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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/05/22 AmBase Corp. 10-Q 6/30/22 39:1.9M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 485K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 19K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 19K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 14K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 14K 11: R1 Document and Entity Information HTML 60K 12: R2 Condensed Consolidated Statements of Operations HTML 62K 13: R3 Condensed Consolidated Balance Sheets HTML 63K 14: R4 Condensed Consolidated Balance Sheets HTML 23K (Parenthetical) 15: R5 Condensed Consolidated Statements of Changes in HTML 39K Stockholders' Equity 16: R6 Condensed Consolidated Statements of Cash Flows HTML 45K 17: R7 The Company and Basis of Presentation HTML 25K 18: R8 Summary of Significant Accounting Policies HTML 17K 19: R9 Investment in 111 West 57th Partners LLC HTML 53K 20: R10 Savings Plan HTML 29K 21: R11 Income Taxes HTML 27K 22: R12 Legal Proceedings HTML 52K 23: R13 Litigation Funding Agreement HTML 22K 24: R14 Subsequent Events HTML 16K 25: R15 The Company and Basis of Presentation (Policies) HTML 16K 26: R16 Summary of Significant Accounting Policies HTML 16K (Policies) 27: R17 Investment in 111 West 57th Partners LLC (Tables) HTML 20K 28: R18 Savings Plan (Tables) HTML 24K 29: R19 Investment in 111 West 57th Partners LLC, Summary HTML 20K (Details) 30: R20 Investment in 111 West 57th Partners LLC, HTML 25K Additional Information Regarding Equity Investment in 111 West 57th Property (Details) 31: R21 Savings Plan (Details) HTML 17K 32: R22 Income Taxes (Details) HTML 14K 33: R23 Legal Proceedings (Details) HTML 14K 34: R24 Litigation Funding Agreement (Details) HTML 30K 37: XML IDEA XML File -- Filing Summary XML 60K 35: XML XBRL Instance -- brhc10040272_10q_htm XML 358K 36: EXCEL IDEA Workbook of Financial Reports XLSX 59K 7: EX-101.CAL XBRL Calculations -- abcp-20220630_cal XML 46K 8: EX-101.DEF XBRL Definitions -- abcp-20220630_def XML 101K 9: EX-101.LAB XBRL Labels -- abcp-20220630_lab XML 414K 10: EX-101.PRE XBRL Presentations -- abcp-20220630_pre XML 242K 6: EX-101.SCH XBRL Schema -- abcp-20220630 XSD 61K 38: JSON XBRL Instance as JSON Data -- MetaLinks 129± 173K 39: ZIP XBRL Zipped Folder -- 0001140361-22-028298-xbrl Zip 122K
i Delaware
|
i 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
|
☐ |
☒ | i Yes |
|
☐ | No |
|
Large Accelerated Filer
|
☐ |
Accelerated Filer
|
☐ |
i Non-Accelerated Filer
|
☒ |
Smaller Reporting Company
|
i ☒ |
|||
Emerging Growth Company
|
i ☐ |
YES
|
☐ |
NO
|
☐ |
YES
|
i ☐ |
NO
|
☒ |
PART I
|
FINANCIAL INFORMATION
|
Page
|
|
Item 1.
|
1
|
||
Item 2.
|
16
|
||
Item 4.
|
20
|
||
PART II
|
OTHER INFORMATION
|
||
Item 1.
|
20
|
||
Item 1A.
|
20
|
||
Item 2.
|
20
|
||
Item 3.
|
20
|
||
Item 4.
|
20
|
||
Item 5.
|
20
|
||
Item 6.
|
20
|
||
21
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2021
|
2022 | 2021 | ||||||||||||||
Operating expenses:
|
||||||||||||||||
Compensation and benefits
|
$
|
i 340
|
$
|
i 345
|
$ | i 747 | $ | i 762 | ||||||||
Professional and outside services
|
i 556
|
i 812
|
i 1,119 | i 1,947 | ||||||||||||
Property operating and maintenance
|
i 6
|
i 2
|
i 15 | i 11 | ||||||||||||
Insurance
|
i 67
|
i 63
|
i 134 | i 124 | ||||||||||||
Other operating
|
i 14
|
i 12
|
i 25 | i 25 | ||||||||||||
Total operating expenses
|
i 983
|
i 1,234
|
i 2,040 | i 2,869 | ||||||||||||
Operating income (loss)
|
( i 983 | ) | ( i 1,234 | ) | ( i 2,040 | ) | ( i 2,869 | ) | ||||||||
Interest income
|
i 1
|
i -
|
i 1 | i 1 | ||||||||||||
Income (loss) before income taxes
|
( i 982 | ) | ( i 1,234 | ) | ( i 2,039 | ) | ( i 2,868 | ) | ||||||||
Income tax expense (benefit)
|
i 1
|
i -
|
i 1 | i 1 | ||||||||||||
Net income (loss)
|
$ | ( i 983 | ) | $ | ( i 1,234 | ) | $ | ( i 2,040 | ) | $ | ( i 2,869 | ) | ||||
Net income (loss) per common share - basic
|
$ | ( i 0.02 | ) | $ | ( i 0.03 | ) | $ | ( i 0.05 | ) | $ | ( i 0.07 | ) | ||||
Weighted average common shares outstanding - basic
|
i 40,738
|
i 40,738
|
i 40,738 | i 40,738 |
Assets:
|
||||||||
Cash and cash equivalents
|
$
|
i 1,520
|
$
|
i 3,003
|
||||
Other assets
|
i -
|
i 80
|
||||||
Total assets
|
$
|
i 1,520
|
$
|
i 3,083
|
||||
Liabilities and Stockholders’ Equity:
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
i 1,161
|
$
|
i 684
|
||||
Total liabilities
|
i 1,161
|
i 684
|
||||||
Commitments and contingencies (Note 6)
|
|
|||||||
Stockholders’ equity:
|
||||||||
Common stock ($ i i 0.01 /
par value, i 85,000 authorized in 2022 and i 85,000
authorized in 2021, i 46,410 issued and i 40,738 outstanding in 2022 and i 46,410
issued and i 40,738 outstanding in 2021)
|
i 464
|
i 464
|
||||||
Additional paid-in capital
|
i 548,304
|
i 548,304
|
||||||
Accumulated deficit
|
( i 543,241
|
)
|
( i 541,201
|
)
|
||||
Treasury stock, at cost – 2022 - i 5,672 shares; and 2021 - i 5,672 shares
|
( i 5,168
|
)
|
( i 5,168
|
)
|
||||
Total stockholders’ equity
|
i 359
|
i 2,399
|
||||||
Total liabilities and stockholders’ equity
|
$
|
i 1,520
|
$
|
i 3,083
|
(in thousands)
|
Common
stock
|
Additional
paid-in
capital
|
Accumulated
deficit
|
Treasury
stock
|
Total
|
|||||||||||||||
$
|
i 464
|
$
|
i 548,304
|
$
|
( i 541,201
|
)
|
$
|
( i 5,168
|
)
|
$
|
i 2,399
|
|||||||||
Net income (loss)
|
i -
|
i -
|
( i 1,057
|
)
|
i -
|
( i 1,057
|
)
|
|||||||||||||
i 464
|
i 548,304
|
( i 542,258
|
)
|
( i 5,168
|
)
|
i 1,342
|
||||||||||||||
Net income (loss) | i - | i - | ( i 983 | ) | i - | ( i 983 | ) | |||||||||||||
June 30, 2022 | $ |
i 464 | $ |
i 548,304 | $ |
( i 543,241 | ) | $ |
( i 5,168 | ) | $ |
i 359 |
(in thousands)
|
Common
stock
|
Additional
paid-in
capital
|
Accumulated
deficit
|
Treasury
stock
|
Total
|
|||||||||||||||
$
|
i 464
|
$
|
i 548,304
|
$
|
( i 535,993
|
)
|
$
|
( i 5,168
|
)
|
$
|
i 7,607
|
|||||||||
Net income (loss)
|
i -
|
i -
|
( i 1,635
|
)
|
i -
|
( i 1,635
|
)
|
|||||||||||||
i 464
|
i 548,304
|
( i 537,628
|
)
|
( i 5,168
|
)
|
i 5,972
|
||||||||||||||
Net income (loss) | i - | i - | ( i 1,234 | ) | i - | ( i 1,234 | ) | |||||||||||||
June 30, 2021 | $ |
i 464 | $ |
i 548,304 | $ |
( i 538,862 | ) | $ |
( i 5,168 | ) | $ |
i 4,738 |
Six months ended
June 30,
|
||||||||
(in thousands)
|
2022
|
2021
|
||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
( i 2,040
|
)
|
$
|
( i 2,869
|
)
|
||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Other assets
|
i 80
|
i 65
|
||||||
Accounts payable and accrued liabilities
|
i 477
|
i 72
|
||||||
Net cash provided (used) by operating activities
|
( i 1,483
|
)
|
( i 2,732
|
)
|
||||
Net change in cash and cash equivalents
|
( i 1,483
|
)
|
( i 2,732
|
)
|
||||
Cash and cash equivalents at beginning of period
|
i 3,003
|
i 7,925
|
||||||
Cash and cash equivalents at end of period
|
$
|
i 1,520
|
$
|
i 5,193
|
||||
Supplemental cash flow disclosure:
|
||||||||
Income taxes refunded (paid)
|
$
|
i -
|
$
|
i -
|
($ in thousands)
|
||||
Company’s aggregate
initial investment
|
$
|
i 57,250
|
||
Company’s aggregate
initial membership interest %
|
i 60.3
|
%
|
||
Other members and
Sponsor initial investment
|
$
|
i 37,750
|
($ in thousands)
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
Company matching contributions
|
$
|
i 21
|
$
|
i 11
|
$
|
i 72
|
$
|
i 68
|
||||||||
Employer match %
|
i 100
|
%
|
i 100
|
%
|
i 100
|
%
|
i 100
|
%
|
|
(i) |
first, i 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) $ i 7,500,000; and
|
|
(ii) |
thereafter, any
additional amounts shall be distributed (a) i 75% to the Company and (b) i 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 i 30% to i 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
|
a. Not applicable
|
|
b. Not applicable
|
|
c. None
|
Item 3. |
DEFAULTS UPON SENIOR SECURITIES
|
Item 4. |
MINE SAFETY DISCLOSURES
|
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 June 30, 2022 formatted in XBRL: (i) Condensed Consolidated Statements 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.
|
AMBASE CORPORATION
|
||
/s/ John Ferrara
|
||
By
|
Vice President, Chief Financial Officer and Controller
(Duly Authorized Officer and Principal Financial and
Accounting Officer)
|
|
Date:
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 8/5/22 | |||
7/31/22 | ||||
7/22/22 | ||||
For Period end: | 6/30/22 | |||
5/17/22 | ||||
5/9/22 | ||||
3/31/22 | 10-Q | |||
1/7/22 | ||||
1/1/22 | ||||
12/31/21 | 10-K, 5 | |||
12/13/21 | ||||
12/6/21 | ||||
11/22/21 | ||||
10/20/21 | ||||
9/30/21 | 10-Q | |||
9/3/21 | ||||
7/29/21 | ||||
7/22/21 | ||||
6/30/21 | 10-Q | |||
4/29/21 | ||||
4/13/21 | ||||
3/31/21 | 10-Q | |||
3/30/21 | ||||
1/1/21 | ||||
8/7/20 | ||||
7/31/20 | ||||
7/28/20 | ||||
7/2/20 | ||||
6/11/20 | ||||
4/10/20 | ||||
4/2/20 | ||||
3/4/20 | ||||
2/26/20 | ||||
1/29/20 | ||||
1/22/20 | ||||
12/10/19 | ||||
11/8/19 | ||||
10/22/19 | ||||
9/25/19 | ||||
8/30/19 | ||||
5/31/19 | ||||
5/3/19 | ||||
10/25/18 | ||||
8/17/18 | ||||
6/18/18 | ||||
4/27/18 | ||||
4/13/18 | ||||
1/29/18 | ||||
1/18/18 | ||||
1/16/18 | ||||
1/12/18 | ||||
8/30/17 | 8-K | |||
8/29/17 | ||||
8/28/17 | ||||
8/14/17 | ||||
7/26/17 | ||||
7/25/17 | ||||
6/30/17 | 10-Q | |||
6/29/17 | 8-K | |||
6/30/15 | 10-Q, 8-K | |||
8/6/13 | ||||
6/28/13 | ||||
List all Filings |