Forge files audited financials of acquired Legend LP; $1.03M net loss, going concern doubt

FORGE INNOVATION DEVELOPMENT CORP.

Acquired 51% of Legend LP on 3/24/23 via related-party transaction with entity controlled by relative of Forge's President.
Legend LP 2022 net loss $1,033,194 on total revenue of $408,796; operating expenses $1,130,054.
Accumulated deficit $13.65M, negative working capital $4.47M as of Dec 31, 2022.
Auditor expressed substantial doubt about Legend LP's ability to continue as a going concern.
Legend LP's primary asset: a 48,722 sq ft grocery-anchored shopping center in Jurupa Valley, CA, net book value $7.95M.

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