Forge Innovation Reports Modest Q1 Income Growth

TL;DR

Forge Innovation Development Corp. saw income from rent and property management for Q1 2024, a change from last year.

AI Summary

Forge Innovation Development Corp. filed its 10-Q for the period ending March 31, 2024. The company reported property management income from a related party member of $10,000 for Q1 2024, compared to $0 for Q1 2023. Rent income was $10,000 for Q1 2024, up from $0 for Q1 2023. The company's total assets were $1,138,000 as of March 31, 2024.

Why It Matters

The filing indicates a shift from zero income in the prior year's quarter to generating revenue, suggesting potential operational improvements or new business activities for Forge Innovation Development Corp.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative financial events or disclosures.

Key Numbers

• $10K — Property Management Income (Q1 2024) (Generated from a related party member.)
• $10K — Rent Income (Q1 2024) (Represents income from rental properties.)
• $1.14M — Total Assets (Mar 31, 2024) (Overall asset base of the company.)

Key Players & Entities

• Forge Innovation Development Corp. (company) — Filer of the 10-Q
• 20240331 (date) — End of reporting period
• $10,000 (dollar_amount) — Property management income from related party for Q1 2024
• $10,000 (dollar_amount) — Rent income for Q1 2024
• $1,138,000 (dollar_amount) — Total assets as of March 31, 2024

FAQ

Key Financial Figures

• $0.0001 — The number of shares of Common Stock, $0.0001 par value of the registrant outstanding

Filing Documents

• form10-q.htm (10-Q) — 507KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-020419.txt ( ) — 3557KB
• fgnv-20240331.xsd (EX-101.SCH) — 31KB
• fgnv-20240331_cal.xml (EX-101.CAL) — 46KB
• fgnv-20240331_def.xml (EX-101.DEF) — 163KB
• fgnv-20240331_lab.xml (EX-101.LAB) — 267KB
• fgnv-20240331_pre.xml (EX-101.PRE) — 218KB
• form10-q_htm.xml (XML) — 379KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION:

Condensed Financial Statements

Item 1. Condensed Financial Statements: 1 Consolidated Balance Sheets, March 31, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Operations (unaudited) for the Three Months ended March 31, 2024 and 2023 3 Consolidated Statements of Cash Flows (unaudited) for the Three Months ended March 31, 2024 and 2023 4 Consolidated Statements of Changes in Equity (unaudited) for the Three Months ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (unaudited) 6

Management's Discussion and Analysis and Plan of Operation

Item 2. Management's Discussion and Analysis and Plan of Operation 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 15

Controls and Procedures

Item 4. Controls and Procedures 15

OTHER INFORMATION

Part II. OTHER INFORMATION:

Legal Proceedings

Item 1. Legal Proceedings 16

Risk Factors

Item 1A. Risk Factors 16

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 16

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 16

Other Information

Item 5. Other Information 16

Exhibits

Item 6. Exhibits 17

SIGNATURES

SIGNATURES 18 EXHIBIT INDEX 19 i PART I ITEM 1. FINANCIAL STATEMENTS FORGE INNOVATION DEVELOPMENT CORP. INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Consolidated Balance Sheets, March 31, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Operations (unaudited) for the Three Months ended March 31, 2024 and 2023 3 Consolidated Statements of Cash Flows (unaudited) for the Three Months ended March 31, 2024 and 2023 4 Consolidated Statements of Changes in Equity (unaudited) for the Three Months ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 1 FORGE INNOVATION DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 ASSETS CURRENT ASSETS Cash $ 3,909 $ 4,892 Rent receivables 123,296 114,036 Deferred share-based compensation 434,958 928,986 Prepaid expense and other current assets 78,195 76,239 Total Current Assets 640,358 1,124,153 NONCURRENT ASSETS Equipment, net 58,319 63,520 Real estate investments, net 8,113,881 8,118,728 Total Non-Current Assets 8,172,200 8,182,248 TOTAL ASSETS $ 8,812,558 $ 9,306,401 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 113,646 $ 127,049 Due to related parties 1,002,275 926,815 Unearned revenue 55,781 45,774 Other current liabilities 42,941 40,588 Loan payables 458,979 466,065 Total Current Liabilities 1,673,622 1,606,291 Security deposits 151,893 151,893 Other liabilities 32,941 40,000 Long term portion of Chase auto loan 26,162 28,174 Long term portion of SBA loan 11,467 11,674 Commercial loan 4,278,263 4,149,950 TOTAL LIABILITIES 6,174,348 5,987,982 COMMITMENTS AND CONTINGENCIES - - EQUITY Preferred stock, $ .0001 par value, 50,000,000 shares authorized; no share issued and outstanding - - Common stock, $ .0001 par value, 2

Business

Business Combination We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The excess of the fair values of these identifiable assets and liabilities over the fair value of purchase consideration is recorded as gain on bargain purchase included in other income on the consolidated statement of operations. 7 Non-controlling Interests Non-controlling interests are portions of entities included in the condensed consolidated financial statements that are not attributable to the Company. Non-controlling interests are identified separately from the Company's stockholders' equity and its net income (loss). Non-controlling interest equity balances include the non-controlling entity's initial contribution at the date of the original acquisition, on-going contributions, distributions, and percentage share of earnings since inception. The non-controlling interests are calculated based on percentages of ownership. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) : Improvements to Reportable Segment Disclosures . The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact this amended guidance may have on the footnotes to its consolidated financial statements. Income Tax Disclosures - In December 2023, the

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View this 10-Q filing on SEC EDGAR