This is what happened with InfoBionic. We continue to have Moxe, Prognos, meQuilibrium, Moxe and Clutch and are actively engaged with management and co-investors to drive value creation [indiscernible]. Post recap and given our reduced ownership interest, we have retained an observer seat [technical difficulty]. Let me provide some further clarifications on the $25 million to $45 million in future exit proceeds. First, the $25 million to $45 million are estimated future exit values and are not discounted. Second, the inclusion of InfoBionic in Bucket 1 does not have any impact on this range nor does it represent the difference between the low and the high. And thirdly, the $25 million to $45 million is expected to be generated exclusively from Bucket 1 companies.
All other remaining positions are Bucket 2, and we expect de minimis proceeds from them. On the M&A front, while the market has improved somewhat compared to earlier this year, it continues to be challenging for venture stage companies. For Safeguard, one of our Bucket 1 companies recently hired an investment banker and expects to launch a process in January 2024. There are no immediate plans for the other four companies, but we continue to work closely to position them for exits or recaps that could generate proceeds to Safeguard as expeditiously as possible. We also have had discussions with a couple of secondary buyers for one or more of our positions, but these discussions have not resulted in any transaction. Regarding Q3 performance, our companies have experienced varied results, for example, meeting or exceeding revenue plans, but coming in under bookings, meeting or exceeding EBITDA plans, but missing revenues.
And for three of the five companies, Q4 represents an important quarter due to the businesses seasonality. The Q3 performance was taken into account when determining the $25 million to $45 million of exit values. At this time, I’ll hand the call over to our CFO, Mark Herndon.
Mark Herndon: Thanks, Eric. Safeguard reported net income for the quarter ended September 30, 2023, of $0.9 million or $0.06 per share as compared to a net loss for the comparable 2022 third quarter of $3.2 million or $0.19 per share. The year-to-date period ended September 30, 2023, with a net loss of $5.4 million or $0.33 per share as compared to $9.4 million or $0.57 per share for 2022. We ended the quarter with $15.7 million of cash, cash equivalents and restricted cash, and we continue to have no debt obligations. Our general and administrative expenses were $1.3 million for the third quarter of 2023 versus $1.4 million for 2022, a decrease of 3.5%. Similarly, our general and administrative expenses were $3.7 million for both the year-to-date period, a decrease of 1.5%.
Corporate expenses for the quarter, which represent general and administrative expenses, excluding stock-based compensation, severance expenses and nonrecurring and other items were $0.9 million and $0.8 million around the basis for each of the third quarters of 2023 and ’22. The year-over-year increase was 9.8%. The corporate expenses for the 9 months ended September 30, 2023 were $2.4 million as compared to $2.5 million for the comparable 2022 period, a 3.2% decrease. The increase during the quarter was due primarily to legal and other professional fees. We continue to expect the level of — the quarterly level of corporate expenses has generally stabilized at this approximate value before we implement any cost structure changes. However, this quarter’s additional expenses have pushed our annual estimate of corporate costs back up to our original range.
With respect to our ownership interest, we have an aggregate carrying value at September 30 of $14.8 million as compared to $15.4 million at December 31, 2022. There were no deployments this quarter. However, there was an increase at InfoBionic resulting from their recapitalization transaction, which allowed InfoBionic to raise cash and convert certain liabilities. Since we did not participate in the transaction, our ownership levels dropped to approximately 5%. This transaction also resulted in recording a $1.7 million noncash observable price change gain and is reported in other income. This quarter’s activity also included the application of the equity method accounting at our other remaining interest. However, the impact was less than prior periods due to several entities carrying value being previously reduced to 0 and year-to-date lower operating losses at the others.
