Alliance Creative Group Inc. (OTC:ACGX) Stock Takes a Hit After 2023 Annual Financial

As the earnings season continues, it may be a good time for investors to look into the financial results of some of the companies. On April 1, Alliance Creative Group Inc. (OTC:ACGX) came into focus after the company announced its financial results for the fiscal year that ended on December 31, 2023. Here is a quick look at some of the highlights.

Alliance Creative Group generated revenues to the tune of $652,553 for the fiscal year to go along with a gross profit of $652,553 and net income to the tune of $116,124. At the end of the period, Alliance Creative Group had total assets of $4,295,764 on its balance sheet. As of December 31, 2023, the total number of outstanding common shares stood at 4,079,211 and 2,424,023 shares in the float, which was the same figure as that at the end of the third fiscal quarter. The company also reported a cash balance of $89,420 at the end of the fiscal year.

The Chief Executive Officer of Alliance Creative Group, Paul Sorkin, spoke about the performance as well. He noted that PeopleVine shares, the most valuable asset of the company, had a historically successful year. The overall revenues went up twofold for The PeopleVine, and the net profits went up threefold. Sorkin also stated that PeopleVine had reached a stage at which it could be ready to have outside investors and partners so as to get to the next stage of growth.

If that happened, then Alliance Creative Group could sell a portion of its holdings in PeopleVine and use the proceeds to finance its own projects and investments. Concurrently, the company would continue to enjoy the benefits of holding a majority position in PeopleVine and potentially get rewarded financially through its continued growth in the coming years.