Wright Investors Service Holdings Files 10-Q

TL;DR

Wright Investors Service Holdings (IWSH) filed its Q3 2024 10-Q. All good.

AI Summary

Wright Investors Service Holdings, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, incorporated in Delaware, is primarily involved in investment advice. Its principal executive offices are located at 118 North Bedford Road, Suite 100, Mount Kisco, NY 10549, with a business phone number of (914) 242-5700.

Why It Matters

This filing provides investors with an update on the financial performance and operational status of Wright Investors Service Holdings, Inc. for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information without immediate red flags.

Key Players & Entities

• Wright Investors Service Holdings, Inc. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• 118 North Bedford Road, Suite 100, Mount Kisco, NY 10549 (address) — Principal executive offices
• (914) 242-5700 (phone_number) — Registrant's telephone number
• 000-50587 (company_id) — Commission File Number

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value IWSH OTC As of November 12,
• $231,000 — e Company had a loss from operations of $231,000 compared to a loss from operations of $
• $197,000 — 0 compared to a loss from operations of $197,000 for the three months ended September 30
• $34,000 — The increased loss from operations of $34,000 was primarily a result of a decrease in
• $21,000 — decrease in Other operating expenses of $21,000 for the three months ended September 30
• $56,000 — ecrease in Interest and other income of $56,000. Compensation and benefits For the t
• $107,000 — 0, 2024, Compensation and benefits were $107,000 as compared to $108,000 for the three m
• $108,000 — d benefits were $107,000 as compared to $108,000 for the three months ended September 30
• $144,000 — 30, 2024, Other operating expenses were $144,000 as compared to $165,000 for the three m
• $165,000 — g expenses were $144,000 as compared to $165,000 for the three months ended September 30
• $9,000 — ed travel and entertainment expenses of $9,000, decreased fees related to the repair a
• $3,000 — $9,000, and decreased other expenses of $3,000. The dam properties were fully impaired
• $20,000 — 30, 2024, Interest and other income was $20,000 as compared to $76,000 for the three mo
• $76,000 — other income was $20,000 as compared to $76,000 for the three months ended September 30
• $100,000 — m investments in U.S. Treasury Bills of $100,000, offset by gain on investment of $44,00

Filing Documents

• iwsh-20240930.htm (10-Q) — 349KB
• ex31_1.htm (EX-31.1) — 8KB
• ex31_2.htm (EX-31.2) — 8KB
• ex32_1.htm (EX-32.1) — 5KB
• 0001214659-24-018777.txt ( ) — 2062KB
• iwsh-20240930.xsd (EX-101.SCH) — 14KB
• iwsh-20240930_cal.xml (EX-101.CAL) — 21KB
• iwsh-20240930_def.xml (EX-101.DEF) — 70KB
• iwsh-20240930_lab.xml (EX-101.LAB) — 132KB
• iwsh-20240930_pre.xml (EX-101.PRE) — 75KB
• iwsh-20240930_htm.xml (XML) — 204KB

Financial Information

Part I. Financial Information Page No. Item 1.

Financial Statements of Wright Investors' Service Holdings, Inc

Financial Statements of Wright Investors' Service Holdings, Inc. 1 Condensed Consolidated Balance Sheets- September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations- Three Months and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Loss- Three Months and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity- Three Months and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements - Three Months and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 13 Item 4.

Controls and Procedures

Controls and Procedures 13

Other Information

Part II. Other Information Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14 Item 5. Other Information 14 Item 6. Exhibits 15

SIGNATURES

SIGNATURES 16 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) September 30, December 31, 2024 2023 (unaudited) Assets Current assets Cash and cash equivalents $ 1,524 $ 125 Investments 1,098 3,144 Prepaid expenses and other current assets 20 97 Total current assets 2,642 3,366 Other assets 8 8 Total assets $ 2,650 $ 3,374 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued expenses $ 75 $ 83 Total current liabilities 75 83 Total liabilities 75 83 Stockholders' equity Preferred stock, par value $ 0.01 per share, authorized 10,000,000 shares; none issued - - Common stock, par value $ 0.01 per share, authorized 30,000,000 shares; issued 21,628,680 as of September 30, 2024 and December 31, 2023; outstanding 20,620,711 at September 30, 2024 and December 31, 2023. 216 216 Additional paid-in capital 34,392 34,392 Accumulated deficit ( 30,293 ) ( 29,610 ) Accumulated other comprehensive income 7 40 Treasury stock, at cost ( 1,007,969 shares at September 30, 2024 and December 31, 2023) ( 1,747 ) ( 1,747 ) Total stockholders' equity 2,575 3,291 Total liabilities and stockholders' equity $ 2,650 $ 3,374 See accompanying notes to condensed consolidated

financial statements

financial statements. 1 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Expenses Compensation and benefits $ 107 $ 108 $ 335 $ 339 Other operating 144 165 470 559 Total operating expenses 251 273 805 898 Loss from operations ( 251 ) ( 273 ) ( 805 ) ( 898 ) Interest and other income, net 20 76 122 105 ( 231 ) ( 197 ) ( 683 ) ( 793 ) Net loss $ ( 231 ) $ ( 197 ) $ ( 683 ) $ ( 793 ) Basic and diluted weighted average common shares outstanding 20,620,711 20,620,711 20,620,711 20,620,711 Basic and diluted loss per share $ ( 0.01 ) $ ( 0.01 ) $ ( 0.03 ) $ ( 0.04 ) See accompanying notes to condensed consolidated

financial statements

financial statements. 2 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ ( 231 ) $ ( 197 ) $ ( 683 ) $ ( 793 ) Unrealized gain (loss) on available for sale securities 7 ( 31 ) ( 33 ) 26 Comprehensive loss $ ( 224 ) $ ( 228 ) $ ( 716 ) $ ( 767 ) See accompanying notes to condensed consolidated

financial statements

financial statements. 3 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 and 2023 (UNAUDITED) (in thousands, except per share data) Accumulated Total Additional other Treasury stock- Common stock (Issued) paid -in Accumulated comprehensive stock, at Holders' shares amount capital deficit income cost equity Balance at December 31, 2022 21,343,680 $ 213 $ 34,395 $ ( 28,604 ) $ 32 $ ( 1,747 ) $ 4,289 Net loss - - - ( 314 ) - - ( 314 ) Stock based compensation expense to directors 285,000 3 ( 3 ) - - - - Other comprehensive income - - - - 35 - 35 Balance at March 31, 2023 21,628,680 $ 216 $ 34,392 $ ( 28,918 ) $ 67 $ ( 1,747 ) $ 4,010 Net loss - - - ( 282 ) - - ( 282 ) Other comprehensive income - - - - 22 - 22 Balance at June 30, 2023 21,628,680 $ 216 $ 34,392 $ ( 29,200 ) $ 89 $ ( 1,747 ) $ 3,750 Net loss - - - ( 197 ) - - ( 197 ) Other comprehensive income - - - - ( 31 ) - ( 31 ) Balance at September 30, 2023 21,628,680 $ 216 $ 34,392 $ ( 29,397 ) $ 58 $ ( 1,747 ) $ 3,522 Balance at December 31, 2023 21,628,680 $ 216 $ 34,392 $ ( 29,610 ) $ 40 $ ( 1,747 ) $ 3,291 Net loss - - - ( 219 ) - - ( 219 ) Other comprehensive income - - - - ( 40 ) - ( 40 ) Balance at March 31, 2024 21,628,680 $ 216 $ 34,392 $ ( 29,829 ) $ - $ ( 1,747 ) $ 3,032 Net loss - - - ( 233 ) - - ( 233 ) Balance at June 30, 2024 21,628,680 $ 216 $ 34,392 $ ( 30,062 ) $ - $ ( 1,747 ) $ 2,799 Net loss - - - ( 231 ) - - ( 231 ) Other comprehensive income - - - - 7 - 7 Balance at September 30, 2024 21,628,680 $ 216 $ 34,392 $ ( 30,293 ) $ 7 $ ( 1,747 ) $ 2,575 See accompanying notes to condensed consolidated

financial statements

financial statements. 4 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) Nine Months Ended September 30, 2024 2023 Cash flows from operating activities Net loss $ ( 683 ) $ ( 793 ) Adjustments to reconcile net loss to net cash used in operating activities: Realized gain on investments ( 56 ) - Income tax receivable - 73 Changes in other operating items: Prepaid expenses and other current assets 77 70 Accounts payable and accrued expenses ( 8 ) ( 34 ) Net cash used in operating activities ( 670 ) ( 684 ) Cash flows from investing activities Proceeds from redemptions and sale of investments 3,347 772 Purchase of investments ( 1,278 ) - Net cash provided by investing activities 2,069 772 Net increase in cash and cash equivalents 1,399 88 Cash and cash equivalents at the beginning of the period 125 90 Cash and cash equivalents at the end of the period $ 1,524 $ 178 Supplemental disclosures of cash flow information Net cash refunded during the period for income taxes $ - $ ( 73 ) Unrealized (loss) gain on available for sale securities $ ( 33 ) $ 26 See accompanying notes to condensed consolidated

financial statements

financial statements. 5 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. Notes to Condensed Consolidated Financial Statements Three months ended September 30, 2024 and 2023 (unaudited) 1. Basis of presentation and description of activities Basis of presentation The accompanying interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The information and note disclosures normally included in complete financial statements have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from audited financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 as presented in our Annual Report on Form 10-K. In the opinion of management, this interim information includes all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation. The results for the 2024 interim period are not necessarily indicative of results to be expected for the entire year. Description of activities Wright Investors' Service Holdings, Inc. (the "Company") has nominal operations and nominal assets aside from its cash and cash equivalents and investments in U.S. Treasury Bills, and is therefore considered a shell company, as defined in U.S. securities laws and regulations. The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself out as being engaged in those activities. The Company intends to evaluate and explore all available strategic options. The Company will continue to work to maximize stockholder value. Such strategic options may include acquisition of an invest

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement Regarding Forward-Looking This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. The words "may," "will," "anticipate," "should," "would," "believe," "contemplate," "could," "project," "predict," "expect," "estimate," "continue," and "intend," as well as other similar words and expressions of the future, are intended to identify forward-looking statements. Factors that may cause actual results to differ from those results expressed or implied, include, but are not limited to, those listed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed by the Company with the Securities and Exchange Commission (the "SEC") on March 27, 2024. These forward-looking beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. These statements are based upon our opinions and estimates as of the date they are made. Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond our control, which could cause actual results, performance and achievements to differ materially from results, performance and achievements projected, expected, expressed or implied

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