Grupo Simec(SIM) - 2024 Q4 - Annual Report
2025-05-15 18:40
Trade and Tariffs - The reinstatement of Section 232 tariffs on all steel imports by the U.S. at 25% is expected to impact international trade flows and increase input costs [26]. - Over 80% of Mexico's exports are dependent on trade with the U.S., making the Mexican economy vulnerable to changes in U.S. trade policies [28]. - Increased low-priced steel exports from Asia, especially China, have raised concerns about unfair competition, prompting potential anti-dumping duties in Brazil and Mexico [30]. - The U.S. Department of Commerce imposed tariffs of 66.7% on rebar imports from Deacero, S.A.P.I de C.V. and 20.58% on imports from other Mexican producers due to anti-dumping investigations [220]. - A preliminary dumping rate of 66.7% was imposed on the company's exports of rebar to the United States, which was ratified on June 1, 2022 [221]. - The CPTPP aims to eliminate or reduce tariff and non-tariff barriers across substantially all trade in goods and services, creating new opportunities for businesses [217]. - The USMCA maintains tariff-free access for most steel products among the United States, Mexico, and Canada, facilitating regional trade [212]. - The Mexican government has taken measures to prevent unfair trade practices such as dumping in the steel import market [210]. - The company has been affected by numerous steel dumping and countervailing duty claims, but these duties have not materially impacted its operations [218]. Industry Challenges - The steel industry is facing significant pricing pressure due to unfair trade practices, particularly from producers in state-supported economies like China [29]. - The global steel industry is experiencing structural overcapacity, with current production exceeding consumption, particularly affecting long products [37]. - Competition from alternative materials like aluminum and composites could reduce demand for steel products, impacting market prices [44]. - Labor disputes could disrupt operations, with approximately 67% of employees in Mexico represented by labor unions [45]. - Future global health emergencies could materially disrupt the company's operations, financial condition, and cash flows, similar to the impacts experienced during the COVID-19 pandemic [48]. - High inflation rates in Mexico could reduce consumer purchasing power and adversely affect demand for the company's products [86]. Environmental Compliance - Compliance with environmental laws is becoming increasingly stringent, with potential significant liabilities for non-compliance [46]. - The company may incur significant liabilities related to environmental remediation at its facilities, with costs and liabilities associated with investigations and remediation efforts [47]. - The company is subject to greenhouse gas policies and regulations that could negatively impact its steelmaking operations, particularly in Brazil and Mexico [60]. - The company believes it is in substantial compliance with all environmental laws and regulations applicable to its operations [193]. - Mexican environmental laws have become increasingly stringent over the last decade, potentially leading to significant unplanned capital expenditures [194]. - The National Waters Law requires companies to comply with water quality standards and obtain concessions for water use, which the company believes it is in compliance with [195][196]. - The company has made significant capital investments to ensure compliance with environmental regulations [193]. - Legacy U.S. facilities may still be subject to environmental regulations despite ceasing operations in 2023, which could result in significant liabilities [199]. Financial Performance and Risks - The company is currently under investigation by the SEC regarding historical material weaknesses in internal controls over financial reporting, which may lead to significant costs and penalties [69]. - The company has historically identified material weaknesses in internal controls, which could lead to inaccurate financial reporting and loss of investor confidence [72]. - Changes in tax laws and regulations in the countries where the company operates could increase its tax liability and adversely affect its financial condition [62]. - Cybersecurity threats pose risks to the company's operations, potentially leading to operational disruptions and financial losses [63]. - The company relies on senior management with unique industry knowledge, and the loss of key executives could adversely affect its business and financial condition [61]. - Exchange rate fluctuations, particularly of the Mexican peso against the U.S. dollar, could materially affect the company's financial performance [84]. Operational Insights - The company operates 12 facilities with a combined annual crude steel production capacity of 5.6 million tons and rolling capacity of 4.5 million tons [124]. - Grupo Simec's production capacity includes 600,000 tons of liquid steel per year and 348,000 tons of rolled steel products per year at the Cariacica plant in Brazil [113]. - A substantial portion of the company's operations are conducted in Mexico, making it vulnerable to adverse economic conditions in the region [79]. - The company has strategically located plants in Mexico, allowing it to serve regional markets effectively and maintain cost advantages [106]. - The company aims to improve its cost structure and focus on high-margin products while pursuing strategic growth opportunities through acquisitions and organic growth [126][129]. Market Dynamics - The automotive market accounted for approximately 11% of the company's net sales of SBQ products in 2024 [77]. - The company faces significant cost pressures due to ongoing price reduction demands from automotive customers, adversely affecting profit margins [78]. - Direct sales to the automotive industry decreased by 8% in 2024 compared to 2023, which had already seen a 12% decrease from 2022 [138]. - SBQ steel products represented 11% of total sales in tons in 2024, with 72% sold to the automotive industry [137]. - The Brazilian steel industry is the 9th largest producer globally, with the company competing against major players like ArcelorMittal Brazil and Gerdau [163]. Capital Expenditures - Capital expenditures for 2025 are estimated to be approximately Ps. 4,726.9 million (U.S.$ 230.5 million), with Ps. 2,321.7 million (U.S.$ 113.2 million) in Mexico and Ps. 2,405.2 million (U.S.$ 117.3 million) in Brazil [119]. - In 2024, capital expenditures amounted to approximately Ps. 2,727.6 million (U.S.$ 116.2 million), with Ps. 194.9 million (U.S.$ 10.6 million) in Mexico and Ps. 1,932.7 million (U.S.$ 105.6 million) in Brazil [120]. - In 2023, capital expenditures were approximately Ps. 2,851.7 million (U.S.$ 158.4 million), with Ps. 799.7 million (U.S.$ 44.4 million) in Mexico and Ps. 2,052.0 million (U.S.$ 114.0 million) in Brazil [121]. Production and Sales Trends - In 2024, approximately 54.5% of sales volume came from Mexico, 45.3% from Brazil, and 0.2% from the U.S. segment, which ceased operations in 2023 [141]. - Sales of I-Beams in 2024 were 86.4 thousand tons, a decrease from 93.8 thousand tons in 2023 [135]. - The company sold approximately 430,947 tons of hot rolled and cold finished steel bars, a decrease from 498,959 tons in 2023 [156]. - Rebar and light structural steel accounted for approximately 1,237,000 tons, or 60.1% of total production of finished steel products in Mexico, Brazil, and the United States in 2024 [157]. - Scrap metal accounted for approximately 62% of the consolidated manufacturing conversion cost in 2024, with significant fluctuations in scrap prices impacting profit margins [172].
Yoshiharu (YOSH) - 2025 Q1 - Quarterly Report
2025-05-15 18:27
Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION (State or other jurisdiction of incorporation or organization) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ 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: 001-41494 YOSHIHARU GLOBAL CO. (Exact name of Re ...
Kentucky First Federal Bancorp(KFFB) - 2025 Q3 - Quarterly Report
2025-05-15 18:24
Commission File Number: 0-51176 KENTUCKY FIRST FEDERAL BANCORP UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ____________ to _______________ (Address of principal executive offices)(Zip Code) (502) 223-1638 (Registrant's telephone numb ...
The InterGroup(INTG) - 2025 Q3 - Quarterly Report
2025-05-15 18:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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 1-10324 THE INTERGROUP CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 13-3293645 (State or other ...
Fonar(FONR) - 2025 Q3 - Quarterly Report
2025-05-15 18:14
Financial Performance - Total revenues for the three months ended March 31, 2025, were $27.165 million, an increase of 5.7% compared to $25.718 million for the same period in 2024[19] - Consolidated net income attributable to FONAR for the three months ended March 31, 2025, was $2.506 million, representing a 33.9% increase from $1.872 million in the prior year[19] - Basic net income per common share available to common stockholders increased to $0.38 for the three months ended March 31, 2025, compared to $0.28 for the same period in 2024[19] - Total revenues for the nine months ended March 31, 2025, were $77,075 million, a slight increase from $76,941 million in the same period in 2024, representing a growth of 0.2%[21] - Consolidated net income for the nine months ended March 31, 2025, was $9,329 million, down from $12,463 million, a decrease of 25.5%[21] - Basic net income per common share available to common stockholders was $1.14, compared to $1.42 in the prior year, a decline of 19.7%[21] Assets and Liabilities - Total current assets as of March 31, 2025, were $141.101 million, slightly up from $140.324 million as of June 30, 2024[10] - Total assets increased to $214.923 million as of March 31, 2025, compared to $214.246 million as of June 30, 2024[16] - Total liabilities decreased to $54.664 million as of March 31, 2025, from $57.458 million as of June 30, 2024[13] - The company reported a total equity of $160.259 million as of March 31, 2025, up from $156.788 million as of June 30, 2024[16] Expenses - Total costs and expenses for the nine months ended March 31, 2025, were $66,371 million, up from $61,739 million, indicating an increase of 7.5%[21] - Selling, general, and administrative expenses rose to $20,055 million from $18,046 million, an increase of 11.1%[21] - Research and development expenses for the three months ended March 31, 2025, were $441 thousand, compared to $414 thousand in the same period of 2024[19] - The company reported an interest expense of $21 million, down from $67 million, indicating a decrease of 68.7%[21] Cash Flow - The company had cash and cash equivalents of $54.257 million as of March 31, 2025, compared to $56.341 million as of June 30, 2024[10] - The net cash provided by operating activities for the nine months ended March 31, 2025, was $7,045,000, compared to $9,496,000 in 2024, reflecting a decrease of approximately 25.9%[35] - The company reported a net cash used in investing activities of $3,157,000 for the nine months ended March 31, 2025, compared to $501,000 in 2024[35] Shareholder Information - The weighted average diluted shares outstanding decreased to 6,372 million from 6,538 million[21] - The company repurchased 115 shares at a cost of $1,806 during the nine months ended March 31, 2025, compared to 116 shares at a cost of $1,885 in the same period of 2024[92] - The total net carrying amount of other intangible assets as of March 31, 2025, was $3,230, an increase from $2,870 as of June 30, 2024[80] Revenue Sources - Patient fee revenue decreased to $24,284 million from $25,511 million, reflecting a decline of 4.8% year-over-year[21] - Management and other fees increased to $37,447 million from $36,585 million, showing a growth of 2.4%[21] - Approximately 58.8% of net revenues for the three months ended March 31, 2025, were derived from no-fault and personal injury protection claims, up from 56.3% for the same period in 2024[68] Accounting and Compliance - The company identified three immaterial errors in its financial statements, resulting in an out-of-period charge to expenses of $116,000 for the nine months ended March 31, 2025[53] - The company is evaluating the impact of new accounting standards issued by FASB, which may affect disclosures in future financial statements[54][55] - The company has established a current expected credit loss (CECL) model to address credit risk associated with accounts receivable[60] Taxation - The company recorded an income tax expense of $3,018 for the nine months ended March 31, 2025, down from $4,884 in the same period of 2024, a decrease of 38.2%[96] - The Inflation Reduction Act imposed a 1% excise tax on share repurchases and a 15% corporate alternative minimum tax, but did not have a material impact on the company's financial statements as of March 31, 2025[100] Miscellaneous - The company sold non-controlling interests to a minority shareholder for $132,000 during the nine months ended March 31, 2025[38] - The company recorded $39,000 in investment income from a promissory note during the nine months ended March 31, 2025, with a total sales price of $577,000 for an MRI scanner sold to a related party[105]
Metal Sky Star Acquisition Corporation(MSSAU) - 2025 Q1 - Quarterly Report
2025-05-15 18:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41344 METAL SKY STAR ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Washington, D.C. 20549 FORM 10-Q Cayman Islands N/A (State or other ...
Metal Sky Star Acquisition (MSSA) - 2025 Q1 - Quarterly Report
2025-05-15 18:07
Financial Performance - As of March 31, 2025, the company reported a net loss of $(153,178) compared to a net income of $297,020 for the same period in 2024[113]. - The company has an accumulated deficit of $7,549,542 and a working capital deficit of $4,671,337 as of March 31, 2025, raising substantial doubt about its ability to continue as a going concern[114]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 Units on April 5, 2022[116]. - Following the Initial Public Offering, a total of $115,000,000 was placed in the Trust Account, with transaction costs amounting to $5,704,741[117]. - As of March 31, 2025, the company had investments held in the Trust Account totaling $6,898,161[119]. - The company has no cash held outside of the Trust Account as of March 31, 2025[120]. Debt Obligations - The company issued a promissory note to M-Star Management Corp. for up to $3,000,000, with a balance of $2,972,403 as of March 31, 2025[126]. Business Combination Activities - The company held an Extraordinary General Meeting on October 30, 2023, where shareholders approved extending the deadline for a business combination to August 5, 2024[129]. - As of March 31, 2025, 552,451 public shares remained unredeemed after the redemption of 2,649,965 shares[132]. - The company plans to use funds from the Trust Account to complete its Business Combination and may withdraw interest to pay taxes[119]. - On April 12, 2023, Metal Sky entered into a Merger Agreement with Future Dao Group, valuing Future Dao's outstanding shares at $350 million, resulting in a post-split value of $10.00 per share[134]. - The Merger Agreement was mutually terminated on October 6, 2023, with no fees or expenses required to be paid by either party[135][136]. - On October 1, 2024, Metal Sky signed a non-binding letter of intent for a business combination with Okidoki OÜ, with a total equity value of $120 million[137]. - Metal Sky expressed interest in acquiring Fedilco Group Limited, which holds an 80% equity interest in Viva Armenia, and will seek necessary approvals from Armenian authorities[139]. Risk Management - As of March 31, 2025, the company was not subject to any market or interest rate risk, with net proceeds from its Initial Public Offering invested in U.S. government securities[147].
DSS(DSS) - 2025 Q1 - Quarterly Report
2025-05-15 18:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 001-32146 Commission file number DSS, INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of incorporation- or Organization) (IRS Employer Identification No.) 275 Wir ...
Retractable Technologies(RVP) - 2025 Q1 - Quarterly Report
2025-05-15 18:03
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 quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-16465 Retractable Technologies, Inc. (Exact name of registrant as specified in its charter) Texas 75-2599762 (State or o ...
Jaguar Health(JAGX) - 2025 Q1 - Quarterly Report
2025-05-15 18:00
Clinical Trials and Drug Development - The OnTarget study for crofelemer did not meet its primary endpoint for all tumor types, but showed statistical significance in the subgroup of breast cancer patients, with 183 out of 287 participants being breast cancer patients [323]. - Jaguar is conducting two Phase 2 studies for crofelemer targeting SBS-IF and MVID, with data expected in early 2026 [335]. - Preliminary results from the pediatric IIT of crofelemer in Abu Dhabi were presented at the ELITE PED-GI Congress, indicating ongoing research in rare pediatric diseases [332]. - The company is supporting three proof-of-concept trials and conducting two Phase 2 studies for crofelemer, with the first POC IIT results expected in Q2 2025 [331]. - Jaguar holds global unencumbered rights for crofelemer, Mytesi, and Canalevia-CA1, with several drug product opportunities backed by Phase 2 and POC evidence from human clinical trials [346]. Financial Performance - The company reported a net loss of $10.6 million for the three months ended March 31, 2025, compared to a net loss of $9.4 million for the same period in 2024, reflecting a 13.1% increase in losses [347]. - Total revenue decreased by 5.8% from $2.351 million in Q1 2024 to $2.214 million in Q1 2025, with product revenue declining by 7.7% [372]. - Gross product sales decreased from $3.419 million in Q1 2024 to $3.183 million in Q1 2025, a decline of 6.9% [376]. - License revenue increased to $43,000 in Q1 2025, attributed to a new license agreement with Gen Ilac Ve Saglik Urunleri Sanayi Ve Ticaret, A.S. [375]. - As of March 31, 2025, the company had total stockholders' equity of $830,000 and an accumulated deficit of $356.9 million [347]. Expenses and Cost Management - Research and development expenses were $3.730 million for Q1 2025, down 13.5% from $4.312 million in Q1 2024 [372]. - Sales and marketing expenses surged by 72.8%, increasing from $1.443 million in Q1 2024 to $2.493 million in Q1 2025 [372]. - General and administrative (G&A) expenses rose by $516,000, or 11.8%, from $4.4 million in 2024 to $4.9 million in 2025, mainly due to higher legal services and personnel costs [385]. - Total cost of product revenue increased by $85,000, or 19.8%, from $430,000 in 2024 to $515,000 in 2025, driven by higher material costs and outsourced contract manufacturing services [378]. - Research and development (R&D) expenses decreased by $582,000, or 13.5%, from $4.3 million in 2024 to $3.7 million in 2025, largely due to reduced clinical and contract manufacturing costs [380]. Cash Flow and Financing Activities - Cash provided by financing activities for the three months ended March 31, 2025, was $4.966 million, a decrease from $12.268 million in 2024, indicating reduced capital inflow [403]. - As of March 31, 2025, the company had cash of $5.7 million, which is insufficient to fund its operating plan for at least one year [392]. - Net cash provided by financing activities for the three months ended March 31, 2025, was $5.0 million, consisting of $3.4 million from Convertible Notes and $1.8 million from shares issued in an At the Market offering [409]. - Net cash provided by financing activities decreased by $7.3 million in 2025, primarily due to a decline in proceeds from the ATM offering, which totaled $11.3 million in the prior period [410]. - For the three months ended March 31, 2025, net cash used in operating activities was $7.3 million, resulting from a net comprehensive loss of $10.9 million [404]. Strategic Partnerships and Collaborations - Jaguar entered into a 5-year exclusive in-license agreement with Venture Life for the commercialization of Gelclair in the US, which was launched in October 2024 [325]. - Jaguar is seeking a partner to fund the expanded development of Canalevia for non-infectious diarrhea in dogs, addressing an estimated six million cases annually in the US [342]. - The joint venture Magdalena focuses on developing plant-based medicines for mental health, with an exclusive license to Jaguar's library of 2,300 medicinal plants [343].