What changed in this filing

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Item 1. Financial Statements

2024-08-13 compared with 2024-05-15 · 95 added, 98 removed, 141 unchanged (58% of the section changed)

9 unchanged sentences

Current liabilities

Accounts payable and accrued expenses

Accounts payable

and accrued expenses

Total current liabilities

3 unchanged sentences

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

Issued 21,628,680 as of March 31, 2024 and December 31, 2023;

Outstanding 20,620,711 as of March 31, 2024 and December 31, 2023.

issued 21,628,680

as of June 30, 2024 and December 31, 2023;

outstanding 20,620,711 at June 30, 2024 and December 31, 2023.

Additional paid-in capital

1 unchanged sentence

Accumulated other comprehensive income

Treasury stock, at cost ( 1,007,969 shares at March 31, 2024 and December 31, 2023)

Treasury stock, at cost ( 1,007,969 shares at June 30, 2024 and December 31, 2023)

Total stockholders' equity

5 unchanged sentences

(in thousands, except per share amounts)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Compensation and benefits

2 unchanged sentences

Loss from operations

Interest and other income, net

Interest and other income

Loss from operations

6 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

(in thousands)

Three Months Ended March 31,

Unrealized (loss) gain on available for sale securities

(in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

Unrealized gain (loss) on available for sale securities

Comprehensive loss

4 unchanged sentences

IN STOCKHOLDERS' EQUITY

THREE MONTHS ENDED MARCH 31, 2024 and 2023

THREE AND SIX MONTHS ENDED June 30, 2024 and

(in thousands, except per share data)

5 unchanged sentences

Balance at March 31, 2023

Other comprehensive income

Balance at June 30, 2023

Balance at December 31, 2023

1 unchanged sentence

Balance at March 31, 2024

Balance at June 30, 2024

See accompanying notes to condensed consolidated

3 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities

1 unchanged sentence

Realized gain on investments

Income tax receivable

Changes in other operating items:

10 unchanged sentences

Supplemental disclosures of cash flow information

Net cash refunded during the period for income taxes

Unrealized (loss) gain on available for sale securities

3 unchanged sentences

Notes to Condensed Consolidated Financial Statements

Three months ended March 31, 2024 and 2023

Three months ended June 30, 2024 and 2023

Basis of presentation and description of activities

1 unchanged sentence

The accompanying interim financial statements

have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial

information and with the instructions to Form 10-Q and Article 8 of Regulation S-X.

The information and note disclosures normally

included in complete financial statements have been condensed or omitted pursuant to such rules and regulations.

The Condensed

Consolidated Balance Sheet as of December 31, 2023 has been derived from audited financial statements.

These financial statements should

be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 as presented

in our Annual Report on Form 10-K.

In the opinion of management, this interim information includes all material adjustments, which are

of a normal and recurring nature, necessary for a fair presentation.

have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information

and with the instructions to Form 10-Q and Article 8 of Regulation S-X.

The information and note disclosures normally included

in complete financial statements have been condensed or omitted pursuant to such rules and regulations.

The Condensed Consolidated

Balance Sheet as of December 31, 2023 has been derived from audited financial statements.

These financial statements should be read in

conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 as presented in

our Annual Report on Form 10-K.

In the opinion of management, this interim information includes all material adjustments, which are of

a normal and recurring nature, necessary for a fair presentation.

The results for the 2024 interim period are not necessarily indicative

9 unchanged sentences

engaged in those activities.

Company intends to evaluate and explore all available strategic options.

The Company will continue to work to maximize stockholder

Such strategic options may include acquisition of an investment advisory business, acquisition of a financial services

business, creating partnerships or joint ventures for those or other businesses and investing in other businesses that provide

attractive opportunities for growth.

The directors will also consider alternatives for distributing some or all of the

Company’s cash and cash equivalents and investments in U.S.

intends to evaluate and explore all available strategic options.

The Company will continue to work to maximize stockholder value.

strategic options may include acquisition of an investment advisory business, acquisition of a financial services business, creating partnerships

or joint ventures for those or other businesses and investing in other businesses that provide attractive opportunities for growth.

directors will also consider alternatives for distributing some or all of the Company’s cash and cash equivalents and investments

Treasury Bills and mutual funds .

Until such time as a decision is made as to how the liquid assets of the Company are so deployed, the Company intends to invest its

liquid assets in high-grade, short- term investments (such as cash and cash equivalents and Investment in U.S.

Treasury Bills and

mutual funds) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation.

Until such time as a decision is made as to how the liquid

assets of the Company are so deployed, the Company intends to invest its liquid assets in high-grade, short- term investments (such as

cash and cash equivalents and Investment in U.S.

Treasury Bills and mutual funds) consistent with the preservation of principal, maintenance

of liquidity and avoidance of speculation.

may be classified as an inadvertent investment company if the Company acquires investment securities in excess of 40% of the Company’s

total assets (exclusive of government securities).

As of March 31, 2024, the Company is not considered an inadvertent investment company.

As of June 30, 2024, the Company is not considered an inadvertent investment company.

Per share data

Loss per share for the three months ended March

31, 2024 and 2023 is calculated based on 20,620,711 weighted average outstanding shares of common stock.

Loss per share for the three and six months ended

June 30, 2024 and 2023 is calculated based on 20,620,711 weighted average outstanding shares of common stock.

Investment valuation

3 unchanged sentences

Fair value measurements are not adjusted for transaction costs.

fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

A fair value hierarchy provides

for prioritizing inputs to valuation techniques used to measure fair value into three levels:

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

7 unchanged sentences

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

As of March 31, 2024, the

Company held investments in U.S.

government debt securities of $ 2,422,000 which are included in cash and cash equivalents.

December 31, 2023, the Company held investments in U.S.

government debt securities of $ 2,409,000 .

As of March 31, 2024 and December

31, 2023, the Company held investments in equity securities which consist of mutual funds of $ 550,000 and $ 735,000 ,

of June 30, 2024, the Company held investments in U.S.

government debt securities (U.S.

Treasury Bills) of $ 593,000 which are included

in cash and cash equivalents.

As of December 31, 2023, the Company held investments in U.S.

Treasury Bills of $ 2,409,000 .

As of June 30,

2024 and December 31, 2023, the Company held investments in equity securities which consist of mutual funds of $ 504,000 and $ 735,000 ,

respectively.

government securities are valued using a model that incorporates market observable data, such as reported

sales of similar securities, broker quotes, yields, bids, offers, and reference data.

Certain securities are valued principally

using dealer quotations.

Money market and mutual funds are valued at the closing price reported by the fund sponsor from an actively

traded exchange.

government securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and

market activity levels for specific securities.

Mutual funds are categorized in Level 1 of the fair value hierarchy, depending on

the unadjusted quoted prices in active markets for identical assets.

government debt securities, which have

maturities of three months or less at time of purchase , are reported as Cash and cash equivalents, and

those with longer maturities are reported as Investments, on the Condensed Consolidated Balance Sheets as of March 31, 2024

and December 31, 2023.

Short-term 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.

For debt securities, unrealized gains and losses are recorded net of tax as a component

of Accumulated other comprehensive income within stockholders' equity.

Credit losses related

to available-for-sale debt securities are recorded through an allowance for credit losses rather than as a reduction in the amortized

cost basis of the securities.

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.

Treasury Bills are valued using a model that incorporates market observable data, such as reported sales of similar

securities, broker quotes, yields, bids, offers, and reference data.

Certain securities are valued principally using dealer quotations.

Mutual funds are valued at the closing price reported by the fund sponsor from an actively traded exchange.

Bills are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.

Mutual funds are categorized in Level 1 of the fair value hierarchy, depending on the unadjusted quoted prices in active markets for identical

Treasury Bills, which have maturities of three months or less at time

of purchase , 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, 2024 and December 31, 2023.

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.

For debt securities, unrealized gains and losses are recorded net of

tax as a component of Accumulated other comprehensive income within stockholders' equity.

losses related to available-for-sale debt securities are recorded through an allowance for credit losses rather than as a reduction in

the amortized cost basis of the securities.

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 Statements of Operations.

Company follows the guidance in ASC 321, “Investments – Equity Securities” (“ASC 321”) for its investments

in equity securities with unrealized and realized gains and losses recorded in Interest and other income, net, on the Condensed

Consolidated Statement of Operations.

in equity securities with unrealized and realized gains and losses recorded in Interest and other income, net, on the Condensed Consolidated

Statements of Operations.

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

Value Measurements

as of March 31, 2024

Fair Value Measurements

as of June 30, 2024

Quoted Prices

6 unchanged sentences

Investments in Mutual Funds

Investments in equity securities as of March

31, 2024 are summarized by type below (in thousands).

Investments in

debt and equity securities as of December 31, 2023 are summarized by type below (in thousands).

in equity securities as of June 30, 2024 are summarized by type below (in thousands).

in debt and equity securities as of December 31, 2023 are summarized by type below (in thousands).

Treasury Bills

All investments

in debt securities are due in one year or less as of March 31, 2024.

investments in debt securities are due in one year or less as of June 30, 2024.

in the accumulated other comprehensive income balance, net of income taxes, relates solely to net unrealized gain on available-for-sale

securities for the three-month ended March 31, 2024 is as follows:

securities for the six months ended June 30, 2024 is as follows:

Balance at December 31, 2023

Amounts reclassified from accumulated other Comprehensive income to interest income and other income

Amounts reclassified from accumulated other

Comprehensive income to interest income and other income

Net current-period other comprehensive income

Balance at March 31, 2024

Balance at June 30, 2024

may be exposed to credit losses through its available-for-sale investments.

An available-for-sale security is impaired when its

fair value declines below its amortized cost basis.

Unrealized losses resulting from the amortized cost basis of any available-for-sale

debt security exceeding its fair value are evaluated for identification of credit losses.

An available-for-sale security is impaired when its fair

value declines below its amortized cost basis.

Unrealized losses resulting from the amortized cost basis of any available-for-sale debt

security exceeding its fair value are evaluated for identification of credit losses.

When evaluating the investments for impairment

1 unchanged sentence

economic market conditions, and financial condition of the issuer.

As of March 31, 2024, the Company has not recognized an allowance

As of June 30, 2024, the Company has not recognized an allowance

for expected credit losses related to its available-for-sale securities as the Company has not identified any unrealized losses for these

investments attributable to credit factors.

benefit has been recorded in relation 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.

No tax benefit

has been recorded in relation to the pre-tax loss for the three and six months ended June 30, 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.

Capital Stock

The Company’s

4 unchanged sentences

in open market or privately negotiated transactions.

At March 31, 2024 and 2023, 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 March 31, 2024.

On March 9, 2023, there were 285,000 shares

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

for services in 2022, which were classified as issuable at December 31, 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.

At June 30, 2024 and 2023, 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, 2024.

2023, the Company amended its Directors’ Compensation Program for Directors who are not employees of the Company to provide that

3 unchanged sentences

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