Digital Asset Strategy - The company has commenced a strategic transition toward a new business model focused on digital asset initiatives, targeting the acquisition of up to $100 million in crypto assets [116]. - The Company has initiated a strategic transition towards digital asset initiatives, targeting the acquisition of up to $100 million in crypto assets to capitalize on the stablecoin industry's growth [146]. - The company plans to target $100 million in investments in crypto tokens linked to the stablecoin industry, indicating a strategic shift towards digital assets [189]. - The company is implementing a multi-token investment strategy to utilize excess capital for alternative investments, including digital assets [189]. - The company is acquiring and holding various tokens, including FLUID, INJ, LINK, AAVE, SYRUP, QNT, and ETHFI, to capture growth in the stablecoin infrastructure sector, exposing it to price volatility [262]. Financial Performance - Revenue for the nine months ended September 30, 2025, was $0, a decrease of 100% or $63,777 compared to the same period in 2024 [167]. - For the three months ended September 30, 2025, revenue was $0, a decrease of 100% or $5,426 compared to the same period in 2024 [176]. - Net loss for the nine months ended September 30, 2025, was $16,056,245, a decrease of $19,882,670 compared to a net income of $3,826,425 in the same period in 2024 [166]. - The company recognized a net loss after non-cash adjustments of $5,559,908 for the nine months ended September 30, 2025, an improvement of $2,083,251 compared to a net loss of $7,643,159 in the same period in 2024 [220]. - The company experienced a change in the fair value of the warrant liability of $20,764,000 for the nine months ended September 30, 2025, compared to the previous year [220]. Capital Structure and Financing - The Company increased its authorized shares from 200 million to 1.2 billion shares, reflecting a significant change in its capital structure [152]. - The Company raised $7 million through a private placement of Series I Convertible Preferred Stock, convertible into 875,000 shares of common stock [154]. - The Series I Preferred Stock has a dividend rate of 7% per annum, compounded quarterly, which increases to 15% per annum upon the occurrence of a Triggering Event [214]. - The Company is required to redeem Series I Preferred Stock in equal quarterly installments starting November 30, 2025, at 107% of the applicable Installment Redemption Price [270]. - The Company may need to raise additional equity or debt capital to meet payment obligations, with no assurance of success [272]. Market and Regulatory Risks - The regulatory environment for digital assets is rapidly evolving, with potential changes in laws that could adversely impact the company's investments in stablecoins [247]. - Regulatory and compliance uncertainty in the U.S. and abroad could limit or delay the company's ability to execute its digital asset strategy [265]. - Proposed stablecoin legislation may alter the classification or trading of certain tokens, potentially affecting the company's investment activities [266]. - The company faces risks related to custody, cybersecurity, and technology, as digital assets are not insured and are subject to theft or loss [248]. Operational Challenges - The company is required to maintain unencumbered cash and cash equivalents equal to at least 120% of the aggregate Stated Value of the Series H-7 Preferred Stock [201]. - The company has incurred recurring losses from operations and management believes existing cash and cash equivalents will not be sufficient to fund operations for at least the next twelve months [190]. - The company reported working capital of $11,922,435 as of September 30, 2025, compared to $17,100,605 as of December 31, 2024, reflecting ongoing operational challenges [186]. - The Company is focusing on re-engineering the Vanish product to recognize revenue upon successful commercialization [157]. - The company is implementing remediation plans to address material weaknesses in internal controls, engaging external consultants for support [238]. Research and Development - Research and development expenses are expected to increase as the Company invests in optimizing the Vanish design and reducing manufacturing costs [161]. - Research and development expense was $1,001,237 for the nine months ended September 30, 2025, a decrease of 28% or $396,523 compared to the same period in 2024 [169]. - Research and development expense for the three months ended September 30, 2025, was $343,556, an increase of 2,225% or $328,780 compared to the same period in 2024 [178].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 14, 2025 AMAZE HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction (Commission File Number) Nevada 001-41147 87-3905007 (I.R.S. Employer Identification No.) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 C ...

Acquisitions - The company completed the Edge Acquisition on July 3, 2025, acquiring 47 wells on approximately 11,000 net acres for a total purchase price of $12.5 million [224]. - The Bayswater Acquisition was finalized on March 26, 2025, with a purchase price of $602.8 million, funded through cash, stock issuance, and borrowings [226][228]. - The company acquired approximately 5,500 net acres from Exok for $1.6 million as part of the Third Exok Acquisition completed on August 8, 2025 [225]. - The Edge Acquisition involved acquiring 47 operated and non-operated wells on approximately 11,000 net acres for a total purchase price of $12.5 million [239]. - The Bayswater Acquisition had a total cash consideration of $482.5 million, with an interim settlement payment of $30.7 million received on June 6, 2025 [240]. - The NRO Acquisition's total consideration was reduced to $84.5 million in cash after amendments on August 15, 2024 [241]. - The final purchase price for the NRO Acquisition was $55.5 million, settled in December 2024 [242]. Production and Revenue - Total revenues for the three months ended September 30, 2025, were $77.7 million, compared to $158.6 million for the nine months ended September 30, 2025 [244]. - Crude oil sales for the three months ended September 30, 2025, were $64.9 million, while natural gas sales were $7.6 million and NGL sales were $5.2 million [244]. - Average realized price for oil (excluding effects of derivatives) was $58.70 per MBbl for the three months ended September 30, 2025 [245]. - Total production for the nine months ended September 30, 2025, was 4,329 MBoe, with an average sales volume of 23,029 Boe/d [244]. - The Bayswater Acquisition, closed on March 26, 2025, contributed significantly to production and revenues from March 26, 2025, through September 30, 2025 [248]. - The NRO Acquisition, closed in October 2024, did not contribute any production or revenue prior to its closing [248]. Financial Performance - Net income from continuing operations for the three months ended September 30, 2025, was $1.287 million, compared to a loss of $11.424 million for the same period in 2024 [263]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $99.518 million, significantly up from a loss of $19.992 million in the same period of 2024 [263]. - The company had a net loss of $22.5 million and $67.5 million for the three and nine months ended September 30, 2025, respectively, with cash and cash equivalents of $10.6 million and a working capital deficit of $24.0 million [300]. Expenses - For the three months ended September 30, 2025, total operating expenses increased to $50.7 million from $8.8 million in the same period of 2024, representing a significant rise driven by acquisitions [249]. - Lease operating expenses for the three months ended September 30, 2025, were $15.4 million, an increase of $15.4 million compared to the same period in 2024, primarily due to increased production from the Bayswater and NRO Acquisitions [249]. - Transportation and processing expenses rose by $2.2 million for the three months ended September 30, 2025, compared to the same period in 2024, attributed to increased production from recent acquisitions [250]. - Ad valorem and production taxes increased by $4.7 million for the three months ended September 30, 2025, compared to the same period in 2024, driven by higher production levels [251]. - Depreciation, depletion, and amortization expenses increased by $16.0 million for the three months ended September 30, 2025, compared to the same period in 2024, largely due to increased production from acquisitions [252]. - General and administrative expenses for the three months ended September 30, 2025, increased by $3.5 million compared to the same period in 2024, driven by higher non-cash stock-based compensation and litigation expenses [253]. - Interest expense for the three months ended September 30, 2025, increased by $9.0 million compared to the same period in 2024, primarily due to interest on the Credit Facility [254]. Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, were $10.640 million, an increase from $5.192 million at the beginning of the period [273]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $67.384 million, compared to a net cash used of $5.658 million in the same period of 2024 [273]. - Net cash used in investing activities increased to $608.536 million for the nine months ended September 30, 2025, primarily due to the Bayswater Acquisition costing $467.5 million [274]. - As of September 30, 2025, the company had a working capital deficit of $24.0 million, improved from a deficit of $44.7 million as of December 31, 2024 [272]. - As of September 30, 2025, the company had $58.0 million available under the Credit Facility, indicating sufficient liquidity to meet its obligations [302]. Debt and Financing - The company has a maximum credit commitment of $1.0 billion under its Amended & Restated Credit Facility, with a borrowing base of $475.0 million as of September 30, 2025 [227]. - The company plans to fund its development program and operations through cash flow from operations, liquidity from the Credit Agreement, and proceeds from the ATM Offering [268]. - The company is in compliance with all financial covenants under the Amended & Restated Credit Agreement as of September 30, 2025 [277]. - On September 30, 2024, the company issued a Senior Convertible Note to Yorkville for $15.0 million with an 8.00% interest rate and a maturity date of September 30, 2025 [283]. - During Q1 2025, Yorkville converted the remaining $11.3 million of the Senior Convertible Note into 2.1 million shares of Common Stock, resulting in a loss of $5.5 million recognized on the statement of operations for the nine months ended September 30, 2025 [287]. - The company entered into a Subordinated Note for $5.0 million on September 30, 2024, with a 10.00% interest rate and a maturity date of March 17, 2027 [289]. - The Series F Preferred Stock was issued for $148.3 million, with net proceeds of approximately $137.2 million used to fund a portion of the Bayswater Acquisition [293]. - The Series F Preferred Stockholder is entitled to a 12% annual dividend, which may be paid in cash or shares of Common Stock, with the dividend rate increasing to 25% after six months post-maturity of the Amended & Restated Credit Agreement [294]. - As of September 30, 2025, the maximum redemption amount of the Series F Preferred Stock was adjusted to $158.7 million, resulting in a remeasurement of $20.0 million for the three months ended September 30, 2025 [297]. Hedging - The company executed a hedging program securing prices of $60.45 per barrel for the remainder of 2025 and $60.02 per barrel for 2026 and 2027 [233]. Derivatives - The realized gain on derivatives for the three months ended September 30, 2025, was $8.0 million, reflecting favorable changes in cash settlements during the period [255]. - The unrealized gain on derivatives for the three months ended September 30, 2025, was $1.0 million, driven by favorable changes in the fair value of open derivative contracts [256]. Discontinued Operations - The net loss from discontinued operations for the nine months ended September 30, 2025, decreased by $1.0 million compared to the same period in 2024, primarily due to the completion of the Crypto Sale [260].

Company Operations and Products - AgEagle's eBee fixed-wing drones have completed over one million flights in the past decade, serving various industries including agriculture and military [162] - In December 2022, AgEagle launched the eBee™ VISION, designed for intelligence, surveillance, and reconnaissance missions, with three European military forces accepting deliveries in 2023 [162] - The company acquired three market-leading firms in 2021, enhancing its capabilities in UAS airframes, sensors, and software, and successfully integrated them into a unified global operation in 2022 [154] - Approximately 70% of AgEagle's global workforce consists of engineers and data scientists, providing a competitive edge in robotics and automation [160] - The eBee X series of drones received design verification for BVLOS and OOP from EASA, allowing advanced operations across 27 European Member States [163] - The new RedEdge-P™ dual sensor, released in May 2023, enhances aerial imaging capabilities for environmental monitoring and vegetation analysis [162] - AgEagle aims to capture a significant share of the global drone market, focusing on agriculture, energy/utilities, and government/military sectors [159] - The company plans to grow through strategic acquisitions of technologically advanced UAS companies to enhance its market value proposition [161] Financial Performance - For the three months ended September 30, 2025, revenues decreased by 40.0% to $1,970,209 compared to $3,284,984 for the same period in 2024, primarily due to delays in national contracts and a decrease in SaaS revenue [169] - For the nine months ended September 30, 2025, revenues were $9,817,180, a decrease of 7.1% from $10,571,969 in 2024, with a notable decline in sensor sales by $1,867,916 attributed to seasonality and reduced marketing investment [170] - Gross profit for the three months ended September 30, 2025, was $758,977, down 53.6% from $1,634,267 in 2024, influenced by a shift in product sales mix [171] - General and administrative expenses increased by 18.0% to $2,229,820 for the three months ended September 30, 2025, primarily due to higher professional and legal fees [173] - Research and development expenses increased by 4.4% to $1,012,354 for the three months ended September 30, 2025, reflecting reinvestment in R&D staff [174] - Sales and marketing expenses rose by 5.5% to $671,579 for the three months ended September 30, 2025, driven by increased headcount and travel expenses [176] - Other income for the three months ended September 30, 2025, was $539,613, a significant improvement from other expenses of $1,598,594 in 2024, mainly due to reduced interest expenses and an employee retention tax credit refund [178] - The company reported a net loss of $2,615,163 for the three months ended September 30, 2025, an improvement of 24.4% compared to a net loss of $3,459,754 in 2024 [180] - As of September 30, 2025, cash on hand was $16,628,558, a substantial increase of 360.0% from $3,613,996 at the end of 2024 [182] - Cash provided by financing activities increased by 465.1% to $20,384,464 for the nine months ended September 30, 2025, due to higher net proceeds from warrant exercises and preferred stock issuance [185] Regulatory and Market Challenges - Regulatory challenges, including supply chain disruptions and economic uncertainties, continue to impact AgEagle's operational and financial performance [164]

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________________ to _________________________ Fresh Vine Wine, Inc. (Former name, former address and former fiscal year, if changed since last report) Securiti ...

Revenue and Income - Recurring leasing revenue increased by 39% year-over-year, with a total of $9.9 million in the leasing segment for the nine months ended September 30, 2025, compared to $7.1 million in the same period in 2024[5] - Operating revenues rose by 83.1% to $14.9 million for the nine months ended September 30, 2025, up from $8.2 million in the same period in 2024[5] - Adjusted EBITDA improved by $1.7 million, reaching $1.6 million for the nine months ended September 30, 2025, compared to a loss of $0.1 million in the same period in 2024[5] - The land development and sales segment's net operating income increased by 203.9%, achieving $0.5 million compared to a loss of $0.5 million for the nine months ended September 30, 2024[5] - The leasing segment's net operating income improved by 21.5%, totaling $4.5 million compared to $3.7 million for the nine months ended September 30, 2024[5] Cash and Assets - Cash and Investments Convertible to Cash decreased to $5.0 million as of September 30, 2025, down from $9.5 million at December 31, 2024[6] - Total assets decreased from $50,139,000 on December 31, 2024, to $45,839,000 on September 30, 2025, representing a decline of approximately 8.6%[17] - Current assets fell from $15,127,000 to $10,121,000, a decrease of about 33.1%[17] - Cash and cash equivalents decreased from $6,835,000 on December 31, 2024, to $4,926,000 on September 30, 2025, a reduction of about 28.0%[19] - Investments decreased from $2,687,000 to $120,000, a decline of approximately 95.5%[19] Losses and Liabilities - GAAP net loss increased to $9.4 million, or $0.48 per share, for the nine months ended September 30, 2025, compared to a net loss of $5.5 million, or $0.28 per share, for the same period in 2024[6] - Net loss for the nine months ended September 30, 2025, was $9,399,000, compared to a net loss of $5,484,000 for the same period in 2024, indicating an increase in losses of approximately 71.5%[19] - Total current liabilities decreased from $11,197,000 to $7,347,000, a decline of approximately 34.5%[17] - Long-term liabilities decreased from $5,761,000 to $4,770,000, a reduction of approximately 17.2%[17] - The company reported a pension and other post-retirement expense of $6,914,000 for the nine months ended September 30, 2025, compared to $234,000 in the same period of 2024, indicating a significant increase[19] Business Developments - The company launched a new agriculture venture, planting 15,000 blue weber agave plants on 25 acres of underutilized croplands in Upcountry, Maui[5] - The company fulfilled its largest remaining legacy obligation by funding and terminating the qualified pension at an expense of $6.9 million[5] - The company is currently marketing five additional land parcels for sale to enhance liquidity and support ongoing development projects[5] Stockholders' Equity - Total stockholders' equity increased slightly from $33,181,000 to $33,722,000, an increase of about 1.6%[17]

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $65,625, a 108% increase from $31,500 in the same period in 2024[100] - For the nine months ended September 30, 2025, total revenue was $119,025, an increase of $51,805 from $67,220 in the same period in 2024[108] Profitability and Loss - Gross margin for the same quarter was $21,288, compared to $9,450 in the prior year, reflecting improved profitability[100] - The net loss for the three months ended September 30, 2025, was $1,033,056, compared to a net loss of $2,268,597 in the same period last year[100] Expenses - Research and development expenses decreased to approximately $203,444 in Q3 2025 from $326,361 in Q3 2024, a reduction of about 37%[104] - General and administrative expenses were approximately $836,187 for Q3 2025, down from $1.9 million in Q3 2024, a decrease of approximately 56%[107] - Research and development expenses for the nine months ended September 30, 2025, totaled approximately $3.5 million, up from $2.9 million in the comparable period in 2024[111] - Gross research and development spending for the nine months ended September 30, 2025, was approximately $710,000, a decrease of $2.2 million from the same period in 2024[112] - Labor and other internal expenses decreased to $643,628 in 2025 from $2,855,500 in 2024, primarily due to a reduction in non-cash compensation[113] - General and administrative expenses were approximately $3.4 million for the nine months ended September 30, 2025, down from $8.9 million in the prior year, reflecting a decrease of approximately $5.5 million[115] Cash Flow and Liquidity - The company incurred cash used in operating activities of $2.2 million for the nine months ended September 30, 2025, a decrease of $1.2 million from the comparable prior year period[125] - Financing activities generated approximately $688,000 in the nine months ended September 30, 2025, a decrease of approximately $2.3 million from $3.3 million in the prior year[127] - As of September 30, 2025, the company had cash of $57,222, indicating a critical liquidity position[116] - The company estimates a cash requirement of approximately $6.0 million over the next 12 months to fund basic operations, excluding research and development[128] Funding and Agreements - The company entered into a Convertible Loan Agreement for $250,000 at an interest rate of 10%, with a term of 24 months, as part of a $2 million unsecured convertible note program[118] - The company has entered into twenty-one License Co-Development Participation Agreements for an aggregate of $2,985,000, providing a 44.775% revenue share from licensing fees[119] - The company has substantial doubt about its ability to continue as a going concern without securing additional funding[122] Product Marketing - ZIVO's algal biomass is being marketed under the brand Zivolife®, focusing on the North American green powder food market[96] - The company plans to leverage its GRAS study and cGMP audit record to support the sale of its algal biomass as a dietary supplement[101]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40206 XBP Global Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) (State of or other Jurisdict ...

Business Combination and Valuation - XBP Global completed its business combination with Exela Technologies BPA, LLC on July 29, 2025, acquiring it for $1.00 amid its voluntary bankruptcy proceedings [278]. - The overall implied equity valuation of the combined company is $585.7 million, reflecting a valuation of BPA equity at $407.0 million [285]. - The business combination was accounted for as a reverse acquisition, treating XBP Europe Holdings, Inc. as the acquired company for financial reporting purposes [281]. Revenue and Segments - XBP Global's revenue primarily comes from transaction processing, including payment processing and data capture, with a focus on the Americas, Europe, and increasing presence in Asia [275]. - The Applied Workflow Automation segment generated $189.4 million in revenue, a decline of $30.9 million, or 14.0%, primarily due to lower postage revenue and project completions [303]. - Technology segment revenue increased by $5.4 million, or 13.4%, to $45.9 million for the nine months ended September 30, 2025, largely due to the inclusion of a newly acquired entity [324]. Financial Performance - For the three months ended September 30, 2025, total revenue decreased by $24.3 million, or 10.4%, to $209.08 million from $233.4 million for the same period in 2024 [302]. - Net revenue for the nine months ended September 30, 2025, decreased by $79.9 million, or 12.0%, to $584.1 million from $664.0 million for the same period in 2024 [322]. - The net loss for the three months ended September 30, 2025, was $305,838 million, while the net profit for the nine months was $1,148,820 million [394][396]. Expenses and Cost Management - Cost of revenue decreased by $26.2 million, or 13.9%, compared to the prior year, with the Applied Workflow Automation segment's cost decreasing by $29.4 million, or 15.9% [305][307]. - Selling, general and administrative expenses increased by $2.1 million, or 7.9%, to $28.9 million, with SG&A expenses as a percentage of revenue rising to 13.8% from 11.5% [309]. - Selling, general and administrative expenses decreased by $22.5 million, or 23.8%, to $71.9 million for the nine months ended September 30, 2025, attributed to lower bad debt provisions and decreased legal fees [329]. Goodwill and Impairment - Goodwill impairment for the three months ended September 30, 2025, was $295.8 million, with $215.8 million related to the Applied Workflow Automation segment and $80.0 million to the Technology segment [311][331]. - The company incurred a significant impairment of goodwill amounting to $295,800,000 during the reporting period [397]. Cash Flow and Liquidity - Cash, restricted cash, and cash equivalents totaled $64.2 million as of September 30, 2025, slightly up from $64.1 million at the end of 2024 [347]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $13.9 million, a significant increase compared to a net cash used of $159.9 million in the same period of 2024, reflecting a change of $173.8 million [354]. - The company expects to continue facing liquidity constraints until all pre-petition liabilities are settled following its emergence from Chapter 11 [350]. Financing and Debt - The company entered into exit financing arrangements, including the issuance of $183.0 million in July 2030 Notes and a $150 million revolving credit facility [288]. - As of September 30, 2025, there were borrowings of $72.1 million outstanding under the ABL Facility, which matures on July 29, 2028 [377]. - The ABL Facility requires maintaining a minimum fixed charge coverage ratio of not less than 0.85 to 1.00 through December 31, 2025 [379]. Strategic Plans and Future Outlook - The company anticipates future growth opportunities driven by its proprietary platforms and automation solutions [274]. - The company plans to explore strategic transactions, including joint ventures and acquisitions, which may require additional funding [398]. - The company may seek to raise additional debt or equity financing through private placements or underwritten offerings to support potential transactions [400].

Financial Performance - Total operating revenues for Q3 2025 reached $4,525,000, a 49.4% increase from $3,028,000 in Q3 2024[17] - Net income for Q3 2025 was $240,000, compared to a net loss of $2,237,000 in Q3 2024, marking a significant turnaround[17] - For the nine months ended September 30, 2025, total operating revenues were $14,932,000, up 83.5% from $8,153,000 in the same period of 2024[19] - The Company reported operating revenues of $14.932 million for Q3 2025, a significant increase from $8.153 million in Q3 2024[75] - Operating income for Q3 2025 was a loss of $2.849 million, compared to a loss of $5.516 million in Q3 2024, indicating improved performance[75] - For the nine months ended September 30, 2025, operating revenues were $14.932 million, up from $8.153 million in 2024, indicating an 83.5% increase[108] Assets and Liabilities - Total assets decreased to $45,839,000 as of September 30, 2025, down from $50,139,000 at the end of 2024, reflecting a 8.6% decline[15] - Current liabilities decreased to $7,347,000 in Q3 2025, down 34.5% from $11,197,000 in Q4 2024[15] - The accumulated deficit increased to $70,407,000 as of September 30, 2025, compared to $61,008,000 at the end of 2024[15] - The company’s total stockholders' equity increased to $33,722,000 as of September 30, 2025, up from $33,181,000 at the end of 2024[15] - Total property and equipment decreased from $54,340 thousand at December 31, 2024, to $48,247 thousand at September 30, 2025, reflecting a reduction in asset value[35] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2025, was $(1,646) thousand, compared to $147 thousand in 2024, indicating a significant decline[23] - Cash flows from investing activities showed a net increase of $90 thousand in 2025, a recovery from a net cash used of $(2,620) thousand in 2024[23] - The company reported a net decrease in cash and cash equivalents of $(1,909) thousand for the nine months ended September 30, 2025, compared to an increase of $438 thousand in 2024[23] - Cash and cash equivalents were $4.9 million at September 30, 2025, down from $6.8 million at December 31, 2024[127] - Net cash used in operating activities for the nine months ended September 30, 2025, was $1.6 million, compared to $0.1 million provided in the same period of 2024[132] - Net cash provided by investing activities for the nine months ended September 30, 2025, was approximately $90,000, a significant improvement from $2.6 million used in the prior year[135] Share-Based Compensation - Share-based compensation expenses for Q3 2025 were $754,000, down from $2,094,000 in Q3 2024, indicating a reduction of 64.0%[17] - As of September 30, 2025, there were 266,666 shares of unvested stock options, representing $1.0 million of unrecognized compensation cost[65] - Share-based compensation expenses for Q3 2025 totaled $0.8 million, down from $2.1 million in Q3 2024, with stock options vesting decreasing from $1.2 million to $0.3 million[69] - For the nine months ended September 30, 2025, share-based compensation expenses were $3.1 million, compared to $4.7 million for the same period in 2024[69] Leasing and Revenue Generation - Total leasing revenues for the nine months ended September 30, 2025, were $6,875,000, an increase from $5,749,000 in the same period of 2024[59] - Minimum rentals for the three months ended September 30, 2025, were $1,185,000, compared to $1,083,000 for the same period in 2024[59] - Percentage rentals for the nine months ended September 30, 2025, were $1,828,000, slightly up from $1,783,000 in 2024[59] - Operating revenues from leasing activities for the three months ended September 30, 2025, were $3.5 million, an increase of 29.5% compared to $2.7 million for the same period in 2024[115] - For the nine months ended September 30, 2025, operating revenues from leasing activities reached $9.9 million, up 39.4% from $7.1 million in the prior year[115] - The increase in operating revenues is attributed to efforts in re-tenanting and converting below market leases to current market rates across three commercial centers[115] Development and Projects - Deferred development costs for development projects increased slightly from $14.4 million at December 31, 2024, to $14.5 million at September 30, 2025[33] - The company capitalized $1.0 million in deferred development costs related to its new Agave venture as of September 30, 2025, up from $30,000 in 2024[34] - The company initiated the planting of over 15,000 agave plants in the second quarter of 2025, with a growth cycle of seven to nine years until maturity for production[106] - Land development and sales operating revenues for the three months ended September 30, 2025, included $0.2 million from the Honokeana Homes project and $0.6 million from non-strategic remnant parcels[109] - The company has identified unimproved land for long-term lease and ongoing asset management, which may be expected to be leased for diversified agricultural, conservation, and cultural uses for the next ten or more years[105] Legal and Regulatory Matters - The company is involved in ongoing legal disputes regarding irrigation water rights, with potential financial impacts yet to be determined[52][53] - The company submitted a corrective action plan to the State of Hawai'i Department of Health on March 14, 2024, to address wastewater effluent issues[51] - The company has no material legal proceedings to report[146] Internal Controls and Compliance - There have been no significant changes in the company's internal controls over financial reporting during the nine months ended September 30, 2025[144] - The company's disclosure controls and procedures were effective as of September 30, 2025, providing reasonable assurance for timely reporting[143] - The company maintains disclosure controls designed to ensure compliance with SEC rules and timely decision-making[141]