M&A - FORGE INNOVATION DEVELOPMENT CORP.

Form Type: 10-Q

Filing Date: 2025-05-20

Corporate Action: Acquisition

Type: New

Accession Number: 000164117225011707

Filing Summary: Forge Innovation Development Corp. filed its quarterly report for the period ending March 31, 2025. The company reported total assets of $8,158,898 and total liabilities of $6,623,001, resulting in total equity of $1,535,897. The company incurred a net loss of $222,109 for the quarter, indicating a shift in financial performance compared to the previous year. Significant revenue was generated from rent income amounting to $175,200. In a notable acquisition on March 24, 2023, the company acquired 51% of Legend International Investment, which owns a significant commercial property, leading to a related party transaction due to the seller’s management ties to the company's president. This acquisition was valued at $1,377,000, for which the company issued 1,967,143 common stocks.

Form Type: 10-K

Filing Date: 2025-04-15

Corporate Action: Acquisition

Type: New

Accession Number: 000164117225004791

Filing Summary: Forge Innovation Development Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The company focuses on real estate development and management, having acquired 51% ownership of Legend International Investment, LP in a transaction classified as a related party transaction due to management connections. This acquisition enhances the company's portfolio, specifically through the Mission Marketplace property in Jurupa Valley, California, which has generated significant rent income increases in 2024 compared to 2023. The report provides details on the company’s business strategy, property management services, and financial performance highlights, noting challenges faced in prior year transactions due to governance and operational shift after the acquisition. The document includes audited financial statements, management's discussion of financial conditions, and disclosures regarding risks and future projections related to ongoing and prospective operations in the real estate sector.