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Portsmouth Square, Inc. (PRSI0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in hotel revenue to $9,965,000 from $10,225,000 in the same quarter the previous year. The decrease is attributed to a reduction in food and beverage revenue.
Operating expenses for the quarter were $10,229,000, resulting in a loss from operations of $264,000, compared to a loss of $455,000 in the previous year.
The company reported a net loss of $4,036,000 for the quarter, compared to a net loss of $2,566,000 in the previous year. The increase in net loss is primarily due to higher interest expenses.
Portsmouth Square, Inc. had cash and cash equivalents of $3,106,000 as of December 31, 2024, down from $3,511,000 as of June 30, 2024.
The company continues to face challenges related to its senior mortgage and mezzanine loans, which matured on January 1, 2024. Notices of default have been received, and the company is actively pursuing refinancing options.
Portsmouth Square, Inc. has made progress in refinancing its existing debt, with a non-binding term sheet executed with Prime Finance and new terms accepted from its current mezzanine lender.
The company acknowledges the uncertainty regarding its ability to continue as a going concern, citing substantial doubt due to the maturity of its loans and ongoing refinancing efforts.
Portsmouth Square, Inc. continues to focus on managing its hotel operations and financial obligations, with ongoing discussions with lenders to secure refinancing or extensions of current loan terms.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Portsmouth Square, Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.