Exxe Group (OTCMKTS:AXXA) may be involved in the financial technology industry but it controls assets in a range of industries like agriculture, real estate, media, medical, automotive, architectural design, and trading technology.
The company’s business strategy involved the acquisition of controlling equity stakes in assets which are undervalued and then Exxe takes up an active role in boosting the performances of those assets. The company does that by providing access to capital and also to management expertise. Earlier on in the month on March 7, Exxe had been in the news after it made an announcement with regard to its initiatives pertaining to revenue generation and debt reduction.
The company announced that since March 31 last year, it had managed to reduce its debts to $49,356,045 from $56,525,384 and that represented a reduction of around $7.2 million. During the course of the same period, Exxe also managed to cut down its liabilities to $68,312,081 from $80,163,412 and that worked out to a reduction of around $11.9 million.
However, that is not all. The company also noted that it had identified long-term debt to the tune of as much as $4.5 million that could be written off as part of current capital structure improvement requirements. Following the reductions, the long-term debt with the company is going to be $44.9 million and that would work out to a debt reduction of 9.2%.
Last month the company announced its financial results for the three-month and nine-month periods, both of which ended on December 31, 2022. The revenues in the nine-month period came in at $38,154,606 and which was higher than the revenues of $33,900,534 in the same period in 2021. The net income came in at $11,790,323, which worked out to a year-on-year rise of 55%.
The revenues in the third quarter were $13,464,338, which was lower than the prior year’s period revenues of $14181451.