What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-19 compared with 2026-05-20 · 167 added, 57 removed, 90 unchanged (71% of the section changed)

6 unchanged sentences

transportation and logistics, terminaling and storage services, and supply and trading.

These segments support the movement, storage, and marketing of crude oil and related hydrocarbon products across key producing regions, including the Permian Basin and mid-continent regions.

The Company’s transportation and logistics segment includes trucking and pipeline transportation operations for, including the Omega Gathering Pipeline in Blaine County, Oklahoma, which serves as a direct connect to the Plains STACK Pipeline and provides access to the Cushing, Oklahoma storage hub.

The terminaling and storage segment includes crude oil storage and blending facilities in Colorado City, Texas and Delhi, Louisiana.

The supply and trading segment purchases, aggregates, markets, and resells crude oil, condensate, natural gas liquids, and related hydrocarbon products.

These segments support the movement, storage, and marketing of crude oil and related hydrocarbon products across key oil producing regions, including the Permian Basin and mid-continent regions.

The Company’s transportation

and logistics segment includes trucking and pipeline transportation operations, including the Omega Gathering Pipeline in Blaine County,

Oklahoma, which serves as a direct connect to the Plains STACK Pipeline and provides access to the Cushing, Oklahoma storage hub.

terminaling and storage segment includes crude oil storage and blending facilities in Colorado City, Texas and Delhi, Louisiana.

supply and trading segment purchases, aggregates, markets, and resells crude oil, condensate, natural gas liquids, and related hydrocarbon

The Company is also developing an environmental services business through the planned deployment of Remediation Processing Centers (“RPCs”), are designed to recover hydrocarbons from oil contaminated soils and related waste streams.

The deployment plan begins with the construction of a RPC in Harris County, Texas, currently scheduled for the third quarter of 2026.

The deployment plan begins with the construction of a RPC in Harris County, Texas, currently scheduled to commission in the third quarter of 2026.

On October 1, 2024, the Company acquired certain entities (the “Endeavor Entities”), expanding its midstream operations.

5 unchanged sentences

On March 24, 2026, the Company effected a 1-for-200 reverse stock split of its common stock pursuant to a Certificate of Amendment to the Company’s Amended and Restated Articles of Incorporation following shareholder approval obtained at the Company’s Special Meeting held on December 22, 2025.

July 2026 Reverse Stock Split

On July 17, 2026, the Company effected a 1-for-20 reverse stock split of its common stock pursuant to a Certificate of Amendment to the Company’s Amended and Restated Articles of Incorporation filed with the State of Nevada on July 10, 2026, following shareholder approval obtained at the Company’s Annual Meeting held on June 30, 2026.

Private Financing Transaction (the “Financing”)

23 unchanged sentences

Change in Segment Reporting

Beginning in the third quarter of 2025,

the Company revised its segment reporting structure to better reflect how the chief operating decision maker evaluates performance

and allocates resources across the business.

Beginning in the third quarter of 2025, the Company revised its segment reporting structure to more closely align with how the chief operating decision maker assesses performance and allocates resources across the business.

The Company now reports three operating and reportable segments:

transportation and

logistics, terminaling and storage services, and supply and trading.

Revenue generated from supply and trading were previously

reported under Terminaling and Storage and Transportation and Logistics in the first two quarters of 2025.

transportation and logistics, terminaling and storage services, and supply and trading.

Revenues generated from supply and trading were previously reported under Terminaling and Storage and Transportation and Logistics in the first two quarters of 2025.

The Company’s chief operating decision maker evaluates segment performance primarily based on segment gross profit.

2 unchanged sentences

Corporate expenses, including executive and shared services personnel, stock-based compensation, professional fees, and other overhead costs, are now allocated to the operating segments or reflected in consolidated results, as appropriate.

Results of Consolidated Operations for the three months ended March 31, 2026 and 2025

For the three months ended March 31, 2026 and 2025, revenues were $19,458,110 and $37,340,291, respectively, representing a decrease of $17,882,181, or 47.89%.

The decrease in revenue was primarily attributable to the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC.

Excluding the impact of the 2025 divestitures, the Company’s earnings and cash flows from its midstream business operations are primarily affected by market conditions, commodity price fluctuations, and crude oil production levels within the Company’s operating regions, which influence throughput volumes, transportation activity, storage utilization, and trading margins.

Results of Consolidated Operations for the three months ended June 30, 2026 and 2025

For the three months ended June 30, 2026 and 2025, revenues were $32,117,206 and $29,099,446, respectively, representing an increase of $3,017,760, or 10.37%.

The increase in revenue was primarily attributable to the expansion of the Company’s crude oil supply and trading activities, which generated $26.5 million of revenue during the 2026 period.

This increase was partially offset by lower revenues from the Company’s transportation and logistics and terminaling and storage segments as the Company continued to implement commercial strategies that integrate physical crude oil transportation, terminaling and related logistics services with its expanding supply, marketing and trading activities.

Revenue from transportation and terminaling services is generally recognized as the services are performed, while revenue from crude oil sales is generally recognized when control of the crude oil transfers to the customer.

The Company’s earnings and cash flows from its midstream business operations are primarily affected by market conditions, commodity price fluctuations, and crude oil production levels within the Company’s operating regions, which influence throughput volumes, transportation activity, storage utilization, and trading margins.

Cost of Revenue

For the three months ended March 31, 2026 and 2025, cost of revenues was $13,734,880 and $32,581,857, respectively, representing a decrease of $18,846,977, or 57.85%.

Cost of revenues primarily consists of costs associated with the Company’s transportation and logistics operations, terminaling and storage services, and crude oil supply and trading activities, and generally fluctuates based on operating activity levels, throughput volumes, and commodity trading volumes.

For the three months ended March 31, 2026 and 2025, gross profit was $5,723,230 and $4,758,434, respectively, representing an increase of $964,796, or 20.28%.

The increase in gross profit was primarily attributable to improved margins within the Company’s core midstream operations, supported by fee-based commercial arrangements and take-or-pay contracts with minimum volume commitments.

In addition, the Company’s supply and trading activities continued to contribute meaningful revenues during the quarter, although these activities generally generate lower margins due to the high-volume nature of the business.

For the three months ended June 30, 2026 and 2025, cost of revenues was $25,482,907 and $24,519,777, respectively, representing an increase of $963,130, or 3.93%.

The increase was primarily attributable to the expansion of the Company’s crude oil supply and trading activities, partially offset by lower costs associated with the Company’s transportation and logistics and terminaling and storage segments.

Cost of revenues primarily comprises costs associated with the Company’s transportation and logistics operations, terminaling and storage services, and crude oil supply and trading activities.

These costs generally fluctuate based on operating activity levels, throughput volumes, and commodity trading volumes.

For the three months ended June 30, 2026 and 2025, gross profit was $6,634,299 and $4,579,669, respectively, representing an increase of $2,054,630, or 44.86%.

The increase in gross profit reflects improved profitability across the Company’s midstream operations despite the change in revenue mix during the period.

Gross profit from the transportation and logistics segment increased approximately 30.0%, driven primarily by the reorientation of transportation services with crude oil trading activities in areas with shorter hauling radiuses and cost efficiencies associated with related-party contracts containing minimum volume commitments.

Gross profit from the terminaling and storage segment increased approximately 22.8%, primarily attributable to fee-based commercial arrangements and related-party activities.

In addition, the Company’s expanding supply and trading segment contributed approximately $1.0 million of gross profit during the 2026 period as increased trade volumes and optimization of crude oil trading activities contributed to the Company’s results.

Operating Expenses

For the three months ended March 31, 2026 and 2025, operating expenses were $8,148,496 and $11,200,915, respectively, representing a decrease of $3,052,419, or 27.25%.

The decrease in operating expenses was primarily attributable to lower depreciation and amortization expense resulting from the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, as well as changes in estimated useful lives of certain fixed assets during the 2026 period.

These decreases were partially offset by increased legal and accounting expenses and the establishment of an allowance for expected credit losses during the 2026 period.

For the three months ended June 30, 2026 and 2025, operating expenses were $6,475,997 and $11,356,416, respectively, representing a decrease of $4,880,419, or 42.97%.

The decrease in operating expenses was primarily attributable to lower depreciation and amortization expense.

The decrease in depreciation expense was primarily attributable to the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, as well as revisions to the estimated useful lives of certain property and equipment based on operational experience and expected usage.

Interest Expense

For the three months ended March 31, 2026 and 2025, total interest expense, including related-party interest expense, was $2,013,411 and $1,184,198, respectively, representing an increase of $829,213, or 234.85%.

The increase in interest expense was primarily attributable to refinancing and forbearance arrangements entered into during the period, including the amortization of original issue discounts, deferred financing costs, and default-related fees.

Interest expense also increased due to finance lease and debt obligations assumed in connection with the acquisition of the Endeavor Entities on October 1, 2024.

For the three months ended June 30, 2026 and 2025, total interest expense, including related-party interest expense, was $4,120,977 and $4,436,831 respectively, representing a decrease of $315,854, or 7.12%.

The decrease in interest expense was primarily attributable to the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, partially offset by interest expense associated with finance lease and debt obligations assumed in connection with the acquisition of the Endeavor Entities on October 1, 2024.

Unrealized Gain (Loss) on Marketable Securities

For the three months ended March 31, 2026 and 2025, the Company recognized an unrealized loss on marketable securities of $11,378 and an unrealized gain of $1,652,754, respectively, representing a decrease of $1,664,132.

For the three months ended June 30, 2026 and 2025, the Company recognized an unrealized gain on marketable securities of $346,871 and an unrealized loss of $1,731,160, respectively, representing an increase of $2,078,031.

The Company’s marketable securities are recorded at fair value based on quoted market prices, with unrealized gains and losses recognized in earnings during the applicable reporting period.

Segment Operating Results for the three months ended March 31, 2026 and 2025

Segment Operating Results for the three months ended June 30, 2026 and 2025

Operating Results of our Terminaling and Storage Segment :

2 unchanged sentences

Cost of revenues

Revenues generated by the terminaling and storage segment decreased primarily due to reduced throughput and related service activities during the period.

Gross profit increased primarily due to improved operating margins supported by fee-based commercial arrangements and take-or-pay contracts with minimum volume commitments.

The Terminaling and Storage segment

provides crude oil receipt, storage, throughput, transfer, loading and related terminal services.

Revenues generated by the terminaling

and storage segment declined primarily due to reduced receipts from pipeline and terminal utilization during the period.

decrease in revenues, gross profit increased primarily due to fee-based commercial arrangements, including related-party take-or-pay

and minimum volume commitments.

Under these arrangements, customers are contractually obligated to make payments for specified minimum

throughput volumes or reserved tank capacity regardless of actual utilization.

Because these payments relate principally to the availability

of existing terminal and storage capacity, periods in which committed volumes or capacity are not fully utilized generally result in

limited incremental cost of revenues associated with the related payments.

As a result, these contractual commitments contributed to

higher gross margins and increased gross profit during the period despite lower overall revenues.

We continue to pursue opportunities

to improve efficiencies, modernize midstream business operations and enhance the profitability of our terminaling and storage assets.

Operating Results of our Transportation Logistics Segment :

$ (2,884,935 )

Revenues - related party

- related party

Total revenues

Cost of revenues

Revenues in the transportation and logistics segment decreased primarily due to reduced service activities and a more concentrated customer base following the July 2025 divestiture of certain non-core operations.

Gross profit increased primarily due to improved operating margins supported by fee-based commercial arrangements and take-or-pay contracts with minimum volume commitments.

The Transportation and Logistics

segment provides crude oil gathering, trucking, pipeline transportation and related logistics services.

For the three months ended June

30, 2026, total revenues decreased primarily as a result of the Company’s continued implementation of commercial strategies that

integrate physical crude oil transportation services with its supply, marketing and trading activities, resulting in lower standalone

transportation activity during the period.

Despite the decrease in total revenues, gross profit increased primarily due to a shift in

the segment’s revenue mix toward related-party contractual minimum volume commitments and take-or-pay arrangements.

arrangements, customers are contractually obligated to make payments based on specified minimum transportation or throughput volumes

regardless of actual utilization.

When committed volumes are not fully utilized, the related payments may be recognized without corresponding

variable transportation costs, resulting in limited or no cost of revenues associated with such payments.

Accordingly, the increased

contribution from these contractual commitments, together with the reorientation of transportation services toward crude oil trading

activities in areas with shorter hauling distances, resulted in higher gross margins and increased gross profit during the period despite

lower overall revenues.

Operating Results of our Supply and Trading Segment :

Revenues - related party

- related party

Total revenues

Cost of revenues

Revenues in the supply and trading segment increased primarily due to higher volumes under the Company’s crude oil and condensate purchase and resale activities.

Gross profit decreased primarily due to the high-volume, low-margin nature of supply and trading activities, as well as commodity price volatility and market pricing differentials affecting crude oil sales during the period.

The following table sets forth the primary sources and uses of cash and cash equivalents for the three months ended March 31, 2026 and 2025 as presented below:

The Crude Oil Supply and Trading segment purchases and sells crude oil and related petroleum products and manages associated supply, marketing and logistics activities.

Revenues and gross profit in the supply and trading segment continue to benefit the Company’s earnings due to higher realized margins from optimized crude oil trading activities and increased trade volumes as a result of efforts to expand our customer network.

Results of Consolidated Operations for the six months ended June 30, 2026 and 2025

For the six months ended June 30, 2026 and 2025, revenues were $51,575,316 and $66,439,737, respectively, representing a decrease of $14,864,421, or 22.37%.

The decrease in revenue was primarily attributable to lower revenues from the Company’s transportation and logistics and terminaling and storage segments, including the impact of the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC.

These decreases were partially offset by the expansion of the Company’s crude oil supply and trading activities, which generated approximately $40.0 million of revenue during the 2026 period.

The change in revenue mix also reflects the Company’s continued implementation of commercial strategies that integrate physical crude oil transportation, terminaling and related logistics services with its expanding supply, marketing and trading activities.

The Company’s earnings and cash flows from its midstream business operations are primarily affected by market conditions, commodity price fluctuations and crude oil production levels within the Company’s operating regions, which influence throughput volumes, transportation activity, storage utilization and trading margins.

Cost of Revenue

For the six months ended June 30, 2026 and 2025, cost of revenues was $39,217,787 and $57,101,634, respectively, representing a decrease of $17,883,847, or 31.32%.

The decrease in cost of revenues was primarily attributable to lower costs associated with the Company’s transportation and logistics and terminaling and storage segments, including the impact of the July 2025 divestiture, largely offset by approximately $39.0 million of cost of revenues associated with the expansion of the Company’s crude oil supply and trading activities during the 2026 period.

For the six months ended June 30, 2026 and 2025, gross profit was $12,357,529 and $9,338,103, respectively, representing an increase of $3,019,426, or 32.33%.

The increase in gross profit reflects improved profitability across the Company’s midstream operations despite lower overall revenues and the change in revenue mix during the period.

Gross profit from the terminaling and storage segment increased approximately 107.2%, primarily attributable to fee-based commercial arrangements and related-party activities.

Gross profit from the transportation and logistics segment increased approximately 14.5%, driven primarily by the reorientation of transportation services with crude oil trading activities in areas with shorter hauling radiuses and cost efficiencies associated with related-party contracts containing minimum volume commitments.

Operating Expenses

For the six months ended June 30, 2026 and 2025, operating expenses were $14,624,493 and $22,557,295, respectively, representing a decrease of $7,932,802, or 35.17%.

The decrease in operating expenses was primarily attributable to lower depreciation and amortization expense resulting from the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, as well as revisions to the estimated useful lives of certain property and equipment based on operational experience and expected usage.

Interest Expense

For the six months ended June 30, 2026 and 2025, total interest expense, including related-party interest expense, was $6,134,388 and $5,621,029, respectively, representing an increase of $513,359, or 9.13%.

The increase in interest expense was primarily attributable to the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, partially offset by interest expense associated with finance lease and debt obligations assumed in connection with the acquisition of the Endeavor Entities on October 1, 2024.

Unrealized Gain (Loss) on Marketable Securities

For the six months ended June 30, 2026 and 2025, the Company recognized an unrealized gain on marketable securities of $335,493 and an unrealized loss of $78,406, respectively, representing an increase of $413,899.

The Company’s marketable securities are recorded at fair value based on quoted market prices, with unrealized gains and losses recognized in earnings during the applicable reporting period.

Segment Operating Results for the six months ended June 30, 2026 and 2025

Operating Results of our Terminaling and Storage Segment :

related party

Total revenues

Cost of revenues

The Terminaling and Storage

segment provides crude oil receipt, storage, throughput, transfer, loading and related terminal services.

For the six months ended June

30, 2026, total revenues decreased primarily due to lower terminal utilization and throughput activity during the period.

decrease in revenues, gross profit increased primarily due to fee-based commercial arrangements, including related-party take-or-pay

and minimum volume commitments.

Under these arrangements, customers are contractually obligated to make payments for specified minimum

throughput volumes or reserved tank capacity regardless of actual utilization.

Because these payments relate principally to the availability

of existing terminal and storage capacity, periods in which committed volumes or capacity are not fully utilized generally result in

limited incremental cost of revenues associated with the related payments.

As a result, these contractual commitments contributed to

higher gross margins and increased gross profit during the period despite lower overall revenues.

We continue to pursue opportunities

to improve efficiencies, modernize midstream business operations and enhance the profitability of our terminaling and storage assets.

Operating Results of our Transportation Logistics Segment :

related party

Total revenues

Cost of revenues

The Transportation and Logistics

segment provides crude oil gathering, trucking, pipeline transportation and related logistics services.

For the six months ended June

30, 2026, total revenues decreased primarily as a result of the Company’s continued implementation of commercial strategies that

integrate physical crude oil transportation services with its supply, marketing and trading activities, resulting in lower standalone

transportation activity during the period.

Despite the decrease in total revenues, gross profit increased primarily due to a shift in

the segment’s revenue mix toward related-party contractual minimum volume commitments and take-or-pay arrangements.

arrangements, customers are contractually obligated to make payments based on specified minimum transportation or throughput volumes

regardless of actual utilization.

When committed volumes are not fully utilized, the related payments may be recognized without corresponding

variable transportation costs, resulting in limited or no cost of revenues associated with such payments.

Accordingly, the increased

contribution from these contractual commitments, together with the reorientation of transportation services toward crude oil trading

activities in areas with shorter hauling distances, resulted in higher gross margins and increased gross profit during the period despite

lower overall revenues.

Operating Results of our Supply and Trading Segment :

related party

Total revenues

Cost of revenues

The Crude Oil Supply and

Trading segment purchases and sells crude oil and related petroleum products and manages associated supply, marketing and

logistics activities.

Revenues and gross profit in the supply and trading segment continue to benefit the Company’s earnings

due to higher realized margins from optimized crude oil trading activities and increased trade volumes as a result of efforts to

expand our customer network.

The following table sets forth the primary sources and uses of cash and cash equivalents for the six months ended June 30, 2026 and 2025 as presented below:

Net cash (used) by operating activities

Net cash provided by investing activities

Net cash provided by (used) by investing activities

Net cash provided (used) by financing activities

1 unchanged sentence

Operating Activities

Net cash used in operating activities was approximately $3.3 million for the three months ended March 31, 2026, compared to minimal cash usage during the comparable 2025 period.

Net cash used in operating activities was approximately $3.7 million for the six months ended June 30, 2026, compared to approximately $7.0 million cash usage during the comparable 2025 period.

Operating cash flows during the 2026 period were primarily impacted by the Company’s net loss and working capital changes, including increases in accounts receivable, partially offset by non-cash expenses including depreciation and amortization, stock-based compensation, and non-cash interest expense.

During the three months ended March 31, 2026, amounts due under related-party commercial agreements were offset against approximately $1.1 million outstanding under a related-party note payable pursuant to existing offset arrangements between the parties.

As of March 31, 2026, the Company had approximately $5.3 million outstanding under its accounts receivable factoring arrangement with B1 Bank.

During the quarter, B1 Bank applied approximately $1.8 million of restricted cash maintained by the Company against amounts outstanding under the facility.

During the six months ended June 30, 2026, approximately $10.2 million of notes payable and related working capital balances were settled pursuant to existing netting arrangements with related parties.

The transaction was non-cash and therefore did not impact cash flows from operating or financing activities.

As of June 30, 2026, the Company had approximately $5.2 million outstanding under its accounts receivable factoring arrangement with B1 Bank.

During the year, B1 Bank applied approximately $1.8 million of restricted cash maintained by the Company against amounts outstanding under the facility.

Investing Activities

There were no investing activities during the three months ended March 31, 2026.

During the three months ended March 31, 2025, investing activities primarily consisted of approximately $1.0 million related to the manufacturing of the Company’s remediation processing centers (“RPCs”), as well as capital expenditures associated with wash plant facilities and pipeline infrastructure projects, partially offset by approximately $1.5 million of proceeds received from the sale of vehicles and trailers.

During the six months ended June 30, 2026, the Company invested $500,000 in a joint venture.

During the six months ended June 30, 2025, investing activities primarily consisted of approximately $1.9 million of proceeds received from the sale of vehicles and trailers.

Financing Activities

Net cash provided by financing activities was approximately $1.3 million for the three months ended March 31, 2026, primarily attributable to proceeds received from loans and notes payable.

During the three months ended March 31, 2025, financing activities included approximately $6.3 million of proceeds from the issuance of notes payable and other financing arrangements, partially offset by approximately $6.6 million of repayments on notes payable and finance lease liabilities.

Net cash provided by financing

activities for the six months ended June 30, 2026 consisted of approximately $7.2 million of proceeds received from loans and notes

payable, offset by approximately $4.8 million of payments and other reductions in debt obligations.

During the six months ended June 30, 2025, financing activities included approximately $12.3 million of proceeds from the issuance of notes payable and other financing arrangements, offset by approximately $7.2 million of repayments on notes payable and finance lease liabilities.

Liquidity Outlook

Although the Company had no firm contractual commitments for capital expenditures as of March 31, 2026, management expects to continue investing in the development of its Texas remediation and wash plant facilities as market conditions and available capital permit.

The Company expects to continue funding operations and strategic growth initiatives through a combination of operating cash flows, financing activities, and capital management initiatives.

The Company’s ability to access additional capital will depend on a variety of factors, including market conditions, operating performance, and capital market availability.

Management continues to evaluate opportunities to enhance liquidity and support ongoing operations and development activities.

Although the Company had no firm contractual commitments for capital expenditures as of June 30, 2026, management expects to continue investing in the development of its Texas remediation and wash plant facilities as market conditions and available capital permit.

The Company expects to fund its operations and strategic growth initiatives through a combination of operating cash flows, financing activities, and capital management initiatives.

The Company’s ability to meet its obligations and execute its growth strategy will depend, in part, on its ability to improve operating cash flows and obtain additional financing.

The availability and terms of such financing are subject to market conditions, operating performance, and capital market availability, and there can be no assurance that additional financing will be available on acceptable terms, or at all.

Management continues to evaluate opportunities to enhance liquidity, manage existing obligations, and support ongoing operations and development activities.

Contractual Obligations

The Company remains in discussions with Maxus Capital Group, LLC regarding certain finance lease obligations that were subject to a prior forbearance agreement entered into during 2025.

As of March 31, 2026, the related finance lease liabilities continue to be classified as current due to the existing payment status and ongoing negotiations with the lessor.

As of June 30, 2026, the related finance lease liabilities continue to be classified as current due to the existing payment status and ongoing negotiations with the lessor.

Principal portion of finance lease obligations

1 unchanged sentence

Total finance lease liabilities (current)

Our contractual obligations as of March 31, 2026 for operating lease liabilities are for office warehouse space, land, and truck yards, which leases end in 2026 through 2028.

Contractual payments under operating lease obligations as of March 31, 2026 are as follows:

Our contractual obligations as of June 30, 2026 for operating lease liabilities are for office warehouse space, land, and truck yards, in which leases end in 2026 through 2027.

Contractual payments under operating lease obligations as of June 30, 2026 are as follows:

Total Remaining

2 unchanged sentences

We do not have variable interest rate-sensitive income agreements.

We do have financing arrangements that were issued on August 1, 2022 as consideration for the business combination and acquisition of SFD and WCCC, in which notes have variable interest rates based on the prime rate, which exposes us to further interest expense if the prime rate increases.

These may expose us to further interest expense if the prime rate increases.

Market Risk - Equity Investments

9 unchanged sentences

Critical Accounting Policies & Use of Estimates

Except for revisions to the estimated useful lives of certain property and equipment disclosed in Note X to the condensed consolidated financial statements, there have been no material changes to our critical accounting policies or use of estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on April 15, 2026.

Except for revisions to the estimated useful lives of certain property and equipment disclosed in Note 7 to the condensed consolidated financial statements, there have been no material changes to our critical accounting policies or use of estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on April 15, 2026.

Quantitative and Qualitative Disclosures about Market Risk

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 2. Management’s Discussion and Analysis