Safe & Green Holdings Corp. Files Q2 2024 10-Q
Ticker: OLOX · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 1023994
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
SGBX Q2 10-Q filed. Financials and operations update.
AI Summary
Safe & Green Holdings Corp. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as SG Blocks, Inc., reported on its financial performance and business activities. Key financial data and operational details for the second quarter of 2024 are presented in this filing.
Why It Matters
This filing provides investors and stakeholders with an update on Safe & Green Holdings Corp.'s financial health and operational status for the second quarter of 2024.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the company's financial performance and market position could present inherent risks.
Key Numbers
- Q2 2024 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
- 1231 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)
Key Players & Entities
- SAFE & GREEN HOLDINGS CORP. (company) — Filer
- SG BLOCKS, INC. (company) — Former company name
- 20240630 (date) — Period of report
- 20240814 (date) — Filing date
- 195 MONTAGUE STREET, 14TH FLOOR (address) — Business and mail address
- BROOKLYN, NY 11201 (address) — Business and mail address
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
What was Safe & Green Holdings Corp. formerly known as?
The company was formerly known as SG BLOCKS, INC.
What is the company's primary business address?
The business address is 195 MONTAGUE STREET, 14TH FLOOR, BROOKLYN, NY 11201.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240814.
What is the company's Standard Industrial Classification code?
The SIC code is 5030, categorized under WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS.
Filing Stats: 4,415 words · 18 min read · ~15 pages · Grade level 17.4 · Accepted 2024-08-14 16:32:28
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share SGBX The Nasdaq Stock Mar
Filing Documents
- sgbx-20240630.htm (10-Q) — 2797KB
- ex311_3.htm (EX-31.1) — 21KB
- ex312_4.htm (EX-31.2) — 22KB
- ex321_5.htm (EX-32.1) — 14KB
- ex322_6.htm (EX-32.2) — 14KB
- 0001213900-24-069089.txt ( ) — 17116KB
- sgbx-20240630_def.xml (EX-101.DEF) — 905KB
- sgbx-20240630_pre.xml (EX-101.PRE) — 1145KB
- sgbx-20240630_cal.xml (EX-101.CAL) — 133KB
- sgbx-20240630_lab.xml (EX-101.LAB) — 2037KB
- sgbx-20240630.xsd (EX-101.SCH) — 149KB
- sgbx-20240630_htm.xml (XML) — 2615KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 2 ITEM 1.
Financial Statements
Financial Statements 2 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 ITEM 2.
Management's Discussion and Analysis of Financial Condition and Result of Operations
Management's Discussion and Analysis of Financial Condition and Result of Operations 50 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 60 ITEM 4.
Controls and Procedures
Controls and Procedures 60
OTHER INFORMATION
PART II. OTHER INFORMATION 61 ITEM 1.
Legal Proceedings
Legal Proceedings 61 ITEM 1A.
Risk Factors
Risk Factors 61 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 ITEM 3. Defaults Upon Senior Securities 64 ITEM 4. Mine Safety Disclosures 64 ITEM 5. Other Information 64 ITEM 6. Exhibits 65
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
. Financial Statements
ITEM 1 . Financial Statements SAFE & GREEN HOLDINGS CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 1,016,784 $ 17,448 Accounts receivable, net 364,355 182,753 Contract assets 113,001 10,745 Held for sale assets 4,400,361 4,400,361 Inventories 223,402 156,512 Prepaid expenses and other current assets 1,279,667 572,779 Total current assets 7,397,570 5,340,598 Property, plant and equipment, net 5,505,596 5,582,401 Project development costs and other non-current assets 789,318 604,327 Goodwill 1,810,787 — Right-of-use asset 1,225,370 1,987,137 Intangible assets, net 557,261 23,616 Deferred contract costs, net — 30,589 Investment in and advances to equity affiliates 3,642,607 3,642,607 Total Assets $ 20,928,509 $ 17,211,275 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 10,005,910 $ 9,854,263 Contract liabilities 1,737,394 1,366,998 Lease liability, current maturities 463,114 856,088 Short-term notes payable, net 10,103,921 8,472,080 Total current liabilities 22,310,339 20,549,429 Long-term note payable 2,462,445 2,447,415 Contingent consideration liability 945,000 — Lease liability, net of current maturities — 549,290 Total liabilities 25,717,784 23,546,134 Stockholders' equity: Preferred stock, $ 1.00 par value, 5,405,010 shares authorized; none issued or outstanding — — Common stock, $ 0.01 par value, 75,000,000 shares authorized; 1,747,992 issued and outstanding as of June 30, 2024 and 881,387 issued and 814,969 outstanding as of December 31, 2023 17,480 8,814 Additional paid-in capital 75,400,798 68,555,050 Treasury stock, at cost 3,371 shares as of June 30, 2024 and December 31, 2023 ( 92,396 ) ( 92,396 ) Accumu