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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-16335

RIDGEFIELD ACQUISITION CORP.

(Exact Name of Registrant as Specified in Its charter)


Nevada	84-0922701
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

3827 S Carson St, Unit 505-25 PMB 1078, Carson City, NV 89701

(Address of Principal Executive Offices) (Zip Code)

(805) 484-8855

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒

		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☒ No ☐

As of May 9, 2025, the registrant had 27,860,773 shares of common stock issued and outstanding.

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RIDGEFIELD ACQUISITION CORP.

FORM 10-Q

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		Page
	PART I – FINANCIAL STATEMENTS

ITEM 1.	Financial Statements (unaudited)

	Consolidated Balance Sheets	1

	Consolidated Statements of Operations	2

	Consolidated Statements of Changes in Stockholders’ Equity (Deficit)	3

	Consolidated Statements of Cash Flows	4

	Notes to Consolidated Financial Statements	5

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results Of Operations	8

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	12

ITEM 4.	Controls and Procedures	12

	PART II – OTHER INFORMATION

ITEM 6.	Exhibits	13

	SIGNATURES	14

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PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY

Consolidated Balance Sheets

(unaudited)


	March 31,		December 31,
	2025		2024
ASSETS

CURRENT ASSETS
Cash and cash equivalents		12,319		16,949
Prepaid Expenses	$	500	$	500

TOTAL ASSETS	$	12,819	$	17,449

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	2,865	$	3,515
Related party note and interest payable		196,064		166,489

TOTAL LIABILITIES		198,929		170,004

COMMITMENTS AND CONTINGENCIES		—		—

STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $.01 par value; authorized - 5,000,000 shares; issued - none		—		—
Common stock, $.001 par value; authorized - 30,000,000 shares; issued and outstanding - 27,860,773 on March 31, 2025 and December 31, 2024		27,861		27,861
Additional paid in capital		1,939,819		1,939,819
Accumulated deficit		(2,153,790)		(2,120,235)

TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)		(186,110)		(152,555)

TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)	$	12,819	$	17,449

See accompanying notes to these unaudited consolidated financial statements.

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RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY

Consolidated Statements of Operations

(unaudited)


	Three Months Ended
	March 31,
	2025		2024

OPERATING EXPENSES
General and administrative expenses	$	(28,080)	$	(22,693)

Total Operating Expenses		(28,080)		(22,693)

OPERATING LOSS		(28,080)		(22,693)

OTHER EXPENSE
Other expense		(900)		(1,600)
Interest expense		(4,575)		(4,006)

Total Other Expense		(5,475)		(5,606)

NET LOSS	$	(33,555)	$	(28,299)

NET LOSS PER COMMON SHARE
Basic and Dilutive	$	(0.00)	$	(0.01)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING -
Basic and Dilutive		27,860,773		2,860,773

See accompanying notes to these unaudited consolidated financial statements.

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RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

For the Three months Ended March 31, 2025 and 2024

(unaudited)


				Additional
	Common Stock			Paid in		Accumulated
	Shares	Amount		Capital		Deficit		Totals

Balance, December 31, 2023	2,860,773	$	2,861	$	1,914,819	$	(2,052,683)	$	(135,003)

Net loss	—		—		—		(28,299)		(28,299)

Balance, March 31, 2024	2,860,773	$	2,861	$	1,914,819	$	(2,080,982)	$	(163,302)


				Additional
	Common Stock			Paid in		Accumulated
	Shares	Amount		Capital		Deficit		Totals

Balance, December 31, 2024	27,860,773	$	27,861	$	1,939,819	$	(2,120,235)	$	(152,555)

Net loss	—		—		—		(33,555)		(33,555)

Balance, March 31, 2025	27,860,773	$	27,861	$	1,939,819	$	(2,153,790)	$	(186,110)

See accompanying notes to these unaudited consolidated financial statements.

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RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY

Consolidated Statements of Cash Flows

(unaudited)


	Three months Ended
	March 31,
	2025		2024

OPERATING ACTIVITIES
Net loss	$	(33,555)	$	(28,299)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in assets and liabilities:
(Decrease) Increase in accounts payable and accrued expenses		(650)		2,330
Increase in accrued interest – related party		4,575		4,006
Net cash used in operating activities	$	(29,630)	$	(21,963)

FINANCING ACTIVITIES
Proceeds from related party note payable		25,000		—

Net cash provided by financing activities	$	25,000	$	—

NET DECREASE IN CASH AND CASH EQUIVALENTS		(4,630)		(21,963)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		16,949		24,415

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	12,319	$	2,452

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Cash paid for interest	$	—	$	—
Cash paid for income taxes	$	—	$	—

See accompanying notes to these unaudited consolidated financial statements.

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RIDGEFIELD ACQUISITION CORP. AND SUBSIDIARY

Notes to Consolidated Financial Statements

(unaudited)

NOTE 1 – THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND NATURE OF OPERATIONS

Ridgefield Acquisition Corp. (“we”, “us”, “our”, “Ridgefield” or the “Company”) was incorporated under the laws of the State of Colorado on October 13, 1983. Effective June 23, 2006, the Company was reincorporated under the laws of the State of Nevada through the merger of the Company with a wholly owned subsidiary of the Company. Since July 2000, the Company has suspended all operations, except for necessary administrative matters.

The Company has no principal operations or revenue producing activities. The Company is pursuing an acquisition strategy whereby it is seeking to arrange for a merger, acquisition or other business combination with a viable operating entity.

GOING CONCERN AND LIQUIDITY

The Company has an accumulated deficit balance as of March 31, 2025 and net loss during the three months ended March 31, 2025. These conditions, among others, raise substantial doubt about the Company’s ability to continue operations as a going concern. The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern for the next twelve months from the date of this filing, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2025.

In order to continue as a going concern and to develop a reliable source of revenues and achieve a profitable level of operations the Company will need, among other things, additional capital resources. Management’s plans to continue as a going concern include raising additional capital through borrowing and/or sales of equity and debt securities. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for the presentation of interim financial information, but do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying financial statements should be read in conjunction with the December 31, 2024 consolidated financial statements that were filed in our annual report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ended December 31, 2025.

RECENT ACCOUNTING PRONOUNCEMENTS

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. This guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance was effective for the Company’s annual periods beginning January 1, 2024 and interim periods within fiscal years beginning January 1, 2025. The Company only operates in a single segment, and this guidance had no impact on the Company’s consolidated financial statements or its disclosures.

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In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to income tax disclosure. This guidance modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign operations) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign operations). This guidance also requires entities to disclose their income tax payments to international, federal and state and local jurisdictions. This guidance becomes effective for the Company’s annual periods beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company expects this guidance to only impact its disclosures and have no material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The amendments provide for more detailed disaggregation of expenses. The standard is effective beginning with the December 2027 annual financial statements and interim periods thereafter, with early adoption permitted. We are currently evaluating the disclosure impact of the adoption of this update. This ASU does not impact our consolidated financial position, results of operations or cash flows.

Other recent ASU’s issued by the FASB and guidance issued by the SEC did not, or are not believed by the management to, have a material effect on the Company’s present or future consolidated financial statements.

NOTE 2 – RELATED PARTY TRANSACTIONS

On March 23, 2022, the Company executed a Revolving Promissory Note (the “Bronson Note”), in the principal amount of up to $200,000 payable to Steven N. Bronson, the Company’s Chairman of the Board, President and Chief Executive Officer, pursuant to which Mr. Bronson may make loans to the Company from time to time. The Bronson Note has a maturity date of March 23, 2027, and provides for interest to accrue on the unpaid principal at a rate of eight percent (8.0%) per annum (calculated on the basis of a 360-day year), compounded quarterly and payable quarterly on the last business day of the calendar quarter. The Bronson Note may be prepaid by the Company at any time without penalty.

On September 27, 2022, the Company executed a Revolving Promissory Note (the “Qualstar Note”), payable to Qualstar Corporation (“Qualstar”). Mr. Bronson is the President and CEO of Qualstar Corporation, as well as its largest shareholder. Under the terms of the Qualstar Note, Qualstar may (but is not required to) make loans to the Company from time to time upon request by the Company, up to a maximum principal amount of $200,000 outstanding at any time. The Note may be prepaid by the Company at any time without penalty and is repayable on demand by Qualstar on or after December 31, 2024. The Note provides for interest to accrue on the outstanding principal balance at a rate of ten percent (10.0%) per annum (calculated on the basis of a 360-day year), compounded and payable quarterly. As of the date of issuance of these financial statements, Qualstar has not made a demand for payment.

During the three months ended March 31, 2024 and March 31, 2025 the following amounts were payable under all loans:


	Note Payable to				Note Payable to
	Steven N. Bronson				Qualstar Corporation
	Principal		Interest		Principal		Interest

Balance December 31, 2023	$	30,000	$	4,858	$	100,000	$	8,053

Additions		—		969		—		3,037
Cash Payments		(—)		(—)		(—)		(—)
Balance March 31, 2024	$	30,000	$	5,827	$	100,000	$	11,090

Balance December 31, 2024	$	30,000	$	7,313	$	110,000	$	19,176

Additions		—		665		25,000		3,910
Cash Payments		(—)		(—)		(—)		(—)
Balance March 31, 2025	$	30,000	$	7,978	$	135,000	$	23,086

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On April 23, 2024 the Company sold 25,000,000 shares (the “Unregistered Shares”) of its Common Stock to its President and Chief Executive Officer, and a member of the Board of Directors, Steven N. Bronson (the “Purchaser”), at a price of $0.002 per share, for an aggregate purchase price of $50,000. Purchaser paid the purchase price for the Unregistered Shares in cash.

The Unregistered Shares were offered and sold exclusively to Purchaser, an executive officer and director of the Company and an accredited investor, in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), as a transaction not involving a public offering, pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. Purchaser represented his intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificate representing the Shares issued in the transaction. The offer and sale of the Shares were made without any general solicitation or advertising.

NOTE 3 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of issuance of these financial statements and determined that there have been no events that have occurred that would require adjustments to the financial statements or related disclosures.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our future financial and operating results; our business strategy of pursuing the acquisition of an operating entity; future financing initiatives; our intentions, expectations and beliefs regarding a merger, acquisition or other business combination with a viable operating entity; and our ability to comply with evolving legal standards and regulations, particularly concerning requirements for being a public company and United States export regulations.

These forward-looking statements speak only as of the date of this Form 10-Q and are subject to uncertainties, assumptions and business and economic risks. As such, our actual results could differ materially from those set forth in the forward-looking statements It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Form 10-Q may not occur, and actual results could differ materially and adversely from those anticipated or implied in our forward-looking statements.

Forward-looking statements should not be relied upon as predictions of future events. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Form 10-Q to conform these statements to actual results or to changes in our expectations, except as required by law.

The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.

Overview

Ridgefield Acquisition Corp. (“we”, “us”, “our”, “Ridgefield” or the “Company”) was originally incorporated as a Colorado corporation on October 13, 1983 under the name Ozo Diversified, Inc. On June 23, 2006, the Company filed Articles of Merger with the Secretary of State of the State of Nevada that effected the merger between the Company and a wholly owned subsidiary formed under the laws of the State of Nevada (“RAC-NV”), pursuant to the Articles of Merger, whereby RAC-NV was the surviving corporation. The merger changed the domicile of the Company from the State of Colorado to the State of Nevada. Furthermore, as a result of the Articles of Merger the Company is authorized to issue 35,000,000 shares of capital stock consisting of 30,000,000 shares of common stock, $.001 par value per share and 5,000,000 shares of preferred stock, $.01 par value per share.

Since July 2000, the Company has suspended all operations, except for necessary administrative matters relating to the timely filing of periodic reports as required by the Exchange Act. The Company is a “shell company” as defined in Rule 12b-2 of the Exchange Act. Accordingly, during the three months ended March 31, 2025 and 2024 we earned no revenues.

Our principal executive office is located at 3827 S Carson St, Unit 505-25 PMB 1078, Carson City, NV 89701 and the telephone number is (805) 484-8855. Our website address is www.ridgefieldacquisition.com. None of the information on our website is part of this Form 10-Q.

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Acquisition Strategy

Our plan of operation is to arrange for a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity. In seeking to arrange a merger, acquisition, business combination or other arrangement, our objective will be to obtain long-term capital appreciation for the Company’s shareholders. While we have identified various operating entities, none have risen to the level of being a viable entity for a merger, acquisition, business combination or other arrangement. There can be no assurance that the Company will ever successfully arrange for a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity.

The selection of a business opportunity is a complex process and involves a number of risks, because potentially available business opportunities may occur in many different industries and may be in various stages of development. Due in part to economic conditions in a number of geographic areas, rapid technological advances being made in some industries and shortages of available capital, we believe that there are numerous firms seeking either the limited additional capital which the Company will have or the benefits of a publicly traded corporation, or both. The perceived benefits of a publicly traded corporation may include facilitating or improving the terms upon which additional equity financing may be sought, providing liquidity for principal shareholders, creating a means for providing incentive stock options or similar benefits to key employees, and other factors.

In many cases, management of the Company will have the authority to effect acquisitions without submitting the proposal to the shareholders for their consideration. In some instances, however, the proposed participation in a business opportunity may be submitted to the shareholders for their consideration, either voluntarily by the Board of Directors to seek the shareholders’ advice and consent, or because of a requirement of state law to do so.

The Company may need additional funds in order to effectuate a merger, acquisition or other arrangement by and between the Company and a viable operating entity, although there is no assurance that we will be able to obtain such additional funds, if needed. Even if we are able to obtain additional funds there is no assurance that the Company will be able to effectuate a merger, acquisition or other arrangement by and between the Company and a viable operating entity.

Critical Accounting Policies

The preparation of financial statements in conformity with generally accepted accounting principles of the United States (“U.S. GAAP”) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. The SEC has defined a company’s critical accounting policies as the ones that are most important to the portrayal of the company’s financial condition and results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. A description of our critical accounting policies and judgments used in the preparation of our financial statements was provided in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in these critical accounting policies since December 31, 2024.

Results of Operations

Revenues

For the three months ended March 31, 2025, and March 31, 2024, the Company did not generate any revenues from operations.

The Company reported a net loss of $33,555 for the three months ended March 31, 2025, compared to a net loss of $28,299 for the same period in 2024. This increase in net loss is primarily due to higher general and administrative (G&A) expenses and increased interest expense, both related to the continued funding of our operations.

General and Administrative Expenses

G&A expenses include professional fees, service charges, office expenses, and other administrative costs.

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G&A expenses for the three months ended March 31, 2025 totaled $28,080, an increase of $5,387 compared to $22,693 for the same period in 2024. The increase is primarily attributable to higher professional fees associated with maintaining our status as a public company. These include increased compliance costs for preparing and filing SEC reports, as well as related legal and audit expenses.

We anticipate these compliance-related expenses to remain a recurring component of our operating costs as long as we are a public reporting company.

Other Expense

Other expenses primarily consist of state license and filing fees, minimum franchise or excise taxes, and net interest expense.

Total other expense for the three months ended March 31, 2025 was $5,475, slightly lower than $5,606 in the same period of 2024. The modest decrease is due to a $700 reduction in state filing fees, which reflects the timing of fee assessments. These deferred fees are expected to be incurred in the second quarter of 2025.

Net interest expense increased by $569, from $4,006 inthe three-month period ended March 31, 2024 to $4,575 in the same period ended March 31, 2025. This increase reflects higher borrowings late in the quarter to support ongoing administrative operations.

Outlook

As of March 31, 2025, the Company continues to operate without generating revenue from core business operations. Our primary focus remains on maintaining compliance with public company requirements while evaluating potential opportunities to deploy capital and grow the business.

We anticipate that G&A expenses will remain elevated in future periods, driven primarily by recurring professional fees, legal and audit costs, and regulatory compliance requirements. These costs are expected to continue as long as we maintain our public company status.

We also expect interest expense to increase modestly over the remainder of 2025 if additional borrowings are required to support operations. Management is evaluating various financing options to ensure continued liquidity and the ability to meet near-term obligations.

Looking ahead, the Company remains in an administrative and planning phase. We are actively exploring strategic alternatives, including potential business combinations, asset acquisitions, or other transactions that may create long-term value for shareholders. However, there can be no assurance that any such opportunities will be identified or consummated.

In the interim, management is committed to prudent cost management and disciplined financial stewardship. We believe that maintaining a strong administrative foundation will position the Company to respond quickly and effectively should a viable opportunity arise.

Liquidity and Capital Resources

Cash requirements for working capital and capital expenditures have been funded from cash balances on hand, loans and the issuance of common stock. As of March 31, 2025, we had cash and cash equivalents of $12,319 and a working capital deficit of $21,110, excluding the related party debt principal. With the related party debt, we had a working capital deficit of $186,110.

Cash and cash equivalents consist of cash and money market funds. We did not have any short-term or long-term investments as of March 31, 2025.

Historically, the Company satisfied its working capital needs from related party loans, primarily from Steven N. Bronson, the Chairman, President, CEO, and majority shareholder, and entities that he controls.

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While the cash received from the related party loans will satisfy the Company’s immediate financial needs, it will not by itself provide the Company with sufficient capital to finance a merger, acquisition or business combination between the Company and a viable operating entity. The Company may need additional funds to complete a merger, acquisition or business combination between the Company and a viable operating entity. There can be no assurances that the Company will be able to obtain additional funds if and when needed.

During the three months ended March 31, 2024 and March 31, 2025 the following amounts were payable under all loans:


	Note Payable to				Note Payable to
	Steven N. Bronson				Qualstar Corporation
	Principal		Interest		Principal		Interest

Balance December 31, 2023	$	30,000	$	4,858	$	100,000	$	8,053

Additions		—		969		—		3,037
Cash Payments		(—)		(—)		(—)		(—)
Balance March 31, 2024	$	30,000	$	5,827	$	100,000	$	11,090

Balance December 31, 2024	$	30,000	$	7,313	$	110,000	$	19,176

Additions		—		665		25,000		3,910
Cash Payments		(—)		(—)		(—)		(—)
Balance March 31, 2025	$	30,000	$	7,978	$	135,000	$	23,086

Economy and Inflation

Many leading economists predict high rates of inflation will continue through 2025, particularly with uncertainty surrounding the United States developing policy on trade and tariffs. We do not believe inflation has had a material effect on our Company’s results of operations. This might not be the case if inflation continues to grow. A prolonged period of high inflation may also impact our ability to carry out our acquisition strategy. On the other hand, if business conditions deteriorate, it may be easier for us to identify an acquisition candidate.

Off-Balance Sheet and Contractual Arrangements

Our liquidity is not dependent on the use of off-balance-sheet financing arrangements.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The phrase “disclosure controls and procedures” refers to controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, as amended, such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the U.S. Securities and Exchange Commission, or SEC. Disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to our management, including our President and Chief Executive Officer (who serves as our Principal Executive Officer and Principal Financial Officer), as appropriate, to allow timely decision regarding required disclosure.

Our management, with the participation of our President and Chief Executive Officer (who serves as our Principal Executive Officer and Principal Financial Officer), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of March 31, 2025, the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our President and Chief Executive Officer has concluded that as of March 31, 2025, our disclosure controls and procedures were not designed to be effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our President and Chief Executive Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting

There was no change in our internal control over financial reporting during the three months ended March 31, 2025 that materially affected, or is reasonable likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

ITEM 6.

Exhibits

The following exhibits are filed as part of this Quarterly Report on Form 10-Q.

Exhibit Number		Exhibit Description

3.1		Articles of Incorporation for Ridgefield Acquisition Corp., a Nevada corporation, incorporated by reference to Appendix C of the Company’s Schedule 14A filed on May 26, 2006.

3.2		Bylaws for Ridgefield Acquisition Corp., a Nevada corporation, incorporated by reference to Appendix D of the Company’s Schedule 14A filed on May 26, 2006.

31*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32*#		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		XBRL Instance Document.

101.SCH*		XBRL Taxonomy Schema.

101.CAL*		XBRL Taxonomy Extension Calculation Linkbase.

101.DEF*		XBRL Taxonomy Extension Definition Linkbase.

101.LAB*		XBRL Taxonomy Extension Label Linkbase.

101.PRE*		XBRL Taxonomy Extension Presentation Linkbase.

*	Filed herewith

The information in this exhibit is furnished and deemed not filed with the Securities and Exchange Commission for purposes of section 18 of the Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act of 1934, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 9, 2025


	RIDGEFIELD ACQUISITION CORP.,
	a Nevada corporation

	By:	/s/ Steven N. Bronson
		Steven N. Bronson, President and Chief Executive Officer
		Principal Executive Officer, Principal
		Financial Officer and as the
		Registrant’s duly authorized officer

RIDGEFIELD ACQUISITION CORP 10-Q