Forge Innovation Development Corp. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in revenues, with total revenues for the three months reaching $178,380, up from $132,760 in the same period of 2023, marking a 34% increase. For the nine months ended September 30, 2024, total revenues were $490,498, compared to $310,770 in the prior year, reflecting a 58% increase attributed primarily to the acquisition of Legend International Investment, LP (Legend LP) in March 2023.

Despite the revenue growth, Forge Innovation reported a net loss of $(105,518) for the three months ended September 30, 2024, a significant improvement from the $(665,605) loss in the same quarter of 2023. However, the net loss for the nine months increased to $(1,475,098) from $(583,078) in the previous year. The increase in losses was influenced by higher operating expenses, which totaled $208,907 for the quarter, down from $673,764 in the prior year, but increased to $1,577,935 for the nine months, up from $1,025,371.

The company’s total assets decreased to $8,262,655 as of September 30, 2024, from $9,306,401 at the end of 2023, while total liabilities rose to $6,419,334 from $5,987,982. This resulted in a decline in total equity to $1,843,321 from $3,318,419, and an accumulated deficit increased to $(3,716,913) from $(2,485,934).

In terms of strategic developments, Forge Innovation completed the acquisition of a 51% interest in Legend LP, which owns the Mission Marketplace shopping center in California, for $1,377,000. This acquisition has been pivotal in driving revenue growth. The company also reported a significant increase in cash, rising to $28,244 from $4,892 at the end of 2023, aided by proceeds from a commercial loan totaling $5,030,000.

The company’s operational expenses included a rise in general and administrative costs, which increased from $50,499 in Q3 2023 to $72,256 in Q3 2024, primarily due to higher property taxes. Additionally, depreciation expenses rose from $68,884 to $78,167 for the same periods.

Management has acknowledged ongoing concerns regarding the company's ability to continue as a going concern, citing recurring losses since inception and an accumulated deficit. The company is focused on improving profitability and generating sufficient cash flow to address these challenges.