UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Item 7.01 Regulation FD Disclosure.
On March 16, 2022, Harbor Custom Development, Inc. (the “Company”) gave an in-person presentation to an investment banking firm (the “Meeting”). Sterling Griffin and Lance Brown, the Company’s Chief Executive Officer and Chief Financial Officer, respectively, presented an update of the Company during the Meeting. During the Meeting, Mr. Griffin made the following statements:
● | The Company had approximately $26 million in cash at its fiscal year end of December 31, 2022; | |
● | The Company is not developing the lots it owns in California, but is selling the lots as developed building lots; | |
● | Mr. Griffin expects 2023 fiscal year results to be significantly better than 2022 fiscal year end results; and | |
● | The Company declined the previously announced proffered loan from U.S. Capital which was going to fund vertical construction on four projects; the Company has so far funded three of those projects with other financing and will fund the fourth project as required |
The information contained in this Current Report on Form 8-K pursuant to this “Item 7.01 Regulation FD Disclosure” is being furnished. This information shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section or shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, unless specifically identified therein as being incorporated by reference.
Forward-Looking Statements
Certain statements herein constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions. Specifically included are statements regarding anticipated income and revenues for 2021 and 2022. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Item 9.01 Financial Statements and Exhibit
(d) Exhibits.
The following exhibits are filed with this Current Report on Form 8-K:
Exhibit
|
Description | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Harbor Custom Development, Inc. | ||
Date: March 17, 2022 | By: | /s/ Jeff Habersetzer |
Jeff Habersetzer | ||
Chief Operating Officer, Secretary, and General Counsel |