Zoned Properties, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Zoned Properties, Inc. has filed its 2023 10-K report, detailing its operations and financial status.</b>

AI Summary

Zoned Properties, Inc. (ZDPY) filed a Annual Report (10-K) with the SEC on March 26, 2024. Zoned Properties, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its principal executive offices are located in Scottsdale, Arizona. Zoned Properties, Inc. is classified under SIC code 6512 (Operators of Nonresidential Buildings). The company was formerly known as Vanguard Minerals Corp and Knewtrino, Inc. The filing confirms the company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Zoned Properties, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Zoned Properties, Inc.'s business, financial condition, and results of operations for the fiscal year 2023, which is crucial for investors to assess the company's performance and outlook. The report's submission indicates the company's compliance with SEC regulations, assuring stakeholders that it is meeting its disclosure obligations.

Risk Assessment

Risk Level: low — Zoned Properties, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate material changes or significant new risks, indicating a routine disclosure.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Zoned Properties, Inc.'s operational performance and strategic direction.

Key Numbers

• 2023 — Fiscal Year End (Report period)
• 000-51640 — Commission File Number (SEC registration)
• 46-5198242 — IRS Number (Tax identification)
• 6512 — SIC Code (Industry classification)

Key Players & Entities

• Zoned Properties, Inc. (company) — Registrant name
• 2023 (date) — Fiscal year end
• December 31 (date) — Fiscal year end
• Nevada (jurisdiction) — State of incorporation
• Scottsdale, AZ (location) — Principal executive offices
• 6512 (industry_code) — Standard Industrial Classification
• Vanguard Minerals Corp (company) — Former company name
• Knewtrino, Inc. (company) — Former company name

FAQ

Industry Context

Zoned Properties, Inc. operates within the real estate sector, specifically as an operator of nonresidential buildings.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Examine the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the company's annual report for the fiscal year 2023, following its previous filings.

Key Financial Figures

• $0.001 — e Exchange Act: Common stock, par value $0.001 Indicate by check mark if the registr
• $0.80 — liates, based upon the closing price of $0.80 per share of common stock as of June 30
• $32,800 — r things, the base rent was adjusted to $32,800 per month, and the base rent was abated
• $8,000,000 — to invest a combined total of at least $8,000,000 of improvements ("Investment by Tenants
• $0.82 — emises by calculating the fixed rate of $0.82 per square foot per month by the new op
• $55,195 — 021, the rental payment is increased to $55,195 per month base rental payment, plus add
• $500,000 — hino Valley Amendment, the Company paid $500,000 to Tenant as a tenant improvement allow
• $87,581 — the monthly base rent was increased to $87,581, representing an increase from $0.82 pe
• $0.90 — increase from $0.82 per square foot to $0.90 per square foot, for all current and fu
• $16 million — perty") for sale at a purchase price of $16 million. This potential transaction marks a sig
• $3,500 — agreed to abate the fixed base rent of $3,500 from June 1, 2020 to July 31, 2020. In
• $49,200 — things, the base rent was increased to $49,200 per month, and the base rent was abated

Filing Documents

• ea0201915-10k_zoned.htm (10-K) — 1658KB
• ea020191501ex4-1_zoned.htm (EX-4.1) — 24KB
• ea020191501ex21-1_zoned.htm (EX-21.1) — 6KB
• ea020191501ex23-1_zoned.htm (EX-23.1) — 2KB
• ea020191501ex23-2_zoned.htm (EX-23.2) — 2KB
• ea020191501ex31-1_zoned.htm (EX-31.1) — 11KB
• ea020191501ex31-2_zoned.htm (EX-31.2) — 11KB
• ea020191501ex32-1_zoned.htm (EX-32.1) — 4KB
• image_001.jpg (GRAPHIC) — 3KB
• fin_001.jpg (GRAPHIC) — 8KB
• fin_002.jpg (GRAPHIC) — 4KB
• fin_003.jpg (GRAPHIC) — 11KB
• fin_004.jpg (GRAPHIC) — 3KB
• 0001213900-24-026042.txt (&nbsp;) — 7952KB
• zdpy-20231231.xsd (EX-101.SCH) — 76KB
• zdpy-20231231_cal.xml (EX-101.CAL) — 55KB
• zdpy-20231231_def.xml (EX-101.DEF) — 357KB
• zdpy-20231231_lab.xml (EX-101.LAB) — 663KB
• zdpy-20231231_pre.xml (EX-101.PRE) — 362KB
• ea0201915-10k_zoned_htm.xml (XML) — 814KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 40 Item 9A.

Controls and Procedures

Controls and Procedures 40 Item 9B. Other Information 41 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 41 PART III Item 10. Directors, Executive Officers and Corporate Governance 42 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 Item 13. Certain Relationships and Related Transactions, and Director Independence 56 Item 14. Principal Accountant Fees and Services 57 PART IV Item 15. Exhibits and Financial Statement Schedules 58 Item 16. Form 10-K Summary 60

Signatures

Signatures 61 i PART I ITEM 1. BUSINESS The following discussion should be read in conjunction with our consolidated financial statements and the related notes to the consolidated

financial statements that appear elsewhere in this annual report on Form 10-K

financial statements that appear elsewhere in this annual report on Form 10-K. As used in this annual report on Form 10-K and unless otherwise indicated, the terms the terms "Zoned Properties", "Company," "we," "us," or "our" refer to Zoned Properties, Inc. and its wholly owned subsidiaries as detailed below. Overview Zoned Properties, Inc. ("Zoned Properties" or the "Company") was incorporated in the State of Nevada on August 25, 2003. In October 2013, the Company changed its name to Zoned Properties, Inc. and in April 2014, the Company shifted its business model to address commercial real estate in the regulated cannabis industry. Zoned Properties is a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry in the United States. The Company aspires to innovate within the real estate development sector, focusing on direct-to-consumer real estate that is leased to the best-in-class cannabis retailers. Headquartered in Scottsdale, Arizona, Zoned Properties is redefining the approach to commercial real estate investment through its standardized investment model backed by its proprietary property technology. Zoned Properties has developed a national ecosystem of real estate services to support its real estate development model, including a commercial real estate brokerage and a real estate advisory practice. The Company operates in two organized segments; (1) the operations, leasing and management of its commercial properties, herein known as the "Property Investment Portfolio" segment, and (2) the advisory, brokerage and technology services related to commercial properties, herein known as the "Real Estate Services" segment. The Company targets commercial properties that face unique zoning or development challenges, identifies solutions that can potentially have a major impact on their commercial value, and then works to acquire the properties while securing long-term, absolute-net leases

Business

Business We believe in the value of building long-term relationships with our tenants, clients and the local communities in which our properties are located in order to position the Company for short-term success and long-term growth backed by sophisticated, safe, and sustainable assets. The core of our business operations involves identifying, securing, acquiring, and leasing commercial properties that intend to operate within highly regulated industries, including the legalized cannabis industry. Within highly regulated industries, local municipalities typically develop strict regulations, including zoning and permitting requirements related to commercial real estate, that dictate the specific locations and parameters under which regulated properties can operate, including cannabis properties. We often refer to these requirements as cannabis approvals. These regulations often include complex permitting processes that require longer development timelines than traditional commercial real estate and can include non-standard codes governing each location; for example, restricting a regulated property or facility from operating within a certain distance of any parks, schools, churches, or residential districts, or restricting a regulated property from operating outside a defined set of hours of operation. When an organization can collaborate with local representatives, a proactive set of rules and regulations can be established and followed to meet the needs of both the regulated operators and the local community. Due to the complex nature of the Company's core business operations and target investment properties, the Company may secure dozens of potential property candidates for acquisition and prospective tenant candidates for leasing at any given time, all in the normal course of business. The process of securing a potential property candidate may include completing contractual agreements such as an option agreement or a purchase agreement, which may include v

View Full Filing

View this 10-K filing on SEC EDGAR