Safe & Green Development Corporation (SG DevCo) reported financial results for the quarter ended September 30, 2024. The company generated sales revenue of $81,210, primarily from commissions on residential real estate transactions. However, SG DevCo experienced a net loss of $2,342,002 for the quarter, attributed to operating expenses totaling $1,471,973, including payroll, general and administrative expenses, and marketing costs. Interest expenses also contributed to the loss, amounting to $951,239. For the nine-month period, the company's net loss widened to $7,378,464, compared to a net loss of $2,615,965 in the same period of the previous year. The company's cash position as of September 30, 2024, was $13,707. SG DevCo's financial activities included securing various forms of financing, such as bridge note financing and the issuance of equity and debt...Show More

Safe & Green Development Corporation (SG DevCo) reported financial results for the quarter ended September 30, 2024. The company generated sales revenue of $81,210, primarily from commissions on residential real estate transactions. However, SG DevCo experienced a net loss of $2,342,002 for the quarter, attributed to operating expenses totaling $1,471,973, including payroll, general and administrative expenses, and marketing costs. Interest expenses also contributed to the loss, amounting to $951,239. For the nine-month period, the company's net loss widened to $7,378,464, compared to a net loss of $2,615,965 in the same period of the previous year. The company's cash position as of September 30, 2024, was $13,707. SG DevCo's financial activities included securing various forms of financing, such as bridge note financing and the issuance of equity and debt securities. Notably, the company entered into joint ventures for property development in Texas and acquired AI technology assets, including Majestic World Holdings LLC and MyVONIA. Despite these efforts, the company's auditors have expressed substantial doubt about its ability to continue as a going concern due to its history of losses and reliance on external financing. SG DevCo also faced challenges with Nasdaq listing requirements, specifically regarding stockholders' equity and minimum bid price, but has taken steps to regain compliance.