NEW YORK, June 30, 2017 /PRNewswire/ -- Ore Holdings, Inc. ("Ore", Pink Sheets: ORXE), announced today its financial results for the three and twelve months ended December 31, 2016.  Net loss for the three months ended December 31, 2016 was $559,069 or $0.01 loss per share, as compared to a net loss of $96,000 or $0.00 per share for the three months ended December 31, 2015.  Net loss for the twelve months ended December 31, 2016 was $289,976 or $0.01 per share, as compared to a net loss of $1,138,245 or $0.02 loss per share for the twelve months ended December 31, 2015. There was no revenue for all periods presented.  

As previously reported, Ore has suspended its SEC registration and no longer provides financial or other information through SEC filings.  Ore intends to continue to provide quarterly and annual financial information by posting such information on its web site, www.oreholdings.com.

To ensure the preservation of the Company's net operating loss, our Certificate of Incorporation limits the ability of stockholders from acquiring more than five percent of our outstanding stock.

Ore Holdings, Inc. - Overview

Ore Holdings, Inc. is currently focused on investing in profitable operations to redeploy its working capital and maximize the use of its net operating loss carryforwards.

Terry Gibson - President, CEO & CFO 650-743-8197

 

ORE HOLDINGS INC.
Consolidated Condensed Statements of Operations
For the Three and Twelve Months Ended December 31, 2016 and 2015
(in thousands, except per share data)





Three Months Ended


Twelve  Months Ended




December 31,


December 31, 




2016


2015


2016


2015











Revenue


$          -


$          -


$          -


$            -











Expenses










General and administrative


13


38


88


271


Management fees


60


60


240


240












    Total expenses


73


98


328


511












    Loss from operations


(73)


(98)


(328)


(511)











Other (expense) income










(Loss) income from equity investment


(458)


-


-


(862)


Realized gain on sale of marketable securities


-


-


42


214


Interest income, net


-


2


7


21


Other expenses


(17)


-


-


-


    Total other (expense) income


(475)


2


49


(627)












    Net loss before income tax expense


(548)


(96)


(279)


(1,138)












Income tax expense


(11)


-


(11)


-












NET LOSS


$   (559)


$     (96)


$   (290)


$  (1,138)











Basic and diluted net income (loss) per share


$  (0.01)


$  (0.00)


$  (0.01)


$    (0.02)





















Shares used in computing basic and diluted net income (loss) per share


48,873


48,873


48,873


48,873

                                                                             

 ORE HOLDINGS INC.
Consolidated Balance Sheets
as of December 31, 2016 and December 31, 2015
(in thousands, except share data)




December 31,


December 31,



2016


2015


ASSETS









Current assets:





Cash and cash equivalents

$               116


$               268


Marketable securities available for sale

-


48


Prepaid expenses

13


10







    Total current assets

129


326

Long-term due from affiliates, net of investment basis

-


-







    Total assets

$               129


$               326







LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:





Accounts payable

$               116


$                 23


Other accrued expenses

33


42







    Total current liabilities

149


65






Stockholders' deficit:





Preferred stock, $.01 par value; 2,000,000 shares authorized; 1,005,228 shares issued and  outstanding for both dates presented

10


10


Common stock, $.01 par value; 15,000,000 shares authorized; 8,663,519 shares issued and  outstanding for both dates presented

87


87


Additional paid-in-capital

392,427


392,427


Accumulated other comprehensive loss

-


(10)


Accumulated deficit

(392,544)


(392,253)







Total stockholders' equity

(20)


261







Total liabilities and stockholders' equity

$               129


$               326

 

SOURCE Ore Holdings, Inc.


Source: Ore Holdings, Inc.