Portsmouth Square Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Portsmouth Square Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

PORTSMOUTH SQUARE INC (PRSI) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Portsmouth Square Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of the fiscal year. The company's fiscal year ends on June 30. The principal business address is in Los Angeles, California. The SIC code is 6552 for Land Subdividers & Developers.

Why It Matters

For investors and stakeholders tracking PORTSMOUTH SQUARE INC, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the third quarter. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — PORTSMOUTH SQUARE INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant new disclosures that would indicate high risk.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-14 — Filing Date (FILED AS OF DATE)
• 0630 — Fiscal Year End (FISCAL YEAR END)
• 6552 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• PORTSMOUTH SQUARE INC (company) — FILER
• 0000079661 (company) — CENTRAL INDEX KEY
• CA (location) — STATE OF INCORPORATION
• LOS ANGELES (location) — BUSINESS ADDRESS CITY
• 90025 (location) — BUSINESS ADDRESS ZIP
• PRSI (company) — Ticker Symbol

FAQ

Industry Context

Portsmouth Square Inc. operates within the real estate sector, specifically as a land subdivider and developer.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and profitability trends.
2. Review any disclosures regarding significant contracts, legal proceedings, or related-party transactions.
3. Assess management's discussion and analysis (MD&A) for insights into business strategy and future outlook.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, providing a quarterly update. A comparison to the previous quarter's 10-Q or the prior year's 10-Q would be necessary for detailed trend analysis.

Filing Documents

• form10-q.htm (10-Q) — 772KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-019165.txt (&nbsp;) — 4328KB
• prsi-20240331.xsd (EX-101.SCH) — 34KB
• prsi-20240331_cal.xml (EX-101.CAL) — 49KB
• prsi-20240331_def.xml (EX-101.DEF) — 149KB
• prsi-20240331_lab.xml (EX-101.LAB) — 244KB
• prsi-20240331_pre.xml (EX-101.PRE) — 206KB
• form10-q_htm.xml (XML) — 657KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and June 30, 2023 3 Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Operations for the Nine Months ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Shareholders' Deficit for the Three and Nine Months ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Nine Months ended March 31, 2024 and 2023 (Unaudited) 7 Notes to the Condensed Consolidated Financial Statements (Unaudited) 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 19-26 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 28

Signatures

Signatures 29 - 2 - PART 1 FINANCIAL INFORMATION Item 1 – Condensed Consolidated Financial Statements PORTSMOUTH SQUARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2024 (unaudited) June 30, 2023 ASSETS Investment in hotel, net $ 34,509,000 $ 34,381,000 Investment in marketable securities 313,000 359,000 Cash and cash equivalents 3,572,000 2,295,000 Restricted cash 1,637,000 2,911,000 Accounts receivable, net 459,000 419,000 Other assets, net 1,165,000 735,000 Total assets $ 41,655,000 $ 41,100,000 LIABILITIES AND SHAREHOLDERS' DEFICIT Liabilities: Accounts payable and other liabilities - Hotel $ 13,151,000 $ 11,615,000 Accounts payable and other liabilities 123,000 66,000 Accounts payable and other liabilities 123,000 66,000 Accounts payable to related party 10,339,000 7,283,000 Related party notes payable 20,100,000 15,700,000 Other notes payable 2,529,000 2,954,000 Mortgage notes payable, net 106,045,000 107,117,000 Total liabilities 152,287,000 144,735,000 Shareholders' deficit: Common stock, no par value: Authorized shares - 750,000 ; 734,187 shares issued and outstanding shares as of March 31, 2024 and June 30, 2023, respectively 2,092,000 2,092,000 Accumulated deficit ( 112,724,000 ) ( 105,727,000 ) Total shareholders' deficit ( 110,632,000 ) ( 103,635,000 ) Total liabilities and shareholders' deficit $ 41,655,000 $ 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 March 31, 2024 2023 Revenue - Hotel $ 10,758,000 $ 10,430,000 Costs and operating expenses Hotel operating expenses ( 9,239,000 ) ( 8,413,000 ) Hotel depreciation and amortization expense ( 860,000 ) ( 693,000 ) General and administrative expense ( 301,000 ) ( 496,0

View Full Filing

View this 10-Q filing on SEC EDGAR