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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 22,628,933 $ 56,671,471
Restricted cash 2,920,136 0
Accounts receivable, net 4,121,964 1,661,206
Inventories 139,270,286 182,809,702
Real estate inventory not owned 8,444,854 0
Due from related party, net 187,688 88,000
Related party note receivable 531,789 610,189
Income tax receivable 2,078,823 0
Lot deposits 48,152,609 33,015,812
Investment in joint venture 691,449 1,430,177
Property and equipment, net 759,336 1,073,961
Operating right-of-use assets 2,778,559 5,411,192
Deferred tax asset, net 15,248,494 2,405,417
Prepaid expenses and other assets 8,283,294 7,763,565
Goodwill 9,279,676 5,706,636
Total Assets 265,377,890 298,647,328
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 17,804,125 38,680,764
Homebuilding debt and other affiliate debt 50,196,208 80,451,429
Liabilities from real estate inventory not owned 6,584,102 0
Income tax payable 0 1,128,804
Other accrued expenses and liabilities 14,660,524 8,353,824
Operating lease liabilities 2,957,734 5,565,320
Derivative liabilities 39,158,209 127,610,943
Term Loan, net 67,150,116  
Convertible Notes payable 0 68,038,780
Total Liabilities 198,511,018 329,829,864
Commitments and contingencies (Note 13)
Preferred Stock, $0.0001 par value; 40,000,000 shares authorized; none issued or outstanding. 0 0
Additional paid-in capital 53,937,139 2,794,493
Retained earnings (Accumulated deficit) 12,923,876 (33,981,864)
Total Stockholders' equity 66,866,872 (31,182,536)
Total Liabilities and Stockholders' equity 265,377,890 298,647,328
Class A    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Common stock 2,160 1,138
Class B    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Common stock 3,697 3,697
Term Loan Credit Agreement    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Term Loan, net $ 67,150,116 $ 0