What changed in this filing

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Item 1. Financial Statements

2024-11-13 compared with 2024-08-13 · 75 added, 67 removed, 169 unchanged (46% of the section changed)

3 unchanged sentences

(in thousands, except per share amounts)

September 30,

Current assets

4 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 June 30, 2024 and December 31, 2023;

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

issued 21,628,680 as of September 30, 2024 and December 31, 2023;

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

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

Total stockholders' equity

5 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

2 unchanged sentences

Loss from operations

Interest and other income

Loss from operations

Interest and other income, net

Basic and diluted weighted average common

6 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,

Unrealized gain (loss) on available for sale securities

5 unchanged sentences

IN STOCKHOLDERS' EQUITY

THREE AND SIX MONTHS ENDED June 30, 2024 and

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

(in thousands, except per share data)

7 unchanged sentences

Balance at June 30, 2023

Other comprehensive income

Balance at September 30, 2023

Balance at December 31, 2023

2 unchanged sentences

Balance at June 30, 2024

Other comprehensive income

Balance at September 30, 2024

See accompanying notes to condensed consolidated

3 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities

20 unchanged sentences

Notes to Condensed Consolidated Financial Statements

Three months ended June 30, 2024 and 2023

Three months ended September 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

22 unchanged sentences

total assets (exclusive of government securities).

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

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

Per share data

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.

Loss per share for the three and nine months

ended September 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.

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.

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.

fair value hierarchy provides for prioritizing inputs to valuation techniques used 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

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.

asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value

2 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.

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

of September 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,

Bills) of $ 1,438,000 which are included in cash and cash equivalents.

As of September 30, 2024 and December 31, 2023, the Company held

investments in U.S.

Treasury Bills of $ 713,000 and $ 2,409,000 , respectively.

As of September 30,

2024 and December 31, 2023, the Company held investments in equity securities which consist of mutual funds of $ 385,000 and $ 735,000 ,

4 unchanged sentences

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 are categorized

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

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

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.

Investments, on the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023.

investments in marketable debt 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

7 unchanged sentences

Fair Value Measurements

as of June 30, 2024

as of September 30, 2024

Quoted Prices

Investments in U.S.

Treasury Bills

Investments in Mutual Funds

5 unchanged sentences

Investments in Mutual Funds

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

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

Treasury Bills

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

Treasury Bills

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

All investments

in debt securities are due in one year or less as of September 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 six months ended June 30, 2024 is as follows:

securities for the nine months ended September 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 and

other income, net

Net current-period other comprehensive income

Balance at June 30, 2024

Balance at September 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 June 30, 2024, the Company has not recognized an allowance

As of September 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.

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.

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

5 unchanged sentences

in open market or privately negotiated transactions.

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.

At September 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 September 30,

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