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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ambase Corporation (PK) | USOTC:ABCP | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.245 | 0.245 | 0.245 | 0.00 | 01:00:00 |
Delaware
(State of incorporation)
|
95-2962743
(I.R.S. Employer Identification No.)
|
|
YES
|
X
|
NO
|
(Check one):
|
Large Accelerated Filer
|
Accelerated Filer
|
Non-Accelerated Filer
|
Smaller Reporting Company
|
X
|
YES
|
NO
|
X
|
PART I
|
FINANCIAL INFORMATION
|
Page
|
||
Item 1.
|
Condensed Consolidated Financial Statements (unaudited)
|
1
|
||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
14
|
||
Item 4.
|
Controls and Procedures
|
17
|
||
PART II
|
OTHER INFORMATION
|
|||
Item 1.
|
Legal Proceedings
|
17
|
||
Item 1A.
|
Risk Factors
|
17
|
||
Item 2.
|
Unregistered Sales of Equity and Securities and Use of Proceeds
|
17
|
||
Item 3.
|
Defaults Upon Senior Securities
|
17
|
||
Item 4.
|
Mine Safety Disclosures
|
17
|
||
Item 5.
|
Other Information
|
17
|
||
Item 6.
|
Exhibits
|
18
|
||
Signatures
|
19
|
Ite m 1. |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Operating expenses:
|
||||||||||||||||
Compensation and benefits
|
$
|
382
|
$
|
448
|
$
|
1,212
|
$
|
1,481
|
||||||||
Professional and outside services
|
482
|
54
|
784
|
206
|
||||||||||||
Property operating and maintenance
|
31
|
26
|
93
|
96
|
||||||||||||
Depreciation
|
12
|
12
|
36
|
36
|
||||||||||||
Insurance
|
45
|
41
|
126
|
114
|
||||||||||||
Other operating
|
59
|
104
|
153
|
238
|
||||||||||||
Total operating expenses
|
1,011
|
685
|
2,404
|
2,171
|
||||||||||||
Operating income (loss)
|
(1,011
|
)
|
(685
|
)
|
(2,404
|
)
|
(2,171
|
)
|
||||||||
Interest income
|
-
|
-
|
-
|
-
|
||||||||||||
Realized gains (losses) on sales of investment securities
|
-
|
-
|
-
|
-
|
||||||||||||
Other income
|
128
|
-
|
128
|
-
|
||||||||||||
Equity income (loss) – 111 West 57th Partners LLC
|
(49
|
)
|
(794
|
)
|
(549
|
)
|
(1,331
|
)
|
||||||||
Income (loss) before income taxes
|
(932
|
)
|
(1,479
|
)
|
(2,825
|
)
|
(3,502
|
)
|
||||||||
Income tax expense (benefit)
|
(220
|
)
|
38
|
(150
|
)
|
105
|
||||||||||
Net income (loss)
|
(712
|
)
|
(1,517
|
)
|
(2,675
|
)
|
(3,607
|
)
|
||||||||
Less: net income (loss) attributable to non-controlling interest
|
-
|
-
|
-
|
(34
|
)
|
|||||||||||
Net income (loss) attributable to controlling interest
|
$
|
(712
|
)
|
$
|
(1,517
|
)
|
$
|
(2,675
|
)
|
$
|
(3,573
|
)
|
||||
Net income (loss) per common share - basic
|
$
|
(0.02
|
)
|
$
|
(0.04
|
)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
||||
Net income (loss) per common share - assuming dilution
|
$
|
(0.02
|
)
|
$
|
(0.04
|
)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
||||
Weighted average common shares outstanding - basic
|
40,738
|
40,738
|
40,738
|
40,738
|
||||||||||||
Weighted average common shares outstanding - assuming dilution
|
40,738
|
40,738
|
40,738
|
40,738
|
||||||||||||
Assets:
|
September 30, 2016
|
December 31, 2015
|
||||||
Cash and cash equivalents
|
$
|
1,102
|
$
|
3,303
|
||||
Real estate owned:
|
||||||||
Land
|
554
|
554
|
||||||
Buildings
|
1,900
|
1,900
|
||||||
Real estate owned, gross
|
2,454
|
2,454
|
||||||
Less: accumulated depreciation
|
762
|
726
|
||||||
Real estate owned, net
|
1,692
|
1,728
|
||||||
Investment in 111 West 57
th
Partners LLC
|
63,796
|
64,345
|
||||||
Other assets
|
429
|
258
|
||||||
Total assets
|
$
|
67,019
|
$
|
69,634
|
||||
Liabilities and Stockholders' Equity:
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
616
|
$
|
556
|
||||
Other liabilities
|
-
|
-
|
||||||
Total liabilities
|
616
|
556
|
||||||
Commitments and contingencies (Note 9)
|
||||||||
Stockholders' equity:
|
||||||||
Common stock ($0.01 par value, 85,000 authorized in 2016, and 200,000 authorized in 2015, 46,410 issued and 40,738 outstanding in 2016 and 46,410 issued and 40,738 outstanding in 2015)
|
464
|
464
|
||||||
Additional paid-in capital
|
548,304
|
548,304
|
||||||
Accumulated deficit
|
(477,197
|
)
|
(474,522
|
)
|
||||
Treasury stock, at cost – 2016 - 5,672 shares and 2015 – 5,672 shares
|
(5,168
|
)
|
(5,168
|
)
|
||||
Total stockholders' equity
|
66,403
|
69,078
|
||||||
Total liabilities and stockholders' equity
|
$
|
67,019
|
$
|
69,634
|
Nine Months Ended September 30,
|
||||||||
(in thousands)
|
2016
|
2015
|
||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
(2,675
|
)
|
$
|
(3,607
|
)
|
||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities
|
||||||||
Depreciation
|
36
|
36
|
||||||
Other income
|
(128
|
)
|
-
|
|||||
Equity (income) loss - 111 West 57th Partners LLC
|
549
|
1,331
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Other assets
|
(306
|
)
|
(53
|
)
|
||||
Accounts payable and accrued liabilities
|
60
|
27
|
||||||
Other liabilities
|
-
|
-
|
||||||
Net cash provided (used) by operating activities
|
(2,464
|
)
|
(2,266
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Equity investment - 111 West 57th Partners LLC
|
-
|
(6,911
|
)
|
|||||
Return of equity investment - 111 West 57th Partners LLC
|
-
|
11,699
|
||||||
Non-controlling interest contribution
|
-
|
5,768
|
||||||
Return of non-controlling interest contribution
|
-
|
(9,868
|
)
|
|||||
Proceeds from (investment in) real estate limited partnership
|
263
|
18
|
||||||
Net cash provided (used) by investing activities
|
263
|
706
|
||||||
Net change in cash and cash equivalents
|
(2,201
|
)
|
(1,560
|
)
|
||||
Cash and cash equivalents at beginning of period
|
3,303
|
5,299
|
||||||
Cash and cash equivalents at end of period
|
$
|
1,102
|
$
|
3,739
|
||||
Supplemental cash flow disclosure:
|
||||||||
Income taxes paid
|
$
|
103
|
$
|
109
|
September 30, 2016
|
||
Area of building in square feet
|
14,500
|
|
Square feet utilized by Company
|
3,500
|
|
Number of years depreciation is based upon
|
39
|
($ in thousands)
|
||||
Company's aggregate initial investment
|
$
|
57,250
|
||
Company's aggregate initial membership interest %
|
60.3
|
%
|
||
Other members and Sponsor initial investment
|
$
|
37,750
|
||
Approximate gross square feet of project
|
346,000
|
(in thousands)
|
||||
Financing obtained by 111 West 57
th
Partners
|
$
|
725,000
|
||
Annaly CRE LLC initial mortgage and acquisition loan repaid
|
$
|
230,000
|
(in thousands)
|
||||
Distribution attributable to Company's investment
|
$
|
11,699
|
||
Distribution retained by the Company, net of amounts repaid to Capital LLC
|
$
|
1,831
|
(in thousands)
|
||||
Capital contributed by Capital LLC
|
$
|
9,868
|
(in thousands)
|
Nine Months Ended
September 30, 2016
|
|||
Capital contributions
|
$
|
-
|
Assets:
|
September 30, 2016
|
December 31, 2015
|
||||||
Real estate held for development, net
|
$
|
535,734
|
$
|
440,370
|
||||
Escrow deposits
|
9,400
|
9,400
|
||||||
Other assets
|
16,665
|
26,827
|
||||||
Total assets
|
$
|
561,799
|
$
|
476,597
|
||||
Liabilities:
|
||||||||
Loans payable
|
$
|
422,584
|
$
|
340,693
|
||||
Other liabilities
|
18,668
|
14,447
|
||||||
Total liabilities
|
441,252
|
355,140
|
||||||
Equity:
|
||||||||
Total members' equity
|
120,547
|
121,457
|
||||||
Total liabilities and members' equity
|
$
|
561,799
|
$
|
476,597
|
(in thousands)
|
Three Months Ended
September 30, 2016
|
Three Months Ended
September 30, 2015
|
Nine Months Ended
September 30, 2016
|
Nine Months Ended
September 30, 2015
|
||||||||||||
Rental income
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Expenses
|
81
|
1,316
|
910
|
2,206
|
||||||||||||
Net income (loss)
|
$
|
(81
|
)
|
$
|
(1,316
|
)
|
$
|
(910
|
)
|
$
|
(2,206
|
)
|
($ in thousands
)
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30, 2016
|
September 30, 2015
|
September 30, 2016
|
September 30, 2015
|
|||||||||||||
Company matching contributions
|
$
|
-
|
$
|
-
|
$
|
25
|
$
|
30
|
||||||||
Employer match %
|
33
|
%
|
33
|
%
|
33
|
%
|
33
|
%
|
(in thousands
)
|
Nine Months Ended
September 30, 2016
|
|||
Common shares repurchased to treasury during period
|
-
|
|||
Aggregate cost of shares repurchased during period
|
$
|
-
|
(in thousands)
|
September 30, 2016
|
|
Total number of common shares authorized for repurchase
|
10,000
|
|
Total number of common shares repurchased to date
|
6,226
|
|
Total number of shares that may yet be repurchased
|
3,774
|
(in thousands)
|
September 30, 2016
|
||
1993 Stock Incentive Plan
|
4,320
|
||
Other employee benefit plan
|
110
|
||
Total common shares reserved for issuance
|
4,430
|
(in thousands)
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Federal – current
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
State – current
|
(220
|
)
|
38
|
(150
|
)
|
105
|
||||||||||
Total current
|
(220
|
)
|
38
|
(150
|
)
|
105
|
||||||||||
Federal – deferred
|
-
|
-
|
-
|
-
|
||||||||||||
State - deferred
|
-
|
-
|
-
|
-
|
||||||||||||
Total deferred
|
-
|
-
|
-
|
-
|
||||||||||||
Income tax expense (benefit)
|
$
|
(220
|
)
|
$
|
38
|
$
|
(150
|
)
|
$
|
105
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||
2016
|
2015
|
2016
|
2015
|
||||||||||
Tax at statutory federal rate
|
35.0%
|
35.0%
|
35.0%
|
35.0%
|
|||||||||
State income taxes
|
(23.6)
|
2.8
|
(5.3)
|
3.0
|
|||||||||
Permanent differences
|
-
|
-
|
-
|
-
|
|||||||||
Other
|
-
|
-
|
-
|
-
|
|||||||||
Change in valuation allowance
|
(35.0)
|
(35.0)
|
(35.0)
|
(35.0)
|
|||||||||
Effective income tax rate
|
(23.6)%
|
2.8%
|
(5.3)%
|
3.0%
|
Amount
|
||||
AMT Credits
|
$
|
21,000,000
|
Tax Year Originating
|
Tax Year Expiring
|
Amount
|
|||
2011
|
2031
|
$
|
1,900,000
|
||
2013
|
2033
|
3,400,000
|
|||
2014
|
2034
|
4,700,000
|
|||
2015
|
2035
|
1,800,000
|
|||
$
|
11,800,000
|
September 30, 2016
|
December 31, 2015
|
|||||||
Deferred tax asset
|
$
|
36,500,000
|
$
|
34,500,000
|
||||
Valuation allowance
|
(36,500,000
|
)
|
(34,500,000
|
)
|
||||
Net deferred tax asset recognized
|
$
|
-
|
$
|
-
|
(shares in thousands)
|
September 30, 2016
|
December 31, 2015
|
||||||
Par value
|
$
|
0.01
|
$
|
0.01
|
||||
Authorized shares
|
85,000
|
200,000
|
||||||
Issued shares
|
46,410
|
46,410
|
||||||
Outstanding shares
|
40,738
|
40,738
|
(shares in thousands)
|
September 30, 2016
|
December 31, 2015
|
||||||
Par value
|
$
|
0.01
|
$
|
0.01
|
||||
Authorized shares
|
20,000
|
50,000
|
||||||
Issued shares
|
-
|
-
|
||||||
Outstanding shares
|
-
|
-
|
Item 1.
|
LEGAL PROCEEDINGS
|
Item 1A.
|
RISK FACTORS
|
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
|
a. Not applicable
|
||
b. Not applicable
|
||
c. None
|
Item 4. |
MINE SAFETY DISCLOSURES
|
Item 5.
|
OTHER INFORMATION
|
None.
|
/s/ John Ferrara
|
||
By
|
JOHN FERRARA
Vice President, Chief Financial Officer and Controller
(Duly Authorized Officer and Principal Financial and
Accounting Officer)
|
|
Date:
|
November 8, 2016
|
1 Year Ambase (PK) Chart |
1 Month Ambase (PK) Chart |
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