Forge Innovation Development Corp.

What they do

The company targets commercial and residential land development, including purchasing, entitling and selling real estate in Southern California, and managing owned and third-party properties. From March 2024 until July 2025 it held a 51% interest in Legend International Investment, LP, whose sole asset was the Mission Marketplace shopping center at 6240 Mission Boulevard, Jurupa Valley, CA. Its wholly owned subsidiary Forge Network Inc., formed in August 2020, has generated no income. Management income from related parties is now the company's reported revenue line.

Revenue drivers

• Management income from related parties — The only reported revenue in the latest quarter, $16,000 for the three months ended September 30, 2025, versus $nil a year earlier.
• Mission Marketplace / Legend LP interest — The 51% Legend LP stake acquired in March 2024 for 1,967,143 shares valued at $0.70 per share ($1,377,000) was released back to Legend LLC on July 27, 2025, leaving the company with 0% ownership.
• Annual revenue base — Annual revenue grew from $36,000 in 2020 and 2021 to $122,604 in 2022, $438,474 in 2023 and $668,339 in 2024.
• Property sales and management — The company's stated model is entitling and selling land and managing properties; its first acquisition, 29 acres in Desert Hot Springs, was sold to an independent third party for a profit.

Recent performance

For the three months ended September 30, 2025, revenue was $16,000 of management income from related parties, down sharply from $177,841 in the December 2024 quarter, $175,200 in March 2025 and $193,275 in June 2025. General and administrative expenses fell to $10,259 from $32,272 a year earlier, while depreciation rose from $5,007 to $5,504. Annual net losses widened from $92,035 in 2023 to approximately $1.3 million in 2024, with diluted EPS of $(0.03). At September 30, 2025 the balance sheet showed total assets of $163,696, total liabilities of $342,484 and negative shareholder equity of $(178,788).

Strategy

Management describes the company as targeting commercial and residential land development, entitling and selling properties in Southern California, and managing owned and third-party properties. The March 2024 Legend LP acquisition was unwound on July 27, 2025, when the company transferred its 51% Legend LP interest back to Legend LLC in exchange for releasing the same 1,967,143 shares, both valued at $0.70 per share, leaving the company with 0% of Legend LP. Both the acquisition and the release were treated as related party transactions because a relative of the company's President has significant influence over Legend LLC's management. Forge Network Inc. remains a wholly owned subsidiary with no income.

Risks

• Going-concern and liquidity — At September 30, 2025 liabilities of $342,484 exceeded assets of $163,696, shareholder equity was negative $(178,788), and cash was $52,282 as of June 30, 2025.
• Revenue concentration and collapse — Quarterly revenue fell from $177,841 in the December 2024 quarter to $16,000 in the September 2025 quarter, and current revenue consists of management income from related parties.
• Related party dealings — Both the March 2024 acquisition and the July 2025 release of the 51% Legend LP interest were treated as related party transactions because a relative of the President has significant influence over Legend LLC's management.
• Development and entitlement risk — The company's stated strategy depends on securing acquisition rights, obtaining zoning and other entitlements, and financing purchases, and it abandoned its first 29-acre Desert Hot Springs project over permit and adjacent-landowner problems and sold it to a third party.

Outlook

The 10-Q MD&A does not provide specific forward guidance beyond describing the company's plan to pursue commercial and residential land development and property management in Southern California. The wholly owned subsidiary Forge Network Inc. has generated no income due to a strategy adjustment. No projections or forecasts are given, and the company disclaims any obligation to update forward-looking statements.