Business
EXXE Group Announces Annual Report Exceeding Expectations
EXXE Group Announces Annual Report Exceeding Expectations.
About this update from Exxe Group Inc.
[{"type":"text","content":"\nAsset Increase, Substantial Profits, Progress Towards Full Reporting and Uplisting, and Shell Risk Removed\n 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 value...