Good day, and welcome to the SG Blocks Incorporated First Quarter 2021 Results Conference Call. All participants will be in a listen only mode. Please note this event is being recorded. I would like to turn the conference over to Stephen Sweat of Investor Relations. Please go ahead.
Good afternoon. Thank you all for joining us for our Q1 2021 call. With me today is Paul Galvin, Chief Executive Officer of SG Blocks. A press release detailing our results was issued this afternoon just after market close and is available on our website at www.sgblocks.com. Before I turn the call over to Paul, please remember that certain statements made during this presentation are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical facts contained in this presentation, including statements regarding the company's future operations and financial position, business strategy and plans, Objectives of management for future operations are forward looking statements. In some cases, forward looking statements can be identified by terminologies such as believes, may, We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward looking statements are subject to a number of risks and uncertainties and assumptions described, including those set forth in our filings with the SEC, which are available on our website at www.xgbox.com. You should not rely upon forward looking statements as predictions of future events. We cannot assure you that events and circumstances reflected in the forward looking statements will be achieved or occur.
Finally, this conference call is being webcast. Webcast is available in the Investor Relations section of our website. Now I'll turn the call over to Paul.
Thank you, Steve. I am extremely pleased to report that SG Blocks had another record quarter and we are on track for another record year. The work we did in 2020 set us up to reap the benefits at the bottom line and our results demonstrate the progress we have made on all fronts. 1st quarter revenue set a new benchmark and it comes on the heels of an explosive Q4 2020, which produced $7,400,000 in revenue. In total, the past 6 months have generated in excess of $16,000,000 in revenue, and we believe we can sustain our momentum into 2021.
Last year, we made the decision to raise growth capital proactively, Control our means of production and build a pipeline for growth. We have built out multiple verticals And we now control our own destiny by focusing on the best opportunities we see. We thank our staff consultants, attorneys, partners and Board for their focus effort. Let me now discuss recent activity. In our medical testing and services vertical, We are now providing innovative structures, labs and testing strategies deployable at key locations for much needed point of care Access to Healthcare.
Our award winning DTEP lab has proven to be highly functional and deployable as a cost effective solution to solve local healthcare needs. In January, we executed an agreement with National Pain Centers to provide COVID-nineteen testing and to passengers' airport employees and the public at large near Chicago's O'Hare Airport. Our facility was subsequently released to a consortium of government entities at a profit, demonstrating the value of our services and the location in which we can quickly deploy. In May, we announced our collaboration with Stone Clinical Laboratories provide COVID-nineteen testing services at the Food Network's Annual Wine and Food Festival in Miami South Beach for employees, vendors, VIP guests and attendees at the Air and Sea Music Explosion in Miami Beach. Stone Labs has secured an additional 43 entertainment venues and events, which require COVID-nineteen testing in 2021, And we believe we can continue our deployments with Stone Labs through 2021 beyond.
In total, We believe testing revenue could approach $15,000,000 to $20,000,000 in 2021. However, our goal And the medical vertical extends far beyond COVID-nineteen. We believe we can deploy a fleet of medical testing and treatment modules, offering an array of best in class diagnostic testing and healthcare delivery. To name a few, Some of these diagnostic offerings can include, but are not limited to, cancer, diabetes, STDs, UTIs and drug testing. It is our total belief that the future of healthcare solutions is local, nimble and point of care based, and we believe we check all of those boxes.
Turning to our manufacturing activities. After years of outsourcing, we have transitioned to in house production. After acquiring the SG ECHO manufacturing facility in 2020, We announced the new 10,300 Square Foot Building Extension of the facility in January. Our plan is to grow our manufacturing footprint methodically, coordinated with demand and in footprint methodically, coordinated with demand and in the most cost effective manner. The factory will soon be near capacity And we are almost done with a number of legacy projects.
These commitments were executed by prior ownership group and will be completed at a cash loss in 2021. Going forward, we expect to complete future manufacturing projects at a margin of approximately 15%, especially the projects of SG Development Company. Now turning to our development activities. In the Q1, we formed SGB Development Corp, or SGB DevCo, to deliver single family homes, townhomes and for rent apartment units across the country. SGB DevCo will provide a host of benefits to SG Blocks, including keeping our manufacturing facilities near 100% capacity, providing Steady and visible flow of manufacturing income 2, driving project fees of all sorts 3, potential profit sharing from asset sales upon completion.
In February, we executed our first contract to acquire Lago Vista, a 50 Acre Site on Lake Travis on the Colorado River in thriving Austin, Texas. Lago Vista will contain up to 225 condominium units as well as amenities, including a community center, marina and health club. Earlier this month, we acquired the site And we are currently finalizing plans with groundbreaking expected in Q2 2022. The project is expected to be funded with 3rd party debt and Equity, and we will partner with an experienced developer to complete the project. Overall, we project Approximately $20,000,000 in manufacturing revenue as the project is completed over 24 months, providing SG DevCo with a project share anticipated to be no less than $5,000,000 at the project's conclusion.
We are thrilled with the launch of SGB DevCo and can't wait to share additional details on La Gal Vista as well as the other projects on which we are working in the coming weeks months. Now we will discuss financial results. Beginning with the income statement, Revenue for the Q1 of 2021 is expected to be between $8,900,000 $9,200,000 compared to approximately $199,000 for the Q1 of 2020. Gross profit for the first Quarter of 2021 is expected to be between $900,000 $1,200,000 compared to a gross profit of approximately 46,000 in the Q1 2020. The gross profit margin in the Q1 2021 is expected to be between 10% 13% compared to a gross profit margin of approximately 23.1% for the Q1 2020.
The gross profit in the Q1 2021 included a legacy contract commitment, which started and completed in the Q1 that incurred a loss of approximately $1,000,000 due to cost escalations and materials related to COVID-nineteen and other indirect costs. Operating expenses for the Q1 of 2021 is expected to be approximately $2,400,000 compared to approximately $795,000 in the Q1 2020. Embedded in the Q1 2021 operating expenses Are approximately $550,000 in one time start up costs relating to the certification and opening of the Memorial Healthcare Laboratory and the opening and the subletting of the Chicago area testing facility as well as due diligence and business development expenses on other potential projects. For the Q1 2021, Net loss attributable to common shareholders is expected to be between $2,000,000 $2,300,000 or Negative $0.23 to $0.26 per share compared to a net loss of approximately $747,000 or negative $0.64 per share in the Q1 of 2020. The net loss attributable to common shareholders includes these following items: Approximately $500,000 in non cash depreciation and amortization expenses non cash Stock compensation expense and litigation expense as explained in the adjusted EBITDA loss.
Approximately $550,000 of one time startup expenses for all newly launched companies. And as mentioned, an approximate $1,000,000 loss due to a legacy contract submitted related to the SG ECHO acquisition. Adjusted EBITDA loss for the Q1 of 2021 is Expected to be between $1,500,000 $1,800,000 compared to a loss of $527,000 in Q1 2020. Turning to the balance sheet. The company had cash and cash equivalents of approximately $10,500,000 as of March 31, 2021 compared to approximately $13,000,000 at December 31, 2020.
At March 31, 2021, the company had total assets of approximately $27,200,000 compared to approximately $26,900,000 at December 31, 2020. We have a strong and flexible capital structure with no debt and believe we are capitalized to support our working capital requirements. Now for closing comments. 2021 and beyond. In summary, the Q1 of 2021 accelerated the trajectory from last year.
We have recurring and contracted project work that provides visibility into future revenue and earnings. We control our manufacturing facility and have plans to maintain steady Activity to maximize efficiencies and margins. We are underway with SGB DevCo, which we believe has the potential produce huge opportunities allowing us to be selective of the best and most efficient sites. We look forward to reporting on other SG Communities in the coming weeks months. The company is now positioned for a period of growth based upon our ability To position ourselves in the 3 major verticals, our team is talented and hardworking.
We realize our ultimate success and the financial success of our shareholders will be determined by our ability to execute On the business that we have secured, we will work tirelessly to make sure this happens. We appreciate the loyal support of all of our stakeholders and look forward to a successful and profitable future. We hope that the income generated from SG DevCo sales will offer the company potential opportunities to consider share repurchase and dividend programs. We have been asked several times about Q and A sessions at the end of earnings calls. It has been our experience There is often not much value in those sessions and there is never an opportunity for follow-up questions or follow-up answers.
We do look forward to speaking with shareholders. And for the past several quarters, we have coordinated individual or small group investor calls for the days following our release. These calls have proven very productive and we would encourage interested parties to contact Stephen Sweat of ICR of Investor Relations to coordinate an appointment should you wish to speak or meet management. Thank you and have a great day.