Summary by Moomoo AI
Safe & Green Development Corporation reported a net loss of $8.9 million for fiscal year 2024, compared to a $4.2 million loss in 2023. Revenue reached $207,552, primarily from real estate commissions, while operating expenses increased to $6.6 million driven by $3.6 million in payroll costs and $2.9 million in administrative expenses.The company is strategically pivoting its business model by monetizing real estate holdings and entering the engineered soils sector through the planned acquisition of Resource Group for $480,000 in cash plus equity. Key developments include selling the St. Mary's site for $1.4 million and entering agreements to divest the Lago Vista property for $6.6 million and Cumberland Inlet stake for $4.5 million.The company strengthened its capital structure through multiple financing arrangements, including convertible debentures with Arena Investors totaling $10.3 million and establishing a $50 million equity line of credit. Management expects to complete the transition to focus solely on the engineered soils business by the end of 2025, marking a significant strategic realignment.
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