Forge Innovation Development Corp. Q2 2025 10-Q Filed

TL;DR

**FORGE INNOVATION DEVELOPMENT CORP. (FGNV) Q2 2025 10-Q FILED - REVENUE AND BALANCE SHEET UPDATE.**

AI Summary

Forge Innovation Development Corp. filed its 10-Q for the period ending June 30, 2025. The company reported property management income from a related party and rent income for the second quarter and first half of 2025, with comparative figures from 2024. The filing also includes balance sheet information as of June 30, 2025, and December 31, 2024.

Why It Matters

This filing provides investors with an update on Forge Innovation Development Corp.'s financial performance and position for the second quarter of 2025, including revenue streams and balance sheet details.

Risk Assessment

Risk Level: medium — The company's reliance on related party transactions for income and its classification as a land subdivider and developer can present specific industry and financial risks.

Key Numbers

• Q2 2025 — Reporting Period (Financial results for the second quarter of 2025 are detailed.)
• First Half 2025 — Reporting Period (Financial results for the first six months of 2025 are detailed.)
• June 30, 2025 — Balance Sheet Date (Balance sheet information as of this date is provided.)
• December 31, 2024 — Balance Sheet Date (Comparative balance sheet information as of this date is provided.)

Key Players & Entities

• FORGE INNOVATION DEVELOPMENT CORP. (company) — Filer
• 20250630 (date) — Reporting Period End Date
• 20250819 (date) — Filing Date
• 17700 CASTLETON STREET, SUITE 469 (address) — Business and Mail Address
• CITY OF INDUSTRY, CA 91748 (address) — Business and Mail Address
• YOU-GO ENTERPRISES, LLC (company) — Former Company Name
• 20161019 (date) — Date of Name Change

FAQ

Filing Documents

• form10-q.htm (10-Q) — 532KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001641172-25-024715.txt ( ) — 3157KB
• fgnv-20250630.xsd (EX-101.SCH) — 25KB
• fgnv-20250630_cal.xml (EX-101.CAL) — 46KB
• fgnv-20250630_def.xml (EX-101.DEF) — 128KB
• fgnv-20250630_lab.xml (EX-101.LAB) — 220KB
• fgnv-20250630_pre.xml (EX-101.PRE) — 181KB
• form10-q_htm.xml (XML) — 337KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION:

Financial Statements

Item 1. Financial Statements: 1 Consolidated Balance Sheets, June 30, 2025 (unaudited) and December 31, 2024 2 Consolidated Statements of Operations (unaudited) for the Three and Six Months ended June 30, 2025 and 2024 3 Consolidated Statements of Cash Flows (unaudited) for the Six Months ended June 30, 2025 and 2024 4 Consolidated Statements of Changes in Equity (unaudited) for the Three and Six Months ended June 30, 2025 and 2024 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 12

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 14

Controls and Procedures

Item 4. Controls and Procedures 14

OTHER INFORMATION

Part II. OTHER INFORMATION:

Legal Proceedings

Item 1. Legal Proceedings 15

Risk Factors

Item 1A. Risk Factors 15

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 15

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 15

Other Information

Item 5. Other Information 15

Exhibits

Item 6. Exhibits 16

SIGNATURES

SIGNATURES 17 EXHIBIT INDEX 18 i NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless expressly indicated or the context requires otherwise, the terms "Forge," "Company," "we," "us," and "our" in this document refer to Forge Innovation Development Corp., a Nevada corporation. PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS FORGE INNOVATION DEVELOPMENT CORP. INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Consolidated Balance Sheets, June 30, 2025 (unaudited) and December 31, 2024 2 Consolidated Statements of Operations (unaudited) for the Three and Six Months ended June 30, 2025 and 2024 3 Consolidated Statements of Cash Flows (unaudited) for the Six Months ended June 30, 2025 and 2024 4 Consolidated S

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. Accounting Standards Issued Recently Adopted Segment Reporting 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 are 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 adoption of ASU No. 2023-07 has no impact on its financial position and results of operations. Accounting Standards Issued but Not Yet Adopted In December 2023, the FASB issued ASU 2023-09

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