
Common shares issued from related party acquisition   -    -    -    -    -    -    20,000,000    20,000    -    1,780,000    -    -    1,800,000 
Fair value common shares warrants issued from related party acquisition   -    -    -    -    -    -    -    -    -    2,674,976    -    -    2,674,976 
Deemed dividend from related party acquisition   -    -    -    -    -    -    -    -    -    (24,913,097)   -    (441,875)   (25,354,972)
Reciprocal interest in business acquisition   -    -    -    -    -    -    -         (300,000)   -    -    -    (300,000)
Common stock issued from debt conversion   -    -    -    -    -    -    1,077,164    1,077    -    146,728    -    -    147,805 
Common stock issued for consulting services   -    -    -    -    -    -    100,000    100    -    14,900    -    -    15,000 
Stock-based compensation   -    -    -    -    -    -    -    -    -    78,047    -    -    78,047 
Dividend on Series B Preferred   -    -    -    -    -    -    -    -    -    (15,000)   -    -    (15,000)
Net loss   -    -    -    -    -    -    -    -    -    -    -    (1,908,561)   (1,908,561)
Balance, March 31, 2023   28,000   $28    1,000   $1    -    -    64,676,587   $64,677   $(300,000)  $-   $-   $(27,471,893)  $(27,707,187)
                                                                  
Common stock issued for warrant exercise   -    -    -    -    -    -    267,310    267    -    (267)   -    -    - 
Warrants issued pursuant to Series C Preferred Stock   -    -    -    -    -    -    -    -    -    18,504    -    -    18,504 
Stock-based compensation   -    -    -    -    -    -    -    -    -    78,047    -    -    78,047 
Series C Preferred Stock issued for cash   -    -    -    -    3,100    3    -    -    -    -    -    -    3,100 
Dividend on Series B Preferred   -    -    -    -    -    -    -    -    -    (60,003)</