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Item 2. Management’s Discussion and Analysis

2024-11-13 compared with 2024-08-13 · 59 added, 56 removed, 72 unchanged (61% of the section changed)

53 unchanged sentences

Results of operations

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.

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

ended September 30, 2023

For the three months ended September 30, 2024,

the Company had a loss from operations of $231,000 compared to a loss from operations of $197,000 for the three months ended September

The increased loss from operations of $34,000

was primarily a result of a decrease in Other operating expenses of $21,000 for the three months ended September 30, 2023 offset by a

decrease in Interest and other income of $56,000.

Compensation and benefits

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.

For the three months ended September 30, 2024,

Compensation and benefits were $107,000 as compared to $108,000 for the three months ended September 30, 2023.

Other operating expenses

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

$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.

For the three months ended September 30, 2024,

Other operating expenses were $144,000 as compared to $165,000 for the three months ended September 30, 2023.

The decreased operating

expenses of $21,000 were primarily the result of decreased travel and entertainment expenses of $9,000, decreased fees related to the

repair and maintenance of Company owned dam properties of $9,000, and decreased other expenses of $3,000.

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

Interest and other income

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 September 30, 2024,

Interest and other income was $20,000 as compared to $76,000 for the three months ended September 30, 2023.

The decreased interest and

other income of $56,000 was primarily the result of decreased interest income earned from investments in U.S.

Treasury Bills of $100,000,

offset by gain on investment of $44,000 during the three months ended September 30, 2024.

For the three months

ended June 30, 2024 and 2023, the Company recorded no income tax expense from operations.

ended September 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 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

to the pre-tax loss for the three 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.

Nine months ended September 30, 2024 compared to the nine months

ended September 30, 2023

For the nine months ended September 30, 2024,

the Company had a loss from operations of $683,000 compared to a loss from operations before income taxes of $793,000 for the nine months

ended September 30, 2023.

The decreased loss from operations of $110,000

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.

was primarily the result of a decrease in Other operating expenses of $89,000 for the nine months ended September 30, 2023, a decrease

of Compensation and benefits of $4,000, offset by an increase in Interest and other income of $17,000.

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.

For the nine months ended September 30, 2024,

Compensation and benefits were $335,000 as compared to $339,000 for the nine months ended September 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.

For the nine months ended September 30, 2024,

Other operating expenses were $470,000 as compared to $559,000 for the nine months ended September 30, 2023.

The decreased operating

expenses of $89,000 were primarily the result of decreased travel and entertainment expenses of $26,000, decreased other expenses of

$7,000, and decreased expenses related to the repair and maintenance of the Company owned dam properties of $56,000.

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.

For the nine months ended September 30, 2024,

Interest and other income was $122,000 as compared to $105,000 for the nine months ended September 30, 2023.

The increased interest and

other income of $17,000 was primarily the result of increased interest income earned from investments in U.S.

Treasury Bills of $9,000

and the gain on investment of $8,000 during the three months ended September 30, 2024.

For the nine months ended

September 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 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.

Financial condition

Liquidity and Capital Resources

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 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 September 30, 2025.

At September 30, 2024, the Company had cash and

cash equivalents totaling $86,000, U.S.

Treasury Bills totaling $1,438,000 which are included in cash and cash equivalents, short-term

investments in U.S.

Treasury Bills of $713,000, and mutual funds totaling $385,000 which it intends

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

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 December 31, 2025.

Cash equivalents represent short-term, highly

2 unchanged sentences

The increase in cash and cash equivalents of

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.

$1,399,000 for the nine months ended September 30, 2024 was primarily the result of $670,000 used in operating activities, $1,278,000

used in the purchase of investments, and the redemption and sale of investments of $3,347,000.

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