In This Story
Ridgefield Acquisition Corp. (RDGA0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals that Ridgefield Acquisition Corp. is a shell company with no ongoing business operations or revenue-generating activities. The company has been inactive since July 2000, except for necessary administrative matters.
The company reported a net loss of $67,552 for the year ended December 31, 2024, compared to a net loss of $72,982 for the previous year. This decrease in net loss reflects a reduction in general and administrative expenses, which were $51,683 in 2024 compared to $60,082 in 2023.
Interest expense increased to $13,591 in 2024 from $10,500 in 2023, primarily due to higher underlying principal balances on related party loans.
Ridgefield Acquisition Corp.'s strategy is to arrange a merger, acquisition, or business combination with a viable operating entity. However, no such opportunity has been identified to date.
The company has limited financial resources and may face intense competition from other entities with similar business objectives, including SPACs and venture capital firms.
As of December 31, 2024, the company had cash and cash equivalents of $16,949 and a working capital deficit of $152,555, primarily due to related party debt.
The company executed two revolving promissory notes with Steven N. Bronson and Qualstar Corporation, both of which are controlled by Mr. Bronson, the company's Chairman and CEO.
The company's common stock is quoted on the Pink tier of the OTC Markets Group under the symbol 'RDGA'. The stock price remained at $0.27 throughout 2024.
Ridgefield Acquisition Corp. does not anticipate paying any cash dividends on its common stock in the foreseeable future.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of an audit committee and limited segregation of duties.
Ridgefield Acquisition Corp. continues to seek a viable operating entity for a potential merger or acquisition to achieve long-term capital appreciation for its shareholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ridgefield Acquisition Corp. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.