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Safe & Green Development | 8-K: Safe and Green Development Corporation Reports First Quarter 2024 Financial Results and Provides a Business Update

SEC ·  May 15 20:55
Summary by Futu AI
On May 15, 2024, Safe and Green Development Corporation (SG Devco), a real estate development company listed on NASDAQ as SGD, released its financial results for the first quarter ending March 31, 2024. The company reported revenues of $49,816 and a GAAP net loss of $3,067,671. However, the adjusted EBITDA, a non-GAAP financial measure, was reported at a loss of $432,004. The quarter was marked by significant operational achievements, including the initiation of a strategic property monetization, the execution of a contract to sell the St Mary's Site for $1.35 million, the acquisition of XENE Real Estate AI Software, and securing financing for the Norman Berry Expansion in Atlanta, Georgia. The company's CEO, David Villarreal, expressed confidence in SG Devco's strategic initiatives and technological...Show More
On May 15, 2024, Safe and Green Development Corporation (SG Devco), a real estate development company listed on NASDAQ as SGD, released its financial results for the first quarter ending March 31, 2024. The company reported revenues of $49,816 and a GAAP net loss of $3,067,671. However, the adjusted EBITDA, a non-GAAP financial measure, was reported at a loss of $432,004. The quarter was marked by significant operational achievements, including the initiation of a strategic property monetization, the execution of a contract to sell the St Mary's Site for $1.35 million, the acquisition of XENE Real Estate AI Software, and securing financing for the Norman Berry Expansion in Atlanta, Georgia. The company's CEO, David Villarreal, expressed confidence in SG Devco's strategic initiatives and technological advancements, which are expected to position the company for continued success in the real estate industry. The company also anticipates completing the acquisition of MyVONIA, an advanced AI assistant, in the second quarter. SG Devco aims to reach a revenue milestone of approximately $1 million in the next quarter from the sale of the St. Mary's property and to expand its subscriber base to at least two hundred XENE subscribers.

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