Thu, Sep 19, 10:01 AM (93 days ago)
Ironstone Properties, Inc. reported a net operating gain of $16,033 for Q2 2024, a significant recovery from a loss of $130,436 in Q2 2023. Total income increased to $75,374, primarily driven by a dividend payment and a realized gain from private investments. Operating expenses decreased by 54% year-over-year due to reduced stock option amortization as previous grants fully vested. For the six months ending June 30, 2024, total income rose to $86,642, while operating expenses fell 14.7% to $224,883. The company continues to face challenges with negative cash flows and accumulated deficits, totaling $24.7 million. As of June 30, 2024, total assets were $3.5 million, with liabilities at $3.4 million, reflecting a continued reliance on debt financing. The company has a line of credit of $350,000, fully utilized, and is exploring options for additional financing, including equity sales and debt conversions. Despite recent improvements, uncertainties remain regarding future operations and liquidity, particularly due to the ongoing accrual of unpaid interest on debt.