Harbor Custom Development, Inc. (HCDI) has filed an amended annual report for the fiscal year ended December 31, 2022, with the Securities and Exchange Commission (SEC) on January 18, 2024. The amendment addresses a previously omitted management report on internal control over financial reporting, which the company had failed to include in its original filing on March 31, 2023. This omission led the company to conclude that its disclosure controls and procedures were ineffective as of December 31, 2022. Despite this, the company asserts that the consolidated financial statements and other disclosures in the original report remain unchanged and were not impacted by the omission. HCDI has identified the omission as a material weakness but has taken steps to remediate the issue by enhancing review processes to ensure...Show More

Harbor Custom Development, Inc. (HCDI) has filed an amended annual report for the fiscal year ended December 31, 2022, with the Securities and Exchange Commission (SEC) on January 18, 2024. The amendment addresses a previously omitted management report on internal control over financial reporting, which the company had failed to include in its original filing on March 31, 2023. This omission led the company to conclude that its disclosure controls and procedures were ineffective as of December 31, 2022. Despite this, the company asserts that the consolidated financial statements and other disclosures in the original report remain unchanged and were not impacted by the omission. HCDI has identified the omission as a material weakness but has taken steps to remediate the issue by enhancing review processes to ensure completeness and accuracy in future filings. The company's market value of voting stock held by non-affiliates was approximately $15.6 million as of June 30, 2022. As of March 28, 2023, HCDI had 719,152 shares of common stock outstanding. The company's securities are registered with the Nasdaq Stock Market LLC under the symbols HCDI for common stock, HCDIP for Series A Cumulative Convertible Preferred Stock, and HCDIW and HCDIZ for warrants. The company is classified as a non-accelerated filer, smaller reporting company, and emerging growth company under SEC regulations. Harbor Custom Development, Inc. has not provided specific future plans or business development updates in this amendment.