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Deconsolidation and Discontinued Operations | 12 Months Ended
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Dec. 31, 2024
Deconsolidation and Discontinued Operations |
Deconsolidation and Discontinued Operations |
22. | Deconsolidation and Discontinued Operations
As disclosed in Note 2, during 2024 the Company recognized the effects of the Deconsolidation, Prior to the Deconsolidation, SG DevCorp was consolidated in the Company’s financial statements. Upon the Deconsolidation, the Company accounts for its investment in SG DevCorp on the equity method. The effect of the Deconsolidation resulted in a derecognition of $12,274,844 of assets, $9,022,017 of liabilities, and $1,966,848 in the carrying value of the non-controlling interest in SG DevCorp. Additionally, upon the Deconsolidation, the Company reduced its previously amount recorded as due from SG DevCorp in the amount of $394,329 and recorded an amount of $1,717,694 due to SG DevCorp which was previously eliminated in consolidation. The Company recognized a gain of $4,637,013 which resulted from the difference between the fair value of the Company’s investment upon deconsolidation of $8,126,350, and the net assets and carrying value of the non-controlling interest as described above. The gain is included in income (loss) from discontinued operations. The assets and liabilities of SG DevCorp at the time of Deconsolidation amounted to the following:
| Assets: |  |  |
| Cash | $ | 567,473 |
| Assets held for sale |  | 4,400,361 |
| Prepaid expenses and other current assets |  | 429,331 |
| Total current assets |  | 5,397,165 |
| Property, plant and equipment, net |  | 1,194,117 |
| Project development costs and other non-current assets |  | 91,490 |
| Intangible assets, net |  | 138,678 |
| Goodwill |  | 1,810,787 |
| Investment in and advances to equity affiliates |  | 3,642,607 |
| Total long-term assets |  | 6,877,679 |
| Liabilities: |  |  |
| Accounts payable and accrued expenses |  | 1,600,294 |
| Contingent consideration payable |  | 945,000 |
| Short-term notes payable, net |  | 6,476,723 |
|  | $ | 9,022,017 |
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:
|  |  |  | Year Ended December 31, 2024 |  |  |  | Year Ended December 31, 2023 |
| Operating Expenses: |  |  |  |  |  |  |  |
| Payroll and related expenses |  | $ | 1,223,511 |  |  | $ | 1,125,603 |
| General and administrative expenses |  |  | 295,664 |  |  |  | 1,771,389 |
| Marketing and business development expenses |  |  | 10,219 |  |  |  | 126,456 |
| Operating loss |  |  | (1,529,394 | ) |  |  | (3,023,448 | )
| Other income (expense) |  |  | (422,941 | ) |  |  | (1,177,093 | )
| Net loss |  | $ | (1,952,335 | ) |  | $ | (4,200,541 | )
The total income from discontinued operations for the year ended December 31, 2024, is comprised of the following:
| Gain from Deconsolidation | $ | 4,637,013 |
| Net loss from discontinued operations |  | (1,952,335 | )
| Net loss | $ | 2,684,678 |
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 |

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