SEGMENTS

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENTS

SEGMENTS

In accordance with FASB ASC Topic 280, Segment Reporting, an operating segment is defined as a component of an enterprise for which discrete financial information is available and reviewed regularly by the chief operating decision maker (“CODM”), or decision making group, to evaluate performance and make operating decisions.

The Company identified its CODM group as its three executive officers, the Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. In determining the reportable segments, the CODM group considers similar economics and characteristics including product types, construction processes, customer type, regulatory environments, and underlying demand and supply.

The Company’s business is organized into five material reportable segments which aggregate 99.9% of revenue for the six months ended June 30, 2022:

1) Homes

2) Developed lots

3) Entitled land

4) Multi-family

5) Fee Build

The reporting segments follow the same accounting policies used in the preparation of the Company’s condensed consolidated financial statements. The following represents revenue, cost of goods sold, and gross profit (loss) information for the Company’s reportable segments for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Revenue by segment
Homes	$	8,789,700	$	3,474,200	$	21,064,200	$	10,348,400
Developed lots	—		—		9,080,000		7,000,000
Entitled land	—		9,310,000		4,480,000		9,310,000
Multi-family	—		—		—		—
Fee Build	1,487,800		1,348,200		4,201,700		1,348,200
Other	8,900		—		41,500		—
	$	10,286,400	$	14,132,400	$	38,867,400	$	28,006,600
Cost of goods sold by segment
Homes	$	7,104,600	$	2,681,500	$	17,656,100	$	8,742,800
Developed lots	(6,400)		—		8,057,000		7,046,400
Entitled land	—		6,934,900		712,900		7,094,200
Multi-family	2,100		—		2,100		—
Fee Build	4,654,600		1,188,700		7,219,500		1,188,700
Other	463,400		—		1,097,100		—
	$	12,218,300	$	10,805,100	$	34,744,700	$	24,072,100
Gross profit (loss) by segment
Homes	$	1,685,100	$	792,700	$	3,408,100	$	1,605,600
Developed lots	6,400		—		1,023,000		(46,400)
Entitled land	—		2,375,100		3,767,100		2,215,800
Multi-family	(2,100)		—		(2,100)		—
Fee Build	(3,166,800)		159,500		(3,017,800)		159,500
Other	(454,500)		—		(1,055,600)		—
	$	(1,931,900)	$	3,327,300	$	4,122,700	$	3,934,500

The following represents total assets for the Company’s reportable segments at June 30, 2022 and December 31, 2021:

	June 30, 2022		December 31, 2021
Homes	$	31,385,800	$	36,615,600
Developed lots	21,204,100		8,219,500
Entitled land	17,831,000		28,157,800
Multi-family	92,020,300		47,679,400
Fee Build	3,443,100		3,325,300
Unallocated (Shared)	42,420,800		45,702,500
Total Assets	$	208,305,100	$	169,700,100