What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-05-15 compared with 2023-11-13 · 43 added, 75 removed, 57 unchanged (67% of the section changed)

40 unchanged sentences

and may make our securities less attractive to investors.

The Company’s

Board of Directors is considering strategic uses for its funds to develop or acquire interests in one or more operating businesses.

The Company’s Board of

Directors is considering strategic uses for its funds to develop or acquire interests in one or more operating businesses.

we have focused our development or acquisition efforts on sectors in which our management has expertise, we do not wish to limit ourselves

1 unchanged sentence

Prior to this use, the Company’s funds have

been, and we anticipate will continue to be, invested in high-grade, short-term investments (such as cash and cash equivalents and U.S.

Treasury Bills) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation, until such time

as we need to utilize such funds, or any portion thereof, for the purposes described above.

The directors will also consider alternatives

for distributing some or all of its cash and cash equivalents and Investments in U.S.

Treasury Bills to

stockholders.

been, and we anticipate will continue to be, invested in high-grade, short-term investments (such as cash and cash equivalents, U.S.

Bills and mutual funds) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation, until such

time as we need to utilize such funds, or any portion thereof, for the purposes described above.

The directors will also consider

alternatives for distributing some or all of its cash and cash equivalents and Investments in U.S.

Treasury Bills and mutual funds

to stockholders.

Results of operations

Three months ended September 30, 2023 compared to the three months

ended September 30, 2022

For the three months ended September 30, 2023,

the Company had a loss from operations before income taxes of $197,000 compared to a loss from operations before income taxes of $262,000

for the three months ended September 30, 2022.

The decreased loss before income taxes of

$65,000 was primarily a result of an increase in Interest and other income of $61,000.

Three months ended March 31, 2024 compared to the three months

ended March 31, 2023

For the three months ended March 31, 2024, the

Company had a loss from operations before income taxes of $219,000 compared to a loss from operations before income taxes of $314,000

for the three months ended March 31, 2023.

The decreased loss

before income taxes of $95,000 was primarily a result of a decrease in Other operating expenses of $33,000, decrease of compensation of

$2,000, and an increase in Interest and other income of $60,000.

Compensation and benefits

For the three months ended September 30, 2023,

Compensation and benefits were $108,000 as compared to $110,000 for the three months ended September 30, 2022.

For the three months ended March 31, 2024, Compensation

and benefits were $113,000 as compared to $115,000 for the three months ended March 31, 2023.

Other operating expenses

For the three months ended September 30, 2023,

Other operating expenses were $165,000 as compared to $167,000 for the three months ended September 30, 2022.

The decreased operating

expenses of $2,000 were primarily the result of decreased directors’ fees of $21,000, decreased professional fees of $11,000, offset

by increased other expenses of $12,000, increased insurance expense of $9,000, and increased expenses related to the repair and maintenance

of the Company owned dam properties of $9,000.

The properties were fully impaired as of December

For the three months ended March 31, 2024, Other

operating expenses were $172,000 as compared to $205,000 for the three months ended March 31, 2023.

The decreased operating expenses of

$33,000 were primarily the result of decreased professional fees of $17,000, decreased travel and entertainment expenses of $12,000, and

decreased other expenses of $4,000 .

Interest and other income

For the three months ended September 30, 2023,

Interest and other income was $76,000 as compared to $15,000 for the three months ended September 30, 2022.

The increased interest and

other income, including net realized gains and losses on U.S.

Treasury bills, of $61,000 was primarily the result of the investments in

Treasury securities and the related interest income of $76,000 during the three months ended September 30, 2023.

For the three months ended March 31, 2024, Interest

and other income was $66,000 as compared to $6,000 for the three months ended March 31, 2023.

The increased interest and other income,

including net realized gains and losses on U.S.

Treasury bills, of $60,000 was primarily the result of the investments in U.S.

securities, and the related interest income of $66,000 during the three months ended March 31, 2024.

For the three months

ended September 30, 2023 and 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 September 30, 2023 and 2022, due to a full valuation allowance to offset any deferred tax

asset related to net operating loss carry forwards attributable to the losses.

Nine months ended September 30, 2023 compared to the nine months

ended September 30, 2022

For the nine months ended September 30, 2023,

the Company had a loss from operations before income taxes of $793,000 compared to a loss from operations before income taxes of $901,000

for the nine months ended September 30, 2022.

The decreased loss before income taxes of

$108,000 was primarily the result of a decrease in Other operating expenses of $20,000, and an increase in Interest and other income of

Compensation and benefits

For the nine months ended September 30, 2023,

Compensation and benefits were $339,000 as compared to $340,000 for the nine months ended September 30, 2022.

Other operating expenses

For the nine months ended September 30, 2023,

Other operating expenses were $559,000 as compared to $579,000 for the nine months ended September 30, 2022.

The decreased operating expenses

of $20,000 were primarily the result of decreased directors’ fees of $64,000, decreased professional fees of $16,000, decreased

insurance expenses of $2,000, offset by increased other expenses of $7,000, and increased expenses related to the repair and maintenance

of the Company owned dam properties of $55,000.

The properties were fully impaired as of December

Interest and other income

For the nine months ended September 30, 2023,

Interest and other income was $105,000 as compared to $18,000 for the nine months ended September 30, 2022.

The increased interest and

other income, including net realized gains and losses on U.S.

Treasury bills, of $87,000 was primarily the result of the investments in

Treasury securities and the resulting increase in interest income of $81,000 during the nine months ended September 30, 2023.

For the nine months ended

September 30, 2023 and 2022, the Company recorded no income tax expense from operations.

ended March 31, 2024 and 2023, the Company recorded no income tax expense from operations.

No tax benefit has been recorded in relation

to the pre-tax loss for the nine months ended September 30, 2023 and 2022, due to a full valuation allowance to offset any deferred tax

asset related to net operating loss carry forwards attributable to the losses.

to the pre-tax loss for the three months ended March 31, 2024 and 2023, 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 September 30, 2023, the Company had cash and

cash equivalents totaling $178,000 and short-term U.S.

Treasury Bills totaling $3,384,000 which

it intends to use to acquire interests in one or more operating businesses, to fund the Company’s general and administrative expenses,

and the directors will also consider alternatives for distributing some or all of its cash and cash equivalents and Investments in U.S.

Treasury Bills to stockholders.

The Company believes that its working capital is sufficient to support its operating requirements through

November 30, 2024.

At March 31, 2024, the Company had cash and

cash equivalents totaling $2,489,000 and investments in mutual funds totaling $550,000 which

it intends to use to acquire interests in one or more operating businesses, to fund the Company’s general and administrative

The directors will also consider alternatives for distributing some or all of its cash and cash equivalents and

investments to stockholders.

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

through June 30, 2025.

Cash equivalents represent short-term, highly

1 unchanged sentence

to note 3 for valuation of Investments.

The increase in cash and cash equivalents of $88,000

for the nine months ended September 30, 2023 was primarily the result of $684,000 used in operating activities, offset by redemption of

Treasury Bills of $772,000 provided by investing activities.

The increase in cash and cash equivalents of $2,364,000 for

the three months ended March 31, 2024 was primarily the result of $246,000 used in operating activities, $550,000 used in the purchase

of mutual funds, offset by the sale of mutual funds for $543,000, and the redemption of investments of $2,617,000.

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