Prestige Wealth (PWM) - 2024 Q4 - Annual Report

Financial Performance - Net revenues for the six months ended March 31, 2024, were $497,629, representing a 59.01% increase from $312,964 in the same period of fiscal year 2023[3] - The loss from operations was $608,000, a significant decline from an income of $1,093 in the same period of fiscal year 2023[6] - Net loss for the six months ended March 31, 2024, was $503,429, compared to a net income of $25,560 in the same period of fiscal year 2023[8] - Total net revenue for the six months ended March 31, 2024, was $497,629, compared to $312,964 for the same period in 2023, representing a 59% increase[24] - The company reported a net loss of $503,429 for the six months ended March 31, 2024, compared to a net income of $25,560 in 2023[24] - Total comprehensive loss for the period was $502,748 in 2024, compared to a comprehensive income of $31,576 in 2023[24] Operating Costs - Operating costs and expenses surged to $1,105,629, a 254.51% increase from $311,871 in the prior year, primarily due to higher wages, depreciation, and audit fees[5] - Selling, general and administrative expenses surged to $1,105,629 in 2024, up from $311,871 in 2023, indicating a 254% increase[24] Revenue Breakdown - Net revenue from wealth management services decreased to $11,685, down from $74,875 in the prior year, attributed to fewer referral cases[9] - Net revenue from asset management services increased to $485,944, up from $238,089, driven by new client advisory services[9] - Advisory service fees increased significantly to $459,974 in 2024 from $212,486 in 2023, marking a 116% growth[24] Share Performance - Basic and diluted loss per share was $0.055, compared to earnings per share of $0.003 in the same period of fiscal year 2023[10] - Basic and diluted loss per ordinary share was $0.055 in 2024, compared to earnings of $0.003 in 2023[24] - The weighted average number of ordinary shares outstanding increased to 9,150,000 in 2024 from 8,000,000 in 2023[24] Cash and Other Income - As of March 31, 2024, cash and cash equivalents decreased to $294,548 from $431,307 as of September 30, 2023[11] - Other income for the six months ended March 31, 2024, was $118,580, compared to $3,335 in 2023[24] Acquisitions - The company completed the acquisition of SPW Global Inc. and its subsidiary Wealth AI, enhancing its technology-driven wealth management capabilities[16] - The company also acquired InnoSphere Tech Inc. and Tokyo Bay Management Inc., expanding its data collection and wealth management services in the Asia-Pacific region[17][18] Foreign Currency Impact - The foreign currency translation adjustment resulted in a gain of $681 in 2024, down from a gain of $6,016 in 2023[24]