\nRecord Quarterly Net Rental Revenue of $11.6 Million
\n
Significant Increases in Gross Profit, RevPAR, and Occupancy Rates\n<\/p>\n
\nAdjusted Net Income of $0.6 Million Excludes $4.6 Million of Non-Cash and One-Time Expenses
\n
Adjusted EBITDA Rose to $2.4 Million\n<\/p>\n
\nReiterates Annual Guidance for 2022 and 2023\n<\/p>\n
MIAMI–(BUSINESS WIRE)–LuxUrban Hotels Inc. (or the \u201cCompany\u201d) (Nasdaq: LUXH), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced financial results for the third quarter (\u201cQ3 2022\u201d) and nine months ended September 30, 2022.\n<\/p>\n
<\/a><\/p>\n \n2022 Third Quarter Financial Overview Compared to 2021 Third Quarter\n<\/p>\n Net rental revenue rose 74.2% to $11.6 million from $6.6 million<\/p>\n Gross profit improved to $4.9 million, or 42.2% of net rental revenue, from $0.8 million, or 11.9% of net rental revenue<\/p>\n Net loss of $3.2 million, or $(0.13) per share, was primarily impacted by a one-time, non-cash $2.4 million warrant expense and a one-time cash expense of $1.8 million related to the Company\u2019s planned exit from its legacy apartment rental business as part of its rebranding initiatives; net loss in Q3 2021, which did not include these expenses, was less than $0.1 million<\/p>\n Adjusted net income (a non-GAAP measure; see reconciliation tables in this press release) improved to $0.6 million, or $0.03 per share, from a net loss of less than $0.1 million<\/p>\n Adjusted EBITDA (a non-GAAP measure; see reconciliation tables in this press release) increased to $2.4 million from $0.5 million<\/p>\n \nOperational Highlights\n<\/p>\n For the 2022 nine-month period, RevPAR rose 30% to $149 from $115, and occupancy rates improved to 87% from 71%<\/p>\n Currently operate approximately 1,200 short term hotel rental units, which have been fully funded<\/p>\n Expect to operate a total of approximately 1,500 short term hotel rental units by or around December 31, 2022, with no outside funding required for the additional 300 units<\/p>\n Launched corporate rebranding initiative<\/p>\n Implemented initiatives to expand margins, generate positive cash flows, and drive profitability<\/p>\n \n\u201cOur performance in Q3 2022 validated the growth, sustainability, and predictability of our operating model,\u201d said Brian Ferdinand, Chairman and Chief Executive Officer. \u201cWe recorded the highest quarterly net revenue in our history, expanded our operating portfolio of short-term rental hotel units, and grew RevPAR and occupancy rates across the portfolio. Excluding the one-time, non-cash warrant expense charges and one-time costs associated with our planned exit from our legacy apartment rental business, adjusted net income improved to $0.6 million and adjusted EBITDA rose 348%, respectively, from last year\u2019s third quarter.\n<\/p>\n \n\u201cWe are confident in the trajectory of our business and excited about our performance through the first nine months of the year, reporting net rental revenue of $30.9 million, adjusted net income of $3.5 million, EBITDA of $4.3 million, and adjusted EBITDA of $6.5 million. As such, we are pleased to reiterate our full year 2022 and 2023 net revenue and EBITDA guidance.\u201d\n<\/p>\n \nHe concluded, \u201cAs a complement to anticipated net revenue growth, we have commenced initiatives designed to expand margins, generate positive cash flows, and drive profitability. This includes our agreement with Rebel Hotel Company, which we estimate will deliver margin enhancements that we would not have been able to realize until at least 2024, and our recently announced agreement with a new credit card processing company that eliminates the need for reserves and reduces associated processing expenses by approximately 400 bps compared to our former processor relationships. As a result of this new relationship, our former credit card processors will release to the Company approximately $5.5 million in reserves over the next 12 months.\u201d\n<\/p>\n \nQ3 2022 Overview<\/span>\n<\/p>\n \nNet rental revenue in Q3 2022 increased 74.2% to $11.6 million from $6.6 million in the third quarter ended September 30, 2021 (\u201cQ3 2021\u201d), driven primarily by an increase in average units available to rent from 446 in Q3 2021 to 571 at Q3 2022, as well as improved occupancy rates and ADRs during this period.\n<\/p>\n \nCost of revenue, which includes rental expenses for available units to rent, rose to $6.7 million in Q3 2022 from $5.9 million in Q3 2021, due primarily to the increase in size of the Company\u2019s rental unit portfolio, as well as related increases in furniture rentals, cleaning costs, cable \/ WIFI costs and credit card processing fees.\n<\/p>\n \nGross profit improved to $4.9 million, or 42.2% of net rental revenue, from $0.8 million, or 11.9% of net rental revenue, in Q3 2021, driven primarily by a reduction in the impact of COVID-19 on our operations, higher unit counts and better occupancy rates and ADRs.\n<\/p>\n \nTotal general and administrative expenses in Q3 2022 increased to $5.3 million from $0.3 million in Q3 2021. This increase reflected costs incurred in Q3 2022 that were not incurred in Q3 2021, including $1.8 million in one-time exit costs related to the Company\u2019s planned exit from its legacy apartment rental business and a non-cash stock compensation expense of $0.4 million, as well as costs associated with being a public company. Operating costs also include contracted services, selling and administrative expenses, professional fees, and software fees, all of which increased over these periods primarily attributable to the operation of additional units compared to Q3 2021.\n<\/p>\n \nTotal other expenses rose to $3.5 million from $0.6 million in Q3 2021, and primarily reflected a one-time, non-cash charge of $2.4 million (included in Interest and Financing Costs) associated with the issuance of warrants to debt investors.\n<\/p>\n \nAs a result of the above, net loss for Q3 2022 was $3.2 million, or $(0.13) per share, as compared to a net loss of less than $0.1 million in Q3 2021.\n<\/p>\n \nAdjusted net income, which excluded the above referenced charges (see reconciliation tables in this press release) improved to $0.6 million, or $0.03 per share, compared to net income of less than $0.1 million in Q3 2021.\n<\/p>\n \nAdjusted EBITDA rose to $2.4 million, or 20.8% of net rental revenue, in Q3 2022 compared to adjusted EBITDA of $0.5 million, or 8% of net rental revenue in Q3 2021.\n<\/p>\n \nReiterating Guidance: 2022-2023 Net Revenue and EBITDA<\/span>\n<\/p>\n \nFor the years ending December 31, 2022 and 2023, the Company is reiterating the following guidance:\n<\/p>\n Full Year 2022 (based on its current operating portfolio of approximately 1,200 short-term rental hotel units): Net revenue of $42 – $46 million, and EBITDA of $7 – $9 million.<\/p>\n Full Year 2023: Net revenue of $100 – $110 million, and EBITDA of $16 – $20 million, based on its expectation that it will operate approximately 1,500 short-term rental hotel units by or around December 31, 2022.<\/p>\n \nIn addition to the existing and anticipated additional units discussed above, this guidance is based on, among other factors, the Company\u2019s current business, economic, and public health conditions; the status of its acquisition pipeline and its ability to close on these potential acquisitions; and its current view of forward-looking unit operating metrics.\n<\/p>\n \nConference Call and Webcast<\/strong>\n<\/p>\n \nThe Company will host a conference call on Tuesday, November 15, 2022 at 10:00 am Eastern Time to discuss the results.\n<\/p>\n \nInvestors interested in participating in the live call can dial:\n<\/p>\n (877) 407-9753 – U.S.<\/p>\n (201) 493-6739 – International<\/p>\n \nA webcast of the event may be accessed via the following link: \nA simultaneous webcast of the call may be accessed online from the Events & Presentations section of the Investor Relations page of the Company\u2019s website at www.luxurbanhotels.com<\/a>.\n<\/p>\n \nLuxUrban Hotels Inc.<\/span>\n<\/p>\n \nLuxUrban Hotels Inc. (formerly named CorpHousing Group Inc.) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company\u2019s future growth focuses primarily on seeking to create \u201cwin-win\u201d opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing LuxUrban Hotels favorable operating margins. LuxUrban Hotels operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company\u2019s own online portal. Guests at the Company\u2019s properties are provided high quality service under the Company\u2019s consumer brand, LuxUrbanTM.\n<\/p>\n \nForward Looking Statements<\/span>\n<\/p>\n \nThis press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company\u2019s pipeline, as well the Company\u2019s anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the caption \u201cRisk Factors\u201d in the prospectus forming part of the Company\u2019s effective Registration Statement on Form S-1 (File No. 333-262114). Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, leasing terms, high-level occupancy rates, and sales and growth plans. The financial projection provided herein are based on certain assumptions and existing and anticipated market, travel and public health conditions, all of which may change. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and\/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.\n<\/p>\n \nNon-GAAP Information\n<\/p>\n \nThe Company defines adjusted cash net income as net income (loss) before non-cash income taxes, stock compensation expense, depreciation and amortization, warrant expense, and exit costs related to its planned exit from its legacy apartment rental business. The Company believes that adjusted net income is useful to investors as a measure of a company’s operating performance, without regard to generally non-recurring items and non-cash activity.\n<\/p>\n \nThe Company seeks to achieve profitable, long-term growth by monitoring and analyzing key operating metrics, including EBITDA. The Company defines EBITDA as net income before interest, taxes, and depreciation. The Company\u2019s management uses this non-GAAP financial metric and related computations to evaluate and manage the business and to plan and make near and long-term operating and strategic decisions. The management team believes this non-GAAP financial metric is useful to investors to provide supplemental information in addition to the GAAP financial results. Management reviews the use of its primary key operating metrics from time-to-time. EBITDA is not intended to be a substitute for any GAAP financial measure and as calculated, may not be comparable to similarly titled measures of performance of other companies in other industries or within the same industry. The Company\u2019s management team believes it is useful to provide investors with the same financial information that it uses internally to make comparisons of historical operating results, identify trends in underlying operating results, and evaluate its business.\n<\/p>\n \nFor purposes of the guidance provided herein for the years ending December 21, 2022 and 2023, however, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation could not be accomplished without unreasonable effort. Non-GAAP measures for future periods which cannot be reconciled to the most comparable GAAP financial measures are calculated in a manner which is consistent with the accounting policies applied in the Company\u2019s consolidated financial statements.\n<\/p>\n \nA reconciliation of net income (loss) to EBITDA, net income (loss) to adjusted EBITDA, and net income (loss) to adjusted net income is included in the financial tables included with this press release and will be provided in the company\u2019s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2022 to be filed on November 14, 2022, under the section thereof entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Reconciliation of Unaudited Historical Results to EBITDA.\u201d\n<\/p>\n \nLUXURBAN HOTELS INC. \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30,\n<\/p>\n \n\u00a0\n<\/p>\n \nDecember 31,\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \nASSETS\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCurrent Assets\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCash\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,190,033\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n6,998\n<\/p>\n \n\u00a0\n<\/p>\n \nTreasury bills\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n50,658\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nProcessor retained funds\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n7,366,187\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n56,864\n<\/p>\n \n\u00a0\n<\/p>\n \nPrepaid expenses and other current assets\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,432,418\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n166,667\n<\/p>\n \n\u00a0\n<\/p>\n \nDeferred offering costs\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n771,954\n<\/p>\n \n\u00a0\n<\/p>\n \nSecurity deposits – current\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n112,290\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n276,943\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal Current Assets\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n10,151,586\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,279,426\n<\/p>\n \n\u00a0\n<\/p>\n \nOther Assets\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFurniture and equipment, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n50,780\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n11,500\n<\/p>\n \n\u00a0\n<\/p>\n \nRestricted cash\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,100,000\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,100,000\n<\/p>\n \n\u00a0\n<\/p>\n \nSecurity deposits – noncurrent\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,958,385\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,377,010\n<\/p>\n \n\u00a0\n<\/p>\n \nOperating lease right-of-use asset, net\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n79,821,828\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal Other Assets\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n86,930,993\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,488,510\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal Assets\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n97,082,579\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n3,767,936\n<\/p>\n \n\u00a0\n<\/p>\n \nLIABILITIES AND STOCKHOLDERS\u2019 EQUITY (DEFICIT)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCurrent Liabilities\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nAccounts payable and accrued expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n3,653,939\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n4,209,366\n<\/p>\n \n\u00a0\n<\/p>\n \nRents received in advance\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,279,992\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,819,943\n<\/p>\n \n\u00a0\n<\/p>\n \nMerchant cash advances – net of unamortized costs of $5,143 and $57,768, respectively\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n324,527\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,386,008\n<\/p>\n \n\u00a0\n<\/p>\n \nLoans payable – current portion\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,750,721\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,267,004\n<\/p>\n \n\u00a0\n<\/p>\n \nLoans payable – SBA – PPP Loan – current portion\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n298,958\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n815,183\n<\/p>\n \n\u00a0\n<\/p>\n \nLoans payable – related parties – current portion\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n248,500\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n22,221\n<\/p>\n \n\u00a0\n<\/p>\n \nOperating lease liability – current\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,931,418\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal Current Liabilities\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n17,488,055\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n9,519,725\n<\/p>\n \n\u00a0\n<\/p>\n \nLong-Term Liabilities\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nLoans payable\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n814,244\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n925,114\n<\/p>\n \n\u00a0\n<\/p>\n \nLoans payable – SBA – EIDL Loan\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n800,000\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n800,000\n<\/p>\n \n\u00a0\n<\/p>\n \nLoans payable – related parties\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n496,500\n<\/p>\n \n\u00a0\n<\/p>\n \nConvertible loans payable – related parties\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,608,860\n<\/p>\n \n\u00a0\n<\/p>\n \nLine of credit\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n94,975\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n94,975\n<\/p>\n \n\u00a0\n<\/p>\n \nDeferred rent\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n536,812\n<\/p>\n \n\u00a0\n<\/p>\n \nOperating lease liability\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n73,090,410\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal Long-Term Liabilities\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n74,799,629\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,462,261\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal Liabilities\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n92,287,684\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n14,981,986\n<\/p>\n \n\u00a0\n<\/p>\n \nCommitments and Contingencies\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nStockholders\u2019 Equity (Deficit)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nMembers\u2019 Deficit\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(11,214,050\n<\/p>\n \n)\n<\/p>\n \nCommon stock (par value $0.00001, shares authorized, issued and outstanding – 90,000,000; 26,529,418; 26,529,418; respectively)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n265\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nAdditional Paid-In Capital\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n17,458,989\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nAccumulated deficit\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(12,664,359\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal Stockholders\u2019 Equity (Deficit)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,794,895\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(11,214,050\n<\/p>\n \n)\n<\/p>\n \nTotal Liabilities and Stockholders\u2019 Equity (Deficit)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n97,082,579\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n3,767,936\n<\/p>\n \n\u00a0\n<\/p>\n \nLUXURBAN HOTELS INC. \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nFor the Three Months Ended\n<\/p>\n \n\u00a0\n<\/p>\n \nFor the Nine Months Ended\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, 2022\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, 2021\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, 2022\n<\/p>\n \n\u00a0\n<\/p>\n \nSeptember 30, 2021\n<\/p>\n \nRental Revenue\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n14,443,842\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n9,796,194\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n38,863,281\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n21,485,067\n<\/p>\n \n\u00a0\n<\/p>\n \nRefunds and Allowances\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,868,517\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,149,813\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n7,987,193\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n7,349,791\n<\/p>\n \n\u00a0\n<\/p>\n \nNet Rental Revenue\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n11,575,325\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n6,646,381\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n30,876,088\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n14,135,276\n<\/p>\n \n\u00a0\n<\/p>\n \nCost of Revenue\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n6,686,373\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,853,295\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n20,617,255\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n13,773,826\n<\/p>\n \n\u00a0\n<\/p>\n \nGross Profit\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,888,952\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n793,086\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n10,258,833\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n361,450\n<\/p>\n \n\u00a0\n<\/p>\n \nGeneral and Administrative Expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nAdministrative and other\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,076,181\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n95,898\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n6,635,923\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,354,356\n<\/p>\n \n\u00a0\n<\/p>\n \nProfessional fees\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n234,845\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n166,328\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n540,330\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n256,732\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal General and Administrative Expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n5,311,026\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n262,226\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n7,176,253\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,611,088\n<\/p>\n \n\u00a0\n<\/p>\n \nNet (Loss) Income Before Other Income (Expense)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(422,074\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n530,860\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,082,580\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,249,638\n<\/p>\n \n)\n<\/p>\n \nOther Income (Expense)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nOther income\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n606,090\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n136\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,193,157\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n603\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest and financing costs\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4,151,578\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(566,924\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(5,311,457\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,226,931\n<\/p>\n \n)\n<\/p>\n \nTotal Other Expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(3,545,488\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(566,788\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4,118,300\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,226,328\n<\/p>\n \n)\n<\/p>\n \nLoss Before Benefit from Income Taxes\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(3,967,562\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(35,928\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(1,035,720\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(2,475,966\n<\/p>\n \n)\n<\/p>\n \nBenefit from Income Taxes\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCurrent\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(750,000\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nNet Loss\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(3,217,562\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(35,928\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(1,035,720\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(2,475,966\n<\/p>\n \n)\n<\/p>\n \nBasic and diluted loss per common share\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(0.13\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(0.05\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nBasic and diluted weighted average number of common shares outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n24,092,231\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n22,251,412\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nNon-GAAP Financial Measures\n<\/p>\n \nTo supplement the condensed consolidated financial statements, which are prepared in accordance with GAAP, we use EBITDA and Adjusted EBITDA as a non-GAAP financial measures.\n<\/p>\n \nThe following table provides reconciliation of net income (loss) to EBITDA and Adjusted EBITDA:\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nThree Months Ended September 30, (unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n \nNine Months Ended September 30, (unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \nNet Loss\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(3,217,562\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(35,928\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(1,035,720\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(2,475,966\n<\/p>\n \n)\n<\/p>\n \nBenefit from Income Taxes\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(750,000\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest and Financing Costs\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n4,151,578\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n566,924\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n5,311,457\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,226,931\n<\/p>\n \n\u00a0\n<\/p>\n \nDepreciation and Amortization\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n2,464\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n5,020\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nEBITDA\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n186,480\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n530,996\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n4,280,757\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(1,249,035\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nStock Compensation Expense\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n358,285\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n358,285\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nExit SoBeNY Costs\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,835,571\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,835,571\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nAdjusted EBITDA\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n2,380,336\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n530,996\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n6,474,613\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(1,249,035\n<\/p>\n \n)\n<\/p>\n \nEBITDA is defined as net income or loss before the impact of interest, taxes and depreciation and amortization. EBITDA is a key measure of our financial performance and measures our efficiency and operating cash flow before financing costs, taxes and working capital needs. Adjusted EBITDA adjusts for non-cash stock compensation expense, as well as the costs associated with the exit of our apartment rental business under SoBeNY. Adjusted EBITDA is a key measure of our financial performance as, like EBITDA, measures our efficiency and operating cash flow before non-cash stock compensation costs, financing costs, taxes and working capital as well as the one-time nature of exit costs associated with SoBeNY. We utilize EBITDA and Adjusted EBITDA because they provide us with an operating metric closely tied to the operations of the business.\n<\/p>\n \nTo supplement EBITDA and Adjusted EBITDA, we have adjusted our net income for non-cash items to calculate, Cash Net Income as another non-GAAP financial measure. We have also removed the one-time costs associated with the exit costs associated with SoBeNY. The follow table provides reconciliation of net income (loss) to Cash Net Income (Loss) and Adjusted Cash Net Income (Loss):\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nThree Months Ended September 30, (unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n \nNine Months Ended September 30, (unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \nNet Loss\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(3,217,562\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(35,928\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(1,035,720\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(2,475,966\n<\/p>\n \n)\n<\/p>\n \nBenefit from Income Taxes\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(750,000\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nStock Compensation Expense\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n358,285\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n358,285\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nDepreciation and Amortization\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n2,464\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n5,020\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nWarrant Expense\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n2,386,369\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n2,386,369\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nCash Net Income (Loss)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(1,220,444\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(35,928\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,713,954\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(2,475,966\n<\/p>\n \n)\n<\/p>\n \nExit SoBeNY Costs\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,835,571\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,835,571\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nAdjusted Cash Net Income (Loss)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n615,127\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(35,928\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n3,549,525\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n(2,475,966\n<\/p>\n \n)\n<\/p>\n \nAdjusted Cash Net Income per share\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.03\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n0.16\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \nFully diluted weighted average number of common shares outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n24,092,231\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n22,251,412\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u2014\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n Contacts <\/p>\n \nShanoop Kothari \nDevin Sullivan, SVP
\n
https:\/\/event.choruscall.com\/mediaframe\/webcast.html?webcastid=77gKdCRg<\/a>\n<\/p>\n
\n
Condensed Consolidated Balance Sheets\n<\/p>\n
\n
Condensed Consolidated Statement of Operations
\n
(Unaudited)\n<\/p>\n
\n
Chief Financial Officer
\n
LuxUrban Hotels Inc.
\n
shanoop@luxurbanhotels.com<\/a>\n<\/p>\n
\n
The Equity Group Inc.
\n
(212) 836-9608
\n
dsullivan@equityny.com<\/a>\n<\/p>\n
![<\/a><\/p>\n\n2022 Third Quarter Financial Overview Compared to 2021 Third Quarter\n<\/p>\nNet rental revenue rose 74.2% to $11.6 million from $6.6 million<\/p>\nGross profit improved to $4.9 million, or 42.2% of net rental revenue, from $0.8 million, or 11.9% of net rental revenue<\/p>\nNet loss of $3.2 million, or $(0.13) per share, was primarily impacted by a one-time, non-cash $2.4 million warrant expense and a one-time cash expense of $1.8 million related to the Company\u2019s planned exit from its legacy apartment rental business as part of its rebranding initiatives; net loss in Q3 2021, which did not include these expenses, was less than $0.1 million<\/p>\nAdjusted net income (a non-GAAP measure; see reconciliation tables in this press release) improved to $0.6 million, or $0.03 per share, from a net loss of less than $0.1 million<\/p>\nAdjusted EBITDA (a non-GAAP measure; see reconciliation tables in this press release) increased to $2.4 million from $0.5 million<\/p>\n\nOperational Highlights\n<\/p>\nFor the 2022 nine-month period, RevPAR rose 30% to $149 from $115, and occupancy rates improved to 87% from 71%<\/p>\nCurrently operate approximately 1,200 short term hotel rental units, which have been fully funded<\/p>\nExpect to operate a total of approximately 1,500 short term hotel rental units by or around December 31, 2022, with no outside funding required for the additional 300 units<\/p>\nLaunched corporate rebranding initiative<\/p>\nImplemented initiatives to expand margins, generate positive cash flows, and drive profitability<\/p>\n\n\u201cOur performance in Q3 2022 validated the growth, sustainability, and predictability of our operating model,\u201d said Brian Ferdinand, Chairman and Chief Executive Officer. \u201cWe recorded the highest quarterly net revenue in our history, expanded our operating portfolio of short-term rental hotel units, and grew RevPAR and occupancy rates across the portfolio. Excluding the one-time, non-cash warrant expense charges and one-time costs associated with our planned exit from our legacy apartment rental business, adjusted net income improved to $0.6 million and adjusted EBITDA rose 348%, respectively, from last year\u2019s third quarter.\n<\/p>\n\n\u201cWe are confident in the trajectory of our business and excited about our performance through the first nine months of the year, reporting net rental revenue of $30.9 million, adjusted net income of $3.5 million, EBITDA of $4.3 million, and adjusted EBITDA of $6.5 million. As such, we are pleased to reiterate our full year 2022 and 2023 net revenue and EBITDA guidance.\u201d\n<\/p>\n\nHe concluded, \u201cAs a complement to anticipated net revenue growth, we have commenced initiatives designed to expand margins, generate positive cash flows, and drive profitability. This includes our agreement with Rebel Hotel Company, which we estimate will deliver margin enhancements that we would not have been able to realize until at least 2024, and our recently announced agreement with a new credit card processing company that eliminates the need for reserves and reduces associated processing expenses by approximately 400 bps compared to our former processor relationships. As a result of this new relationship, our former credit card processors will release to the Company approximately $5.5 million in reserves over the next 12 months.\u201d\n<\/p>\n\nQ3 2022 Overview<\/span>\n<\/p>\n\nNet rental revenue in Q3 2022 increased 74.2% to $11.6 million from $6.6 million in the third quarter ended September 30, 2021 (\u201cQ3 2021\u201d), driven primarily by an increase in average units available to rent from 446 in Q3 2021 to 571 at Q3 2022, as well as improved occupancy rates and ADRs during this period.\n<\/p>\n\nCost of revenue, which includes rental expenses for available units to rent, rose to $6.7 million in Q3 2022 from $5.9 million in Q3 2021, due primarily to the increase in size of the Company\u2019s rental unit portfolio, as well as related increases in furniture rentals, cleaning costs, cable \/ WIFI costs and credit card processing fees.\n<\/p>\n\nGross profit improved to $4.9 million, or 42.2% of net rental revenue, from $0.8 million, or 11.9% of net rental revenue, in Q3 2021, driven primarily by a reduction in the impact of COVID-19 on our operations, higher unit counts and better occupancy rates and ADRs.\n<\/p>\n\nTotal general and administrative expenses in Q3 2022 increased to $5.3 million from $0.3 million in Q3 2021. This increase reflected costs incurred in Q3 2022 that were not incurred in Q3 2021, including $1.8 million in one-time exit costs related to the Company\u2019s planned exit from its legacy apartment rental business and a non-cash stock compensation expense of $0.4 million, as well as costs associated with being a public company. Operating costs also include contracted services, selling and administrative expenses, professional fees, and software fees, all of which increased over these periods primarily attributable to the operation of additional units compared to Q3 2021.\n<\/p>\n\nTotal other expenses rose to $3.5 million from $0.6 million in Q3 2021, and primarily reflected a one-time, non-cash charge of $2.4 million (included in Interest and Financing Costs) associated with the issuance of warrants to debt investors.\n<\/p>\n\nAs a result of the above, net loss for Q3 2022 was $3.2 million, or $(0.13) per share, as compared to a net loss of less than $0.1 million in Q3 2021.\n<\/p>\n\nAdjusted net income, which excluded the above referenced charges (see reconciliation tables in this press release) improved to $0.6 million, or $0.03 per share, compared to net income of less than $0.1 million in Q3 2021.\n<\/p>\n\nAdjusted EBITDA rose to $2.4 million, or 20.8% of net rental revenue, in Q3 2022 compared to adjusted EBITDA of $0.5 million, or 8% of net rental revenue in Q3 2021.\n<\/p>\n\nReiterating Guidance: 2022-2023 Net Revenue and EBITDA<\/span>\n<\/p>\n\nFor the years ending December 31, 2022 and 2023, the Company is reiterating the following guidance:\n<\/p>\nFull Year 2022 (based on its current operating portfolio of approximately 1,200 short-term rental hotel units): Net revenue of $42 – $46 million, and EBITDA of $7 – $9 million.<\/p>\nFull Year 2023: Net revenue of $100 – $110 million, and EBITDA of $16 – $20 million, based on its expectation that it will operate approximately 1,500 short-term rental hotel units by or around December 31, 2022.<\/p>\n\nIn addition to the existing and anticipated additional units discussed above, this guidance is based on, among other factors, the Company\u2019s current business, economic, and public health conditions; the status of its acquisition pipeline and its ability to close on these potential acquisitions; and its current view of forward-looking unit operating metrics.\n<\/p>\n\nConference Call and Webcast<\/strong>\n<\/p>\n\nThe Company will host a conference call on Tuesday, November 15, 2022 at 10:00 am Eastern Time to discuss the results.\n<\/p>\n\nInvestors interested in participating in the live call can dial:\n<\/p>\n(877) 407-9753 – U.S.<\/p>\n(201) 493-6739 – International<\/p>\n\nA webcast of the event may be accessed via the following link:\nhttps:\/\/event.choruscall.com\/mediaframe\/webcast.html?webcastid=77gKdCRg<\/a>\n<\/p>\n\nA simultaneous webcast of the call may be accessed online from the Events & Presentations section of the Investor Relations page of the Company\u2019s website at www.luxurbanhotels.com<\/a>.\n<\/p>\n\nLuxUrban Hotels Inc.<\/span>\n<\/p>\n\nLuxUrban Hotels Inc. (formerly named CorpHousing Group Inc.) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company\u2019s future growth focuses primarily on seeking to create \u201cwin-win\u201d opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing LuxUrban Hotels favorable operating margins. LuxUrban Hotels operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company\u2019s own online portal. Guests at the Company\u2019s properties are provided high quality service under the Company\u2019s consumer brand, LuxUrbanTM.\n<\/p>\n\nForward Looking Statements<\/span>\n<\/p>\n\nThis press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company\u2019s pipeline, as well the Company\u2019s anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the caption \u201cRisk Factors\u201d in the prospectus forming part of the Company\u2019s effective Registration Statement on Form S-1 (File No. 333-262114). Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, leasing terms, high-level occupancy rates, and sales and growth plans. The financial projection provided herein are based on certain assumptions and existing and anticipated market, travel and public health conditions, all of which may change. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and\/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.\n<\/p>\n\nNon-GAAP Information\n<\/p>\n\nThe Company defines adjusted cash net income as net income (loss) before non-cash income taxes, stock compensation expense, depreciation and amortization, warrant expense, and exit costs related to its planned exit from its legacy apartment rental business. The Company believes that adjusted net income is useful to investors as a measure of a company’s operating performance, without regard to generally non-recurring items and non-cash activity.\n<\/p>\n\nThe Company seeks to achieve profitable, long-term growth by monitoring and analyzing key operating metrics, including EBITDA. The Company defines EBITDA as net income before interest, taxes, and depreciation. The Company\u2019s management uses this non-GAAP financial metric and related computations to evaluate and manage the business and to plan and make near and long-term operating and strategic decisions. The management team believes this non-GAAP financial metric is useful to investors to provide supplemental information in addition to the GAAP financial results. Management reviews the use of its primary key operating metrics from time-to-time. EBITDA is not intended to be a substitute for any GAAP financial measure and as calculated, may not be comparable to similarly titled measures of performance of other companies in other industries or within the same industry. The Company\u2019s management team believes it is useful to provide investors with the same financial information that it uses internally to make comparisons of historical operating results, identify trends in underlying operating results, and evaluate its business.\n<\/p>\n\nFor purposes of the guidance provided herein for the years ending December 21, 2022 and 2023, however, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation could not be accomplished without unreasonable effort. Non-GAAP measures for future periods which cannot be reconciled to the most comparable GAAP financial measures are calculated in a manner which is consistent with the accounting policies applied in the Company\u2019s consolidated financial statements.\n<\/p>\n\nA reconciliation of net income (loss) to EBITDA, net income (loss) to adjusted EBITDA, and net income (loss) to adjusted net income is included in the financial tables included with this press release and will be provided in the company\u2019s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2022 to be filed on November 14, 2022, under the section thereof entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Reconciliation of Unaudited Historical Results to EBITDA.\u201d\n<\/p>\n\nLUXURBAN HOTELS INC.\nCondensed Consolidated Balance Sheets\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30,\n<\/p>\n\n\u00a0\n<\/p>\n\nDecember 31,\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\nASSETS\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCurrent Assets\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCash\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,190,033\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n6,998\n<\/p>\n\n\u00a0\n<\/p>\n\nTreasury bills\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n50,658\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nProcessor retained funds\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,366,187\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n56,864\n<\/p>\n\n\u00a0\n<\/p>\n\nPrepaid expenses and other current assets\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,432,418\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n166,667\n<\/p>\n\n\u00a0\n<\/p>\n\nDeferred offering costs\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n771,954\n<\/p>\n\n\u00a0\n<\/p>\n\nSecurity deposits – current\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n112,290\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n276,943\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal Current Assets\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n10,151,586\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,279,426\n<\/p>\n\n\u00a0\n<\/p>\n\nOther Assets\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFurniture and equipment, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n50,780\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n11,500\n<\/p>\n\n\u00a0\n<\/p>\n\nRestricted cash\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,100,000\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,100,000\n<\/p>\n\n\u00a0\n<\/p>\n\nSecurity deposits – noncurrent\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,958,385\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,377,010\n<\/p>\n\n\u00a0\n<\/p>\n\nOperating lease right-of-use asset, net\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n79,821,828\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal Other Assets\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n86,930,993\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,488,510\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal Assets\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n97,082,579\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n3,767,936\n<\/p>\n\n\u00a0\n<\/p>\n\nLIABILITIES AND STOCKHOLDERS\u2019 EQUITY (DEFICIT)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCurrent Liabilities\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nAccounts payable and accrued expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n3,653,939\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n4,209,366\n<\/p>\n\n\u00a0\n<\/p>\n\nRents received in advance\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,279,992\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,819,943\n<\/p>\n\n\u00a0\n<\/p>\n\nMerchant cash advances – net of unamortized costs of $5,143 and $57,768, respectively\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n324,527\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,386,008\n<\/p>\n\n\u00a0\n<\/p>\n\nLoans payable – current portion\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,750,721\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,267,004\n<\/p>\n\n\u00a0\n<\/p>\n\nLoans payable – SBA – PPP Loan – current portion\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n298,958\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n815,183\n<\/p>\n\n\u00a0\n<\/p>\n\nLoans payable – related parties – current portion\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n248,500\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n22,221\n<\/p>\n\n\u00a0\n<\/p>\n\nOperating lease liability – current\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,931,418\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal Current Liabilities\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n17,488,055\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,519,725\n<\/p>\n\n\u00a0\n<\/p>\n\nLong-Term Liabilities\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nLoans payable\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n814,244\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n925,114\n<\/p>\n\n\u00a0\n<\/p>\n\nLoans payable – SBA – EIDL Loan\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n800,000\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n800,000\n<\/p>\n\n\u00a0\n<\/p>\n\nLoans payable – related parties\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n496,500\n<\/p>\n\n\u00a0\n<\/p>\n\nConvertible loans payable – related parties\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,608,860\n<\/p>\n\n\u00a0\n<\/p>\n\nLine of credit\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n94,975\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n94,975\n<\/p>\n\n\u00a0\n<\/p>\n\nDeferred rent\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n536,812\n<\/p>\n\n\u00a0\n<\/p>\n\nOperating lease liability\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n73,090,410\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal Long-Term Liabilities\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n74,799,629\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,462,261\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal Liabilities\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n92,287,684\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n14,981,986\n<\/p>\n\n\u00a0\n<\/p>\n\nCommitments and Contingencies\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nStockholders\u2019 Equity (Deficit)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nMembers\u2019 Deficit\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(11,214,050\n<\/p>\n\n)\n<\/p>\n\nCommon stock (par value $0.00001, shares authorized, issued and outstanding – 90,000,000; 26,529,418; 26,529,418; respectively)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n265\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nAdditional Paid-In Capital\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n17,458,989\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nAccumulated deficit\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(12,664,359\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal Stockholders\u2019 Equity (Deficit)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,794,895\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(11,214,050\n<\/p>\n\n)\n<\/p>\n\nTotal Liabilities and Stockholders\u2019 Equity (Deficit)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n97,082,579\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n3,767,936\n<\/p>\n\n\u00a0\n<\/p>\n\nLUXURBAN HOTELS INC.\nCondensed Consolidated Statement of Operations\n(Unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nFor the Three Months Ended\n<\/p>\n\n\u00a0\n<\/p>\n\nFor the Nine Months Ended\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30, 2022\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30, 2021\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30, 2022\n<\/p>\n\n\u00a0\n<\/p>\n\nSeptember 30, 2021\n<\/p>\n\nRental Revenue\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n14,443,842\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n9,796,194\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n38,863,281\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n21,485,067\n<\/p>\n\n\u00a0\n<\/p>\n\nRefunds and Allowances\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,868,517\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,149,813\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,987,193\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,349,791\n<\/p>\n\n\u00a0\n<\/p>\n\nNet Rental Revenue\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n11,575,325\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,646,381\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n30,876,088\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n14,135,276\n<\/p>\n\n\u00a0\n<\/p>\n\nCost of Revenue\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,686,373\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,853,295\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n20,617,255\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n13,773,826\n<\/p>\n\n\u00a0\n<\/p>\n\nGross Profit\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,888,952\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n793,086\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n10,258,833\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n361,450\n<\/p>\n\n\u00a0\n<\/p>\n\nGeneral and Administrative Expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nAdministrative and other\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,076,181\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n95,898\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,635,923\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,354,356\n<\/p>\n\n\u00a0\n<\/p>\n\nProfessional fees\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n234,845\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n166,328\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n540,330\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n256,732\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal General and Administrative Expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,311,026\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n262,226\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,176,253\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,611,088\n<\/p>\n\n\u00a0\n<\/p>\n\nNet (Loss) Income Before Other Income (Expense)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(422,074\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n530,860\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,082,580\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,249,638\n<\/p>\n\n)\n<\/p>\n\nOther Income (Expense)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nOther income\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n606,090\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n136\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,193,157\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n603\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest and financing costs\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4,151,578\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(566,924\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(5,311,457\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,226,931\n<\/p>\n\n)\n<\/p>\n\nTotal Other Expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(3,545,488\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(566,788\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4,118,300\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,226,328\n<\/p>\n\n)\n<\/p>\n\nLoss Before Benefit from Income Taxes\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(3,967,562\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(35,928\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,035,720\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(2,475,966\n<\/p>\n\n)\n<\/p>\n\nBenefit from Income Taxes\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCurrent\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(750,000\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nNet Loss\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(3,217,562\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(35,928\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(1,035,720\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(2,475,966\n<\/p>\n\n)\n<\/p>\n\nBasic and diluted loss per common share\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(0.13\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(0.05\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nBasic and diluted weighted average number of common shares outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n24,092,231\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n22,251,412\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nNon-GAAP Financial Measures\n<\/p>\n\nTo supplement the condensed consolidated financial statements, which are prepared in accordance with GAAP, we use EBITDA and Adjusted EBITDA as a non-GAAP financial measures.\n<\/p>\n\nThe following table provides reconciliation of net income (loss) to EBITDA and Adjusted EBITDA:\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nThree Months Ended September 30, (unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\nNine Months Ended September 30, (unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\nNet Loss\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(3,217,562\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(35,928\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(1,035,720\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(2,475,966\n<\/p>\n\n)\n<\/p>\n\nBenefit from Income Taxes\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(750,000\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest and Financing Costs\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n4,151,578\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n566,924\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n5,311,457\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,226,931\n<\/p>\n\n\u00a0\n<\/p>\n\nDepreciation and Amortization\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n2,464\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n5,020\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nEBITDA\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n186,480\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n530,996\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n4,280,757\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(1,249,035\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nStock Compensation Expense\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n358,285\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n358,285\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nExit SoBeNY Costs\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,835,571\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,835,571\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nAdjusted EBITDA\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n2,380,336\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n530,996\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n6,474,613\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(1,249,035\n<\/p>\n\n)\n<\/p>\n\nEBITDA is defined as net income or loss before the impact of interest, taxes and depreciation and amortization. EBITDA is a key measure of our financial performance and measures our efficiency and operating cash flow before financing costs, taxes and working capital needs. Adjusted EBITDA adjusts for non-cash stock compensation expense, as well as the costs associated with the exit of our apartment rental business under SoBeNY. Adjusted EBITDA is a key measure of our financial performance as, like EBITDA, measures our efficiency and operating cash flow before non-cash stock compensation costs, financing costs, taxes and working capital as well as the one-time nature of exit costs associated with SoBeNY. We utilize EBITDA and Adjusted EBITDA because they provide us with an operating metric closely tied to the operations of the business.\n<\/p>\n\nTo supplement EBITDA and Adjusted EBITDA, we have adjusted our net income for non-cash items to calculate, Cash Net Income as another non-GAAP financial measure. We have also removed the one-time costs associated with the exit costs associated with SoBeNY. The follow table provides reconciliation of net income (loss) to Cash Net Income (Loss) and Adjusted Cash Net Income (Loss):\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nThree Months Ended September 30, (unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\nNine Months Ended September 30, (unaudited)\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\nNet Loss\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(3,217,562\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(35,928\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(1,035,720\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(2,475,966\n<\/p>\n\n)\n<\/p>\n\nBenefit from Income Taxes\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(750,000\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nStock Compensation Expense\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n358,285\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n358,285\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nDepreciation and Amortization\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n2,464\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n5,020\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nWarrant Expense\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n2,386,369\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n2,386,369\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nCash Net Income (Loss)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(1,220,444\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(35,928\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,713,954\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(2,475,966\n<\/p>\n\n)\n<\/p>\n\nExit SoBeNY Costs\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,835,571\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,835,571\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nAdjusted Cash Net Income (Loss)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n615,127\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(35,928\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n3,549,525\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n(2,475,966\n<\/p>\n\n)\n<\/p>\n\nAdjusted Cash Net Income per share\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.03\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.16\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\nFully diluted weighted average number of common shares outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n24,092,231\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n22,251,412\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u2014\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\nContacts <\/p>\n\nShanoop Kothari\nChief Financial Officer\nLuxUrban Hotels Inc.\nshanoop@luxurbanhotels.com<\/a>\n<\/p>\n\nDevin Sullivan, SVP\nThe Equity Group Inc.\n(212) 836-9608\ndsullivan@equityny.com<\/a>\n<\/p>\n\nDavid Shayne, Analyst\n(212) 836-9628\ndshayne@equityny.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"Record Quarterly Net Rental Revenue of $11.6 Million Significant Increases in Gross Profit, RevPAR, and Occupancy Rates Adjusted Net Income of $0.6 Million Excludes $4.6 Million of Non-Cash and One-Time Expenses Adjusted EBITDA Rose to $2.4 Million Reiterates Annual Guidance for 2022 and 2023 MIAMI–(BUSINESS WIRE)–LuxUrban Hotels Inc. (or the \u201cCompany\u201d) (Nasdaq: LUXH), which utilizes […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-834989","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nLuxUrban Hotels Inc. Announces 2022 Third Quarter Financial Results - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/luxurban-hotels-inc-announces-2022-third-quarter-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LuxUrban Hotels Inc. Announces 2022 Third Quarter Financial Results - BeBeez\" \/>\n<meta property=\"og:description\" content=\"Record Quarterly Net Rental Revenue of $11.6 Million Significant Increases in Gross Profit, RevPAR, and Occupancy Rates Adjusted Net Income of $0.6 Million Excludes $4.6 Million of Non-Cash and One-Time Expenses Adjusted EBITDA Rose to $2.4 Million Reiterates Annual Guidance for 2022 and 2023 MIAMI–(BUSINESS WIRE)–LuxUrban Hotels Inc. (or the \u201cCompany\u201d) (Nasdaq: LUXH), which utilizes […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/luxurban-hotels-inc-announces-2022-third-quarter-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"BeBeez\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-15T17:06:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo-x2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"683\" \/>\n\t<meta property=\"og:image:height\" content=\"242\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/luxurban-hotels-inc-announces-2022-third-quarter-financial-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/luxurban-hotels-inc-announces-2022-third-quarter-financial-results\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"LuxUrban Hotels Inc. 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