Good morning, and welcome to Aquila Holdings Q1 2024 presentation. My name is Nils Haugestad, and I'm the company's interim CEO and CFO. With regards to the quarter, we're showing multi-client revenues of $2.3 million. That's late sales of $1.1 million, which relates to two sales in the Utsira Survey. We also have $1.2 million of revenues relating to the reprocessing of the Utsira Survey. The fair value of the multi-client library is at $29.5 million, and the fair value of the investment portfolio is at $5.7 million.
Available liquid funds, which is bank deposits plus net trade receivables and marketable securities, is at $8.7 million, and the cash earnings for the quarter is at $0.3 million, and that is after approximately $0.1 million, which relates to non-recurring legal expenses. The net asset value per share is at NOK 1.77. On the multi-client portfolio, the discounted cash flow valuation is at $29.5 million. As you'll recall, there are two surveys in the portfolio. One is the Utsira Survey, which is at $23.5 million, and to the right, we have the Gulf of Suez Survey, which is at $5.9 million.
We had in the quarter two M&A transactions in the Utsira area that resulted in the $1.1 million in late sales. We have the reprocessing project with CGG, and that is progressing according to plan and cost, and we expect that to be completed in the second half of this year, and then would expect to start late sales at that point onwards. TGS entered the project alongside with ourselves and CGG. When it comes to the Gulf of Suez Survey, Egypt has been in a challenging fiscal situation for some time, and the new financing coming into the country, backed by IMF and certain other players, as well as the devaluation of the Egyptian pound, has improved the situation locally, significantly, and opened for trade in U.S. dollars.
So we see the situation in Egypt as improving, but it's still a challenging situation and will take some time to resolve itself. There is uncertainty with regards to Eni and what Eni's plans are with regards to the Neptune acreage that they took over, following the acquisition of the company. So, we're positive with regards to the developments, but it still will take some time to clear out. On the financial assets, this is the ocean-bottom node operations that we sold to Magseis Fairfield, now TGS, in March 2022. There's an earn-out structure on this, has a cap of $12 million over three years and a floor payment of $1.5 million, subject to certain milestones. There are no costs associated with any revenues from this to Aquila.
The book value of the financial assets of this is $2 million. So at this point, there's approximately one year left of the earn-out. On the investment side, we have here some listed and unlisted securities. The significant portion of the assets is in the listed two securities below. We have Capsol Technologies now at $4.8 million in the books. We acquired just under 400,000 shares at the offering they completed in Q1 at 12.60 a share. With respect to Dolphin Drilling, it's in the books at $0.5 million, and in this position, we divested 850,000 shares at a price of 8.25 NOK per share, and in essence, halved our exposure to the company.
Looking at the summary of the net asset value, the multi-client library is at NOK 1.46 per share. That's the book value of $29.5 million. Other seismic assets, which is the earn-out, is in the books at $2.0 million or translated into NOK 0.1 per share. The investments, which is, carried in the books at $5.7 million, and that translates to NOK 0.2 per share. Then other current assets minus total liabilities takes us to the NOK 1.77 per share. On the income statement side, we have revenues of $2.3 million. That is the $1.1 million of late sales and $1.2 million relating to the Utsira reprocessing project.
Change in fair value of investments is down $0.7 million. We have cost of sales of $1.5 million, which primarily relates to the Utsira processing project. SG&A of $0.5 million, which includes approximately $0.1 million relating to legal services. Amortization of $1.6 million, which is approximately $0.9 million relating to Utsira and $0.7 million relating to the Gulf of Suez, takes us to an operating loss of $2.0 million. We have net financial expenses of $0.1 million, which takes us to a loss for the period of $2.1 million. On the cash earnings side, we're positive $0.3 million, and that's again after $0.1 million of non-recurring legal expenses.
On the balance sheet side, we have multi-client library of $29.5 million, investments of $5.7 million, financial assets, which is the earn-out of $2.0 million, trade receivables of $1.5 million, and this is primarily relating to the multi-client late sales in the period. Other current assets of $1.0 million, and this relates primarily again to a percentage of completion or deferred revenues from the CGG reprocessing of Utsira. Bank deposits of $2.1 million, taking us to total assets of $41.8 million. In regards to the seismic business line, that represents then approximately 75% of total assets. Equity, $35.9 million, which gives us an equity ratio of 85.8%. Trade payables of $0.8 million.
Taxes payable of $2.3 million, and that is from the Egypt operations. All the current liabilities of $2.9 million, and that includes approximately $2 million also related to an accrual for taxes in the Egypt operations, gives us $41.8 million of equity and liability. Available liquid funds, $8.7 million, and then net asset value of NOK 1.77 per share. On the cash flow side, cash from operations at zero. We have cash from investment activities of positive $0.2 million, and this is then $0.7 million positive from the sale of the Dolphin Drilling shares and $0.5 million negative from the investment into Capsol Technologies.
Investment in our own shares, $0.1 million, so that's from the share repurchase program, takes us to an increase in cash of $0.1 million, going from $2.0 million to $2.1 million at the end of the period. With respect to the outlook, solid industry fundamentals is supportive of seismic demand. All major agencies are expecting growing demand for oil and gas. The market is becoming increasingly conscious about energy security, and this in tandem with the energy transition trend that we've been seeing. This is all good for oil and gas. Multi-client late sales, however, remains lumpy and unpredictable, and we would expect that to be the case going forward. The late sales is driven by licensing rounds and internal oil company scheduling. Long-term underlying multi-client values and future sales potential is still attractive, however.
Aquila will continue to review strategic transactions, both within and outside of the seismic sector. We will also continue to value distribution to shareholders, and share repurchases, and we will make those evaluations on a continuing basis. That's the end of our presentation. We appreciate you taking the time this morning to listen in. If you have any questions or comments, please feel free to reach out to us. Thank you so much.