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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K/A
(Amendment
No. 1)
☒ |
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the fiscal year ended December 31, 2022
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 001-39266
Harbor
Custom Development, Inc.
(Exact
name of registrant as specified in its charter)
Washington |
|
46-4827436 |
(State
of organization) |
|
(I.R.S.
Employer Identification No.) |
1201
Pacific Avenue, Suite 1200
Tacoma,
Washington 98402
(Address
of principal executive offices)
(253)
649-0636
Registrant’s
telephone number, including area code
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
HCDI* |
|
The
Nasdaq Stock Market LLC |
Series
A Cumulative Convertible Preferred Stock |
|
HCDIP* |
|
The
Nasdaq Stock Market LLC |
Warrants |
|
HCDIW* |
|
The
Nasdaq Stock Market LLC |
Warrants |
|
HCDIZ* |
|
The
Nasdaq Stock Market LLC |
Securities
registered pursuant to Section 12(g) of the Act: None
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No
☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No
☒
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. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data
File required to be submitted and posted 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 and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
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.
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The
aggregate market value of voting stock held by non-affiliates of the Registrant on June 30, 2022, based on the closing price of $27.80
for shares of the Registrant’s common stock as reported by the Nasdaq Stock Market LLC, was approximately $15.6 million. Shares
of common stock beneficially owned by each executive officer, director, and holder of more than 10% of our common stock have been excluded
in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination
for other purposes.
The
registrant had outstanding 719,152 shares of common stock as of March 28, 2023.
Auditor
Name |
Auditor
Location |
Auditor
Firm ID |
Rosenberg
Rich Baker Berman P.A. |
Somerset,
New Jersey |
089 |
EXPLANATORY
NOTE
References
to the “Company,” “HCDI,” “we,” “us,” and “our” refer to Harbor Custom Development,
Inc. and its consolidated subsidiaries, unless the context requires otherwise.
This
Amendment No. 1 on Form 10-K/A (the “Amendment”) amends the Annual Report on Form 10-K (the “Annual Report”)
of the Company for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”)
on March 31, 2023. Specifically, this Amendment amends and restates Part II, Item 9A, “Controls and Procedures” in its entirety:
(1) to include management’s annual report on internal control over financial reporting as required by Item 308(a) of Regulation
S-K, and (2) in light of the Company’s inadvertent omission of the foregoing, to amend the Company’s determination regarding
the effectiveness of the Company’s disclosure controls and procedures as ineffective as of December 31, 2022.
The
Company failed to include management’s annual report on internal control over financial reporting in the Annual Report when it
was originally filed on March 31, 2023 as it had previously relied on an exemption established by the SEC for newly public companies
that did not require such disclosure. The omission of the disclosure had no impact on the consolidated financial statements and other
disclosures contained in the Annual Report. Management was aware of its responsibility for establishing adequate internal controls over
financial reporting at that time, had such internal controls in place at that time, and complied with the procedures established by the
internal controls framework; the specific disclosure item was merely inadvertently omitted from the Annual Report. However, due to this
omission, the Company has determined that it did not maintain effective disclosure controls and procedures and did not maintain effective
internal controls over financial reporting as of December 31, 2022.
Except
as described above, no other changes have been made to the Annual Report. The Annual Report continues to speak as of the original filing
date of the Annual Report. This Amendment to the Annual Report is only being filed to revise Item 9A and does not change the previously
reported financial statements or any of the other disclosures contained in the Annual Report originally filed on March 31, 2023. The
Company has not updated or amended any other disclosures contained therein to reflect any events which occurred after March 31, 2023.
other than as expressly indicated in this Amendment. In addition, the Exhibit Index in Item 15 of Part IV of the Annual Report is hereby
amended and restated in its entirety and currently dated certifications required under Section 302 of the Sarbanes-Oxley Act of 2002
are filed as exhibits to this Amendment. Because no financial statements are contained within this Amendment, we are not filing currently
dated certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
ITEM
9A. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Our
management, under the supervision of our Interim Chief Executive Officer and President and Chief Accounting Officer performed an evaluation
(the “Evaluation”) of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of the end of the period covered by this Annual Report. Disclosure controls and procedures include, without limitation,
controls and procedures designed to provide a reasonable level of assurance that information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
SEC’s rules and forms, and is accumulated and communicated to our management, including our Interim Chief Executive Officer and
President and Chief Accounting Officer (our principal executive officer and principal financial and accounting officers, respectively)
or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
As
further described below, our management believes that they have remediated certain internal weaknesses that were present during the year
ended December 31, 2021. However, while that assessment was included in our Annual Report when it was originally filed on March 31, 2023,
we inadvertently failed to include management’s annual report on internal control over financial reporting in the Annual Report.
Previously, we relied on an exemption established by the SEC for newly public companies that allowed us to exclude management’s
report on internal control over financial reporting. As further explained in the Explanatory Note, we have amended this Annual Report
to now include our management’s report on internal control over financial reporting.
In
light of the foregoing inadvertent omission of the management’s report, our Interim Chief Executive Officer and President and Chief
Accounting Officer concluded that our disclosure controls and procedures were operating ineffectively as of December 31, 2022.
Management’s
Annual Report on Internal Control Over Financial Reporting
Management
is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act and for performing an assessment of the effectiveness of internal control over financial reporting
as of December 31, 2022. Our internal control over financial reporting is a process under the supervision of our Interim Chief Executive
Officer and President and Chief Accounting Officer (our principal executive and principal financial and accounting officers, respectively),
and effected by our Board of Directors, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S. generally accepted accounting principles (“GAAP”).
Our
internal control over financial reporting includes those policies and procedures that:
|
(i) |
pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets
of the Company; |
|
(ii) |
provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
U.S. GAAP, and that receipts and expenditures are being made only in accordance with authorizations of the Company’s management
and Board of Directors; and |
|
(iii) |
provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s
assets that could have a material effect on the financial statements. |
Management,
including our Interim Chief Executive Officer and President and Chief Accounting Officer, does not expect that our internal controls
will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable,
not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact
that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances
of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods is subject to the risk
that those internal controls may become inadequate because of changes in business conditions or that the degree of compliance with the
policies or procedures may deteriorate.
Management
performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2022 based on the framework
in Internal Control — Integrated Framework issued by the 2013 Committee of Sponsoring Organizations of the Treadway Commission
(“COSO”). Based on our evaluation under such framework, management determined that our internal control over financial reporting
was ineffective as of December 31, 2022. The ineffectiveness of our internal control over financial reporting was due to our inadvertent
omission to include management’s report on internal control over financial reporting in the Annual Report, which we have identified
as a material weakness. A material weakness is a deficiency or a combination of control deficiencies in internal control over financial
reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will
not be prevented or detected on a timely basis. Notwithstanding our identification of this omission as a material weakness, it had no
impact on the consolidated financial statements contained in the Annual Report.
Remediation
Status and Plan
In
our Annual Report on Form 10-K for the year ended December 31, 2021, we identified a material weakness in internal control over financial
reporting relating to diluted earnings per share as indicated in our amended 2021 Annual Report on Form 10-K/A filed on May 2, 2022 as
well as the third quarter 2021 Quarterly Report on Form 10-Q/A, filed with the SEC on May 2, 2022, both of which were restated within
the year ended December 31, 2022. Management improved the system of evaluating and implementing the accounting standards that apply to
our financial statements and has significantly enhanced our accounting team through the hirings of a Director of Accounting, Senior Manager
of SEC Reporting, Senior Finance Manager, and Tax Manager. We also provided additional training to our personnel and engaged a nationally
recognized third-party accounting firm with whom our management and accounting personnel can consult regarding the application of complex
accounting transactions. Management monitored the improvements made to the overall control environment during the first two quarters
of the year and sufficiently tested the effectiveness of internal controls surrounding diluted earnings per share during the second quarter
of 2022. Based on this evaluation, our Interim Chief Executive Officer and President and Chief Accounting Officer concluded that this
material weakness has been remediated as of December 31, 2022.
Management
plans to remediate the inadvertent omission highlighted in this Amendment by enhancing review processes within our reporting structure
to ensure comprehensive reviews of all filing requirements and filings for completeness and accuracy.
This
Annual Report does not include an attestation report from our independent registered public accounting firm regarding internal control
over financial reporting as this management’s report is not subject to attestation by our independent registered public accounting
firm due to an exemption established by rules of the SEC for emerging growth companies as defined in the JOBS Act.
Changes
in Internal Control over Financial Reporting
Other
than the enhancements to internal controls related to diluted earnings per share, there was no change in our internal control over financial
reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(f) of the Exchange Act that occurred during
the period covered by this Annual Report that has materially affected, or is reasonably likely to materially affect, our internal control
over financial reporting.
ITEM
15. EXHIBITS
Exhibit
No. |
|
Description |
|
Form |
|
Exhibit |
|
Filing
Date |
|
Filed
Herewith |
|
|
|
|
|
|
|
|
|
|
|
3.1 |
|
Certificate of Conversion and Articles of Incorporation of the Registrant dated October 1, 2018 |
|
S-1 |
|
3.1 |
|
3/31/2020 |
|
|
3.2 |
|
Articles of Amendment of Articles of Incorporation of the Registrant dated December 7, 2018 |
|
S-1 |
|
3.2 |
|
3/31/2020 |
|
|
3.3 |
|
Articles of Amendment of Articles of Incorporation of the Registrant dated August 1, 2019 |
|
S-1 |
|
3.3 |
|
3/31/2020 |
|
|
3.4 |
|
2nd Amended and Restated Bylaws of the Registrant, dated January 15, 2020 |
|
S-1 |
|
3.4 |
|
3/31/2020 |
|
|
3.5 |
|
Articles of Amendment of Articles of Incorporation of the Registrant, dated April 16, 2020 |
|
S-1 |
|
3.5 |
|
4/28/2020 |
|
|
3.6 |
|
Articles of Amendment of Articles of Incorporation of the Registrant, dated March 1, 2023 |
|
8-K |
|
3.1 |
|
3/03/2023 |
|
|
4.1 |
|
2018 Incentive and Non-Statutory Stock Option Plan, dated November 19, 2018 |
|
S-1 |
|
4.1 |
|
3/31/2020 |
|
|
4.2 |
|
2020 Restricted Stock Plan, dated October 13, 2020 |
|
10-Q |
|
10.1 |
|
11/16/2020 |
|
|
4.3 |
|
Certificate of Designation of 8.0% Series A Cumulative Convertible Preferred Stock, dated June 8, 2021 |
|
8-K |
|
3.1 |
|
6/10/2021 |
|
|
4.4 |
|
Warrant Agency Agreement between the Registrant and Mountain Share Transfer, Inc., dated June 11, 2021 |
|
8-K |
|
4.1 |
|
6/14/2021 |
|
|
4.5 |
|
Certificate of Amendment of Certificate of Designation of 8.0% Series A Cumulative Convertible Preferred Stock, dated August 13, 2021 |
|
S-1 |
|
3.7 |
|
9/10/2021 |
|
|
4.6 |
|
Warrant Agency Agreement between the Registrant and Mountain Share Transfer, Inc., dated October 7, 2021 |
|
8-K |
|
4.1 |
|
10/08/2021 |
|
|
4.7 |
|
Description of Capital Stock |
|
10-K |
|
4.7 |
|
3/31/2023 |
|
|
10.1 |
|
Director Agreement between the Registrant and Richard Schmidtke, dated October 17, 2018 |
|
S-1 |
|
10.4 |
|
3/31/2020 |
|
|
10.2 |
|
Independent Director Agreement with Larry Swets, dated March 22, 2020 |
|
S-1 |
|
10.11 |
|
3/31/2020 |
|
|
10.3 |
|
SoundEquity, Inc. Loan Package, dated November 13, 2019 |
|
S-1 |
|
10.12 |
|
4/28/2020 |
|
|
10.4 |
|
Indemnification Agreement with Larry Swets, dated June 1, 2020 |
|
S-1 |
|
10.17 |
|
6/19/2020 |
|
|
10.5 |
|
Lease Agreement with Burnham Partners LLC, dated February 18, 2021 |
|
10-K |
|
10.22 |
|
3/31/2021 |
|
|
10.6 |
|
SoundEquity, Inc. Loan Package, dated October 4-5, 2021 |
|
10-K |
|
10.25 |
|
3/31/2021 |
|
|
10.7 |
|
Promissory Note with Sound Capital Loans, LLC, dated January 22, 2021 |
|
10-K |
|
10.26 |
|
3/31/2021 |
|
|
10.8 |
|
Lease Agreement with University Street Properties I, LLC, dated July 27, 2021 |
|
10-K |
|
10.13 |
|
3/24/2022 |
|
|
10.9 |
|
Offer of Employment to Lance Brown dated November 1, 2021. |
|
10-K |
|
10.14 |
|
3/24/2022 |
|
|
10.10 |
|
Loan Agreement with BankUnited, N.A., dated March 7, 2022 |
|
8-K |
|
1.1 |
|
3/10/2022 |
|
|
10.11 |
|
Security Agreement with BankUnited, N.A., dated March 7, 2022 |
|
8-K |
|
1.2 |
|
3/10/2022 |
|
|
10.12 |
|
Revolving Line of Credit Promissory Note with BankUnited, N.A, dated March 7, 2022 |
|
8-K |
|
1.3 |
|
3/10/2022 |
|
|
10.15 |
|
Employment Agreement with Sterling Griffin, dated May 26, 2022 |
|
10-K |
|
10.15 |
|
3/31/2023 |
|
|
10.16 |
|
Employment Agreement with Jeffrey Habersetzer, dated May 26, 2022 |
|
10-K |
|
10.16 |
|
3/31/2023 |
|
|
10.17 |
|
Amended Loan Agreement with BankUnited N.A., dated February 22, 2023 |
|
10-K |
|
10.17 |
|
3/31/2023 |
|
|
23.1 |
|
Consent of Rosenberg Rich Baker Berman, P.A. |
|
|
|
|
|
|
|
* |
31.1 |
|
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
|
|
|
|
* |
31.2 |
|
Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
|
|
|
|
* |
32.1 |
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
10-K |
|
32.1 |
|
3/31/2023 |
|
|
101.
INS |
|
XBRL
Instance Document |
|
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|
|
101.
SCH |
|
XBRL
Taxonomy Extension Schema Document |
|
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101.
CAL |
|
XBRL
Taxonomy Extension Calculation Linkbase Document |
|
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101.
DEF |
|
XBRL
Taxonomy Extension definition Linkbase Document |
|
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101.
LAB |
|
XBRL
Taxonomy Extension Label Linkbase Document |
|
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101.
PRE |
|
XBRL
Taxonomy Extension Presentation Linkbase Document |
|
|
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|
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|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
|
|
|
|
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|
|
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) 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.
|
HARBOR
CUSTOM DEVELOPMENT, INC. |
|
|
|
Date:
January 18, 2024 |
By |
/s/
Jeffrey Habersetzer |
|
|
Jeffrey
Habersetzer
Interim
Chief Executive Officer and Interim President
(Principal
Executive Officer) |
|
|
|
Date:
January 18, 2024 |
By |
/s/
Yoshi Niino |
|
|
Yoshi
Niino
Chief
Accounting Officer
(Principal
Financial and Accounting Officer) |
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Jeffrey Habersetzer |
|
Interim
Chief Executive Officer and Interim President |
|
January
18, 2024 |
Jeffrey
Habersetzer |
|
(Principal
Executive Officer) |
|
|
|
|
|
|
|
/s/
Yoshi Niino |
|
Chief
Accounting Officer |
|
January
18, 2024 |
Yoshi
Niino |
|
(Principal
Financial and Accounting Officer) |
|
|
|
|
|
|
|
/s/
Dennis Wong |
|
Director |
|
January
18, 2024 |
Dennis
Wong |
|
|
|
|
|
|
|
|
|
/s/
Karen Bryant |
|
Director |
|
January
18, 2024 |
Karen
Bryant
|
|
|
|
|
|
|
|
|
|
/s/
Chris Corr |
|
Director |
|
January
18, 2024 |
Chris
Corr |
|
|
|
|
|
|
|
|
|
/s/
D. David Chandler |
|
Director |
|
January
18, 2024 |
D.
David Chandler |
|
|
|
|
Exhibit
23.1
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM’S CONSENT
We
consent to the incorporation of our report dated March 31, 2023 with respect to our audits of the consolidated financial statements of
Harbor Custom Development, Inc. and Subsidiaries, Inc. as of December 31, 2022 and 2021, and for the years then ended, which appears
in the restated December 31, 2022 Form 10-K/A.
Somerset,
New Jersey
January 18, 2024
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Jeffrey Habersetzer, certify that:
|
1. |
I
have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Harbor Custom Development, Inc. (the registrant); |
|
|
|
|
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; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others, particularly during the period in
which this report is being prepared; |
|
|
|
|
b. |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
current fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and; |
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions); |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Dated:
January 18, 2024 |
/s/
Jeffrey Habersetzer |
|
Jeffrey
Habersetzer |
|
Interim
Chief Executive Officer and Interim President (Principal Executive Officer) |
Exhibit
31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Yoshi Niino, certify that:
|
1. |
I
have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Harbor Custom Development, Inc. (the registrant); |
|
|
|
|
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; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others, particularly during the period in
which this report is being prepared; |
|
|
|
|
b. |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
current fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and; |
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions); |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Dated:
January 18, 2024 |
/s/
Yoshi Niino |
|
Yoshi
Niino |
|
Chief
Accounting Officer (Principal Financial and Accounting Officer) |
v3.23.4
Cover - USD ($) $ in Millions |
12 Months Ended |
|
|
Dec. 31, 2022 |
Mar. 28, 2023 |
Jun. 30, 2022 |
Document Type |
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10-K/A
|
|
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Amendment Flag |
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true
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Amendment Description |
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References
to the “Company,” “HCDI,” “we,” “us,” and “our” refer to Harbor Custom Development,
Inc. and its consolidated subsidiaries, unless the context requires otherwise.
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false
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Dec. 31, 2022
|
|
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FY
|
|
|
Document Fiscal Year Focus |
|
2022
|
|
|
Current Fiscal Year End Date |
|
--12-31
|
|
|
Entity File Number |
|
001-39266
|
|
|
Entity Registrant Name |
|
Harbor
Custom Development, Inc.
|
|
|
Entity Central Index Key |
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0001784567
|
|
|
Entity Tax Identification Number |
|
46-4827436
|
|
|
Entity Incorporation, State or Country Code |
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WA
|
|
|
Entity Address, Address Line One |
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1201
Pacific Avenue
|
|
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Entity Address, Address Line Two |
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Suite 1200
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Entity Address, City or Town |
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Tacoma
|
|
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Entity Address, State or Province |
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WA
|
|
|
Entity Address, Postal Zip Code |
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98402
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City Area Code |
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(253)
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Local Phone Number |
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649-0636
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No
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Yes
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$ 15.6
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Auditor Name |
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Rosenberg
Rich Baker Berman P.A.
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Somerset,
New Jersey
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Auditor Firm ID |
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89
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Common Stock [Member] |
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Title of 12(b) Security |
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Common
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HCDI
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NASDAQ
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Harbor Custom Development (NASDAQ:HCDIP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Harbor Custom Development (NASDAQ:HCDIP)
Historical Stock Chart
From Sep 2023 to Sep 2024