RANDHIGH SIGNALFINANCIAL10-K

RAND underwent substantial portfolio restructuring with dramatic liability reduction and significant asset contraction, while investment holdings saw extensive turnover through conversions and new acquisitions.

The massive 86% reduction in total liabilities suggests major debt restructuring or settlement activity that fundamentally altered the company's capital structure. The extensive portfolio changes indicate active investment management with multiple conversions, new investments like ITA Acquisition LLC, and exits from previous positions, signaling a potential strategic pivot in investment focus.

Comparing 2026-03-05 vs 2025-03-10View on EDGAR →
FINANCIAL ANALYSIS

RAND's balance sheet contracted meaningfully with total assets declining 27% to $53.2M and stockholders' equity falling 20% to $52.2M, though the dramatic 86% reduction in liabilities to just $1.0M represents the most significant structural change. Operating cash flow declined moderately by 27% to $11.3M, suggesting some operational headwinds. The overall picture shows a company undergoing substantial financial restructuring with significantly reduced leverage and a more conservative balance sheet profile.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-85.8%
$7.1M→$1.0M

Liabilities reduced 85.8% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-26.6%
$72.5M→$53.2M

Total assets contracted 26.6% — asset sales, write-downs, or balance sheet optimization underway.

Operating Cash Flow
Cash Flow
-26.6%
$15.3M→$11.3M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Stockholders Equity
Balance Sheet
-20.1%
$65.3M→$52.2M

Equity decreased 20.1% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-10
ADDED
- 36,261 Series A Preferred 2024-12-31 0000081955 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember rand:MeasurementInputTransactionPricingMember 2024-12-31 0000081955 2024-09-30 0000081955 rand:KnoaSoftwareIncMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-12-31 0000081955 BlackJet Direct Marketing, LLC - $2,250,000 Term Note 2025-01-01 2025-12-31 0000081955 us-gaap:FairValueInputsLevel3Member rand:MattisonAvenueHoldingsLlcMember 2025-01-01 2025-12-31 0000081955 Other changes to investments, GoNoodle, Inc.
interest conversion 2025-01-01 2025-12-31 0000081955 New investments, ITA Acquisition, LLC 2025-01-01 2025-12-31 0000081955 SciAps, Inc.
- 369,698 Series C1 Convertible Preferred 2024-12-31 0000081955 Other changes to investments, Highland All About People Holdings, Inc.
interest conversion 2025-01-01 2025-12-31 0000081955 Other changes to investments, FCM Industries Holdco LLC interest conversion 2025-01-01 2025-12-31 0000081955 Applied Image, Inc.
- $1,750,000 Term Note at 12% 2025-12-31 0000081955 us-gaap:FairValueInputsLevel1Member 2025-12-31 0000081955 GoNoodle, Inc.
- Warrant for 47,324 Series C Preferred 2024-01-01 2024-12-31 0000081955 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-12-31 0000081955 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember rand:AffiliateEquityInvestmentsMember 2024-12-31 0000081955 Tilson Technology Management, Inc.
- 21,391 Series C Preferred 2024-01-01 2024-12-31 0000081955 ITA Acquisition, LLC - $1,500,000 Term Note 2025-01-01 2025-12-31 0000081955 Tilson Technology Management, Inc.
- $1,750,000 Subordinated Secured Promissory Note to 12% 2024-12-31 0000081955 us-gaap:InvestmentAffiliatedIssuerMember 2024-01-01 2024-12-31 0000081955 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0000081955 Applied Image, Inc.
- $1,750,000 Term Note at 10% (+2% PIK) through February 1, 2025 2024-12-31 0000081955 Pressure Pro, Inc.
- Warrant for 10% Membership Interest 2024-12-31 0000081955 us-gaap:FairValueInputsLevel3Member rand:HdiAcquisitionLlcMember us-gaap:DebtSecuritiesMember 2024-01-01 2024-12-31 0000081955 Pressure Pro, Inc.
REMOVED
2024-12-31 0000081955 rand:HealthAndWellnessMember 2024-12-31 0000081955 BMP Swanson Holdco, LLC $1,600,000 Term Note at 12% 2023-01-01 2023-12-31 0000081955 us-gaap:FairValueInputsLevel3Member rand:TilsonTechnologyManagementIncMember us-gaap:EquitySecuritiesMember 2024-01-01 2024-12-31 0000081955 SciAps, Inc.
- 187,500 Series A Preferred 2022-12-31 0000081955 BMP Food Service Supply Holdco, LLC 2024-12-31 0000081955 rand:ScenarioThreeMember srt:MinimumMember 2024-01-01 2024-12-31 0000081955 Knoa Software, Inc.
- 973,533 Series A-1 Convertible Preferred 2023-01-01 2023-12-31 0000081955 Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12% 2023-01-01 2023-12-31 0000081955 Applied Image, Inc.
- $1,750,000 Term Note at 10% (+2% PIK) through February 1, 2025 2024-12-31 0000081955 GoNoodle, Inc.
2024-01-01 2024-12-31 0000081955 us-gaap:FairValueInputsLevel3Member rand:MobileRNHoldingsLLCMember 2024-01-01 2024-12-31 0000081955 Filterworks Acquisition USA, LLC 626.2 shares Class A-1 Units.
2023-12-31 0000081955 us-gaap:FairValueInputsLevel3Member rand:MicrocisionLlcMember us-gaap:EquitySecuritiesMember 2023-01-01 2023-12-31 0000081955 Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units.
2023-12-31 0000081955 ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units 2023-01-01 2023-12-31 0000081955 Caitec, Inc.
2022-12-31 0000081955 us-gaap:StateAndLocalJurisdictionMember 2024-12-31 0000081955 Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Amended Term Note 2024-12-31 0000081955 Tilson Technology Management, Inc.
- 23,077 Series F Preferred 2023-01-01 2023-12-31 0000081955 us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2023-01-01 2023-12-31 0000081955 Applied Image, Inc.
- $1,750,000 Term Note at 10% 2022-12-31 0000081955 Tilson Technology Management, Inc.
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