Social Detention, Inc. (OTCMKTS:SODE) is a publicly traded company founded by Robert P. Legg II and based in Alamo, California. It provides infrastructure and security solutions and is dedicated to providing outstanding service and commitment to delivering premium value to customers.
On Tuesday, SODE stock moved up 7.80% to $0.0415 with more than 122K shares, compared to its average volume of 33K shares. The stock moved within a range of $0.0350 – 0.0549 after opening trading at $0.0388.
Social Detention Inc. (SODE) Subsidiary, Danliv Inc., Receives Permit Approval for the Autumn Springs Electrical Vehicle Charging Equipment Project
Social Detention Inc. announced on August 16, 2022, that its subsidiary Danliv Inc., has received permit approval for the Autumn Springs Electrical Vehicle Charging Equipment Project. Autumn Springs is an apartment complex situated in Livermore, CA.
The company has executed an Electric Vehicle Site Operation Agreement with Autumn Springs RE Investors L.P. who owns the property. The agreement covers the licensing of the premises for the installation of electric vehicle charging equipment. It comprises 10 chargers with related equipment, along with operating, maintaining, and managing the electric vehicle charging equipment to permit residents of the property and invitees at the property to charge electric vehicles onsite.
The installed charging equipment is to be networked with RFID and smartphone app integration, for credit card charges. LTE primary modems are to be used for communication with 7 secondary units. Dual mount pedestals will be utilized for the chargers at each location and parking spots will be upgraded for ADA access. Installation should begin in the 3rd quarter of 2022. For this project, rebate incentives were applied for and approved to offset the upfront costs.
Social Detention Inc. (OTC PINK:SODE) Subsidiary, Danliv Inc., Executes an Electric Vehicle Site Operation Agreement
Back on April 19, 2022, Danliv Inc. executed an Electric Vehicle Site Operation Agreement with Civic Square LLC. On July 19, 2022, Danliv Inc. announced receiving a building permit and started constructing 10 electric vehicle supply equipment chargers on the property. Civic Square LLC is a 298-Unit apartment complex in Pleasanton, California.
The project is similar to that of Autumn Springs, with 10 chargers, along with related equipment being installed. The agreement also includes operating, maintaining, and managing the electric vehicle charging equipment to permit residents of the property and invitees at the property to charge electric vehicles onsite. Here too, the charged equipment will be networked with RFID and smartphone app integration for credit card charges. LTE primary modems will be utilized to communicate with secondary units.
After final inspection, the electric vehicle supply equipment will be put into operation and the company will start operations and revenue recognition as covered by the agreement. The approved rebate incentives would be requested, and based on the terms of the agreement and incentives received, it is anticipated the project will have construction costs 100% offset. With the construction costs being offset by rebates, the company will have recurring revenue from each charger installed without any long-term debt being created by the project. This project is also scheduled for the 3rd quarter of 2022.
SODE stock is trading below the 20-Day and 50-Day Moving averages of $0.0398 and $0.0363 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0408. The company has a total market capitalization of $7.63 million. The stock is up 40% over the past month.