Wed, Nov 13, 11:01 AM (94 days ago)
Wright Investors’ Service Holdings, Inc. (OTC: IWSH) reported an increase in net loss for Q3 2024, amounting to $231,000 compared to $197,000 in Q3 2023. For the nine months ending September 30, 2024, the loss was $683,000, a slight improvement from $793,000 in the prior year. Revenue from interest and other income decreased to $20,000 in Q3 2024 from $76,000 in Q3 2023, primarily due to lower interest income from U.S. Treasury Bills. Total assets declined to $2,650,000 from $3,374,000, driven by a significant reduction in investments. Current assets included $1,524,000 in cash and cash equivalents. Operating expenses decreased, reflecting cost-cutting measures, particularly in travel and maintenance. The company remains classified as a shell entity, focusing on strategic options for potential acquisitions or partnerships while maintaining liquidity through high-grade, short-term investments. Cash flow from operating activities was negative, but net cash increased by $1,399,000 due to investment activities. Management expects sufficient working capital to support operations through December 2025, despite ongoing uncertainties in future operational impacts.