What changed in this filing

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Item 1. Financial Statements

2022-11-14 compared with 2022-08-15 · 90 added, 50 removed, 190 unchanged (42% of the section changed)

3 unchanged sentences

(in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Compensation and benefits

4 unchanged sentences

Income tax expense

Basic and diluted weighted average common

shares outstanding

Basic and diluted weighted average common shares outstanding

Basic and diluted loss per share

2 unchanged sentences

WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

(in thousands, except per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

Unrealized gain on available for sale securities

Comprehensive loss

See accompanying notes to condensed consolidated

financial statements.

WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

September 30,

Current assets

2 unchanged sentences

Prepaid expenses and other current assets

Investments in U.S.

Treasury Bills

Total current assets

7 unchanged sentences

Common stock, par value $ 0.01 per share, authorized 30,000,000 shares;

Issued 21,343,680

and 21,025,748 as of June 30, 2022 and December 31, 2021, respectively;

Outstanding 20,335,711 and 20,210,529 at June 30, 2022 and December 31, 2021, respectively,

and 80,000 and 215,632 shares issuable as of June 30, 2022 and December 31, 2021, respectively

Issued 21,343,680 and 21,025,748 as of September 30, 2022 and December 31, 2021, respectively;

Outstanding 20,335,711 and 20,210,529 at September 30, 2022 and December 31, 2021, respectively, and 160,000 and 215,632 shares issuable as of September 30, 2022 and December 31, 2021, respectively

Additional paid-in capital

Accumulated deficit

Treasury stock, at cost ( 1,007,969 shares at June 30, 2022 and 815,219 at December 31, 2021)

Accumulated other comprehensive income

Treasury stock, at cost ( 1,007,969 shares at September 30, 2022 and 815,219 at December 31, 2021)

Total stockholders' equity

5 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities

3 unchanged sentences

Changes in other operating items:

Prepaid expenses, other current assets, and other assets

Prepaid expenses and other current assets

Accounts payable and accrued expenses

Net cash used in operating activities

Cash flows from investing activities

Purchases of U.S.

Treasury Bills

Net cash used in investing activities

Cash flows from financing activities

6 unchanged sentences

Net cash paid during the period for income taxes

Unrealized gain on available for sale securities

See accompanying notes to condensed consolidated

3 unchanged sentences

IN STOCKHOLDERS' EQUITY

THREE AND SIX MONTHS ENDED June 30, 2022 and

THREE AND NINE MONTHS ENDED September 30, 2022

(in thousands, except per share data)

Common stock (Issued)

comprehensive

Balance at December 31, 2020

5 unchanged sentences

Balance at June 30, 2021

Equity based compensation expense

Stock based compensation expense to directors

Balance at September 30, 2021

Balance at December 31, 2021

5 unchanged sentences

Balance at June 30, 2022

Other comprehensive income

Stock based compensation expense to directors

Balance at September 30, 2022

See accompanying notes to condensed consolidated

2 unchanged sentences

Notes to Condensed Consolidated Financial Statements

Three months ended June 30, 2022 and 2021

Three months ended September 30, 2022 and 2021

Basis of presentation and description of activities

34 unchanged sentences

investment company if the Company acquires investment securities in excess of 40% of its total assets.

As of June 30, 2022, the Company

As of September 30, 2022, the Company

is not considered an inadvertent investment company.

16 unchanged sentences

Per share data

Loss per share for the three months ended June

Loss per share for the three months ended September

30, 2022 and 2021, respectively, is calculated based on 20,495,711 and 20,357,195 weighted average outstanding shares of common stock,

including weighted average issuable shares of 80,000 and 437,418 at June 30, 2022 and 2021, respectively.

Loss per share for the six months ended June 30,

2022 and 2021 respectively, is calculated based on 20,458,382 and 20,197,158 weighted average outstanding shares of common stock, including

weighted average 148,966 and 357,380 shares which are issuable at June 30, 2022 and 2021, respectively.

including weighted average issuable shares of 160,000 and 146,666 at September 30, 2022 and 2021, respectively.

Loss per share for the nine months ended September

30, 2022 and 2021, respectively, is calculated based on 20,469,581 and 20,245,169 weighted average outstanding shares of common stock,

including weighted average 152,276 and 294,166 shares which are issuable at September 30, 2022 and 2021, respectively.

Investment valuation

6 unchanged sentences

to measure fair value into three levels:

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 Inputs other than quoted market prices that are observable, either directly or indirectly, and

reasonably available.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are

developed based on market data obtained from sources independent of the Company.

Level 3 Unobservable inputs.

Unobservable inputs reflect the assumptions that the Company develops based

on available information about what market participants would use in valuing the asset or liability.

Unadjusted quoted prices in active markets for identical assets or liabilities.

Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available.

Observable inputs

reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained

from sources independent of the Company.

Unobservable inputs.

Unobservable inputs reflect the assumptions that the Company develops based on available information about what

market participants would use in valuing the asset or liability.

An asset or liability's level

3 unchanged sentences

liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets or liabilities.

of June 30, 2022 and December 31, 2021, the Company held $ 4,630,000 and $ 5,250,000 in U.S.

of September 30, 2022 and December 31, 2021, the Company held $ 2,421,000 and $ 5,250,000 in U.S.

government debt securities.

8 unchanged sentences

are reported as Cash and cash equivalents, and those with longer maturities are reported as investments, on the condensed consolidated

balance sheets as of June 30, 2022 and December 31, 2021.

balance sheets as of September 30, 2022 and December 31, 2021.

investments in marketable securities have a stated maturity of twelve months or less from the balance sheet date.

These securities are

considered as available for sale and are reported at fair value.

Unrealized gains and losses would be recorded net of tax as a component

of Accumulated other comprehensive income within Shareholders' equity.

Declines in market value from the original cost deemed to be "other-than-temporary"

are charged to Interest and other income, net , in the period in which the loss occurs.

The Company considers both the duration for which a decline in value has occurred and the extent of the decline in its determination of

whether a decline in value has been “other than temporary.” Realized gains and losses are calculated based on the specific

identification method and are included in Interest and other income, net, in the Condensed

Consolidated Statement of Operations.

following table presents the Company’s financial instruments at fair value (in thousands):

Fair Value Measurements

as of June 30, 2022

Value Measurements

as of September 30, 2022

Quoted Prices

Treasury bills included in cash and cash equivalents

Fair Value Measurements

Investments in U.S.

Treasury bills

Value Measurements

as of December 31, 2021

1 unchanged sentence

Treasury bills included in cash and cash equivalents

in debt securities as of September 30, 2022 are summarized by type below (in thousands).

Treasury bills

No tax benefit

has been recorded in relation to the pre-tax loss for the three and 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.

has been recorded in relation to the pre-tax loss for the three and nine months ended September 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.

Capital Stock

8 unchanged sentences

purchased 192,750 shares of its common stock in a privately negotiated transaction at a price of $ 0.25 per share for an amount of approximately

At June 30, 2022, the Company had repurchased 2,234,721 shares of its common stock and a total of 2,765,279 of

the authorized shares, remained available for repurchase as of June 30, 2022.

At September 30, 2022, the Company had repurchased 2,234,721 shares of its common stock and a total of 2,765,279 of

the authorized shares, remained available for repurchase as of September 30, 2022.

During the quarter ended

June 30, 2022, a) the Company incurred $ 20,000 of director fees payable in 80,000 shares of its common stock to the independent directors

of the Company, in payment of quarterly directors’ fees due to them for services in the second quarter of 2022, which were not issued

as of June 30, 2022, and b) issued 217,932 shares of Company commons stock to the independent directors of the Company, in payment of

quarterly directors’ fees due to them for services in 2021 and the first quarter of 2022.

The equity compensation awards were issued

pursuant to the exemption from the registration requirements of Section 5 of the Securities Act of 1933 (“1933 Act”) provided

by Section 4(a)(2) of the 1933 Act.

September 30, 2022, a) the Company incurred $ 20,000 of director fees payable in 80,000 shares of its common stock to the independent directors

of the Company, in payment of quarterly directors’ fees due to them for services in the third quarter of 2022, which were not issued

as of September 30, 2022.

As of September 30, 2022, there were 160,000 shares of Company

common stock to be issued to the independent directors of the Company, in payment of quarterly directors’ fees due to them for services

in the second and third quarters of 2022.

The equity compensation awards were issued pursuant to the exemption from the registration

requirements of Section 5 of the Securities Act of 1933 (“1933 Act”) provided by Section 4(a)(2) of the 1933 Act.

Incentive stock plans and stock-based compensation

4 unchanged sentences

30, 2022, all shares had vested and were issued.

The Company recorded compensation expense of zero and approximately $ 3,500 for each of the three months ended June 30, 2022 and 2021, respectively, related to those stock awards.

recorded compensation expense of approximately $ 1,750 and $ 6,800 for each of the six months ended June 30, 2022 and 2021, respectively,

related to those stock awards.

There was no unrecognized compensation expense related to these unvested stock awards at June 30, 2022.

The Company recorded compensation expense of zero

and approximately $ 3,000 for each of the three months ended September 30, 2022 and 2021, respectively, related to those stock awards.

The Company recorded compensation expense of approximately $ 1,750 and $ 10,300 for each of the nine months ended September 30, 2022 and

2021, respectively, related to those stock awards.

There was no unrecognized compensation expense related to these unvested stock awards

at September 30, 2022.

Common stock options

7 unchanged sentences

the securities laws.

As of June 30, 2022,

As of September 30, 2022,

all options were vested and there were no outstanding options under the 2007 NPDC Plan.

There were no grants, forfeitures or exercises

of options during the three and six months ended June 30, 2022.

of options during the three and nine months ended September 30, 2022.

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 1. Financial Statements