AmBase Corporation reported a net loss of $6.62 million, or $0.09 per share, for the fiscal year ending December 31, 2024, compared to a net loss of $5.27 million, or $0.13 per share, in the previous year. The company's total operating expenses increased to $6.52 million from $5.03 million in 2023, primarily driven by a significant rise in professional and outside services expenses, which surged to $4.90 million from $3.30 million. This increase is largely attributed to heightened legal and professional fees associated with ongoing litigation regarding the company's investment in the 111 West 57th Property in New York City.
In terms of financial position, AmBase's total assets were reported at $314,000, consisting solely of cash and cash equivalents, while total liabilities amounted to $4.44 million, resulting in a stockholders' deficit of $4.13 million. The company has faced operating losses and cash flow challenges for several years, leading management to express substantial doubt about its ability to continue as a going concern within the next year. To address its financial needs, AmBase completed a private placement offering in April 2024, raising approximately $8.84 million by issuing 44.2 million shares of common stock.
Operationally, AmBase has maintained a small workforce, with four full-time and two part-time employees as of December 31, 2024. The company continues to pursue various legal avenues to recover the value of its investment in the 111 West 57th Property, which has been subject to significant impairment and ongoing litigation. The company recorded a full impairment of $63.75 million for this investment in 2017, which previously represented a substantial portion of its assets.
Looking ahead, AmBase's management is exploring options to manage its cash flow, including potential litigation funding agreements and additional capital raises. However, there is no assurance that these measures will be successful or that the company will be able to recover the value of its investment in the 111 West 57th Property. The company’s future financial performance remains uncertain, heavily influenced by the outcomes of its ongoing legal disputes and its ability to secure necessary funding.
About AmBase Corp
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.