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Item 1. Financial Statements

2022-11-14 compared with 2022-05-16 · 135 added, 162 removed, 196 unchanged (60% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

As of March 31, 2022 and June 30, 2021

As of September 30, 2022 and June 30, 2022

September 30,

Current assets:

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CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME

For the Three and Nine Months Ended March 31, 2022 and 2021

For the Three Months Ended September 30, 2022 and 2021

Three Months Ended

Nine Months Ended

September 30,

Oil and natural gas royalties

Oil and natural gas royalties from

Interest and dividend income (loss)

Oil and natural gas royalties from affiliate

Interest and dividend income

General and administrative

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Nine Months Ended March 31, 2022 and 2021

Nine Months Ended

Trust corpus, beginning of period

Distributable income

Distributions to unitholders

Trust corpus, end of period

Distributions per unit

See accompanying notes to condensed consolidated financial statements.

MARINE PETROLEUM TRUST AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Three Months Ended March 31, 2022 and 2021

For the Three Months Ended September 30, 2022 and 2021

Three Months Ended

September 30,

Trust corpus, beginning of period

6 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2022

Accounting Policies

The financial statements herein include the financial statements of Marine Petroleum Trust (the Trust) and its wholly

owned subsidiary, Marine Petroleum Corporation (MPC, and collectively with the Trust, Marine).

The financial statements are condensed and consolidated and should be read in conjunction with Marines Annual Report on Form

10-K for the fiscal year ended June 30, 2021.

The financial statements included herein are unaudited, but in the opinion of Simmons Bank (the Trustee), the Trustee of the Trust, they include

all adjustments necessary for a fair presentation of the results of operations for the periods presented.

Operating results for the interim periods reported herein are not necessarily indicative of the results that may be expected for the fiscal

year ending June 30, 2022.

September 30, 2022

The financial statements herein include the financial statements of Marine Petroleum Trust (the Trust) and its

wholly owned subsidiary, Marine Petroleum Corporation (MPC, and collectively with the Trust, Marine).

The financial statements are condensed and consolidated and should be read in conjunction with Marines Annual Report

on Form 10-K for the fiscal year ended June 30, 2022.

The financial statements included herein are unaudited, but in the opinion of Simmons Bank (the Trustee), the Trustee of the Trust, they

include all adjustments necessary for a fair presentation of the results of operations for the periods presented.

Operating results for the interim periods reported herein are not necessarily indicative of the results that may be expected for the

fiscal year ending June 30, 2023.

Basis of Accounting

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Total estimated reserve for future expenses deducted from

calculated distributable income for the three months ended March 31, 2022 was $86,500.

calculated distributable income for the three months ended September 30, 2022 was $522,369.

As stated under Note 1.

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Distributable income is comprised of (i) royalties from offshore Texas leases owned directly by the Trust, (ii) 98% of the royalties received from offshore Louisiana leases owned by MPC, which are retained by

and delivered to the Trust on a quarterly basis, (iii) cash distributions from the Trusts interest in Tidelands Royalty Trust B (Tidelands), a separate royalty trust, (iv) dividends paid by MPC, less

(v) administrative expenses incurred by the Trust.

and delivered to the Trust on a quarterly basis, (iii) cash distributions from the Trusts interest in Tidelands Royalty Trust B (Tidelands), a separate royalty trust, until Tidelands was wrapped up, (iv) dividends

paid by MPC, less (v) administrative expenses incurred by the Trust.

Distributions fluctuate from quarter to quarter primarily due to changes in oil and natural gas prices and production quantities and expenses incurred.

Investment in Affiliate Tidelands Royalty Trust B

At March 31, 2022 and 2021, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands.

The final distribution

from Tidelands was $93,134 and was received in February 2022.

The following summary financial statements have been derived from the

unaudited condensed consolidated financial statements of Tidelands:

At September 30, 2021, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands, which entity was wound up prior

to June 30, 2022.

Due to Tidelands being wound up prior to June 30, 2022, there was no market underlying the 452,366 units owned by the Trust at the time Tidelands was wound up.

However, expenses and fees to be reimbursed to the Trustee do exist as

a payable of $154,196 as of September 30, 2022.

The following summary financial statements have been derived from the unaudited

condensed consolidated financial statements of Tidelands:

TIDELANDS CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME

Ended September 30, 2022

Three Months Ended

September 30, 2021

Distributable (loss) before Federal income taxes

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February 20, 2018, Simmons Bank became corporate trustee of the Trust (the Trustee) as a result of a merger between Simmons Bank and Southwest Bank, the former corporate trustee of the Trust.

On November 4, 2021, Simmons Bank,

announced that it had entered into an agreement with Argent Trust Company, a Tennessee chartered trust company (Argent), pursuant to which the Trustee will be resigning as trustee of the Trust and will nominate Argent as successor

trustee of the Trust.

The Trustees resignation as trustee, and Argents appointment as successor trustee, are subject to certain conditions set forth in the agreement, including approval by the unitholders of the Trust and of certain

other trusts of which Simmons Bank acts as trustee (or a court) of (i) Argents appointment as successor trustee and (ii) any amendments to the Trusts Indenture (the Indenture) and the trust agreements and indentures

of the other trusts necessary to permit Argent to serve as successor trustee.

On March 21, 2022, the unitholders of the Trust, by way of written consent, voted (i) to approve the appointment of Argent as successor trustee to serve as

trustee of the Trust once the resignation of Simmons Bank takes effect and (ii) to not approve an amendment to the Indenture to permit a national bank or trust company having its principal office in the United States and having an unimpaired

capital and surplus of at least $3,000,000.00 to serve as trustee of the Trust.

Therefore, Argent has not taken over as successor trustee.

The Indenture provides that the term of the Trust will expire on June 1, 2041, unless extended by the

vote of the holders of a majority of the outstanding units of beneficial interest.

The Trust is not permitted to engage in any business activity because it was organized for

the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico, pursuant to license agreements and amendments between

the Trusts predecessors and Gulf Oil Corporation (Gulf).

As a result of various transactions that have occurred since 1956, these interests now are held by Chevron Corporation (Chevron) and its assignees, including

Arena Energy, LP (collectively with Chevron and its assignees, the Interest Owners).

The Trust holds title to interests in properties that are situated offshore of Texas.

The Trusts wholly owned subsidiary, Marine Petroleum Corporation (MPC, and collectively with the Trust, Marine),

holds title to interests in properties that are situated offshore of Louisiana because at the time the Trust was created, trusts could not hold these interests under Louisiana law.

MPC is prohibited from engaging in a trade or business and only

takes those actions that are necessary for the administration and liquidation of its properties.

Marines rights are generally

referred to as overriding royalty interests in the oil and natural gas industry.

An overriding royalty interest is created by an assignment by the owner of a working interest in an oil or natural gas lease.

The royalty rights associated with an

overriding royalty interest terminate when the underlying lease terminates.

All production and marketing functions are conducted by the working interest owners of the leases.

Income from overriding royalties is paid to Marine either (i) on the

basis of the selling price of oil, natural gas and other minerals produced, saved or sold, or (ii) at the value at the wellhead as determined by industry standards, when the selling price does not reflect the value at the wellhead.

On November 4, 2021, the Trustee

announced that it has entered into an agreement with Argent Trust Company, a Tennessee chartered trust company (Argent), pursuant to which the Trustee will be resigning as trustee of the Trust and nominate Argent as successor trustee of

On March 21, 2022, the unitholders of the Trust, by way of written consent, voted (i) to approve the appointment of Argent as successor trustee to serve as trustee of the Trust once the resignation of the Trustee takes effect

and (ii) to not approve an amendment to the Indenture to permit a national bank or trust company having its principal office in the United States and having an unimpaired capital and surplus of at least $3,000,000.00 to serve as trustee of the

On September 23, 2022, upon request of the Trustee, the District Court of Dallas County, Texas, 298th Judicial District

approved an order modifying Article VI, Section 8 of the Indenture to substitute United States for State of Texas so that it permits a successor trustee of the Trust to be a national bank, state bank or trust company

having its principal office in the United States and having unimpaired capital and surplus of not less than Three Million Dollars ($3,000,000).

The full text of the Indenture, as modified by the courts order is set forth in Exhibit 4.1 and

incorporated by reference herein.

The change in Trustee is expected to be effective December 30, 2022.

The Trusts Indenture provides that the term of the Trust will expire on June 1,

2041, unless extended by the vote of the holders of a majority of the outstanding units of beneficial interest.

The Trust is not

permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to payments from certain oil and natural gas leases in

the Gulf of Mexico, pursuant to license agreements and amendments between the Trusts predecessors and Gulf Oil Corporation (Gulf).

As a result of various transactions that have occurred since 1956, these interests were largely held

by Chevron Corporation (Chevron) and are now predominately held by its assignees, including Arena Energy, LP (collectively with Chevron and its assignees, the Interest Owners).

The Trust holds title to interests in properties

that are situated offshore of Texas.

The Trusts wholly owned subsidiary, Marine Petroleum Corporation (MPC, and

collectively with the Trust, Marine), holds title to interests in properties that are situated offshore of Louisiana because at the time the Trust was created, trusts could not hold these interests under Louisiana law.

MPC is prohibited

from engaging in a trade or business and only takes those actions that are necessary for the administration and liquidation of its properties.

Marines rights are generally referred to as overriding royalty interests in the oil and natural gas industry.

An overriding royalty

interest is created by an assignment by the owner of a working interest in an oil or natural gas lease.

The royalty rights associated with an overriding royalty interest terminate when the underlying lease terminates.

All production and marketing

functions are conducted by the working interest owners of the leases.

Income from overriding royalties is paid to Marine either (i) on the basis of the selling price of oil, natural gas and other minerals produced, saved or sold, or

(ii) at the value at the wellhead as determined by industry standards, when the selling price does not reflect the value at the wellhead.

The Trustee assumes that some units of beneficial interest are held by middlemen, as such term is broadly defined in U.S.

19 unchanged sentences

prices, including the price of oil and natural gas, include but are not limited to:

political conditions in major oil producing regions, especially in the Middle East and Russia;

political conditions in major oil producing regions, especially in the Middle East, Russia and Ukraine;

worldwide economic conditions;

38 unchanged sentences

The public records available up to the date of this

report indicate that there were no new well completions made during the three months ended March 31, 2022 on leases in which Marine has an interest.

As of May 1, 2022, public records also indicated that there were no wells in the process

of being drilled or recompleted on other leases in which Marine has an interest.

Marine holds an overriding royalty interest that is

equal to three-fourths of one percent of the working interest and is calculated on the value at the well of any oil, natural gas or other minerals produced and sold from 55 leases covering 199,868 gross acres located in the Gulf of Mexico.

report indicate that there were no new well completions made during the three months ended September 30, 2022 on leases in which Marine has an interest.

As of November 1, 2022, public records also indicated that there were no wells in the

process of being drilled or recompleted on other leases in which Marine has an interest.

Marine holds an overriding royalty interest that

is equal to three-fourths of one percent of the working interest and is calculated on the value at the well of any oil, natural gas or other minerals produced and sold from 55 leases covering 199,868 gross acres located in the Gulf of Mexico.

Marines overriding royalty interest applies only to existing leases and does not apply to any new leases that the Interest Owners may acquire.

8 unchanged sentences

Cash reserves are permitted to be established by the Trustee for certain contingencies that would not be recorded under generally accepted accounting principles in the United States.

Marine did not have any changes in its critical accounting policies or estimates during the three and nine months ended March 31, 2022.

Please see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2021 for a detailed discussion of its critical accounting policies.

Marine did not have any changes in its critical accounting policies or estimates during the three months ended September 30, 2022.

see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2022 for a detailed discussion of its critical accounting policies.

New Accounting Pronouncements

22 unchanged sentences

Summary of Operating Results

nine months ended March 31, 2022, the Trust realized approximately 93% of its royalty income from the sale of oil and approximately 7% of its royalty income from the sale of natural gas.

During the nine months ended March 31, 2021, the

Trust realized approximately 95% of its royalty income from the sale of oil and approximately 5% of its royalty income from the sale of natural gas.

three months ended September 30, 2022, the Trust realized approximately 94% of its royalty income from the sale of oil and approximately 6% of its royalty income from the sale of natural gas.

During the three months ended September 30,

2021, the Trust realized approximately 91% of its royalty income from the sale of oil and approximately 9% of its royalty income from the sale of natural gas.

Royalty income includes royalties from oil and natural gas received from producers.

Distributable income per unit for the nine months ended March 31, 2022 was $0.39 as compared to $0.02 for the comparable period in 2021.

Distributions per unit amounted to $0.28 per unit for the nine months ended March 31, 2022, an increase from distributions of $0.07 per unit for the comparable period in 2021.

During the nine months ended March 31, 2022, the difference

between distributable income per unit and distributions per unit resulted from timing differences between the closing of the financial statements and the determination date of the distribution amount to unitholders.

For the nine months ended March 31, 2022, oil production increased to 11,635 barrels

(bbls) from 6,624 bbls and natural gas production increased to 10,457 thousand cubic feet (mcf) from 5,546 mcf as compared to the comparable period in 2021.

For the nine months ended March 31, 2022, the average price realized for oil

increased to $69.30 per bbl as compared to the price of $34.14 realized for the comparable period in 2021 and the average price realized for natural gas (net of expenses) increased to $5.65 per mcf as compared to the average price of $2.08 realized

for the comparable period in 2021.

The following table presents the net production quantities of oil and natural gas and distributable

income and distributions per unit for the last six quarters.

Distributable income per unit for the three months ended September 30, 2022 was $0.26 as compared to $0.10 for the comparable period in

Distributions per unit amounted to $0.26 per unit for the three months ended September 30, 2022, an increase from distributions of $0.06 per unit for the comparable period in 2021.

During the three months ended September 30, 2022,

the difference between distributable income per unit and distributions per unit resulted from timing differences between the closing of the financial statements and the determination date of the distribution amount to unitholders.

For the three months ended September 30, 2022, oil production increased to 5,187

barrels (bbls) from 3,241 bbls and natural gas production increased to 4,417 thousand cubic feet (mcf) from 3,808 mcf as compared to the comparable period in 2021.

For the three months ended September 30, 2022, the average price realized

for oil increased to $107.70 per bbl as compared to the price of $64.40 realized for the comparable period in 2021 and the average price realized for natural gas (net of expenses) increased to $8.39 per mcf as compared to the average price of $5.39

realized for the comparable period in 2021.

The following table presents the net production quantities of oil and natural gas and

distributable income and distributions per unit for the last six quarters.

Net Production

Quantities (1)

Quarter Ended

2 unchanged sentences

Distributions

December 31, 2020

March 31, 2021

June 30, 2021

2 unchanged sentences

March 31, 2022

Results of OperationsThree Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021

Income from oil and natural gas royalties, increased to $371,382 during the three months ended March 31, 2022 from $82,501

June 30, 2022

September 30, 2022

(1) Excludes the Trusts interest in Tidelands prior to its being wound up.

Results of OperationsThree Months Ended September 30, 2022 Compared to the Three Months Ended September 30, 2021

Income from oil and natural gas royalties, increased to $595,719 during the three months ended September 30, 2022 from $229,240 realized

for the comparable period in 2021.

Royalties increased for the three months ended September 30, 2022 as compared to the comparable period in 2021 primarily due to an increase in production of oil and gas, and also by a sharp increase in pricing

of oil and gas.

Distributable income increased to $522,369 for the three months ended September 30, 2022 from $203,213 realized for

the comparable period in 2021.

Income from oil royalties, for the three months ended September 30, 2022 increased to $558,640 from

$208,729 realized for the comparable period in 2021.

Royalties increased for the three months ended March 31, 2022 as compared to the comparable period in 2021 primarily due to an increase in production of oil and natural gas, and also by a sharp

increase in pricing of oil and natural gas.

Distributable income increased to $386,138 for the three months ended March 31, 2022

from $11,241 realized for the comparable period in 2021.

Income from oil royalties, for the three months ended March 31, 2022

increased to $349,357 from $78,468 realized for the comparable period in 2021.

The volume of oil sold in the three months ended March 31, 2022 increased to 4,718 bbls from 1,965 bbls realized for the comparable period in 2021, and the average

price realized for oil increased to $74.05 per bbl for the three months ended March 31, 2022 from $39.94 per bbl realized for the comparable period in 2021.

Income from natural gas royalties (net of expenses), for the three months ended March 31, 2022 increased to $22,025 from $4,033 for the

comparable period in 2021.

The volume of natural gas sold in the three months ended March 31, 2022 increased to 3,681 mcf from 1,428 mcf realized for the comparable period in 2021, and the average price realized for natural gas (net of

expenses) increased to $5.98 per mcf for the three months ended March 31, 2022 from $2.82 per mcf realized for the comparable period in 2021.

We received $93,134 as a final distribution from Tidelands for the three months ended

March 31, 2022.

We did not receive any income from distributions from Tidelands for the three months ended March 31, 2021.

following table presents the quantities of oil and natural gas sold and the average price realized for the three months ended March 31, 2022, and those realized for the comparable period in 2021.

Three Months Ended March 31,

Average price

Average price, net of expenses

General and administrative expenses increased to $78,196 for the three months ended March 31, 2022 from

$71,343 for the comparable period of 2021, primarily due to timing of payment of expenses.

Results of OperationsNine Months Ended March 31,

2022 Compared to the Nine Months Ended March 31, 2021

Income from oil and natural gas royalties, excluding the Trusts

interest in Tidelands, increased to $865,314 during the nine months ended March 31, 2022 from $237,686 realized for the comparable period in 2021.

Royalties increased for the nine months ended March 31, 2022 primarily due to an increase in

the price and production of oil and natural gas, as compared to the comparable period in 2021.

Distributable income increased to $770,793

for the nine months ended March 31, 2022 from $49,229 realized for the comparable period in 2021.

Income from oil royalties for the

nine months ended March 31, 2022 increased to $806,273 from $226,167 realized for the comparable period in 2021.

The volume of oil sold in the nine months ended March 31, 2022 increased to 11,635 bbls from 6,624 bbls realized for the

comparable period in 2021, and the average price realized for oil increased to $69.30 per bbl for the nine months ended March 31, 2022 from $34.14 per bbl realized for the comparable period in 2021.

Income from natural gas royalties (net of expenses) for the nine months ended March 31, 2022 increased to $59,041 from $11,519 for the

comparable period in 2021.

The volume of natural gas sold in the nine months ended March 31, 2022 increased to 10,457 mcf from 5,546 mcf realized for the comparable period in 2021, and the average price realized for natural gas (net of

expenses) increased to $5.65 per mcf for the nine months ended March 31, 2022 from $2.08 per mcf realized for the comparable period in 2021.

We received $93,134 as a final distribution from Tidelands for the nine months ended March 31, 2022.

We did not receive any income from

distributions from Tidelands for the nine months ended March 31, 2021.

The following table presents the quantities of oil and

natural gas sold and the average price realized for the nine months ended March 31, 2022, and those realized for the comparable period in 2021, excluding the Trusts interest in Tidelands.

Nine Months Ended March 31,

The volume of oil sold in the three months ended September 30, 2022 increased to 5,187 bbls from 3,241 bbls realized for the comparable period in 2021, and the average price realized for oil

increased to $107.70 per bbl for the three months ended September 30, 2022 from $64.40 per bbl realized for the comparable period in 2021.

Income from natural gas royalties (net of expenses), for the three months ended September 30, 2022 increased to $37,079 from $20,511 for

the comparable period in 2021.

The volume of natural gas sold in the three months ended September 30, 2022 increased to 4,417 mcf from 3,808 mcf realized for the comparable period in 2021, and the average price realized for natural gas (net of

expenses) increased to $8.39 per mcf for the three months ended September 30, 2022 from $5.39 per mcf realized for the comparable period in 2021.

Prior to June 30, 2022, Tidelands was wound up and allowed to terminate.

As a result, Tidelands

will no longer make distributions.

The following table presents the quantities of oil and natural gas sold and the average price realized for

the three months ended September 30, 2022, and those realized for the comparable period in 2021.

Three Months Ended September 30,

Average price

Average price, net of expenses

General and administrative expenses decreased to $187,541 for the nine months ended March 31, 2022 from

$188,641 for the comparable period of 2021, primarily due to the timing of payment of expenses.

General and administrative expenses increased to $78,081 for the three months ended September 30, 2022

from $26,083 for the comparable period of 2021, primarily due to an increase in professional fees incurred due to the upcoming change in Trustee and timing of payment of professional expenses.

Forward-Looking Statements

The statements discussed in this Quarterly Report on Form 10-Q regarding Marines future financial

performance and results, and other statements that are not historical facts, are forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Exchange Act.

This report uses the words

anticipate, believe, budget, continue, estimate, expect, intend, may, plan, or other similar words to identify forward-looking statements.

You should read statements that contain these words carefully because they discuss future expectations, contain projections of Marines financial condition, and/or state other forward-looking information.

Actual results may differ

from expected results because of:

reductions in price or demand for oil and natural gas, which might then lead to decreased production or impair Marines ability to make distributions;

the impact of

COVID-19 on future production and distributions;

reductions in production due to the depletion of existing wells or disruptions in service, which may be caused by storm damage to production facilities,

blowouts or other production accidents, or geological changes such as cratering of productive formations;

statements discussed in this Quarterly Report on Form 10-Q regarding Marines future financial performance and results, and other statements that are not historical facts, are forward-looking statements

as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Exchange Act.

This report uses the words anticipate, believe, budget, continue,

estimate, expect, intend, may, plan, or other similar words to identify forward-looking statements.

You should read statements that contain these words carefully because they discuss future

expectations, contain projections of Marines financial condition, and/or state other forward-looking information.

Actual results may differ from expected results because of:

reductions in price or demand for oil and natural gas,

which might then lead to decreased production or impair Marines ability to make distributions;

the impact of COVID-19 on future production and distributions;

reductions in production due to the depletion

of existing wells or disruptions in service, which may be caused by storm damage to production facilities, blowouts or other production accidents, or geological changes such as cratering of productive formations;

changes in regulations;

general economic conditions;

economic conditions;

actions and policies of petroleum-producing nations;

other changes in domestic and

international energy markets;

other changes in domestic and international energy markets;

the resignation of the Trustee;

and the expiration, termination or release of leases subject to Marines interests.

and the expiration, termination or release of leases subject to Marines

Additional risks are set forth in Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2022.

Events may occur in the future that Marine is unable to accurately predict or over which it has no control.

If one or more of these uncertainties materialize, or if

underlying assumptions prove incorrect, actual outcomes may vary materially from those forward-looking statements included in this Quarterly Report on Form 10-Q.

Except as required by applicable securities

laws, Marine does not undertake any obligation to update or revise any forward-looking statements.

Marine makes available, free of charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to such reports at its website at www.marps-marine.com.

Each of these reports will be posted on this website as soon as

reasonably practicable after such report is electronically filed with, or furnished, to the SEC.

and Qualitative Disclosures About Market Risk

There has been no material change from the information provided in Marines

Annual Report on Form 10-K, Item 7A:

Events may occur in the future that Marine is unable to accurately predict or

over which it has no control.

If one or more of these uncertainties materialize, or if underlying assumptions prove incorrect, actual outcomes may vary materially from those forward-looking statements included in this Quarterly Report on Form 10-Q.

Except as required by applicable securities laws, Marine does not undertake any obligation to update or revise any forward-looking statements.

Marine makes available, free of

charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to such

reports at its website at www.marps-marine.com.

Each of these reports will be posted on this website as soon as reasonably practicable after such report is electronically filed with, or furnished, to the SEC.

Quantitative and Qualitative Disclosures About Market Risk

There has been no material change from the information provided in Marines Annual Report on

Form 10-K, Item 7A:

Quantitative and Qualitative Disclosures About Market Risk, for the fiscal year ended June 30, 2022.

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 1. Financial Statements