Discontinued Operations

9 Months Ended

Sep. 30, 2024

20	Discontinued Operations

As described in Note 2, prior year financial statements for 2023 have been restated to present the operations of SG DevCorp as a discontinued operation.

The financial results of SG DevCorp are presented as income (loss) from discontinued operations. The following table represents the financial results of SG DevCorp:

		For the Nine Months Ended September 30, 2024		For the Nine Months Ended September 30, 2023			For the Three Months Ended September 30, 2023
Operating Expenses:
Payroll and related expenses	$	1,223,511		$	898,876		$	228,779
General and administrative expenses		295,664			861,179			341,205
Marketing and business development expenses		10,219			41,309			14,003
Operating loss		(1,529,394	)		(1,801,364	)		(583,987	)
Other income (expense)		(422,941	)		(814,601	)		339,556
Net loss	$	(1,952,335	)	$	(2,615,965	)	$	(923,543	)

The total income from discontinued operations for the nine months ended September 30, 2024, is comprised of the following:

Gain from Deconsolidation	$	4,728,348
Net loss from discontinued operations		(1,952,335	)
Net loss	$	2,776,013

The following table presents the aggregate carrying amounts of assets and liabilities of discontinued operations of SG DevCorp as of December 31, 2023:

Assets:
Cash	$	3,236
Assets held for sale		4,400,361
Prepaid expenses and other current assets		231,989
Total current assets		4,635,586

Property, plant and equipment, net		1,194,224
Project development costs and other non-current assets		65,338
Intangible assets, net		22,210
Investment in and advances to equity affiliates		3,642,607
Total long-term assets		4,924,379

Liabilities:
Accounts payable and accrued expenses		861,292
Short-term notes payable, net		6,810,897
	$	7,672,189