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Item 2. Management’s Discussion and Analysis

2025-05-15 compared with 2024-11-13 · 29 added, 66 removed, 65 unchanged (59% of the section changed)

53 unchanged sentences

Results of operations

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.

Three months ended March 31, 2025 compared to the three months

ended March 31, 2024

For the three months ended March 31, 2025, the

Company had a loss from operations before income taxes of $256,000 compared to a loss from operations before income taxes of $219,000

for the three months ended March 31, 2024.

The increased loss

before income taxes of $37,000 was primarily a result of a decrease in Interest and other income of $35,000.

Compensation and benefits

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.

For the three months ended March 31, 2025, Compensation

and benefits were $115,000 as compared to $113,000 for the three months ended March 31, 2024.

Other operating expenses

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 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 March 31, 2025 and

2024, Other operating expenses were $172,000.

Interest and other income, net

For the three months ended March 31, 2025, Interest

and other income, net was $31,000 as compared to $66,000 for the three months ended March 31, 2024.

The decreased interest and other income,

net of $35,000 was primarily the result of the lower yields related to the investments in U.S.

Treasury securities and mutual funds and

lower balances of such investments during the three months ended March 31, 2025.

For the three 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 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 $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 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 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 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.

ended March 31, 2025 and 2024, 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.

to the pre-tax loss for the three months ended March 31, 2025 and 2024, 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, 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

At March 31, 2025, the Company had cash and cash

equivalents totaling $671,000 and investments in mutual funds totaling $1,450,000 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.

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, 2026.

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 classification of Investments.

The increase in cash and cash equivalents of

$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.

to note 5 for valuation of Investments.

The decrease in cash and cash equivalents of $769,000

for the three months ended March 31, 2025 was primarily the result of $244,000 used in operating activities, $560,000 used in the purchase

of mutual funds, offset by the sale and the redemption of investments of $35,000.

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