Community Redevelopment Inc. (CRDV) reported no revenue for the fiscal year ending December 31, 2023, maintaining a cumulative deficit of $60,097,918 since its inception in 2010. The company incurred total operating expenses of $494,988, resulting in a net loss of $700,087 for the year. This marks a significant reduction in losses compared to the previous fiscal year, where the net loss was $10,821,237. The decrease in losses is attributed to a reduction in operating expenses, which fell from $2,281,261 in 2022 to $603,437 in 2023.
In terms of operational changes, CRDV has undergone a strategic shift since its rebranding from Crosswind Renewable Energy Corp. in 2020. The company is now focused on community-oriented real estate redevelopment, particularly in economic growth and opportunity zones. As part of this strategy, CRDV aims to build its assets and revenues through targeted mergers, acquisitions, and joint ventures in various sectors, including finance, accounting, and healthcare. The company has also indicated plans to engage in partnerships with local and state government agencies to enhance community development.
As of December 31, 2023, CRDV reported total assets of $13,299,920, a significant increase from $7,584,318 in the previous year. This growth is primarily due to investments in real estate membership interests, which totaled $13,816,675. The company’s liabilities also increased, with total liabilities reaching $14,084,223, up from $7,950,450 in 2022. The increase in liabilities is largely attributed to the company's ongoing financing efforts, including the issuance of convertible promissory notes totaling $494,987.58 to various stakeholders.
Looking ahead, CRDV's management has expressed the need for at least $10 million in working capital over the next 12 months to support its business plan and cover operating costs. The company has indicated that it will rely on contributions from shareholders and management to meet its financial obligations, although no formal agreements are in place to guarantee these funds. The management team remains optimistic about future growth potential, contingent on securing additional financing and successfully executing its redevelopment projects. However, the company acknowledges substantial uncertainty regarding its ability to continue as a going concern without generating revenue or obtaining necessary funding.
About Community Redevelopment Inc.
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