What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-13 compared with 2025-05-15 · 53 added, 23 removed, 71 unchanged (52% of the section changed)

53 unchanged sentences

Results of operations

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.

Three months ended June 30, 2025 compared to the three months

ended June 30, 2024

For the three months ended June 30, 2025, the

Company had a loss from operations of $244,000 compared to a loss from operations of $233,000 for the three months ended June 30, 2024.

The increased loss from operations of $11,000

was primarily a result of a decrease in Interest and other income, net of $22,000, offset by a decrease in Compensation and benefits of

$2,000, and a decrease in Other operating expenses of $9,000 for the three months ended June 30, 2024.

Compensation and benefits

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.

For the three months ended June 30, 2025, Compensation

and benefits were $113,000 as compared to $115,000 for the three months ended June 30, 2024.

Other operating expenses

For the three months ended March 31, 2025 and

2024, Other operating expenses were $172,000.

For the three months ended June 30, 2025, Other

operating expenses were $145,000 as compared to $154,000 for the three months ended June 30, 2024.

The decreased other operating expenses

of $9,000 was primarily the result of decreased travel and entertainment expenses of $7,000 and decreased professional fees of $2,000

during the three months ended June 30, 2025.

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.

For the three months ended June 30, 2025, Interest

and other income, net was $14,000 as compared to $36,000 for the three months ended June 30, 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.

net of $22,000 was primarily the result of the lower yields related to the investments in mutual funds and lower balances of such investments

during the three months ended June 30, 2025.

For the three months

ended March 31, 2025 and 2024, the Company recorded no income tax expense from operations.

ended June 30, 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 three months ended March 31, 2025 and 2024, due to a full valuation allowance to offset any deferred tax asset

to the pre-tax loss for the three 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.

Six months ended June 30, 2025 compared to the six months ended

June 30, 2024

For the six months ended June 30, 2025, the Company

had a loss from operations of $500,000 compared to a loss from operations before income taxes of $452,000 for the six months ended June

The increased loss from operations of $48,000

was primarily a result of a decrease in Interest and other income, net of $57,000, offset by a decrease in other operating expenses of

$9,000 during the six months ended June 30, 2025.

Compensation and benefits

For the six months ended June 30, 2025 and 2024,

Compensation and benefits were $228,000.

Other operating expenses

For the six months ended June 30, 2025, Other

operating expenses were $317,000 as compared to $326,000 for the six months ended June 30, 2024.

The decreased operating expenses of $9,000

were primarily the result of decreased travel and entertainment expenses of $11,000, decreased professional fees of $2,000, offset by

increased other expenses of $4,000.

Interest and other income, net

For the six months ended June 30, 2025, Interest

and other income, net was $45,000 as compared to $102,000 for the six months ended June 30, 2024.

The decreased interest and other income,

net of $57,000 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 six months ended June 30, 2025.

For the six months ended

June 30, 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 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.

Financial condition

Liquidity and Capital Resources

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

At June 30, 2025, the Company had cash and cash

equivalents totaling $394,000 and investments in mutual funds totaling $1,464,000 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 June 30, 2026.

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, 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 5 for valuation of Investments.

to note 5 of the Notes to Condensed Consolidated Financial Statements for classification of Investments.

The decrease in cash and cash equivalents of $1,046,000

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

for the six months ended June 30, 2025 was primarily the result of $496,000 used in operating activities, $574,000 used in the purchase

of mutual funds, offset by the sale and the redemption of investments of $24,000.

2 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 2. Management’s Discussion and Analysis