Safe & Green Development Corporation reported Q2 2024 financial results with revenues of $42,162 from real estate commissions, compared to no revenue in Q2 2023. The company incurred a net loss of $1.97 million for the quarter, widening from $788K loss in the prior year period, primarily due to increased operating expenses and interest costs. Operating expenses rose to $945K from $496K year-over-year.The company expanded its technology portfolio by acquiring Majestic World Holdings, an AI-powered real estate marketplace platform, and MyVONIA, an AI personal assistant technology. These strategic moves mark the company's entry into the prop-tech sector. Additionally, Safe & Green secured new financing arrangements, including convertible debentures with Peak One and a $250K credit line facility.The company faces ongoing liquidity challenges with only $24K in...Show More

Safe & Green Development Corporation reported Q2 2024 financial results with revenues of $42,162 from real estate commissions, compared to no revenue in Q2 2023. The company incurred a net loss of $1.97 million for the quarter, widening from $788K loss in the prior year period, primarily due to increased operating expenses and interest costs. Operating expenses rose to $945K from $496K year-over-year.The company expanded its technology portfolio by acquiring Majestic World Holdings, an AI-powered real estate marketplace platform, and MyVONIA, an AI personal assistant technology. These strategic moves mark the company's entry into the prop-tech sector. Additionally, Safe & Green secured new financing arrangements, including convertible debentures with Peak One and a $250K credit line facility.The company faces ongoing liquidity challenges with only $24K in cash as of June 30, 2024. Management is pursuing strategic initiatives including property monetization, having entered agreements to sell its St. Mary's and Lago Vista sites. The company's ability to continue operations remains dependent on securing additional funding through equity sales or debt financing, as auditors expressed substantial doubt about its going concern status.