Safe & Green Development Corporation (SG DevCo), a real estate development company, reported financial results for the quarter ended June 30, 2024. The company generated sales revenue of $42,162, primarily from commissions on residential real estate transactions. Payroll and related expenses totaled $595,645, with other operating expenses at $349,490, leading to an operating loss of $902,973. Interest expenses amounted to $1,065,818, resulting in a net loss of $1,968,791 for the quarter. The company's financial performance reflects its ongoing efforts to expand into new business areas, including technology platforms for real estate marketplaces. SG DevCo's business development has included the acquisition of Majestic World Holdings LLC, which offers an AI-powered real estate marketplace, and the purchase of MyVONIA, an AI-powered personal assistant technology. The company's...Show More

Safe & Green Development Corporation (SG DevCo), a real estate development company, reported financial results for the quarter ended June 30, 2024. The company generated sales revenue of $42,162, primarily from commissions on residential real estate transactions. Payroll and related expenses totaled $595,645, with other operating expenses at $349,490, leading to an operating loss of $902,973. Interest expenses amounted to $1,065,818, resulting in a net loss of $1,968,791 for the quarter. The company's financial performance reflects its ongoing efforts to expand into new business areas, including technology platforms for real estate marketplaces. SG DevCo's business development has included the acquisition of Majestic World Holdings LLC, which offers an AI-powered real estate marketplace, and the purchase of MyVONIA, an AI-powered personal assistant technology. The company's future plans involve the development of properties using proceeds from securities sales and potential financings. SG DevCo aims to commence development activities for its McLean Property and continue software development for its technology platforms. However, the company faces challenges, including a material weakness in internal controls over financial reporting and the need to comply with Nasdaq's continued listing requirements.