Forge Innovation Development Corp. is a real estate development company focused on land purchasing, selling, property management, and real estate investment in Southern California, with significant assets and rental income, but operating at a net loss.

# Company Overview - Forge Innovation Development Corp.

## Business Focus and Operations
- **Primary Business Objective:** 
  - Real estate development
  - Land purchasing and selling
  - Property management

- **Main Geographic Focus:** 
  - Southern California

## Key Activities
- **Land Development:** 
  - Securing acquisition rights
  - Obtaining zoning and entitlements
  - Securing financing
  - Improving infrastructure and amenities
  - Selling properties to residential and commercial buyers

- **Property Management:** 
  - Managing properties owned by the company and third-party owners
  - Includes leasing, maintenance, tenant services, and property operations
  - Monthly management fee for Legend LP's property increased over time from $5,000 to $15,000

- **Investment in Real Estate Projects:** 
  - Focus on income-yielding properties with long-term leases
  - Targeting distressed properties for acquisition and resale
  - Invests in residential (single-family, condos, townhomes) and commercial properties (strip malls, small office buildings)

## Notable Acquisitions and Assets
- **Major Property:** 
  - **Mission Marketplace** located at 6240 Mission Boulevard, Jurupa Valley, California
  - Grocery-anchored shopping center comprising two buildings (one-story and two-story)
  - Total gross leasable area: **48,722 square feet**
  - Site size: **4.51 acres**
  - Owned via 100% by Legend LP, in which Forge holds a **51% interest** (since March 2023)
  - The property generates rental income, which increased from approximately **$393,474 in 2023** to **$668,339 in 2024**, a 70% increase due to more units being leased

## Financial Highlights
- **Revenue (2024):** 
  - Total of **$668,339**, primarily from rent income
- **Income:**
  - No income from subsidiaries as of December 31, 2024
  - Total net loss in 2024: **$1,560,413** (after previous adjustments)
- **Employee Count:** 
  - Currently only 1 employee (Mr. Patrick Liang, President/CEO)
- **Total Assets (2024):** 
  - Approximately **$8.2 million**
- **Market Capitalization (as of June 2024):** 
  - Approximate market value of **$16.6 million** based on a $1.26 stock price and outstanding shares
- **Shares Outstanding:** 
  - **50,389,011 shares** as of April 15, 2025
- **Stock Price (April 15, 2025):** 
  - **$0.10 per share**
- **Revenue Strategy:**
  - Focus on property acquisition, development, resale, and property management
  - Management also targets property investments for income

## Other Points
- The company is a small business issuer and is classified as a **smaller reporting company**, with specific risk factors and governance disclosures.
- It has a **2023 Equity Incentive Plan** issuing stock options and awards to consultants and employees.
- The company is involved in ongoing legal proceedings affecting its properties and operations.

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**Note:** Only information explicitly provided and detailed in the source document is summarized. No hypotheticals or unmentioned estimates are included.

Forge Innovation Development Corp is a real estate development firm that focuses on land acquisition, property management, and diversified real estate investments in Southern California.

# Forge Innovation Development Corp Overview

**Background**
- **Incorporation**: Originally formed as You-Go Enterprises, LLC in Nevada on January 15, 2016; renamed to Forge Innovation Development Corp. on November 3, 2016.
- **Headquarters**: 6280 Mission Blvd Unit 205, Jurupa Valley, CA 92509.
- **Contact**: Tel: 626-986-4566.
- **Primary Focus**: Real estate development, land purchasing and selling, and property management.

**Subsidiaries & Acquisition**
- **Subsidiary**: Forge Network Inc. (established August 17, 2020), has not generated revenue as of December 31, 2023.
- **Acquisition**: On March 24, 2023, acquired 77.3% of Legend Investment Management, LLC’s ownership in Legend International Investment, LP, which owns the Mission Marketplace.

**Mission Marketplace**: 
- A grocery-anchored shopping center located at 6240 Mission Boulevard in Jurupa Valley, California.
- Features:
  - Two one-story buildings and one two-story building.
  - 48,722 total square feet of gross leasable area.
  - Situated on a 4.51-acre site.
  
**Business Model**
1. **Land Acquisition and Development**:
   - Focus on residential and commercial developments primarily in Southern California.
   - Involves securing rights, obtaining permits, and improving infrastructure.

2. **Diversified Real Estate Portfolio**:
   - Investment in residential (single-family homes, condos) and commercial properties (strip malls, small offices).

3. **Property Management Services**:
   - Management for owned properties and properties of third parties.
   - Various services including rental rate establishment, tenant attraction, lease negotiations, financial management, and property maintenance.

**Revenue and Income**
- **Financials from Property Management**:
  - Management service income from Bloomage Beverly Hills Investment Inc. was $15,000 in 2022 (terminated in April 2022).
  - Total rent income from Legend LP: 
    - $393,474 for the year ended December 31, 2023.
    - $0 for the year ended December 31, 2022 (due to the acquisition).
    
- **Settlement Loss**:
  - Recognized a settlement loss of $30,883 related to a lawsuit filed by Puente Hills Business Center II, L.P.

**Employees**:
- Currently has **1 employee**: Mr. Patrick Liang, President/CEO (100% dedicated to the business).

**Customer Base**:
- Primarily targets other businesses for property management while focusing on residential and commercial property buyers. 

**Competition**:
- Competes with REITs, institutional investors, and private real estate companies.
- Main competitors also include real estate firms and brokers in property acquisition and management.

**Regulatory Environment**: 
- Subject to various federal, state, and local regulations pertaining to real estate development, environmental compliance, and property management.

**Key Points**:
- **Total Portfolio Acquisition**: 51% ownership of Legend LP post-acquisition.
- Significant growth in rental income following the acquisition of Legend LP (from $0 to $393,474).
- Plans include broadening property management services and continuing land acquisition and development strategies.

FORGE INNOVATION DEVELOPMENT CORP.

10-K / April 15, 2025

10-K / August 2, 2024

10-K / April 15, 2025

Company Overview - Forge Innovation Development Corp.

Business Focus and Operations

Key Activities

Notable Acquisitions and Assets

Financial Highlights

Other Points