UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _____________. OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION ...

Revenue Performance - For the three months ended March 31, 2025, the company's revenue was $587,078, a decline of 9.6% compared to $649,420 for the same period in 2024, attributed to fewer subscribers and lower revenue per subscriber [107]. - Average subscribers for the three months ended March 31, 2025, were 2,707, down from 2,996 in the prior year, with average monthly revenue per subscriber decreasing from $72.19 to $69.22 [107]. - The company expects significant future revenue growth from its new educational offerings, which are currently contributing to other revenue streams [107]. Financial Losses - The company incurred an operating loss of $887,666 and a net loss of $829,133 for the three months ended March 31, 2025, compared to a loss from operations of $863,711 in the prior year [98][110]. - EBITDA for the three months ended March 31, 2025, was $(675,044), compared to $(740,927) for the same period in 2024, reflecting adjustments for interest expense and financing costs [115]. Cost and Expenses - Gross margins for the three months ended March 31, 2025, were 41.6%, down from 44.9% in the same period of 2024, with cost of revenues at $343,003 compared to $357,958 [108]. - Operating expenses decreased slightly to $1,131,741 for the three months ended March 31, 2025, from $1,155,428 in the prior year, with a significant increase in selling, general, and administrative expenses due to higher professional fees related to the pending merger [109]. Cash and Financing - The company had cash and marketable securities totaling $215,346 as of March 31, 2025, compared to $17,036 at December 31, 2024 [103]. - The company entered into a merger agreement with REalloys, expected to provide $5,000,000 in financing upon completion, with pre-merger stockholders retaining approximately 7.3% of the post-merger common stock [98]. - The company filed a shelf registration statement for the sale of up to $50,000,000 in securities, with no assurance of being able to raise capital on acceptable terms [100].

Revenue and Income - Total revenues for Q1 2025 increased to $2,339 million, up 40% from $1,670 million in Q1 2024[16] - Net investment income surged to $1,275 million in Q1 2025, compared to $440 million in Q1 2024, reflecting a significant increase of 190%[16] - The company reported a net loss of $203 million for Q1 2025, contrasting with a net income of $114 million in Q1 2024[19] - Comprehensive income attributable to American National Group Inc. was $124 million for Q1 2025, down from $163 million in Q1 2024[19] - For the three months ended March 31, 2025, the net income was a loss of $203 million, compared to a net income of $114 million for the same period in 2024[25] - The company reported a significant increase in insurance-related liabilities, which rose to $652 million from $238 million year-over-year[25] - The company experienced losses on investments and derivatives amounting to $308 million, compared to gains of $47 million in the previous year[25] Assets and Liabilities - Total assets rose to $123,434 million as of March 31, 2025, compared to $121,221 million at the end of 2024, marking an increase of 1.8%[13] - The company’s total liabilities increased to $113,389 million as of March 31, 2025, compared to $111,193 million at the end of 2024, an increase of 2%[13] - The company’s equity totaled $10,045 million as of March 31, 2025, slightly up from $10,028 million at the end of 2024[13] - The total financial liabilities increased to $9,538 million as of March 31, 2025, compared to $9,324 million as of December 31, 2024, reflecting an increase of approximately 2.3%[90] - The total liabilities of the Company as of March 31, 2025, were $110.234 billion, an increase from $107.791 billion as of December 31, 2024[199] Cash Flow and Investments - Cash flows provided by operating activities increased to $671 million, up from $262 million year-over-year[25] - Cash flows used in investing activities significantly increased to $(5,748) million, compared to $(1,538) million in the prior year[27] - The cash and cash equivalents at the end of the period were $7,520 million, a decrease from $11,330 million at the beginning of the period[27] - The fair value of cash and cash equivalents decreased to $7,520 million as of March 31, 2025, from $11,330 million as of December 31, 2024, a decline of approximately 33.5%[90] - The company held excess collateral of $16 million as of March 31, 2025, down from $76 million as of December 31, 2024[86] Premiums and Claims - Net premiums decreased to $889 million in Q1 2025, down 22% from $1,144 million in Q1 2024[16] - The net amount of policyholder benefits and claims incurred was $888 million for the three months ended March 31, 2025, down from $1,086 million in 2024, a decrease of about 18.2%[128] - The liability for unpaid claims increased to $1,908 million as of March 31, 2025, compared to $1,854 million at the end of 2024, reflecting a growth of 2.9%[157] - Total incurred claims for the current accident year were $291 million for the three months ended March 31, 2025, down from $343 million for the same period in 2024[157] Acquisitions and Intangible Assets - The acquisition of AEL was completed for approximately $2.5 billion in cash and 28,803,599 shares of BAM, with goodwill recognized at $662 million as of March 31, 2025[136][137] - The total intangible assets as of March 31, 2025, amounted to $1,654 million, compared to $1,601 million at the end of December 31, 2024, reflecting an increase of about 3.3%[133] - The total value of business acquired (VOBA) decreased to $8,718 million as of March 31, 2025, down from $8,913 million at the beginning of the period, a reduction of approximately 2.2%[130] Equity and Stock Transactions - The company redeemed 16,000 shares of Series A preferred stock for a total payment of $408 million on February 24, 2025, recognizing a loss of $11 million[173] - The company issued 12,000 shares of Series D preferred stock with a liquidation preference of $25,000 per share for net proceeds of $292 million on January 10, 2025[175] Segment Performance - For the three months ended March 31, 2025, the Company reported segment revenues of $2,400 million, an increase from $1,708 million in the same period of 2024, representing a growth of approximately 40.5%[194] - The Distributable Operating Earnings (DOE) for the Annuities segment was $407 million for Q1 2025, compared to $105 million in Q1 2024, indicating a significant increase of approximately 287.6%[194] - The Life Insurance segment generated $152 million in revenues for Q1 2025, a decrease from $311 million in Q1 2024, reflecting a decline of approximately 51.1%[194] Regulatory and Accounting Changes - The amendments in ASU 2023-09 will require public business entities to disclose specific categories in the rate reconciliation starting from annual reporting periods after December 15, 2024[44] - The company is currently evaluating the impact of ASU 2024-03, which will require additional expense category disclosures starting from annual reporting periods after December 15, 2026[45]

Exhibit 99.1 NextPlat Reports First Quarter 2025 Results Company Reports $14.5M in Q1 Revenue; Operating Expenses Decline 26% as Expected, with Continued Focus on Cost Reduction, Ef iciency Improvements, and Strategic Planning Amid Rising Drug Prices and Potential Tarif Impacts COCONUT GROVE, FL – May 15, 2025 – NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, today announced the financial results for the quarter-ended March 31, 2025, reflecting the performanc ...

Financial Performance - Total income for the three months ended March 31, 2025, was $8,238, a significant drop from $5,108,715 in the same period of 2024, indicating a decrease of over 99%[10] - Distributable income for the three months ended March 31, 2025, was $0, compared to $4,092,544 in the same period of 2024, reflecting a complete loss of distributable income year-over-year[10] - Royalty income for the three months ended March 31, 2025, was $0, compared to $5,091,060 in the same period of 2024, marking a decline of 100%[10] - Distributions declared per unit for the three months ended March 31, 2025, were $0, compared to $0.087806 in the same period of 2024[12] - Production Costs exceeded Gross Proceeds by $491,938 for the three months ended March 31, 2025, leading to no Royalty Income distribution[70] - Total Gross Proceeds increased by approximately $5.5 million, or 30.1%, for the three months ended March 31, 2025, compared to the same period in 2024, driven by increased production volumes from two new horizontal wells drilled in 2024[71] Cash and Reserves - As of March 31, 2025, cash and short-term investments decreased to $258,521 from $760,920 on December 31, 2024, representing a decline of approximately 66%[8] - The cash reserve balance was $258,521 as of March 31, 2025, down from $760,920 at the end of 2024, indicating a reduction of approximately 66%[24] - Total cash reserves were $258,521 as of March 31, 2025, down from $1,800,000 as of April 30, 2024, due to the lack of Royalty Income[81] - The Trust expects to continue drawing on cash reserves for all liabilities not covered by interest income until Royalty Income resumes[83] Trust Viability and Concerns - The trust's ability to continue as a going concern is in doubt due to anticipated deficits in income to cover liabilities, prompting evaluations of commercial lending options[25] - The anticipated deficit in income raises substantial doubt about the Trust's ability to continue as a going concern within one year after the issuance date of the financial statements[84] - The Trustee is negotiating a commercial line of credit to cover the Trust's liabilities once cash reserves are depleted[84] Production and Expenditures - Hilcorp's estimated capital expenditures for 2025 are approximately $9.0 million, with $4.0 million allocated to seven new vertical drill projects[39] - Hilcorp's capital expenditures rose significantly from $990,794 for the three months ended March 31, 2024, to $14,047,360 for the same period in 2025, an increase of approximately $13,056,566[72] - The cumulative balance of Excess Production Costs as of March 31, 2025, was $21,739,946 gross ($16,304,960 net to the Trust), which must be recovered from future Net Proceeds before Royalty Income can be paid[77] - Natural gas production from the Subject Interests increased from 5,595,016 Mcf for the three months ended March 31, 2024, to 7,620,893 Mcf for the same period in 2025[70] - Oil production volumes increased by 2,528 Bbls (41.5%) for the Subject Interests and by 41 Bbls (11.4%) for Royalty for the three months ended March 31, 2025[91] Tax and Compliance - The Trust's tax years 2021 and thereafter remain subject to examination, with material tax positions likely to be sustained[32] - Hilcorp's production and sale of natural gas from coal seam wells does not qualify for tax credit under Section 45K of the Code[30] - The Trust's auditing process includes detailed analyses of Hilcorp's pricing and rates charged, ensuring compliance with operative Trust agreements[34] - The trust operates under the regulations set forth by the Securities Exchange Act, ensuring transparency and accountability[118] - The trust's compliance with regulatory requirements highlights its commitment to investor protection[118] Governance and Structure - The San Juan Basin Royalty Trust has no directors or executive officers, indicating a streamlined governance structure[118] - Nancy Willis serves as the Director of Royalty Trust Services, responsible for overseeing trust operations[118] - The document does not provide insights into market expansion or new product developments[118] - The absence of executive officers may affect decision-making processes and strategic initiatives[118] - There are no specific financial performance metrics or forecasts provided in the document[118] - The trust's structure as a royalty trust suggests a focus on income generation from oil and gas royalties[118] - The trust's operational framework may influence investment strategies in the energy sector[118]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commissi ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 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 | | | Name of Each Exchange On Which | | --- | --- | --- | | Title of Each Class | Trading Symbol(s) | Registered | | Common Stock, par v ...

Financial Performance - Product revenues for the three months ended March 31, 2025, were $163,552, a 54.77% increase from $105,674 in the same period of 2024[181]. - Gross profit for the three months ended March 31, 2025, was $90,280, representing a 124.37% increase from $40,237 in the same period of 2024[180]. - Research revenues increased to $92,731 for the three months ended March 31, 2025, up 212.95% from $29,631 in the same period of 2024, driven by a new contract with USAMMDA[187]. - The gross margin percentage improved to 55.20% for the three months ended March 31, 2025, up from 38.08% in the same period of 2024[186]. - The company reported a net loss of $1,876,549 for the three months ended March 31, 2025, compared to a net income of $430,470 in the same period of 2024[179]. Cash Flow and Liquidity - The company had cash and cash equivalents of $3,451,500 as of March 31, 2025, compared to $1,659,353 as of December 31, 2024, indicating a significant increase in liquidity[163]. - Net cash used in operating activities for the three months ended March 31, 2025, was $1,597,366, up from $1,140,438 in the same period of 2024, reflecting increased operational costs[163]. - The net increase in cash and cash equivalents was $1,792,147 for the three months ended March 31, 2025, representing an increase of $1,039,932, or 138.25%, from $752,215 in 2024[195]. - Net cash provided by investing activities was $1,702,518 for the three months ended March 31, 2025, compared to a net cash used of $9,814 in the same period in 2024, marking a significant change of 17,447.85%[197]. - Net cash provided by financing activities decreased by $206,392, or 10.84%, to $1,696,899 for the three months ended March 31, 2025, compared to $1,903,291 in 2024[198]. Operational Highlights - The company suspended a Phase IIB study for the Arakoda regimen of Tafenoquine due to FDA guidance, pivoting back to focus on the commercialization of Arakoda for malaria[145]. - The company plans to increase sales of Arakoda, conduct clinical trials for new indications of Tafenoquine, and reposition small molecule therapeutics for new uses as part of its strategy for profitability[146]. - The FDA authorized the importation of Kodatef from Australia to mitigate potential shortages of Arakoda in the U.S. market due to high demand[155]. - The company enrolled the first patient in a clinical study for tafenoquine in treating persistent babesiosis, with patient enrollment expected to begin in Q3 2025[149]. - Arakoda sales volume increased by 55% to 1,579 boxes sold for the three months ended March 31, 2025, compared to 1,022 boxes in the same period of 2024[183]. - Kodatef sales to the Australian distributor were $12,066 for the three months ended March 31, 2025, compared to $1,004 in the same period of 2024, indicating a significant increase[184]. Expenses and Costs - Total operating expenses for the three months ended March 31, 2025, were $2,093,886, compared to $1,412,316 for the same period in 2024, reflecting increased R&D and administrative costs[179]. - Research and development costs increased by $70,440, or 20.89%, to $407,622 for the three months ended March 31, 2025, compared to $337,182 for the same period in 2024[188]. - General and administrative expenses rose by $611,130, or 56.84%, to $1,686,264 for the three months ended March 31, 2025, driven by higher sales, advertising, and promotion expenses[190]. - Total operating expenses increased by $681,570, or 48.26%, to $2,093,886 for the three months ended March 31, 2025, compared to $1,412,316 for the same period in 2024[188]. - Interest expense for the three months ended March 31, 2025, was $1,790, up from $1,402 in the same period in 2024, reflecting a 27.67% increase[191]. Auditor Concerns - The auditors expressed substantial doubt about the company's ability to continue as a going concern due to recurring operating losses and the need for additional capital[165]. - The company’s contractual obligations as of March 31, 2025, totaled $1,410,583, with $1,166,751 due within one year[171]. Accounting Standards and Regulations - The company has elected to take advantage of the JOBS Act exemption, delaying the adoption of certain accounting standards until they apply to private companies[213]. - The FASB issued ASU 2023-07, which expands disclosure requirements for reportable segments, effective for the 2024 annual period and interim periods beginning in 2025[215]. - ASU 2023-09 requires disaggregated information about effective tax rate reconciliation and income taxes paid, effective for annual periods beginning after December 15, 2024[216]. - ASU 2024-03 mandates public business entities to disclose disaggregated information about certain income statement expenses, effective for fiscal years beginning after December 15, 2026[217]. - The company is classified as a smaller reporting company and is electing scaled disclosure reporting obligations, thus not required to provide certain market risk information[218].

or ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Table of Contents 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 Commission File Number 0-10843 CSP Inc. (Exact name of Registrant as specified in its charter) Massachusetts 04-2441294 (State or other jurisdicti ...

As filed with the Securities and Exchange Commission on May 15, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT T ...