What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-08-13 compared with 2024-05-15 · 61 added, 33 removed, 67 unchanged (58% 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

9 unchanged sentences

Results of operations

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.

Three months ended June 30, 2024 compared to the three months

ended June 30, 2023

For the three months ended June 30, 2024, the

Company had a loss from operations of $233,000 compared to a loss from operations of $282,000 for the three months ended June 30, 2023.

The decreased loss from operations of $49,000

was primarily a result of a decrease in Other operating expenses of $35,000 for the three months ended June 30, 2023, offset by an increase

in Interest and other income of $13,000.

Compensation and benefits

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.

For the three months ended June 30, 2024, Compensation

and benefits were $115,000 as compared to $116,000 for the three months ended June 30, 2023.

Other operating expenses

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.

For the three months ended June 30, 2024, Other

operating expenses were $154,000 as compared to $189,000 for the three months ended June 30, 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 .

$35,000 were primarily the result of decreased fees related to the repair and maintenance of Company owned dam properties of $41,000,

offset by increased professional fees of $6,000.

Interest and other income

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 June 30, 2024,

Interest and other income was $36,000 as compared to $23,000 for the three months ended June 30, 2023.

The increased interest and

other income of $13,000 was primarily the result of $10,000 of interest income earned from investments in U.S.

Treasury Bills during the three months ended June 30, 2024.

For the three months

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

ended June 30, 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 three months ended March 31, 2024 and 2023, due to a full valuation allowance to offset any deferred tax asset

to the pre-tax loss for the three 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.

Six months ended June 30, 2024 compared to the six months ended

June 30, 2023

For the six months ended June 30, 2024, the Company

had a loss from operations of $452,000 compared to a loss from operations before income taxes of $596,000 for the six months ended June

The decreased loss from operations of $144,000

was primarily the result of a decrease in Other operating expenses of $68,000 for six months ended June 30, 2023, offset by an increase

in Interest and other income of $73,000.

Compensation and benefits

For the six months ended June 30, 2024, Compensation

and benefits were $228,000 as compared to $231,000 for the six months ended June 30, 2023.

Other operating expenses

For the six months ended June 30, 2024, Other

operating expenses were $326,000 as compared to $394,000 for the six months ended June 30, 2023.

The decreased operating expenses of $68,000

were primarily the result of decreased travel and entertainment expenses of $16,000, decreased professional fees of $3,000, and decreased

expenses related to the repair and maintenance of the Company owned dam properties of $49,000.

dam properties were fully impaired as of December 31, 2018.

Interest and other income

For the six months ended June 30, 2024, Interest

and other income was $102,000 as compared to $29,000 for the six months ended June 30, 2023.

The increased interest and other income of

$73,000 was primarily the result of the investments in U.S.

Treasury Bills and the resulting interest income during the six months ended

June 30, 2024.

For the six months ended

June 30, 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 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.

Financial condition

Liquidity and Capital Resources

At March 31, 2024, the Company had cash and

At June 30, 2024, the Company had cash and

cash equivalents totaling $2,332,000 and investments in mutual funds totaling $504,000 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.

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

administrative expenses.

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.

through September 30, 2025.

Cash equivalents represent short-term, highly

liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase.

to note 3 for valuation of Investments.

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.

to note 3 for classification of Investments.

The increase in cash and cash equivalents of $2,207,000

for the six months ended June 30, 2024 was primarily the result of $449,000 used in operating activities, $554,000 used in the purchase

of mutual funds, and the redemption of investments of $3,210,000.

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