Thu, Sep 19, 10:01 AM (93 days ago)
Ironstone Properties, Inc. reported a net loss of $507,393 for the fiscal year ended December 31, 2023, a decrease from a net loss of $637,947 in 2022. The company had no revenues and realized a loss of $1,226,458, compared to $1,047,131 in the previous year. Operating expenses decreased by 5% to $287,044, primarily due to reduced professional fees. The company’s cash position fell to $0 from $2,595 in 2022, while marketable securities dropped to $859 from $3,300. Non-marketable investments decreased significantly from $4,663,898 to $3,439,881, largely attributed to an unrealized loss on its investment in TangoMe, Inc., valued at $3,061,838. The company's total assets decreased to $3,440,740 from $4,669,793. Ironstone's liquidity remains a concern, relying on debt and equity financing for operations, with a line of credit of $348,843 outstanding. The company is exploring new business opportunities but faces significant risks, including dependency on non-marketable securities and the inability to secure a PCAOB auditor, affecting its market position. The future outlook remains uncertain, with substantial doubt regarding its ability to continue as a going concern.