Summary by Moomoo AI
Safe & Green Development Corporation reported Q3 2024 financial results with revenue of $81,210, marking its first revenue generation primarily from real estate commissions. The company's net loss widened to $2.34 million compared to $923,543 in Q3 2023, driven by increased operating expenses of $1.47 million and interest expenses of $951,239.Operating expenses rose significantly with payroll and related expenses reaching $521,305, up from $228,779 in Q3 2023, while general and administrative expenses increased to $778,448. The company recognized $58,222 in stock-based compensation during the quarter and faced higher professional fees related to being a public company.The company continues to face liquidity challenges with cash balance of just $13,707 as of September 30, 2024. To strengthen its financial position, Safe & Green secured multiple financing arrangements including a $1.39 million convertible debenture from Arena Investors and entered strategic joint ventures for property development in Texas. Management is also pursuing monetization of real estate holdings through potential property sales.
