Portsmouth Square Inc. Files Q1 2025 10-Q

TL;DR

PSQI 10-Q filed. Q1 2025 results are in.

AI Summary

Portsmouth Square Inc. filed its 10-Q for the period ending September 30, 2024. The company, incorporated in California, operates in land subdivision and development. Its principal business address is in Los Angeles, CA.

Why It Matters

This filing provides investors with an update on Portsmouth Square Inc.'s financial performance and operational status for the first quarter of its 2025 fiscal year.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant financial distress indicated.

Key Numbers

• Q1 --06-30 2025 — Fiscal Quarter End (Indicates the reporting period covers the first quarter of the 2025 fiscal year.)
• 2024-07-01 2024-09-30 — Reporting Period (The specific dates for which financial information is provided in this 10-Q.)

Key Players & Entities

• PORTSMOUTH SQUARE INC (company) — Filer
• 2024-09-30 (date) — Period of Report
• 2024-11-13 (date) — Filing Date
• CA (location) — State of Incorporation
• LOS ANGELES (location) — Business Address City

FAQ

Filing Documents

• form10-q.htm (10-Q) — 617KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-045042.txt ( ) — 3907KB
• prsi-20240930.xsd (EX-101.SCH) — 34KB
• prsi-20240930_cal.xml (EX-101.CAL) — 48KB
• prsi-20240930_def.xml (EX-101.DEF) — 134KB
• prsi-20240930_lab.xml (EX-101.LAB) — 242KB
• prsi-20240930_pre.xml (EX-101.PRE) — 200KB
• form10-q_htm.xml (XML) — 522KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and June 30, 2024 3 Condensed Consolidated Statements of Operations for the Three Months ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Shareholders' Deficit for the Three Months ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months ended September 30, 2024 and 2023 (Unaudited) 6 Notes to the Condensed Consolidated Financial Statements (Unaudited) 7-15 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 16-22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 23

Signatures

Signatures 24 - 2 - PART 1 FINANCIAL INFORMATION Item 1 – Financial Statements PORTSMOUTH SQUARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS As of September 30, 2024 (unaudited) June 30, 2024 ASSETS Investment in Hotel, net $ 34,430,000 $ 35,065,000 Investment in marketable securities 207,000 209,000 Cash and cash equivalents 4,839,000 3,511,000 Restricted cash 2,049,000 1,264,000 Accounts receivable, net 606,000 519,000 Other assets, net 707,000 834,000 Total assets $ 42,838,000 $ 41,402,000 LIABILITIES AND SHAREHOLDERS' DEFICIT Liabilities: Accounts payable and other liabilities - Hotel $ 16,061,000 $ 13,756,000 Accounts payable and other liabilities 1,038,000 1,477,000 Accounts payable and other liabilities 1,038,000 1,477,000 Accounts payable to related party 13,178,000 11,515,000 Related party notes payable 26,493,000 26,493,000 Other notes payable 2,404,000 2,388,000 Mortgage notes payable, net 100,546,000 100,783,000 Total liabilities 159,720,000 156,412,000 Shareholders' deficit: Common stock, no par value: Authorized shares - 750,000 ; 734,187 shares issued and outstanding shares as of September 30, 2024 and June 30, 2024, respectively 2,092,000 2,092,000 Accumulated deficit ( 118,974,000 ) ( 117,102,000 ) Total shareholders' deficit ( 116,882,000 ) ( 115,010,000 ) Total liabilities and shareholders' deficit $ 42,838,000 $ 41,402,000 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 September 30, 2024 2023 Revenue - Hotel $ 11,820,000 $ 11,093,000 Costs and operating expenses Hotel operating expenses ( 8,792,000 ) ( 9,281,000 ) Hotel depreciation and amortization expense ( 903,000 ) ( 821,000 ) General and administrative expense ( 355,000 ) ( 319,000

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View this 10-Q filing on SEC EDGAR