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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net income $ 46,905,740 $ 125,060,284
Adjustments to reconcile net income to net cash flows from operating activities:    
Credit loss 49,103 192,248
Investment earnings in joint venture (1,528,984) (1,244,091)
Depreciation expense 194,182 199,413
Loss on sale of property and equipment 62,193 329,533
Loss on extinguishment of debt 103,754 0
Loss on extinguishment of Convertible Notes 45,642,497 0
Gain on lease modification (197,427) 0
Amortization of intangible assets 390,586 36,690
Amortization of debt issuance costs 1,461,494 981,675
Non-cash interest income 0 (38,455)
Stock-based compensation expense 6,475,649 7,019,183
Amortization of operating lease right-of-use assets 1,238,609 1,097,281
Provision for deferred income taxes (12,843,077) (2,617,918)
Change in fair value of warrant liabilities (960,091) 10,988,922
Change in fair value of contingent consideration (663,000) 181,000
Distribution from joint venture 2,205,000 0
Net change in operating assets and liabilities:    
Accounts receivable (2,509,861) 153,819
Related party receivable, net (99,688) 1,349,235
Inventories 45,572,678 22,247,292
Lot deposits (12,081,297) (25,380,030)
Prepaid expenses and other assets 17,630 (143,791)
Accounts payable (21,153,737) 11,674,490
Operating lease liabilities (1,016,135) (943,153)
Income tax receivable/ payable (3,144,915) 426,933
Other accrued expenses and liabilities 6,969,700 2,175,776
Net cash flows provided by operating activities 15,443,642 28,224,880
Cash flows from investing activities:    
Purchases of property and equipment (31,750) (162,328)
Proceeds from the sale of property and equipment 110,000 66,100
Proceeds from promissory note issued for sale of property and equipment 0 93,286
Proceeds from related party note receivable 78,400 0
Payments on business acquisitions, net of cash acquired (12,742,895) (24,298,043)
Net cash flows used in investing activities (12,586,245) (24,300,985)
Cash flows from financing activities:    
Proceeds from homebuilding debt 73,000,000 72,500,000
Repayments of homebuilding debt (103,956,663) (105,055,992)
Proceeds from sale of real estate inventory not owned 18,048,898 0
Repayments of liabilities from real estate inventory not owned (11,348,784) 0
Repayments on private investor loans (4,012,000) (105,000)
Payment of debt issuance costs (2,811,948) (3,240,984)
Proceeds from exercise of employee stock options 74,471 5,765
Repayment of the Convertible Notes payable (70,822,938) 0
Proceeds from the Term Loan 67,900,000 0
Taxes related to net share settlement of performance stock units (22,633) 0
Taxes related to net share settlement of restricted stock units (28,202) 0
Proceeds from other affiliate debt 0 136,773
Distributions and net transfer to shareholders and Other Affiliates 0 (17,896,302)
Proceeds from Convertible Notes, net of transaction costs 0 71,500,000
Proceeds from PIPE investment and lock up 0 4,720,427
Proceeds from Business Combination, net of SPAC transaction costs 0 30,336,068
Payment of equity issuance costs 0 (257,721)
Payment of transaction costs 0 (12,134,293)
Net cash flows (used in) provided by financing activities (33,979,799) 40,508,741
Net change in cash, cash equivalents, and restricted cash (31,122,402) 44,432,636
Cash, cash equivalents, and restricted cash, beginning of year 56,671,471 12,238,835
Cash, cash equivalents, and restricted cash, end of year 25,549,069 56,671,471
Supplemental cash flow information:    
Cash paid for interest 20,691,978 15,682,821
Cash paid for income taxes 6,269,305 5,148,000
Supplemental disclosures of non-cash activities:    
Issuance of common stock related to redemption of Convertible Notes 44,844,629 0
Release of guarantor from GSH to shareholder 2,212,222 (40,968)
Termination of existing lease 101,298 0
Additions of right-of-use lease assets and liabilities 564,588 5,300,103
Noncash exercise of employee stock options 2,756 128,214
Forfeiture of employee stock options 8,368 (487,739)
Promissory note issued for sale of property and equipment 0 665,020
Settlement of co-obligor debt to affiliates 0 8,340,545
Release of guarantor from GSH to shareholder 0 2,841,034
Non-cash distribution to owners of Other Affiliates 0 12,671,122
Earnest money receivable from Other Affiliates 0 2,521,626
Recognition of previously capitalized deferred transaction costs 0 2,932,426
Recognition of derivative liability related to earnout 0 242,211,404
Recognition of derivative liability related to equity incentive plan 211,370 1,279,139
Recognition of warrant liability upon Business Combination 0 1,531,000
Forfeiture of private placement warrants upon Business Combination 0 (890,001)
Issuance of common stock upon the reverse recapitalization 0 39,933,707
Recognition of deferred tax asset upon Business Combination 0 1,589,600
Recognition of income tax payable upon Business Combination 0 701,871
Recognition of assumed assets and liabilities upon Business Combination, net 0 3,588,110
Noncash exercise of stock warrants 0 75
Recognition of contingent liability upon business acquisition 0 300,000
Recognition of contingent consideration upon business acquisition 0 1,707,000
Total non-cash activities 47,945,231 326,823,288
Convertible Notes    
Adjustments to reconcile net income to net cash flows from operating activities:    
Amortization of discount on debt 1,986,290 1,324,504
Private Investor Debt    
Adjustments to reconcile net income to net cash flows from operating activities:    
Amortization of discount on debt 59,638 47,608
Contingent earnout liability    
Adjustments to reconcile net income to net cash flows from operating activities:    
Change in fair value (87,353,533) (126,644,642)
Equity Incentive Plan    
Adjustments to reconcile net income to net cash flows from operating activities:    
Change in fair value $ (339,356) $ (248,926)