Zoned Properties Reports 60% YoY Revenue Growth
ZONED PROPERTIES REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS
- 60% Revenue Growth Year-over-Year for Six-Months Ended June 30, 2022
- New $4.5 Million Debt Facility Creates Buying Power for New Property Acquisitions and Portfolio Expansion
Zoned Properties(R), Inc. (OTCQB: ZDPY), a leading real estate development firm for emerging and highly regulated industries, including legalized cannabis, today announced its financial results for the second quarter ended June 30, 2022.
“The Zoned Properties team has positioned the Company for national scale and growth, and we continue to execute on our full-spectrum of real estate services for both independent clients and our own development projects. We are focused on investing in the growth and diversity of our top line revenue while maintaining positive cash flow from operations, and we view these metrics as some of the most important financial indicators for investors and shareholders to follow,” commented Bryan McLaren, Chief Executive Officer of Zoned Properties.
“We believe we have developed the right business mix of real estate services to effectively scale Zoned Properties along with the needs of our target industries, primarily the regulated cannabis industry. Our full spectrum of real estate services have been intentionally positioned and designed to feed a strong pipeline of acquisition targets for our Investment Portfolio. Now we must execute on scaling both our active real estate services for the national marketplace and also buying power to expand our Investment Portfolio.”
Six Months and Second Quarter Ended June 30, 2022 Financial Results
Revenues were $1,437,353 for the six months ended June 30, 2022, compared to $895,909 for the six months ended June 30, 2021, an increase of 60.4%. Operating expenses were $1,437,039 for the six months ended June 30, 2022, compared to $799,624 for the six months ended June 30, 2021, an increase of 79.7%. The Company reported a net loss of $64,759 for the six months ended June 30, 2022, as compared to net income of $41,259 for the six months ended June 30, 2021. Revenues were $498,652 for the second quarter ended June 30, 2022, compared to $550,064 for the second quarter ended June 30, 2021, a decrease of 9.3%. Operating expenses were $507,856 for the second quarter ended June 30, 2022, compared to $410,411 for the second quarter ended June 30, 2021, an increase of 23.7%. The Company reported a net loss of $39,063 for the second quarter ended June 30, 2022, as compared to net income of $112,594 for the second quarter ended June 30, 2021. The Company had cash of $891,244 as of June 30, 2022, compared to $1,191,940 as of December 31, 2021, primarily reflecting a $500,000 investment in tenant improvements related to the Company’s Chino Valley Cultivation Facility, and a $50,000 investment in equity securities related to the Company’s AnamiTech investment. The Company reported net cash provided by operating activities of $270,968 for the six months ended June 30, 2022.
Zoned Properties Reports 60% YoY Revenue Growth
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