$ABCP
AmBase Corp

2024 Q1 Form 10-K Financial Statement

#000114036124013921 Filed on March 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.706M $1.271M $4.952M
YoY Change 44.7% 96.14% 47.73%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.725M $1.291M $5.031M
YoY Change 44.71% 94.72% 46.93%
Operating Profit -$1.725M -$5.031M
YoY Change 44.71% 46.93%
Interest Expense $114.0K -$91.00K $241.0K
YoY Change 293.1% 71.7% 322.81%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.839M -$1.382M -$5.270M
YoY Change 50.74% 93.02% 51.79%
Income Tax $0.00 $1.000K $1.000K
% Of Pretax Income
Net Earnings -$1.839M -$1.383M -$5.271M
YoY Change 50.74% 93.16% 51.77%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$0.13
Diluted Earnings Per Share -$0.05 -$0.03 -$0.13
COMMON SHARES
Basic Shares Outstanding 40.74M 40.74M 40.74M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.000K $78.00K $78.00K
YoY Change -86.36% -77.65% -77.65%
Cash & Equivalents $6.000K $78.00K $78.00K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.000K $78.00K $78.00K
YoY Change -86.36% -77.65% -77.65%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $6.000K $78.00K $78.00K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $6.000K $78.00K $78.00K
YoY Change -92.0% -80.98% -80.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.642M $3.225M $3.225M
YoY Change 124.36% 117.32% 117.32%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $3.548M $3.198M $3.198M
YoY Change 1082.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.190M $6.423M $6.423M
YoY Change 245.72% 332.82% 332.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.190M $6.423M $6.423M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $8.190M $6.423M $6.423M
YoY Change 245.72% 332.82% 332.82%
SHAREHOLDERS EQUITY
Retained Earnings -$551.8M -$549.9M
YoY Change 1.08% 0.97%
Common Stock $548.8M $548.8M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.184M -$6.345M -$6.345M
YoY Change
Total Liabilities & Shareholders Equity $6.000K $78.00K $78.00K
YoY Change -92.0% -80.98% -80.98%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.839M -$1.383M -$5.271M
YoY Change 50.74% 93.16% 51.77%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$422.0K -$1.269M -$3.469M
YoY Change -30.25% 115.45% 30.71%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 350.0K 1.398M 3.198M
YoY Change 16.67%
NET CHANGE
Cash From Operating Activities -422.0K -1.269M -3.469M
Cash From Investing Activities
Cash From Financing Activities 350.0K 1.398M 3.198M
Net Change In Cash -72.00K 129.0K -271.0K
YoY Change -76.39% -121.9% -89.79%
FREE CASH FLOW
Cash From Operating Activities -$422.0K -$1.269M -$3.469M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023 dei Entity File Number
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CY2023 dei Entity Registrant Name
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AMBASE CORPORATION
CY2023 dei Entity Incorporation State Country Code
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DE
CY2023 dei Entity Tax Identification Number
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95-2962743
CY2023 dei Entity Address Address Line1
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7857 West Sample Road, Suite 134
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Coral Springs
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CY2023 dei City Area Code
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CY2023 dei Local Phone Number
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265-0169
CY2023 dei Security12g Title
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Common Stock ($0.01 par value)
CY2023 dei Entity Well Known Seasoned Issuer
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Marcum LLP
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CY2023 abcp Initial Investment In Property
InitialInvestmentInProperty
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Amounts relating to the Company’s initial June 2013 investment in the 111 West 57<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Property follow:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="color: #000000; font-style: italic;">($ in thousands)</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">Company’s aggregate initial investment</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">57,250</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 4px;" valign="bottom"> <div style="color: #000000;">Company’s aggregate initial membership interest %</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="color: #000000;">60.3</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">%</div> </td> </tr> </table>
CY2023 abcp Equity Method Investment Description Of Distribution
EquityMethodInvestmentDescriptionOfDistribution
The JV Agreement and related operating agreements generally provide that all distributable cash shall be distributed as follows: (i) first, 100% to the members in proportion to their percentage interests until Investment LLC has received distributions yielding a 20% internal rate of return as calculated; (ii) second, 100% to the Sponsor as a return of (but not a return on) any additional capital contributions made by the Sponsor on account of manager overruns; and (iii) thereafter, (a) 50% to the members in proportion to their respective percentage interests at the time of such distribution, and (b) 50% to the Sponsor.
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0
CY2023Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
10000000
CY2023Q4 abcp Shares Acquired Pursuant To Repurchase Plan
SharesAcquiredPursuantToRepurchasePlan
6226000
CY2023Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
3774000
CY2019Q1 abcp Dividends Declared Number Of Rights Per Common Share
DividendsDeclaredNumberOfRightsPerCommonShare
1
CY2019Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2019Q1 abcp Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Percent Of Market Value Of Common Stock
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsPercentOfMarketValueOfCommonStock
0.50
CY2019Q1 abcp Minimum Percentage Of Outstanding Common Shares To Be Acquired
MinimumPercentageOfOutstandingCommonSharesToBeAcquired
0.25
CY2019Q1 abcp Minimum Percentage Of Outstanding Common Shares For Tender Offer
MinimumPercentageOfOutstandingCommonSharesForTenderOffer
0.20
CY2019Q1 abcp Redemption Price Of Rights
RedemptionPriceOfRights
0.01
CY2023 abcp Period After Accumulation Of Minimum Percentage Of Common Shares To Invoke Redemption Of Rights
PeriodAfterAccumulationOfMinimumPercentageOfCommonSharesToInvokeRedemptionOfRights
P10D
CY2019Q1 abcp Minimum Percentage Of Common Shares By Single Acquirer Or Group
MinimumPercentageOfCommonSharesBySingleAcquirerOrGroup
0.20
CY2019Q1 abcp Class Of Warrant Or Right Percent Of Securities That Would Be Issuable Upon Exercise Of Warrants Or Rights
ClassOfWarrantOrRightPercentOfSecuritiesThatWouldBeIssuableUponExerciseOfWarrantsOrRights
0.50
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
12000
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
12000
CY2023 abcp Area Of Leased Office Space
AreaOfLeasedOfficeSpace
350
CY2022 abcp Area Of Leased Office Space
AreaOfLeasedOfficeSpace
350
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-158000
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-111000
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1263000
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
840000
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5270000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3472000
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1107000
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-729000
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-157000
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-110000
CY2023 abcp Income Tax Reconciliation Permanent Items Tax Credits And Other Adjustments
IncomeTaxReconciliationPermanentItemsTaxCreditsAndOtherAdjustments
2000
CY2022 abcp Income Tax Reconciliation Permanent Items Tax Credits And Other Adjustments
IncomeTaxReconciliationPermanentItemsTaxCreditsAndOtherAdjustments
0
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1263000
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
840000
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.03
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.032
CY2023 abcp Effective Income Tax Rate Reconciliation Permanent Differences Tax Credits And Other Adjustments
EffectiveIncomeTaxRateReconciliationPermanentDifferencesTaxCreditsAndOtherAdjustments
0
CY2022 abcp Effective Income Tax Rate Reconciliation Permanent Differences Tax Credits And Other Adjustments
EffectiveIncomeTaxRateReconciliationPermanentDifferencesTaxCreditsAndOtherAdjustments
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.24
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.242
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
41784000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
40520000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
41784000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
40520000
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
3198000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
0
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
85000
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
0
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001140361-24-013921-index-headers.html Edgar Link pending
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0001140361-24-013921.txt Edgar Link pending
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abcp-20231231.xsd Edgar Link pending
ef20015270_10k.htm Edgar Link pending
ef20015270_ex10-22.htm Edgar Link pending
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