SAFE & GREEN HOLDINGS CORP.
For the period ended Sep 30, 2024. Filed Nov 27, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 27, 2024
OLOX$0.68-2.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023
Condensed Consolidated Balance Sheets
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $256,957 | $14,212 |
| Accounts receivable, net | 168,240 | 182,753 |
| Contract assets | 184,520 | 10,745 |
| Inventories | 742,144 | 156,512 |
| Prepaid expenses and other current assets | 649,001 | 340,790 |
| Current assets of discontinued operations | — | 4,635,586 |
| Total current assets | 2,000,862 | 5,340,598 |
| Property, plant and equipment, net | 4,206,315 | 4,388,177 |
| Project development costs and other non-current assets | 693,078 | 538,989 |
| Right-of-use asset | 1,120,337 | 1,987,137 |
| Intangible assets, net | 15,075 | 1,406 |
| Deferred contract costs, net | — | 30,589 |
| Investment in and advances to equity affiliates | 1,763,594 | — |
| Long-term assets of discontinued operations | — | 4,924,379 |
| Total Assets | $9,799,261 | $17,211,275 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $8,653,998 | $8,992,971 |
| Contract liabilities | 755,064 | 1,366,998 |
| Lease liability, current maturities | 265,627 | 856,088 |
| Due to affiliates | 1,717,694 | — |
| Short-term notes payable, net | 1,845,611 | 1,661,183 |
| Current liabilities of discontinued operations | — | 7,672,189 |
| Total current liabilities | 13,237,994 | 20,549,429 |
| Long-term notes payable, net | 4,720,194 | 2,447,415 |
| Lease liability, net of current maturities | — | 549,290 |
| Total liabilities | 17,958,188 | 23,546,134 |
| Stockholders’ equity: | ||
| Preferred stock, $1.00 par value, 5,405,010 shares authorized; none issued or outstanding | — | — |
| Common stock, $0.01 par value, 75,000,000 shares authorized; 2,258,103 issued and outstanding as of September 30, 2024 and 881,387 issued and 814,969 outstanding as of December 31, 2023 | 22,581 | 8,814 |
| Additional paid-in capital | 79,353,348 | 69,003,597 |
| Treasury stock, at cost 3,371 shares as of September 30, 2024 and December 31, 2023 | (92,396) | (92,396) |
| Accumulated deficit | (87,442,460) | (75,930,805) |
| Non-controlling interest | — | 675,931 |
| Total stockholders’ equity | (8,158,927) | (6,334,859) |
| Total Liabilities and Stockholders’ Equity | $9,799,261 | $17,211,275 |
SAFE** & GREEN HOLDINGS CORP. AND SUBSIDIARIES**
Condensed Consolidated Statements of Operations
| For the Three Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| Revenue: | ||||
| Construction services | $1,753,223 | $3,965,361 | $3,932,592 | $14,566,351 |
| Total | 1,753,223 | 3,965,361 | 3,932,592 | 14,566,351 |
| Cost of revenue: | ||||
| Construction services | 1,878,799 | 4,501,393 | 3,618,031 | 15,138,225 |
| Total | 1,878,799 | 4,501,393 | 3,618,031 | 15,138,225 |
| Gross (loss) profit | (125,576) | (536,032) | 314,561 | (571,874) |
| Operating expenses: | ||||
| Payroll and related expenses | 1,761,827 | 591,130 | 3,507,118 | 5,419,852 |
| General and administrative expenses | 275,156 | 1,012,662 | 1,513,100 | 3,638,803 |
| Marketing and business development expenses | 78,526 | 251,309 | 316,270 | 414,154 |
| Total | 2,115,509 | 1,855,101 | 5,336,488 | 9,472,809 |
| Operating loss | (2,241,085) | (2,391,133) | (5,021,927) | (10,044,683) |
| Other income (expense): | ||||
| Interest expense | (864,007) | (398,772) | (2,404,277) | (735,070) |
| Interest income | — | 3,186 | 9,570 | 22,002 |
| Loss on disposition of equity-based investment | — | — | (320,408) | — |
| Change in fair value of equity-based investment | (613,665) | — | (5,590,666) | — |
| Other income | 2,652 | 102,128 | 186,634 | 690,618 |
| Total | (1,475,020) | (293,458) | (8,119,147) | (22,450) |
| Loss before income taxes | (3,716,105) | (2,684,591) | (13,141,074) | (10,067,133) |
| Income tax expense | — | — | — | — |
| Net loss | (3,716,105) | (2,684,591) | (13,141,074) | (10,067,133) |
| Common stock deemed dividend – reduction in conversion rate | — | — | (475,713) | — |
| Common stock deemed dividend – inducement | — | — | (670,881) | — |
| Loss from continuing operations | (3,716,105) | (2,684,591) | (14,287,668) | (10,067,133) |
| Income (loss) from discontinued operations | — | (923,543) | 2,776,013 | (2,615,965) |
| Net loss attributable to common stockholders | $(3,716,105) | $(3,608,134) | $(11,511,655) | $(12,683,098) |
| Net loss per share | ||||
| Basic and diluted – continued operations | $(1.78) | $(3.34) | $(9.61) | $(13.64) |
| Basic and diluted – discontinued operations | $— | $(1.15) | $1.87 | $(3.54) |
| Weighted average shares outstanding: | ||||
| Basic and diluted | 2,089,478 | 802,857 | 1,486,059 | 738,075 |
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaud ited)
| $0.01 Par ValueCommon Stock · AdditionalPaid-in · Treasury · Accumulated · Noncontrolling · TotalStockholders’ | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amount | Capital | Stock | Deficit | Interests | Equity | |
| Balance at June 30, 2024 | 1,747,992 | $17,480 | $78,139,493 | $(92,396) | $(83,726,355) | $— | $(5,661,778) |
| Fractional share adjustment | (9) | — | — | — | — | — | — |
| Issuance of stock for accounts payable settlement | 82,645 | 826 | 647,753 | — | — | — | 648,579 |
| Stock-based compensation and issuance of RSU’s | 412,475 | 4,125 | 566,237 | — | — | — | 570,362 |
| Prefunded warrant exercise | 15,000 | 150 | (135) | — | — | — | 15 |
| Net loss | — | — | — | — | (3,716,105) | — | (3,716,105) |
| Balance at September 30, 2024 | 2,258,103 | $22,581 | $79,353,348 | $(92,396) | $(87,442,460) | $— | $(8,158,927) |
| Balance at December 31, 2023 | 881,387 | $8,814 | $69,003,597 | $(92,396) | $(75,930,805) | $675,931 | $(6,334,859) |
| Stock-based compensation and issuance of RSU’s | 451,409 | 4,514 | 1,093,184 | — | — | — | 1,097,698 |
| Common stock deemed dividend – inducement | — | — | 670,881 | — | (670,881) | — | — |
| Common stock deemed dividend – reduction in conversion rate | — | — | 475,713 | — | (475,713) | — | — |
| Cashless warrant exercise | 11,389 | 114 | (114) | — | — | — | — |
| Prefunded warrant exercise | 294,310 | 2,943 | (2,913) | — | — | — | 30 |
| Issuance of stock upon inducement | 94,932 | 949 | 493,264 | — | — | — | 494,213 |
| Issuance of common stock and warrants for debt issuance | 15,000 | 150 | 251,211 | — | — | — | 251,361 |
| Conversion of debt and interest | 154,155 | 1,542 | 800,545 | — | — | — | 802,087 |
| Factional share adjustment | (82) | (1) | 1 | — | — | — | — |
| Issuance of common stock under EP Agreement | 13,355 | 134 | 28,733 | — | — | — | 28,867 |
| Issuance of stock for accounts payable settlement | 212,248 | 2,122 | 1,257,559 | — | — | — | 1,259,681 |
| SG DevCorp equity transactions | — | — | 1,692,601 | — | — | 1,290,917 | 2,983,518 |
| Deconsolidation of SG DevCorp | — | — | — | — | — | (1,966,848) | (1,966,848) |
| Issuance of common stock for cash | 130,000 | 1,300 | 3,589,086 | — | — | — | 3,590,386 |
| Net loss | — | — | — | — | (10,365,061) | — | (10,365,061) |
| Balance at September 30, 2024 | 2,258,103 | $22,581 | $79,353,348 | $(92,396) | $(87,442,460) | $— | $(8,158,927) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaud ited)
| $0.01 Par ValueCommon Stock · AdditionalPaid-in · Treasury · Accumulated · Noncontrolling · TotalStockholders’ | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amount | Capital | Stock | Deficit | Interests | Equity | |
| Balance at June 30, 2023 | 800,806 | $8,008 | $60,341,804 | $(92,396) | $(50,503,232) | $(429,024) | $9,325,160 |
| Distribution of SG DevCorp | — | — | 6,875,567 | — | (8,220,004) | 1,344,437 | — |
| Conversion of short-term notes payable | 23,333 | 233 | 699,767 | — | — | — | 700,000 |
| Net loss | — | — | — | — | (3,608,134) | — | (3,608,134) |
| Balance at September 30, 2023 | 824,139 | $8,241 | $67,917,138 | $(92,396) | $(62,331,370) | $915,413 | $6,417,026 |
| Balance at December 31, 2022 | 630,699 | $6,307 | $56,293,810 | $(49,680) | $(41,428,268) | $(382,607) | $14,439,562 |
| Stock-based compensation | — | — | 3,210,631 | — | — | — | 3,210,631 |
| Issuance of restricted common stock | 14,376 | 144 | 437,181 | — | — | — | 437,325 |
| Issuance of restricted stock units | 150,731 | 1,507 | (1,507) | — | — | — | — |
| Common stock issued for services | 2,500 | 25 | 47,475 | — | — | — | 47,500 |
| Issuance of warrants and restricted common stock | 2,500 | 25 | 354,214 | — | — | — | 354,239 |
| Noncontrolling interest distribution | — | — | — | — | — | (46,417) | (46,417) |
| Treasury stock | — | — | — | (42,716) | — | — | (42,716) |
| Distribution of SG DevCorp | — | — | 6,875,567 | — | (8,220,004) | 1,344,437 | — |
| Conversion of short-term notes payable | 23,333 | 233 | 699,767 | — | — | — | 700,000 |
| Net loss | — | — | — | — | (12,683,098) | — | (12,683,098) |
| Balance at September 30, 2023 | 824,139 | $8,241 | $67,917,138 | $(92,396) | $(62,331,370) | $915,413 | $6,417,026 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.