XML 11 R2.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and cash equivalents $ 110,911,416 $ 12,238,835
Accounts receivable, net 1,693,064 1,976,334
Homes under construction and finished homes 128,950,892 163,997,487
Developed lots 21,189,983 16,205,448
Due from related party 125,987 1,437,235
Related party note receivable 665,020  
Lot purchase agreement deposits 8,113,303 3,804,436
Investment in Joint Venture 431,894 186,086
Property and equipment, net 676,408 1,385,698
Operating right-of-use assets 768,282 1,001,277
Deferred tax asset 3,891,575  
Prepaid expenses and other assets 6,350,037 6,112,044
Total Assets 283,767,861 208,344,880
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 13,414,465 22,077,240
Homebuilding debt and other affiliate debt 109,172,986 120,797,006
Operating lease liabilities 768,282 1,001,277
Other accrued expenses and liabilities 5,150,413 5,465,321
Income tax payable 701,871  
Derivative liabilities 451,106,576  
Convertible note payable 66,714,276  
Total Liabilities 647,028,869 149,340,844
Commitments and contingencies
Preferred Stock, $0.0001 par value; 40,000,000 shares authorized; none issued or outstanding.
Additional paid-in capital [1]   1,422,630
Retained Earnings/(accumulated deficit) [1] (363,265,766) 57,577,672
Total Stockholders' equity [1] (363,261,008) 59,004,036
Total Liabilities and Stockholders' equity 283,767,861 208,344,880
Class A common stock    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Common stock value [1] 1,061 37
Class B common stock    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Common stock value [1] $ 3,697 $ 3,697
[1] Retroactively restated as of December 31, 2022 for the Reverse Recapitalization as a result of the Business Combination as described in Notes 1 and 2.