At the end of the quarter, the company owned a real estate portfolio consisting of four commercial properties totaling 129,000 sf, which was 83% occupied.
Revenues for the quarter decreased about 68% compared to the same period last year due to significant asset sales over the past year, including the sale of its SmartCabinet software code and related assets to Stellent Inc. in exchange for 200,000 shares of Stellent's common stock.
At the time of the closing, the shares received were worth approximately $5.99 million. As of Sept. 30, the fair market value of the same shares was approximately $2.88 million.
Revenues for the nine months ended Sept. 30 were $3.43 million resulting in a net loss of $2.02 million. The net loss included $1.7 million non-cash expenses.
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