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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 


For the quarterly period ended June 30, 2024

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ____________ 

 

Commission File Number: 001-38037

 

SAFE & GREEN HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

 

Delaware

 

95-4463937

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

990 Biscayne Blvd., #501, Office 12Miami, Florida

 

33132

(Address of principal executive offices)

 

(Zip Code)

 

(646) 240-4235

(Registrant’s telephone number, including area code) 


N/A

(Former name, former address and formal fiscal year, if changed since last report)
 

Securities registered pursuant to Section 12(b) of the Act: 


Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share 

SGBX

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No   


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No   


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

 

Large accelerated filer  ☐

Accelerated filer  ☐  

Non-accelerated filer  ☒

Smaller reporting company  


Emerging growth company  


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes   No   


As of August 10, 2024 the issuer had a total of 2,027,772 shares of the registrant’s common stock, $0.01 par value, outstanding. 


 




SAFE & GREEN HOLDINGS CORP. AND SUBSIDIARIES

FORM 10-​Q


TABLE OF CONTENTS




Page Number

PART I. FINANCIAL INFORMATION
2
ITEM 1. 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 50
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 60
ITEM 4. Controls and Procedures 60
PART II. OTHER INFORMATION 
61
ITEM 1. Legal Proceedings 61
ITEM 1A. 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
SIGNATURES
67

​​​

​​​​​​​​
1


PART I. FINANCIAL INFORMATION
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 )

Accumulated deficit

 

 

(84,459,662

)

 

 

(75,930,805

)

Non-controlling interest

 

 

4,344,505

 

 

1,124,478

Total stockholders’ equity (4,789,275 )
(6,334,859 )

Total Liabilities and Stockholders’ Equity

 

$

20,928,509

 

$

17,211,275


The accompanying notes are an integral part of these condensed consolidated financial statements.

2


SAFE & GREEN HOLDINGS CORP. AND SUBSIDIARIES


Condensed Consolidated Statements of Operations

 

For the

Three Months Ended

June 30,



For the

Three Months Ended

June 30,



For the

Six Months Ended

June 30,



For the

Six Months Ended 

June 30,


 

2024

2023

2024

2023

 

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenue:












Construction services $ 1,211,254

$ 5,097,055

$ 2,179,369

$ 10,600,990

Real estate commissions


42,162





91,978



Total  


1,253,416


5,097,055


2,271,347


10,600,990

 
















Cost of revenue:
















Construction services


1,094,249


5,063,425


1,739,232


10,636,832

Total   


1,094,249


5,063,425


1,739,232


10,636,832

 
















Gross profit (loss)


159,167

33,630

532,115


(35,842 )

 
















Operating expenses:
















Payroll and related expenses


1,729,729


4,184,429


4,997,798


5,498,819

General and administrative expenses


976,416


1,357,159


1,921,029


3,146,115

Marketing and business development expenses


246,829


102,900


439,554


190,151

Total


2,952,974


5,644,488


7,358,381


8,835,085

 
















Operating loss


(2,793,807 )

(5,610,858 )

(6,826,266 )

(8,870,927 )

 
















Other income (expense):
















Interest expense


(1,889,328 )

(523,971 )

(3,172,084 )

(811,343 )

Interest income





9,454


9,570


18,816
Other income
135,365


569,851

183,982


588,490

Total


(1,753,963 )

55,334

(2,978,532 )

(204,037 )

 
















Loss before income taxes  


(4,547,770 )

(5,555,524 )

(9,804,798 )

(9,074,964 )

Income tax expense   












 
















Net loss


(4,547,770 )

(5,555,524 )

(9,804,798 )

(9,074,964 )
















Common stock deemed dividend





(670,881 )




(4,547,770 )

(5,555,524 )

(10,475,679 )

(9,074,964 )

 
















Add: net income (loss) attributable to noncontrolling interests  
689,077



1,946,822



Net loss attributable to common stockholders $ (3,858,693 )
$ (5,555,524 )
$ (8,528,857 )
$ (9,074,964 )
















Net loss per share
















Basic and diluted

$ (2.73 )
$ (7.46 )
$ (7.23 )
$ (12.75 )

 
















Weighted average shares outstanding:
















Basic and diluted


1,412,159


744,454


1,179,150


711,715


The accompanying notes are an integral part of these condensed consolidated financial statements.


3


SAFE & GREEN HOLDINGS CORP. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)


 

 

$0.01 Par Value
Common Stock

 


Additional
Paid-in

 



Treasury


Accumulated

 


Noncontrolling


Total
Stockholders’

 

 

 

Shares

 


Amount

 


Capital

 



Stock

Deficit

 



Interests


Equity

 

Balance at March 31, 2024

 


1,099,269

 


$

10,993

 


$

70,448,355

 


$ (92,396 )

$

(80,600,969

)

$ 3,596,539
$ (6,637,478 )
Fractional share adjustment

(73 )

(1 )

1













Conversion of debt and interest

96,528


965


501,121












502,086
Issuance of stock under EP Agreement

13,355


134


28,733












28,867
Issuance of stock for accounts payable settlement

129,603


1,296


487,972











489,268
Issuance of common stock

130,000


1,300


3,589,086












3,590,386
Prefunded warrant exercise

279,310


2,793


(2,778 )











15
Stock compensation expense







348,308












348,308

Net loss

 


 



 


 

 





 

(3,858,693

)


(689,077 )

(4,547,770 )
SG DevCorp equity transactions

















1,437,043


1,437,043
Balance at June 30, 2024

1,747,992

$ 17,480

$ 75,400,798

$ (92,396 )
$ (84,459,662 )

$ 4,344,505
$ (4,789,275 )






























Balance at December 31, 2023  

 


881,387

 


$

8,814

 


$

68,555,050

 


$ (92,396 )

$

(75,930,805

)

$ 1,124,478
$ (6,334,859 )
Stock-based compensation  and issuance of RSU’s

38,934


389


526,947












527,336
Cashless warrant exercise

290,699


2,907


(2,892 )











15
Issuance of common stock and warrants for debt issuance

15,000


150


251,211












251,361
Common stock deemed dividend







670,881




(670,881 )






Issuance of common stock from warrant inducement

94,932


949


493,264












494,213
Conversion of debt and interest

154,155


1,542


800,545











802,087
Factional share adjustment

(73 )

(1 )

1











Issuance of common stock under EP Agreement

13,355


134


28,733












28,867
Issuance of stock for accounts payable settlement

129,603


1,296


487,972












489,268
SG DevCorp equity transactions
















5,166,849


5,166,849
Issuance of common stock

130,000


1,300


3,589,086












3,590,386

Net loss

 


 



 


 

 





 

(7,857,976

)


(1,946,822 )

(9,804,798 )

Balance at June 30, 2024

 


1,747,992

 


$

17,480

 


$

75,400,798

 


$ (92,396 )

$

(84,459,662 )

$ 4,344,505
$
(4,789,275 )

  

The accompanying notes are an integral part of these condensed consolidated financial statements.


4


SAFE & GREEN HOLDINGS CORP. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)


 

 

$0.01 Par Value
Common Stock

 


Additional
Paid-in

 



Treasury


Accumulated

 


Noncontrolling


Total
Stockholders’

 

 

 

Shares

 


Amount

 


Capital

 



Stock

Deficit

 


Interests


Equity

 

Balance at March 31, 2023

 


715,130

 


$

7,151

 


$

57,740,899

 


$ (49,680 )

$

(44,947,708

)
$ (429,024 )
$ 12,321,638

 

Stock-based compensation

 


 



 


 

2,554,262

 





 

 






2,554,262

 

Treasury stock










(42,716 )







(42,716 )
Issuance of restricted stock units


83,176


832


(832 )











Common stock issued for services

2,500


25


47,475











47,500
Noncontrolling interest distribution



















Net loss

 


 



 


 

 





 

(5,555,524

)



(5,555,524 )
Balance at June 30, 2023

800,806

$ 8,008

$ 60,341,804

$ (92,396 )
$ (50,503,232 )
$ (429,024 )
$ 9,325,160





























Balance at December 31, 2022  

 


630,699

 


$

6,307

 


$

56,293,810

 


$ (49,680 )

$

(41,428,268

)
$ (382,607 )
$ 14,439,562

 

Stock-based compensation







3,210,631











3,210,631
Issuance of restricted common stock

14,376


144


437,181











437,325
Issuance of restricted stock units

150,731


1,507


(1,507 )











Common stock issued for services

2,500


25


47,475











47,500
Issuance of warrants and restricted common stock

2,500


25


354,214











354,239
Noncontrolling interest distribution
















(46,417 )

(46,417 )
Treasury stock










(42,716 )







(42,716 )

Net loss

 


 



 


 

 





 

(9,074,964

)




(9,074,964 )

Balance at June 30, 2023

 


800,806

 


$

8,008

 


$

60,341,804

 


$ (92,396 )

$

(50,503,232 )
$ (429,024 )
$
9,325,160


The accompanying notes are an integral part of these condensed consolidated financial statements.

5


SAFE & GREEN HOLDINGS CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

 

 

For the

Six Months Ended 
June 30, 2024

 


For the

Six Months Ended 
June 30, 2023

 

 

 

(Unaudited)

 


(Unaudited)

 

Cash flows from operating activities:

 

 

 


 

 

Net loss

 

$

(9,804,798

)

$

(9,074,964

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 


 

 

 

Depreciation expense

 

 

85,034

 


 

184,964

 

Amortization of intangible assets

 

 

6,834

 


 

93,410

 

Amortization of deferred license costs

30,589


20,393
Amortization of debt issuance costs and debt discount

1,612,377



411,811
Amortization of right of use asset

761,767


428,934
Common stock issued for services




484,825

SG DevCorp equity transactions

 

 

2,846,013


 

Interest income on long-term note receivable

 

 


 

(18,699

)

Stock-based compensation

 

 

527,336

 


 

3,210,631

 

Changes in operating assets and liabilities:

 

 

   

 


 

   

 

Accounts receivable

 

 

(181,602

)

 

634,195

Contract assets

 

 

(102,256

)

 

(835,925

)
Inventories

(66,890 )

(357,575 )

Prepaid expenses and other current assets

 

 

293,112


 

(239,441

)
Intangible assets

(211,651 )

(92,005 )

Accounts payable and accrued expenses

 

 

157,720


 

3,016,961

Contract liabilities



370,396


 

(268,479

)
     Lease liability

(942,264 )

(653,213 )
     Assumed liability




15,000

Net cash used in operating activities

 

 

(4,618,283

)

 

(3,039,177

)

 

 

 

 

 


 

 

 

Cash flows from investing activities:

 

 

 

 


 

 

 

Purchase of property, plant and equipment

(8,229 )

(526,324 )
Cash from business combination

1,082



Project development costs

(184,991 )

(117,682 )
Investment in and advances to equity affiliates



(25,000 )

Net cash used in investing activities

 

 

(192,138

)

 

(669,006

)

 

 

 

 

 


 

 

 

Cash flows from financing activities:

 

 

 

 


 

 

 

Repayment of short term notes payable

(1,588,001 )

(2,500,000 )
Proceeds from short-term notes payable and warrants, net of debt issuance costs

3,284,277


6,609,512
Proceeds from long-term notes payable




706,359
Purchase of treasury stock




(42,716 )
Proceeds from warrant inducement

494,213



Prefunded warrant exercise

15



Issuance of common stock

3,619,253



Distribution paid to non-controlling interest




(46,417 )

Net cash provided by financing activities

 

 

5,809,757


 

4,726,738

 

 


 
Net increase in cash and cash equivalents

999,336

1,018,555









Cash and cash equivalents - beginning of period

17,448


582,776









Cash and cash equivalents - end of period
$ 1,016,784

$ 1,601,331









Supplemental disclosure of non-cash investing and financing activities:







Cashless warrant exercise
$ 114

$
Fractional common share adjustment
$ 1

$
Common stock deemed dividend
$ 670,881

$
Conversion of short-term notes payable to common stock
$ 1,872,742

$
Prepaid interest for short-term notes payable
$ 1,000,000

$
Common stock issuance for asset acquisition
$ 228,360