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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 | 0.215 | 0.2381 | 0.00 | 19:54:15 |
Delaware
|
95-2962743
|
|
(State of incorporation)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
YES
|
☒ |
NO
|
☐ |
YES
|
☒ |
NO
|
☐ |
|
Large Accelerated Filer
|
☐ |
Accelerated Filer
|
☐ |
Non-Accelerated Filer
|
☒ |
Smaller Reporting Company
|
☒
|
|||
Emerging Growth Company
|
☐
|
YES
|
☐ |
NO
|
☐ |
YES
|
☐
|
NO
|
☒ |
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2021
|
2020
|
2021 | 2020 | |||||||||||||
Operating expenses:
|
||||||||||||||||
Compensation and benefits
|
$
|
336
|
$
|
328
|
$ | 1,098 | $ | 1,075 | ||||||||
Professional and outside services
|
836
|
1,049
|
2,783 | 2,535 | ||||||||||||
Property operating and maintenance
|
3
|
5
|
14 | 16 | ||||||||||||
Insurance
|
68
|
100
|
192 | 186 | ||||||||||||
Other operating
|
21
|
12
|
46 | 68 | ||||||||||||
Total operating expenses
|
1,264
|
1,494
|
4,133 | 3,880 | ||||||||||||
Operating income (loss)
|
(1,264 | ) | (1,494 | ) | (4,133 | ) | (3,880 | ) | ||||||||
Interest income
|
-
|
1
|
1 | 7 | ||||||||||||
Income (loss) before income taxes
|
(1,264 | ) | (1,493 | ) | (4,132 | ) | (3,873 | ) | ||||||||
Income tax expense (benefit)
|
-
|
(30
|
)
|
1 | (28 | ) | ||||||||||
Net income (loss)
|
$ | (1,264 | ) | $ | (1,463 | ) | $ | (4,133 | ) | $ | (3,845 | ) | ||||
Net income (loss) per common share - basic
|
$ | (0.03 | ) | $ | (0.04 | ) | $ | (0.10 | ) | $ | (0.09 | ) | ||||
Weighted average common shares outstanding - basic
|
40,738
|
40,738
|
40,738 | 40,738 |
Assets:
|
September 30,
2021
|
December 31,
2020
|
||||||
Cash and cash equivalents
|
$
|
4,043
|
$
|
7,925
|
||||
Other assets
|
120
|
65
|
||||||
Total assets
|
$
|
4,163
|
$
|
7,990
|
||||
Liabilities and Stockholders’ Equity:
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
689
|
$
|
383
|
||||
Total liabilities
|
689
|
383
|
||||||
Commitments and contingencies (Note 6)
|
|
|||||||
Stockholders’ equity:
|
||||||||
Common stock ($0.01 par value, 85,000 authorized - 2021 and 85,000
authorized - 2020, 46,410 issued and 40,738 outstanding - 2021 and 46,410 issued and 40,738 outstanding - 2020)
|
464
|
464
|
||||||
Additional paid-in capital
|
548,304
|
548,304
|
||||||
Accumulated deficit
|
(540,126
|
)
|
(535,993
|
)
|
||||
Treasury stock, at cost – 2021 - 5,672 shares; and 2020 - 5,672 shares
|
(5,168
|
)
|
(5,168
|
)
|
||||
Total stockholders’ equity
|
3,474
|
7,607
|
||||||
Total liabilities and stockholders’ equity
|
$
|
4,163
|
$
|
7,990
|
(in thousands)
|
Common
stock
|
Additional
paid-in
capital
|
Accumulated
deficit
|
Treasury
stock
|
Total
|
|||||||||||||||
January 1, 2021
|
$
|
464
|
$
|
548,304
|
$
|
(535,993
|
)
|
$
|
(5,168
|
)
|
$
|
7,607
|
||||||||
Net income (loss)
|
-
|
-
|
(1,635
|
)
|
-
|
(1,635
|
)
|
|||||||||||||
March 31, 2021
|
464
|
548,304
|
(537,628
|
)
|
(5,168
|
)
|
5,972
|
|||||||||||||
Net income (loss) | - | - | (1,234 | ) | - | (1,234 | ) | |||||||||||||
June 30, 2021 | 464 | 548,304 | (538,862 | ) | (5,168 | ) | (4,738 | ) | ||||||||||||
Net income (loss)
|
- | - | (1,264 | ) | - | (1,264 | ) | |||||||||||||
September 30, 2021
|
$ | 464 | $ | 548,304 | $ | (540,126 | ) | $ | (5,168 | ) | $ | 3,474 |
(in thousands)
|
Common
stock
|
Additional
paid-in
capital
|
Accumulated
deficit
|
Treasury
stock
|
Total
|
|||||||||||||||
January 1, 2020
|
$
|
464
|
$
|
548,304
|
$
|
(530,389
|
)
|
$
|
(5,168
|
)
|
$
|
13,211
|
||||||||
Net income (loss)
|
-
|
-
|
(1,418
|
)
|
-
|
(1,418
|
)
|
|||||||||||||
March 31, 2020
|
464
|
548,304
|
(531,807
|
)
|
(5,168
|
)
|
11,793
|
|||||||||||||
Net income (loss) | - | - | (964 | ) | - | (964 | ) | |||||||||||||
June 30, 2020 | 464 | 548,304 | (532,771 | ) | (5,168 | ) | 10,829 | |||||||||||||
Net income (loss)
|
- | - | (1,463 | ) | - | (1,463 | ) | |||||||||||||
September 30, 2020
|
$ | 464 | $ | 548,304 | $ | (534,234 | ) | $ | (5,168 | ) | $ | 9,366 |
Nine months ended
September 30,
|
||||||||
(in thousands)
|
2021
|
2020
|
||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
(4,133
|
)
|
$
|
(3,845
|
)
|
||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Federal income tax receivable – refund received
|
-
|
10,741
|
||||||
Other assets
|
(55
|
)
|
(32
|
)
|
||||
Accounts payable and accrued liabilities
|
306
|
171
|
||||||
Net cash provided (used) by operating activities
|
(3,882
|
)
|
7,035
|
|||||
Net change in cash and cash equivalents
|
(3,882
|
)
|
7,035
|
|||||
Cash and cash equivalents at beginning of period
|
7,925
|
2,851
|
||||||
Cash and cash equivalents at end of period
|
$
|
4,043
|
$
|
9,886
|
||||
Supplemental cash flow disclosure:
|
||||||||
Income taxes refunded (paid)
|
$
|
-
|
$
|
10,741
|
||||
Supplemental disclosure of non-cash operating activities:
|
||||||||
Deferred tax asset reclassified to federal income tax receivable
|
$
|
-
|
$
|
5,370
|
($ 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
|
($ in thousands)
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||
Company matching contributions
|
$
|
10
|
$
|
4
|
$
|
78
|
$
|
79
|
||||||||
Employer match %
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
(i) |
first, 100% to the Company in an amount equal to the lesser of (a) the amount of actual litigation expenses incurred by the Company with
respect to the Company’s 111 West 57th Litigation (including the Advanced Amount); or (b) $7,500,000; and
|
|
(ii) |
thereafter, any
additional amounts shall be distributed (a) 75% to the Company and (b) 25% to the Mr. R. A. Bianco (a reduction of Mr. R.A. Bianco’s percentage, which under the terms of the original LFA prior to the Amendment would have been 30% to 45% based on
the length of time of any recovery).
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Item 4. |
CONTROLS AND PROCEDURES
|
Item 1. |
LEGAL PROCEEDINGS
|
Item 1A. |
RISK FACTORS
|
Item 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Item 3. |
DEFAULTS UPON SENIOR SECURITIES
|
Item 5. |
OTHER INFORMATION
|
Item 6. |
EXHIBITS
|
Rule 13a-14(a) Certification of Chief Executive Officer
|
|
Rule 13a-14(a) Certification of Chief Financial Officer
|
|
Section 1350 Certification of Chief Executive Officer
|
|
Section 1350 Certification of Chief Financial Officer
|
|
101.1*
|
The following financial statements from AmBase Corporation’s quarterly report on Form 10-Q for the quarter ended September 30, 2021 formatted in XBRL: (i) Condensed
Consolidated Statement of Operations (unaudited); (ii) Condensed Consolidated Balance Sheets (unaudited); (iii) Condensed Consolidated Statements of Cash Flow (unaudited); and (iv) Notes to Condensed Consolidated Financial Statements
(unaudited).
|
104.1*
|
The Cover Page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL.
|
*
|
filed herewith
|
/s/ John Ferrara
|
|
By
|
JOHN FERRARA
|
Vice President, Chief Financial Officer and Controller
|
|
(Duly Authorized Officer and Principal Financial and
|
|
Accounting Officer)
|
|
Date:
|
November 9, 2021
|
1 Year Ambase (PK) Chart |
1 Month Ambase (PK) Chart |
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