– Record Quarterly Revenue of approximately
$11.9 Million, and First Half Revenue of approximately $21.0
Million –
– Significant Progress on Residential
Development Projects –
– Company Expects to be Cash Flow Positive
in the Fourth Quarter of 2021 –
– Management to Host Conference Call Today
at 4:30 p.m. ET –
SG Blocks, Inc. (Nasdaq: SGBX) (“SG Blocks” or the
“Company”), a leading designer, innovator and fabricator of modular
structures, today reported its financial results for the first
quarter ending June 30, 2021.
“The second quarter was a momentous one for SG Blocks, as we
achieved record quarterly revenues and made great strides in
growing our activity across all verticals,” said Paul Galvin, SG
Blocks’ Chairman and Chief Executive Officer. “In particular, we
made substantial progress in our housing vertical, launching
several new development opportunities where we anticipate earning
revenue from both our interest in the projects and by fabricating
the units at SG Blocks’ own manufacturing facilities. These
announcements provide greater visibility into our earnings over the
next several quarters and put us on track to achieve positive cash
flow in the fourth quarter of 2021.
“Our goals over the coming quarters will be to execute at a high
level on our existing projects, seek new investment opportunities
and partners, and continuously expand our manufacturing capacity to
support our accelerating pace of activity. We are capturing the
benefits of significant tailwinds in the residential development
business by helping to deliver much-needed residential units to
alleviate a housing shortage across the country. In our health care
vertical, we also continue to provide critical health
infrastructure with our modular and rapidly deployable COVID
testing modules.
“In short, we are making our own destiny and rethinking the way
space and buildings are used. We’re continuing to close on
developments and launching new projects and ventures each quarter.
As our business has grown and our plan is unfolding, we have
started to attract interesting, successful and notable partners,
employees, and Board Members who share our passion for disrupting
real estate and medical testing via safe and green modular
solutions. We expect these efforts to pay off for our shareholders
as we realize the value of these projects over time.”
Second Quarter 2021 and Subsequent Operational
Highlights:
At June 30, 2021, the Company had 14 projects under contract,
compared to 16 projects under contract at March 31, 2021. At June
30, 2021, the construction backlog was approximately $21 million,
as compared to approximately $22.9 million as of March 31, 2021.
The Company’s backlog does not include any projects related to
recently launched SG Development Corp. and does not include ongoing
medical testing.
As of June 30, 2021, SGB DevCorp. had active residential
development projects for a total of 1,752 units.
Concentrated Market Activity
Medical Testing & Services
SG Blocks continues to provide innovative structures, labs, and
testing solutions to support the fight against, and recovery from,
the COVID-19 pandemic. The Company’s modular solutions can be
quickly and efficiently deployed at key locations for much-needed
point-of-care patient access, to support the continue reopening and
recovery of the U.S. economy.
In May, the Company partnered with Stone Clinical Laboratories
to bring COVID-19 testing to Miami’s South Beach area in connection
with two events, Food Network’s annual Wine & Food Festival, as
well as the Air & Sea Show & Music Explosion.
Also in May, the Company’s Chicago Area Testing subsidiary, in
partnership with National Pain Centers, announced an agreement with
the Robbins Park District of Robbins, IL to deploy a COVID-19
testing unit to provide health services to the underserved
communities of the south suburbs of Chicago.
Manufacturing
After years of outsourcing, SG Blocks is committed to in-house
manufacturing excellence. While there are a number of legacy
project commitments that will be completed at a cash loss in 2021,
going forward, the Company expects to manufacture future projects
at a margin of approximately 15%.
SG Development Corporation
The Company formed SGB DevCorp. in February 2021 to deliver
single family homes, townhomes, and for-rent apartment units across
the country. The launch of SGB DevCorp. is expected to provide a
host of benefits to SG Blocks, including: i) keeping manufacturing
near 100% capacity to provide a steady and visible flow of
manufacturing income, ii) participation in project fees, and; iii)
potential profit from asset sales.
In May, SGB DevCorp. acquired a 50+acre site for its previously
announced Lago Vista development, on Lake Travis, on the Colorado
River in thriving Austin, Texas. The project is expected to consist
of up to 225 one- and two-bedroom condominium units, as well as
amenities including a community center, marina and health club.
Development work is expected to commence in the second quarter of
2022, with an anticipated completion date in the fourth quarter of
2022. SG Blocks expects to capture approximately $25 million in
manufacturing revenue over the life of the project. The Company
also anticipates that its minority interest in the sale of the
units will be no less than approximately $5.0 million as units are
sold.
In June, the Company announced that SGB DevCorp. acquired a 50%
membership interest to build a 138-unit, 125,000 square foot
affordable housing community in East Point, GA within the Atlanta
metropolitan area. The community will be known as “Norman Berry
Village,” and the units will be constructed at the Company’s
manufacturing facilities in Durant, OK and shipped to Atlanta. SGB
DevCorp. has partnered with CMC Development Group, ZT Architecture
& Land Development, and Community Development Consortium on the
project. The Company expects to complete the project at a cost of
approximately $15 million – $20 million. SGB DevCorp. will control
the planning and construction process, and earn manufacturing
revenue, as well as a share of development fees.
In June, the groundbreaking occurred on the previously announced
Monticello Mews multifamily development project located in the
Catskills region of New York. Upon completion, the development is
expected to consist of 187 townhomes with one- and two-bedroom
units, with amenities including a clubhouse, gym, and outdoor green
spaces. The project is expected to be complete in the second
quarter of 2023.
In June, the Company announced that SGB DevCorp. has acquired a
10% non-dilutable equity interest in JDI-Cumberland Inlet, LLC, a
Georgia limited liability company, contributing $3,000,000 in
capital to develop Cumberland Inlet, a 1,286 acre waterfront parcel
in historic downtown St. Marys, Georgia. Modular housing units for
the project will be produced at the Company’s manufacturing
facilities in Durant, OK, with gross potential manufacturing
revenues totaling approximately $180 million, making St. Marys SGB
DevCorp.’s largest project to date. The development is expected to
commence site work in the fourth quarter of 2021, with initial
deliveries of modular units expected in third quarter of 2022.
Second Quarter 2021 Financial Highlights:
- Revenue for the second quarter 2021 was $11.9 million, compared
to approximately $630,000 for the second quarter of 2020. The
record revenue was achieved despite having several commercial
projects that were previously announced being delayed directly and
indirectly by the COVID-19 pandemic.
- Gross profit for the second quarter 2021 was $2.8 million,
compared to a gross profit of approximately $370,000 in the second
quarter 2020.
- Operating expenses for the second quarter 2021 were $2.8
million, compared to approximately $1.2 million in the second
quarter 2020. Included in second quarter 2021 are one-time start-up
costs associated with the multiple closings as well as increased
G&A costs related to the hiring of the talent needed to execute
our robust backlog and pipeline.
- For the second quarter 2021, net loss attributable to common
shareholders was $1.5 million, or negative ($0.17) per share,
compared to a net loss of approximately $840,000, or negative
($0.16) per share, in the second quarter 2020. The net loss
attributable to common shareholders includes the following items:
- Approximately $465,000 in non-cash depreciation and
amortization expenses, non-cash stock compensation expense and
litigation expenses as explained in the adjusted EBITDA loss;
- Adjusted EBITDA loss for the second quarter 2021 was $1.1
million], compared to a loss of $530,000 in the second quarter
2020.
- At June 30, 2021, the Company had total assets of approximately
$25.5 million, compared to approximately $22.3 million at June 30,
2020.
- The Company had cash and cash equivalents of approximately $2.3
million as of June 30, 2021, compared to approximately $10.5
million at March 31, 2021.
- The reduction in cash is due to investments in development
projects totaling $3.35 million and the acquisition of development
land of $3.5 million in the second quarter of 2021.
- Strong liquidity with cash and accounts receivable (due in less
than 30 days) at $6.3 million as of August 13.
Conference Call Information
SG Blocks will host a conference call on Monday, August 16, 2021
at 4:30 p.m. Eastern Time to share its results for the quarter
ended June 30, 2021.
Date: Monday, August 16, 2021
Time: 4:30 p.m. ET, 1:30 p.m. PT
Toll-free dial-in number: 1-877-407-9716
International dial-in number:
1-201-493-6779
Conference ID: 13722143
Additionally, a webcast of the conference
call will be broadcast live and available for replay at the
Investors section of the Company’s website at www.sgblocks.com.
A replay of the conference call will be available after 7:30
p.m. Eastern time through August 30, 2021.
Toll-free replay number: 1-844-512-2921
International replay number:
1-412-317-6671
Replay ID: 13722143
Use of Non-GAAP Financial Information
In addition to its results under GAAP, the Company presents
EBITDA and Adjusted EBITDA for historical periods. EBITDA and
Adjusted EBITDA are non-GAAP financial measures and have been
presented as supplemental measures of financial performance that
are not required by, or presented in accordance with, GAAP. The
Company calculates EBITDA as net income (loss) before interest
expense, income tax benefit (expense), depreciation and
amortization. It calculates Adjusted EBITDA as EBITDA before
certain non-recurring adjustments such stock-based compensation
expense. EBITDA and Adjusted EBITDA are presented because they are
important metrics used by management as one of the means by which
it assesses the Company’s financial performance. EBITDA and
Adjusted EBITDA are also frequently used by analysts, investors and
other interested parties to evaluate companies in the Company’s
industry. These measures, when used in conjunction with related
GAAP financial measures, provide investors with an additional
financial analytical framework that may be useful in assessing the
Company and its results of operations.
EBITDA and Adjusted EBITDA have certain limitations. EBITDA and
Adjusted EBITDA should not be considered as alternatives to net
income (loss), or any other measures of financial performance
derived in accordance with GAAP. These measures also should not be
construed as an inference that the Company’s future results will be
unaffected by unusual or non-recurring items for which these
non-GAAP measures make adjustments. Additionally, EBITDA and
Adjusted EBITDA are not intended to be liquidity measures because
of certain limitations, including, but not limited to: i) they do
not reflect the Company’s cash outlays for capital expenditures;
They do not reflect changes in, or cash requirements for, working
capital; and Although depreciation and amortization are non-cash
charges, the assets are being depreciated and amortized and may
have to be replaced in the future, and these non-GAAP measures do
not reflect cash requirements for such replacements.
The non-GAAP information should be read in conjunction with the
Company’s consolidated financial statements and related notes.
The following is a reconciliation of EBITDA and Adjusted EBITDA
to the nearest GAAP measure, net loss:
In evaluating EBITDA and Adjusted EBITDA, you should be aware
that in the future we will incur expenses that are the same or
similar to some of the adjustments made in our calculations, and
our presentation of EBITDA and Adjusted EBITDA should not be
construed to mean that our future results will be unaffected by
such adjustment. Management compensates for these limitations by
using EBITDA and Adjusted EBITDA as supplemental financial metrics
and in conjunction with our results prepared in accordance with
GAAP. The non-GAAP information should be read in conjunction with
our consolidated financial statements and related notes.
The following is a reconciliation of EBITDA and Adjusted EBITDA
to the nearest GAAP measure, net loss:
Three Months Ended June 30,
2021
Three Months Ended June 30,
2020
Six Months Ended June 30,
2021
Six Months Ended June 30,
2020
Net loss attributable to common
stockholders of SG Blocks, Inc.
$
(1,541,259
)
$
(837,973
)
$
(3,575,136
)
$
(1,585,400
)
Addback interest expense
329
3,452
692
6,263
Addback interest income
(13,797
)
(6,233
)
(31,267
)
(11,096
)
Addback depreciation and amortization
159,227
47,401
301,020
94,802
EBITDA (non-GAAP)
(1,395,500
)
(793,353
)
(3,304,691
)
(1,495,431
)
Addback litigation expense
60,053
131,102
141,272
267,840
Addback stock compensation expense
246,236
129,750
532,422
168,514
Adjusted EBITDA (non-GAAP)
$
(1,089,211
)
$
(532,501
)
$
(2,630,997
)
$
(1,059,077
)
About SG Blocks:
SG Blocks, Inc. is a premier innovator in advancing and
promoting the use of code-engineered cargo shipping containers for
safe and sustainable construction. The firm offers a product that
exceeds many standard building code requirements, and also supports
developers, architects, builders and owners in achieving greener
construction, faster execution, and stronger buildings of higher
value. Each project starts with GreenSteelTM, the structural core
and shell of an SG Blocks building, and then is customized to
client specifications. For more information, visit
www.sgblocks.com.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
some cases, forward-looking statements can be identified by
terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions. These forward-looking
statements are based on management's expectations and assumptions
as of the date of this press release and include statements
regarding the Company being on track to achieve positive cash flow
in the fourth quarter of 2021, the Company’s efforts paying off for
our shareholders as the value of these projects is realized over
time, the Company manufacturing future projects at a margin of
approximately 15%, the launch of SGB DevCorp. providing a host of
benefits to the Company, plans for the Lago Vista development, with
development work is expected to commence in the second quarter of
2022 and an anticipated completion date in the fourth quarter of
2022, plans to capture approximately $25 million in manufacturing
revenue over the life of the Lago Vista project, the Company’s
minority interest in the sale of the Lago Vista project units being
no less than approximately $5.0 million as units are sold, plans
for Norman Berry Village in the Atlanta metropolitan area,
completing at a cost of approximately $15 to 20 million, plans for
the Monticello Mews multifamily development project located in the
Catskills region of New York, completing the Monticello Mews in the
second quarter of 2023, plans for the Cumberland Inlet project,
with gross potential manufacturing revenues totaling approximately
$180 million, commencing commence site work on the Cumberland Inlet
project in the fourth quarter of 2021, with initial deliveries of
modular units expected in third quarter of 2022.. While SG Blocks
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are subject
to a number of risks and uncertainties, many of which are difficult
to predict that could cause actual results to differ materially
from current expectations and assumptions from those set forth or
implied by any forward-looking statements. Important factors that
could cause actual results to differ materially from current
expectations include, among others, the Company’s ability to
achieve positive cash flow in the fourth quarter of 2021, the
Company’s ability realize the value of its projects over time, the
Company’s ability to manufacture future projects at a margin of
approximately 15%, the Company’s ability to successfully complete
its SGB DevCorp. projects, the Company’s ability to complete the
Lago Vista development as planned and capture approximately $25
million in manufacturing revenue over the life of the project, the
Company’s ability to complete the Norman Berry Village project in
the Atlanta metropolitan area as planned, the Company’s ability to
complete the Monticello Mews multifamily development project
located in the Catskills region of New York as planned, the
Company’s ability to complete the Cumberland Inlet project as
planned, with gross potential manufacturing revenues totaling
approximately $180 million,, the Company’s ability to position
itself for future profitability, the Company’s ability to maintain
compliance with the NASDAQ listing requirements, and the other
factors discussed in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2020 and the Company’s subsequent
filings with the SEC, including subsequent periodic reports on
Forms 10-Q and 8-K. The information in this release is provided
only as of the date of this release, and we undertake no obligation
to update any forward-looking statements contained in this release
on account of new information, future events, or otherwise, except
as required by law.
SG BLOCKS, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
June 30, 2021
December 31, 2020
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
2,323,599
$
13,010,356
Accounts receivable, net
2,719,713
2,635,608
Contract assets
2,122,231
1,303,136
Inventories
1,409,915
778,144
Prepaid expenses and other current
assets
553,975
570,775
Total current assets
9,129,433
18,298,019
Property, plant and equipment, net
7,177,533
2,683,014
Goodwill
1,309,330
1,309,330
Right-of-use asset
1,478,544
1,537,545
Long-term note receivable
701,233
682,637
Intangible assets, net
2,178,879
2,218,609
Deferred contract costs, net
132,552
152,944
Investment in and advances to equity
affiliates
3,350,329
—
Total Assets
$
25,457,833
$
26,882,098
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable and accrued expenses
$
5,920,137
$
3,961,961
Contract liabilities
789,068
1,774,740
Lease liability, current maturities
435,608
326,654
Due to affiliates
381,770
965,561
Assumed liability
43,295
200,765
Other current liabilities
5,000
5,000
Total current liabilities
7,574,878
7,234,681
Lease liability, net of current
maturities
1,042,232
1,209,594
Total liabilities
8,617,110
8,444,275
Commitments and contingencies
—
—
Stockholders’ equity:
Preferred stock, $1.00 par value,
5,405,010 shares authorized; none issued or outstanding
—
—
Common stock, $0.01 par value, 25,000,000
shares authorized; 8,822,489 issued and outstanding as of June 30,
2021 and 8,596,189 issued and outstanding as of December 31,
2020
88,225
85,962
Additional paid-in capital
41,681,186
40,443,840
Accumulated deficit
(25,851,682
)
(22,276,546
)
Total SG Blocks, Inc. stockholders’
equity
15,917,729
18,253,256
Non-controlling interest
922,994
184,567
Total stockholders’ equity
16,840,723
18,437,823
Total Liabilities and Stockholders’
Equity
$
25,457,833
$
26,882,098
SG BLOCKS, INC. 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,
2021
2020
2021
2020
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenue:
Construction services
$
2,064,438
$
534,526
$
5,202,153
$
623,867
Engineering services
4,059
94,423
98,008
203,838
Medical revenue
9,785,490
—
15,741,453
—
Total
11,853,987
628,949
21,041,614
827,705
Cost of revenue:
Construction services
3,164,695
193,208
7,258,235
265,119
Engineering services
32,197
61,508
41,967
142,372
Medical revenue
5,818,051
—
9,694,187
—
Total
9,014,943
254,716
16,994,389
407,491
Gross profit
2,839,044
374,233
4,047,225
420,214
Operating expenses:
Payroll and related expenses
801,664
392,338
1,629,186
664,146
General and administrative expenses
1,888,162
766,750
3,349,518
1,258,064
Marketing and business development
expense
72,438
30,899
143,065
63,237
Pre-project expenses
847
25,000
10,980
25,000
Total
2,763,111
1,214,987
5,132,749
2,010,447
Operating income (loss)
75,933
(840,754
)
(1,085,524
)
(1,590,233
)
Other income (expense):
Interest expense
(329
)
(3,452
)
(692
)
(6,263
)
Interest income
13,797
6,233
31,267
11,096
Other income
61,024
—
61,024
—
Total
74,492
2,781
91,599
4,833
Income (loss) before income
taxes
150,425
(837,973
)
(993,925
)
(1,585,400
)
Income tax expense
—
—
—
—
Net income (loss)
150,425
(837,973
)
(993,925
)
(1,585,400
)
Add: net income attributable to
noncontrolling interests
1,691,684
—
2,581,211
—
Net loss attributable to common
stockholders of SG Blocks, Inc.
$
(1,541,259
)
$
(837,973
)
$
(3,575,136
)
$
(1,585,400
)
Net loss per share attributable to SG
Blocks, Inc. - basic and diluted:
Basic and diluted
$
(0.17
)
$
(0.16
)
$
(0.41
)
$
(0.48
)
Weighted average shares outstanding:
Basic and diluted
8,822,278
5,369,132
8,783,806
3,278,913
SG BLOCKS, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Changes in Stockholders’ Equity
$0.01 Par Value Common
Stock
Additional Paid-in
Accumulated
SG Blocks
Stockholders'
Noncontrolling
Total Stockholders’
Shares
Amount
Capital
Deficit
Equity
Interests
Equity
Balance at March 31, 2021
8,821,289
$
88,213
$
41,431,213
$
(24,310,423
)
$
17,209,003
$
1,074,094
$
18,283,097
Stock-based compensation
—
—
246,236
—
246,236
—
246,236
Conversion of warrants to common stock
1,200
12
3,737
—
3,749
—
3,749
Noncontrolling interest distribution
—
—
—
—
—
(1,842,784
)
(1,842,784
)
Net income (loss)
—
—
—
(1,541,259
)
(1,541,259
)
1,691,684
150,425
Balance at June 30, 2021
8,822,489
$
88,225
$
41,681,186
$
(25,851,682
)
$
15,917,729
$
922,994
$
16,840,723
Balance at December 31, 2020
8,596,189
$
85,962
$
40,443,840
$
(22,276,546
)
$
18,253,256
$
184,567
$
18,437,823
Stock-based compensation
—
—
532,422
—
532,422
—
532,422
Conversion of warrants to common stock
226,300
2,263
704,924
—
707,187
—
707,187
Noncontrolling interest distribution
—
—
—
—
—
(1,842,784
)
(1,842,784
)
Net income (loss)
—
—
—
(3,575,136
)
(3,575,136
)
2,581,211
(993,925
)
Balance at June 30, 2021
8,822,489
$
88,225
$
41,681,186
$
(25,851,682
)
$
15,917,729
$
922,994
$
16,840,723
$0.01 Par Value Common
Stock
Additional Paid-in
Accumulated
SG Blocks
Stockholders'
Noncontrolling
Total Stockholders’
Shares
Amount
Capital
Deficit
Equity
Interests
Equity
Balance at March 31, 2020
1,170,524
$
11,705
$
21,970,903
$
(18,331,244
)
$
3,651,364
$
—
$
3,651,364
Stock-based compensation
—
—
129,750
—
129,750
—
129,750
Conversion of restricted stock units to
common stock
12,000
120
(120
)
—
—
—
—
Conversion of debt exchange to common
stock
73,665
737
205,526
—
206,263
—
206,263
Issuance of common stock, net of issuance
costs
7,340,000
73,400
17,045,080
—
17,118,480
—
17,118,480
Net loss
—
—
—
(837,973
)
(837,973
)
—
(837,973
)
Balance at June 30, 2020
8,596,189
$
85,962
$
39,351,139
$
(19,169,217
)
$
20,267,884
$
—
$
20,267,884
Balance at December 31, 2019
1,157,890
$
11,579
$
21,932,387
$
(17,583,817
)
$
4,360,149
$
—
$
4,360,149
Stock-based compensation
—
—
168,514
—
168,514
—
168,514
Conversion of restricted stock units to
common stock
24,672
246
(246
)
—
—
—
—
Reverse stock split settlement
(38
)
—
(122
)
—
(122
)
—
(122
)
Conversion of debt exchange to common
stock
73,665
737
205,526
—
206,263
—
206,263
Issuance of common stock, net of issuance
costs
7,340,000
73,400
17,045,080
—
17,118,480
—
17,118,480
Net loss
—
—
—
(1,585,400
)
(1,585,400
)
—
(1,585,400
)
Balance at June 30, 2020
8,596,189
$
85,962
$
39,351,139
$
(19,169,217
)
$
20,267,884
$
—
$
20,267,884
SG BLOCKS, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Cash Flows
For the
Six Months Ended June
30, 2021
For the
Six Months Ended June
30, 2020
(Unaudited)
(Unaudited)
Cash flows from operating
activities:
Net loss
$
(993,925
)
$
(1,585,400
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation expense
198,398
1,848
Amortization of intangible assets
82,230
72,561
Amortization of deferred license costs
20,392
20,393
Bad debt expense
161,202
—
Interest income on long-term note
receivable
(18,596
)
(11,096
)
Stock-based compensation
532,422
168,514
Changes in operating assets and
liabilities:
Accounts receivable
(245,307
)
(483,067
)
Contract assets
(819,095
)
94,185
Inventories
(631,771
)
—
Prepaid expenses and other current
assets
16,800
(203,096
)
Right of use asset
204,840
—
Accounts payable and accrued expenses
1,958,175
(235,858
)
Contract liabilities
(985,672
)
(20,106
)
Due to affiliates
(583,791
)
—
Lease liability
(204,246
)
—
Net cash used in operating activities
(1,307,944
)
(2,181,122
)
Cash flows from investing
activities:
Advances in note receivable
—
(650,000
)
Purchase of property, plant and
equipment
(4,692,918
)
—
Purchase of intangible asset
(42,500
)
—
Payment on assumed liability of acquired
assets
(157,469
)
—
Investment in and advances to equity
affiliates
(3,350,329
)
—
Net cash used in investing activities
(8,243,216
)
(650,000
)
Cash flows from financing
activities:
Proceeds from conversion of warrants to
common stock
707,187
—
Proceeds from public stock offering, net
of issuance costs
—
17,118,480
Proceeds from long-term note payable
—
200,000
Distribution paid to noncontrolling
interest
(1,842,784
)
—
Settlement of common stock from reverse
stock split
—
(122
)
Net cash (used in) provided by financing
activities
(1,135,597
)
17,318,358
Net increase (decrease) in cash and
cash equivalents
(10,686,757
)
14,487,236
Cash and cash equivalents - beginning
of period
13,010,356
1,625,671
Cash and cash equivalents - end of
period
$
2,323,599
$
16,112,907
Supplemental disclosure of non-cash
operating activities:
Non-cash conversion of long-term note
payable to common stock
$
—
$
200,000
Non-cash conversion of accrued interest of
long-term note payable to common stock
—
6,263
Total non-cash operating activities
$
—
$
206,263
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210816005661/en/
Investors: Stephen Swett (203) 682-8377
investors@sgblocks.com
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