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Zoned Properties, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $1,029,630 from $720,450 in the same quarter the previous year. This increase was primarily due to a rise in real estate services revenues and rental revenues from newly acquired properties.
Operating expenses for the quarter decreased to $584,442 from $671,338 in the same quarter of the previous year. The decrease was primarily attributed to a reduction in compensation and benefits expenses.
The company reported income from operations of $445,188 for the quarter, compared to $49,112 in the previous year, reflecting improved operational efficiency.
Net income for the quarter was $58,872, compared to $114,523 in the previous year. The decrease is attributed to a loss in fair value from an interest rate swap.
Zoned Properties had cash of $1,152,090 as of September 30, 2024, down from $3,099,795 at the end of 2023. The decrease in cash was primarily due to investments in new property acquisitions.
The company completed the acquisition of properties in Chicago, Illinois, and Surprise, Arizona, during the quarter, contributing to an increase in rental properties to $13,067,160 from $10,040,524 at the end of 2023.
Zoned Properties continues to focus on expanding its property investment portfolio within the regulated cannabis industry, targeting properties with unique zoning or development challenges.
The filing also details the company's ongoing efforts to secure additional financing for property acquisitions and development, with a recent construction loan agreement for the Surprise, Arizona property.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of multiple levels of management review and inadequate segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zoned Properties Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.