What changed in this filing

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Item 1. Financial Statements

2025-08-13 compared with 2025-05-15 · 79 added, 77 removed, 176 unchanged (47% of the section changed)

15 unchanged sentences

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

issued 21,628,680

as of March 31, 2025 and December 31, 2024;

outstanding 20,620,711 as of March 31, 2025 and December 31, 2024.

issued 21,628,680 as of June 30, 2025 and December 31, 2024;

outstanding 20,620,711 at June 30, 2025 and December 31, 2024.

Additional paid-in capital

Accumulated deficit

Treasury stock, at cost ( 1,007,969 shares at March 31, 2025 and December 31, 2024)

Treasury stock, at cost ( 1,007,969 shares at June 30, 2025 and December 31, 2024)

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

9 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

(in thousands)

Three Months Ended March 31,

(in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

Other comprehensive loss:

Unrealized holding gain on available for sale securities

Unrealized holding gain on available for sale debt securities

Reclassification adjustment for gains realized in net loss

6 unchanged sentences

IN STOCKHOLDERS' EQUITY

THREE MONTHS ENDED MARCH 31, 2025 and 2024

THREE AND SIX MONTHS ENDED JUNE 30, 2025 and

(in thousands, except per share data)

Common stock (Issued)

comprehensive

2 unchanged sentences

Balance at March 31, 2024

Balance at June 30, 2024

Balance at December 31, 2024

Balance at March 31, 2025

Balance at June 30, 2025

See accompanying notes to condensed consolidated

3 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities

5 unchanged sentences

Net cash used in operating activities

from investing activities

Cash flows from investing activities

Proceeds from redemptions and sale of investments

10 unchanged sentences

Notes to Condensed Consolidated Financial Statements

Three months ended March 31, 2025 and 2024

June 30, 2025 and 2024

Basis of presentation and description of activities

29 unchanged sentences

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

in 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 Investments in U.S.

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

of speculation.

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.

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, and cash and certain cash equivalents).

As of March 31, 2025, the Company is not considered an inadvertent investment company.

total assets (exclusive of government securities).

As of June 30, 2025, the Company is not considered an inadvertent investment company.

Per share data

Loss per share for the three months ended March

31, 2025 and 2024 is calculated based on 20,620,711 weighted average outstanding shares of common stock.

The Company had not dilutive

or potentially dilutive securities during the period presented.

Loss per share for the three and six months ended

June 30, 2025 and 2024 is calculated based on 20,620,711 weighted average outstanding shares of common stock.

The Company had no dilutive

or potentially dilutive securities during the periods presented.

Segment Disclosure

The Company's operations are reported within one

reportable segment and constitutes the Company and its wholly-owned subsidiaries, all of which are inactive, which are reported in the

condensed consolidated financial statements.

The Company currently has no or nominal operations, no revenues from operations and is considered

a shell company, as defined in the U.S.

The Company's operations are reported within one reportable

segment and constitutes the Company and its wholly-owned subsidiaries, all of which are inactive, which are reported in the condensed

consolidated financial statements.

The Company currently has no or nominal operations, no revenues from operations and is considered a

shell company, as defined in the U.S.

securities laws and regulations.

5 unchanged sentences

of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets.

The accounting policies for the reportable segment

are the same as those described above in the summary of significant accounting policies.

The expenses and net loss for the one reportable

segment are the same as those presented on the Condensed Consolidated Statements of Operations.

Significant expense categories, including

compensation and benefits, other operating expenses, and interest and other income, net are included on the Company's Condensed Consolidated

Statements of Operations.

New accounting standard

In November 2023, the Financial Accounting

Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which

requires entities to disclose disaggregated information about their effective tax rate reconciliations as well as expanded

information on income taxes by jurisdiction.

The standard is effective for fiscal years beginning after December 15, 2024, on a

prospective basis.

The Company discloses its income tax rate reconciliation in its annual consolidated financial statements only and

does not expect the adoption to have a material impact on its consolidated financial statements.

The accounting policies for the reportable segment are the same as those described above in the summary of significant accounting policies.

The expenses and net loss for the one reportable segment are the same as those presented on the Condensed Consolidated Statements of Operations.

Significant expense categories, including compensation and benefits, other operating expenses, and interest and other income, net are included on the Company's Condensed Consolidated Statements of Operations.

New accounting standards

In November 2023, the Financial Accounting Standards

Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which

requires entities to disclose disaggregated information about their effective tax rate reconciliations as well as expanded information

on income taxes by jurisdiction.

The standard is effective for fiscal years beginning after December 15, 2024, on a prospective basis.

The Company discloses its income tax rate reconciliation in its annual consolidated financial statements only and does not expect the

adoption to have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03,

10 unchanged sentences

Investment valuation

Company’s investments in marketable securities consist of investments in equity securities which are mutual funds.

The Company carries

its investments at fair value.

Fair value is an estimate of the exit price, representing the amount that would be received to sell an

asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date).

Company carries its investments at fair value.

Fair value is an estimate of the exit price, representing the amount that would be received

to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement

Fair value measurements are not adjusted for transaction costs.

2 unchanged sentences

2 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.

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.

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.

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.

31, 2025 and December 31, 2024, the Company held investments in equity securities which consist of mutual funds of $ 1,450,000 and $ 914,000 ,

of June 30, 2025 and December 31, 2024, the Company held investments in equity securities which consist of mutual funds of $ 1,464,000 and

$ 914,000 , 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.

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.

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

Mutual funds are categorized

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

debt securities, which have maturities of three months or less at time of purchase, are reported as Cash and cash equivalents on

the Condensed Consolidated Balance Sheet as of December 31, 2024.

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

government debt securities, which have maturities of three months or less at time of purchase, are reported as Cash

and cash equivalents on the Condensed Consolidated Balance Sheet as of December 31, 2024.

There were no U.S.

government debt securities as of March 31,

government debt securities

as of June 30, 2025.

There were no U.S.

5 unchanged sentences

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 Statement 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

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.

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

Statements of Operations.

1 unchanged sentence

Fair Value Measurements

as of March 31, 2025

as of June 30, 2025

Quoted Prices

1 unchanged sentence

Fair Value Measurements

of December 31, 2024

as of December 31, 2024

Quoted Prices

Investments in Mutual Funds

in equity securities as of March 31, 2025 are summarized by type below (in thousands).

in equity securities as of June 30, 2025 are summarized by type below (in thousands).

in equity securities as of December 31, 2024 are summarized by type below (in thousands).

7 unchanged sentences

economic market conditions, and financial condition of the issuer.

As of March 31, 2025, the Company has not recognized an allowance

As of June 30, 2025, 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

1 unchanged sentence

No tax benefit

has been recorded in relation to the pre-tax loss for the three months ended March 31, 2025 and 2024, due to a full valuation allowance

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

As of March 31, 2025, the Company

As of June 30, 2025, the Company

had no material uncertain income tax positions.

Capital Stock

The Company’s

4 unchanged sentences

in open market or privately negotiated transactions.

The Company did not repurchase any common stock during the three months ended

March 31, 2025 and March 31, 2024.

At March 31, 2025 and 2024, 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, 2025.

The Company did not repurchase any common stock during the six months ended June

30, 2025 and June 30, 2024.

At June 30, 2025 and 2024, 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, 2025.

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