Revenue Performance - Total revenues for the three months ended September 30, 2024, increased to 9.758million,upfrom8.063 million in the same period of 2023, representing a growth of 21%[9] - Total revenues for the nine months ended September 30, 2024, increased by 24.4% to 27.851millioncomparedto22.380 million in the same period in 2023, primarily due to 29 of 41 assets converting to management contracts[154] - Managed property revenue for the quarter was 7,981,000,whilebaserentincomedecreasedto1,538,000 from 2,009,000year−over−year[9]−Managedpropertyrevenuereached20.708 million for the nine months ended September 30, 2024, representing a 100% increase compared to the previous year[154] - Revenue from Metropolis Technologies represented 56.2% of total revenue for the nine months ended September 30, 2024, compared to 61.6% for the same period in 2023[36] Net Loss and Financial Improvement - Net loss for the three months ended September 30, 2024, was 1.890million,asignificantimprovementfromanetlossof24.642 million in the same period of 2023[9] - The company reported a net loss of (1.890)millionforSeptember2024,animprovementfromanetlossof(24.642) million in September 2023[171] - The net loss for the nine months ended September 30, 2024, was 6.22million,comparedto27.89 million for the same period in 2023[99] - The company reported a basic and diluted loss per share of 0.06forthethreemonthsendedSeptember30,2024,comparedtoalossof1.77 in the same period of 2023[9] Expenses and Cost Management - Total operating expenses decreased significantly to 8,848,000,down74.634,836,000 in the prior year, primarily due to the absence of one-time expenses related to preferred stock issuance and impairments[143] - General and administrative expenses decreased to 2.684millionforthethreemonthsendedSeptember30,2024,from4.154 million in the same period of 2023, a reduction of 35%[9] - Property operating expenses rose to 1,835,000from390,000 in the same quarter of 2023[9] - Interest expense decreased to 3,348,000from3,618,000 year-over-year, indicating improved financial management[9] Equity and Share Activity - Weighted average common shares outstanding increased to 30,615,113 for the three months ended September 30, 2024, compared to 13,089,848 in the same period of 2023[9] - The company issued 1,056,914 shares through conversions of Series 1 preferred stock during the reporting period[12] - The balance of common stock increased to 31,724,535 shares as of September 30, 2024, reflecting ongoing equity activities[12] - Approximately 8,000 shares of Series 1 Preferred Stock converted to approximately 2.8 million shares of common stock during the nine months ended September 30, 2024[83] Assets and Liabilities - Total assets as of September 30, 2024, were 418.191million,aslightdecreasefrom423.237 million as of December 31, 2023[6] - Total liabilities as of September 30, 2024, were 220.910million,slightlyupfrom220.282 million as of December 31, 2023[6] - As of September 30, 2024, future principal payments on notes payable total 132.779million,with67.151 million due in 2027[70] - The company has 111.1millionofdebtduewithintwelvemonths,including53.3 million related to the Revolving Credit Facility and 23.6millionrelatedtotheLineofCredit[178]CashFlowandFinancing−Cashandcashequivalentsdecreasedto8.732 million as of September 30, 2024, down from 11.134millionasofDecember31,2023[6]−Cashflowsfromoperatingactivitiesresultedinanetcashusedof1,009 thousand, an improvement from 1,418thousandintheprioryear[14]−Thecompanyenteredintoa40.4 million Line of Credit in September 2024, maturing in September 2025, with an interest rate of 15.0% per annum[181] - The company authorized a share repurchase program of up to 10millionforitsoutstandingcommonstock,fundedbyproceedsfromtheLineofCredit[188]StrategicInitiativesandMarketPosition−Thecompanyowns41parkingfacilitiesacross20marketsintheU.S.,totalingapproximately15,300parkingspaces[17]−Thecompanyanticipatesahybridworkstructurewillcontinuetoimpactassetperformance,particularlyinurbancenters[139]−Thecompanyhasidentifiedapipelineofacquisitionopportunitiesforparkingfacilitiesbutisunlikelytoproceeduntilmorefavorablefinancialmarketconditionsarerealized[184]−Thecompanyaimstoconverttheremainingassetstoassetmanagementcontractsbytheendof2027[140]LegalandComplianceMatters−AsettlementinSeptember2024resultedinagainofapproximately0.3 million related to a legal dispute[113] - The company continues to record a full valuation allowance against deferred tax assets due to cumulative losses over the past three years[42]
