What changed in this filing

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Item 1. Financial Statements

2025-11-14 compared with 2025-08-13 · 69 added, 58 removed, 197 unchanged (39% of the section changed)

3 unchanged sentences

(in thousands, except per share amounts)

September 30,

Current assets

10 unchanged sentences

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

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.

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

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

Additional paid-in capital

Accumulated deficit

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

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

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

10 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,

Other comprehensive loss:

8 unchanged sentences

IN STOCKHOLDERS' EQUITY

THREE AND SIX MONTHS ENDED JUNE 30, 2025 and

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

(in thousands, except per share data)

5 unchanged sentences

Balance at June 30, 2024

Other comprehensive income

Balance at September 30, 2024

Balance at December 31, 2024

1 unchanged sentence

Balance at June 30, 2025

Balance at September 30, 2025

See accompanying notes to condensed consolidated

3 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities

18 unchanged sentences

Notes to Condensed Consolidated Financial Statements

June 30, 2025 and 2024

September 30, 2025 and 2024

Basis of presentation and description of activities

37 unchanged sentences

total assets (exclusive of government securities).

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

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

Per share data

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.

Loss per share for the three and nine months ended

September 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

11 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.

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

35 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, 2025 and December 31, 2024, the Company held investments in equity securities which consist of mutual funds of $ 1,464,000 and

As of September

30, 2025 and December 31, 2024, the Company held investments in equity securities which consist of mutual funds of $ 1,478,000 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.

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

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.

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.

There were no U.S.

government debt securities

as of June 30, 2025.

government debt securities as of September 30, 2025.

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 with maturities of more than three months as of December 31,

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.

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.

Short-term 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.

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

3 unchanged sentences

Fair Value Measurements

as of June 30, 2025

as of September 30, 2025

Quoted Prices

4 unchanged sentences

Investments in Mutual Funds

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

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

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

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.

When evaluating the investments for impairment

at each reporting period, the Company reviews factors such as the extent of the unrealized loss, historical losses, current and future

economic market conditions, and financial condition of the issuer.

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

investments attributable to credit factors.

The Company 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.

When evaluating the investments for impairment at each reporting

period, the Company reviews factors such as the extent of the unrealized loss, historical losses, current and future economic market conditions,

and financial condition of the issuer.

As of September 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 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, 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 June 30, 2025, the Company

had no material uncertain income tax positions.

Capital Stock

has been recorded in relation to the pre-tax loss for the three and nine months ended September 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 September 30,

2025, the Company had no material uncertain income tax positions.

The Company’s

4 unchanged sentences

in open market or privately negotiated transactions.

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.

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

30, 2025 and 2024, respectively.

At September 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 September 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