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Item 4. Controls and Procedures

2024-05-09 compared with 2023-11-08 · 21 added, 41 removed, 51 unchanged (55% of the section changed)

CONTROLS AND PROCEDURES

We maintain controls and procedures designed to provide reasonable assurance that information required to be disclosed in the reports we file with the Securities and Exchange Commission ("SEC") 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 Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Exchange Act) as of September 30, 2023.

Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these controls and procedures are effective as of September 30, 2023.

During the quarterly period ended September 30, 2023, there have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) identified in connection with our evaluation that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these controls and procedures are effective as of March 31, 2024.

During the quarterly period ended March 31, 2024, there have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) identified in connection with our evaluation that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

FORWARD-LOOKING STATEMENTS

Certain statements and information in this Quarterly Report on Form 10-Q, and certain oral statements made from time to time by our representatives, constitute "forward-looking statements."

These statements are based on our beliefs as well as assumptions made by, and information currently available to, us.

When used in this document, the words "anticipate,"

"believe,"

"continue,"

"could,"

"estimate,"

"expect,"

"forecast,"

"foresee,"

"may,"

"outlook,"

"plan,"

"project,"

"potential,"

"should,"

"will,"

"would,"

and similar expressions identify forward-looking statements.

Certain statements and information in this Quarterly Report on Form 10-Q, and certain oral statements made from time to time by our representatives, constitute "forward-looking statements." These statements are based on our beliefs as well as assumptions made by, and information currently available to, us.

When used in this document, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "foresee," "may," "outlook," "plan," "project," "potential," "should," "will," "would," and similar expressions identify forward-looking statements.

Without limiting the foregoing, all statements relating to our future outlook, anticipated capital expenditures, future cash flows and borrowings, and sources of funding are forward-looking statements.

1 unchanged sentence

Among the factors that could cause actual results to differ from those in the forward-looking statements are:

● decline in the coal industry's share of electricity generation, including as a result of environmental concerns related to coal mining and combustion and the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels;

● decline in the coal industry's share of electricity generation, including as a result of environmental concerns related to coal mining and combustion, the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels and the planned retirement of coal-fired power plants in the U.S.;

● our ability to provide fuel for growth in domestic energy demand, should it materialize;

● changes in macroeconomic and market conditions and market volatility, and the impact of such changes and volatility on our financial position;

2 unchanged sentences

● the outcome or escalation of current hostilities in Ukraine and the Israel-Gaza conflict;

● the severity, magnitude, and duration of any future pandemics and impacts of such pandemics and of businesses' and governments' responses to such pandemics on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers, available liquidity and capital sources and broader economic disruptions;

● the severity, magnitude, and duration of any future pandemics and impacts of such pandemics and of businesses' and governments' responses to such pandemics on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers and operators, available liquidity and capital sources and broader economic disruptions;

● actions of the major oil-producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests;

● changes in competition in domestic and international coal markets and our ability to respond to such changes;

● potential shut-ins of production by operators of the properties in which we hold oil & gas mineral interests due to low commodity prices or the lack of downstream demand or storage capacity;

● risks associated with the expansion of our operations and properties;

● potential shut-ins of production by the operators of the properties in which we hold oil & gas mineral interests due to low commodity prices or the lack of downstream demand or storage capacity;

● risks associated with the expansion of and investments into the infrastructure of our operations and properties;

● our ability to identify and complete acquisitions and to successfully integrate such acquisitions into our business and achieve the anticipated benefits therefrom;

● our ability to identify and invest in new energy and infrastructure transition ventures;

● the success of our development plans for our wholly owned subsidiary, Matrix Design Group, LLC, and our investments in emerging infrastructure and technology companies;

● the success of our development plans for Matrix Group, and our investments in emerging infrastructure and technology companies;

● dependence on significant customer contracts, including renewing existing contracts upon expiration;

● adjustments made in price, volume, or terms to existing coal supply agreements;

● the effects of and changes in trade, monetary and fiscal policies and laws;

● central bank policy actions, bank failures and associated liquidity risks;

● the effects of and changes in trade, monetary and fiscal policies and laws central bank policy actions including interest rates, bank failures, and associated liquidity risks;

● the effects of and changes in taxes or tariffs and other trade measures adopted by the United States and foreign governments;

● legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, mining, miner health and safety, hydraulic fracturing, and health care;

● legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, such as the EPA's recently promulgated emissions regulations for coal-fired power plants, mining, miner health and safety, hydraulic fracturing, and health care;

● deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions;

● investors' and other stakeholders' increasing attention to environmental, social, and governance ("ESG") matters;

● investors' and other stakeholders' increasing attention to environmental, social, and governance matters;

● liquidity constraints, including those resulting from any future unavailability of financing;

22 unchanged sentences

● difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control;

● other factors, including those discussed in "Item 1A.

Risk Factors"

and "Item 3.

Legal Proceedings"

in our Annual Report on Form 10-K for the year ended December 31, 2022.

● other factors, including those discussed in "Item 1A.

Risk Factors" and "Item 3.

Legal Proceedings" in our Annual Report on Form 10-K for the year ended December 31, 2023.

If one or more of these or other risks or uncertainties materialize, or should our underlying assumptions prove incorrect, our actual results could differ materially from those described in any forward-looking statement.

When considering forward-looking statements, you should also keep in mind our risk factors and legal proceedings.

Known material factors that could cause our actual results to differ from those in the forward-looking statements are described in "Item 1.

Legal Proceedings"

and "Item 1A.

Risk Factors"

Known material factors that could cause our actual results to differ from those in the forward-looking statements are described in "Item 1.

Legal Proceedings" and "Item 1A.

Risk Factors" below.

We disclaim any obligation to update or revise any forward-looking statements or to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments unless required by law.

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures