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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q/A

 

(Amendment No. 1)

 

(Mark One)

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                         to                        

 

Commission File Number: 001-37997

 

SACHEM CAPITAL CORP.

(Exact name of registrant as specified in its charter)

 

New York   81-3467779
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

 

568 East Main Street, Branford, CT 06405

(Address of principal executive offices)

 

(203) 433-4736

(Registrant’s telephone number, including area code)

 

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x     Yes    ¨    No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x    Yes    ¨     No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  ¨ Accelerated filer  ¨  
Non-accelerated filer  x Smaller reporting company  x  
    Emerging growth company  ¨  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ¨     Yes    x     No

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Ticker symbol(s)   Name of each exchange on which registered
Common shares, par value $.001 per share   SACH   NYSE American LLC
6.875% Notes due 2024   SACC   NYSE American LLC
7.75% Notes due 2025   SCCC   NYSE American LLC
6.00% Notes due 2026   SCCD   NYSE American LLC
6.00% Notes due 2027   SCCE   NYSE American LLC
7.125% Notes due 2027   SCCF   NYSE American LLC
8.00% Notes due 2027   SCCG   NYSE American LLC
7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share   SACHPRA   NYSE American LLC

 

As of November 13, 2024, the Issuer had a total of 46,965,306 common shares, $0.001 par value per share, outstanding.

 

Common shares

Series A Preferred Stock 

 

 

 

 

 

EXPLANATORY NOTE

 

The purpose of this Amendment No. 1 (this “Amendment”) to our Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Form 10-Q”), as filed with the Securities and Exchange Commission (the “SEC”) on November 14, 2024, is solely to correct the number of the Company’s common shares issued and outstanding on November 13, 2024, the latest practicable date prior to filing the Form 10-Q. The Form 10-Q disclosed 49,965,306 instead of 46,965,306 of the Company’s common due to a clerical error.

 

In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications of our principal executive officer and principal financial officer are included as exhibits to this Amendment.

 

This Amendment makes no other changes to the Form 10-Q as filed with the SEC on November 14, 2024, and no attempt has been made in this Amendment to modify or update the other disclosures presented in the Form 10-Q. This Amendment does not reflect subsequent events occurring after the original filing of the Form 10-Q (i.e., those events occurring after November 14, 2024) or modify or update in any way those disclosures that may be affected by subsequent events. Accordingly, this Amendment should be read in conjunction with the Form 10-Q and our other filings with the SEC.

 

 

 

 

Item 6.   EXHIBITS

 

Exhibit No.   Description
     
31.1   Chief Executive Officer Certification as required under section 302 of the Sarbanes Oxley Act *
31.2   Chief Financial Officer Certification as required under section 302 of the Sarbanes Oxley Act *
101.INS   XBRL Instance Document *
101.SCH   XBRL Taxonomy Extension Schema Document *
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document *
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document *
101.LAB   XBRL Taxonomy Extension Label Linkbase Document *
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document *
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*

 

 

*Filed herewith.

  

 

 

 

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 thereunto duly authorized.

 

  SACHEM CAPITAL CORP.
Date: November 18, 2024 By: /s/ John L. Villano
    John L. Villano, CPA
    President and Chief Executive Officer
    (Principal Executive Officer)

 

Date: November 18, 2024 By: /s/ Nicholas M. Marcello
    Nicholas M. Marcello
    Chief Financial Officer
    (Principal Accounting and Financial Officer)

 

 

 

 

 

Exhibit 31.1

 

Rule 13a-14(a)/15d-14(a) Certification

 

I, John L. Villano, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q/A of Sachem Capital Corp.; and

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

  

Date: November 18, 2024  
   
  /s/ John L. Villano
  John L. Villano, CPA
  President and Chief Executive Officer
  (Principal Executive Officer)

 

 

 

 

Exhibit 31.2

 

Rule 13a-14(a)/15d-14(a) Certification

 

I, Nicholas M. Marcello, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q/A of Sachem Capital Corp.; and

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

  

Date: November 18, 2024 /s/ Nicholas M. Marcello
  Nicholas M. Marcello
  Chief Financial Officer
  (Principal Accounting and Financial Officer) 

 

 

 

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 9 Months Ended
Sep. 30, 2024
Nov. 13, 2024
Document Type 10-Q/A  
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Document Transition Report false  
Document Period End Date Sep. 30, 2024  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Entity File Number 001-37997  
Entity Registrant Name SACHEM CAPITAL CORP.  
Entity Central Index Key 0001682220  
Entity Tax Identification Number 81-3467779  
Entity Incorporation, State or Country Code NY  
Entity Address, Address Line One 568 East Main Street  
Entity Address, City or Town Branford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06405  
City Area Code 203  
Local Phone Number 433-4736  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   46,965,306
Common shares    
Title of 12(b) Security Common shares, par value $.001 per share  
Trading Symbol SACH  
Security Exchange Name NYSE  
6.875% Notes due 2024    
Title of 12(b) Security 6.875% Notes due 2024  
Trading Symbol SACC  
Security Exchange Name NYSE  
7.75% Notes due 2025    
Title of 12(b) Security 7.75% Notes due 2025  
Trading Symbol SCCC  
Security Exchange Name NYSE  
6.00% Notes due 2026    
Title of 12(b) Security 6.00% Notes due 2026  
Trading Symbol SCCD  
Security Exchange Name NYSE  
6.00% Notes due 2027    
Title of 12(b) Security 6.00% Notes due 2027  
Trading Symbol SCCE  
Security Exchange Name NYSE  
7.125% Notes due 2027    
Title of 12(b) Security 7.125% Notes due 2027  
Trading Symbol SCCF  
Security Exchange Name NYSE  
8.00% Notes due 2027    
Title of 12(b) Security 8.00% Notes due 2027  
Trading Symbol SCCG  
Security Exchange Name NYSE  
Series A Preferred Stock    
Title of 12(b) Security 7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share  
Trading Symbol SACHPRA  
Security Exchange Name NYSE  
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