|
|
|
(State of incorporation)
|
(I.R.S. Employer Identification No.)
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
☒ |
NO
|
☐ |
☒
|
|
|
☐ | No |
|
Large Accelerated Filer
|
☐ |
Accelerated Filer
|
☐ |
|
☒ |
Smaller Reporting Company
|
||||
Emerging Growth Company
|
|
YES
|
☐ |
NO
|
☐ |
YES
|
NO
|
☒ |
PART I
|
FINANCIAL INFORMATION
|
Page
|
|
Item 1.
|
1
|
||
Item 2.
|
17
|
||
Item 4.
|
22
|
||
PART II
|
OTHER INFORMATION
|
||
Item 1.
|
22
|
||
Item 1A.
|
22
|
||
Item 2.
|
22
|
||
Item 3.
|
22
|
||
Item 4.
|
22
|
||
Item 5.
|
23
|
||
Item 6.
|
23
|
||
23
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023 | 2022 | |||||||||||||
Operating expenses:
|
||||||||||||||||
Compensation and benefits
|
$
|
|
$
|
|
$ | $ | ||||||||||
Professional and outside services
|
|
|
||||||||||||||
Property operating and maintenance
|
|
|
||||||||||||||
Insurance
|
|
|
||||||||||||||
Other operating
|
|
|
||||||||||||||
Total operating expenses
|
|
|
||||||||||||||
Operating income (loss)
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Interest income
|
|
|
||||||||||||||
Interest expense |
||||||||||||||||
Income (loss) before income taxes
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Income tax expense (benefit)
|
|
|
||||||||||||||
Net income (loss)
|
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Net income (loss) per common share - basic
|
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Weighted average common shares outstanding - basic
|
|
|
Assets:
|
September 30,
2023
|
December 31,
2022
|
||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Liabilities and Stockholders’ Equity (Deficit):
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
|
$
|
|
||||
Loan(s) payable – related party |
||||||||
Total liabilities
|
|
|
||||||
Commitments and contingencies (Note 6)
|
||||||||
Stockholders’ equity (deficit): |
||||||||
Common stock ($
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Treasury stock, at cost – 2023 -
|
(
|
)
|
(
|
)
|
||||
Total stockholders’ equity (deficit)
|
(
|
)
|
(
|
)
|
||||
Total liabilities and stockholders’ equity (deficit)
|
$
|
|
$
|
|
(in thousands)
|
Common
stock
|
Additional
paid-in
capital
|
Accumulated
deficit
|
Treasury
stock
|
Total
|
|||||||||||||||
January 1, 2023
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||
Net income (loss)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
March 31, 2023
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Net income (loss) | ( |
) | ( |
) | ||||||||||||||||
June 30, 2023 | ( |
) | ( |
) | ( |
) | ||||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||||||
September 30, 2023 | $ |
$ | $ |
( |
) | $ |
( |
) | $ |
( |
) |
(in thousands)
|
Common
stock
|
Additional
paid-in
capital
|
Accumulated
deficit
|
Treasury
stock
|
Total
|
|||||||||||||||
January 1, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||
Net income (loss)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
March 31, 2022
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||
Net income (loss) | ( |
) | ( |
) | ||||||||||||||||
June 30, 2022 | ( |
) | ( |
) | ||||||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||||||
September 30, 2022 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) |
Nine months ended
September 30,
|
||||||||
(in thousands)
|
2023
|
2022
|
||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Other assets
|
|
(
|
)
|
|||||
Accounts payable and accrued liabilities
|
|
|
||||||
Net cash provided (used) by operating activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from loan(s) payable – related party
|
||||||||
Net cash provided (used) by financing activities
|
||||||||
Net change in cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
||||
Supplemental cash flow disclosure:
|
||||||||
Income taxes refunded (paid)
|
$ | $ | ||||||
Interest expense paid on accounts payable
|
$
|
|
$
|
|
($ in thousands)
|
||||
Company’s aggregate
initial investment
|
$
|
|
||
Company’s aggregate
initial membership interest %
|
|
%
|
||
Other members and
Sponsor initial investment
|
$
|
|
($ in thousands)
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
2023
|
September 30,
2022
|
September 30,
2023
|
September 30,
2022
|
|||||||||||||
Company matching contributions
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Employer match %
|
|
%
|
|
%
|
|
%
|
|
%
|
|
(i) |
first,
|
|
(ii) |
thereafter, any
additional amounts shall be distributed (a)
|
Date of loan(s)
|
Rate
|
Due Date
|
September 30,
2023
|
December 31,
2022
|
|||||||||
|
|
%
|
|
$
|
|
$
|
|
||||||
% | |||||||||||||
% | |||||||||||||
% | |||||||||||||
% | |||||||||||||
% | |||||||||||||
$
|
|
$ |
(in thousands)
|
September 30,
2023
|
December 31,
2022
|
||||||
Accrued interest expense
|
$
|
|
$
|
|
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 4. |
MINE SAFETY DISCLOSURES
|
Item 5. |
OTHER INFORMATION
|
Item 6. |
EXHIBITS
|
Senior Promissory Note for $333,000, between Richard A. Bianco, the Company’s President, and Chief Executive Officer (“Mr. R.A. Bianco”) and the Company (filed as Exhibit 10.1 to the Company’s Current Report on
Form 8-K as filed with the SEC on July 20, 2023, and incorporated herein by reference).
|
|
Senior Promissory Note for $250,000, between Richard A. Bianco, the Company’s President, and Chief Executive Officer (“Mr. R.A. Bianco”) and the Company (filed as Exhibit 10.1 to the Company’s Current Report on
Form 8-K as filed with the SEC on August 15, 2023, and incorporated herein by reference).
|
|
Senior Promissory Note for $300,000, between Richard A. Bianco, the Company’s President, and Chief Executive Officer (“Mr. R.A. Bianco”) and the Company (filed as Exhibit 10.1 to the Company’s Current Report on
Form 8-K as filed with the SEC on October 10, 2023, and incorporated herein by reference).
|
|
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, 2023 formatted in XBRL: (i) Condensed Consolidated Statements of Operations
(unaudited); (ii) Condensed Consolidated Balance Sheets (unaudited); (iii) Condensed Consolidated Statements of Cash Flow (unaudited); (iv) Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited); and (v)
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, 2023
|