SAFE & GREEN HOLDINGS CORP.

For the period ended Sep 30, 2025. Filed Nov 14, 2025.

About this filing

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, 2025 · Filed Nov 14, 2025

OLOX$0.70+1.3%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024

Condensed Consolidated Balance Sheets

	September 30, 2025	December 31, 2024
(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$3,021,757	$375,873
Accounts receivable, net	248,748	105,479
Contract assets	48,351	2,536
Inventories	980,939	471,468
Prepaid expenses and other current assets	104,137	204,596
Total current assets	4,403,932	1,159,952
Oil and gas, on the basis of full cost accounting, net	3,713,189	—
Property, plant and equipment, net	4,119,086	3,965,426
Other non-current assets	87,048	196,432
Proved oil and gas reserves	1,560,000	—
Intangible assets, net	757,581	11,658
Investment in and advances to equity affiliates	220,000	738,056
Goodwill	39,244,842	—
Total Assets	$54,105,678	$6,071,524
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$13,027,721	$9,332,620
Contract liabilities	823,648	596,082
Lease liability, current maturities	—	66,821
Due to affiliates	3,124,727	1,716,244
Short-term notes payable, net	7,063,111	2,098,381
Total current liabilities	24,039,207	13,810,148
Long-term notes payable, net	5,130,914	4,721,684
Total liabilities	29,170,121	18,531,832
Stockholders’ equity (deficit):
Series A Preferred stock, $1.00 par value, 5,405,010 shares authorized; 3,848,640 and 0 issued and outstanding at September 30, 2025 and December 31, 2024, respectively	3,848,640	—
Series B Preferred stock, $1.00 par value, 60,000 shares authorized; 60,000 and 0 issued and outstanding at September 30, 2025 and December 31, 2024, respectively	60,000	—
Common stock, $0.01 par value, 75,000,000 shares authorized; 763,434 issued and 763,382 outstanding as of September 30, 2025 and 99,829 issued and 94,350 outstanding as of December 31, 2024	7,634	944
Additional paid-in capital	128,898,736	86,163,227
Common stock to be issued	3,381,436	—
Treasury stock, at cost 3,371 shares as of September 30, 2025 and December 31, 2024	(92,396)	(92,396)
Accumulated deficit	(111,168,493)	(98,532,083)
Total stockholders’ equity (deficit)	24,935,557	(12,460,308)
Total Liabilities and Stockholders’ Equity (Deficit)	$54,105,678	$6,071,524

Condensed Consolidated Statements of Operations

	For the Three Months September 30,	For the Three Months Ended September 30,	For the Nine Months September 30,	For the Nine Months Ended September 30,
	2025	2024	2025	2024
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Revenue:
Construction services	$820,883	$1,753,223	$1,840,520	$3,932,592
Oil and gas	125,637	—	187,275	—
Other	104,645	—	311,075	—
Total	1,051,165	1,753,223	2,338,870	3,932,592
Cost of revenue:
Construction services	1,087,966	1,878,799	3,352,859	3,618,031
Oil and gas	261,878	—	573,393	—
Other	9,493	—	39,013	—
Total	1,359,337	1,878,799	3,965,265	3,618,031
Gross (loss) profit	(308,172)	(125,576)	(1,626,395)	314,561
Operating expenses:
Payroll and related expenses	769,057	1,761,827	2,062,589	3,507,118
General and administrative expenses	1,397,717	275,156	4,147,907	1,513,100
Marketing and business development expenses	32,780	78,526	190,597	316,270
Total	2,199,554	2,115,509	6,401,093	5,336,488
Operating loss	(2,507,726)	(2,241,085)	(8,027,488)	(5,021,927)
Other income (expense):
Interest expense	(553,087)	(864,007)	(2,092,176)	(2,404,277)
Change in fair value of equity-based investment	—	(613,665)	(311,560)	(5,590,666)
Loss on disposition of equity-based investment	—	—	—	(320,408)
Loss on conversion of notes payable	(4,915,209)	—	(4,915,209)	—
Interest income	117,044	—	117,044	9,570
Other income	2,543,106	2,652	2,592,979	186,634
Total	(2,808,146)	(1,475,020)	(4,608,922)	(8,119,147)
Loss before income taxes	(5,315,872)	(3,716,105)	(12,636,410)	(13,141,074)
Income tax expense	—	—	—	—
Loss from continuing operations	(5,315,872)	(3,716,105)	(12,636,410)	(13,141,074)
Income from discontinued operations	—	—	—	2,684,678
Net loss	(5,315,872)	(3,716,105)	(12,636,410)	(10,456,396)
Common stock deemed dividend – reduction in conversion rate	—	—	—	(475,713)
Common stock deemed dividend - inducement	—	—	—	(1,162,436)
Net loss attributable to common stockholders	$(5,315,872)	$(3,716,105)	$(12,636,410)	$(12,094,545)
Net loss per share
Basic and diluted – continuing operations	$(12.68)	$(113.82)	$(56.41)	$(565.95)
Basic and diluted – discontinuing operations	$—	$—	$—	$115.62
Basic and diluted – total	$(12.68)	$(113.82)	$(56.41)	$(450.33)
Weighted average shares outstanding:
Basic and diluted	419,219	32,648	223,998	23,220

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (Unaudited)

For The Three and Nine Months Ended September 30, 2025 and 2024

$1.00 Par Value Series A Preferred Stock · $1.00 Par Value Series B Preferred Stock · $0.01 Par Value Common Stock · Additional Paid-in · Common Stock to be · Treasury · Accumulated · Total Stockholders’ Equity
	Shares	Amount	Shares	Amount	Shares	Amount	Capital	Issued	Stock	Deficit	(Deficit)
Balance at June 30, 2025	3,848,640	$3,848,640	—	—	189,385	$1,894	$125,833,504	$—	$(92,396)	$(105,852,621)	$23,739,021
Fractional share adjustment	—	—	—	—	4	—	—	—	—	—	—
Stock—based compensation	—	—	—	—			106,298	—	—	—	106,298
Issuance of common stock for services	—	—	—	—	4,017	40	14,763	—	—	—	14,803
Issuance of common stock – prefunded warrants	—	—	--	—	279,752	2,798	(1,888)	—	—	—	910
Conversion of notes payable and accrued interest	—	—		—	199,963	1,999	2,228,024	3,381,436	—	—	5,611,459
Forgiveness related party debt	—	—	—	—	90,313	903	778,035	—	—	—	778,938
Warrant to Preferred Stock Exchange	—	—	60,000	60,000	—	—	(60,000)	—	—	—	—
Net loss	—	—	—	—	—	—	—	—	—	(5,315,872)	(5,315,872)
Balance at September 30, 2025	3,848,640	3,848,640	60,000	60,000	763,434	7,634	128,898,736	$3,381,436	(92,396)	(111,168,493)	24,935,557

$1.00 Par Value Series A Preferred Stock · $1.00 Par Value Series B Preferred Stock · $0.01 Par Value Common Stock · Additional Paid-in · Common Stock to be · Treasury · Accumulated · Total Stockholders’ Equity
	Shares	Amount	Shares	Amount	Shares	Amount	Capital	Issued	Stock	Deficit	(Deficit)
Balance at December 31, 2024	—	$—	—	—	94,349	$943	$86,163,228	$—	$(92,396)	$(98,532,083)	$(12,460,308)
Fractional share adjustment	—	—	—	—	4	—	—	—	—	—	—
Stock—based compensation	—		—	—	1,066	11	318,883	—	—	—	318,894
Issuance of stock in connection with acquisition	4,000,000	4,000,000	—	—	—	—	30,569,600	—	—	—	34,569,600
Forgiveness related party debt	—	—	—	—	90,313	903	2,053,451	—	—	—	2,054,354
Issuance of common stock in connection with debt issuance	—	—	—	—	4,594	46	332,003	—	—	—	332,049
Issuance of common stock, net of issuance costs	—	—	—	—	39,126	391	6,634,903	—	—		6,635,294
Issuance of Common stock for services	—	—	--		4,017	40	14,763	—	—	—	14,803
Issuance of Common stock – prefunded warrants	—	—	—	—	279,752	2,798	(1,888)	—	—	—	910
Conversion of notes payable and accrued interest	—	—	—	—	199,963	1,999	2,228,024	3,381,436	—	—	5,611,459
Issuance of stock for accrued interest	—	—		—	19,000	190	494,722	—	—	—	494,912
Preferred to common conversion	(151,360)	(151,360)	—	—	31,250	313	151,047	—	—	—	—
Warrant to Preferred Stock Exchange	—	—	60,000	60,000	—	—	(60,000)	—	—	—	—
Net loss	—	—			—	—	—	—	—	(12,636,410)	(12,636,410)
Balance at September 30, 2025	3,848,640	$3,848,640	60,000	60,000	763,434	$7,634	$128,898,736	$3,381,436	$(92,396)	$(111,168,493)	$24,935,557

$1.00 Par Value Series A Preferred Stock · $0.01 Par Value Common Stock · Additional Paid-in · Treasury · Accumulated · Noncontrolling · Total Stockholders’ Equity
	Shares	Amount	Shares	Amount	Capital	Stock	Deficit	Interests	(Deficit)
Balance at June 30, 2024	—	$—	27,312	$273	$78,648,256	$(92,396)	$(84,217,910)	$—	$(5,661,777)
Issuance of stock for accounts payable settlement	—	—	1,291	13	648,566	—	—	—	648,579
Stock-based compensation and issuance of RSU’s	—	—	6,445	64	570,298	—	—	—	570,362
Prefunded warrant exercise	—	—	234	2	13	—	—	—	15
	—	—	—	—
Net loss	—	—	—	—	—	—	(3,716,105)	—	(3,716,105)
Balance of September 30, 2024	—	$—	35,283	$353	$79,867,132	$(92,396)	$(87,934,015)	$—	$(8,158,926)
Balance at December 31, 2023	—	$—	13,772	$139	$69,012,093	$(92,396)	$(75,839,470)	$675,931	$(6,243,703)
Stock-based compensation and issuance of RSU’s	—	—	7,053	71	1,097,627	—	—	—	1,097,698
Common stock deemed dividend – inducement	—	—			1,162,436	—	(1,162,436)	—
Common stock deemed dividend – reduction in conversion rate	—	—	—	—	475,713		(475,713)	—	—
Cashless warrant exercise	—	—	178	2	(2)	—	—	—	—
Prefunded warrant exercise	—	—	4,599	46	(16)	—	—	—	30
Issuance of stock upon inducement	—	—	1,483	15	494,198	—	—	—	494,213
Issuance of common stock and warrants for debt issuance	—	—	234	2	251,539	—	—	—	251,541
Conversion of debt and interest	—	—	2,409	24	802,063	—	—	—	802,087
Fractional share adjustment	—	—	(1)	(1)	1	—	—	—	—
Issuance of common stock under EP Adjustment	—	—	209	2	28,865	—	—	—	28,867
Issuance of stock for accounts payable settlement	—	—	3,316	33	1,259,648	—	—	—	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	—	—	2,031	20	3,590,366				3,590,386
Net loss	—	—	—	—	—	—	(10,456,396)	—	(10,456,396)
Balance at September	—	$—	35,283	$353	$79,867,132	$(92,396)	$(87,934,015)	$—	$(8,158,926)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.