Harbor Custom Development Inc HCDIQ

Consumer Cyclical Residential Construction

Harbor Custom Development, Inc. is a real estate development company. The Company is engaged in the land development cycle, including land acquisition, entitlements, development, construction of project infrastructure, single and multi-family vertical construction, marketing, and sales of various residential projects in Washington, California, Texas, and Florida. The Company operates through five segments: Homes, Developed lots, Entitled land, Multi-family, and Fee Build. It also provides services as fee-build revenues to construct the required infrastructure so that houses can be developed on the lots. Its multi-family construction offers comparable finishes to a new construction home, featuring quartz countertops, stainless steel kitchen appliances, an in-unit washer and dryer, and premium flooring. It owns or controls approximately 15 communities in Washington, Texas, California, and Florida, containing approximately 517 units or lots in various stages of development.

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Harbor Custom Development Inc > HCDI ..... Check this out ; )

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Comment by Iseneschalon Apr 03, 2023 11:41am

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Post# 35376283

RE:HCDI ..... Check this out ; )

I stand corrected....... as per the last Financial there was 718,322 shs O/S

HARBOR CUSTOM DEVELOPMENT, INC. AND SUBSIDIARIES
D/B/A HARBOR CUSTOM HOMES
CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
		2022			2021			2022			2021

Sales	$	4,798,300		$	26,335,600		$	55,414,300		$	72,352,700

Cost of Sales		9,811,400			15,481,100			55,866,800			50,419,400

Gross Profit (Loss)		(5,013,100	)		10,854,500			(452,500	)		21,933,300

Operating Expenses		4,220,500			3,511,900			16,237,700			11,151,600

Operating Income (Loss)		(9,233,600	)		7,342,600			(16,690,200	)		10,781,700

Other Income (Expense)
Interest Expense		(713,200	)		—			(1,760,000	)		(249,300	)
Interest Income		86,700			49,100			465,600			—
Loss on Sale of Equipment		(3,315,700	)		—			(3,433,800	)		(35,900	)
Other Income		11,800			3,500			38,000			127,200
Total Other Expense		(3,930,400	)		52,600			(4,690,200	)		(158,000	)

Income (Loss) Before Income Tax		(13,164,000	)		7,395,200			(21,380,400	)		10,623,700

Income Tax Expense (Benefit)		(2,520,400	)		1,766,900			(4,458,200	)		1,766,900

Net Income (Loss)	$	(10,643,600	)	$	5,628,300		$	(16,922,200	)	$	8,856,800

Net Loss Attributable to Non-controlling interests		—			—			(500	)		(1,700	)
Preferred Dividends		(1,903,700	)		(1,953,400	)		(7,759,900	)		(2,724,900	)

Net Income (Loss) Attributable to Common Stockholders	$	(12,547,300	)	$	3,674,900		$	(24,681,600	)	$	6,133,600

Earnings (Loss) Per Share - Basic	$	(17.47	)	$	5.14		$	(35.29	)	$	8.56
Earnings (Loss) Per Share - Diluted	$	(17.47	)	$	3.22		$	(35.29	)	$	8.13

Weighted Average Common Shares Outstanding - Basic		718,322			714,850			699,490			716,837
Weighted Average Common Shares Outstanding - Diluted		718,322

HARBOR CUSTOM DEVELOPMENT, INC. AND SUBSIDIARIES
D/B/A HARBOR CUSTOM HOMES
CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
		2022			2021			2022			2021

Sales	$	4,798,300		$	26,335,600		$	55,414,300		$	72,352,700

Cost of Sales		9,811,400			15,481,100			55,866,800			50,419,400

Gross Profit (Loss)		(5,013,100	)		10,854,500			(452,500	)		21,933,300

Operating Expenses		4,220,500			3,511,900			16,237,700			11,151,600

Operating Income (Loss)		(9,233,600	)		7,342,600			(16,690,200	)		10,781,700

Other Income (Expense)
Interest Expense		(713,200	)		—			(1,760,000	)		(249,300	)
Interest Income		86,700			49,100			465,600			—
Loss on Sale of Equipment		(3,315,700	)		—			(3,433,800	)		(35,900	)
Other Income		11,800			3,500			38,000			127,200
Total Other Expense		(3,930,400	)		52,600			(4,690,200	)		(158,000	)

Income (Loss) Before Income Tax		(13,164,000	)		7,395,200			(21,380,400	)		10,623,700

Income Tax Expense (Benefit)		(2,520,400	)		1,766,900			(4,458,200	)		1,766,900

Net Income (Loss)	$	(10,643,600	)	$	5,628,300		$	(16,922,200	)	$	8,856,800

Net Loss Attributable to Non-controlling interests		—			—			(500	)		(1,700	)
Preferred Dividends		(1,903,700	)		(1,953,400	)		(7,759,900	)		(2,724,900	)

Net Income (Loss) Attributable to Common Stockholders	$	(12,547,300	)	$	3,674,900		$	(24,681,600	)	$	6,133,600

Earnings (Loss) Per Share - Basic	$	(17.47	)	$	5.14		$	(35.29	)	$	8.56
Earnings (Loss) Per Share - Diluted	$	(17.47	)	$	3.22		$	(35.29	)	$	8.13

Weighted Average Common Shares Outstanding - Basic		718,322			714,850			699,490			716,837
Weighted Average Common Shares Outstanding - Diluted		718,322