Portsmouth Square Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Portsmouth Square Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023, providing an update on its financial position and operations.</b>

AI Summary

PORTSMOUTH SQUARE INC (PRSI) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Portsmouth Square Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter and year-to-date periods. Key dates include the filing date of February 14, 2024. The company is incorporated in California and operates in the Land Subdividers & Developers sector. The report details financial information for periods ending December 31, 2023, and comparative periods.

Why It Matters

For investors and stakeholders tracking PORTSMOUTH SQUARE INC, this filing contains several important signals. This 10-Q filing provides investors with crucial, up-to-date financial information for Portsmouth Square Inc., enabling informed investment decisions. The detailed financial data within the report allows for analysis of the company's performance trends and operational health over the specified periods.

Risk Assessment

Risk Level: low — PORTSMOUTH SQUARE INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or high-risk events.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Portsmouth Square Inc.'s current operational performance and financial health.

Key Numbers

• 2023-12-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-14 — Filing Date (FILED AS OF DATE)
• 2023-07-01 — Quarter Start Date (Quarterly reporting period)
• 2023-09-30 — Quarter End Date (Quarterly reporting period)

Key Players & Entities

• PORTSMOUTH SQUARE INC (company) — FILER
• 0000079661 (company) — CENTRAL INDEX KEY
• CA (company) — STATE OF INCORPORATION
• LOS ANGELES (company) — CITY
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240214 (date) — FILED AS OF DATE
• PRSI (company) — ticker symbol
• John V. Winfield (person) — related party

FAQ

Industry Context

Portsmouth Square Inc. operates within the Land Subdividers & Developers sector, focusing on real estate development and related activities.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Examine any disclosures related to related-party transactions or significant contracts.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-02-14: 10-Q Filing — Reported for the period ending December 31, 2023.

Year-Over-Year Comparison

This is a 10-Q filing, providing a quarterly update on the company's financial performance and position.

Filing Documents

• form10-q.htm (10-Q) — 728KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-006479.txt (&nbsp;) — 4143KB
• prsi-20231231.xsd (EX-101.SCH) — 34KB
• prsi-20231231_cal.xml (EX-101.CAL) — 49KB
• prsi-20231231_def.xml (EX-101.DEF) — 151KB
• prsi-20231231_lab.xml (EX-101.LAB) — 242KB
• prsi-20231231_pre.xml (EX-101.PRE) — 206KB
• form10-q_htm.xml (XML) — 620KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of December 31, 2023 (Unaudited) and June 30, 2023 3 Condensed Consolidated Statements of Operations for the Three Months ended December 31, 2023 and 2022 (Unaudited) 4 Condensed Consolidated Statements of Operations for the Six Months ended December 31, 2023 and 2022 (Unaudited) 5 Condensed Consolidated Statements of Shareholders' Deficit for the Three and Six Months ended December 31, 2023 and 2022 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months ended December 31, 2023 and 2022 (Unaudited) 7 Notes to the Condensed Consolidated Financial Statements 8-18 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19-25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 27

Signatures

Signatures 28 -2- PART 1 FINANCIAL INFORMATION Item 1 – Condensed Consolidated Financial Statements PORTSMOUTH SQUARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31, 2023 (unaudited) June 30, 2023 ASSETS Investment in hotel, net $ 34,638,000 $ 34,381,000 Investment in marketable securities 325,000 359,000 Cash and cash equivalents 3,668,000 2,295,000 Restricted cash 800,000 2,911,000 Accounts receivable, net 447,000 419,000 Other assets, net 979,000 735,000 Total assets $ 40,857,000 $ 41,100,000 LIABILITIES AND SHAREHOLDERS' DEFICIT Liabilities: Accounts payable and other liabilities - Hotel $ 11,884,000 $ 11,615,000 Accounts payable and other liabilities 119,000 66,000 Accounts payable and other liabilities 119,000 66,000 Accounts payable to related party 9,241,000 7,283,000 Related party notes payable 18,200,000 15,700,000 Other notes payable 2,671,000 2,954,000 Mortgage notes payable, net 106,503,000 107,117,000 Total liabilities 148,618,000 144,735,000 Shareholders' deficit: Common stock, no par value: Authorized shares - 750,000 ; 734,187 shares issued and outstanding shares as of December 31, 2023 and June 30, 2023, respectively 2,092,000 2,092,000 Accumulated deficit ( 109,853,000 ) ( 105,727,000 ) Total shareholders' deficit ( 107,761,000 ) ( 103,635,000 ) Total liabilities and shareholders' deficit $ 40,857,000 $ 41,100,000 The accompanying notes are an integral part of these (unaudited) condensed consolidated financial statements. -3- PORTSMOUTH SQUARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ended December 31, 2023 2022 Revenue - Hotel $ 10,225,000 $ 9,892,000 Costs and operating expenses Hotel operating expenses ( 9,405,000 ) ( 8,726,000 ) Hotel depreciation and amortization expense ( 841,000 ) ( 635,000 ) General and administrative expense ( 434,000 ) ( 517,000

View Full Filing

View this 10-Q filing on SEC EDGAR