What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-08-15 compared with 2022-05-16 · 45 added, 18 removed, 70 unchanged (47% of the section changed)

52 unchanged sentences

Results of operations

Three months ended March 31, 2022 compared to the three months

ended March 31, 2021

For the three months ended March 31, 2022, the

Three months ended June 30, 2022 compared to the three months

ended June 30, 2021

For the three months ended June 30, 2022, the

Company had a loss from operations before income taxes of $325,000 compared to a loss from operations before income taxes of $293,000

for the three months ended March 31, 2021.

for the three months ended June 30, 2021.

The increased loss before income taxes of

$65,000 was primarily a result of an increase in Compensation and benefits of $11,000, and increase in Other operating expenses of $1,000,

and by a decrease in Interest and other income for the three months ended March 31, 2022 mainly due to the gain on extinguishment of debt

of $53,000 during the quarter ended March 31, 2021.

$32,000 was primarily a result of an increase in Other operating expenses of $40,000 and an increase in Interest and other income of $3,000,

offset by a decrease of compensation and benefits of $5,000 for the three months ended June 30, 2022.

Compensation and benefits

For the three months ended March 31, 2022, Compensation

and benefits were $117,000 as compared to $106,000 for the three months ended March 31, 2021.

For the three months ended June 30, 2022, Compensation

and benefits were $113,000 as compared to $118,000 for the three months ended June 30, 2021.

Other operating expenses

For the three months ended March 31, 2022, Other

operating expenses were $197,000 as compared to $196,000 for the three months ended March 31, 2021.

For the three months ended June 30, 2022, Other

operating expenses were $215,000 as compared to $175,000 for the three months ended June 30, 2021.

For the three months

ended March 31, 2022, the Company recorded no income tax expense from operations.

No tax benefit has been recorded in relation to the

pre-tax loss for the three months ended March 31, 2022 and 2021, due to a full valuation allowance to offset any deferred tax asset related

to net operating loss carry forwards attributable to the losses.

ended June 30, 2022 and 2021, the Company recorded zero and approximately $1,000 income tax expense from operations, respectively.

tax benefit has been recorded in relation to the pre-tax loss for the three months ended June 30, 2022 and 2021, due to a full valuation

allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses.

Six months ended June 30, 2022 compared to the six months ended

June 30, 2021

For the six months ended June 30, 2022, the Company

had a loss from operations before income taxes of $639,000 compared to a loss from operations before income taxes of $542,000 for the

six months ended June 30, 2021.

The increased loss before income taxes of

$97,000 was primarily the result of an increase in Other operating expenses of $41,000, and increase Compensation and benefits of $6,000,

offset by a decrease in Interest and other income of $50,000.

Compensation and benefits

For the six months ended June 30, 2022, Compensation

and benefits were $230,000 as compared to $224,000 for the six months ended June 30, 2021.

The increased Compensation and benefits of $6,000

is the result of an increase in salary expense for the six months ended June 30, 2022 in comparison to the six months ended June 30, 2021.

Other operating expenses

For the six months ended June 30, 2022, Other

operating expenses were $412,000 as compared to $371,000 for the six months ended June 30, 2021.

The increased operating expenses of $41,000

were primarily the result of increased professional fees of $16,000, increased insurance expenses of $11,000, and increased other expenses

Interest and other income

For the six months ended June 30, 2022, Interest

and other income was $3,000 as compared to $53,000 for the six months ended June 30, 2021.

The decreased interest and other income of

$50,000 was primarily the result of increased interest income of $3,000, offset by decreased other income due to the extinguishment of

debt of $53,000 during the six months ended June 30, 2021.

For the six months ended

June 30, 2022 and 2021, the Company recorded zero and approximately $1,000 income tax expense from operations, respectively.

No tax benefit

has been recorded in relation to the pre-tax loss for the six months ended June 30, 2022 and 2021, due to a full valuation allowance to

offset any deferred tax asset related to net operating loss carry forwards attributable to the losses.

Financial condition

Liquidity and Capital Resources

At March 31, 2022, the Company had cash and cash

At June 30, 2022, the Company had cash and cash

equivalents totaling $4,768,000, which it intends to use to acquire interests in one or more operating

2 unchanged sentences

The Company believes that its working capital is sufficient to support its

operating requirements through June 30, 2023.

operating requirements through September 30, 2023.

Cash equivalents represent short-term, highly

2 unchanged sentences

The decrease in cash and cash equivalents of $628,000

for the quarter ended March 31, 2022 was primarily the result of $301,000 used in operating activities.

for the quarter ended June 30, 2022 was primarily the result $580,000 used in operating activities and the repurchase of Treasury stock

Quantitative and Qualitative Disclosures About Market Risk

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis