Company: UHG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001830188-25-000012
Chunk: 5

Company: United Homes Group, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 5
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 Notes10,168,850 1,017 — — 44,843,612 — 44,844,629 Net income— — — — — 46,905,740 46,905,740 Balance, December 31, 202421,607,007 $2,160 36,973,876 $3,697 $53,937,139 $12,923,876 $66,866,872 ______________________________

(1)The shares of the Company’s common stock, prior to the Business Combination (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 373.47:1 (“Exchange Ratio”) established in the Business Combination. 

The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.

55

UNITED HOMES GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31,20242023Cash flows from operating activities:Net income$46,905,740 $125,060,284 Adjustments to reconcile net income to net cash flows from operating activities:Credit loss49,103 192,248 Investment earnings in joint venture(1,528,984)(1,244,091)Depreciation expense194,182 199,413 Loss on sale of property and equipment62,193 329,533 Loss on extinguishment of debt103,754 — Loss on extinguishment of Convertible Notes45,642,497 — Gain on lease modification(197,427)— Amortization of intangible assets390,586 36,690 Amortization of debt issuance costs1,461,494 981,675 Amortization of discount on Convertible Notes1,986,290 1,324,504 Amortization of discount on private investor debt59,638 47,608 Non-cash interest income— (38,455)Stock-based compensation expense6,475,649 7,019,183 Amortization of operating lease right-of-use assets1,238,609 1,097,281 Provision for deferred income taxes(12,843,077)(2,617,918)Change in fair value of contingent earnout liability(87,353,533)(126,644,642)Change in fair value of warrant liabilities(960