NEW YORK, June 30, 2017 /PRNewswire/ -- Ore Holdings, Inc. ("Ore", Pink Sheets: ORXE), announced today its financial results for the three months ended March 31, 2017.  Net income for the three months ended March 31, 2017 was $1,165,396 or $0.02 per share, as compared to a net loss of $11,697 or $0.00 per share for the three months ended March 31, 2016.  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 Months Ended March 31, 2017 and 2016

(in thousands, except per share data)

(unaudited)





Three Months Ended




March 31,




2017


2016







Revenue


$         -


$         -







Expenses






General and administrative


20


14


Management fees


60


60








    Total expenses


80


74








    Loss from operations


(80)


(74)







Other (expense) income






(Loss) income from equity investment


1,245


-


Realized gain on sale of marketable securities


-


41


Interest income, net


-


3


Other expenses


-


18


    Total other (expense) income


1,245


62








    Net Income (loss)


$ 1,165


$    (12)







Basic and diluted net income (loss) per share


$   0.02


$ (0.00)













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


48,873


48,873

 

ORE HOLDINGS INC.

Consolidated Balance Sheets

as of March 31, 2017 and December 31, 2016

(in thousands, except share data)




March 31,


December 31,



2017


2016



(unaudited)


(audited)


ASSETS









Current assets:





Cash and cash equivalents

$           535


$              116


Marketable securities available for sale

-


-


Prepaid expenses

24


13







    Total current assets

559


129

Long-term due from affiliates, net of investment basis

630


-







    Total assets

$        1,189


$              129







LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:





Accounts payable

$             11


$              116


Other accrued expenses

33


33







    Total current liabilities

44


149






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

-


-


Accumulated deficit

(391,379)


(392,544)







Total stockholders' equity

1,145


(20)







Total liabilities and stockholders' equity

$        1,189


$              129

 

SOURCE Ore Holdings, Inc.


Source: Ore Holdings, Inc.