Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.1
Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

17.

Subsequent Events


Subsequent to March 31, 2021, the Company acquired an approximately 50-acre site in Lago Vista, Texas for $3,500,000, paid in cash.  The Company plans to partner with a real estate development firm to build approximately 270,000 square feet of one and two-bedroom condominium units manufactured at the Company’s factory in Durant, Oklahoma.  SGB Development Corp., the real property development arm and wholly owned subsidiary of SG Blocks will manage the development of the site.  Groundbreaking for the project is expected in Q2 2022.


Subsequent to March 31, 2021 the Company commenced an action against Osang Healthcare Company, Ltd. in the United States District Court, Eastern District of New York (21-cv-01990). The Company has asserted that Osang materially breached a certain Managed Supply Agreement entered into between the parties on October 12, 2020 (the "MSA"), pursuant to which the Company received on consignment two million (2,000,000) units of Osang’s “Genefinder Plus RealAmp Covid-19 PCR Test” for domestic and international distribution. The Company has also asserted that Osang breached the covenant of good faith and fair dealing, fraudulently induced it to enter into the MSA, and violated §349 of the New York General Business Law’s prohibition of deceptive business practices.