UCASU Reports Profit For 2020 and Trumps Projected Loss

News provided by

Aug 03, 2021, 09:00 ET

ATLANTA, Aug. 3, 2021 /PRNewswire/ -- InvestorsHub NewsWire -- UC Asset LP (OTCQX: UCASU) filed its annual filing 10-K for the fiscal year 2020, after several months of delay, due to its change of auditing firm. For the year of 2020, it reports a moderate net asset increase of $14,175 from operation, beats the company's previous projection that it might suffer a moderate loss.

"After taking losses in Q1 and Q2 due to the Covid-19 pandemic, our management team responded and made correct adjustments to our investment strategy," says Greg Bankston, managing general partner of UC Asset. "We held back new investments from properties that require heavy renovations to dodge the negative impact of fast-rising construction costs. We rode the wave of a bullish residential market and exited most residential properties in our portfolio investment, in the second half of 2020, and then in the first half of 2021, which allowed us to adjust the book value of these sold properties by the end of 2020."

After this moderate gain from operations and other equity increase from financing, the company's net equity per share rose to $1.594 per share, an increase of $0.07 per share. However, net equity per share would drop to $1.548, if the company's outstanding shares were fully diluted, and net increase per share would drop to $0.02 per share.

The company also adjusted its 2019 reporting by consolidating its subsidiaries, which is the accounting policy adopted after changing its auditing firm.

"By consolidating our subsidiaries we report much stronger revenue in our income statement. Before consolidation, we only reported $12,097 of total income for the year of 2019. Now we report $2.93 million in total income for the same year. We also reported $4.53 million of total income for the year of 2020," says Larry Wu, founder of UC Asset.

"It is important to point out that this does not represent any material change of our operational or financial situations for the year of 2019. It merely shifts incomes from previously unconsolidated entities into the reporting entity," explains Wu. "However, the new method of reporting, in our point of view, are more straightforward and much easier to comprehend for our investors."

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with value-added strategies, concentrating in metropolitan areas of Atlanta, GA. For more information about UC Asset, please visit: www.ucasset.com

Disclaimer:

This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.

For More Information Contact:

Christal Jordan | Investor Relations Director, UC Asset LP
[email protected] | 678-499-0297

SOURCE UC Asset LP