What changed in this filing

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Item 1A. Risk Factors

2026-03-31 compared with 2025-03-31 · 198 added, 215 removed, 380 unchanged (52% of the section changed)

in our common stock involves a high degree of risk.

The following risk factors should be considered carefully in addition to the

other information contained in this Annual Report.

The following risk factors should be considered carefully in addition to the other

information contained in this Annual Report.

This Annual Report contains forward-looking statements.

Our business, financial

condition, results of operations and stock price could be materially adversely affected by any of these risks.

Our business, financial condition,

results of operations and stock price could be materially adversely affected by any of these risks.

Related to Our Business

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senior to those of our existing stockholders.

If we incur additional debt, it would increase our leverage relative to our earnings, if

If we incur additional debt, it will increase our leverage relative to our earnings, if

any, or to our equity capitalization, requiring us to pay additional interest expense.

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banking fees, legal fees, accounting fees, and other related costs.

The Company may not be able to continue as a

going concern.

During the year ended December 31, 2024, the Company

incurred a net loss of $9,798,083, and $1,591,426 of cash was used by the Company’s operating activities.

The Company estimates

that it may not have sufficient funds to operate its business for 12 months given its cash balance as of December 31, 2024 of approximately

$167,286 and revenues being generated by the Company’s operating business segments.

The ability of the Company to continue as a going concern is

dependent on the Company’s ability to fund future operations through additional financing from investors and/or lenders or through

the sale of its securities or through development of its operations.

Due to these and other factors, there is substantial doubt of the

Company’s ability to continue as a going concern.

Company may not be able to continue as a going concern.

the year ended December 31, 2025, the Company incurred a net loss of $2,760,822 (excluding $21,928,500 bargain gain from acquisitions)

and $123,028 of cash was generated by the Company’s operating activities.

The Company estimates that it may not have sufficient

funds to operate its business for 12 months given its cash balance as of December 31, 2025 of approximately $2,110,171 against near term

cash needs and revenues being generated by the Company’s operating business segments.

The ability of the Company to continue as

a going concern is dependent on the Company’s ability to fund future operations through additional financing from investors and/or

lenders or through the sale of its securities or through development of its operations.

No assurance can be given that any future financing

or capital, if needed, will be available or, if available, will be on terms that are satisfactory to us.

Due to these and other factors,

there is substantial doubt of the Company’s ability to continue as a going concern.

limited operating experience could make our operations inefficient or ineffective.

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to adequately do so could cause our business, results of operations and financial condition to suffer or fail.

we are unable to hire and retain qualified personnel, we may not be able to implement our business plan.

of March 30, 2026, we employed 10 full-time employees.

Attracting and retaining personnel will be critical to our success.

company with an uncertain future, we may not be able to attract and retain the qualified personnel necessary for the development of our

In addition, we may have difficulty recruiting necessary personnel as a result of our limited operating history.

key personnel or the failure to recruit necessary additional personnel could impede the achievement of our business objectives.

addition, we expect to rely heavily on independent contractors, advisors and consultants to provide certain services.

of these independent contractors, advisors and consultants may not be available to us on a timely basis when needed or on acceptable

terms, and if they are not available, we may not be able to find qualified replacements.

If we are unable to retain the services of qualified

personnel, independent organizations, advisors and consultants, we may not be able to implement our business plan.

CEO and certain other Company employees devote substantial portions of their time to businesses other than the Company’s business.

of our officers, directors and employees devote substantial portions of their time to businesses of other companies.

Our CEO, Michael

Cavanaugh, currently serves as Chief Investment Officer of Tower 1 Partnership, LLC, an investment firm focused on private and public

investments in a variety of industries, as Managing Partner and Co-Founder of Atlas Resolution Partners LLC, an advisory firm focused

on resolving complex private capital fund issues, and as the manager of several non-affiliated investment partnerships, pursuant to which

he devotes a significant portion of his time.

The commitments of our officers, directors and employees to these other businesses may

cause them to devote less time to the Company than would otherwise be the case.

Conversion of former mining properties to residential,

commercial, recreational or other uses involves substantial risk.

efforts to redevelop former coal mining sites for residential, commercial, recreational or other uses involve numerous uncertainties,

including environmental remediation, land subsidence, water quality issues, regulatory approvals, community opposition, and infrastructure

Any delays or unforeseen costs in these areas could materially affect our financial results and delay or prevent monetization

of these assets.

These risks include, but are not limited to:

Environmental

Contamination or pollution on the sites we set to convert to non-mining uses can require expensive remediation under both

federal and state environmental protection laws and regulations;

The costs to reclaim the land to the standard required to obtain bond releases may take longer and cost more than anticipated

due to many factors, including, without limitation, the costs and availability of labor, equipment and supplies.

Infrastructure

Insufficient access to water, sewer, power or roads may require significant investments;

utility easements or underground

infrastructure can limit buildable or usable area;

and Market Risks:

Market conditions may shift (e.g., a housing downturn, inflation, rising interest rates) leading to us overestimating

demand for the intended use or not being able to convert the land within budget;

and Title Risks:

There may be defects in title or unclear ownership which could, in turn, lead to disputes;

existing easements, covenants

or restrictions may limit development;

and Political Risks:

There may be changes in local political offices that could adversely affect the proposed redevelopment of the

land and community resistance may lead to delays or denials of necessary approvals.

and Permitting Risks:

There may be delays in obtaining permits for grading, building and environmental compliance which could lead

to redesign or project abandonment.

may not be able to manage our expansion of operations effectively.

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we may not be able to take advantage of market opportunities, execute our business strategies or respond to competitive pressures.

we are unable to hire and retain qualified personnel, we may not be able to implement our business plan.

of March 27, 2025, we employed 18 full-time employees.

Attracting and retaining

personnel will be critical to our success.

As a small company with an uncertain future, we may not be able to attract and retain the

qualified personnel necessary for the development of our business.

In addition, we may have difficulty recruiting necessary

personnel as a result of our limited operating history.

The loss of key personnel or the failure to recruit necessary additional

personnel could impede the achievement of our business objectives.

addition, we expect to rely on independent organizations, advisors and consultants to provide certain services.

The services of these

independent organizations, advisors and consultants may not be available to us on a timely basis when needed or on acceptable terms,

and if they are not available, we may not be able to find qualified replacements.

If we are unable to retain the services of qualified

personnel, independent organizations, advisors and consultants, we may not be able to implement our business plan.

CEO and certain other Company employees devote substantial portions of their time to businesses other than the Company’s business.

of our officers, directors and employees devote substantial portions of their time to businesses of other companies.

Michael Cavanaugh, currently serves as Chief Investment Officer of Tower 1 Partnership, LLC, an investment firm focused on private

and public investments in a variety of industries, as Managing Partner and Co-Founder of Atlas Resolution Partners LLC, an advisory

firm focused on resolving complex private capital fund issues, and as the manager of several non-affiliated investment partnerships,

pursuant to which he devotes a significant portion of his time.

The commitments of our officers, directors and employees to these

other businesses may cause them to devote less time to the Company than would otherwise be the case.

incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.

depend on digital technologies, including information systems, infrastructure and cloud applications and services, including those of

third parties with which we may deal.

Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure,

or the systems or infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary

information and sensitive or confidential data.

As an early-stage company without significant investments in data security protection,

we may not be sufficiently protected against such occurrences.

We may not have sufficient resources to adequately protect against, or

to investigate and remediate any vulnerability to, cyber incidents.

It is possible that any of these occurrences, or a combination of

them, could have adverse consequences on our business and lead to financial loss.

may have difficulty accomplishing our growth strategy within and outside of our current service areas.

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and commercial businesses and real estate developments which benefit from our land reclamation and water treatment services;

related to planning and commencing new operations, including inaccurate assessment of the demand for alternative energy

developments, such as solar projects, our land reclamation, water treatment and related environmental services and products and

inability to begin operations as scheduled;

related to planning and commencing new operations, including inaccurate assessment of the demand for alternative energy developments,

such as solar projects, our land reclamation, water treatment and related environmental services and products and inability to begin

operations as scheduled;

potential inability to identify suitable acquisition opportunities or to form relationships with coal mining operators or other landowners

necessary to form strategic partnerships.

costs, construction costs and costs of providing services may rise faster than revenue.

ability to increase the rates at which we provide our land reclamation, water treatment and related environmental services may be

limited by a variety of factors.

However, our costs are subject to market conditions and other factors, and may increase

significantly.

The second largest component of our operating costs is made up of salaries and wages.

These costs are affected by the

local supply and demand for qualified labor.

Other large components of our costs are general insurance, workers compensation

insurance, employee benefits and health insurance costs.

These costs may increase disproportionately to our revenues and service

rate increases and may have a material adverse effect on our financial condition and results of operations.

suppliers may fail to deliver materials and parts according to schedules, prices, quality and volumes that are acceptable to us, or we

may be unable to manage these materials and parts effectively.

equipment we use in our land reclamation and water treatment and reclamation business contains materials and parts purchased globally

from many suppliers which exposes us to potential component shortages or delays.

Unexpected changes in business conditions, materials

pricing, labor issues, wars such as the current conflicts in Gaza and Ukraine, trade policies, natural disasters, health epidemics such

as the global COVID-19 pandemic, trade and shipping disruptions, port congestions and other factors beyond our or our suppliers’

control could also affect these suppliers’ ability to deliver components to us or to remain solvent and operational.

Additionally,

if our suppliers do not accurately forecast and effectively allocate production or if they are not willing to allocate sufficient production

to us, it may reduce our access to components and require us to search for new suppliers.

The unavailability of any component or supplier

could result in delays in providing our services and products.

Our suppliers may not be willing or able to sustainably meet our timelines

or our cost, quality and volume needs, or to do so may cost us more, which may require us to replace them with other sources.

believe that we will be able to secure additional or alternate sources for most of our necessary components or products, there is no

assurance that we will be able to do so quickly or at all or at prices that are financially feasible.

financial results depend on successful project execution and may be adversely affected by cost overruns, failure to meet customer schedules

or other execution issues.

portion of our revenue is derived from projects that are technically complex and that may last over many months.

These projects are subject

to a number of significant risks, including project delays, cost overruns, changes in scope, unanticipated site conditions, design and

engineering issues, incorrect cost assumptions, increases in the cost of materials and labor, safety hazards, third party performance

issues, weather issues and changes in laws or permitting requirements.

If we are unable to manage these risks, we may incur higher costs,

liquidated damages and other liabilities to our customers, which may decrease our profitability and harm our reputation.

Our continued

growth will depend in part on executing a higher volume of large projects, which will require us to expand and retain our project management

and execution personnel and resources.

face competition in our industry, and we may be unable to attract customers and maintain a viable business.

can be no assurance that we will be able to successfully compete with our competitors.

Our competitors may be able to offer similar services

which prove to be more popular with potential customers than our services.

Our ability to grow and achieve profitability will depend

on our ability to satisfy our customers and withstand increasing competition by providing superior environmental services at reasonable

There can be no assurance that we will be able to achieve or maintain a successful competitive position.

we become subject to environmental-related claims, we could incur significant cost and time to comply.

significant or extended decline in the royalties we receive from those mining companies mining on our land under our mining permits could

adversely affect our operating results and cash flows.

financial results are significantly affected by the royalties we receive for the coal mined on our property.

Extended or substantial

price declines for coal would adversely affect our operating results for future periods and our ability to generate cash flows necessary

to pay for the required reclamation activities or expand operations on our owned mine sites.

Prices of coal may fluctuate due to factors

beyond our control such as overall domestic and global economic conditions;

geopolitical risks, the consumption pattern of industrial

consumers, electricity generators and residential users;

technological advances affecting energy consumption;

domestic and foreign government

price and availability of alternative fuels;

price of foreign imports and weather conditions.

Any adverse change in these

factors could result in weaker demand and possibly lower prices for the coal mined pursuant to our permits which would reduce our revenues

from coal royalties.

we become subject to environmentally-related claims, we could incur significant cost and time to comply.

land reclamation and water treatment business activities create a risk of significant environmental liabilities and reputational damage.

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Further, an outbreak of disease in any one of the markets we serve could result in a widespread loss of customers across such

may incur liabilities to customers as a result of failure to meet performance guarantees, which could reduce our profitability.

customers may seek performance guarantees as to our services.

Failure to meet specifications of our customers or our failure

to meet our performance guarantees may increase our costs by requiring us to provide additional resources and services, monetary reimbursement

to a customer or could otherwise result in liability to our customers.

To the extent that we incur substantial performance guarantee

claims, our reputation, earnings and ability to obtain future business could be materially adversely affected.

in, and compliance with, current and future environmental and climate change laws and regulations could impact our land reclamation and

water treatment business, financial condition or results of operations.

business, operations, and product and service offerings are subject to and affected by many federal, state, local and foreign environmental

laws and regulations, including those enacted in response to climate change concerns.

Compliance with existing laws and regulations currently

requires, and compliance with future laws is expected to continue to require, increasing operating and capital expenditures in order

to conform to changing environmental standards and regulations, which could impact our business, financial condition and results of operations.

Furthermore, environmental laws and regulations may authorize substantial fines and criminal sanctions to address violations, and may

require the installation of costly pollution control equipment or operational changes to limit emissions or discharges.

We also incur,

and expect to continue to incur, costs to comply with current environmental laws and regulations.

At the same time, the demand for our

land reclamation and water treatment services also is driven by federal and state laws, regulations and programs which create incentives

for our services.

Developments such as the adoption of new environmental laws and regulations, stricter enforcement of existing laws

and regulations, violations by us of such laws and regulations, discovery of previously unknown or more extensive contamination, litigation

involving environmental impacts, our inability to recover costs associated with any such developments, or the financial insolvency of

other responsible parties could in the future have a material adverse effect on our financial condition and results of operations.

business, operations, and product and service offerings are subject to and affected by many federal, state, local and foreign

environmental laws and regulations, including those enacted in response to climate change concerns.

Compliance with existing laws

and regulations currently requires, and compliance with future laws is expected to continue to require, increasing operating and

capital expenditures in order to conform to changing environmental standards and regulations, which could impact our business,

financial condition and results of operations.

Furthermore, environmental laws and regulations may authorize substantial fines and

criminal sanctions to address violations, and may require the installation of costly pollution control equipment or operational

changes to limit emissions or discharges.

We also incur, and expect to continue to incur, costs to comply with current environmental

laws and regulations.

At the same time, the demand for our land reclamation and water treatment services is also driven by

federal and state laws, regulations and programs which create incentives for our services.

Developments such as the adoption of new

environmental laws and regulations, stricter enforcement of existing laws and regulations, violations by us of such laws and

regulations, discovery of previously unknown or more extensive contamination, litigation involving environmental impacts, our

inability to recover costs associated with any such developments, or the financial insolvency of other responsible parties could in

the future have a material adverse effect on our financial condition and results of operations.

insurance may not provide adequate coverage.

we maintain general and product liability, property and commercial insurance coverage in amounts which we consider prudent, there

can be no assurance that such insurance will prove adequate in the event of actual casualty losses or broader calamities such as

earthquakes, financial crises, economic depressions or other catastrophic events, which are either uninsurable or not economically

Any such losses could have a material adverse effect on the performance of our services and on our financial condition

and results of operations.

land reclamation and water treatment business is subject to various statutory and regulatory requirements, which may increase in the

land reclamation and water treatment business is subject to various statutory and regulatory requirements.

Our ability to continue to

hold licenses and permits required for our land reclamation and water treatment business is subject to maintaining satisfactory compliance

with such requirements.

we maintain general liability and property and commercial insurance coverage in amounts which we consider prudent,

there can be no assurance that such insurance will prove adequate in the event of actual casualty losses or broader calamities such

as earthquakes, financial crises, economic depressions or other catastrophic events, which are either uninsurable or not

economically insurable.

Any such losses could have a material adverse effect on the performance of our services and on our financial

condition and results of operations.

land reclamation and water treatment obligations are subject to various statutory and regulatory requirements, which may increase in

land reclamation and water treatment obligations are subject to various statutory and regulatory requirements.

Our ability to continue

to hold licenses and permits required for our land reclamation and water treatment obligations are subject to maintaining satisfactory

compliance with such requirements.

We may incur significant costs to maintain compliance.

Our ability to obtain modifications to our permits may

be met with resistance, substantial statutory or regulatory requirements or may be too costly to achieve.

These requirements may cause

us to postpone or cancel our plans.

Future statutory and regulatory requirements, including any legislation focused on combating climate

change, may require significant cost to comply or may require changes to our products or services.

Our ability to obtain modifications to our

permits may be met with resistance, substantial statutory or regulatory requirements or may be too costly to achieve.

These requirements

may cause us to postpone or cancel our plans.

Future statutory and regulatory requirements, including any legislation focused on combating

climate change, may require significant cost to comply or may require changes to our products or services.

environmental regulations to which we are subject may increase our costs and potential liabilities and limit our ability to operate.

land reclamation and water treatment business is subject to various federal, state, and local environmental requirements, including those

relating to emissions to air, discharged wastewater, storage, treatment, transport and disposal of regulated materials and cleanup of

coal mining and groundwater contamination.

land reclamation and water treatment obligations are subject to various federal, state, and local environmental requirements, including

those relating to emissions to air, discharged wastewater, storage, treatment, transport and disposal of regulated materials and cleanup

of coal mining and groundwater contamination.

Efforts to conduct our operations in compliance with all applicable laws and regulations,

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trigger compliance requirements that are not applicable to operating facilities.

the coal mining remediation market, demand for our services will be limited to a specific customer base and highly correlated to the

coal mining industry.

The coal mining industry’s demand for our services is affected by a number of factors including

the volatile nature of the coal mining industry’s business, increased use of alternative types of energy and technological developments

in the coal mining extraction process.

A significant reduction in the target market’s demand for coal mining would reduce the demand

for our services, which would have a material adverse effect upon our business, financial condition, results of operations

and cash flows.

require a variety of permits to operate our business.

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adversely impact our operations.

land reclamation and water treatment business requires permits to operate.

Our inability to obtain permits in a timely manner could result

in substantial delays to our business.

The issuance of permits is dependent on the applicable government agencies and is beyond our control

and that of our customers.

There can be no assurance that we and/or our customers will receive the permits necessary to operate, which

could substantially and adversely affect our operations and financial condition.

on the nature of our business, we currently depend and are likely to continue to depend on a limited number of customers for a significant

land reclamation and water treatment obligations require permits to operate.

Our inability to obtain permits in a timely manner could

result in substantial delays to our business.

The issuance of permits is dependent on the applicable government agencies and is beyond

our control and that of our customers.

There can be no assurance that we and/or our customers will receive the permits necessary to operate,

which could substantially and adversely affect our operations and financial condition.

on the nature of our business, we currently depend and are likely to continue to depend on a limited number of coal royalties for a significant

portion of our revenues.

currently have one customer in West Virginia that accounts for all of our land reclamation and water treatment business.

The failure to obtain additional customers or the loss of all or a portion of the revenues attributable to any current or future customer

as a result of competition, creditworthiness, inability to negotiate extensions or replacement of contracts or otherwise could have a

material adverse effect on our business, financial condition, results of operations and cash flows.

our customers do not enter into, extend or honor their contracts with us, our profitability could be adversely affected.

Our ability to

receive payment for production depends on the continued solvency and creditworthiness of our customers and prospective customers.

any of our customers’ creditworthiness suffers, we may bear an increased risk with respect to payment defaults.

If customers refuse

to make payments for which they have a contractual obligation, our revenues could be adversely affected.

currently have two coal royalties in West Virginia that account for all of our royalty revenue.

The failure to obtain additional coal

royalties or the loss of all or a portion of the revenues attributable to any current or future agreements as a result of competition,

creditworthiness, inability to negotiate extensions or replacement of contracts or otherwise could have a material adverse effect on

our business, financial condition, results of operations and cash flows.

our royalty parties do not enter into, extend or honor their contracts with us, our profitability could be adversely affected.

to receive payment for production depends on the continued solvency and creditworthiness of our counterparties and prospective counterparties.

If any of our counterparties’ creditworthiness suffers, we may bear an increased risk with respect to payment defaults.

If a counterparty

refuses to make payments for which they have a contractual obligation, our revenues could be adversely affected.

we are unable to identify and acquire businesses or assets in furtherance of our impact investing strategy, we may be unable to generate

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intend to acquire additional businesses and assets that will generate revenue related to our impact investing strategy.

no assurance that we will be able to do so, or to do so on terms that are acceptable to us, or in a manner that will provide us with

the revenue we expect.

assurance that we will be able to do so, or to do so on terms that are acceptable to us, or in a manner that will provide us with the

revenue we expect.

consideration of sustainability and environmental criteria as the pre-eminent part of our business and investment strategy will limit

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case could cause the Company to incorrectly assess a potential target’s business practices.

In implementing its impact investing strategy,

management will seek to exclude businesses deemed to be fundamentally misaligned with the Company’s sustainability principles.

In implementing its impact investing

strategy, management will seek to exclude businesses deemed to be fundamentally misaligned with the Company’s sustainability principles.

In addition, as a result of the Company’s engagement activities, the Company may make an investment in activities or companies

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plan as implemented may not achieve its goal of enhancing shareholder value through the long-term growth of our Company.

are implementing a multi-year strategic plan to develop an impact investing business engaged in a number of complimentary impact investing

businesses in the United States which will permit us to explore synergistic growth opportunities utilizing our core competencies.

are implementing a multi-year strategic plan to develop an impact investing business engaged in building numerous complimentary land redevelopment projects in the United States which will permit us to explore synergistic growth opportunities utilizing our core competencies.

are uncertainties and risks associated with our strategic plan, including with respect to implementation and outcome.

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expansion, or to fund internal research and development;

ability to provide services or products that keep pace with rapidly changing technology, customer preferences, equipment costs, increasing

raw materials and transportation costs, market conditions and other factors that currently are unknown to us that will impact these

ability to manage the risks and uncertainties associated with our operating the facilities and projects in this line of business,

including the variability of revenues and profitability of such projects;

ability to provide services that keep pace with rapidly changing technology, equipment costs, increasing raw materials and transportation

costs, market conditions and other factors that currently are unknown to us that will impact these markets;

ability to manage the risks and uncertainties associated with our operating the facilities and obligations;

ability to devote the management and other resources required to successfully implement this plan;

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from the risks associated with implementing the plan, the plan itself will expose us to other risks and uncertainties once implemented.

Expanding our customer base may expose us to customers with different credit profiles than our current customers.

Expanding our geographic

base will subject us to risks associated with doing business in new regions where we will have to learn the local business and political

In addition, expanding into new technologies will expose us to new risks and uncertainties that are unknown to us now in

addition to the risks and uncertainties that may be similar to those we now face.

The success of the plan, once implemented, will depend,

among other things, on our ability to manage these risks effectively.

There is no assurance that the plan will enhance shareholder value

through long-term growth of the Company to the extent currently anticipated by our management or at all.

Expanding our coal royalties base may expose us to operators with different credit profiles than our current operators.

Expanding our

geographic base will subject us to risks associated with doing business in new regions where we will have to learn the local business

and political environment.

In addition, expanding into new technologies will expose us to new risks and uncertainties that are unknown

to us now in addition to the risks and uncertainties that may be similar to those we now face.

The success of the plan, once implemented,

will depend, among other things, on our ability to manage these risks effectively.

There is no assurance that the plan will enhance shareholder

value through long-term growth of the Company to the extent currently anticipated by our management or at all.

may engage in transactions with businesses or entities affiliated with our executive officers, directors or major shareholders which

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affect our business, including:

of the acquired companies to achieve the results we expect;

to retain key personnel of the acquired companies;

of the acquired sites to achieve the results we expect;

to retain key personnel;

associated with unanticipated events or liabilities;

difficulty of establishing and maintaining uniform standards, controls, procedures and policies, including accounting controls and

any of our acquired companies suffers customer dissatisfaction or performance problems, this could adversely affect our reputation and

could materially and adversely affect our business, financial condition, future results and cash flow.

any of our acquired sites suffer unanticipated performance obligations, this could adversely affect our reputation and could materially

and adversely affect our business, financial condition, future results and cash flow.

Concentration

of customers, specific projects and regions may expose us to heightened financial exposure.

success of our impact investing strategy may be heavily dependent on one or a limited number of customers.

of operators, specific projects and regions may expose us to heightened financial exposure.

success of our impact investing strategy may be heavily dependent on one or a limited number of operators.

The financial performance

of those businesses depends on the ability of each customer to perform its respective obligations, possibly under a long-term agreement

of those businesses depends on the ability of each operator to perform its respective obligations, possibly under a long-term agreement

between the parties.

Our financial results could be materially and adversely affected if any of our customers fail to fulfill its contractual

obligations and we are unable to find other customers in the marketplace to purchase at the same level of profitability.

assured that such performance failures by our customers will not occur, or that if they do occur, such failures will not adversely affect

the cash flows or profitability of our businesses.

Moreover, there can be no assurance that we will be able to enter into replacement

agreements on favorable terms or at all.

Our financial results could be materially and adversely affected if any of our operators fail to fulfill its contractual

obligations and we are unable to find other operators in the marketplace to perform at the same level.

We cannot be assured that such

performance failures by our operators will not occur, or that if they do occur, such failures will not adversely affect the cash flows

or profitability of our businesses.

Moreover, there can be no assurance that we will be able to enter into replacement agreements on

favorable terms or at all.

we have identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may

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condition, results of operations and cash flows.

impact investing strategy may include expanding our scope of services organically or through selective acquisitions, investments

or creating partnerships and joint ventures.

We may selectively acquire other businesses, product or service lines, assets or technologies

that are complementary to our business.

We may be unable to find or consummate future acquisitions at acceptable prices and terms, or

we may be unable to integrate existing or future acquisitions effectively and efficiently and may need to divest those acquisitions.

We expect to continually evaluate potential acquisition opportunities in the ordinary course of business.

Acquisitions involve numerous

risks, including among others:

impact investing strategy may include expanding our scope of services organically or through selective acquisitions, investments or creating

partnerships and joint ventures.

We may selectively acquire other businesses, product or service lines, assets or technologies that are

complementary to our business.

We may be unable to find or consummate future acquisitions at acceptable prices and terms, or we may be

unable to integrate existing or future acquisitions effectively and efficiently and may need to divest those acquisitions.

to continually evaluate potential acquisition opportunities in the ordinary course of business.

Acquisitions involve numerous risks,

including among others:

evaluation of the synergies and/or long-term benefits of an acquired business;

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goodwill or other intangible asset impairments;

loss of key employees and customers of the acquired businesses, product or service lines, assets or technologies;

loss of key employees and operators of the acquired businesses, product or service lines, assets or technologies;

ability to properly establish and maintain effective internal controls over an acquired company;

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and other climatic events, could disrupt our operations and cause us to incur significant costs to prepare for or respond to these effects.

incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.

depend on digital technologies, including information systems, infrastructure and cloud applications and services, including those of

third parties with which we may deal.

Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure,

or the systems or infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary

information and sensitive or confidential data.

As an early-stage company without significant investments in data security protection,

we may not be sufficiently protected against such occurrences.

We may not have sufficient resources to adequately protect against, or

to investigate and remediate any vulnerability to, cyber incidents.

It is possible that any of these occurrences, or a combination of

them, could have adverse consequences on our business and lead to financial loss.

we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements

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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-K

Item 1A. Risk Factors