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Forge Innovation Development Corp (FGNV-45.01%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total rental income of $178,380, compared to $132,760 for the same quarter the previous year. This increase is attributed to the acquisition of Legend LP in March 2023.
General and administrative expenses for the quarter were $72,256, up from $50,499 in the same quarter of the previous year. This increase is mainly due to higher property tax expenses.
The company reported a net loss of $105,518 for the quarter, compared to a net loss of $665,605 in the previous year. The decrease in net loss is partly due to the change in borrower for the loans of Legend LP in April 2024.
For the nine months ended September 30, 2024, total rental income was $490,498, up from $310,770 in the previous year. The increase is attributed to the acquisition of Legend LP and the resulting increase in rentable offices.
The company recorded share-based compensation of $928,986 for the nine-month period, up from $536,986 in the previous year, due to the issuance of shares under the 2023 Equity Incentive Plan.
Cash used in operating activities for the nine months ended September 30, 2024, was $231,665. Cash provided by financing activities was $270,393, primarily due to proceeds from a commercial loan.
Forge Innovation Development Corp continues to face challenges with its going concern status due to recurring losses and a negative working capital position.
The filing also details related party transactions, including amounts due to related parties totaling $576,419 as of September 30, 2024.
The company has settled a legal proceeding related to a lease agreement, agreeing to pay $100,000 in rent and $13,953 in nonrefundable rent deposit.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Forge Innovation Development Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.