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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | Note 4 - Segment reporting An operating segment is defined as a component of an enterprise for which separate financial information is available and for which segment results are evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”). The Company’s CODM is identified as the Executive Management Team, comprising the Company’s Interim Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. Together, these individuals assess the performance of the Company’s operating segments and allocate resources. The CODM functions collectively rather than as individuals, ensuring that decisions reflect a balanced and strategic approach to managing operations. UHG primarily operates in the homebuilding business and is organized and reported by division. The identification of reporting segments is based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, and methods used to sell and construct homes. During the fourth quarter of 2024, the CODM began regularly reviewing the discrete financial information for Rosewood to individually assess its performance and allocate resources. This change reflects the evolving structure of the Company and is due to the uniqueness of Rosewood’s product offerings compared to the rest of the Company. As a result, the Company now discloses three reportable segments: GSH South Carolina, Rosewood, and Other. Each segment represents distinct geographical and operational aspects of UHG’s business. GSH South Carolina represents GSH’s homebuilding operations primarily across the state of South Carolina. The main products for GSH South Carolina include entry-level homes and first-move-up homes, catering to a wide range of buyers transitioning into homeownership or seeking to upgrade from their initial purchase. South Carolina operations span the Upstate, Midlands, and Coastal regions, with a smaller presence in Georgia. Rosewood, which also operates in South Carolina, encompasses UHG’s operations focused on delivering second and third move-up homes in the South Carolina market. These homes cater to buyers seeking more luxurious and customized living spaces, and typically feature larger floor plans, high-end finishes, and premium amenities. Other consists of UHG’s homebuilding operations in Raleigh, NC and mortgage operations conducted through a mortgage banking joint venture (“Joint Venture”), Homeowners Mortgage, LLC, which do not meet the quantitative thresholds to be disclosed separately. Raleigh offers a similar product line to GSH South Carolina in a different geographical market, serving North Carolina, primarily in and around Raleigh. The Joint Venture is primarily engaged in brokering residential mortgage loans and enhances the Company’s ability to offer integrated homebuying experiences by providing financing solutions directly to customers while generating additional income streams. The accounting policies of the segments are consistent with those outlined in the summary of significant accounting policies. The CODM evaluates performance and allocates resources for GSH South Carolina, Rosewood, and Other based on both segment gross profit and profit or loss from operations before income taxes. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. Segment gross profit is used to evaluate product pricing strategies, monitor margins, and assess return on inventory, while segment profit or loss from operations before income taxes is utilized to assess overall segment profitability and performance of each market and product type on a consistent and comparable basis. The following tables summarize revenues, gross profit and pre-tax income by segment for the years ended December 31, 2024 and 2023 as well as total assets by segment as of December 31, 2024 and 2023, with reconciliations to the amounts reported for the consolidated company, where applicable:
| Year Ended December 31, 2024
| GSH South Carolina |  | Rosewood |  | Other |  | Corporate (3) |  | Totals
Segment revenue, net (1) | $ | 419,452,667 |  |  | $ | 25,749,898 |  |  | $ | 18,511,452 |  |  | $ | — |  |  | $ | 463,714,017 |
Cost of sales | 337,567,357 |  |  | 24,388,989 |  |  | 17,026,492 |  |  | 4,900,913 |  |  | 383,883,751 |
Segment gross profit | 81,885,310 |  |  | 1,360,909 |  |  | 1,484,960 |  |  | (4,900,913) |  |  | 79,830,266 |
Severance expense | 171,492 |  |  | — |  |  | 1,125,904 |  |  | — |  |  | 1,297,396 |
Selling, general and administrative expense | 48,142,345 |  |  | 1,905,444 |  |  | 3,001,916 |  |  | 20,352,640 |  |  | 73,402,345 |
Other expense, net (2) | 3,417,529 |  |  | 930,042 |  |  | 296,107 |  |  | 7,839,262 |  |  | 12,482,940 |
Total segment income (loss) before taxes | $ | 30,153,944 |  |  | $ | (1,474,577) |  |  | $ | (2,938,967) |  |  | $ | (33,092,815) |  |  | $ | (7,352,415) |
Reconciling items: |  |  |  |  |  |  |  |  |
Reconciling items from equity method investments |  |  |  |  |  |  |  |  | 1,528,984 |
Loss on extinguishment of Convertible Notes |  |  |  |  |  |  |  |  | (45,642,497) |
Change in fair value of derivative liabilities |  |  |  |  |  |  |  |  | 88,652,980 |
Consolidated income before taxes |  |  |  |  |  |  |  |  | $ | 37,187,052 |
| Year Ended December 31, 2024
| GSH South Carolina |  | Rosewood |  | Other |  | Corporate (3) |  | Totals
Assets (excl. goodwill) | $ | 163,993,627 |  |  | $ | 27,913,285 |  |  | $ | 21,379,194 |  |  | $ | 42,812,108 |  |  | $ | 256,098,214 |
Goodwill | 3,573,040 |  |  | 5,206,636 |  |  | 500,000 |  |  | — |  |  | 9,279,676 |
Total segment assets | 167,566,667 |  |  | 33,119,921 |  |  | 21,879,194 |  |  | 42,812,108 |  |  | 265,377,890 |
| Year Ended December 31, 2024
Other segment disclosures | GSH South Carolina |  | Rosewood |  | Other |  | Corporate (3) |  | Totals
Equity in net earnings from investment in joint venture | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,528,984 |  |  | $ | 1,528,984 |
Investment in joint venture | — |  |  | — |  |  | — |  |  | 691,449 |  |  | 691,449 |
Depreciation and amortization | 1,651,938 |  |  | 261,677 |  |  | 12,599 |  |  | 19,082 |  |  | 1,945,296 |
Interest expense | 6,192,317 |  |  | 960,303 |  |  | 569,687 |  |  | 13,279,246 |  |  | 21,001,553 |
| Year Ended December 31, 2023
| GSH South Carolina |  | Rosewood |  | Other |  | Corporate (3) |  | Totals
Segment revenue, net (1) | $ | 417,034,454 |  |  | $ | 4,189,647 |  |  | $ | 250,000 |  |  | $ | — |  |  | $ | 421,474,101 |
Cost of sales | 335,173,174 |  |  | 3,935,663 |  |  | 290,945 |  |  | 2,348,699 |  |  | 341,748,481 |
Segment gross profit | 81,861,280 |  |  | 253,984 |  |  | (40,945) |  |  | (2,348,699) |  |  | 79,725,620 |
Selling, general and administrative expense | 47,870,734 |  |  | 607,733 |  |  | 617,833 |  |  | 15,998,144 |  |  | 65,094,444 |
Other (income), net (2) | (199,383) |  |  | (1,946) |  |  | (172,035) |  |  | 4,135,977 |  |  | 3,762,613 |
Total segment income (loss) before taxes | $ | 34,189,929 |  |  | $ | (351,803) |  |  | $ | (486,743) |  |  | $ | (22,482,820) |  |  | $ | 10,868,563 |
Reconciling items: |  |  |  |  |  |  |  |  |
Reconciling items from equity method investments |  |  |  |  |  |  |  |  | 1,244,091 |
Change in fair value of derivative liabilities |  |  |  |  |  |  |  |  | 115,904,646 |
Consolidated income before taxes |  |  |  |  |  |  |  |  | $ | 128,017,300 |
| Year Ended December 31, 2023
| GSH South Carolina |  | Rosewood |  | Other |  | Corporate (3) |  | Totals
Assets (excl. goodwill) | $ | 224,197,721 |  |  | $ | 26,228,981 |  |  | $ | 16,485,564 |  |  | $ | 26,028,426 |  |  | $ | 292,940,692 |
Goodwill | — |  |  | 5,206,636 |  |  | 500,000 |  |  | — |  |  | 5,706,636 |
Total segment assets | 224,197,721 |  |  | 31,435,617 |  |  | 16,985,564 |  |  | 26,028,426 |  |  | 298,647,328 |
| Year Ended December 31, 2023
Other segment disclosures | GSH South Carolina |  | Rosewood |  | Other |  | Corporate (3) |  | Totals
Equity in net earnings from investment in joint venture | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,244,091 |  |  | $ | 1,244,091 |
Investment in joint venture | — |  |  | — |  |  | — |  |  | 1,430,177 |  |  | 1,430,177 |
Depreciation and amortization | 1,159,672 |  |  | 49,554 |  |  | 5,250 |  |  | 3,302 |  |  | 1,217,778 |
Interest expense | 7,037,271 |  |  | — |  |  | — |  |  | 8,391,057 |  |  | 15,428,328 |
____________ (1)Segment revenues include revenue recognized at a point in time from speculative home closings and revenue recognized over time from construction activities on land owned by customers, in accordance with the Company's revenue recognition policy. (2)Other (income) expense, net includes, among other items, interest expense not attributable to homebuilding activities, investment income, and amortization expense. (3)Corporate items included within consolidated income before taxes includes unallocated corporate overhead, stock-based compensation, corporate interest income and expense, and other corporate level items not allocated to the segments. Similarly, corporate items included within consolidated assets include corporate cash and cash equivalents, deferred tax assets attributable to the corporate entity, and operating lease right-of-use assets.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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