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Safe and Green Development Corporation (SGD+2.88%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $81,210 from commissions on residential real estate transactions. This marks a new revenue stream for the company compared to no sales in the same quarter the previous year.
Payroll and related expenses increased to $521,305 from $228,779 in the same quarter of the previous year, primarily due to stock-based compensation and increased salaries.
Other operating expenses, including general and administrative expenses and marketing expenses, rose to $950,668 from $355,208 in the previous year, attributed to increased professional and consulting fees.
Interest expense for the quarter was $951,239, up from $339,877 in the previous year, reflecting an increase in the balance of notes payable.
The company reported a net loss of $2,342,002 for the quarter, compared to a net loss of $923,543 in the previous year.
Cash used in operating activities was $1,545,078 for the nine months ended September 30, 2024, a decrease from $4,553,095 used in the same period in 2023, due to changes in working capital and stock-based compensation.
Investing activities used net cash of $240,551 during the nine months ended September 30, 2024, primarily for intangible assets and project development costs.
Financing activities provided net cash of $1,796,100, primarily from proceeds from short-term notes payable and issuance of common stock.
The company continues to face challenges related to its ability to continue as a going concern, with substantial doubt raised due to recurring losses and a net capital deficiency.
Recent developments include joint ventures for property development in Texas and strategic monetization of real estate holdings, including agreements to sell certain properties.
The filing also details various financial agreements, including a Securities Purchase Agreement with Arena Investors and a Credit Agreement with the Bryan Leighton Revocable Trust.
The company has received notices from Nasdaq (NDAQ+0.51%) regarding non-compliance with certain listing requirements, but has taken steps to address these issues, including a reverse stock split.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Safe and Green Development Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.