Zoned Properties, Inc. ZDPY revenues for the quarter ended March 31 2023, were $688,024, 2023, compared to revenues of $938,701 for the quarter ended March 31, 2022, representing a decrease of 26%. The decrease was primarily attributable to a decrease in brokerage commission revenues, which reflects the variable nature of one-time commission events that contribute to overall brokerage revenues, offset by an increase in advisory services revenues and property investment portfolio revenues.
Q1 2023 Financial Highlights
-
Property investment portfolio revenues were $610,474 for the quarter ended March 31, 2023, compared to property investment portfolio revenues of $390,097 for the quarter ended March 31, 2022, representing an increase of 56.5%.
-
Operating expenses were $696,410 for the quarter ended March 31, 2023, compared to $929,183 for the quarter ended March 31, 2022, representing a decrease of 25%, primarily attributable to a decrease in one-time brokerage commission splits.
-
Net loss of $309,648 for the quarter ended March 31, 2023, as compared to a net loss of $25,696 for the quarter ended March 31, 2022, primarily attributable to a loss from operations of $8,386, interest expenses, and non-cash expenses related to the company's derivative debt liability accounting.
-
Cash provided by operating activities was $3,589 for the quarter ended March 31, 2023, compared to $119,742 for the quarter ended March 31, 2022.
-
The company had cash on hand of $3.25 million as of March 31, 2023, compared to cash on hand of $4.34 million as of December 31, 2022. The company's decrease in cash on hand was primarily due to the acquisition of a new retail investment property in Michigan.
"Our first quarter results continue to illustrate the significant expansion of our property investment portfolio, highlighting our commitment to carefully acquire premium real estate assets in emerging markets like the regulated cannabis industry. Our expansion strategies will continue to be guided by our emphasis on increasing cash-flow, innovation, and long-term value creation. We are well-positioned to take advantage of the significant opportunities being created as the cannabis industry continues to evolve," stated Bryan McLaren, CEO of Zoned Properties. "The company is currently working to further scale by exploring a number of investments in brand-new real estate acquisitions that are in various phases of development and underwriting in a number of new state markets. We will continue making use of our unique multi-divisional real estate services model to open up fresh, accretive acquisition and investment opportunities."
Price Action
Zoned Properties shares were trading 19.53% lower at $0.53 per share at the time of writing Monday morning.
Photo: Benzinga edit with photos by Stefan Balaz on Shutterstock and Peter Pike on Pixabay
Related News
Zoned Properties FY22 Revenue Grows 46% To $2.66M, Sixth Year Of Positive Cash Flow From Operations
Zoned Acquires Cannabis Retail Investment Property In Michigan For $4.3M Leases It To NOXX
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!