Zoned Properties Reports Second Quarter 2020 Financial Results

Zoned Properties, Inc. (OTCQB: ZDPY), a strategic real estate development firm whose primary mission is to provide real estate and sustainability services for the regulated cannabis industry, positioning the company for property acquisitions and revenue growth, today announced its financial results for the six and three-month periods ended June 30, 2020.

First Six Months and Second Quarter 2020 Company Highlights

• Zoned Properties successfully leveraged its Arizona property portfolio to receive a commitment of at least $8 Million to be applied towards infrastructure expansion from our Significant Tenant.
• To date, approximately $3 Million of the $8 Million committed has been invested in the expansion projects located in Arizona. Construction permits have been issued and development work has commenced for the expansion projects located in Arizona.
• Zoned Properties completed a $100,000 strategic investment into a start-up cannabis franchise organization in the form of a convertible debenture.
• To date, the start-up cannabis franchise organization has made significant progress in engaging and recruiting a diversity of experts to finalize the foundational launch of the organization. We anticipate releasing detailed information to the public in the coming quarters.

First Six Months and Second Quarter 2020 Financial Results

• Revenue decreased 7.6% to $299,824 for the second quarter 2020, compared to $324,441 for the second quarter of 2019. This decrease in revenues was primarily attributable to a decrease in advisory revenues of $18,619, or 40.3%, and a decrease in rent revenues of $5,998, or 2.2%.
• Operating expenses increased 2.0% to $290,071 for the second quarter 2020, compared to $284,463 for the second quarter of 2019.
• Income from operations was $9,753 for the second quarter 2020, as compared to income from operations of $39,978 for the second quarter of 2019, a decrease of $30,225.
• Net loss was $18,927, or $0.00 per basic and diluted share, for the second quarter of 2020, compared to net income of $9,678, or $0.00 per basic and diluted share, for the second quarter of 2019.
• Net cash provided by operating activities was $72,232 for the second quarter of 2020, compared to $142,662 for the second quarter of 2019.
• As of June 30, 2020, Zoned Properties had cash of $602,448, compared to $628,841 as of March 31, 2020.

“We believe our second quarter of 2020 is just the beginning of a new growth pathway for Zoned Properties made possible from what we’ve accomplished over the past few years. This new growth pathway is the result of patiently and strategically leveraging our portfolio, positioning the company to create future value from diversified operations, and enhancing our market expertise in real estate and regulated cannabis; and in an anti-dilutive manner for shareholders,” commented Bryan McLaren, Chief Executive Officer of Zoned Properties.