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Safe and Green Development Corporation (SGD+6.06%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which focus on real property development using prefabricated modules. The company has been primarily engaged in acquiring and investing in properties for future development into green single or multi-family projects.
During 2024, the company generated revenues of $207,552 from commissions on residential real estate transactions, while incurring a net loss of $8,908,475. The increase in expenses, particularly in payroll and related expenses, was due to stock-based compensation and additional salaried employees.
The company has entered into joint ventures with Milk & Honey LLC to develop single-family homes and an eco-friendly retail outlet in Texas. Additionally, it has invested in real-estate related AI assets.
Safe and Green Development Corporation is in the process of monetizing its real estate holdings, having entered into agreements to sell two of its properties. The proceeds from these sales are expected to fund future operations and development projects.
The company has faced financial challenges, with substantial doubt about its ability to continue as a going concern due to net losses and a net capital deficiency. It has been funding operations through bridge note financing and the issuance of equity and debt securities.
In September 2023, the company was separated from its parent company, Safe & Green Holdings Corp., and began trading on the Nasdaq Capital Market under the symbol 'SGD'.
The filing also includes information about the company's executive officers and directors, as well as details on its corporate governance practices and related party transactions.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.