Deconsolidation

9 Months Ended

Sep. 30, 2024

Disclosure of Deconsolidation [Abstract]

19.	Deconsolidation

As disclosed in Note 2, during 2024 the Company recognized the effects of the Deconsolidation, Prior to the Deconsolidation, SG DevCorp was consolidated in the Company’s financial statements. Upon the Deconsolidation, the Company accounts for its investment in SG DevCorp on the equity method. The effect of the Deconsolidation resulted in a derecognition of $12,274,844 of assets, $9,022,017 of liabilities, and $1,657,829 in the carrying value of the non-controlling interest in SG DevCorp. Additionally, upon the Deconsolidation, the Company reduced its previously amount recorded as due from SG DevCorp in the amount of $394,329 and recorded an amount of $1,717,694 due to SG DevCorp which was previously eliminated in consolidation. The Company recognized a gain of $4,728,348 which resulted from the difference between the fair value of the Company’s investment upon deconsolidation of $8,126,350, and the net assets and carrying value of the non-controlling interest as described above. The gain is included in income (loss) from discontinued operations. The assets and liabilities of SG DevCorp at the time of Deconsolidation amounted to the following:

Assets:
Cash	$	567,473
Assets held for sale		4,400,361
Prepaid expenses and other current assets		429,331
Total current assets		5,397,165

Property, plant and equipment, net		1,194,117
Project development costs and other non-current assets		91,490
Intangible assets, net		138,678
Goodwill		1,810,787
Investment in and advances to equity affiliates		3,642,607
Total long-term assets		6,877,679

Liabilities:
Accounts payable and accrued expenses		1,600,294
Contingent consideration payable		945,000
Short-term notes payable, net		6,476,723
	$	9,022,017