HARBOR CUSTOM DEVELOPMENT INC, a real estate development company, reported a decrease in total fixed assets from $2,751,100 in 2022 to $2,203,200 in 2023, with net fixed assets after depreciation at $1,610,500, down from $2,289,500 the previous year. The company's real estate assets also saw a decline, with total real estate valued at $156,738,400 in 2023, compared to $205,478,200 in 2022. Accounts payable and accrued expenses not subject to compromise decreased to $5,945,900 in 2023 from $14,090,700 in 2022. HARBOR CUSTOM DEVELOPMENT INC entered into a senior secured revolving credit facility with BankUnited, N.A. for $25.0 million in March 2022, which is collateralized by the company's assets. However, the company was not in compliance with certain financial covenants as of December 31, 2022, leading to an amendment of the loan agreement in February 2023. The company...Show More

HARBOR CUSTOM DEVELOPMENT INC, a real estate development company, reported a decrease in total fixed assets from $2,751,100 in 2022 to $2,203,200 in 2023, with net fixed assets after depreciation at $1,610,500, down from $2,289,500 the previous year. The company's real estate assets also saw a decline, with total real estate valued at $156,738,400 in 2023, compared to $205,478,200 in 2022. Accounts payable and accrued expenses not subject to compromise decreased to $5,945,900 in 2023 from $14,090,700 in 2022. HARBOR CUSTOM DEVELOPMENT INC entered into a senior secured revolving credit facility with BankUnited, N.A. for $25.0 million in March 2022, which is collateralized by the company's assets. However, the company was not in compliance with certain financial covenants as of December 31, 2022, leading to an amendment of the loan agreement in February 2023. The company suspended payments in November 2023 and recognized a partial extinguishment of the debt, reducing the borrowing capacity to $0. The company's construction loans totaled $126.2 million in 2023, with accrued default interests of $0.8 million. HARBOR CUSTOM DEVELOPMENT INC is undergoing Chapter 11 proceedings, with liabilities subject to compromise totaling $12,221,500 as of December 31, 2023. The company's future plans are not explicitly outlined in the provided announcement.