$SGD
Safe & Green Development Corp

2024 Q4 Form 10-Q Financial Statement

#000121390024098505 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $81.21K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.472M
YoY Change 152.05%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.440K
YoY Change 1820.0%
% of Gross Profit
Operating Expenses $1.472M
YoY Change 152.06%
Operating Profit -$1.391M
YoY Change 138.15%
Interest Expense -$951.2K
YoY Change -379.88%
% of Operating Profit
Other Income/Expense, Net -$951.2K
YoY Change -297362.19%
Pretax Income -$2.342M
YoY Change 153.59%
Income Tax
% Of Pretax Income
Net Earnings -$2.342M
YoY Change 153.59%
Net Earnings / Revenue -2883.88%
Basic Earnings Per Share -$2.61
Diluted Earnings Per Share -$2.61
COMMON SHARES
Basic Shares Outstanding 1.487M shares 17.81M shares
Diluted Shares Outstanding 895.8K shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.71K
YoY Change -58.92%
Cash & Equivalents $13.71K
Short-Term Investments
Other Short-Term Assets $836.3K
YoY Change 100.11%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $850.0K
YoY Change 88.35%
LONG-TERM ASSETS
Property, Plant & Equipment $2.772K
YoY Change -25.68%
Goodwill $1.811M
YoY Change
Intangibles $560.8K
YoY Change 2424.85%
Long-Term Investments $3.643M
YoY Change 0.0%
Other Assets $4.497M
YoY Change 6781.95%
Total Long-Term Assets $12.19M
YoY Change 8.8%
TOTAL ASSETS
Total Short-Term Assets $850.0K
Total Long-Term Assets $12.19M
Total Assets $13.04M
YoY Change 11.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.762M
YoY Change 365.01%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $8.195M
YoY Change 24.84%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.35M
YoY Change 44.9%
LONG-TERM LIABILITIES
Long-Term Debt $919.4K
YoY Change
Other Long-Term Liabilities $945.0K
YoY Change
Total Long-Term Liabilities $1.864M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.35M
Total Long-Term Liabilities $1.864M
Total Liabilities $12.22M
YoY Change 71.0%
SHAREHOLDERS EQUITY
Retained Earnings -$14.51M
YoY Change 161.61%
Common Stock $937.00
YoY Change -90.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $627.9K
YoY Change
Total Liabilities & Shareholders Equity $13.04M
YoY Change 11.88%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.342M
YoY Change 153.59%
Depreciation, Depletion And Amortization $1.440K
YoY Change 1820.0%
Cash From Operating Activities -$274.6K
YoY Change -87.98%
INVESTING ACTIVITIES
Capital Expenditures $209.7K
YoY Change 2757.36%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$209.7K
YoY Change 969.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 473.8K
YoY Change -62.33%
NET CHANGE
Cash From Operating Activities -274.6K
Cash From Investing Activities -209.7K
Cash From Financing Activities 473.8K
Net Change In Cash -10.54K
YoY Change -98.99%
FREE CASH FLOW
Cash From Operating Activities -$274.6K
Capital Expenditures $209.7K
Free Cash Flow -$484.3K
YoY Change -78.88%

Facts In Submission

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dei Entity Registrant Name
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SAFE AND GREEN DEVELOPMENT CORPORATION
dei Entity Incorporation State Country Code
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sgbx Prepaid Interest Held Back From Proceeds From Shortterm Notes Payable
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Business</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">   </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Safe and Green Development Corporation (the “Company” or “SG DevCo”), previously known as SGB Development Corp., a Delaware corporation, was incorporated on February 17, 2021. The Company was formed in 2021 for the purposes of real property development using purpose-built, prefabricated modules built from both wood and steel. The Company’s current business focus is primarily on the direct acquisition and indirect investment in properties nationally that will be further developed in the future into green single or multi-family projects. We are focused on increasing our presence in markets with favorable job formation and a favorable demand/supply ratio for multifamily and/or single-family housing. Our business model is flexible and we anticipate developing properties on our own and also through joint ventures in which we partner with third-party equity investors or other developers. To date, we have generated minimal revenue and our activities have consisted mostly of the acquisition and entitlement of three properties, an investment in two entities that have acquired two properties to be further developed, entered into three joint ventures with the intention of developing properties in the Texas market and have invested in real-estate related AI assets and entities. In January 2024, we announced that we would strategically look to monetize our real estate holdings by identifying markets where our land may have increased in value, as demonstrated by third-party appraisals. In connection with this strategy, we have entered into agreements to sell our two of our properties. During the nine months ended September 30, 2024, the Company entered into joint venture agreements with Milk &amp; Honey LLC (“Milk &amp; Honey”), for the purpose of establishing two joint ventures to be conducted under the names of Sugar Phase I LLC (“Sugar Phase”) and Pulga Internacional LLC (“Pulga”), together the (“JV Agreements”). The purpose of joint ventures is to develop single family homes and an eco-friendly retail outlet in Texas.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Going Concern</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company began operations during 2021 and has incurred net losses since inception and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Prior to becoming a public company, the Company’s operations had primarily been funded through advances from Safe &amp; Green Holdings Corp., the Company’s then parent company (“Parent”) and the Company had been largely dependent upon Parent for funding. The Company has also funded its operations through bridge note financing, project level financing, and the issuance of its equity and debt securities. The above conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company has initiated strategic monetization of properties, which may yield additional financing proceeds to fund operations, however there is no assurance that the Company will be successful in achieving its objectives.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Separation and Distribution</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2022, Parent and then owner of 100% of the Company’s issued and outstanding securities, announced its plan to separate the Company and Parent into two separate publicly traded companies (the “Separation”). To implement the Separation, on September 27, 2023 (the “Distribution Date”), Parent, effected a pro rata distribution to Parent’s stockholders of approximately 30% of the outstanding shares of the Company’s common stock (the “Distribution”). Immediately after the Distribution, the Company was no longer a wholly owned subsidiary of Parent and Parent held approximately 70% of the Company’s issued and outstanding securities. On September 28, 2023, the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “SGD.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Separation and Distribution, the Company entered into a separation and distribution agreement and several other agreements with Parent. These agreements provide for the allocation between Parent and the Company of the assets, employees, liabilities and obligations (including, among others, investments, property, employee benefits and tax-related assets and liabilities) of Parent and its subsidiaries attributable to periods prior to, at and after the Separation and govern the relationship between the Company and Parent subsequent to the completion of the Separation. In addition to the separation and distribution agreement, the other principal agreements entered into with Parent included a tax matters agreement and a shared services agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Reverse Stock Split</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 8, 2024, the Company effected a 1-for-20 reverse stock split of its then-outstanding common stock (“Stock Split”). All share and per share amounts set forth in the consolidated financial statements of the Company have been retroactively restated to reflect the 1-for-20 reverse stock split as if it had occurred as of the earliest period presented and unless otherwise stated, all other share and per share amounts for all periods presented in this Quarterly Report on Form 10-Q for the period ended September 30, 2024 have been adjusted to reflect the reverse stock split effected in October 2024.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounting estimates </i></b>— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Project Development Costs</i> </b>— Project development costs are stated at cost. At September 30, 2024 and December 31, 2023, the Company’s project development costs are expenses incurred related to development costs on various projects that are capitalized during the period the project is under development.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentrations of credit risk </i></b>— Financial instruments, that potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents. The Company places its cash with high credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limits. The Company has not experienced any losses in such account and believes that it is not exposed to any significant credit risk on the account.</span></p>
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sgbx Description Of Master Purchase Agreement
DescriptionOfMasterPurchaseAgreement
The Master Purchase Agreement provides that SG Echo will be paid a fee equal to 12% of the agreed cost of each project. The Master Purchase Agreement further provides that payment terms for all design work and the completion of the pre-fabricated container and module shall be made in accordance with the following schedule: (a) a deposit equal to 40% of the cost of the pre- fabricated container and module only shall be paid by us to SG Echo within 5 business days of the mutual execution of a project order; (b) a progress payment (not to exceed to 35% of the cost of the pre-fabricated container and module) shall be paid by the Company to SG Echo monthly in proportion to the percentage of Work completed, which payment shall be made within 10 business days of the Company receipt of SG Echo’s invoice; (c) a progress payment equal to 15% of the cost of the pre-fabricated container and module shall be paid by us to SG Echo within 10 business days of the delivery of the pre-fabricated container and module to the specific project site; and (d) the final payment equal to 10% of the cost of the pre-fabricated container and module only shall be paid by us to SG Echo within 10 business days of the substantial completion of the Work. Substantial completion of the Work shall be as defined by the applicable project order
sgbx Percentage Of Withhold Of Invoiced Amount As Retainage
PercentageOfWithholdOfInvoicedAmountAsRetainage
0.10 pure
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
0 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
145000 usd
sgbx Contribute Land Amount
ContributeLandAmount
39000 usd
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 us-gaap Goodwill
Goodwill
usd
CY2023Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
usd
CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
usd
CY2023Q4 us-gaap Minority Interest
MinorityInterest
usd
CY2023Q3 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
usd
us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
usd
CY2023Q3 us-gaap Revenues
Revenues
usd
us-gaap Revenues
Revenues
usd
CY2024Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
usd
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
CY2023Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
sgbx Stock Issued During Period Value Cashless Warrant Exercise
StockIssuedDuringPeriodValueCashlessWarrantExercise
usd
us-gaap Share Based Compensation
ShareBasedCompensation
usd
sgbx Common Stock For Debt And Warrant Issuance
CommonStockForDebtAndWarrantIssuance
usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
usd
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
usd
sgbx Forgiveness Of Due From Affiliate
ForgivenessOfDueFromAffiliate
usd
sgbx Conversion Of Notes Payable
ConversionOfNotesPayable
usd
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
usd
sgbx I Noncash Activities Intangible Assets
INoncashActivitiesIntangibleAssets
usd
sgbx Non Cash Acquition Goodwill
NonCashAcquitionGoodwill
usd
us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001959023

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