Acquisition and Strategic Development - Safe and Green Development Corporation completed the acquisition of Resource Group US Holdings LLC, marking a strategic shift towards engineered soils and organic recycling [196]. - The company plans to monetize real estate holdings by selling properties with significant value appreciation, reinvesting proceeds into operations [195]. - The company is focusing on developing sustainable single-family housing in Southern Texas through joint ventures and investments in AI technologies [195]. - The company intends to optimize and operate its legacy real estate assets while supporting the growth of Resource Group [197]. Financial Performance - For the three months ended September 30, 2025, the company generated revenues of $3,515,708, a significant increase of $3,434,498 compared to $81,210 for the same period in 2024, primarily due to the acquisition of Resource Group [209]. - For the nine months ended September 30, 2025, the company reported revenues of $4,936,388, an increase of $4,763,200 from $173,188 in 2024, driven by the Resource Group acquisition [216]. - Total payroll and related expenses for the three months ended September 30, 2025, were $1,038,146, up from $521,305 in 2024, reflecting an increase of $516,841 primarily due to the Resource Group acquisition [210]. - General and administrative expenses rose to $2,036,116 for the three months ended September 30, 2025, compared to $778,448 in 2024, an increase of $1,257,668 attributed to higher professional fees and impairment of intangible assets [212]. - The company incurred an operating loss of $2,332,305 for the three months ended September 30, 2025, compared to a loss of $1,390,763 in 2024 [208]. - Net loss for the nine months ended September 30, 2025, was $12,254,272, compared to a net loss of $7,378,464 for the same period in 2024 [224]. - Interest expense increased to $3,789,105 for the nine months ended September 30, 2025, from $2,583,053 in 2024, reflecting a rise of $1,206,052 due to higher notes payable [221]. - Cash used in operating activities was $188,060 for the nine months ended September 30, 2025, a decrease of $1,733,138 compared to $1,545,078 used in the same period in 2024 [225]. - Bad debt expense for the nine months ended September 30, 2025, was $3,025,000, a significant increase from $0 in 2024, due to uncertainty regarding the collectability of a note receivable [220]. Financial Condition and Risks - The company has expressed substantial doubt about its ability to continue as a going concern, highlighting risks in its financial condition [189]. - The company does not currently intend to pay dividends on its common stock, relying on stock price appreciation for shareholder returns [189]. - The company is subject to various risks, including potential development delays, supply chain disruptions, and legislative changes that could impact operations [190]. - The company has a high concentration of properties in certain states, which poses risks in its property portfolio [189]. Capital Raising Activities - In July 2025, the company raised approximately $560,422 by selling 309,691 shares of common stock at $0.9094 per share, along with warrants [198]. - The October 2025 private placement raised approximately $8.175 million from the issuance of 360,000 shares of Series B Non-Voting Convertible Preferred Stock [207]. Liquidity Position - The company had cash of $233,037 as of September 30, 2025, down from $296,202 at the end of 2024, indicating liquidity challenges [224].
SG DevCo(SGD) - 2025 Q3 - Quarterly Report