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Ambase Corporation (ABCP-5.07%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Ambase's assets at the end of 2024 consisted primarily of cash and cash equivalents totaling $314,000, while liabilities amounted to $4,439,000, resulting in a stockholders' deficit of $4,125,000.
The company recorded a net loss of $6,620,000 for 2024, compared to a net loss of $5,271,000 in 2023. The increase in loss is primarily attributed to higher legal and professional fees related to ongoing litigation concerning the 111 West 57th Property.
Ambase continues to face substantial doubt regarding its ability to continue as a going concern due to recurring operating losses and insufficient cash flow to cover operational expenses over the next twelve months.
The company is engaged in litigation related to its equity interest in a real estate development property at 111 West 57th Street in New York City. The property was subject to a strict foreclosure in 2017, which Ambase is currently challenging in court.
In April 2024, Ambase completed a private placement offering of 44,200,460 shares of its common stock, raising $8,840,000 to support its operations and legal proceedings.
Ambase is exploring additional litigation funding agreements to cover legal costs, with potential funding of up to $5 million. However, there is no assurance that such funding will be secured.
The company has no material commitments for capital expenditures as of December 31, 2024, and inflation has not materially impacted its business operations.
Ambase's management is evaluating future actions to protect and recover the company's equity investment in the 111 West 57th Property, though the outcome remains uncertain.
The company has been involved in multiple legal proceedings, including actions against various parties related to the 111 West 57th Property, and continues to pursue legal remedies to recover its investment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ambase Corporation annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.