Mon, Mar 24, 8:18 PM (27 days ago)
**AmBase Corporation (ABCP) Annual Report Summary** **Financial Performance (in thousands):** - **Revenue:** Not applicable (holding company with no operating revenue). - **Net Income:** $(6,620) for 2024, $(5,271) for 2023. - **Earnings per Share (EPS):** $(0.09) for 2024, $(0.13) for 2023. - **Operating Expenses:** $6,517 for 2024, $5,031 for 2023. - **Interest Income:** $29 for 2024, $2 for 2023. - **Interest Expense:** $(131) for 2024, $(241) for 2023. **Financial Condition:** - **Assets:** $314,000 (cash and cash equivalents) as of December 31, 2024. - **Liabilities:** $4,439,000. - **Stockholders' Deficit:** $(4,125,000). **Strategic Overview:** - **Business Model:** Holding company managing assets and liabilities. - **Key Asset:** Equity interest in 111 West 57th Property, subject to ongoing litigation. - **Legal Proceedings:** Multiple lawsuits related to 111 West 57th Property, including disputes over foreclosure and equity investment. **Future Outlook:** - **Going Concern:** Substantial doubt about the ability to continue as a going concern within one year. - **Funding Needs:** Requires additional capital through equity, debt, or litigation funding. - **Litigation Funding:** Exploring up to $5 million in litigation funding. **Risk Factors:** - **Operational Risks:** Dependence on key personnel, litigation risks, and market volatility. - **Financial Risks:** Inability to generate sufficient taxable income, potential classification as an investment company. - **Market Risks:** Competition, real estate market fluctuations, and regulatory changes. **Market Position Changes:** - **Stock Quotation:** Traded over-the-counter under the symbol ABCP. - **Shareholder Base:** Approximately 5,200 beneficial owners as of March 14, 2025. **Other Notable Information:** - **Shareholder Rights Plan:** Adopted in 2019 to prevent hostile takeovers. - **Cybersecurity:** Focus on detection, protection, and incident response. **Ticker:** ABCP