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
|
Item 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 57th 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 57th 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%
|
Tax Year Originating
|
Tax Year Expiring
|
Amount
|
|||
2006
|
2026
|
$
|
500,000
|
||
2007
|
2027
|
12,700,000
|
|||
2008
|
2028
|
4,600,000
|
|||
2009
|
2029
|
2,400,000
|
|||
2010
|
2030
|
1,900,000
|
|||
2011
|
2031
|
1,900,000
|
|||
2013
|
2033
|
3,700,000
|
|||
2014
|
2034
|
4,900,000
|
|||
2015
|
2035
|
4,200,000
|
|||
$
|
36,800,000
|
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.
|
Item 6.
|
EXHIBITS
|
||
31.1 *
|
Rule 13a-14(a) Certification of Chief Executive Officer
|
||
31.2 *
|
Rule 13a-14(a) Certification of Chief Financial Officer
|
||
32.1 *
|
Section 1350 Certification of Chief Executive Officer
|
||
32.2 *
|
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, 2016 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).
|
||
_______________
|
|||
*
|
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 8, 2016
|
Exhibit 31.1
|
|||||||
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
|
|||||||
I, Richard A. Bianco, certify that:
|
|||||||
1.
|
I have reviewed this quarterly report on Form 10-Q of AmBase Corporation;
|
||||||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
||||||
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
||||||
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
||||||
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
|
||||||
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
||||||
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
||||||
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
||||||
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
||||||
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
||||||
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.
|
||||||
/s/ Richard A. Bianco
|
|||||||
Richard A. Bianco
|
|||||||
Chairman, President and Chief Executive Officer
|
|||||||
AmBase Corporation
|
|||||||
Date: November 8, 2016
|
Exhibit 31.2
|
|||||||
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
|
|||||||
I, John Ferrara, certify that:
|
|||||||
1.
|
I have reviewed this quarterly report on Form 10-Q of AmBase Corporation;
|
||||||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
||||||
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
||||||
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
||||||
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
|
||||||
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
||||||
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
||||||
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
||||||
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
||||||
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
||||||
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.
|
||||||
/s/ John Ferrara
|
|||||||
John Ferrara
|
|||||||
Vice President, Chief Financial Officer, and Controller
|
|||||||
AmBase Corporation
|
|||||||
Date: November 8, 2016
|
Exhibit 32.1
|
|||||
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES OXLEY ACT OF 2002
|
|||||
In connection with the annual report of AmBase Corporation (the "Company") on Form 10-Q for the period ending September 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard A. Bianco, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
|||||
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
||||
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
||||
/s/ Richard A. Bianco
|
|||||
Richard A. Bianco
|
|||||
Chairman, President and Chief Executive Officer
|
|||||
AmBase Corporation
|
|||||
Date: November 8, 2016
|
Exhibit 32.2
|
|||||
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES OXLEY ACT OF 2002
|
|||||
In connection with the quarterly report of AmBase Corporation (the "Company") on Form 10-Q for the period ending September 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John Ferrara, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
|||||
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
||||
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
||||
/s/ John Ferrara
|
|||||
John Ferrara
|
|||||
Vice President and Chief Financial Officer
|
|||||
AmBase Corporation
|
|||||
Date: November 8, 2016
|
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMBASE CORP | |
Entity Central Index Key | 0000020639 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 40,737,751 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Stockholders' equity: | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized (in shares) | 85,000 | 200,000 |
Shares issued (in shares) | 46,410 | 46,410 |
Shares outstanding (in shares) | 40,738 | 40,738 |
Treasury stock, at cost (in shares) | 5,672 | 5,672 |
The Company and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
The Company and Basis of Presentation [Abstract] | |
The Company and Basis of Presentation | Note 1 – The Company and Basis of Presentation The accompanying condensed consolidated financial statements of AmBase Corporation and subsidiaries ("AmBase" or the "Company") are unaudited and subject to year-end adjustments. All material intercompany transactions and balances have been eliminated. In the opinion of management, these financial statements reflect all adjustments, consisting only of normal recurring adjustments unless otherwise disclosed, necessary for a fair presentation of the Company's consolidated financial position, results of operations and cash flows. Results for interim periods are not necessarily indicative of results for the full year. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that it deems reasonable, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates and assumptions. The unaudited interim condensed consolidated financial statements presented herein are condensed and should be read in conjunction with the Company's consolidated financial statements filed in its Annual Report on Form 10-K for the year ended December 31, 2015. The Company's assets currently consist primarily of cash and cash equivalents, an equity investment in a real estate development property and real estate owned. The Company earns non-operating revenue consisting principally of investment earnings on cash equivalents. As further discussed in Note 4, the Company owns an equity interest in a real estate development property through a joint venture agreement to purchase and develop real property located at 105 through 111 West 57th Street in New York, New York (the "111 West 57th Property"). The Company is engaged in the management of its assets and liabilities. A fundamental principle of the preparation of financial statements in accordance with GAAP is the assumption that an entity will continue in existence as a going concern, which contemplates continuity of operations and the realization of assets and settlement of liabilities occurring in the ordinary course of business. In accordance with this requirement, the Company has prepared its accompanying condensed consolidated financial statements assuming the Company will continue as a going concern. The Company has incurred operating losses and used cash for operating activities for the past several years. The Company has also made significant investments in the 111 West 57th Street Property since 2013. The Company has continued to keep operating expenses at a reduced level; however, there can be no assurance that the Company's current level of operating expenses will not increase or that other uses of cash will not be necessary. The Company believes that based on its current level of operating expenses, its currently available cash resources together with the line of credit from Mr. Bianco as noted below, may not be sufficient to cover operating expenses through the twelve month period from the financial statement reporting date. These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The financial statements do not include adjustments to the carrying value of assets and liabilities which might be necessary should the Company not continue in operation. Over the next several months, the Company will seek to manage its current level of cash and cash equivalents, through various ways, including but not limited to, reducing operating expenses, possible asset sales and/or long term borrowings, although this cannot be assured. In order to continue on a long-term basis, the Company must raise additional capital through the sale of assets or long term borrowings. In May 2016, the Company and Mr. Richard A. Bianco, the Company's Chairman President and Chief Executive Officer ("R. A. Bianco") entered into an agreement for Mr. R. A. Bianco to provide to the Company, a secured working capital line of credit of up to one million dollars ($1,000,000) or additional amount(s) as may be necessary and agreed to on an as needed basis, if and when necessary, subject to customary and market terms and conditions to be agreed upon at such time. |
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies New accounting pronouncements There are no new accounting pronouncements that would likely materially affect the Company's condensed consolidated financial statements. |
Real Estate Owned |
9 Months Ended | ||||||||||||
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Sep. 30, 2016 | |||||||||||||
Real Estate Owned [Abstract] | |||||||||||||
Real Estate Owned | Note 3 – Real Estate Owned Real estate owned consists of a commercial office building in Greenwich, Connecticut that is managed and operated by the Company. A portion of the building is utilized by the Company for office space; the remaining space is currently unoccupied and available for lease. Depreciation expense for the building is calculated on a straight-line basis. Information relating to the Company's real estate owned in Greenwich, Connecticut is as follows:
Although the portion of the building not being utilized by the Company is currently unoccupied and available for lease, based on the Company's analysis, the Company believes the property's fair value exceeds the property's current carrying value. The Company's impairment analysis includes a comprehensive range of factors including but not limited to: the location of the property; property condition; current market conditions; comparable sales; current market rents in the area; new building zoning restrictions; raw land values; new building construction costs; building operating costs; leasing values; and cap rates for comparable buildings in the area. Varying degrees of weight are given to each factor. Based on the Company's analysis these factors, taken together and/or considered individually, form the basis for the Company's analysis that no impairment condition exists. The Company performs impairment tests on a regular basis and if events or circumstances indicate that the property's carrying value may not be recoverable. Based on the Company's analysis, the Company believes the carrying value of the real estate owned as of September 30, 2016, has not been impaired; and therefore, the carrying value of the asset is fully recoverable by the Company. The building is carried at cost, net of accumulated depreciation. |
Investment in 111 West 57th Partners LLC |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in 111 West 57th Partners LLC [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in 111 West 57th Partners LLC | Note 4 – Investment in 111 West 57th Partners LLC On June 28, 2013, 111 West 57th Investment LLC, ("Investment LLC"), a then newly formed subsidiary of the Company, entered into a joint venture agreement (as amended, the "JV Agreement") with 111 West 57th Sponsor LLC, (the "Sponsor"), pursuant to which Investment LLC invested (the "Investment") in a real estate development company formed to purchase and develop the 111 West 57th Street Property (the "111 West 57th Property"). In consideration for making the Investment, Investment LLC was granted a membership interest in 111 West 57th Partners LLC ("111 West 57th Partners"), which indirectly acquired the 111 West 57th Property on June 28, 2013 (the "Joint Venture," and such date, the "Closing Date"). The Company also indirectly contributed an additional amount to the Joint Venture in exchange for an additional indirect interest in the Joint Venture. Other members and the Sponsor contributed additional cash and/or property to the Joint Venture. The Joint Venture plans to redevelop the 111 West 57th Property into a luxury residential tower and retail project. Amounts relating to the Company's initial investment and other information relating to the 111 West 57th Property is as follows:
On June 30, 2015, 111 West 57th Partners obtained financing for the 111 West 57th Property. The financing was obtained in two parts; (i) a first mortgage construction loan with AIG Asset Management (US), LLC, ("AIG") and (ii) a mezzanine loan with Apollo Commercial Real Estate Finance, Inc., ("Apollo"). Both loans have a four-year term with a one-year extension option subject to satisfying certain conditions. The loan agreements also include customary events of default and other customary terms and conditions. Simultaneously with the closing of the AIG and the Apollo financing, 111 West 57th Partners repaid all outstanding liabilities and obligations to Annaly CRE, LLC under the initial mortgage and acquisition loan agreement, dated June 28, 2013, between 111 West 57th Partners and Annaly CRE, LLC. The remaining loan proceeds will be drawn down and used as necessary for construction and related costs, loan interest escrow and other related project expenses for development of the 111 West 57th Property. Information relating to the June 30, 2015 financing for 111 West 57th Partners is as follows:
In July 2015, based on available net proceeds received from the financing and equity previously invested in the project, funds were distributed to the members of 111 West 57th Partners (the "July 2015 Distribution"). In connection therewith, the Company, principally through Investment LLC, received a distribution but reserved its rights to dispute the actual amount to which it is entitled based on the 111 West 57th Partners Operating Agreement and the Company's percentage interests thereunder. In accordance with the Second Amended and Restated Investment Operating Agreement as noted herein, the Company through Investment LLC fully repaid 111 West 57th Capital LLC, an entity wholly owned by Mr. R.A. Bianco ("Capital LLC"), its capital contributions as noted below. The remaining amount was retained by the Company. Information relating to the July 2015 Distribution is as follows:
The JV Agreement and related operating agreements generally provide that all distributable cash shall be distributed as follows: (i) first, 100% to the members in proportion to their percentage interests until Investment LLC has received distributions yielding a 20% internal rate of return as calculated; (ii) second, 100% to the Sponsor as a return of (but not a return on) any additional capital contributions made by the Sponsor on account of manager overruns; and (iii) thereafter, (a) 50% to the members in proportion to their respective percentage interests at the time of such distribution, and (b) 50% to the Sponsor. Additionally, the JV Agreement provides that (i) Mr. Richard A. Bianco (the Company's current Chairman, President and Chief Executive Officer) ("Mr. R. A. Bianco"), his immediate family, and/or any limited liability company wholly-owned thereby, and/or a trust in which Mr. R. A. Bianco and/or his immediate family is the beneficiary, shall at all times own, in the aggregate, not less than 20% of the outstanding shares of AmBase; and (ii) Mr. R. A. Bianco shall remain the Chairman of the Board of Directors of AmBase for the duration of the JV Agreement. In March 2014, the Company entered into an amended and restated operating agreement for Investment LLC (the "Amended and Restated Investment Operating Agreement") to grant a 10% subordinated participation interest in Investment LLC to Mr. R. A. Bianco as contingent future incentive for Mr. R. A. Bianco's past, current and anticipated ongoing role to develop and commercialize the Company's equity investment in the 111 West 57th Property. Pursuant to the terms of the Amended and Restated Investment Operating Agreement, Mr. R.A. Bianco has no voting rights with respect to his interest in Investment LLC, and his entitlement to receive 10% of the distributions from Investment LLC is subject to the Company first receiving distributions equal to 150% of the Company's initial aggregate investment in Investment LLC and the Joint Venture, plus any additional investments by the Company, and only with respect to any distributions thereafter. At the current time the Company has not expensed nor accrued any amounts relating to this subordinated participation interest, as no amount or range of amounts can be reasonably estimated or assured. During 2014, in connection with the funding of additional capital calls under the JV Agreement for required borrowing and development costs for the 111 West 57th Property, the Company's management and its Board of Directors concluded that, given the continuing development risks of the 111 West 57th Property and the Company's financial position, the Company should not at that time increase its already significant concentration and risk exposure to the 111 West 57th Property. Nonetheless, the Company sought to limit dilution of its interest in the Joint Venture resulting from any failure to fund the capital call requirements, but at the same time wished to avoid the time, expense and financial return requirements (with attendant dilution and possible loss of voting rights) that obtaining a replacement third-party investor would require. The Company therefore entered into a second amended and restated operating agreement for Investment LLC ("Second Amended and Restated Investment Operating Agreement") pursuant to which Capital LLC was admitted as a member of Investment LLC. In exchange for Capital LLC contributing toward Investment LLC capital calls in respect of the 111 West 57th Property, available cash of Investment LLC will be distributed first to Capital LLC until it has received a 20% internal rate of return (calculated as provided for in the JV Agreement as noted above), second to the Company until it has received 150% of its capital, and; thereafter, available cash is split 10/90 with 10% going to Mr. R.A. Bianco as the subordinated participation interest noted above and 90% going to Capital LLC and the Company pari-passu, with Capital LLC receiving one-half of its pro-rata share based on capital contributed and the Company receiving the balance. No other material changes were made to the Amended and Restated Investment Operating Agreement, and neither Mr. Bianco nor Capital LLC has any voting rights with respect to their interest and investment in Investment LLC. Capital contributed by Capital LLC in December 2014 and April 2015, which was fully repaid as part of the July 2015 Distribution, was as follows:
As part of the July 2015 Distribution, Capital LLC was repaid the full amount of its capital investment. Additional amounts may still be payable to Capital LLC based on investment returns received on the 111 West 57th Property as further described herein. Pursuant to various capital contribution requests in December 2014, February 2015 and April 2015, the Company was requested to contribute funds to the Joint Venture (the "Capital Contribution Requests"). The Company chose to contribute only a portion of the amounts requested pursuant to the Capital Contribution Requests. The remaining amounts requested pursuant to the Capital Contribution Requests (not funded by the Company) were contributed by either the Sponsor, which deemed its capital contributions on behalf of the Company to be Shortfall Capital Contributions ("Shortfall Capital Contributions") or by the Company from Capital LLC, pursuant to the terms of the Second Amended and Restated Investment Operating Agreement as noted herein. The Company made additional capital contributions to the Joint Venture as indicated below:
In accordance with the JV Agreement, Shortfall Capital Contributions may be treated either as a member loan or as a dilutive capital contribution by the funding party valued at one and one-half times the amount actually contributed. The Sponsor deemed the Shortfall Capital Contributions as dilutive capital contributions to the Company. The Company believes in accordance with the terms of the agreements, a portion of the Shortfall Capital Contribution amounts should be treated as a member loan, therefore, resulting in no dilution to the Company. The Sponsor contends that the Capital Contribution Requests, if taken together, would cause the Company to be diluted to approximately 48%. The parties are currently in discussions with regard to the calculation of the revised investment percentages resulting from the Capital Contribution Requests, along with the treatment and allocation of these Shortfall Capital Contribution amounts. In April 2016, the Company filed an action in New York State Supreme Court against the Sponsors, et al., pursuant to which the Company is seeking compensatory damages, as well as punitive damages and equitable relief including a declaration of the parties' rights, an accounting, and a constructive trust over distributions. For additional information, see Note 9 – Legal Proceedings. The Company has recorded the investment in 111 West 57th Partners utilizing the equity method of accounting, as pursuant to the various agreements the Company has significant influence, but does not have control, as defined under GAAP. Accordingly, the results of operations of 111 West 57th Partners are included in equity income (loss) in the Company's condensed consolidated statements of operations As of September 30, 2016, the Company's carrying amount of its investment in 111 West 57th Partners, as noted in the Company's condensed consolidated balance sheet, is greater than the Company's equity in the underlying net assets of 111 West 57th Partners by $867,000, categorized as goodwill, due to a difference resulting from the reduction in equity for syndication fees paid relating to 111 West 57th Partners. The Company reviews its investments and ownership interests recorded under the equity method for impairment on a regular basis and if events or changes in circumstances indicate that a loss in the value of its investment may be other than temporary. There was no impairment on the Company's equity method investment for the periods ended September 30, 2016 or December 31, 2015. The following tables present summarized financial information for the Company's equity method investment in 111 West 57th Partners. The amounts shown represent 100% of the financial position and results of operations of 111 West 57th Partners for the dates indicated below. (in thousands)
|
Savings Plan |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings Plan | Note 5 – Savings Plan The Company sponsors the AmBase 401(k) Savings Plan (the "Savings Plan"), which is a "Section 401(k) Plan" within the meaning of the Internal Revenue Code of 1986, as amended (the "Code"). The Savings Plan permits eligible employees to make contributions of up to a percentage of their compensation, which are matched by the Company at a percentage of the employees' elected deferral. Employee contributions to the Savings Plan are invested at the employee's discretion, in various investment funds. The Company's matching contributions are invested in the same manner as the compensation reduction contributions. All contributions are subject to maximum limitations contained in the Code. The Company's matching contributions to the Savings Plan, charged to expense, were as follows:
|
Common Stock Repurchase Plan |
9 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||
Common Stock Repurchase Plan [Abstract] | ||||||||||||||||||||||||||||
Common Stock Repurchase Plan | Note 6 – Common Stock Repurchase Plan The Company's common stock repurchase plan (the "Repurchase Plan") allows for the repurchase by the Company of its common stock in the open market. The Repurchase Plan is conditioned upon favorable business conditions and acceptable prices for the common stock. Purchases under the Repurchase Plan may be made, from time to time, in the open market, through block trades or otherwise. Depending on market conditions and other factors, purchases may be commenced or suspended any time or from time to time without prior notice. Pursuant to the Repurchase Plan the Company repurchased shares of common stock from unaffiliated parties at various dates at market prices at their time of purchase, including broker commissions. Information relating to the Repurchase Plan is as follows:
|
Incentive Plans |
9 Months Ended | ||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||
Incentive Plans [Abstract] | |||||||||||||||||
Incentive Plans | Note 7 – Incentive Plans Under the Company's 1993 Stock Incentive Plan (the "1993 Plan"), the Company may grant to officers and employees of the Company and its subsidiaries, stock options ("Options"), stock appreciation rights ("SARs"), restricted stock awards ("Restricted Stock"), merit awards ("Merit Awards") and performance share awards ("Performance Shares") through May 28, 2018. A pre-determined number of shares of the Company's Common Stock are reserved for issuance under the 1993 Plan (upon the exercise of Options and Stock Appreciation Rights, and awards of Restricted Stock and Performance Shares); however, only a portion of such shares are available for the issuance of Restricted Stock Awards and Merit Awards. Such shares shall be authorized but unissued shares of Common Stock. Options may be granted as incentive stock options ("ISOs") intended to qualify for favorable tax treatment under Federal tax law or as nonqualified stock options ("NQSOs"). SARs may be granted with respect to any Options granted under the 1993 Plan and may be exercised only when the underlying Option is exercisable. The 1993 Plan requires that the exercise price of all Options and SARs be equal to or greater than the fair value of the Company's Common Stock on the date of grant of that Option. The term of any NQSO, ISO or related SAR cannot exceed terms under federal tax law and/or as prescribed in the 1993 Plan. Subject to the terms of the 1993 Plan and any additional restrictions imposed at the time of grant, Options and any related SARs ordinarily will become exercisable pursuant to a vesting period prescribed at the time of grant. In the case of a "Change of Control" of the Company (as defined in the 1993 Plan), Options granted pursuant to the 1993 Plan may become fully exercisable as to all optioned shares from and after the date of such Change in Control in the discretion of the Committee or as may otherwise be provided in the grantee's Option agreement. Death, retirement, or absence for disability will not result in the cancellation of any Options. The fair values of option awards are estimated on the date of grant using the Black-Scholes-Merton option valuation model ("Black-Scholes") that uses certain assumptions at the time of valuation. Expected volatilities are based on historical volatility of the Company's stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. The expected term of options granted is estimated based on the contractual lives of option grants, option vesting period and historical data and represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury bond yield in effect at the time of grant. The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions utilized represent management's best estimates, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if other assumptions had been used, our recorded stock-based compensation expense could have been materially different from the amounts previously recorded. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. If our actual forfeiture rate is materially different from our estimate, the share-based compensation expense could be materially different. The Company believes that the use of the Black-Scholes model meets the fair value measurement objectives of accounting principles generally accepted in the United States of America and reflects all substantive characteristics of the instruments being valued. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, and given the substantial changes in the price per share of the Company's Common Stock, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. There were no stock option grants during the nine months ended September 30, 2016 and September 30, 2015. No stock options were outstanding at September 30, 2016 or December 31, 2015. Common stock reserved for issuance under the Company's 1993 Stock Incentive Plan and other non-related employee benefit plans is as follows:
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Income Taxes |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 8 – Income Taxes The Company and its domestic subsidiaries file a consolidated federal income tax return. The Company recognizes both the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements, calculated based on the provisions of enacted tax laws, including the tax rates in effect for current and future years. Net deferred tax assets are recognized immediately when a more likely than not criterion is met; that is, a greater than 50% probability exists that the tax benefits will actually be realized sometime in the future. The components of income tax expense (benefit) are as follows:
A reconciliation of the United States federal statutory rate to the Company's effective income tax rate is as follows:
The Company has not been notified of any potential tax audits by any federal, state or local tax authorities. As such, the Company believes the statutes of limitations for the assessment of additional federal and state tax liabilities are generally closed for tax years prior to 2013. Interest and/or penalties related to underpayments of income taxes, or on uncertain tax positions, if applicable, would be included as a component of income tax expense (benefit). The accompanying financial statements do not include any amounts for penalties. State income tax amounts for the three months and nine months ended September 30, 2016, reflect a net benefit related to current year and prior year state tax true-ups. State income tax amounts for the three months and nine months ended September 30, 2015, reflect a provision for a tax on capital imposed by the state jurisdictions. The utilization of certain carryforwards and carrybacks is subject to limitations under U.S. federal income tax laws. Based on the Company's federal tax returns as filed, the Company estimates it has federal NOL carryforwards and federal alternative minimum tax credit carryforwards ("AMT Credits"), available to reduce future federal taxable income which would expire if unused, as indicated below. The federal NOL carryforwards as of December 31, 2015 are as follows:
AMT Credits available which are not subject to expiration are as follows:
Based on the Company's state tax returns as filed, the Company estimates that it has state NOL carryforwards available to reduce future state taxable income, which would expire if unused, as indicated below. The state NOL carryforwards as of December 31, 2015,are as follows:
The Company has calculated a deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:
A valuation allowance has been established for the entire deferred tax asset, as management has no basis to conclude that realization is more likely than not. Management does not believe that any significant changes in unrecognized income tax benefits are expected to occur over the next year. |
Legal Proceedings |
9 Months Ended |
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Sep. 30, 2016 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Note 9 – Legal Proceedings From time to time, the Company and its subsidiaries may be named as a defendant in various lawsuits or proceedings. At the current time, except as set forth below, the Company is unaware of any legal proceedings pending against the Company. The Company intends to aggressively contest all litigation and contingencies, as well as pursue all sources for contributions to settlements. The Company is a party to a lawsuit as follows: AmBase v. 111 West 57th Sponsor LLC, et al. In April 2016, the Company initiated a litigation in the New York State Supreme Court for New York County (the "NY Court"), Index No. 652301/2016, against defendants 111 West 57th Sponsor LLC, 111 West 57th JDS LLC, PMG West 57th Street LLC, 111 West 57th Control LLC, 111 West 57th Developer LLC, Elliot Joseph, KM Equity LLC, Kevin Maloney, Matthew Phillips, Michael Stern, and Ned White (collectively, "Defendants") and nominal defendant 111 West 57th Investment LLC. AmBase alleges in this action that the Defendants engaged in an unlawful scheme to dilute AmBase's equity interest in the joint real estate venture 111 West 57th Partners, to develop the 111 West 57th Street Property and to keep for themselves certain financing opportunities in breach of Defendants' contractual and fiduciary duties. The complaint also alleges that defendants have failed to honor the exercise of AmBase's equity put right. AmBase is seeking compensatory damages, as well as punitive damages and equitable relief including a declaration of the parties' rights, an accounting, and a constructive trust over distributions received by the Defendants. The complaint in this action has been filed and discovery is in the initial stages. |
Stockholders' Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity | Note 10 - Stockholders' Equity Authorized common stock consists of the following:
Authorized cumulative preferred stock consists of the following:
At the Company's June 2, 2016 Annual Meeting of Stockholders, the Company's stockholders approved an amendment to the Company's Restated Certificate of Incorporation to reduce the number of authorized shares of the Company's common stock and cumulative preferred stock as noted above. |
Subsequent Events |
9 Months Ended |
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Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 - Subsequent Events The Company has performed a review of events subsequent to the balance sheet dated September 30, 2016, through the report issuance date. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements | New accounting pronouncements There are no new accounting pronouncements that would likely materially affect the Company's condensed consolidated financial statements. |
Real Estate Owned (Tables) |
9 Months Ended | ||||||||||||
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Sep. 30, 2016 | |||||||||||||
Real Estate Owned [Abstract] | |||||||||||||
Real Estate Owned | Information relating to the Company's real estate owned in Greenwich, Connecticut is as follows:
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Investment in 111 West 57th Partners LLC (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in 111 West 57th Partners LLC [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Investment and Other Information Relating to the 111 West 57th Property | Amounts relating to the Company's initial investment and other information relating to the 111 West 57th Property is as follows:
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Information Relating to Financing for 111 West 57th Partners | Information relating to the June 30, 2015 financing for 111 West 57th Partners is as follows:
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Information Relating to the July 2015 Distribution | Information relating to the July 2015 Distribution is as follows:
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Capital Contributed by Capital LLC and fully repaid | Capital contributed by Capital LLC in December 2014 and April 2015, which was fully repaid as part of the July 2015 Distribution, was as follows:
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Capital Contributions to the Joint Venture | The Company made additional capital contributions to the Joint Venture as indicated below:
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Equity Method Investments | The following tables present summarized financial information for the Company's equity method investment in 111 West 57th Partners. The amounts shown represent 100% of the financial position and results of operations of 111 West 57th Partners for the dates indicated below. (in thousands)
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Savings Plan (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matching Contributions to Savings Plan | The Company's matching contributions to the Savings Plan, charged to expense, were as follows:
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Common Stock Repurchase Plan (Tables) |
9 Months Ended | |||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||
Common Stock Repurchase Plan [Abstract] | ||||||||||||||||||||||||||||
Information Relating to Repurchase Plan | Information relating to the Repurchase Plan is as follows:
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Incentive Plans (Tables) |
9 Months Ended | ||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||
Incentive Plans [Abstract] | |||||||||||||||||
Common Stock Reserved for Issuance Under Stock Option and Other Non-related Employee Benefit Plans | Common stock reserved for issuance under the Company's 1993 Stock Incentive Plan and other non-related employee benefit plans is as follows:
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Income Taxes (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows:
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Income Tax Reconciliation | A reconciliation of the United States federal statutory rate to the Company's effective income tax rate is as follows:
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Alternate Minimum Tax Credit Carryforwards | AMT Credits available which are not subject to expiration are as follows:
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Calculation of Net Deferred Tax Assets from NOL Carryforwards | The Company has calculated a deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:
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Federal [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Loss Carryforwards | The federal NOL carryforwards as of December 31, 2015 are as follows:
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State [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Loss Carryforwards | The state NOL carryforwards as of December 31, 2015,are as follows:
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Authorized Common Stock and Cumulative Preferred Stock | Authorized common stock consists of the following:
Authorized cumulative preferred stock consists of the following:
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The Company and Basis of Presentation (Details) |
May 31, 2016
USD ($)
|
---|---|
R. A. Bianco [Member] | Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 1,000,000 |
Real Estate Owned (Details) - Commercial Office Building [Member] |
9 Months Ended |
---|---|
Sep. 30, 2016
ft²
| |
Property, Plant And Equipment [Line Items] | |
Area of building in square feet | 14,500 |
Square feet utilized by Company | 3,500 |
Number of years depreciation is based upon | 39 years |
Investment in 111 West 57th Partners LLC (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
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Jul. 31, 2015
USD ($)
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Jun. 30, 2015
USD ($)
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Jul. 31, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
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Jun. 28, 2013
USD ($)
ft²
|
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Investment in 111 West 57th Partners LLC [Abstract] | |||||||||
Company's aggregate initial investment | $ 57,250,000 | ||||||||
Company's aggregate initial membership interest percentage | 60.30% | ||||||||
Other members and Sponsor initial investment | $ 37,750,000 | ||||||||
Approximate gross square feet of project | ft² | 346,000 | ||||||||
Financing obtained by 111 W 57th Partners | $ 725,000,000 | ||||||||
Annaly CRE LLC initial mortgage and acquisition loan repaid | $ 230,000,000 | ||||||||
Distribution attributable to Company's investment | $ 11,699,000 | ||||||||
Distribution retained by the Company, net of amounts repaid to Capital LLC | $ 1,831,000 | ||||||||
Capital contributed by Capital LLC | $ 9,868,000 | $ 0 | $ 9,868,000 | ||||||
Term of loan | 4 years | ||||||||
Extension option of loan | 1 year | ||||||||
Description of partnership agreement distribution | The JV Agreement and related operating agreements generally provide that all distributable cash shall be distributed as follows: (i) first, 100% to the members in proportion to their percentage interests until Investment LLC has received distributions yielding a 20% internal rate of return as calculated; (ii) second, 100% to the Sponsor as a return of (but not a return on) any additional capital contributions made by the Sponsor on account of manager overruns; and (iii) thereafter, (a) 50% to the members in proportion to their respective percentage interests at the time of such distribution, and (b) 50% to the Sponsor. | ||||||||
Subordinated participation interest to CEO | 10.00% | 10.00% | |||||||
Percentage of distribution on company's initial investment to be received prior to CEO receiving percentage distribution | 150.00% | ||||||||
Noncontrolling Interest [Line Items] | |||||||||
Capital contributions | $ 0 | ||||||||
Valuation of shortfall capital contribution as multiple of amount actually contributed | 1.5 | ||||||||
Sponsor calculation of investment LLC aggregate investment percentage after dilution | 48.00% | ||||||||
Difference between the Company's carrying amount and the underlying equity | $ 867,000 | $ 867,000 | |||||||
Impairment on the Company's equity method investments | 0 | $ 0 | |||||||
Assets [Abstract] | |||||||||
Real estate held for development, net | 535,734,000 | 535,734,000 | 440,370,000 | ||||||
Escrow deposits | 9,400,000 | 9,400,000 | 9,400,000 | ||||||
Other assets | 16,665,000 | 16,665,000 | 26,827,000 | ||||||
Total assets | 561,799,000 | 561,799,000 | 476,597,000 | ||||||
Liabilities [Abstract] | |||||||||
Loans payable | 422,584,000 | 422,584,000 | 340,693,000 | ||||||
Other liabilities | 18,668,000 | 18,668,000 | 14,447,000 | ||||||
Total liabilities | 441,252,000 | 441,252,000 | 355,140,000 | ||||||
Equity [Abstract] | |||||||||
Total members' equity | 120,547,000 | 120,547,000 | 121,457,000 | ||||||
Total liabilities and members' equity | 561,799,000 | 561,799,000 | $ 476,597,000 | ||||||
Income (Loss) [Abstract] | |||||||||
Rental income | 0 | $ 0 | 0 | 0 | |||||
Expenses | 81,000 | 1,316,000 | 910,000 | 2,206,000 | |||||
Net income (loss) | $ (81,000) | $ (1,316,000) | $ (910,000) | $ (2,206,000) | |||||
Minimum [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Percentage of outstanding shares to be owned by CEO | 20.00% | ||||||||
Investment LLC [Member] | Capital LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Terms of distributions to Capital LLC | available cash of Investment LLC will be distributed first to Capital LLC until it has received a 20% internal rate of return (calculated as provided for in the JV Agreement as noted above), second to the Company until it has received 150% of its capital, and; thereafter, available cash is split 10/90 with 10% going to Mr. R.A. Bianco as the subordinated participation interest noted above and 90% going to Capital LLC and the Company pari-passu, with Capital LLC receiving one-half of its pro-rata share based on capital contributed and the Company receiving the balance. |
Savings Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Matching contributions to savings plan charged to expense [Abstract] | ||||
Company matching contributions | $ 0 | $ 0 | $ 25 | $ 30 |
Employer match percentage | 33.00% | 33.00% | 33.00% | 33.00% |
Common Stock Repurchase Plan (Details) shares in Thousands, $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
shares
| |
Common Stock Repurchase Plan [Abstract] | |
Common shares repurchased to treasury during period (in shares) | 0 |
Aggregate cost of shares repurchased during period | $ | $ 0 |
Total number of common shares authorized for repurchase (in shares) | 10,000 |
Total number of common shares repurchased to date (in shares) | 6,226 |
Total number of shares that may yet be repurchased (in shares) | 3,774 |
Incentive Plans (Details) - shares shares in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
|
Incentive Plans [Abstract] | |||
Number of stock options granted (in shares) | 0 | 0 | |
Number of stock options outstanding (in shares) | 0 | 0 | |
Common stock reserved for issuance [Line Items] | |||
Common shares reserved for issuance (in shares) | 4,430 | ||
1993 Stock Incentive Plan [Member] | |||
Common stock reserved for issuance [Line Items] | |||
Common shares reserved for issuance (in shares) | 4,320 | ||
Other Employee Benefit Plan [Member] | |||
Common stock reserved for issuance [Line Items] | |||
Common shares reserved for issuance (in shares) | 110 |
Stockholders' Equity (Details) - $ / shares shares in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Common Stock [Abstract] | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized (in shares) | 85,000 | 200,000 |
Shares issued (in shares) | 46,410 | 46,410 |
Shares outstanding (in shares) | 40,738 | 40,738 |
Cumulative Preferred Stock [Abstract] | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized (in shares) | 20,000 | 50,000 |
Shares issued (in shares) | 0 | 0 |
Shares outstanding (in shares) | 0 | 0 |
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