Safe & Green Development Corporation (SG DevCo) reported a net loss of $4.2 million for the fiscal year ended December 31, 2023, compared to a net loss of $2.4 million for the previous year. The company, which specializes in green single or multi-family real estate projects, has not generated revenue since its inception and has relied on funding from its parent company, Safe & Green Holdings Corp. (SG Holdings), and recent bridge note financing, project level financing, and equity and debt securities issuance. SG DevCo became a publicly traded company following a separation and distribution event where SG Holdings distributed approximately 30% of SG DevCo's outstanding shares to its stockholders. SG DevCo's common stock began trading on the Nasdaq Capital Market under the symbol...Show More

Safe & Green Development Corporation (SG DevCo) reported a net loss of $4.2 million for the fiscal year ended December 31, 2023, compared to a net loss of $2.4 million for the previous year. The company, which specializes in green single or multi-family real estate projects, has not generated revenue since its inception and has relied on funding from its parent company, Safe & Green Holdings Corp. (SG Holdings), and recent bridge note financing, project level financing, and equity and debt securities issuance. SG DevCo became a publicly traded company following a separation and distribution event where SG Holdings distributed approximately 30% of SG DevCo's outstanding shares to its stockholders. SG DevCo's common stock began trading on the Nasdaq Capital Market under the symbol 'SGD'. The company also entered into various agreements with SG Holdings to outline the post-separation relationship, including a shared services agreement. SG DevCo's financial statements have been prepared under the assumption that the company will continue as a going concern, despite substantial doubt raised by net losses and a net capital deficiency. The company has plans to monetize its real estate holdings and has entered into agreements for the development of its properties, including a Master Purchase Agreement with SG Echo LLC for modular construction services.