Ridgefield Acquisition Corp. reported no revenues for the fiscal years ending December 31, 2024, and December 31, 2023, maintaining its status as a shell company since suspending operations in July 2000. The company recorded a net loss of $67,552 for 2024, a slight improvement from the $72,982 loss in 2023. This reduction in net loss was attributed to decreased general and administrative expenses, which fell to $51,683 from $60,082 in the previous year, primarily due to lower professional fees incurred during the transition between accounting firms.
The company’s total liabilities increased to $170,004 as of December 31, 2024, compared to $159,418 in 2023. This rise was largely driven by an increase in related party debt, which amounted to $166,489, up from $142,911 the previous year. Ridgefield's cash and cash equivalents decreased to $16,949 from $24,415, reflecting ongoing operational challenges and the need for additional capital to support its acquisition strategy. The company’s working capital deficit, when accounting for related party debt, stood at $152,555.
In terms of strategic developments, Ridgefield Acquisition Corp. has not completed any mergers or acquisitions, as it continues to seek viable operating entities for potential business combinations. The company’s acquisition strategy remains complex and competitive, with management acknowledging the challenges posed by economic conditions and the need for additional capital to pursue its objectives. As of March 12, 2024, the company had only one employee, Steven N. Bronson, who serves as Chairman, President, and CEO without a salary.
Looking ahead, Ridgefield Acquisition Corp. anticipates ongoing losses and recognizes the necessity of raising additional capital to fund its operations and potential acquisitions. The company has executed revolving promissory notes with Bronson and Qualstar Corporation, which may provide some liquidity, but it remains uncertain whether these funds will be sufficient for future needs. Management has expressed that while they are actively seeking opportunities, there can be no assurance of successfully completing any transactions that would lead to long-term capital appreciation for shareholders.
About RIDGEFIELD ACQUISITION CORP
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