UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31 2021, 2023
OR
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 000-16335
RIDGEFIELD ACQUISITION CORP.
(Exact Name of Registrant as Specified in Its charter)
Nevada | 84-0922701 |
(State or Other Jurisdiction of | (I.R.S. Employer |
Incorporation or Organization) | Identification No.) |
3250 Retail Drive3827 S Carson St, Unit 505-25, Suite 120 - 518PMB 1078, Carson City, NevadaNV 89706-068689701
(Address of Principal Executive Offices) (Zip Code)
(805) 484-8855
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $0.001 par value
(Title of Class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ◻☐ No ⌧☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ◻☐ No ⌧☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧☒ No ◻☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such fi les). Yes ⌧☒ No ◻☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer |
| Accelerated filer |
Non-accelerated filer |
| Smaller reporting company |
|
| Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ⌧☒ No ◻☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
As of June 30, 20212023 the aggregate market value of the voting and non-voting common equity held by non-affiliates was $779,158$29,682 computed by reference to the closing price on that date.
As of March 11, 2022,12, 2024, the registrant had 2,860,773 shares of common stock issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
None
RIDGEFIELD ACQUISITION CORP.
FORM 10-K
Table of Contents
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 9 | |
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS |
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CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
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2
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K 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 speak only as of the date of this Form 10-K 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-K may not occur, and actual results could differ materially and adversely from those anticipated or implied in our forward-looking statements.
Forward-looking statements should not be relied upon as predictions of future events. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Form 10-K, to conform these statements to actual results or to changes in our expectations, except as required by law.
This Annual Report on Form 10-K and the documents that we reference in this Annual Report on Form 10-K and have filed with the Securities and Exchange Commission as exhibits thereto should be read with the understanding that our actual future results and circumstances may be materially different from what we expect.
43
PART I
ITEM 1. BUSINESS.
Ridgefield Acquisition Corp. (“we”, “us”, “our”, “Ridgefield” or the “Company”) was originally incorporated as a Colorado corporation on October 13, 1983 under the name Ozo Diversified, Inc. On June 23, 2006, the Company filed Articles of Merger with the Secretary of State of the State of Nevada that effected the merger between the Company and a wholly-owned subsidiary formed under the laws of the State of Nevada (“RAC-NV”), pursuant to the Articles of Merger, whereby RAC-NV was the surviving corporation. The merger changed the domicile of the Company from the State of Colorado to the State of Nevada. Furthermore, as a result of the Articles of Merger the Company is authorized to issue 35,000,000 shares of capital stock consisting of 30,000,000 shares of common stock, $.001 par value per share and 5,000,000 shares of preferred stock, $.01 par value per share.
On March 9, 1999, the Company completed the sale of substantially all of its assets to JOT Automation, Inc. (the “JOT Transaction”). As a result of the JOT Transaction, the Company’s historical business, with operations primarily involving a depaneling and routing businesses, was considered to be a “discontinued operation” and, consequently, provides no benefit to persons seeking to understand the Company’s financial condition or results of operations. Following the JOT Transaction, the Company devoted its efforts to the development of a prototype micro-robotic device (the “micro-robotic device”) to manipulate organic tissues on an extremely small scale. Due to the inability to complete the micro-robotic device, the Company determined that it would cease the development of the micro-robotic device and, as of June 30, 2000, the capitalized costs related to the patent underlying the micro-robotic device were written off by the Company.
On March 19, 2002, the Company was awarded United States Patent No. US 6,358,749 B1 for the “Automated System for Chromosome Microdissection and Method of Using Same” (the “Patent”). During the first quarter of 2003, the Board of Directors of the Company authorized the formation of a wholly-owned subsidiary of the Company for the purposes of owning, developing and exploiting the Patent. On March 3, 2003, the Company filed Articles of Incorporation with the Secretary of State of the State of Nevada to form Bio-Medical Automation, Inc., a Nevada corporation wholly-owned by the Company (“Bio-Medical” or the “Subsidiary”). In May 2003, the Company transferred the Patent to the Subsidiary in exchange for 100% of the outstanding shares of the common stock of the Subsidiary. The Company never derived any revenues from the Patent.
As of December 31, 2021,2023, Bio-Medical had 35,000,000 shares of capital stock authorized for issuance consisting of (1) 30,000,000 shares of common stock par value $.001 per share; and (2) 5,000,000 shares of preferred stock par value $.01 per share. Bio-Medical has 1,140,773 shares of its common stock issued and outstanding, all of which are owned by the Company. Bio-Medical has no shares of preferred stock issued or outstanding. A copy of the Articles of Incorporation and bylaws of Bio-Medical are attached to the Company’s Annual Report on Form 10-KSB for the year ended December 31, 2005 as Exhibit 3.6 and Exhibit 3.7, respectively, and such documents are incorporated herein by reference.
Since July 2000, the Company has suspended all operations, except for necessary administrative matters relating to the timely filing of periodic reports as required by the Securities Exchange Act of 1934. The Company is a “shell company” as defined in Rule 12b-2 of the Act. Accordingly, during the years ended December 31, 20212023 and December 31, 20202022 we earned no revenues.
Our principal executive office is located at 3250 Retail Drive, Suite 120-518,3827 S Carson St, Unit 505-25 PMB 1078, Carson City, NV 89706-0686,89701, and the telephone number is (805) 484-8855. Our website address is www.ridgefieldacquisition.com. None of the information on our website is part of this Form 10-K.
Acquisition Strategy
Our plan of operation is to arrange for a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity. In seeking to arrange a merger, acquisition, business combination or other arrangement, our objective will be to obtain long-term capital appreciation for the Company’s shareholders. WeWhile we have not identified various operating entities, none have risen to the level of being a viable operating entity for a merger, acquisition, business combination or other arrangement, and therearrangement. There can be no assurance that the Company will ever successfully arrange for a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity.
54
We anticipate that theThe selection of a business opportunity will beis a complex process and will involveinvolves a number of risks, because potentially available business opportunities may occur in many different industries and may be in various stages of development. Due in part to economic conditions in a number of geographic areas, rapid technological advances being made in some industries and shortages of available capital, we believe that there are numerous firms seeking either the limited additional capital which the Company will have or the benefits of a publicly traded corporation, or both. The perceived benefits of a publicly traded corporation may include facilitating or improving the terms upon which additional equity financing may be sought, providing liquidity for principal shareholders, creating a means for providing incentive stock options or similar benefits to key employees, and other factors.
In many cases, management of the Company will have the authority to effect acquisitions without submitting the proposal to the shareholders for their consideration. In some instances, however, the proposed participation in a business opportunity may be submitted to the shareholders for their consideration, either voluntarily by the Board of Directors to seek the shareholders’ advice and consent, or because of a requirement of state law to do so.
The Company may need additional funds in order to effectuate a merger, acquisition or other arrangement by and between the Company and a viable operating entity, although there is no assurance that we will be able to obtain such additional funds, if needed. Even if we are able to obtain additional funds there is no assurance that the Company will be able to effectuate a merger, acquisition or other arrangement by and between the Company and a viable operating entity.
Competition
In connection with its Acquisition Strategy, the Company expects to encounter intense competition from other entities having business objectives similar to those of the Company. Many of these entities, including SPACs, venture capital firms, blind pool companies, large industrial and financial institutions, small business investment companies and wealthy individuals, are well-established and have extensive experience in connection with identifying and effecting acquisitions directly or through affiliates. Many of these competitors possess greater financial, technical, human and other resources than the Company and there can be no assurance that the Company will have the ability to compete successfully with such entities. The Company’s financial resources will be limited in comparison to those of many of its competitors. The Company’s limited financial resources may compel the Company to select certain less attractive acquisition prospects.
Employees
As of March 11, 2022,12, 2024, the Company had 1 employee, Steven N. Bronson, who serves as the Company’s Chairman, President and Chief Executive Officer but takes no salary. The Company does not have any employees that are represented by a union or other collective bargaining group.
ITEM 1A. RISK FACTORS.
Not required.
ITEM 1B. UNRESOLVED STAFF COMMENTSCOMMENTS.
None.
5
ITEM 2. PROPERTIES.
The Company maintains an administrative office at 3250 Retail Drive, Suite 120-518,3827 S Carson St, Unit 505-25 PMB 1078, Carson City, NV 89706-0686,89701, which serves as its principal office. Steven N. Bronson, the Company’s Chairman, President, CEO, and majority shareholder, primarily works remotely from his private office in Irvine, California, at his own expense.
6
ITEM 3. LEGAL PROCEEDINGS.
We are not party to any legal proceedings. We may, from time to time, be party to litigation and subject to claims incident to the ordinary course of business. As our acquisition strategy develops, we may become party to an increasing number of litigation matters and claims. The outcome of litigation and claims cannot be predicted with certainty, and the resolution of any future matters could materially affect our future financial position, results of operations or cash flows.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
76
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information
The Company’s common stock is quoted on the Pink tier of the OTC Markets Group under the symbol “RDGA”. The following table sets forth, for the periods indicated, the high and low closing bid prices of our common stock as reported by the OTC Markets Group. The following quotations reflect inter-dealer prices, without retail mark-ups, markdowns, or commissions, and do not necessarily represent actual transactions.
| | | | | | | | |
COMMON STOCK | COMMON STOCK | COMMON STOCK | ||||||
Year/Fiscal Period |
| High ($) |
| Low ($) |
| High ($) |
| Low ($) |
2021 |
|
|
|
| ||||
2023 |
|
|
|
| ||||
Fourth Quarter |
| 4.00 |
| 3.50 |
| 0.27 |
| 0.20 |
Third Quarter |
| 5.25 |
| 3.50 |
| 0.20 |
| 0.20 |
Second Quarter |
| 6.00 |
| 3.50 |
| 0.20 |
| 0.20 |
First Quarter |
| 16.88 |
| 2.20 |
| 3.00 |
| 0.20 |
| | | | | | | | |
2020 |
|
|
|
| ||||
2022 |
| |
| | ||||
Fourth Quarter |
| 2.50 |
| 2.10 |
| 3.25 |
| 3.00 |
Third Quarter |
| 2.50 |
| 2.50 |
| 3.25 |
| 3.25 |
Second Quarter |
| 2.50 |
| 2.50 |
| 3.54 |
| 3.25 |
First Quarter |
| 2.75 |
| 2.50 |
| 3.50 |
| 3.50 |
Holders of Record
As of March 11, 2022,12, 2024, the Company had approximately 643 shareholders of record of its common stock, $0.001 par value. The Company has not issued any preferred stock.
Penny Stock Regulations
The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a market price of less than $5.00, other than securities registered on certain national securities exchanges, provided that current price and volume information with respect to transactions in such securities is provided by the exchange. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the SEC, that: (a) contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; (b) contains a description of the broker’s or dealer’s duties to the customer and of the rights and remedies available to the customer with respect to a violation of such duties or other requirements of the securities laws; (c) contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price; (d) contains a toll-free telephone number for inquiries on disciplinary actions; (e) defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and (f) contains such other information and is in such form, including language, type size and format, as the SEC shall require by rule or regulation.
The broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and (d) a monthly account statement showing the market value of each penny stock held in the customer’s account.
In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written acknowledgment of the receipt of a risk disclosure statement, a written agreement as to transactions involving penny stocks, and a signed and dated copy of a written suitability statement.
87
These disclosure requirements may have the effect of reducing the trading activity for our common stock. Therefore, stockholders may have difficulty selling our securities.
Dividend Policy
We currently intend to retain all available funds and any future earnings for use in the execution of our acquisition strategy and the operation of our business and do not anticipate paying any cash dividends on our common stock in the foreseeable future, if at all. Any future determination to declare cash dividends will be made at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements, general business conditions and other factors that our board of directors may deem relevant.
Purchases of Equity Securities By The Issuer and Affiliated Purchasers
None.
Recent Sale of Unregistered Securities
None.
Purchase of Our Equity by Officers and Directors
On March 26, 2021, the Company sold 1,600,000 sharesThere have been no recent purchases of its Common Stock to its Presidentour equity by officers and Chief Executive Officer, Steven N. Bronson at a price of $0.25 per share, for an aggregate purchase price of $400,000. Mr. Bronson paid the purchase price for the shares by cancelling $349,442 in principal and accrued interest outstanding under a Revolving Promissory Note, dated as of December 31, 2016, made by the Company in favor of Mr. Bronson, as amended to date, and paying $50,558 in cash.directors.
Other Information
The Company’s shares are covered by Section 15(g) of the Securities Exchange Act of 1934, as amended, and Rules 15g-1 through 15g-6 promulgated thereunder, which impose additional sales practice requirements on broker-dealers who sell our securities to persons other than established customers and accredited investors.
ITEM 6. SELECTED FINANCIAL DATA
Not applicable.
8
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes to the consolidated financial statements included later in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs and expectations that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly “Special Note Regarding Forward-Looking Statements.”
Overview
Ridgefield Acquisition Corp. (“we”, “us”, “our”, “Ridgefield” or the “Company”) was originally incorporated as a Colorado corporation on October 13, 1983 under the name Ozo Diversified, Inc. On June 23, 2006, the Company filed Articles of Merger with the Secretary of State of the State of Nevada that effected the merger between the Company and a wholly-owned subsidiary formed under the laws of the State of Nevada (“RAC-NV”), pursuant to the Articles of Merger, whereby RAC-NV was the surviving corporation. The merger changed the domicile of the Company from the State of Colorado to the State of Nevada. Furthermore, as a
9
result of the Articles of Merger the Company is authorized to issue 35,000,000 shares of capital stock consisting of 30,000,000 shares of common stock, $.001 par value per share and 5,000,000 shares of preferred stock, $.01 par value per share.
Since July 2000, the Company has suspended all operations, except for necessary administrative matters relating to the timely filing of periodic reports as required by the Securities Exchange Act of 1934. The Company is a “shell company” as defined in Rule 12b-2 of the Exchange Act. Accordingly, during the twelve months ended December 31, 20212023 and 2022 we earned no revenues.
Our principal executive office is located at 3250 Retail Drive, Suite 120-518,3827 S Carson St, Unit 505-25 PMB 1078, Carson City, NV 89706-068689701 and the telephone number is (805) 484-8855. Our website address is www.ridgefieldacquisition.com. None of the information on our website is part of this Form 10-K.
Outlook
Our plan of operation is to arrange for a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity. WeIn seeking to arrange a merger, acquisition, business combination or other arrangement, our objective will be to obtain long-term capital appreciation for the Company’s shareholders. While we have not identified various operating entities, none have risen to the level of being a viable operating entity for a merger, acquisition, business combination or other arrangement, and therearrangement. There can be no assurance that the Company will ever successfully arrange for a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity.
We anticipate that theThe selection of a business opportunity will beis a complex process and will involveinvolves a number of risks, because potentially available business opportunities may occur in many different industries and may be in various stages of development. Due in part to economic conditions in a number of geographic areas, rapid technological advances being made in some industries and shortages of available capital, we believe that there are numerous firms seeking either the limited additional capital which the Company will have or the benefits of a publicly traded corporation, or both. The perceived benefits of a publicly traded corporation may include facilitating or improving the terms upon which additional equity financing may be sought, providing liquidity for principal shareholders, creating a means for providing incentive stock options or similar benefits to key employees, and other factors.
In some cases, management of the Company will have the authority to effect acquisitions without submitting the proposal to the shareholders for their consideration. In some instances, however, the proposed participation in a business opportunity may be submitted to the shareholders for their consideration, either voluntarily by the Board of Directors to seek the shareholders’ advice and consent, or because of a requirement of state law to do so.
The Company may need additional funds in order to effectuate a merger, acquisition or other arrangement by and between the Company and a viable operating entity, although there is no assurance that we will be able to obtain such additional funds, if needed.
9
In seeking to arrange a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity, our objective will be to obtain long-term capital appreciation for the Company’s shareholders. As stated before, there can be no assurance that we will be able to complete any merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity, and there can be no assurance that such a transaction will result in long-term capital appreciation.
In connection with its Acquisition Strategy, the Company expects to encounter competition from other entities having business objectives similar to those of the Company. Many of these entities, including SPACs, venture capital firms, blind pool companies, large industrial and financial institutions, small business investment companies and wealthy individuals, are well-established and have extensive experience in connection with identifying and effecting acquisitions directly or through affiliates. Many of these competitors possess greater financial, technical, human and other resources than the Company and there can be no assurance that the Company will have the ability to compete successfully with such entities. The Company’s financial resources will be limited in comparison to those of many of its competitors. The Company’s limited financial resources may compel the Company to select certain less attractive acquisition prospects.
10
Results of Operations for the year ended December 31, 2021,2023, as compared to the year ended December 31, 20202022
Revenues
During the twelve months ended December 31, 20212023 and the twelve months ended December 31, 2020,2022, the Company earned no revenues from operations. Overall, the Company incurred a net loss of $58,533$72,982 during the twelve months ended December 31, 20212023 as compared to $68,230$63,899 during the twelve months ended December 31, 2020.2022.
Because the Company’s operations are primarily administrative, the decreaseincrease in net loss relates entirely to a reductionsignificant increase in interest expense offset by slightly higherand a smaller increase in general and administrative (G&A) expenses.
General and Administrative Expenses
G&A expenses consist of professional fees, service charges, office expenses and similar items. During the twelve months ended December 31, 2021,2023, the Company incurred G&A expenses of $50,148,$60,082 compared to G&A expenses of $42,075$58,923 during the twelve months ended December 31, 2020.2022. The increase of $8,073$1,159 is largelyalmost entirely attributable to an increase in professional fees. During the quarter ended December 31, 2023, the Company changed its independent registered public accounting firm. The overlap and transition between the two certifying accountants, along with a normal increase in annual audit fees, resulted in an increase of approximately $17,240 in audit related fees. This increase was largely offset by a decrease in legal and other professional fees incurred as part of due diligence for a potential transaction that was abandoned in 2022. Going forward we expect to see similar annual increases in costs related to compliance and expenses of being a public company.company, as well as fees related to due diligence when potential transactions are presented.
Other Expenses
Other expenses primarily represent state licenses, filing fees, minimum tax expense and net interest expense. Other expenses decreasedincreased to $8,385$12,900 during the twelve months ended December 31, 2021,2023, as compared to $26,155$4,976 during the twelve months ended December 31, 2020.2022. The decreaseincrease relates almost entirelyprimarily to interest expense.Theexpense. The Company incurred net interest expense of $5,681$10,500 during the twelve months ended December 31, 20212023 compared to $23,417$2,411 during the twelve months ended December 31, 2020, primarily as a result of a loan from2022. The increase in interest expense is consistent with the President of the Company. The loan was cancelled on March 26, 2021increase in underlying principal, and the Company does not expectis expected to incur significant interest expensecontinue that track going forward.
Liquidity and Capital Resources
Cash requirements for working capital and capital expenditures have been funded from cash balances on hand, loans and the issuance of common stock. As of December 31, 2021,2023, we had cash and cash equivalents of $5,638$24,415 and working capital of $1,878. $7,908, excluding the related party debt. With the related party debt, we had a working capital deficit of ($135,003).
Cash and cash equivalents consist of cash and money market funds. We did not have any short-term or long-term investments as of December 31, 2021.2023.
10
Historically, the Company has satisfied its working capital needs from related party loans, primarily from Steven N. Bronson, the Chairman, President, CEO, and majority shareholder. The note agreement wasshareholder, and entities that he controls.
On March 23, 2022, the Company executed a Revolving Promissory Note (the “Note”“Bronson Note”) under which, in the aggregate unpaid principal amount of all outstanding advances shall not exceed $250,000. As of November 1, 2020,up to $200,000 payable to Mr. Bronson, pursuant to which Mr. Bronson may make loans to the Company from time to time. The Bronson Note has a maturity date of March 23, 2027, and Mr. Bronson amended and restatedprovides for interest to accrue on the Note to allow for borrowings over the $250,000 limit. The Maximum Credit Amount was further increased to $500,000. Borrowings under the Note (plus any accrued interest) bear interestunpaid principal at a rate of 10%eight percent (8.0%) per annum.annum (calculated on the basis of a 360-day year), compounded quarterly and payable quarterly on the last business day of the calendar quarter. The loan wasBronson Note may be prepaid by the Company at any time without penalty.
On September 27, 2022, the Company executed a Revolving Promissory Note (the “Qualstar Note”), payable to Qualstar Corporation (“Qualstar”). Mr. Bronson, the Company’s Chairman of the Board, President and Chief Executive Officer, is the President and CEO of Qualstar Corporation, as well as its largest shareholder. Under the terms of the Qualstar Note, Qualstar may (but is not required to) make loans to the Company from time to time upon request by the Company, up to a maximum principal amount of $200,000 outstanding at any time. The Note may be prepaid by the Company at any time without penalty and is repayable uponon demand and accruedby Qualstar on or after December 31, 2024. The Note provides for interest to accrue on the outstanding principal balance at thea rate of 10%ten percent (10.0%) per annum. The loan wasannum (calculated on the basis of a 360-day year), compounded and payable quarterly.
While the cash received from the related party loans will satisfy the Company’s immediate financial needs, it will not secured.
On March 26, 2021,by itself provide the Company sold 1,600,000 shares of its Common Stock to Mr. Bronson at a price of $0.25 per share, for an aggregate purchase price of $400,000. Mr. Bronson paid the purchase price for the shares by cancelling $349,442 in principal and accrued interest outstanding under the loan and paying $50,558 in cash.
11
During the twelve months ended December 31, 2020 and December 31, 2021, the following amounts were payable under the loan:
| | | | | | |
|
| Principal |
| Interest | ||
Balance January 1, 2020 | | $ | 205,161 | | $ | 64,207 |
| | | | | | |
Additions | |
| 46,000 | |
| 23,417 |
Cash Payments | |
| — | |
| — |
Balance December 31, 2020 | | $ | 251,161 | | $ | 87,624 |
| | | | | | |
Additions | |
| 5,000 | |
| 5,657 |
Cash Payments | |
| — | |
| — |
Conversion into Common Stock – March 26, 2021 | | | (256,161) | | | (93,281) |
Balance December 31, 2021 | | $ | — | | $ | — |
While this arrangement satisfied the Company’s short-term financial needs in the past, the Company does not havewith sufficient capital to finance a merger, acquisition or business combination between the Company and a viable operating entity. The Company willmay need additional funds in order to complete a merger, acquisition or business combination between the Company and a viable operating entity. There can be no assurances that the Company will be able to obtain additional funds if and when needed. During the twelve months ended December 31, 2022, and December 31, 2023, the following amounts were payable under all loans:
| | | | | | | | | | | | |
| | Note Payable to |
| Note Payable to | ||||||||
| | Steven N. Bronson | | Qualstar Corporation | ||||||||
|
| Principal |
| Interest |
| Principal |
| Interest | ||||
Balance January 1, 2022 | | $ | — | | $ | — | | $ | — | | $ | — |
| | | | | | | | | | | | |
Additions | | | 30,000 | | | 1,782 | | | 50,000 | | | 629 |
Cash Payments | | | — | | | — | | | | | | |
Balance December 31, 2022 | | $ | 30,000 | | $ | 1,782 | | $ | 50,000 | | $ | 629 |
| | | | | | | | | | | | |
Additions | |
| — | | | 3,076 | | | 50,000 | | | 7,424 |
Cash Payments | |
| — | | | — | | | — | | | — |
Balance December 31, 2023 | | $ | 30,000 | | $ | 4,858 | | $ | 100,000 | | $ | 8,053 |
Critical Estimates and Judgments
The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates its estimates and judgments, including those related to receivables and accrued expenses. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable based on the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates as to the appropriate carrying value of the Company’s deferred income tax asset valuation allowance. These accounting policies are described at relevant sections in this discussion and analysis and in the notes to the consolidated financial statements.
Critical Accounting Policies
The preparation of financial statements in conformity with generally accepted accounting principles of the United States (“U.S. GAAP”) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. The SEC has defined a company’s critical accounting policies as the ones that are most important to the portrayal of the company’s financial condition and
11
results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have identified the critical accounting policies and judgments addressed below. We also have other key accounting policies, which involve the use of estimates, judgments, and assumptions that are significant to understanding our results. Although we believe that our estimates, assumptions, and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments, or conditions.
Going Concern
The Company has an accumulated deficit balance as of December 31, 20212023 and net loss during the year ended December 31, 2021.2023. 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 2021.2023.
12
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 resources. Management’s plans to continue as a going concern include raising additional capital through borrowing and/or sales of equity and debt securities. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
Economy and Inflation
Many leading economists predict high rates of inflation will continue through 2024. We do not believe that inflation has had a material effect on our Company’s results of operations.
In late 2019, there was an outbreak This might not be the case if inflation continues to grow. A prolonged period of a new strain of coronavirus (COVID) first identified in Wuhan, Hubei Province, China, which has since spread globally. On March 11, 2020, the World Health Organization declared COVID a pandemic. Further, the COVID outbreak has resulted in government authorities around the world implementing numerous measures to try to reduce the spread of COVID, such as travel bans and restrictions, quarantines, “shelter-in-place,” “stay-at-home,” total lock-down orders, business limitations or shutdowns and similar orders. As a result, the COVID pandemic has negatively impacted the global economy, disrupted global supply chains and workforce participation, and created significant volatility and disruption of financial markets.
More recently, more contagious variants of COVID, such as the Delta and Omicron variants, have emerged and spread globally, which has caused some governments to reimplement various measures, or impose new restrictions, in an effort to lessen the spread of COVID and its variants.. While we do not expect COVID tohigh inflation may also impact our operations, it could impactability to carry out our acquisition strategy, positivelystrategy. On the other hand, if business conditions deteriorate, it may be easier for us to identify an acquisition candidate.
Adverse developments affecting the financial services industry, including events or negatively.concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our business, results of operations or financial condition. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. For example, on March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver; on March 12, 2023, Signature Bank and Silvergate Capital Corp. were each swept into receivership; and on May 1, 2023, First Republic Bank failed and regulators sold substantially all of its assets to JPMorgan Chase & Co. The extentfailure of First Republic Bank occurred despite a previous attempt by some of the nation’s largest banks to which new opportunities are presentedshore up First Republic’s capital. Although we assess our banking relationships as we believe necessary or appropriate, our access to us will depend onfunding sources and other credit arrangements in amounts adequate to finance or capitalize our current and projected future developments, which remain highly uncertain and cannotbusiness operations could be predicted with confidence.significantly impacted.
Off-Balance-Sheet and Contractual Obligations
Our liquidity is not dependent on the use of off-balance-sheet financing arrangements.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
1312
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
1413
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors ofand Shareholders
Ridgefield Acquisition CorpCorp.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheetssheet of Ridgefield Acquisition Corp. and its subsidiary (collectively, the “Company”)(the Company) as of December 31, 2021 and 2020,2023, and the related consolidated statements of operations, changes in stockholders’ deficit, and cash flows for the yearsyear then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020,2023, and the results of theirits operations and theirits cash flows for the yearsyear then ended in conformity with accounting principles generally accepted in the United States of America.
Going Concern
The accompanying financial statements have been prepared assuming that the entity will continue as a going concern. As discussed in Note 1 to the financial statements, the entity has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the entity’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
/s/ LMHS, P.C.
We have served as the Company’s auditor since 2023.
Norwell, Massachusetts
March 12, 2024
14
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of
Ridgefield Acquisition Corp.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Ridgefield Acquisition Corp. and its subsidiary (collectively, the “Company”) as of December 31, 2022, and the related consolidated statements of operations, stockholders’ deficit, and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
Going Concern Matter
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
CriticalThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
/s/ MaloneBailey, LLP
www.malonebailey.com
We have served as the Company’s auditor since 2018.from 2018
Houston, Texas
March 11, 2022February 28, 2023
15
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Consolidated Balance Sheets
| | | | | | |
|
| December 31, |
| December 31, | ||
| | 2021 | | 2020 | ||
| | | | | | |
ASSETS |
| |
|
| |
|
|
| |
|
| |
|
CURRENT ASSETS |
| |
|
| |
|
Cash and cash equivalents | | $ | 5,638 | | $ | 2,816 |
| |
| | |
| |
TOTAL ASSETS | | $ | 5,638 | | $ | 2,816 |
| |
|
| |
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
|
| |
|
|
| |
|
| |
|
|
CURRENT LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | 3,760 | | $ | 820 |
Accrued expenses - related party | |
| 0 | |
| 2,800 |
Related party note and interest payable | |
| 0 | |
| 338,785 |
| |
| | |
| |
TOTAL CURRENT LIABILITIES | | | 3,760 | | | 342,405 |
| |
|
| |
|
|
COMMITMENTS AND CONTINGENCIES | |
| — | |
| — |
| |
|
| |
|
|
STOCKHOLDERS’ DEFICIT | |
|
| |
|
|
Preferred stock, $.01 par value; authorized - 5,000,000 shares; issued - NaN | |
| 0 | |
| 0 |
Common stock, $.001 par value; authorized - 30,000,000 shares; issued and outstanding - 2,860,773 on December 31, 2021 and 1,260,773 on December 31, 2020 | |
| 2,861 | |
| 1,261 |
Additional paid in capital | |
| 1,914,819 | |
| 1,516,419 |
Accumulated deficit | |
| (1,915,802) | |
| (1,857,269) |
| |
|
| |
|
|
TOTAL STOCKHOLDERS’ DEFICIT | |
| 1,878 | |
| (339,589) |
| |
| | |
| |
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT | | $ | 5,638 | | $ | 2,816 |
| | | | | | |
|
| December 31, |
| December 31, | ||
| | 2023 | | 2022 | ||
| | | | | | |
ASSETS |
| |
|
| |
|
|
| |
|
| |
|
CURRENT ASSETS |
| |
|
| |
|
Cash and cash equivalents | | $ | 24,415 | | $ | 21,200 |
| |
| | |
| |
TOTAL ASSETS | | $ | 24,415 | | $ | 21,200 |
| |
|
| |
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
|
| |
|
|
| |
|
| |
|
|
CURRENT LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | 16,507 | | $ | 810 |
Related party note and interest payable | |
| 142,911 | |
| 82,411 |
| |
| | |
| |
TOTAL LIABILITIES | | | 159,418 | | | 83,221 |
| |
|
| |
|
|
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 December 31, 2023 and 2022 | |
| 2,861 | |
| 2,861 |
Additional paid in capital | |
| 1,914,819 | |
| 1,914,819 |
Accumulated deficit | |
| (2,052,683) | |
| (1,979,701) |
| |
| | |
|
|
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | |
| (135,003) | |
| (62,021) |
| |
| | |
| |
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT) | | $ | 24,415 | | $ | 21,200 |
See accompanying notes to these consolidated financial statements.
16
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Consolidated Statements of Operations
| | | | | | | | | | | | |
| | Twelve Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
|
| 2021 |
| 2020 |
| 2023 |
| 2022 | ||||
OPERATING EXPENSES |
| |
|
| |
|
| |
|
| |
|
General and administrative expenses | | $ | (50,148) | | $ | (42,075) | | $ | (60,082) | | $ | (58,923) |
| |
| | |
| | |
| | |
| |
Total Operating Expenses | |
| (50,148) | |
| (42,075) | |
| (60,082) | |
| (58,923) |
| |
| | |
| | |
| | |
| |
OPERATING LOSS | |
| (50,148) | |
| (42,075) | |
| (60,082) | |
| (58,923) |
| |
|
| |
|
| |
| | |
| |
OTHER EXPENSE | |
|
| |
|
| |
| | |
| |
Other expense | |
| (2,704) | |
| (2,738) | |
| (2,400) | |
| (2,565) |
Interest expense | |
| (5,681) | |
| (23,417) | |
| (10,500) | |
| (2,411) |
| |
| | |
| | |
| | |
| |
Total Other Expense | |
| (8,385) | |
| (26,155) | |
| (12,900) | |
| (4,976) |
| |
| | |
| | |
| | |
| |
NET LOSS | | $ | (58,533) | | $ | (68,230) | | $ | (72,982) | | $ | (63,899) |
| |
|
| |
|
| |
| | |
| |
NET LOSS PER COMMON SHARE | |
|
| |
|
| |
| | |
| |
Basic | | $ | (0.02) | | $ | (0.05) | | $ | (0.03) | | $ | (0.02) |
| |
| | |
| | |
| | |
| |
Dilutive | | $ | (0.02) | | $ | (0.05) | | $ | (0.03) | | $ | (0.02) |
| | | | | | | | | | | | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - | |
|
| |
|
| |
| | |
| |
Basic | |
| 2,505,217 | |
| 1,260,773 | |
| 2,860,773 | |
| 2,860,773 |
| |
| | |
| | |
| | |
| |
Dilutive | |
| 2,505,217 | |
| 1,260,773 | |
| 2,860,773 | |
| 2,860,773 |
See accompanying notes to these consolidated financial statements.
17
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ DeficitEquity (Deficit)
For the Years Ended December 31, 20212022 and 20202023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Additional | | | | | | | | | | | | | Additional | | | | | | | ||
| | Common Stock | | Paid in | | Accumulated | | | | | Common Stock | | Paid in | | Accumulated | | | | ||||||||||
|
| Shares |
| Amount |
| Capital |
| Deficit |
| Totals |
| Shares |
| Amount |
| Capital |
| Deficit |
| Totals | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2019 |
| 1,260,773 | | $ | 1,261 | | $ | 1,516,419 | | $ | (1,789,039) | | $ | (271,359) | ||||||||||||||
Balance, December 31, 2021 |
| 2,860,773 | | $ | 2,861 | | $ | 1,914,819 | | $ | (1,915,802) | | $ | 1,878 | ||||||||||||||
|
|
| |
|
| |
|
| |
| | |
| | | | | | | | | | | | | | | |
Net loss |
| 0 | |
| 0 | |
| 0 | |
| (68,230) | |
| (68,230) |
| — | |
| — | |
| — | |
| (63,899) | |
| (63,899) |
|
|
| |
|
| |
|
| |
| | |
| |
|
| |
|
| |
|
| |
| | |
| |
Balance, December 31, 2020 |
| 1,260,773 | | $ | 1,261 | | $ | 1,516,419 | | $ | (1,857,269) | | $ | (339,589) | ||||||||||||||
| | | | | | | | | | | | | | | ||||||||||||||
Issuance of Common Stock | | 1,600,000 | | | 1,600 | | | 398,400 | | | | | | 400,000 | ||||||||||||||
Balance, December 31, 2022 |
| 2,860,773 | | $ | 2,861 | | $ | 1,914,819 | | $ | (1,979,701) | | $ | (62,021) | ||||||||||||||
|
|
| |
|
| |
|
| |
|
| |
|
| | | | | | | | | | | | | | |
Net loss |
| 0 | |
| 0 | |
| 0 | |
| (58,533) | |
| (58,533) |
| — | |
| — | |
| — | |
| (72,982) | |
| (72,982) |
|
|
| |
|
| |
|
| |
| | |
| |
| | |
|
| |
|
| |
| | |
| |
Balance, December 31, 2021 |
| 2,860,773 | | $ | 2,861 | | $ | 1,914,819 | | $ | (1,915,802) | | $ | 1,878 | ||||||||||||||
Balance, December 31, 2023 |
| 2,860,773 | | $ | 2,861 | | $ | 1,914,819 | | $ | (2,052,683) | | $ | (135,003) | ||||||||||||||
See accompanying notes to these consolidated financial statementsstatements.
18
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(unaudited)
| | | | | | | | | | | | |
| | Twelve Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
|
| 2021 |
| 2020 |
| 2023 |
| 2022 | ||||
| | | | | | | | | | | | |
OPERATING ACTIVITIES |
| |
|
| |
|
| |
|
| |
|
Net loss | | $ | (58,533) | | $ | (68,230) | | $ | (72,982) | | $ | (63,899) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | |
| | |
| | |
| |
Changes in assets and liabilities: | |
| | |
| | |
| | |
| |
| |
| | |
| | ||||||
Increase (decrease) in accounts payable and accrued expenses | |
| 15,697 | |
| (2,950) | ||||||
Increase in accrued interest - related party | |
| 5,657 | |
| 23,417 | |
| 10,500 | |
| 2,411 |
Increase (decrease) in accounts payable and accrued expenses | |
| 2,940 | |
| (4,642) | ||||||
(Decrease) in accrued expenses – related party | | | (2,800) | | | 0 | ||||||
| |
| | |
|
| |
| | |
| |
Net cash used in operating activities | | $ | (52,736) | | $ | (49,455) | | $ | (46,785) | | $ | (64,438) |
| |
|
| |
|
| |
|
| |
|
|
FINANCING ACTIVITIES | |
|
| |
|
| |
|
| |
|
|
Proceeds from issuance of common stock | |
| 50,558 | |
| 0 | |
| — | |
| — |
Proceeds from related party note payable | | | 5,000 | | | 46,000 | | | 50,000 | | | 80,000 |
| |
| | |
| | |
| | |
| |
Net cash provided by financing activities | | $ | 55,558 | | $ | 46,000 | | $ | 50,000 | | $ | 80,000 |
| |
|
| |
|
| |
|
| |
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 2,822 | |
| (3,455) | ||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | |
| 3,215 | |
| 15,562 | ||||||
| |
| | |
| | |
| | |
| |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | |
| 2,816 | |
| 6,271 | |
| 21,200 | |
| 5,638 |
| |
| | |
| | |
| | |
| |
CASH AND CASH EQUIVALENTS, END OF PERIOD | | $ | 5,638 | | $ | 2,816 | | $ | 24,415 | | $ | 21,200 |
| |
|
| |
|
| |
|
| |
|
|
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |
|
| |
|
| |
| — | |
| — |
| |
|
| |
|
| |
|
| |
|
|
Cash paid for interest | | $ | 0 | | $ | 0 | | $ | — | | $ | — |
Cash paid for income taxes | | $ | 0 | | $ | 0 | | $ | — | | $ | — |
| | | | | | | ||||||
NONCASH INVESTING AND FINANCING ACTIVITIES | | | | | | | ||||||
Conversion of related party note payable and accrued interest to common stock | | $ | 349,442 | | | 0 | ||||||
See accompanying notes to these consolidated financial statements.
19
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 0no principal operations or revenue producing activities. The Company is now 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
At December 31, 2021, the Company had a working capital deficit and an accumulated deficit. The Company has continued to sustain losses from operations. In addition, the Company has not generated positive cash flow from operations. Management is aware that its current cash resources aremay not be adequate to fund its operations for the following year. The Company cannot provide any assurances as to if and when it will be able to attain profitability. These conditions, among others, raise substantial doubt about the Company’s ability to continue operations as a going concern. No adjustment has been made in the consolidated financial statements to the amounts and classification of assets and liabilities, which could result, should the Company be unable to continue as a going concern.
The Company will be dependent upon the raising of additional capital through debt or the placement of ourits common stock in order to implement its business plan or merge with an operating company. The officers and directors have, in the past, committed to advancing certain operating costs of the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
PRINCIPLES OF CONSOLIDATION
The accompanying financial statements include the accounts of the Company and its wholly owned subsidiary. All inter-company transactions have been eliminated in consolidation.
INCOME TAXES
We account for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and to the extent we believe that recovery is not determinable beyond a “more likely than not” standard, we establish a valuation allowance. To the extent we establish a valuation allowance or increase or decrease this allowance in a period, we include an expense or benefit within the tax provision in the statement of operations. We also utilize a “more likely than not” recognition threshold and measurement analysis for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company does not have any uncertain tax positions. We recognize potential accrued interest and penalties related to unrecognized tax benefits within the consolidated statements of operations as income tax expense.
INCOME PER COMMON SHARE
Basic income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted income per common share is calculated by adjusting outstanding shares,
19
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Notes to Consolidated Financial Statements
assuming conversion of all potentially dilutive convertible equity instruments consisting of options. There is no difference in the calculation of basic and diluted income per share for 20212023 and 2020,2022, respectively.
20
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Notes to Consolidated Financial Statements
CASH EQUIVALENTS
The Company considers as cash equivalents all highly liquid investments with a maturity of 90 days or less at the time of purchase. At December 31, 20212023 and 2020,2022, the Company had 0no cash equivalents.
RELATED PARTIES
The Company defines a related person as any director, executive officer, nominee for director, or greater than 5% beneficial owner of our common stock, in each case since the beginning of the most recently completed year, and any of their immediate family members. Transactions with related parties are conducted on terms equivalent to those prevailing in arm’s-length transactions with unrelated parties.
USE OF ESTIMATES
The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosures made in the accompanying notes to the consolidated financial statements. Management regularly evaluates estimates and assumptions related to items such as revenue recognition, allowances for doubtful accounts, warranty reserves, inventory valuation reserves, stock-based compensation, purchased intangible asset valuations and useful lives, asset retirement obligations, and deferred income tax asset valuation allowances. These estimates and assumptions are based on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The actual results we experience may differ materially and adversely from our original estimates. To the extent there are material differences between the estimates and the actual results, our future results of operations will be affected.
RISK AND UNCERTAINTIES
Our future results of operations involve a number of risks and uncertainties. Factors that could affect our business or future results and cause actual results to vary materially from historical results include, but are not limited to, the ability to raise additional capital, complying with the requirements of being a public company, and our ability to execute our acquisition strategy.
NEW ACCOUNTING STANDARDS
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. In U.S. Securities and Exchange Commission (SEC) Release No. 33-10532, Disclosure Update and Simplification, issued August 17, 2018, the SEC referred certain of its disclosure requirements that overlap with, but require incremental information to, generally accepted accounting principles (GAAP) to the FASB for potential incorporation into the FASB Accounting Standards Codification® (Codification). The Codification is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. ASU 2023-06 is the result of the Board’s decision to incorporate into the Codification 14 of the 27 disclosures referred by the SEC. Since we are already subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The adoption of this new guidance should not have any impact on the Company’s financial statements.
We reviewed other recently issued accounting pronouncements and concluded they are either not applicable or not expected to be material to our financial statements.
21
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Notes to Consolidated Financial Statements
NOTE 2 – INCOME TAXES
Income tax provision (benefit) consists of the following for the twelve months ended December 31, 2023 and 2022:
| | | | | | |
| | Years Ended | ||||
| | December 31, | ||||
|
| 2023 |
| 2022 | ||
| | | | | | |
INCOME TAX PROVISION (BENEFIT): |
| |
|
| |
|
Current |
| |
|
| |
|
Federal | | $ | — | | $ | — |
State, net of federal benefit | |
| — | |
| — |
Valuation Allowance | |
| — | |
| — |
Total current | |
| — | |
| — |
Deferred: | |
|
| |
|
|
Federal | |
| (15,326) | |
| 1,996 |
State, net of federal benefit | |
| (5,139) | |
| (4,407) |
Valuation Allowance | |
| 20,465 | |
| 2,411 |
Total deferred | |
| — | |
| — |
Total income tax provision (benefit) | | $ | — | | $ | — |
A reconciliation of the income tax provision (benefit) by applying the statutory United States federal income tax rate to net income before income tax provision (benefit) is as follows:
| | | | | | | | | | | |
| | Twelve Months Ended |
| ||||||||
| | December 31, |
| ||||||||
| | 2023 | | 2022 |
| ||||||
|
| $ |
| % |
| $ |
| % |
| ||
| | | | | | | | | | | |
Federal income tax provision (benefit) at statutory rate | | $ | (15,326) | | 21.0 | % | $ | (13,419) | | 21.0 | % |
State tax expense net of federal tax benefit | |
| (5,041) | | 6.9 | % |
| (4,407) | | 6.9 | % |
Nondeductible expenses | |
| — | | 0.0 | % |
| — | | 0.0 | % |
Expiration of net operating losses | | | — | | 0.0 | % | | 15,415 | | (24.1) | % |
Return-to-provision adjustments | |
| (98) | | 0.1 | % |
| — | | 0.0 | % |
Change in valuation allowance | |
| 20,465 | | (28.0) | % |
| 2,411 | | (3.8) | % |
Income tax provision (benefit) | | $ | — | | 0.0 | % | $ | — | | 0.0 | % |
Deferred tax assets and liabilities are recognized for future tax consequences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Significant deferred tax assets and liabilities, consist of the following:
| | | | | | |
| | Twelve Months Ended | ||||
| | December 31, | ||||
|
| 2023 |
| 2022 | ||
| | | | | | |
DEFERRED TAX ASSETS, NET |
| |
|
| |
|
Net operating loss carryforward | | $ | 206,442 | | $ | 189,084 |
Accruals | |
| 3,613 | |
| 506 |
Total deferred tax assets | | $ | 210,055 | | $ | 189,590 |
Valuation allowance | |
| (210,055) | |
| (189,590) |
Net deferred tax assets | | $ | — | | $ | — |
22
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Notes to Consolidated Financial Statements
At December 31, 2023, the Company has a federal net operating loss carry-forward of $747,754 available to offset future federal taxable income. The Company’s remaining federal net operating loss carry-forward will expire between 2026 and 2037, with the exception of $393,493 which may be carried forward indefinitely. Utilization of future net operating losses may be limited due to ownership changes under applicable sections of the Internal Revenue Code.
At December 31, 2023, the Company has a state net operating loss carry-forward in California of $704,767 available to offset future state taxable income in that state. The Company’s remaining California net operating loss carry-forward will expire between 2028 and 2037, with the exception of 360,337 which may be carried forward indefinitely. Utilization of future net operating losses may be limited due to ownership changes under applicable sections of the California Revenue and Taxation Code.
At December 31, 2023, the Company also has a state net operating loss carry-forward in Florida of $250,715 available to offset future state taxable income in that state. The Company’s remaining Florida net operating loss carry-forward will expire between 2026 and 2033. Utilization of future net operating losses may be limited due to ownership changes under applicable sections of the Florida Income Tax Code. Because the Company no longer has taxable nexus in Florida, we do not expect to have taxable income there in the future. As a result, the Company permanently wrote off the related deferred tax assets. However, since the Company maintained a full valuation allowance against these deferred tax assets, this write-off had no impact on tax expense.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, cumulative losses, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2023. The valuation allowance at December 31, 2023 was $210,055, an increase of $20,465 from December 31, 2022 when the balance was $189,590. The valuation allowance increased due to additional tax losses in 2023.
Under GAAP, we use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
U.S. federal income tax returns after 2019 remain open to examination. Generally, state income tax returns after 2017 remain open to examination. No income tax returns are currently under examination. As of December 31, 2023, and December 31, 2022, the Company does not have any unrecognized tax benefits, and continues to monitor its current and prior tax positions for any changes. The Company recognizes penalties and interest related to unrecognized tax benefits as income tax expense. For the years ended December 31, 2023 and December 31, 2022, there were no penalties or interest recorded in income tax expense.
NOTE 23 – RELATED PARTY TRANSACTIONS
TheOn March 23, 2022, the Company previously occupiedexecuted a portionRevolving Promissory Note (the “Bronson Note”), in the principal amount of the offices leased by BKF Capital Group, Inc. (OTCMKTS: BKFG), on a monthup to month basis for a rental fee of $50 per month that was intended$200,000.00 payable to cover administrative costs. Steven N. Bronson, the Company’s Chairman CEO,of the Board, President and majority shareholder, is also the Chairman, CEO and majority shareholder of BKF Capital Group, Inc. Effective June 30, 2019,Chief Executive Officer, pursuant to which Mr. Bronson may make loans to the Company terminated this arrangement with BKF Capital Group, Inc.from time to time. The Bronson Note has a maturity date of March 23, 2027, and provides for interest to accrue on the unpaid principal at a rate of eight percent (8%) per annum (calculated on the basis of a 360-day year), compounded quarterly and leased an administrative office from an unrelated partypayable quarterly on a month-to-month basis for a minimumthe last business day of $10 per month. Additional charges, if any, are based upon services providedthe calendar quarter. The Bronson Note may be prepaid by the lessor.
In April 2021, we paid BKF the full amount owed of $2,800 for this previous arrangement. There are 0 amounts payable to or receivable from BKFCompany at December 31, 2021.any time without penalty.
20
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Notes to Consolidated Financial Statements
Steven N. Bronson, the Company’s Chairman, President, CEO, and majority shareholder has previously loaned the Company money to fund working capital needs to pay operating expenses. The loan was repayable upon demand and accrued interest at the rate of 10% per annum. The loan was not secured.
On March 26, 2021, the Company sold 1,600,000 shares of its Common Stock to Mr. Bronson at a price of $0.25 per share, for an aggregate purchase price of $400,000. Mr. Bronson paid the purchase price for the shares by cancelling $349,442 in principal and accrued interest outstanding under the loan and paying $50,558 in cash.
During the twelve months ended December 31, 2020 and December 31, 2021, the following amounts were payable under the loan:
| | | | | | |
|
| Principal |
| Interest | ||
| | | | | | |
Balance January 1, 2020 | | $ | 205,161 | | $ | 64,207 |
| |
| | |
| |
Additions | |
| 46,000 | |
| 23,417 |
Cash Payments | |
| 0 | |
| 0 |
Balance December 31, 2020 | | $ | 251,161 | | $ | 87,624 |
| | | | | | |
| |
|
| |
|
|
Additions | |
| 5,000 | |
| 5,657 |
Cash Payments | |
| 0 | |
| 0 |
Conversion into Common Stock – March 26, 2021 | | | (256,161) | | | (93,281) |
Balance December 31, 2021 | | $ | 0 | | $ | 0 |
NOTE 3 – INCOME TAXES
Income tax provision (benefit) consists of the following for the twelve months ended December 31, 2021 and 2020:
| | | | | | |
| | Years Ended | ||||
| | December 31, | ||||
|
| 2021 |
| 2020 | ||
| | | | | | |
INCOME TAX PROVISION (BENEFIT): |
| |
|
| |
|
Current |
| |
|
| |
|
Federal | | $ | 0 | | $ | 0 |
State, net of federal benefit | |
| 0 | |
| 0 |
Valuation Allowance | |
| 0 | |
| 0 |
Total current | |
| 0 | |
| 0 |
Deferred: | |
|
| |
|
|
Federal | |
| (31,011) | |
| (15,379) |
State, net of federal benefit | |
| 9,697 | |
| 2,657 |
Valuation Allowance | |
| (21,314) | |
| 12,722 |
Total deferred | |
| 0 | |
| 0 |
Total income tax provision (benefit) | | $ | 0 | | $ | 0 |
2123
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Notes to Consolidated Financial Statements
A reconciliationOn September 27, 2022, the “Company executed a Revolving Promissory Note (the “Qualstar Note”), payable to Qualstar Corporation (“Qualstar”). Mr. Bronson, the Company’s Chairman of the income tax provision (benefit)Board, President and Chief Executive Officer, is the President and CEO of Qualstar Corporation, as well as its largest shareholder. Under the terms of the Qualstar Note, Qualstar may (but is not required to) make loans to the Company from time to time upon request by applying the statutory United States federal income taxCompany, up to a maximum principal amount of $200,000 outstanding at any time. The Note may be prepaid by the Company at any time without penalty and is repayable on demand by Qualstar on or after December 31, 2024. The Note provides for interest to accrue on the outstanding principal balance at a rate to net income before income tax provision (benefit) is as follows:of ten percent (10%) per annum (calculated on the basis of a 360-day year), compounded and payable quarterly.
During the twelve months ended December 31, 2022 and December 31, 2023, the following amounts were payable under all loans:
| | | | | | | | | | | |
| | Twelve Months Ended |
| ||||||||
| | December 31, |
| ||||||||
| | 2021 | | 2020 |
| ||||||
|
| $ |
| % |
| $ |
| % |
| ||
| | | | | | | | | | | |
Federal income tax provision (benefit) at statutory rate | | $ | (12,292) | | 21.0 | % | $ | (15,379) | | 21.0 | % |
State tax expense net of federal tax benefit | |
| (6,873) | | 11.8 | % |
| (1,841) | | 2.5 | % |
Nondeductible expenses | |
| 0 | | 0.0 | % |
| 0 | | 0.0 | % |
Expiration of net operating losses | | | 19,482 | | (33.3) | % | | 0 | | 0.0 | % |
Return-to-provision adjustments | |
| 20,997 | | (35.9) | % |
| 4,498 | | (6.1) | % |
Change in valuation allowance | |
| (21,314) | | 36.4 | % |
| 12,722 | | (17.4) | % |
Income tax provision (benefit) | | $ | 0 | | 0.0 | % | $ | 0 | | 0.0 | % |
| | | | | | | | | | | | |
| | Note Payable to |
| Note Payable to | ||||||||
| | Steven N. Bronson | | Qualstar Corporation | ||||||||
|
| Principal |
| Interest | | Principal |
| Interest | ||||
Balance January 1, 2022 | | $ | — | | $ | — | | $ | — | | $ | — |
Additions | | | 30,000 | | | 1,782 | | | 50,000 | | | 629 |
Cash Payments | | | — | | | — | | | — | | | — |
Balance December 31, 2022 | | $ | 30,000 | | $ | 1,782 | | $ | 50,000 | | $ | 629 |
| | | | | | | | | | | | |
Additions | |
| — | |
| 3,076 | | | 50,000 | | | 7,424 |
Cash Payments | |
| — | |
| — | | | — | | | — |
Balance December 31, 2023 | | $ | 30,000 | | $ | 4,858 | | $ | 100,000 | | $ | 8,053 |
Deferred tax assets and liabilities are recognized for future tax consequences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Significant deferred tax assets and liabilities, consist of the following:
| | | | | | |
| | Twelve Months Ended | ||||
| | December 31, | ||||
|
| 2021 |
| 2020 | ||
| | | | | | |
DEFERRED TAX ASSETS, NET |
| |
|
| |
|
Net operating loss carryforward | | $ | 187,179 | | $ | 187,153 |
Accruals | |
| 0 | |
| 21,340 |
Total deferred tax assets | | $ | 187,179 | | $ | 208,493 |
Valuation allowance | |
| (187,179) | |
| (208,493) |
Net deferred tax assets | | $ | 0 | | $ | 0 |
At December 31, 2021, theNOTE 4 – SUBSEQUENT EVENTS
The Company has a federal net operating loss carry-forwardevaluated subsequent events through the date of $697,186 available to offset future federal taxable income. The Company’s remaining federal net operating loss carry-forward will expire between 2022 and 2037, with the exception of $269,521 which may be carried forward indefinitely. We expect $73,404 to expire in the next twelve months. Utilization of future net operating losses may be limited due to ownership changes under applicable sections of the Internal Revenue Code.
At December 31, 2021, the Company has a state net operating loss carry-forward in California of $583,797 available to offset future state taxable income in that state. The Company’s remaining California net operating loss carry-forward will expire between 2028 and 2037, with the exception of 239,367 which may be carried forward indefinately. Utilization of future net operating losses may be limited due to ownership changes under applicable sections of the California Revenue and Taxation Code.
At December 31, 2021, the Company also has a state net operating loss carry-forward in Florida of $324,119 available to offset future state taxable income in that state. The Company’s remaining Florida net operating loss carry-forward will expire between 2022 and 2033. We expect $73,404 to expire in the next twelve months. Utilization of future net operating losses may be limited due to ownership changes under applicable sections of the Florida Income Tax Code. Because the Company no longer has taxable nexus in Florida, we do not expect to have taxable income there in the future. As a result, the Company permanently wrote-off the related deferred tax assets. However, since the Company maintained a full valuation allowance against these deferred tax assets, this write-off had no impact on tax expense.
22
RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY
Notes to Consolidated Financial Statements
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, cumulative losses, and tax planning strategies in making this assessment. Based on considerationissuance of these items, management hasfinancial statements and determined that enough uncertainty exists relativethere have been no events that have occurred that would require adjustments to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2021. The valuation allowance at December 31, 2021 was $187,179, an decrease of $21,314 from December 31, 2020 when the balance was $208,493. The valuation allowance decreased primarily due to expiring NOLs, net of current additions to the NOLs.
Under GAAP, we use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoveredstatements or settled.
U.S. federal income tax returns after 2017 remain open to examination. Generally, state income tax returns after 2016 remain open to examination. No income tax returns are currently under examination. As of December 31, 2021, and December 31,2020, the Company does not have any unrecognized tax benefits, and continues to monitor its current and prior tax positions for any changes. The Company recognizes penalties and interest related to unrecognized tax benefits as income tax expense. For the years ended December 31, 2021 and December 31,2020, there were 0 penalties or interest recorded in income tax expense.disclosures.
2324
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
Item 9A. CONTROLS AND PROCEDURES.
Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our principal executive officer to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, the Company recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable assurance of achieving the desired control objectives, and we necessarily are required to apply our judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.
Evaluation of disclosure and controls and procedures
Based on his evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this annual report on Form 10-K, the Company’s principal executive officer has concluded that the Company’s disclosure controls and procedures are not effective due to two identified material weaknesses: a) we lack an audit committee and b) we have limited or no segregation of duties.
Management’s Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles. Because of inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Internal control over financial reporting is defined, under the Exchange Act, as a process designed by, or under the supervision of, the issuer’s principal executive and principal financial officers, or persons performing similar functions, and effected by the issuer’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:
| 1. | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer; |
| 2. | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and |
| 3. | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material effect on the financial statements. |
2427
The Company’s principal executive officer has assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021.2023. In making this assessment, the Company’s principal executive officer was guided by the releases issued by the SEC and to the extent applicable the criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company’s principal executive officer has concluded that based on his assessment, as of December 31, 2021,2023, the Company’s procedures of internal control over financial reporting were not effective due to two identified material weaknesses: a) we lack an audit committee and b) we have limited or no segregation of duties. Given the size of our current operation and existing personnel, the opportunity to implement internal control procedures that segregate accounting duties and responsibilities is limited. Until such time as the organization can increase sufficiently in size to warrant an increase in personnel required to effectively execute and monitor formal internal control procedures, those formal procedures will not be implemented.implemented and compensating controls will be used to mitigate the risk.
Readers are cautioned that internal control over financial reporting, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Therefore, even effective internal control over financial reporting can only provide reasonable assurance with respect to the financial statement preparation and presentation.
This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm, as the Company is a smaller reporting company that is only required to provide management’s report on internal control over financial reporting in this annual report.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the fourth quarter ended December 31, 20212023 that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
None.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION
None
2528
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
The following table sets forth the name, age and position of each of our directors, executive officers and significant employees as of December 31, 2021.2022. Each director will hold office until the next annual meeting of our stockholders or until his or her successor has been elected and qualified. Our executive officers are appointed by, and serve at the discretion of, the Board of Directors.
| | | | |
Name |
| Age |
| Position |
Steven N. Bronson |
|
|
| Chairman, Chief Executive Officer and President |
Leonard A. Hagan |
|
|
| Director |
Steven N. Bronson. Mr. Bronson has served as a director of the Company since June 1996, and is the sole officer of the Company. From September 1998 to March 17, 2000, Mr. Bronson was the sole director of the Company. In September 1996, Mr. Bronson became the Chief Executive Officer and President of the Company. Mr. Bronson has over 35 years of business and entrepreneurial experience. His successful background in investment banking and principal investing has led to him taking executive positions in several companies. Mr. Bronson became the Chief Executive Officer and Chairman of the board of directors of Interlink Electronics, Inc. (OTCMKTS: LINK) in July 2010, and added the role of President in March 2011. Interlink is a global trusted advisor and technology partner in the advancing world of human-machine interface (HMI) and force-sensing technologies.
In July 2013, Mr. Bronson assumed the positions of President and Chief Executive Officer of Qualstar Corporation (OTCMKTS: QBAK), a high-quality tape library manufacturer, and its subsidiary N2Power, a manufacturer of high efficiency power supplies for diverse electronics industries. Since October 2008, Mr. Bronson also has served as Chief Executive Officer and Chairman of BKF Capital Group, Inc. (OTCMKTS: BKFG), a publicly traded company operating through its wholly-owned subsidiaries, BKF Investment Group, Inc. and BKF Asset Holdings, Inc. since October 2008. Mr. Bronson currently holds Series 4, 7, 24, 53, 55, 63, 65, 66 and 79 licenses.
Leonard A. Hagan. Mr. Hagan has served as a director of the Company since March 17, 2000. Mr. Hagan is a Certified Public Accountant and has been a partner of Hagan & Burns CPAs PC (H&B) since its inception in January 1993. Prior to forming H&B, he conducted business for three years as a sole practitioner, Leonard A. Hagan CPA, as well as a partner for three years with Bernstein, Bernstein & Hagan CPAs. His securities industry experience came from working for three years with Credit Suisse (now Credit Suisse First Boston). At Credit Suisse, he was an assistant treasurer, responsible for conducting basic accounting research. Prior to this, he was a staff accountant at Ernst & Whinney/S.D. Leidesdorf for 6 years. Mr. Hagan received a Bachelor’s of Arts degree in Economics from Ithaca College in 1974, and earned his Masters of Business Administration degree from Cornell University in 1976. Mr. Hagan is also a director of BKF Capital Group, Inc., both publicly traded corporations.
No director, executive officer, promoter or control person of the Company has, within the last five years: (i) had a bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (ii) been convicted in a criminal proceeding or is currently subject to a pending criminal proceeding (excluding traffic violations or similar misdemeanors); (iii) been subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; (iv) been found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission (the “Commission”) or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated. There are no family relationships among any directors and executive officers of the Company.
Term of Office
Our directors are appointed for a one-year term to hold office until the next annual meeting of our shareholders or until removed from office in accordance with our bylaws.
Our executive officers are appointed by our board of directors and hold office until removed by the board.
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Meetings and Committees of the Board of Directors
During the year ended December 31, 2021,2023, the Board of Directors held no in-person meetings.met once to address annual recurring matters. Any business requiring Board action outside of this meeting was conducted via unanimous written consent procedures. In view of the Company’s lack of operations, during the year ended December 31, 2021,2023, the Board of Directors did not form any committees. During the year ended December 31, 2021,2023, all of the directors then in office participated in written consent resolutions of the Board of Directors.
Involvement in Certain Legal Proceedings
To the best of our knowledge, during the past five years, none of the following occurred with respect to a present director, person nominated to become director, executive officer, or control person: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his or her involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.
Audit Committee
In view of the Company’s lack of operations, the Board of Directors did not form an Audit Committee. Instead, the full Board of Directors assumes the responsibilities of an Audit Committee. The full Board consists of Steven N. Bronson and Leonard A. Hagan. The Audit Committee related functions of the Board are the appointment of independent auditors for the Company and to analyze the reports and recommendations of such auditors. The Board also monitors the adequacy and effectiveness of the Company’s financial controls and reporting procedures. The Board does not meet on a regular basis, but only as circumstances require. Due the size of the Company and its lack of current operations, the Board has not designated a financial expert.
On December 1, 2023 the Board of Directors dismissed MaloneBailey, LLC (“MaloneBailey”) as the Company’s independent registered public accounting firm, and approved the engagement of LMHS, P.C. (“LMHS”) as the Company’s independent registered public accounting firm for the year ending December 31, 2023 and the related interim periods.
Code of Ethics
At a meeting of the Board of Directors of the Company held on March 25, 2004, the Company adopted a Code of Ethics. A copy of the Code of Ethics is attached as Exhibit 14 to the Company’s Form 10-KSB for the year ended December 31, 2003 and is incorporated herein by reference.
Section 16(a) Beneficial Ownership Compliance
Section 16(a) of the Exchange Act requires the Company’s directors and executive officers, and persons who own more than 10% of a registered class of the Company’s equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of common stock and other equity securities of the Company. Officers, directors and greater than 10% shareholders are required by SEC regulations to furnish the Company with copies of all Section 16(a) forms they file.
To the Company’s knowledge, based solely upon a review of the copies of such reports furnished to the Company and written representations that no other reports were required, during the year ended December 31, 2021,2023, all Section 16(a) filing requirements applicable to its officers, directors and greater than 10% beneficial owners were complied with.
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ITEM 11. EXECUTIVE COMPENSATION
During the years ended December 31, 20212023 and December 31, 2020,2022, no compensation was paid to our officers or directors. None of our officers or directors held any unexercised stock options, unvested stock or equity incentive plan awards as of December 31, 2021.2023.
On March 28, 2006, the Company entered into an employment agreement with Steven N. Bronson appointing Mr. Bronson to serve as the chief executive officer and the president of the Company. The agreement provides that Mr. Bronson will not receive a salary; however, the Board of Directors in its discretion may determine to compensate Mr. Bronson. The term of the agreement is for a
27
one (1) year period automatically renews for additional one (1) year periods provided it is not terminated. Mr. Bronson’s employment agreement automatically renewed for the one-year period ending March 31, 2022.2024.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth as of March 11, 202212, 2024 certain information regarding the beneficial ownership of the common stock outstanding by (i) each person who is known to the Company to own 5% or more of the common stock, (ii) each director of the Company, (iii) the sole executive officer of the Company and (iv) all executive officers and directors of the Company as a group. Unless otherwise indicated, each of the stockholders shown in the table below has sole voting and investment power with respect to the shares beneficially owned. We have based percentage ownership of our common stock on 1,260,7732,860,773 shares of our common stock outstanding as of March 3, 2021.December 31, 2023. Unless otherwise indicated, the address of each person named in the table below is c/o Ridgefield Acquisition Corp., 3250 Retail Drive, Suite 120-518,3827 S Carson St, Unit 505-25 PMB 1078, Carson City, NV 89706-0686.89701.
As used in the table, a beneficial owner of a security includes any person who, directly or indirectly, through contract, arrangement, understanding, relationship or otherwise has or shares (a) the power to vote, or direct the voting of, such security or (b) investment power which includes the power to dispose, or to direct the disposition of, such security. In addition, a person is deemed to be the beneficial owner of a security if that person has the right to acquire beneficial ownership of such security within 60 days.
| | | | | | | | | | | | | | |
| | | | Number of | | Percent |
| | | | Number of | | Percent |
|
Name and Address |
| Company Position |
| Shares owned |
| of class |
|
| Company Position |
| Shares owned |
| of class |
|
| | | | | | | | | | | | | | |
Steven N. Bronson |
| Chairman, CEO and President |
| 2,638,004 | ¹ | 92.2 | % |
| Chairman, CEO and President |
| 2,672,362 | ¹ | 93.4 | % |
| | | | | | | | | | | | | | |
Leonard A. Hagan |
| Director |
| 40,000 | | 1.4 | % |
| Director |
| 40,000 | | 1.4 | % |
| | | | | | | | | | | | | | |
All directors and executive officers a group (2 persons) |
| |
| 2,678,004 |
| 93.6 | % |
| |
| 2,712,362 |
| 94.8 | % |
¹ This amount includes 34,358 shares owned by relatives of Mr. Bronson for which he possesses significant influence over voting and dispositive decisions. The amount also includes 711 shares of common stock owned by a third party for which Mr. Bronson’s spouse.Bronson has been given voting control.
The Company does not have any compensation plans (including individual compensation arrangements) under which its equity securities are authorized for issuance.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.
TheOn March 23, 2022, the Company maintains an administrative office at 3250 Retail Drive, Suite 120-518, Carson City, NV 89706-0686, which serves as itsexecuted a Revolving Promissory Note (the “Bronson Note”), in the principal office.
The Company previously occupied a portionamount of the offices leased by BKF Capital Group, Inc., on a month-to-month basis for a rental fee of $50 per month that was intendedup to cover administrative costs.$200,000 payable to Steven N. Bronson, the Company’s Chairman CEO,of the Board, President and majority shareholder, is also the Chairman, CEO and majority shareholder of BKF Capital Group, Inc. Effective June 30, 2019,Chief Executive Officer, pursuant to which Mr. Bronson may make loans to the Company terminated this arrangement with BKF Capital Group, Inc. Steven N.from time to time. The Bronson Note has a maturity date of March 23, 2027, and provides for interest to accrue on the Company’s Chairman, President, CEO,unpaid principal at a rate of eight percent (8%) per annum (calculated on the basis of a 360-day year), compounded quarterly and majority shareholder, primarily works remotely from his private office in Irvine, California, at his own expense.
Steven N.payable quarterly on the last business day of the calendar quarter. The Bronson the Company’s Chairman, President, CEO, and majority shareholder has loanedNote may be prepaid by the Company money to fund working capital needs to pay operating expenses. The loans were repayable upon demand and accrued interest at the rate of 10% per annum. As of December 31, 2020, the aggregate principal loan balance amounted to $251,161 and such loans had accrued interest of $87,624 through December 31, 2020. On March 26, 2021, the Company sold 1,600,000 shares of its Common Stock to Mr. Bronson at a price of $0.25 per share, for an aggregate purchase price of $400,000. Mr. Bronson paid the purchase price for the shares by cancelling all $349,442 in principal and accrued interest outstanding under the loan and paying $50,558 in cash. There were no loans outstanding at December 31, 2021.any time without penalty.
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Given our limited operations, ourOn September 27, 2022, the “Company executed a Revolving Promissory Note (the “Qualstar Note”), payable to Qualstar Corporation (“Qualstar”). Mr. Bronson, the Company’s Chairman of the Board, doesPresident and Chief Executive Officer, is the President and CEO of Qualstar Corporation, as well as its largest shareholder. Under the terms of the Qualstar Note, Qualstar may (but is not have a formal policy for approval of transactions with related persons. Our Board will consider related party transactionsrequired to) make loans to the Company from time to time when such transaction are presentedupon request by the Company, up to a maximum principal amount of $200,000 outstanding at any time. The Note may be prepaid by the Company at any time without penalty and is repayable on demand by Qualstar on or after December 31, 2024. The Note provides for interest to accrue on the outstanding principal balance at a rate of ten percent (10%) per annum (calculated on the basis of a 360-day year), compounded and payable quarterly.
Under the Code of Ethics, officers and directors must report to the Board for its approval.of Directors any activity that would cause or appear to cause a conflict of interest on his or her part. The Board of Directors recognizes that certain transactions present a heightened risk of conflicts of interest or the perception thereof. Therefore, all related party transactions are subject to review and approval by the Board of Directors.
Our Board of Directors evaluates the independence of its directors pursuant to the definition of independence provided in Section 5605 of the NASDAQ Marketplace Rules applicable to companies listed on The NASDAQ Stock Market. The Board consists of Steven N. Bronson and Leonard A. Hagan. Our Board of Directors has determined that Mr. Hagan is independent and was independent at all times during 20212023 while serving on the Board. Mr. Bronson does not qualify as independent as he is a company employee.
officer.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
On December 1, 2023 the Board of Directors dismissed MaloneBailey, LLC (“MaloneBailey”) as the Company’s independent registered public accounting firm, and approved the engagement of LMHS, P.C. (“LMHS”) as the Company’s independent registered public accounting firm for the year ending December 31, 2023 and the related interim periods.
The following table presents fees billed by MaloneBailey, LLP, our prior independent registered public accounting firm during the fiscal years ended December 31, 20212023 and December 31, 2020.2022.
| | | | | | | | | | | | |
|
| 2020 |
| 2019 |
| 2023 |
| 2022 | ||||
Fees Incurred: |
| |
|
| |
|
| |
|
| |
|
Audit Fees¹ | | $ | 26,500 | | $ | 18,000 | | $ | 23,740 | | $ | 23,000 |
Audit-Related Fees³ | |
| — | |
| — | |
| 1,000 | |
| — |
Tax Fees³ | |
| — | |
| — | |
| — | |
| — |
All Other Fees | |
| — | |
| — | |
| — | |
| — |
Total Fees Incurred | | $ | 26,500 | | $ | 18,000 | | $ | 24,740 | | $ | 23,000 |
| | | | | | | | | | | | |
Cash Payments | |
|
| |
|
| |
| | |
| |
Audit Fees¹ | | $ | 21,000 | | $ | 20,500 | | $ | 23,740 | | $ | 23,000 |
Audit-Related Fees² | |
| — | |
| — | |
| 1,000 | |
| — |
Tax Fees³ | |
| — | |
| — | |
| — | |
| — |
All Other Fees | |
| — | |
| — | |
| — | |
| — |
Total Cash Payments | | $ | 21,000 | | $ | 20,500 | | $ | 24,740 | | $ | 23,000 |
1 | “Audit Fees” consist of fees for professional services rendered in connection with the audit of our annual consolidated financial statements, review of our quarterly financial statements presented in our quarterly reports on Form 10-Q, and services that are normally provided by our independent registered public accounting firm in connection with statutory and regulatory filings or engagements for the fiscal year. |
2 | “Audit-Related Fees” consist of fees incurred for professional services that are reasonably related to the performance of the audit or review of the company’s financial statements. |
3 | “Tax Fees” consist of fees incurred for professional services rendered in connection with tax audits, tax compliance, and tax consulting and planning. |
32
During the years ended December 31, 2023 and December 31, 2022, there were no other professional services provided by MaloneBailey, LLP that would have required the Board of Directors to consider their compatibility with maintaining independence.
The following table presents fees billed by LMHS, P.C., our current independent registered public accounting firm during the fiscal years ended December 31, 2023 and December 31, 2022.
| | | | | | |
|
| 2023 |
| 2022 | ||
Fees Incurred: | |
|
| |
|
|
Audit Fees¹ |
| $ | 10,000 |
| $ | — |
Audit-Related Fees³ | | | — | | | — |
Tax Fees³ | | | — | | | — |
All Other Fees | | | — | | | — |
Total Fees Incurred |
| $ | 10,000 |
| $ | — |
| | | | | | |
Cash Payments | | | | | | |
Audit Fees¹ |
| $ | — |
| $ | — |
Audit-Related Fees² | | | — | | | — |
Tax Fees³ | | | — | | | — |
All Other Fees | | | — | | | — |
Total Cash Payments |
| $ | — |
| $ | — |
1 | “Audit Fees” consist of fees for professional services rendered in connection with the audit of our annual consolidated financial statements, review of our quarterly financial statements presented in our quarterly reports on Form 10-Q, and services that are normally provided by our independent registered public accounting firm in connection with statutory and regulatory filings or engagements for the fiscal year. |
2 | “Audit-Related Fees” consist of fees incurred for professional services that are reasonably related to the performance of the audit or review of the company’s financial statements. |
3 | “Tax Fees” consist of fees incurred for professional services rendered in connection with tax audits, tax compliance, and tax consulting and planning. |
During the years ended December 31, 20212023 and December 31, 2020,2022, there were no other professional services provided by MaloneBailey, LLPLMHS, P.C. that would have required the Board of Directors to consider their compatibility with maintaining independence.
33
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
We have filed the following documents as part of this Annual Report on Form 10-K:
| 1. | Consolidated Financial Statements |
Our consolidated financial statements are listed in the “Index to Consolidated Financial Statements” under Part II, Item 8 of this Annual Report on Form 10-K.
| 2. | Financial Statement Schedules |
29
All schedules have been omitted because they are not required, not applicable, not present in amounts sufficient to require submission of the schedule, or the required information is otherwise included in our consolidated financial statements and related notes.
| 3. | Exhibits |
34
The following exhibits are filed as part of this Annual Report on Form 10-K.
| ||
Exhibit |
| Exhibit Description |
| | |
3.1 | | |
| | |
3.2 | | |
| | |
10.1 | | |
| | |
10.2 | | |
| | |
10.3 | | |
| | |
14 | | |
| | |
21.1* | | |
| | |
31* | | |
| | |
32*# | | |
| | |
101.INS* | |
|
| | |
101.SCH* | |
|
| | |
101.CAL* | |
|
| | |
101.DEF* | |
|
| | |
101.LAB* | |
|
| | |
101.PRE* | |
|
| | |
| | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |
* | Filed herewith |
30
# | The information in this exhibit is furnished and deemed not filed with the Securities and Exchange Commission for purposes of section 18 of the Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act of 1934, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing. |
ITEM 16. FORM 10-K SUMMARY
None.
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SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: March 11, 202212, 2024
| RIDGEFIELD ACQUISITION CORP., | |
| a Nevada corporation | |
|
|
|
| By: | /s/ Steven N. Bronson |
|
|
|
|
| Steven N. Bronson, CEO and President |
|
| Principal Executive Officer, Principal |
|
| Financial Officer and as the |
|
| Registrant’s duly authorized officer |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
/s/ Steven N. Bronson |
|
|
|
Steven N. Bronson |
|
President, Chief Executive |
|
Officer and Chairman |
|
of the Board of Directors |
|
Principal Executive Officer |
|
Principal Financial Officer |
|
March |
|
/s/ Leonard Hagan |
|
|
|
Leonard Hagan |
|
Director |
|
March |
|
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