What changed in this filing

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Item 1. Financial Statements

2024-11-07 compared with 2024-08-08 · 210 added, 151 removed, 284 unchanged (56% of the section changed)

2 unchanged sentences

BALANCE SHEETS

September 30,

Current assets

2 unchanged sentences

Oil and natural gas sales

Prepaid drilling

Prepaid costs and expenses

Prepaid drilling

Total current assets

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2,239,283 and 2,226,916 shares issued;

and, 2,090,000 and 2,091,399 shares outstanding as of June 30, 2024 and March 31, 2024, respectively

and, 2,046,000 and 2,091,399 shares outstanding as of September 30, 2024 and March 31, 2024, respectively

Additional paid-in capital

Retained earnings

Treasury stock, at cost ( 149,283

and 135,517 shares, respectively)

Treasury stock, at cost ( 193,283 and 135,517 shares, respectively)

( 1,878,746 )

5 unchanged sentences

STATEMENTS OF OPERATIONS

the Three Months Ended June 30,

Three Months Ended

Six Months Ended

September 30,

Operating revenues:

7 unchanged sentences

Operating income

Other income (expense):

Other income (expenses):

Interest income

6 unchanged sentences

Weighted average common shares outstanding:

Dividends declared per share

accompanying notes are an integral part of the consolidated financial statements.

2 unchanged sentences

Common Stock Par Value

Paid-In Capital

Additional Paid-In Capital

Retained Earnings

Treasury Stock

Total Stockholders’ Equity

Stockholders’ Equity

Balance at April 1, 2024

6 unchanged sentences

$ ( 1,364,167 )

Purchase of stock

Stock based compensation

Balance at September 30, 2024

$ ( 1,878,746 )

Common Stock Par Value

Paid-In Capital

Additional Paid-In Capital

Retained Earnings

Treasury Stock

Total Stockholders’ Equity

Stockholders’ Equity

Balance at April 1, 2023

$ ( 590,495 )

Dividends paid

4 unchanged sentences

$ ( 590,495 )

Purchase of stock

Stock based compensation

Balance at September 30, 2023

$ ( 915,751 )

SHARE ACTIVITY

1 unchanged sentence

Balance at April 1, 2024

Balance at June 30, 2024

Balance at September 30, 2024

Common stock shares, held in treasury:

Balance at April 1, 2024

Balance at June 30, 2024

Common stock shares, outstanding at June 30, 2024

Balance at September 30, 2024

Common stock shares, outstanding at September 30, 2024

accompanying notes are an integral part of the consolidated financial statements.

1 unchanged sentence

STATEMENTS OF CASH FLOWS

the Three Months Ended June 30,

the Six Months Ended September 30,

Cash flows from operating activities:

7 unchanged sentences

Decrease in accounts receivable

Decrease in prepaid expenses

(Increase) decrease in right-of-use asset

Increase in accounts payable and accrued expenses

Decrease in prepaid expenses

Increase (decrease) in accounts payable and accrued expenses

Settlement of asset retirement obligations

Increase in income taxes payable

(Increase) decrease in operating lease liability

Decrease in income taxes payable

Decrease (increase) in operating lease liability

Net cash provided by operating activities

1 unchanged sentence

Additions to oil and gas properties

( 1,667,027 )

( 1,650,812 )

Investments in limited liability companies at cost

1 unchanged sentence

Net cash used in investing activities

( 2,066,957 )

( 1,544,299 )

Cash flows from financing activities:

Proceeds from exercise of stock options

Dividends paid

Acquisition of treasury stock

Dividends paid

Debt issuance costs

Net cash used in financing activities

Net increase in cash and cash equivalents

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

14 unchanged sentences

the Company owns producing properties and undeveloped acreage in fourteen states.

All of Company’s oil and gas interests are operated

All of the Company’s oil and gas interests are

operated by others.

Basis of Presentation and Significant Accounting Policies

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In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments

(consisting only of normal recurring accruals) necessary to present fairly the financial position of the Company as of June 30, 2024,

and the results of its operations and cash flows for the interim periods ended June 30, 2024 and 2023.

The consolidated financial statements

as of June 30, 2024 and for the three-month periods ended June 30, 2024 and 2023 are unaudited.

The consolidated balance sheet as of

March 31, 2024 was derived from the audited balance sheet filed in the Company’s 2024 annual report on Form 10-K filed with the

Securities and Exchange Commission (“SEC”).

The results of operations for the periods presented are not necessarily indicative

of the results to be expected for a full year.

The accounting policies followed by the Company are set forth in more detail in Note 2

of the “Notes to Consolidated Financial Statements” in the Form 10-K.

Certain information and footnote disclosures normally

included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America

have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC.

However, the disclosures herein are

adequate to make the information presented not misleading.

It is suggested that these consolidated financial statements be read in conjunction

with the consolidated financial statements and notes thereto included in the Form 10-K.

(consisting only of normal recurring accruals) necessary to present fairly the financial position of the Company as of September 30,

2024, and the results of its operations and cash flows for the interim periods ended September 30, 2024 and 2023.

The consolidated financial

statements as of September 30, 2024 and for the three and six month periods ended September 30, 2024 and 2023 are unaudited.

The consolidated

balance sheet as of March 31, 2024 was derived from the audited balance sheet filed in the Company’s 2024 annual report on Form

10-K filed with the Securities and Exchange Commission (“SEC”).

The results of operations for the periods presented are not

necessarily indicative of the results to be expected for a full year.

The accounting policies followed by the Company are set forth in

more detail in Note 2 of the “Notes to Consolidated Financial Statements” in the Form 10-K.

Certain information and footnote

disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United

States of America have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC.

However, the disclosures

herein are adequate to make the information presented not misleading.

It is suggested that these consolidated financial statements be

read in conjunction with the consolidated financial statements and notes thereto included in the Form 10-K.

Investments .

The Company accounts for investments of less than 3% in limited liability companies at cost.

The Company has no control of the limited

liability companies.

The cost of the investment is recorded as an asset on the consolidated balance sheets and when income from the investment

is received, it is immediately recognized on the consolidated statements of operations.

The Company accounts for investments of less than 3% in any limited liability companies at cost .

The Company has no control of the

limited liability companies.

The cost of the investment is recorded as an asset on the consolidated balance sheets and when income from

the investment is received, it is immediately recognized on the consolidated statements of operations.

Asset Retirement Obligations

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accounts payable and other accrued expenses.

following table provides a rollforward of the AROs for the first three months of fiscal 2025:

following table provides a rollforward of the AROs for the first six months of fiscal 2025:

Schedule of Rollforward of Asset Retirement Obligations

3 unchanged sentences

Accretion expense

Carrying amount of asset retirement obligations as of June 30, 2024

Carrying amount of asset retirement obligations as of September 30, 2024

Current portion

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The unused commitment fee is payable quarterly in arrears on the last day of each calendar quarter.

As of June 30,

As of September

30, 2024, there was $ 1,500,000 available for borrowing by the Company on the facility.

principal payments are anticipated to be required through the maturity date of the credit facility, March

Upon closing the

second amendment to the Agreement, the Company paid a loan origination fee of $ 9,000 plus legal and recording expenses totaling $ 12,950 ,

Upon closing the second amendment to the Agreement, the Company paid a loan origination fee of $ 9,000

plus legal and recording expenses totaling $ 12,950 ,

which were deferred over the life of the credit facility.

7 unchanged sentences

Expense) of 2.00 to 1.00 for each quarter.

addition, this Agreement prohibits the Company from paying cash dividends on its common stock without prior written permission of WTNB.

The Company obtained written permission from WTNB prior to declaring the regular annual dividend on April 30, 2024 as discussed in Note

The Agreement does not permit the Company to enter into hedge agreements covering crude oil and natural gas prices without prior

WTNB approval.

was no balance outstanding on the credit facility as of June 30, 2024.

addition, this Agreement prohibits the Company from paying cash dividends on its common stock without written permission of WTNB.

Company obtained written permission from WTNB prior to declaring the regular annual dividend on April 30, 2024 as discussed in Note 10.

The Agreement does not permit the Company to enter into hedge agreements covering crude oil and natural gas prices without prior WTNB

was no balance outstanding on the line of credit as of September 30, 2024.

Stock-based Compensation

Company recognized compensation expense of $ 52,439 and $ 54,975 related to vesting stock options in general and administrative expense

in the Consolidated Statements of Operations for the first quarter of fiscal 2025 and 2024, respectively.

The total cost related to non-vested

awards not yet recognized at June 30, 2024 totals $ 433,373 , which is expected to be recognized over a weighted average of 2.12 years.

the three months ended June 30, 2024, no stock options were granted.

During the three months ended June 30, 2023, the Compensation Committee

of the Board of Directors approved and the Company granted 32,000 stock options exercisable at $ 12.68 per share with an estimated fair

value of $ 279,360 .

These options are exercisable at a price not less than the fair market value of the stock at the date of grant, have

an exercise period of ten years and generally vest over four years .

Company recognized stock-based compensation expense of $ 51,630 and $ 58,848 in general and administrative expense in the Consolidated

Statements of Operations for the three months ended September 30, 2024 and 2023, respectively.

Stock-based compensation expense recognized

for the six months ended September 30, 2024 and 2023 was $ 104,069 and $ 113,823 , respectively.

The total cost related to non-vested awards

not yet recognized at September 30, 2024 totals $ 381,743 which is expected to be recognized over a weighted average of 2.04 years.

the six months ended September 30, 2024, no stock options were granted.

During the six months ended September 30, 2023, the Compensation

Committee of the Board of Directors approved and the Company granted 32,000 stock options exercisable at $ 12.68 per share with an estimated

fair value of $ 279,360 .

These options are exercisable at a price not less than the fair market value of the stock at the date of grant,

have an exercise period of ten years and generally vest over four years .

in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial

models for stock options granted during the three months ended June 30, 2024 and 2023.

models for stock options granted during the six months ended September 30, 2024 and 2023.

All such amounts represent the weighted average

of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models

Three Months Ended

Six Months Ended

Grant-date fair value

3 unchanged sentences

Expected term (in years)

following table is a summary of stock options activity for the three months ended June 30, 2024:

following table is a summary of activity of stock options for the six months ended September 30, 2024:

Summary of Activity of Stock Options

Number of Shares

Weighted Average Exercise Price Per Share

Weighted Aggregate Average Remaining Contract Life

Weighted Average Exercise Price

Weighted Average Remaining Contract Life in Years

Intrinsic Value

1 unchanged sentence

Forfeited or Expired

Outstanding at June 30, 2024

Vested at June 30, 2024

Exercisable at June 30, 2024

the three months ended June 30, 2024, stock options covering 12,367 shares were exercised with a total intrinsic value of $ 92,316 .

Company received proceeds of $ 77,641 from these exercises.

During the three months ended June 30, 2023, stock options covering 500 shares

were exercised with a total intrinsic value of $ 2,416 .

Outstanding at September 30, 2024

Vested at September 30, 2024

Exercisable at September 30, 2024

the six months ended September 30, 2024, stock options covering 12,367 shares were exercised with a total intrinsic value of $ 92,316 .

The Company received proceeds of $ 77,641 from these exercises.

forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history for these types of

During the three months ended June 30, 2024, 1,875 unvested stock options were forfeited due to the resignation of an employee.

During the three months ended June 30, 2023, there were no stock options forfeited or expired.

options at June 30, 2024 expire between September 2028 and April 2033 and have exercise prices ranging from $ 3.34 to $ 18.05 .

During the six months ended September 30, 2023, stock options covering

500 shares were exercised with a total intrinsic value of $ 2,416 .

The Company received proceeds of $ 2,962 from these exercises.

the six months ended September 30, 2024, 1,875 unvested stock options and 625 vested stock options were forfeited due to the resignation

of an employee.

There were no stock options forfeited or expired during the six months ended September 30, 2023.

No forfeiture rate is

assumed for stock options granted to directors or employees due to the forfeiture rate history of these types of awards.

options at September 30, 2024 expire between September 2028 and April 2033 and have exercise prices ranging from $ 3.34 to $ 18.05 .

Company leases approximately 4,160 rentable square feet of office space from an unaffiliated third party for our corporate office located

in Midland, Texas.

This includes 1,112 square feet of office space shared with and reimbursed by our majority shareholder.

does not include an option to renew and is a 36-month lease that was to expire in May 2021.

In June 2020, in exchange for a reduction

in rent for the months of June and July 2020, the Company agreed to a 2-month extension to its current lease agreement at the regular

monthly rate extending its current lease expiration date to July 2021.

In June 2021, the Company agreed to extend its current lease at

a flat (unescalated) rate for 36 months.

In June 2024, the Company agreed to extend its lease at a flat (unescalated) rate for another

This includes 702 square feet of office space shared with and paid by our majority shareholder.

In June 2024, the

Company agreed to re-extend its lease at a flat (unescalated) rate for another 36 months.

The amended lease now expires on July 31, 2027 .

2 unchanged sentences

lease liability, current, and operating lease liability, long-term on the consolidated balance sheets.

lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities

represent its obligation to make lease payments arising from the lease.

Operating lease assets and liabilities are recognized at the

commencement date based on the present value of lease payments over the lease term.

As the Company’s lease does not provide an

implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in

determining the present value of lease payments.

lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent

its obligation to make lease payments arising from the lease.

Operating lease assets and liabilities are recognized at the commencement

date based on the present value of lease payments over the lease term.

As the Company’s lease does not provide an implicit rate,

the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value

of lease payments.

The incremental borrowing rate used at adoption of the renewal was 9 %.

Significant judgement is required when determining the incremental borrowing rate.

Rent expense for lease payments is recognized on

a straight-line basis over the lease term.

Significant judgement is required when determining

the incremental borrowing rate.

Rent expense for lease payments is recognized on a straight-line basis over the lease term.

balance sheets classification of lease assets and liabilities was as follows:

of Operating Lease Assets and Liabilities

June 30, 2024

September 30, 2024

Operating lease right-of-use asset, beginning balance

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Total lease liabilities

minimum lease payments as of June 30, 2024 under non-cancellable operating leases are as follows:

minimum lease payments as of September 30, 2023 under non-cancellable operating leases are as follows:

Schedule of Future Minimum Lease Payments

9 unchanged sentences

Operating lease liability, long term

cash paid for our operating lease for the three months ended June 30, 2024 and 2023 was $ 10,667 .

cash paid for our operating lease for the six months ended September 30, 2024 was $ 22,580 .

Rent expense, less sublease income of $ 6,887

is included in general and administrative expenses.

Net cash paid for our operating lease for the six months ended September 30, 2023

was $ 21,334 .

August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”).

6 unchanged sentences

The IRA 2022 did not impact the Company’s current year tax provision or the Company’s financial statements.

income tax provision consists of the following for the three months ended June 30, 2024 and 2023:

income tax provision consists of the following for the six months ended September 30, 2024 and 2023:

of Income Tax Provision

Three Months Ended

Six Months Ended

Current income tax expense:

3 unchanged sentences

Total income tax expense:

income tax for the three months ended June 30, 2024 was $ 86,520 .

Federal income tax for the three months ended June 30, 2023 was $ 88,683 .

reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for the three months ended

June 30 follows:

income tax for the six months ended September 30, 2024 was $ 171,353 .

Federal income tax for the six months ended September 30, 2023 was

following table summarizes our income tax expense and effective income tax rate for the six months ended September 30 follows:

Schedule of Reconciliation of Provision for Income Taxes

1 unchanged sentence

Effective income tax rate (1)

federal statutory rate was 21 % for three months ended June 30, 2024 and 2023.

Total income tax expense from continuing operations for the three months ended June 30, 2024 and 2023 differed from amounts computed by

applying the U.S.

federal statutory tax rate to pre-tax income primarily due to state income taxes, net of federal benefit, and the impact

of permanent differences between book and taxable income.

federal statutory rate was 21 % for three months ended September 30, 2024 and 2023.

Total income tax expense from continuing operations for the six months ended

September 30, 2024 and 2023 differed from amounts computed by applying the U.S.

federal statutory tax rate to pre-tax income primarily

due to state income taxes, net of federal benefit, and the impact of permanent differences between book and taxable income.

Related Party Transactions

party transactions for the Company primarily relate to shared office expenditures in addition to administrative and operating expenses

paid on behalf of the principal stockholder.

The total billed to and reimbursed by the stockholder for the quarters ended June 30, 2024

and 2023 was $ 4,038 and $ 9,382 , respectively.

The principal stockholder pays for his share of the lease amount for the shared office

space directly to the lessor.

Amounts paid by the principal stockholder directly to the lessor for the three months ending June 30, 2024

and 2023 were $ 3,893 .

party transactions for the Company primarily relate to shared office expenditures in addition to administrative and operating

expenses paid on behalf of the principal stockholder.

The total billed to and reimbursed by the stockholder for the three months

ended September 30, 2024 and 2023 was $ 1,250

and $ 8,612 ,

respectively.

The total billed to and reimbursed by the stockholder for the six months ended September 30, 2024 and 2023 was $ 5,288

and $ 17,994 ,

respectively.

The principal stockholder pays for his share of the lease amount for the shared office space directly to the lessor.

Amounts paid by the principal stockholder directly to the lessor for the three months ending September 30, 2024 and 2023 were $ 2,994

and $ 3,893 ,

respectively.

Amounts paid by the principal stockholder directly to the lessor for the six months ending September 30, 2024 and 2023

and $ 7,786 ,

respectively.

Income Per Common Share

following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three-month

periods ended June 30, 2024 and 2023.

following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three

and six month periods ended September 30, 2024 and 2023.

Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share

Three Months Ended

Six Months Ended

September 30,

Shares outstanding:

Weighted average common shares outstanding – basic

Effect of the assumed exercise of dilutive stock options

Weighted average common shares outstanding – dilutive

Weighted avg.

shares outstanding – basic

Effect of assumed exercise of dilutive stock options

Weighted avg.

shares outstanding – dilutive

Income per common share:

the three months ended June 30, 2024, 61,125 shares relating to stock options were excluded from the computation of diluted net income

because their inclusion would be anti-dilutive.

Anti-dilutive stock options have a weighted average exercise price of $ 15.34 at June

For the three months ended June 30, 2023, 63,000 shares relating to stock options were excluded from the computation of diluted

For the three months ended September

30, 2024, 61,125 shares relating to stock options were excluded from the computation of diluted net income because their inclusion

would be anti-dilutive.

For the six months ended September 30, 2024, 60,500 shares relating to stock options were excluded from the computation of diluted

net income because their inclusion would be anti-dilutive.

Anti-dilutive stock options have a weighted average exercise price of $ 15.34

at June 30, 2023.

at September 30, 2024.

For the three and six months ended September 30, 2023, 63,000 shares relating to stock options were excluded from

the computation of diluted net income because their inclusion would be anti-dilutive.

Anti-dilutive stock options have a weighted average

exercise price of $ 15.32 at September 30, 2023.

Stockholders’ Equity

2 unchanged sentences

This program does not have an expiration date and may be modified, suspended or terminated at

any time by the Board.

Under the repurchase program, shares of common stock may be purchased from time to time through open market purchases

or other transactions.

The amount and timing of repurchases will be subject to the availability of stock, prevailing market conditions,

the trading price of the stock, our financial performance and other conditions.

Repurchases may also be made from time-to-time in connection

with the settlement our share-based compensation awards.

any time by the board of directors.

Under the repurchase program, shares of common stock may be purchased from time to time through open

market purchases or other transactions.

The amount and timing of repurchases will be subject to the availability of stock, prevailing

market conditions, the trading price of the stock, our financial performance and other conditions.

Repurchases may also be made from

time-to-time in connection with the settlement our share-based compensation awards.

Repurchases will be funded from cash flow.

4 unchanged sentences

in excess of an annual limit of $1,000,000 after December 31, 2022 .

the three months ended June 30, 2024, the Company repurchased 13,766 shares for the treasury account at an aggregate cost of $ 188,637 ,

an average price of $ 13.70 per share.

During the three months ended June 30, 2023, there were no shares of common stock repurchased for

the treasury account.

Subsequently, in July 2024, the Company repurchased 4,557 shares for the treasury at an aggregate cost of $ 53,684 .

the six months ended September 30, 2024 there were 57,766 shares of common stock repurchased for the treasury account at an aggregate

cost of $ 703,216 .

During the six months ended September 30, 2023 there were 26,000 shares of common stock repurchased for the treasury

account at an aggregate cost of $ 325,256 .

April 30, 2024, the Board of Directors declared a regular annual dividend of $ 0.10 per common share.

The Company paid the dividend of

$ 209,000 on June 4, 2024 to the stockholders of record at the close of business on May 21, 2024.

The Company paid the special dividend

of $ 209,000 on June 4, 2024 to the stockholders of record at the close of business on May 21, 2024.

On April 10, 2023, the Board of Directors

4 unchanged sentences

or as to the amount of any future dividend.

declared by the Board and stock repurchased during the period are presented in the Company’s consolidated statements of changes

in stockholders’ equity as dividends paid and purchases of treasury stock, respectively.

Dividends paid and stock repurchased during

the period are presented as cash used in financing activities in the Company’s consolidated statements of cash flows.

Stock repurchases

are included as treasury stock in the consolidated balance sheets.

declared by the Board and stock repurchased during the period are presented in the Company’s consolidated statements of changes in stockholders’

equity as dividends paid and purchases of treasury stock, respectively.

Dividends paid and stock repurchased during the period are presented

as cash used in financing activities in the Company’s consolidated statements of cash flows.

Stock repurchases are included as treasury

stock in the consolidated balance sheets.

the six months ended September 30, 2024, the Company incurred approximately $ 900,000 in acquisition costs to acquire various royalty

interests in approximately 300 wells located in Adams and Weld Counties, Colorado;

Karnes and Reeves Counties, Texas;

and Laramie County,

During the six months ended September 30, 2023, the Company incurred $ 20,000 in acquisition costs to acquire various royalty

interests 6 producing wells in Howard County, Texas.

Subsequent Events

October 2024, the Company acquired royalty interests in 3

producing wells and 5

undrilled locations operated by Mewbourne Oil located in Eddy County, New Mexico for a purchase price of $ 260,000 ;

royalty interests in 6

producing wells operated by SWN Production and located in DeSoto Parish, Louisiana for a purchase price of $ 25,000 ;

royalty interests in 8

producing wells operated by Marathon Oil and located in Live Oak, Texas for a purchase price of $ 20,000 ;

royalty interests in 10

producing wells operated by Ovintiv and located in Upton County, Texas for a purchase price of $ 65,000 ;

royalty interests in 12

producing wells operated by Pioneer Natural Resources and located in Reagan, Texas for a purchase price of $ 66,000 ;

interests in approximately 230

producing wells operated by Petro-Hunt Corporation, ConocoPhillips Company and others in Montana, Nebraska, North Dakota and South

Dakota for a purchase price of $ 188,000 .

All of these acquisitions are effective November 1, 2024.

October 2024, the Company expended approximately $ 74,000 to drill two horizontal wells in the Bone Spring Sand formation of the Delaware

Basin in Lea County, New Mexico.

Mexco’s working interest in these wells is .53 %.

In November 2024, the Company entered into an agreement to acquire royalty interests in 15 producing wells with potential

for additional development located in Adams and Broomfield Counties, Colorado and operated by Civitas Resources for a purchase price of

Company completed a review and analysis of all events that occurred after the consolidated balance sheet date to determine if any such

1 unchanged sentence

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