Vaycaychella Inc. (OTC:VAYK) Stock Takes a Hit After Earnings Update

As the earnings season continues, there will be a number of companies that may be worth tracking in light of their financial performances. Yesterday, Vaycaychella Inc. (OTC:VAYK) was one of the companies that announced its financial results, and it could be a good idea to take a closer look at its performance this morning. The company announced that it had generated net income to the tune of $2 million for the 2023 fiscal year. That worked out to an income per share of $0.002 on the basis of the weighted number of outstanding shares.

Additionally, the company’s filing related to the financial results also provided confirmation that Vaycaychella had not issued any unrestricted shares for the duration of the 2023 fiscal year. The last time the company issued any unrestricted stock was around two years ago, in May 2022. The only share issuance that had taken place during the 2023 fiscal year was that of 43 million restricted shares that had been issued to a former consultant in lieu of unpaid compensation. The shares that had been issued could not be traded freely, and the issuance price for the same had been set at $0.0073, which was considerably higher than the average trading price of the Vaycaychella stock currently. 

The company’s management, however, noted that Vaycaychella had managed to generate a net income in the 2023 fiscal year primarily due to the forgiveness of debts. The company has not yet generated any revenues owing to the fact that it was only in March 2024 that its new business plan was put in place. The Chief Executive Officer of the company, Bill Justice, noted that the company was working on the expansion of its management team so as to concentrate on the short-term domestic rental market in some of the biggest metropolitan areas.