CONCENTRATIONS

12 Months Ended

Dec. 31, 2022

Risks and Uncertainties [Abstract]

CONCENTRATIONS

CONCENTRATIONS

Cash Concentrations

The Company maintains cash balances at various financial institutions. These balances are secured by the Federal Deposit Insurance Corporation. These balances generally exceed the federal insurance limits. Uninsured cash balances were $8.1 million and $24.5 million as of December 31, 2022 and December 31, 2021, respectively.

Revenue Concentrations

Homes

There were no concentrations in relation to the homes revenue segment for the years ended December 31, 2022 and 2021.

Developed Lots

For the year ended December 31, 2022, two customers each represented 59% and 25% of the developed lots revenue, respectively. For the year ended December 31, 2021, five customers each represented 26%, 23%, 18%, 14%, and 14% of the developed lots revenue, respectively.

Entitled Land

For the year ended December 31, 2022, two customers each represented 57% and 43% of the entitled land revenue, respectively. For the year ended December 31, 2021, two customers each represented 51% and 45% of the entitled land revenue, respectively.

Fee Build

One customer represented 100% of fee build revenue for the years ended December 31, 2022 and 2021.