secwatch.observer — SEC 8-K summary
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Issuer:     FORGE INNOVATION DEVELOPMENT CORP. (FGNV)
CIK:        0001687919
Form:       8-K/A
Filed at:   2023-06-01T23:59:59+00:00
Accession:  0001493152-23-019740
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1687919/000149315223019740/0001493152-23-019740-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1687919/000149315223019740/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-019740

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