Community Redevelopment Inc. (CRDV) reported no revenue for the fiscal year ending December 31, 2024, maintaining a cumulative deficit of $60.4 million since its inception in 2010. The company incurred an operating loss of $958,431 for the year, a decrease from the previous year's loss of $700,087. The total loss for 2024 was attributed to ongoing operational expenses, which amounted to $958,431, reflecting a significant reduction in general and administrative costs compared to $603,437 in 2023. The company’s cash position deteriorated, ending the year with a balance of -$64, down from $118,245 in 2023.
In a strategic shift, CRDV transitioned from a focus on multi-family housing to a broader business holding company model, targeting various sectors including technical services, accounting, small business financing, healthcare, and business real estate. This change was formalized with a new corporate domicile in Colorado and aims to enhance growth through mergers and acquisitions. The company has expressed intentions to leverage its management team's experience to identify and acquire companies that align with its new strategic direction.
Operationally, CRDV's total assets decreased to $7.2 million from $13.3 million in the previous year, primarily due to a reduction in investments in real estate membership interests. The company’s liabilities also saw a decline, totaling $7.9 million compared to $14.1 million in 2023. The number of shares outstanding increased to 96,460,876 from 86,038,098, reflecting ongoing efforts to raise capital through equity. The company currently has 153 registered shareholders.
Looking ahead, CRDV's management has indicated that achieving long-term growth will depend on securing additional financing, which may include joint ventures and debt or equity financing. The company anticipates needing at least $10 million in working capital over the next 12 months to support its operational and regulatory requirements. However, the management has acknowledged the uncertainty surrounding its ability to generate revenue and secure necessary funding, raising concerns about its viability as a going concern. The company has not established any formal agreements for future financing, which could impact its operational continuity.
About Community Redevelopment Inc.
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