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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒	ANNUAL REPORT UNDER SECTION 13 OR 15(d ) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025

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

Commission File Number 0-12346

IRONSTONE PROPERTIES, INC.

(Name of Registrant as specified in its charter)

Delaware

95-2829956

(State or other jurisdiction of

incorporation or organization)

(IRS Employer Identification No.)

40 Mesa Street, Suite 105, San Francisco, California 94129

(Address of principal executive offices, including zip code)

(415) 340-4766

(Registrant’s telephone number, including area code)

Securities registered under Section 12(b) of the Exchange Act:

None

Securities registered under Section 12(g) of the Exchange Act:

Common Stock, $0.01 par value

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained in this form, and no disclosure will be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post 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 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. ☐

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Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The approximate aggregate market value of voting stock held by non-affiliates of the Registrant was $507,872 as of December 31, 2025 based on the exercise price of an option grant in early 2024. Shares of voting stock held by each officer and director and by each person who owns 5% or more of the outstanding voting stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily conclusive.

Check whether the Registrant has filed all documents and reports required to be filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes ☐ No ☒

As of December 31, 2025, 3,472,491 shares of Common Stock, $0.01 par value, were outstanding, with 745,536 of those shares held as Treasury Stock by the Company.

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TABLE OF CONTENTS

PART I:		Page

Item 1.	Business	3
Item 1A.	Risk Factors	3
Item 1B.	Unresolved Staff Comments	3
Item 1C.	Cybersecurity	3
Item 2.	Properties	4
Item 3.	Legal Proceedings	4
Item 4.	Mine Safety Disclosures	4

PART II:

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	5
Item 6	Selected Consolidated Financial Data	6
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	6-8
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	9
Item 8.	Financial Statements and Supplementary Data	9-9
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	24
Item 9A	Controls and Procedures	24
Item 9B.	Other Information	25

PART III:

Item 10.	Directors and Executive Officers and Corporate Governance	25
Item 11.	Executive Compensation	26-26
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	29
Item 13.	Certain Relationships, Related Transactions, and Director Independence	30
Item 14.	Principal Accountant Fees and Services	30

PART IV:

Item 15.	Exhibits, Financial Statement Schedules	30

SIGNATURES		31

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PART I

ITEM 1. BUSINESS

BACKGROUND

Ironstone Properties, Inc., (“Ironstone” or the “Company”) formerly named Ironstone Group, Inc. a Delaware corporation, was incorporated in 1972. Since 1986, a majority of Ironstone’s outstanding shares has been owned by Hambrecht & Quist Group, a San Francisco-based investment banking and venture capital firm, and its affiliates (collectively “H&Q”). In September 2003, Ironstone repurchased all of these shares. Such repurchased shares are currently being held as treasury stock. William R. Hambrecht, Director and Chief Executive Officer, owns approximately 49.8% of Ironstone’s outstanding voting shares as of December 31, 2025. During September 2021, Ironstone Group, Inc. changed its name to Ironstone Properties, Inc.

BUSINESS STRATEGY

The Company is pursuing existing and new disruptive business opportunities across a number of technology sectors. At December 31, 2025, the Company had $0 in marketable securities, $115,646 in cash and $3,161,359 in non-marketable investments,

There can be no assurance that the Company will acquire businesses, form additional alliances, or expand its existing services. Failure to expand the scope of services provided by the Company may have an adverse effect on the Company’s results of operations.

EMPLOYEES

As of December 31, 2025, the Company had one part-time contract employee. The contract employee received $7,896 and $5,539 in cash compensation for the years ended December 31, 2025 and 2024 respectively, and is not subject to a collective bargaining agreement.

ITEM 1A. RISK FACTORS

The Company’s main assets are investments in non-marketable securities of TangoMe Inc., Buoy Health, Inc., and Aristotle Inc.. There can be no assurance that a market will continue to exist for these investments.

The Company has been unable to contract a PCAOB auditor for an examination of the 2025, 2024, 2023 and 2022 financial statements and records. The Company continues to search for an auditor.

Due to the Company not being able to secure an external audit, the SEC removed Ironstone Properties from “Retail OTC” and placed the Company in the “Expert Trading” category of the OTC during September 2022, thereby reducing trading liquidity. Since that time, there has not been a liquid trading market for the Company’s shares. The Company is presently pursuing an effort to relist on the OTC, though there is no assurance that this effort will be successful.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY RISK MANAGEMENT AND STRATEGY

The Company maintains basic cybersecurity measures appropriate for our small size and limited technology infrastructure. Our primary business systems consist of QuickBooks and standard office productivity software. Our approach to cybersecurity risk identification includes:

●

Regular review of user access to our financial systems

●

Monitoring for unusual login attempts or activities

●

Awareness of cybersecurity threats common to small businesses through industry publications and alerts

Risk Management Process

Our cybersecurity risk management process is designed to address identified risks through:

●

Implementation of basic safeguards, including strong password requirements and regular password changes

●

Multi-factor authentication for access to QuickBooks and other critical business applications

●

Regular backup of business-critical data

●

Installation of commercially available antivirus and security software on all Company computers

●

Timely application of security updates and patches to operating systems and applications

●

Use of secure, password-protected Wi-Fi networks for all business operations

Material Effects of Cybersecurity Threats

During the reporting period, the Company has not experienced cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition.

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Cybersecurity Governance

Board Oversight

Given our small size, our full Board of Directors maintains direct oversight of cybersecurity matters. The Board reviews cybersecurity as part of its risk oversight responsibilities at least annually, and more frequently if specific concerns arise. During these reviews, the Board considers:

●

Any cybersecurity incidents or concerns that occurred since the last review

●

Changes to the Company's technology usage that might affect cybersecurity risk

●

Basic protective measures in place and any recommended improvements

●

Resource allocation for cybersecurity protection

Management’s Role

Due to our limited organizational structure:

	●	Our CFO has primary responsibility for overseeing the Company’s cybersecurity practices
	●	Our Bookkeeper is responsible for implementing security measures related to our financial systems, including QuickBooks

●

We engage an external IT support provider on an as-needed basis to assist with technical security matters and recommend appropriate safeguards

●

All employees are expected to follow basic security protocols, including proper password management and data protection

Cybersecurity Expertise

The Company does not have dedicated cybersecurity personnel or specialized expertise on the Board. We compensate for this by:

●

Utilizing our external IT support provider for technical guidance

●

Accessing free cybersecurity resources available to small businesses through organizations such as the Small Business Administration (SBA) and the Federal Trade Commission (FTC)

●

Subscribing to cybersecurity alert services relevant to small businesses

●

Considering basic cybersecurity training for key personnel who handle sensitive information

Use of External Resources

The Company relies on the following external resources to support our cybersecurity efforts:

●

Contracted IT support services on an as-needed basis

●

Standard commercial security software for virus and malware protection

●

Cloud service providers that maintain security for hosted applications we use

●

QuickBooks security features and Intuit's security infrastructure for financial data

ITEM 2. PROPERTIES

The Company’s principal executive offices are located at 40 Mesa Street, Suite 105, San Francisco, California 94129, in office space leased by WR Hambrecht+Co., LLC.

ITEM 3. LEGAL PROCEEDINGS

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES

Our common stock traded on the OTC Markets under the trading symbol IRNS until September 2022. Since that time, there has not been a liquid trading market for the Company’s shares. The Company is presently pursuing an effort to relist on the OTC, though there is no assurance that this effort will be successful.

Rules 15g-1 through 15g-9 promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”) impose sales practice and disclosure requirements on certain brokers-dealers who engage in transactions involving a “penny stock.” The SEC has adopted regulations which generally define “penny stock” to be any equity security that has a market price of less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. We believe that the penny stock rules may discourage investor interest in and limit the marketability of our common shares.

As of December 31, 2024, there were approximately 500 holders of record of the Company’s common stock. The Company has not paid cash dividends on its common stock since its inception and does not intend to pay cash dividends on its common stock in the foreseeable future.

On April 29, 2021 the Company revised its existing Equity Incentive Plan. As of December 31, 2025, 225,000 options were granted under the Plan, with an exercise price of $1.99 per share, which is based on the weighted average price for the trailing six-month average price and an illiquidity discount of 15%. The options vest straight line over three years and expire seven years following the grant date. The plan provides for incentive stock options to be granted at times and prices determined by the Company’s Board of Directors. The stock options are to be granted to directors, officers and employees of the Company, as well as certain consultants and other persons providing services to the Company.

The stock options were issued in reliance on the exception from registration provided by Section 4(a) (2) of the Securities Act of 1933.

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Item 6. SELECTED CONSOLIDATED FINANCIAL DATA

Year ended December 31	2025			2024

Total Income	$	116,510		$	(158,973	)

Operating Expenses	$	89,275		$	212,336

Total Gain (Loss) from Operation	$	27,235		$	(371,309	)

Comprehensive gain (loss) after income taxes	$	(214,756	)	$	(599,302	)

Cash	$	115,614		$	26,174

Marketable securities	$	0		$	0

Non-marketable securities	$	3,161,359		$	3,161,359

Total assets	$	3,227,004		$	3,187,532

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATION

CRITICAL ACCOUNTING POLICIES

While the Company continues to evaluate business opportunities, its sole source of revenue is from the sale of marketable and non-marketable securities. Management has classified these securities as available for sale in accordance with ASC Topic 320, “Investments – Debt and Equity Securities.” These securities are recorded at fair value, and any unrealized gains and losses are reported as other comprehensive income. For securities for which there is an other-than-temporary impairment, an impairment loss is recognized as a realized loss.

Ironstone Property’s primary expenses are generated from maintaining regulatory reporting compliance, such as quarterly review and annual audit of the financial statements, seeking legal counsel when appropriate, and consulting fees.

Fair Value Measurements

The accounting principles general accepted in the United States of America (“GAAP”) defines fair value, establishes a framework that the Company uses to measure fair value and provides for certain disclosures about the fair value measurements included in the Company's financial statements. Refer to Note 2 in the Notes to Financial Statements for these disclosures. Fair value is defined by GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date.

In determining fair value, the Company uses various valuation approaches. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company’s management. Unobservable inputs are inputs that reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows:

Level 1–Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.

Level 2–Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3–Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the management in determining fair value is greatest for instruments categorized in Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

RESULTS OF OPERATIONS

Years ended December 31, 2025 and December 31, 2024

Operating expenses for 2025 totaled $89,275, a decrease of $123,061 or 58% as compared to 2024. The decrease was primarily due to a decrease in compensation from stock options from $145,248 in 2024 to $66,183 in 2025, a decrease of $79,065. In addition, there was a decrease of $36,824 in professional fees, state and local taxes and general and administrative fees.

LIQUIDITY AND CAPITAL RESOURCES

Net cash used in operating activities was $194,120 and $600,155 for the years ended December 31, 2025 and 2024, respectively. The decrease in fiscal year 2025 is attributed to a mark to market private loss recognized during 2024 as well as higher stock compensation expense in that year relative to 2025. Net cash used in investing activities was $0 and $279,382 for the years ended December 31, 2025 and 2024, respectively. The decrease is due to no market to market adjustments in 2025. Net cash provided by financing activities was $283,592 and $346,947 for the years ended December 31, 2025 and 2024, respectively, representing non-cash charges for accrued interest and the vesting of options.

The Company has a line of credit arrangement with First Republic Bank with a borrowing limit of $350,000 with interest based upon the lender’s prime rate plus 4.5%. Interest is payable monthly at 7.75%. The line is guaranteed by William R. Hambrecht, Chief Executive Officer and Director. The line of credit is due on demand and is secured by all of the Company’s business assets. At December 31, 2024, the outstanding balance under the line was $348,843.

On November 30, 2022 the Company renewed its note for five years, replacing the note issued April 1, 2012. The renewed terms are 7% interest rate, maturing November 30, 2027. The gross amounts payable under the agreement as of December 31, 2022 and December 31, 2021 was $2,603,214 and $2,329,510 respectively. As part of the note renewal, a warrant was issued to the lender to purchase 319,021 common shares at $2.04 per share. The warrant has a five-year term, expiring November 30, 2027.

On May 27, 2022, William Hambrecht, CEO converted a total of $824,269 of debt and accrued interest for 404,054 shares of Ironstone Properties, Inc. common stock at a price of $2.04 per share.

The Company may obtain additional equity or working capital through additional bank borrowings and public or private sales of equity securities and exercises of outstanding stock options. The Company may also borrow additional funds from Mr. William R. Hambrecht. There can be no assurance, however, that such additional financing will be available on terms favorable to the Company, or at all.

The primary capital resource of the Company relates to the March 30, 2012 purchase of 468,121 shares of non- marketable investment TangoMe, Inc. The investment in TangoMe, Inc. shares is valued at $3,061,838 and $3,061,838 for the years ended December 31, 2025 and 2024, respectively. For the year ended December 31, 2024, the Company recorded an unrealized loss of $1,241,118 on the investment. Given that the investment in TangoMe, Inc. does not have a readily determinable fair value, the Company exerts significant judgment in estimating the fair value using various pricing models and the information available to the Company that it deems most relevant. The investment fair value was based in 2022 on using a Best-fit valuation for TangoMe Inc. as determined by the MESE big data analysis system and SPAC inquiries for TangoMe, Inc. In 2023, the Company used a third-party valuation from Virtua, Inc. as its primary determinant of fair value. These are the primary significant unobservable inputs used in the fair value measurement of the Company’s investment.

On January 3, 2024, the Company completed the sale of 15,448 shares of TangoMe common stock at $2.89 per share, in a Tender Offer made by TangoMe as part of a management reorganization. The proceeds of $44,721 were reflected as a realized gain of $11,663 and a return of capital of $33,058. On May 3, 2024, the Company received a dividend of $75,687 from TangoMe. On November 14, 2025, the Company received an additional dividend of $116,500 from TangoMe.

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The Company purchased 11,233 common shares of the private company Buoy Health, Inc. on March 17, 2021 at $15.92 per share. In July, 2023, Buoy Health, Inc. sold additional shares at $15.85 per share. At that price, the total value of the Company’s investment was $178,043 as of December 31, 2023, resulting in a mark-up gain of $17,101 for the twelve months ended December 31, 2023. In 2024, Buoy management executed a buyout of a significant strategic partner, purchasing those shares at $0.05 per share. The Company marked their shares down to that price, resulting in a mark-down loss of $177,481 for the twelve months ended December 31, 2024.

In 2022, the Company purchased 10,074 preferred shares of the privately held company Aristotle at $19.85 per share from Bill Hambrecht and William Mayer totaling $200,000. Given no material activity or transactions during 2025, there was no change in the valuation of the investment during the year.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a Smaller Reporting Company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

	Page

Consolidated balance sheets at December 31, 2025 and 2024	10

Consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025 and 2024	11

Consolidated statements of stockholders’ equity for the years ended December 31, 2025 and 2024	12

Consolidated statements of cash flows for the years ended December 31, 2025 and 2024	13

Notes to consolidated Financial Statements	14

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IRONSTONE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	December 31, 2025			December 31, 2024

ASSETS:
Cash	$	115,646		$	26,174
Investments:
Marketable securities		0			0
Non-marketable securities		3,161,358			3,161,358

Total assets	$	3,277,004			3,187,532

LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable and accrued expenses	$	58,732		$	62,678
Line of credit borrowings		348,843			348,843
Interest payable line of credit		69,850			45,268
Note payable and accrued interest		3,225,974			3,008,566
Note payable - related party		-			-
Interest payable - related party		-			-
Deferred income tax payable		-			-

Total liabilities	$	3,703,399		$	3,465,355


Stockholders' equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding		-			-
Common stock, $0.01 par value, 25,000,000 shares authorized, of which 3,472,491 shares are issued and outstanding as of December 31, 2025 and 3,472,491 at December 31, 2024		34,725			34,725
Additional paid-in capital		22,860,000			22,860,000
Additional paid-in capital - stock options		917,554			851,371
Accumulated deficit		(25,264,274	)		(24,664,972	)
Accumulated other comprehensive Income		1,548,174			1,163,628
		96,179			244,752
Less: Treasury Stock, 745,536 shares, at cost		(522,574	)		(522,574	)

Total stockholders' equity		(426,395	)		(277,822

Total liabilities and stockholders' equity	$	3,277,004		$	3,187,532

The accompanying notes are an integral part of these consolidated financial statements

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IRONSTONE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT

(unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2025			2024			2025			2024

Income:
Mark to Market gain (loss)				$	(24	)				$	(859	)
Realized Gain – Private Investments											11,663
Mark to Market Private Equity					(245,464	)					(245,464	)
Dividend Income	$	116,510					$	116,510			75,687
Total Income	$	116,510		$	(245,488	)	$	116,510		$	(158,973	)

Operating expenses:
Compensation - stock options	$	16,682		$	41,070		$	66,183		$	145,248
Professional fees		4,042			8,808			8,174			15,346
State and local taxes		492			12,497			15,471			28,549
General and administrative expenses		3,131			16,716			(553	)		23,193
Total operating expenses		24,347			79,091			89,275			212,336

Gain (Loss) from operations		92,163			(324,579	)		27,235			(371,309	)

Other expense:
Interest expense		(62,746	)		(59,333	)		(241,991	)		(227,994	)
Interest expense to related party		-			-			-			-


Net operating gain (loss)	$	29,417		$	(383,912	)	$	(214,756	)	$	(599,302	)



Basic gain (loss) per share
Net operating loss per share	$	0.01		$	(0.14	)	$	(0.08	)	$	(0.22	)
Weighted average shares outstanding		2,726,955			2,726,955			2,726,955			2,726,955

The accompanying notes are an integral part of these consolidated financial statements

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

Years ended December 31, 2022 and 2023

(unaudited)

	Common Stock Shares		Amount		Additional Paid-In Capital		Accumulated Comprehensive Deficit			Treasury Stock Shares			Amount			Total
Balance, December 31, 2023		3,472,491	$	34,725	$	23,566,123	$	(22,902,042	)		(745,536	)	$	(522,574	)	$	176,232

Stock-based compensation					$	145,248

Net loss							$	(599,302	)

Balance, December 31, 2024		3,472,491	$	34,725	$	23,711,371	$	(21,501,344	)		(745,536	)	$	(522,574	)	$	(277,822	)

Stock-based compensation					$	66,183

Net loss							$	(214,756	)

Balance, December 31, 2025		3,472,491	$	34,725	$	23,777,554	$	(3,716,100	)		(745,536	)	$	(522,574	)	$	(426,395	)

The accompanying notes are an integral part of these consolidated financial statements

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IRONSTONE GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Twelve Months Ended December 31
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net operating loss	$	(214,756	)	$	(599,302	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts payable and accrued expenses		20,636			(852	)
Deferred tax liability
Net cash used in operating activities		(194,120	)		(600,154	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Interest payable		217,408			201,699
Interest payable - related party
Proceeds from issuance of notes payable
Principal payment of LOC
Paid in capital stock options		66,183			145,248
Conversion of related party debt to new issue common stock
Issuance of new issue common stock
Additional paid in capital issuance of new issue common stock
Prior Period Adjustment to Retained Earnings
Net cash provided by financing activities		283,591			346,947

CASH FLOWS FROM INVESTING ACTIVITIES:
Marketable securities mark to market					859
Investment in non-marketable securities
Non-marketable securities mark to market		-			278,523
Net cash provided (used) by financing activities		-			279,382

Net increase (decrease) in cash		89,472			26,174

Cash at beginning of period	$	26,174		$	0

Cash at end of period	$	115,646		$	26,174

Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$			$	-
Cash paid during the period for state franchise taxes	$			$	-

Supplemental noncash investing and financing activities:
Officer and director common stock options issued	$	66,183		$	145,248
Deferred income taxes payable				$	-

The accompanying notes are an integral part of these consolidated financial statements.

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business Activities

Ironstone Group, Inc. and subsidiaries have no operations but are seeking appropriate business combination opportunities. Ironstone Group, Inc, (“Ironstone” or the “Company”) a Delaware corporation, was incorporated in 1972.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Ironstone Group, Inc. and its subsidiaries, AcadiEnergy, Inc., Belt Perry Associates, Inc., DeMoss Corporation, and TaxNet, Inc. (collectively the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation.

Marketable and Non-Marketable Securities

Marketable and non-marketable securities have been classified by management as available for sale in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320. Marketable securities are recorded at fair value and any unrealized gains and losses are excluded from earnings and reported as a separate component of shareholders’ equity until realized. The fair value of the Company’s marketable securities and investments at December 31, 2024 is based on quoted market prices. For the purpose of computing realized gains and losses, cost is identified on a specific identification basis. For marketable securities for which there is an other-than-temporary impairment, an impairment loss is recognized as a realized loss, and related adjustments are not made for recovery in value.

Securities determined to be non-marketable by the Company do not have readily determinable fair values. The Company estimates the fair value of these instruments using various pricing models and the information available to the Company that it deems most relevant. Among the factors considered by the Company in determining the fair value of financial instruments are discounted anticipated cash flows, the cost, terms and liquidity of the instrument, the financial condition, operating results and credit ratings of the issuer or underlying company, the quoted market price of publicly traded securities with similar duration and yield, the Black-Scholes Options Valuation methodology adjusted for active market, the share price of recent round of financings by an outsider, and other considerations on a case-by-case basis and other factors generally pertinent to the valuation of financial instruments.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made in the financial statements relate to the valuation of the Company’s non-marketable investments. Actual results could differ from those estimates.

Income Taxes

The Company and its wholly owned subsidiaries file a consolidated federal income tax return. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred income taxes. Deferred income taxes are recognized for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Deferred income taxes are also recognized for net operating loss carryforwards that are available to offset future taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Ironstone follows the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Company to determine whether a tax position of Ironstone is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has determined that there is no effect on the financial statements from this authoritative guidance.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where applicable. As of December 31, 2024, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2021 forward for Federal and 2020 forward for California (with limited exceptions).

During the year ended December 31, 2024, the Company recognized and paid $3,332 of interest and penalties related to state income and franchise taxes in its statement of operations.

Stock-Based Compensation

Ironstone recognizes the fair value of stock options granted on a straight-line basis over the requisite service period of the option grant, which is the standard vesting term of four years. The Company estimates the fair value of employee stock options and the right to purchase shares under the employee stock purchase plan using the Black-Scholes option-pricing model, in accordance with ASC Topic 718, “Stock-based Compensation”.

The full impact of stock-based compensation in the future is dependent upon, among other things, the total number of stock options granted, the fair value of the stock options at the time of grant and the tax benefit that Ironstone may or may not receive from stock-based expenses. Additionally, stock-based compensation requires the use of an option-pricing model to determine the fair value of stock option awards. This determination of fair value is affected by Ironstone’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, Ironstone’s expected stock price volatility over the term of the awards.

Basic and Diluted Loss per Share

Basic loss per share (“EPS”) excludes dilution and is computed by dividing net income (loss) applicable to common shareholders by the weighted average number of common shares actually outstanding during the period. Diluted EPS reflects the dilution from potentially dilutive securities, except where inclusion of such potentially dilutive securities would have an anti-dilutive effect, using the average stock price during the period in the computation and because of the net loss for the periods presented.

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Recent Accounting Pronouncements

In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 introduces an explicit requirement for management to assess and provide certain disclosures if there is substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016. The Company has adopted ASU 2014-15.

In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 removes certain disclosures, modifies others and introduces additional disclosure requirements for entities. The amendments in ASU 2018-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company’s financial statements.

Liquidity

As reflected in the accompanying financial statements the Company has net losses and has a negative cash flow from operations. If necessary, the Company may seek to sell additional debt or equity securities or enter into new credit facilities to meet its cash needs. The Company cannot make assurances that it will be able to complete any financing or liquidity transaction, that such financing or liquidity transaction will be adequate for the Company’s needs, or that a financing or liquidity transaction will be completed in a timely manner. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recovery and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.

2. FAIR VALUE MEASUREMENTS

Fair value is defined under the Financial Accounting Standards Board (“FASB”) Accounting Standards Board (“ASC”) 820, “Fair Value Measurement and Disclosures”. ASC 820 defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 describes a fair value hierarchy based on three levels of inputs of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows:

Level 2–Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3–Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement.

The carrying value of cash, accounts payable, accrued expenses, and interest payable approximate fair value given their short-term nature. The carrying value of the Company's notes payable approximate fair value based on time to maturity and prevailing interest rates.

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The following tables provide information about the Company’s financial instruments measured at fair value on a recurring basis as of December 31 by the fair value hierarchy:

	Level 1		Level 2		Level 3		Balance as of December 31, 2025
Investments:
Publicly traded common stock	$	0	$	-	$	-	$	0
Publicly traded options				-		-
Private company common stock		-		-		2,961,358		2,961,358
Private company preferred stock		-		-		200,000		200,000
Total	$	0	$	-	$	3,161,358	$	3,161,358

	Level 1		Level 2		Level 3		Balance as of December 31, 2024
Investments:
Publicly traded common stock	$	0	$	-	$	-	$	0
Publicly traded options				-		-
Private company common stock		-		-		2,961,358		2,961,358
Private company preferred stock		-		-		200,000		200,000
Total	$	0	$	-	$	3,161,358	$	3,161,358

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The following tables presents the Company’s investments measured at fair value using significant unobservable inputs (Level 3), including the valuation technique and unobservable inputs used to measure the fair value of those financial instruments:

	Fair Value as of
	December 31, 2025		Valuation Technique	Unobservable Inputs

Private Company Preferred Stock	$	200,000	Purchase price June 2022	Acquisition cost
Private Company Common Stock	$	562	Price of Management Buyout	Recent Funding Round.
Private Company Common Stock	$	2,960,796	Valuation range $2.25bn	Virtua Valuation Analysis.

	Fair Value as of
	December 31, 2024		Valuation Technique	Unobservable Inputs

Private Company Preferred Stock	$	200,000	Purchase price June 2022	Acquisition cost
Private Company Common Stock	$	562	Price of Management Buyout	Recent Funding Round.
Private Company Stock	$	2,960,796	Valuation range $2.25bn	Virtua Valuation Analysis.

The following table presents additional information about Level 3 assets measured at fair value on a recurring basis for fiscal years 2025 and 2024. Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, unrealized gains or (losses) during the period for assets and liabilities within the Level 3 category presented in the tables below may include changes in fair value during the period that were attributable to both observable and unobservable inputs.

	12 Months Ended December 31, 2025
Balance as of December 31, 2024	$	3,161,358
Unrealized loss on investments
Purchase of investment
Balance as of December 31, 2025	$	3,161,358

	12 Months Ended December 31, 2024
Balance as of December 31, 2023	$	3,439,881
Unrealized loss on investments		(245,465	)
Purchase of investment
Tender Offer Sale - Return of Capital		(33,058	)
Balance as of December 31, 2024	$	3,161,358

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

3. INVESTMENTS

TangoMe, Inc.

On March 30, 2012, the Company purchased 468,121 shares of Series A Preferred stock from related party William R. Hambrecht at $2.14 per share, resulting in a total investment of $1,000,000. During 2018, TangoMe converted all Preferred stock to common stock. The Company’s TangoMe position was valued at $4,303,369 at December 31, 2022. Utilizing a valuation system from Virtua, Inc. with current available market data from TangoMe, Inc., resulted in a company valuation of $2.25bn which translates to a valuation of $3,061,838 as of December 31, 2023, resulting in a mark-down loss of $1,241,118 for the twelve months ended December 31, 2023. These are the primary significant unobservable inputs used in the fair value measurement of the Company’s investment.

On January 3, 2024, the Company completed the sale of 15,448 shares of Ironstone common stock at $2.89 per share, in a Tender Offer made by TangoMe as part of a management reorganization. The proceeds of $44,721 were reflected as a realized gain of $11,663 and a return of capital of $33,058. The change in value from December 31, 2024, relative to December 31, 2023, reflects the lower share count after the sale of those shares. During the year ended December 31, 2025, the Company determined that no change in valuation of TangoMe was necessary.

On May 3, 2024, the Company received a dividend of $75,687 from TangoMe. On November 14, 2025, the Company received an additional dividend of $116,500 from TangoMe.

Buoy Health, Inc.

On March 17, 2021 the Company purchased 11,233 common shares of the private company Buoy Health, Inc. at $15.92 per share, totaling $178,824. During 2022, the investment was marked down $17,882 for the year ended December 31, 2022 reflecting market conditions. The total value of the investment was $160,938 at December 31, 2022. In July, 2023, the Buoy Health, Inc. sold additional shares at $15.85 per share. At that price, the total value of the Company’s investment was $178,043 as of December 31, 2023, resulting in a mark-up gain of $17,101 for the twelve months ended December 31, 2023. In 2024, Buoy management executed a buyout of a significant strategic partner, purchasing those shares at $0.05 per share. The Company marked their shares down to that price, resulting in a mark-down loss of $177,481 for the twelve months ended December 31, 2024. During the year ended December 31, 2025, the Company determined that no change in valuation of Buoy Health was necessary.

Aristotle, Inc.

On June 10, 2022 Ironstone Properties, Inc. purchased 5,037 preferred shares of private company Aristotle Inc. from William Hambrecht, CEO at $19.85 per share totaling $100,000. On June 16, 2022 Ironstone Properties, Inc. purchased 5,037 preferred shares of private company Aristotle Inc. from William Mayer, Chairman of the Board of Directors at $19.85 per share totaling $100,000. The total valuation of the investment in Aristotle, Inc. for the year ending December 31, 2022 was $200,000. Given no material activity or transactions during 2025, there was no change in the valuation of the investment during the year.

4. RELATED PARTY TRANSACTIONS

On March 10, 2021 William Hambrecht loaned Ironstone Group, Inc. $300,000 at 6.0% interest rate with a March 11, 2026 maturity.

On May 27, 2022 William Hambrecht converted to common stock the entirety of the debt outstanding to him, including the aforementioned loans and related accrued interest owed by the Ironstone Properties, Inc. totaling $824,269 for 404,054 common shares of Ironstone Properties, Inc. at $2.04 per share.

On June 6, 2022 Harold Bradley, Board of Director member Ironstone Properties Inc. purchased 121,212 common shares from Ironstone Properties Inc. at $1.65 per share, totaling $200,000.

On June 10, 2022 Ironstone Properties, Inc. purchased 5,037 preferred shares of private company Aristotle Inc. from William Hambrecht, CEO at $19.85 per share totaling $100,000.

On June 16, 2022 Ironstone Properties, Inc. purchased 5,037 preferred shares of private company Aristotle Inc. from William Mayer, Chairman of the Board of Directors at $19.85 per share totaling $100,000.

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

5. NOTE PAYABLE

On March 31, 2012, the Company received $1,000,000 from a third party and issued a related promissory note. The note carries an 8% interest rate, per annum, and had a maturity date of March 31, 2017. Interest accrues on the balance and converts to separate notes payable on a quarterly basis. The total amounts due under this agreement, including the notes related to accrued interest, are due in full at the end of the term. The note is secured by all of the assets of the Company through an accompanying security agreement. If the Company defaults on the note or security agreement, interest would accrue at 10% per annum. The Company was unable to meet its payment obligation by the prescribed deadline, therefore the interest rate stepped up to 10% and interest has been accrued using at the stepped up rate starting April 1, 2017.

On November 30, 2022 the Company renewed its’ note for five years, replacing the note issued April 1, 2012. The renewed terms are 7% interest rate, maturing November 30, 2027. The gross amounts payable under the agreement as of December 31, 2023 and December 31, 2022 was $2,806,867 and $2,618,692 respectively. As part of the note renewal, a warrant was issued to the lender to purchase 319,021 common shares at $2.04 per share. The warrant has a five-year term, expiring November 30, 2027.

On May 27, 2022, William Hambrecht, CEO converted a total of $824,269 of debt and accrued interest for 404,054 shares of Ironstone Properties, Inc. common stock at a price of $2.04 per share.

The scheduled maturities of notes payable outstanding as of December 31, 2025 are as follows:

	Open		Total

Notes payable and accrued interest	$	3,008,566	$	3,008,566

Letter of Credit		348,843		348,843

Total	$	3,357,409	$	3,357,409

6. LINE OF CREDIT ARRANGEMENT

The Company has a line of credit arrangement with First Republic Bank (the “lender”) with a borrowing limit of $350,000 with interest based upon the lender’s prime rate plus 4.5% and is payable monthly. At December 31, 2021 and 2020, interest was being paid at a rate of 7.75%. The line is guaranteed by William R. Hambrecht, Director and Chief Executive Officer. The line of credit is due on demand and is secured by all of the Company’s business assets. At December 31, 2024 and 2023, the outstanding balance under the line was $348,843. The total recorded interest expense on this note for the years ended December 31, 2024 and December 31, 2023 was $26,295 and $32,172 respectively. The interest from January 2020 through March 2021 was paid by William Hambrecht. The Company recorded these payments as interest expense and loan payable to William Hambrecht. The line of credit is pending renewal.

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

7. INCOME TAXES

ASC 740, “Income Taxes” requires the recognition of deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the financial statements or tax returns. Deferred income taxes reflect the net tax effects of (i) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (ii) operating loss and tax credit carryforwards. The tax effects of significant items comprising the Company's deferred income taxes at December 31, 2025 and 2024 are as follows:

	2025			2024

Deferred tax asset - Operating loss carryforward	$	2,745,800		$	1,362,812
Deferred tax assets, gross		2,745,800			1,362,812
Deferred Tax Assets, Valuation allowance		(2,745,800	)		(1,362,812	)
Gross deferred tax liability		-			-
Less valuation allowance		-			-
Deferred income tax asset (liability) – net		-			-

In the opinion of management, based on the uncertainty that the Company will be able to generate taxable income in the future, the realization of the loss carryforwards is not likely and, accordingly, a valuation allowance has been recorded to offset such amount in its entirety.

The changes in the tax positions for the years ended December 31, 2025 and 2024 are as follows:

	2025		2024
Balance at January 1	$	1,362,812	$	816,430
Additions based on tax positions related to current year		84,083		178,832
Additions for tax positions of prior years		1,318,905		367,550
Reductions for tax positions of prior years		-		-
Settlements		-		-
Balance at December 31	$	2,745,800	$	1,362,812

The Company is subject to taxation in the U.S. and the state of California. As of December 31, 2025, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2021 forward for Federal and 2020 forward for California (with limited exceptions).

At December 31, 2025, the Company had approximately of net operating loss carryforwards resulting in a Federal deferred tax asset of $1,932,366 and a state tax asset of $813,434. It is possible that subsequent ownership changes may limit the utilization of these tax attributes. Approximately $5,961,729 of the federal net operating loss carryforwards will expire in year 2025 through 2037. The remainder of the federal net operating loss carryforwards generated in 2018 and later have indefinite carryforward periods however are limited to 80% of taxable income in any given year. The California net operating loss carryforwards will expire in year 2028 through 2041. Given there is uncertainty as to whether the Company will be profitable in the future, the tax asset is not recognized during 2025.

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

8. STOCKHOLDERS’ EQUITY

Common Stock

The Company has 25,000,000 common equity shares authorized, and a total of 3,472,491 are issued and outstanding, including 745,536 common equity shares held in treasury.

On June 6, 2022 Board of Director member Harold Bradley purchased 121,212 new issue common shares from the Company for a total of $200,000 at a price of $1.65 per share.

Treasury Stock

On September 15, 2003, the Board of Directors authorized the Company to purchase 745,536 shares of Company common stock at $0.70 per share for an aggregate purchase price of $521,875. The repurchase represented 50.11% of the issued and outstanding shares of the Company. During the year ended December 31, 2008, the Company paid $699 for fractional Treasury shares. As of December 31, 2025 and 2024, the treasury shares were held by the Company.

Preferred Stock

The Company is authorized to issue up to five million shares of preferred stock without further shareholder approval; the rights, preferences and privileges of which would be determined at the time of issuance. No shares have been issued as of December 31, 2025 and 2024.

Stock-Based Compensation

Ironstone recognized stock-based compensation expense of $66,183 during the year ended December 31, 2025. As of December 31, 2025, Ironstone had an aggregate of $66,909 of stock-based compensation remaining to be amortized to expense over the remaining requisite service period of the underlying options. Ironstone currently expects this stock-based compensation balance to be amortized as follows: $63,884 in 2026 and $3,025 in 2027.

Stock Option Plans

On April 29, 2021 the Company revised its 2013 Equity Incentive Plan. As of December 31, 2025, an additional 225,000 options were granted under the Plan, with an exercise price of $1.99 per share, which is based on the weighted average price for the trailing six-month average price and an illiquidity discount of 15%. The options vest straight line over three years and expire seven years following the grant date. The options are amortized over the three-year vesting period. The fair value of these options granted under the Plan were estimated using the Black-Scholes model with the following price and assumptions: Stock Price $2.34, Exercise Price $1.99, Time to Maturity 3 years, Risk-free Interest Rate 0.35%, Annualized Volatility 185%. The plan provides for incentive stock options to be granted at times and prices determined by the Company’s Board of Directors. The stock options are to be granted to directors, officers and employees of the Company, as well as certain consultants and other persons providing services to the Company.

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IRONSTONE PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

On February 5, 2024, 50,000 Stock Options were granted to the Company's Chief Financial Officer Robert Hambrecht at an exercise price of $2.00 per share.

For the year ended December 31, 2025 the Company recorded share-based compensation expense related to stock options in the amount of $66,183.

9. NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common and dilutive potential common shares outstanding during the period, if dilutive. Potentially dilutive common equivalent shares are composed of the incremental common shares issuable upon the exercise of stock options. The following is the computations of the basic and diluted net income per share and the anti-dilutive common stock equivalents excluded from the computations for the periods presented:

	Quarters Ended					12 months ended
	December 31, 2025		December 31, 2024			December 31, 2025			December 31, 2024
Numerator:
Net Operating Gain (Loss)	$	29,417	$	(383,912	)	$	(214,756	)	$	(599,302	)
Denominator:
Weighted average shares outstanding - basic		2,726,955		2,726,955			2,726,955			2,726,955
Effect of dilutive potential shares		225,000		225,000			225,000			225,000
Shares outstanding - diluted		2,951,955		2,951,955			2,951,955			2,951,955
Net loss per share - basic	$	0.01	$	(0.14	)	$	(0.08	)	$	(0.22	)
Net loss per share - diluted	$	0.01	$	(0.13	)	$	(0.07	)	$	(0.20	)

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Exchange Act Rules 13a-15(e) as of December 31, 2025 in connection with the filing of this Annual Report on Form 10K. Based on that evaluation our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2025, in light of the material weakness described below, our disclosure controls and procedures were not effective to ensure 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 rules and forms of the SEC and is accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure.

Notwithstanding the material weakness, our Company’s financial statements fairly present in all material respects, the financial condition, results of operations and cash flows of our company as of and for the periods presented in accordance with generally accepted accounting principles in the United States.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal controls over financial reporting for year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Management’s Report on Internal Controls over Financial Reporting

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements.

All internal controls over financial reporting, no matter how well designed, have inherent limitations, including the possibility of human error and the circumvention or overriding of controls. Therefore, even effective internal control over financial reporting can provide only reasonable, and not absolute, assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal controls over financial reporting may vary over time.

Our management, including our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making its assessment of internal control over financial reporting, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework. Based on our evaluation, management concluded that, as of December 31, 2025, our internal control over financial reporting was not effective based on those criteria because of the existence of the following material weaknesses:

The Company does not have an adequate number of independent board members nor therefore an independent audit committee.

Our limited number of employees results in the Company’s inability to have a sufficient segregation of duties within its accounting and financial reporting activities.

These absences constitute material weaknesses in the Company’s corporate governance structure.

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ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

DIRECTORS

Name	Age		Director Since
William R. Hambrecht		90		2007
William Mayer		85		2021
George Hambrecht		54		2021
Michael Huyghue		64		2021
Harold Bradley		68		2021

EXECUTIVE OFFICERS

The following table sets forth the names, ages and positions of the Company’s executive officers as of December 31, 2021. A summary of the background and experience of each of these individuals is set forth after the table.

Name	Age	Position	Held Since

William R. Hambrecht	90	Chief Executive Officer	2007

Robert Hambrecht (1)	59	Chief Financial Officer	2021

Code of Ethics

(1)	On December 22, 2023 Robert Hambrecht was appointed Chief Financial Officer of the Company, replacing Mr. Gene Yates, who remains with the Company assisting with accounting and bookkeeping duties.

The Company has adopted a Code of Business Conduct and Ethics (the “Code”) that applies to all of the Company’s employees (including its executive officers) and directors. The Company shall provide to any person without charge, upon request, a copy of the Code. Any such request must be made in writing to the Company, c/o William R. Hambrecht, 909 Montgomery Street, San Francisco, CA 94133.

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PART III – (Continued)

ITEM 11. EXECUTIVE COMPENSATION

COMPENSATION OF DIRECTORS

Outside directors may also receive stock option grants under the Company’s 2013 Non-Employee Directors’ Stock Option Plan (the “Directors’ Plan”). Only non- employee directors of the Company or an affiliate of such directors (as defined in the Internal Revenue Code of 1986, as amended from time to time, hereinafter the “Code”) are eligible to receive options under the Directors’ Plan. Options granted under the Directors’ Plan are not intended to qualify as incentive stock options under the Code.

Options under the Directors’ Plan have either a ten-year or seven-year term depending on the grant; however, each option will terminate prior to the expiration date if the optionee’s service as a non-employee director, or, subsequently, as an employee, of the Company terminates. All options issued pursuant to the Directors’ Plan vest at a rate of 1/36 per month for 36 months following the date of the grant of the option, or in the event the grant was delayed pending compliance by the Company with certain securities law requirements, the date from which the grant was delayed.

The table below shows the compensation paid to the Company’s non-employee directors during 2025.

Director Compensation

Name

Fees earned or

paid in cash ($)

Option

awards

Total

($)

William Mayer

William R. Hambrecht

George Hambrecht

Michael Huyghue

Harold Bradley

(1)

See note 8 to the Company audited Consolidated Financial statements included in Item 8 to this report for a description of the assumption underlying the calculation of grant date fair value. The options have a term of ten years, however the optionee’s options will expire 90 days after the optionee’s service to the Company terminates. The options vest over a four-year period at the rate of 1/10 on the date six months after the date of grant and 1/48 per month thereafter. The exercise price of stock options may not be less than 100% of the fair market value of the Common Stock subject to the option on the date of the grant.

(2)

William Mayer Company’s Chairman of the Board of Directors effective March 25, 2021

(3)

George Hambrecht, Michael Huyghue, and Harold Bradley were appointed to the Company Board of Directors effective March 25, 2021.

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PART III – (Continued)

COMPENSATION OF EXECUTIVE OFFICERS

SUMMARY OF COMPENSATION

The following table shows that, for the fiscal year ended December 31, 2025, the Company’s Chief Executive Officer or the Company’s Chief Financial Officer received any compensation.

NAME AND

PRINCIPAL

POSITION

YEAR

SALARY

($)

BONUS

OPTION

AWARDS

NON-

EQUITY

INCENTIVE

PLAN

OTHER

COMPENSATION

($)

TOTAL

William R. Hambrecht

Chief Executive Officer

2025

Robert Hambrecht

Chief Financial Officer (2)

2025

(1)

(2)

Mr. Hambrecht was appointed as the Company’s Chief Financial Officer effective December 22, 2023. Previously, Mr. Eugene Yates had held the position since March 25, 2021. On February 5, 2024, 50,000 Stock Options were granted to Mr. Hambrecht at an exercise price of $2.00 per share.

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

Option Awards

Name

Number of

securities

Number of

securities

Option

exercise

price

Option

expiration

date

(a)

unexercised

options (#)

exercisable

(b)

unexercised

options (#)

unexercisable

(c)

(e)

(f)

William R. Hambrecht

25,000

1.99

4/30/2028

Robert Hambrecht (1)

23,288

26,712

2.00

2/5/2030

See the Summary Compensation Table for information regarding vesting.

(1)

Mr. Robert Hambrecht was granted 50,0000 options in January 14, 2024 at an option exercise price of $2.00 per share, with an expiration date of February 5, 2030.

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PART III – (Continued)

ADDITONAL EQUITY COMPENSATION PLAN INFORMATION

The following table summarizes information regarding shares of common stock that may be issued upon exercise of stock options under the Company's updated Equity Incentive Plan as of December 31, 2025, which was the only plan or arrangement under which equity compensation was outstanding or could be awarded at that date.

Plan Category	A. Number of securities to be issued upon exercise of outstanding options, warrants, and rights		B. Weighted- average exercise price of outstanding options, warrants, and rights		C. Number of securities remaining available for future issuance under equity compensation plans (excluding securities) reflected in column A)
Equity compensation plans		225,000	$	1.99		0

Total		225,000				0

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PART III – (Continued)

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth certain information regarding the ownership of the Company’s Common Stock as of December 31, 2025 by: (i) each director; (ii) each named executive officer; and (iii) all those known by the Company to be beneficial owners of more than five percent of its Common Stock.

BENEFICIAL OWNERSHIP (1)

BENEFICIAL OWNER	NUMBER OF SHARES OF COMMON STOCK		PERCENT TOTAL

William R. Hambrecht		1,357,052		49.8	%

Michael Hughue		250,000		9.2	%

Shea Ventures		187,296		6.9	%

Elizabeth Hambrecht		157,143		5.8	%

William Mayer		142,857		5.2	%

Harold Bradley		121,212		4.4	%

Thomas Thurston		105,714		3.9	%

Edmund H. Shea, Jr (deceased and related entities)		113,173		4.2	%

Robert Hambrecht		21,429		0.8	%

George Hambrecht		17,143		0.6	%

All executive officers, directors and over 5% owners as a group		2,473,019		90.7	%

(1)

This table is based upon information supplied by officers, directors and principal stockholders and Schedules 13D and 13G, if any, filed with the Securities and Exchange Commission (the “SEC”). Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, the Company believes that each of the stockholders named in this table has sole voting and investment power with respect to the shares indicated as beneficially owned.

(2)	The Company Stock options exercisable currently or within 60 days after March 31, 2026 are 198,288.

(3)	Applicable percentages are based on 2,726,955 shares outstanding on March 31, 2026.

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PART III – (Continued)

On March 10, 2021, the Company borrowed from related party Mr. William R. Hambrecht $300,000 at 6.0% per annum.

During the period November 2015 through February 2021, Mr. William R. Hambrecht paid the interest on an outstanding third-party letter of credit. These payments were recorded as a loan from Mr. Hambrecht for $142,313.

On June 6, 2022 Harold Bradley, Board of Director member Ironstone Properties Inc. purchased 121,212 common shares from Ironstone Properties Inc. at $1.65 per share, totaling $200,000.

On June 10, 2022 Ironstone Properties, Inc. purchased 5,037 preferred shares of private company Aristotle Inc. from William Hambrecht, CEO at $19.85 per share totaling $100,000.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The Company has been unable to contract a PCAOB auditor for an examination of financial statements and records. The Company continues to search for an auditor.

Auditor Name: N/A Auditor Location: N/A Auditor Firm ID: N/A

Since the Board of Directors does not have an audit committee, the principal auditor will be engaged by the Chief Executive Officer and the Chief Financial Officer on behalf of the Company’s Board of Directors.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Financial Statements

Financial Statement Schedules

None

Exhibits

The following Exhibits are filed as part of, or incorporated by reference into, this Report.

Exhibit Number	Description

21.1	Subsidiaries of Ironstone Group, Inc.
31.1	Section 302 - Principal Executive Officer Certification
31.2	Section 302 - Principal Financial Officer Certification
32.1	Section 1350 – Certification – Chief Executive Officer
32.2	Section 1350 – Certification – Chief Financial Officer

101.INS Inline XBRL Instance

101.SCH Inline XBRL Taxonomy Extension Schema

101.CAL Inline XBRL Taxonomy Extension Calculation

101.DEF Inline XBRL Taxonomy Extension Definition

101.LAB Inline XBRL Taxonomy Extension Labels

101.PRE Inline XBRL Taxonomy Extension Presentation

104 Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

	IRONSTONE PROPERTIES, INC. a Delaware corporation

Date: March 20, 2026	By: /s/ William R. Hambrecht William R. Hambrecht Chief Executive Officer



Date: March 20, 2026	By: /s/ Robert Hambrecht Robert Hambrecht Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Title	Date

/s/ William R. Hambrecht	Director, Chief Executive Officer,	March 20, 2026
William R. Hambrecht	(Principal Executive Officer)

/s/ Robert Hambrecht	Chief Financial Officer,	March 20, 2026
Robert Hambrecht	(Principal Financial Officer)

/s/ William Mayer	Chairman, Board of Directors	March 20, 2026
William Mayer

/s/ George Hambrecht	Director	March 20, 2026
George Hambrecht

/s/ Harold Bradley	Director	March 20, 2026
Harold Bradley

/s/ Michael Huyghue	Director	March 20, 2026
Michael Huyghue

IRONSTONE PROPERTIES, INC. 10-K