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Item 1. Financial Statements

2023-11-13 compared with 2023-05-15 · 132 added, 179 removed, 181 unchanged (63% of the section changed)

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CONDENSED CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

As of March 31, 2023 and June 30, 2022

As of September 30, 2023 and June 30, 2023

September 30,

Current assets:

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CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME

For the Three and Nine Months Ended March 31, 2023 and 2022

For the Three Months Ended September 30, 2023 and 2022

Three Months Ended

Nine Months Ended

September 30,

Oil and natural gas royalties

Oil and natural gas royalties from affiliate

Interest and dividend income (loss)

Interest and dividend income

General and administrative

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Nine Months Ended March 31, 2023 and 2022

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, 2023 and 2022

For the Three Months Ended September 30, 2023 and 2022

Three Months Ended

September 30,

Trust corpus, beginning of period

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2023

September 30, 2023

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

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Total estimated reserve for future expenses deducted from

calculated distributable income for the three months ended March 31, 2023 was $68,000.

calculated distributable income for the three months ended September 30, 2023 was $76,500.

As stated under Note 1.

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account balances of the Trust.

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, 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, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands which entity was wound up prior to

June 30, 2022.

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, until Tidelands was wound 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

At March 31, 2022, 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.

A reserve of $154,196 has been established for future reporting

and compliance issues that may arise in years to come and will be used for such transactions.

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 March 31,

Distributable (loss) before Federal income taxes

Federal income taxes of Tidelands subsidiary

Distributable (loss)

Tidelands was a reporting company under the Securities Exchange Act of 1934, as amended.

2019, Tidelands terminated the registration of its units under Section 12(g) of the Exchange Act, and suspended its reporting obligations under Section 13(a) of the Exchange Act.

As of that date, Tidelands obligations to file certain

reports with the SEC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and

Form 8-K, respectively, were automatically and immediately suspended.

A reserve of $133,180 has been established

for future reporting and compliance issues that may arise in years to come and will be used for such transactions.

Due to Tidelands being wound up prior to June 30, 2022, there was no income received for the three months ended

September 30, 2023 or September 30, 2022.

Tidelands was a reporting company under the Securities Exchange Act of 1934, as

On March 8, 2019, Tidelands terminated the registration of its units under Section 12(g) of the Exchange Act, and suspended its reporting obligations under Section 13(a) of the Exchange Act.

As of that date, Tidelands

obligations to file certain reports with the SEC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, were automatically and immediately suspended.

The last regular distribution Marine received from Tidelands was in the fourth quarter of 2018.

The term of Tidelands expired in 2021.

Tidelands has been wound up and declared January 31, 2022 as the record date for the final distribution which was paid in February 2022.

Trustees Discussion and Analysis of Financial Condition and Results of Operations

Tidelands has been wound up and declared January

31, 2022 as the record date for the final distribution which was paid in February 2022.

Discussion and Analysis of Financial Condition and Results of Operations

Marine Petroleum Trust (the Trust) is a royalty trust that was created in 1956 under the laws of the State of Texas.

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that it had entered into an agreement with Argent Trust Company, a Tennessee chartered trust company (the Trustee), pursuant to which Simmons would resign as trustee of the Trust and nominate Argent Trust Company 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 the Trustee as successor trustee to serve as trustee of the Trust once the resignation of Simmons took 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 Simmons, 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 was effective on December 30, 2022.

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 change in trustee from Simmons to Argent Trust Company was effective on 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

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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.

Treasury Regulations

(and includes custodians, nominees, certain joint owners and brokers holding an interest for a customer in street name).

Therefore, the Trustee considers the Trust to be a widely held fixed investment trust (WHFIT) for U.S.

income tax purposes.

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.

Treasury Regulations (and includes custodians, nominees, certain joint owners and brokers holding an interest for a customer in street name).

Therefore, the Trustee considers

the Trust to be a widely held fixed investment trust (WHFIT) for U.S.

federal income tax purposes.

Accordingly, the Trust will provide tax information in accordance with applicable U.S.

Treasury Regulations governing the information reporting requirements of the Trust as a WHFIT.

The Trustee will provide the required

information and the contact information for the Trustee is below:

Treasury Regulations governing the information

reporting requirements of the Trust as a WHFIT.

The Trustee will provide the required information and the contact information for the Trustee is below:

Argent Trust Company

Creek Blvd., Suite 850

3838 Oak Lawn, Avenue, Suite 1720

Dallas, Texas 75219

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Each unitholder should consult its own tax advisor for compliance with U.S.

federal income tax laws and

federal income tax laws and regulations.

Commodity Prices

The Trusts income and monthly distributions are heavily influenced by commodity prices.

Commodity prices may fluctuate widely in response

to (i) relatively minor changes in the supply of and demand for oil and natural gas, (ii) market uncertainty and (iii) a variety of additional factors that are beyond the Trustees control.

Factors that may impact future commodity

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, Russia and Ukraine;

The Trusts income

and monthly distributions are heavily influenced by commodity prices.

Commodity prices may fluctuate widely in response to (i) relatively minor changes in the supply of and demand for oil and natural gas, (ii) market uncertainty and

(iii) a variety of additional factors that are beyond the Trustees control.

Factors that may impact future commodity prices, including the price of oil and natural gas, include but are not limited to:

political conditions worldwide, and in particular, political disruptions, terrorist activities, wars or other

armed conflicts in oil producing regions, including the war in Ukraine;

worldwide economic conditions;

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As stated in the Indenture, there is no requirement for capital due to the limited purpose of the Trust.

The Trusts only

obligation is to distribute the distributable income that is actually collected to unitholders.

As an administrator of oil and natural gas royalty interests, the Trust collects royalties monthly, pays administrative expenses and disburses all net

royalties that are collected to its unitholders each quarter, subject to the availability of distributable income on the distribution date after the payment of expenses.

The Trusts only obligation is to

distribute the distributable income that is actually collected to unitholders.

As an administrator of oil and natural gas royalty interests, the Trust collects royalties monthly, pays administrative expenses and disburses all net royalties that are

collected to its unitholders each quarter, subject to the availability of distributable income on the distribution date after the payment of expenses.

The Indenture (and MPCs charter and by-laws) expressly prohibits the operation of any kind of

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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, 2023 on leases in which Marine has an interest.

As of May 1, 2023, 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, 2023 on leases in which Marine has an interest.

As of November 1, 2023, public records indicated that there was one well 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.

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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, 2023.

Please 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.

Marine did not have any changes in its critical accounting policies or estimates during the three months ended September 30, 2023.

see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2023 for a detailed discussion of its critical accounting policies.

New Accounting Pronouncements

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time from such wells and the prices at which the oil and natural gas from such wells are sold.

Important aspects of Marines

operations are conducted by third parties.

Marines royalty income is dependent on the operations of the working interest owners of the leases on which Marine has an overriding royalty interest.

The oil and natural gas companies that lease

tracts subject to Marines interests are responsible for the production and sale of oil and natural gas and the calculation of royalty payments to Marine.

The only obligation of the working interest owners to Marine is to make monthly

overriding royalty payments that reflect Marines interest in the oil and natural gas sold.

Important aspects of Marines operations are conducted by third parties.

royalty income is dependent on the operations of the working interest owners of the leases on which Marine has an overriding royalty interest.

The oil and natural gas companies that lease tracts subject to Marines interests are responsible for

the production and sale of oil and natural gas and the calculation of royalty payments to Marine.

The only obligation of the working interest owners to Marine is to make monthly overriding royalty payments that reflect Marines interest in the

oil and natural gas sold.

Marines distributions are processed and paid by its transfer agent, American Stock Transfer & Trust Company, LLC.

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Summary of Operating Results

nine months ended March 31, 2023, 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 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.

three months ended September 30, 2023, the Trust realized approximately 97% of its royalty income from the sale of oil and approximately 3% of its royalty income from the sale of natural gas.

During the 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.

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

Distributable income per unit for the nine months ended March 31, 2023 was $0.56 as compared to $0.39 for the comparable period in 2022.

Distributions per unit amounted to $0.67 per unit for the nine months ended March 31, 2023, an increase from distributions of $0.28 per unit for the comparable period in 2022.

During the nine months

ended March 31, 2023, 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, 2023, oil production increased to

12,888 barrels (bbls) from 11,635 bbls and natural gas production decreased to 9,652 thousand cubic feet (mcf) from 10,457 mcf as compared to the comparable period in 2022.

For the nine months ended March 31, 2023, the average price

realized for oil increased to $95.71 per bbl as compared to the price of $69.30 realized for the comparable period in 2022 and the average price realized for natural gas (net of expenses) increased to $7.89 per mcf as compared to the average price

of $5.65 realized for the comparable period in 2022.

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, 2023 was $0.11 as compared to $0.26 for the comparable period in

Distributions per unit amounted to $0.12 per unit for the three months ended September 30, 2023, a decrease from distributions of $0.26 per unit for the comparable period in 2022.

During the three months ended September 30, 2023, 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, 2023, oil production decreased to 3,964 barrels (bbls) from 5,187 bbls and natural gas

production decreased to 3,148 thousand cubic feet (mcf) from 4,417 mcf as compared to the comparable period in 2022.

For the three months ended September 30, 2023, the average price realized for oil decreased to $72.19 per bbl as compared

to the price of $107.70 realized for the comparable period in 2022 and the average price realized for natural gas (net of expenses) decreased to $1.54 per mcf as compared to the average price of $8.39 realized for the comparable period in 2022.

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

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Distributions

December 31, 2021

March 31, 2022

June 30, 2022

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March 31, 2023

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

Results of OperationsThree Months Ended March 31, 2023 Compared to the Three Months Ended March 31, 2022

Income from oil and natural gas royalties, decreased to $288,614 during the three months ended March 31, 2023 from $371,382 realized for

the comparable period in 2022.

Royalties decreased for the three months ended March 31, 2023 as compared to the comparable period in 2022 primarily due to a decrease in production of oil and gas, partially offset by an increase in the pricing

Distributable income decreased to $215,803 for the three months ended March 31, 2023 from $386,137 realized for the

comparable period in 2022.

Income from oil royalties, for the three months ended March 31, 2023 decreased to $277,476 from $349,357

realized for the comparable period in 2022.

The volume of oil sold in the three months ended March 31, 2023 decreased to 3,390 bbls from 4,718 bbls realized for the comparable period in 2022, and the average price realized for oil increased to

$81.85 per bbl for the three months ended March 31, 2023 from $74.05 per bbl realized for the comparable period in 2022.

natural gas royalties (net of expenses), for the three months ended March 31, 2023 decreased to $11,138 from $22,025 for the comparable period in 2022.

The volume of natural gas sold in the three months ended March 31, 2023 decreased to

1,914 mcf from 3,681 mcf realized for the comparable period in 2022, and the average price realized for natural gas (net of expenses) decreased to $5.82 per mcf for the three months ended March 31, 2023 from $5.98 per mcf realized for the

comparable period in 2022.

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

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 March 31, 2023, and those realized for the comparable period in 2022.

Three Months Ended March 31,

Average price

Average price, net of expenses

General and administrative expenses increased to $84,804 for the three months ended March 31, 2023 from

$78,196 for the comparable period of 2022, primarily due to an increase in professional fees incurred due to the change in Trustee and timing of payment of professional expenses.

Results of OperationsNine Months Ended March 31, 2023 Compared to the Nine Months Ended March 31, 2022

Income from oil and natural gas royalties increased to $1,309,654 during the nine months ended March 31, 2023 from $865,314 realized for

June 30, 2023

September 30, 2023

Results of OperationsThree Months Ended September 30, 2023 Compared to the Three Months Ended

September 30, 2022

Income from oil and natural gas royalties, decreased to $291,021 during the three months ended

September 30, 2023 from $595,719 realized for the comparable period in 2022.

Royalties decreased for the three months ended September 30, 2023 as compared to the comparable period in 2022 primarily due to a decrease in production of oil

and gas, as well as by lower prices for both oil and gas.

Distributable income decreased to $228,057 for the three months ended

September 30, 2023 from $522,369 realized for the comparable period in 2022.

Income from oil royalties, for the three months ended

September 30, 2023 decreased to $286,168 from $558,640 realized for the comparable period in 2022.

The volume of oil sold in the three months ended September 30, 2023 decreased to 3,964 bbls from 5,187 bbls realized for the comparable

period in 2022, and the average price realized for oil decreased to $72.19 per bbl for the three months ended September 30, 2023 from $107.70 per bbl realized for the comparable period in 2022.

Income from natural gas royalties (net of expenses), for the three months ended September 30, 2023 decreased to $4,852 from $37,079 for

the comparable period in 2022.

Royalties increased for the nine months ended March 31, 2023 primarily due to an increase in the price of oil and natural gas and an increase in the production of oil, partially offset by a decrease in the

production of natural gas.

Distributable income increased to $1,117,141 for the nine months ended March 31, 2023 from $770,793

realized for the comparable period in 2022.

Income from oil royalties for the nine months ended March 31, 2023 increased to

$1,233,506 from $806,273 realized for the comparable period in 2022.

The volume of oil sold in the nine months ended March 31, 2023 increased to 12,888 bbls from 11,635 bbls realized for the comparable period in 2022, and the average price

realized for oil increased to $95.71 per bbl for the nine months ended March 31, 2023 from $69.30 per bbl realized for the comparable period in 2022.

Income from natural gas royalties (net of expenses) for the nine months ended March 31, 2023 increased to $76,148 from $59,041 for the

comparable period in 2022.

The volume of natural gas sold in the nine months ended March 31, 2023 decreased to 9,652 mcf from 10,457 mcf realized for the comparable period in 2022, and the average price realized for natural gas (net of

expenses) increased to $7.89 per mcf for the nine months ended March 31, 2023 from $5.65 per mcf realized for the comparable period in 2022.

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

March 31, 2023, and those realized for the comparable period in 2022.

Nine Months Ended March 31,

The volume of natural gas sold in the three months ended September 30, 2023 decreased to 3,148 mcf from 4,417 mcf realized for the comparable period in 2022, and the average price realized for natural gas (net of

expenses) decreased to $1.54 per mcf for the three months ended September 30, 2023 from $8.39 per mcf realized for the comparable period in 2022.

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

September 30, 2023, and those realized for the comparable period in 2022.

Three Months Ended September 30,

Average price

Average price, net of expenses

General and administrative expenses increased to $219,045 for the nine months ended March 31, 2023 from

$187,541 for the comparable period of 2022, primarily due to an increase in professional fees incurred due to the change in Trustee and timing of payment of professional expenses.

General and administrative expenses decreased to $76,618 for the three months ended September 30, 2023

from $78,081 for the comparable period of 2022, primarily due to the timing of payment of professional expenses.

Forward-Looking Statements

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;

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,

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

changes in regulations;

economic conditions;

actions and policies of petroleum-producing nations;

general economic conditions;

actions and policies of petroleum-producing

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.

Additional risks are set

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

Additional risks are set forth in Marines Annual

Report on Form 10-K for the fiscal year ended June 30, 2023.

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

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

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:

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.

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:

Quantitative and Qualitative Disclosures About Market Risk, for the fiscal year ended June 30, 2023.

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