Ridgefield Acquisition Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ridgefield Acquisition Corp has filed its Q1 2024 10-Q report detailing financial positions and executive-related transactions.</b>

AI Summary

RIDGEFIELD ACQUISITION CORP (RDGAD) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Ridgefield Acquisition Corp filed a 10-Q for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024. Key financial statement information such as common stock, retained earnings, and additional paid-in capital are detailed. The company's business address is in Carson City, NV. Steven N. Bronson, CEO of Qualstar Corporation, is noted in relation to unsecured revolving promissory note interest and principal.

Why It Matters

For investors and stakeholders tracking RIDGEFIELD ACQUISITION CORP, this filing contains several important signals. This filing provides investors with the latest financial performance and position of Ridgefield Acquisition Corp, crucial for evaluating investment value. Details on executive-related promissory notes offer insight into potential related-party transactions and their financial implications.

Risk Assessment

Risk Level: — RIDGEFIELD ACQUISITION CORP shows moderate risk based on this filing. The filing is a standard 10-Q for a SPAC, with no immediate red flags indicating high risk beyond the typical uncertainties of SPACs.

Analyst Insight

Monitor future filings for updates on the company's business development and potential merger or acquisition activities.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)

Key Players & Entities

• RIDGEFIELD ACQUISITION CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• Carson City, NV (location) — Business address city and state
• Steven N. Bronson (person) — Mentioned in relation to promissory notes
• Qualstar Corporation (company) — Company associated with Steven N. Bronson

FAQ

Industry Context

Ridgefield Acquisition Corp is a special purpose acquisition company (SPAC), typically formed to raise capital for the purpose of acquiring an existing company.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose financial and other information.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Track any announcements regarding potential business combinations or acquisitions by Ridgefield Acquisition Corp.
3. Analyze the terms and implications of the unsecured revolving promissory notes involving Steven N. Bronson.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following previous filings for earlier periods.

Key Financial Figures

• $28,299 — all, the Company incurred a net loss of $28,299 during the three months ended March 31,
• $21,059 — h 31, 2024 as compared to a net loss of $21,059 during the three months ended March 31,
• $22,693 — 4, the Company incurred G&A expenses of $22,693, an increase of $4,577 compared to G&A
• $4,577 — G&A expenses of $22,693, an increase of $4,577 compared to G&A expenses of $18,116 dur
• $18,116 — e of $4,577 compared to G&A expenses of $18,116 during the three months ended March 31,
• $5,606 — t expense. Other expense increased to $5,606 during the three months ended March 31,
• $2,943 — hs ended March 31, 2024, as compared to $2,943 during the three months ended March 31,
• $4,006 — ompany incurred net interest expense of $4,006 during the three months ended March 31,
• $1,843 — months ended March 31, 2024 compared to $1,843 during the three months ended March 31,
• $2,452 — 24, we had cash and cash equivalents of $2,452 and a working capital deficit of $33,30
• $33,302 — $2,452 and a working capital deficit of $33,302, excluding the related party debt princ
• $163,302 — bt, we had a working capital deficit of $163,302. Cash and cash equivalents consist of
• $200,000 — ote"), in the principal amount of up to $200,000 payable to Mr. Bronson, pursuant to whi

Filing Documents

• rdga-20240331x10q.htm (10-Q) — 501KB
• rdga-20240331xex31.htm (EX-31) — 13KB
• rdga-20240331xex32.htm (EX-32) — 6KB
• 0001410578-24-000755.txt (&nbsp;) — 1753KB
• rdga-20240331.xsd (EX-101.SCH) — 13KB
• rdga-20240331_cal.xml (EX-101.CAL) — 12KB
• rdga-20240331_def.xml (EX-101.DEF) — 39KB
• rdga-20240331_lab.xml (EX-101.LAB) — 98KB
• rdga-20240331_pre.xml (EX-101.PRE) — 86KB
• rdga-20240331x10q_htm.xml (XML) — 206KB

– FINANCIAL STATEMENTS

PART I – FINANCIAL STATEMENTS ITEM 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Changes in Stockholders' Equity (Deficit) 3 Consolidated Statements of Cash Flows 4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 5 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 7 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 10 ITEM 4.

Controls and Procedures

Controls and Procedures 11

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 6. Exhibits 12

SIGNATURES

SIGNATURES 13 i Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY Consolidated Balance Sheets ( unaudited ) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,452 $ 24,415 TOTAL ASSETS $ 2,452 $ 24,415 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 18,837 $ 16,507 Related party note and interest payable 146,917 142,911 TOTAL LIABILITIES 165,754 159,418 COMMITMENTS AND CONTINGENCIES — — STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock, $ .01 par value; authorized - 5,000,000 shares; issued - none — — Common stock, $ .001 par value; authorized - 30,000,000 shares; issued and outstanding - 2,860,773 on March 31, 2024 and December 31, 2023 2,861 2,861 Additional paid in capital 1,914,819 1,914,819 Accumulated deficit ( 2,080,982 ) ( 2,052,683 ) TOTAL STOCKHOLDERS' EQUITY (DEFICIT) ( 163,302 ) ( 135,003 ) TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 2,452 $ 24,415 See accompanying notes to these unaudited consolidated financial statements. 1 Table of Contents RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY Consolidated Statements of Operations ( unaudited ) Three Months Ended March 31, 2024 2023 OPERATING EXPENSES General and administrative expenses $ ( 22,693 ) $ ( 18,116 ) Total Operating Expenses ( 22,693 ) ( 18,116 ) OPERATING LOSS ( 22,693 ) ( 18,116 ) OTHER EXPENSE Other expense ( 1,600 ) ( 1,100 ) Interest expense ( 4,006 ) ( 1,843 ) Total Other Expense ( 5,606 ) ( 2,943 ) NET LOSS $ ( 28,299 ) $ ( 21,059 ) NET LOSS PER COMMON SHARE Basic and Dilutive $ ( 0.01 ) $ ( 0.01 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and Dilutive 2,860,773 2,860,773 See accompanying notes to these unaudited consolidated financial statements. 2 Table of Contents RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY Consolidated Statements of Changes

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements ( unaudited ) NOTE 1 – THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION AND NATURE OF OPERATIONS Ridgefield Acquisition Corp. ("we", "us", "our", "Ridgefield" or the "Company") was incorporated under the laws of the State of Colorado on October 13, 1983. Effective June 23, 2006, the Company was reincorporated under the laws of the State of Nevada through the merger of the Company with a wholly owned subsidiary of the Company. Since July 2000, the Company has suspended all operations, except for necessary administrative matters. The Company has no principal operations or revenue producing activities. The Company is pursuing an acquisition strategy whereby it is seeking to arrange for a merger, acquisition or other business combination with a viable operating entity. GOING CONCERN AND LIQUIDITY The Company has an accumulated deficit balance as of March 31, 2024 and net loss during the three months ended March 31, 2024. These conditions, among others, raise substantial doubt about the Company's ability to continue operations as a going concern. The Company's financial statements are prepared using U.S. GAAP applicable to a going concern for the next twelve months from the date of this filing, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2024. In order to continue as a going concern and to develop a reliable source of revenues and achieve a profitable level of operations the Company will need, among other things, additional capital resour

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 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "plan," "expect" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our future financial and operating results; our business strategy of pursuing the acquisition of an operating entity; future financing initiatives; our intentions, expectations and beliefs regarding a merger, acquisition or other business combination with a viable operating entity; and our ability to comply with evolving legal standards and regulations, particularly concerning requirements for being a public company and United States export regulations. These forward-looking statements speak only as of the date of this Form 10-Q and are subject to uncertainties, assumptions and business and economic risks. As such, our actual results could differ materially from those set forth in the forward-looking statements It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Form 10-Q may not occur, and actual results could differ materially and adversely from those anticipated or implied in our forw

View Full Filing

View this 10-Q filing on SEC EDGAR