Financial Performance - The company reported a net loss of $2.3 million for the three months ended March 31, 2025, compared to a net loss of $10.7 million for the same period in 2024, representing a 78% improvement [78]. - The company incurred a net cash outflow of $5.1 million from operating activities for the three months ended March 31, 2025, compared to $10.5 million for the same period in 2024, indicating a decrease in cash burn [89]. - Interest income for Q1 2025 was $55,000, down from $378,000 in Q1 2024, a decrease of 85% due to lower cash balances [80]. Expenses - Research and development expenses decreased by $6.0 million to $15,000 in Q1 2025, down from $6.0 million in Q1 2024, a reduction of 100% due to winding down operations [78]. - General and administrative expenses decreased by $2.7 million to $2.4 million in Q1 2025, down from $5.1 million in Q1 2024, a decrease of 53% [79]. Cash Position - The company had $5.6 million in cash and cash equivalents as of March 31, 2025, which is expected to fund operations until the closing of the contemplated Merger [81]. - The company has no current plans to sell additional shares under its Sales Agreement prior to the closing of the Merger, with $66.0 million remaining available [83]. Strategic Actions - Following a strategic review, the company announced a Merger Agreement with Crescent, expected to close in late Q2 2025, which will result in Crescent becoming a wholly owned subsidiary [68]. - The company does not currently intend to continue development of uproleselan or any other drug candidates, as there are no ongoing clinical trials [67]. - If the Merger and Private Placement do not close by Q3 2025, the company may seek other strategic alternatives or liquidate [87].

Revenue and Sales Performance - Total revenue increased by 83% to $1.0 million for the three months ended March 31, 2025, compared to approximately $0.5 million for the same period in 2024[220]. - Hardware product sales accounted for the entire revenue of $1.0 million, offset by a $0.5 million decrease due to the end of a multi-year license and development contract[220]. - Revenue from the Asia Pacific region was $960,000, representing 95% of total revenue for Q1 2025, compared to $333,000 or 61% in Q1 2024[221]. - For the three months ended March 31, 2025, 100% of revenue was derived from international operations, compared to 61% for the same period in 2024[252]. - For the three months ended March 31, 2025, one customer accounted for approximately 95% of total revenue, while two related party customers accounted for 100% of revenue in the same period of 2024[258]. Business Opportunities and Partnerships - The company has identified a potential $458 million in future business opportunities through near-term customer implementations[209]. - As of March 31, 2025, the company has initiated or is in progress with 40 proof-of-concept projects with potential customers[211]. - The company has established 34 partnerships with independent software and hardware vendors as of March 31, 2025[212]. - A total of 21 design wins have been confirmed with partners or customers as of March 31, 2025[213]. Merger and Shareholder Information - The merger with BurTech Acquisition Corp was completed on January 13, 2025, with Legacy Blaize becoming a wholly owned subsidiary[198]. - Upon the merger, Legacy Blaize shareholders were issued 87,314,968 shares of common stock[199]. - The company has an earnout arrangement that allows for the issuance of up to 15 million shares based on stock price performance over the next five years[210]. Expenses and Financial Performance - Cost of revenue for the three months ended March 31, 2025 increased by $21,000, or 7%, compared to the same period in 2024, primarily due to hardware sales[223]. - Research and development expenses rose by $9.0 million, or 220%, for the three months ended March 31, 2025, driven by personnel costs and new chip development[224]. - Selling, general and administrative expenses increased by $9.4 million, or 235%, for the three months ended March 31, 2025, mainly due to employee-related costs and professional services[225]. - Total operating expenses for the three months ended March 31, 2025 were $39.0 million, a significant increase of 349% compared to $8.7 million in 2024[222]. - Total other expense, net for the three months ended March 31, 2025 was $109.6 million, reflecting an increase of $101.1 million, or 1,198%, compared to the same period in 2024[230]. - Net loss for the three months ended March 31, 2025 was approximately $147.8 million, compared to a net loss of $16.7 million for the same period in 2024[233]. Cash and Financing - Cash and cash equivalents as of March 31, 2025 were approximately $45.0 million, with an accumulated deficit of $577.0 million[235]. - Net cash used in operating activities was $15.9 million for the three months ended March 31, 2025, compared to $7.4 million in 2024[239]. - The company intends to raise additional financing through debt and equity offerings to support its operations and growth initiatives[236]. - The company has outstanding purchase orders and contractual obligations totaling $0.3 million as of March 31, 2025, primarily for inventory procurement[242]. Credit and Currency Risk - As of March 31, 2025, one customer accounted for approximately 95% of total accounts receivable, down from 98% as of December 31, 2024[257]. - The allowance for credit losses was $0.4 million as of March 31, 2025, and December 31, 2024[256]. - The company is primarily exposed to foreign currency exchange rate risk, particularly in the Indian rupee, British pound, and Philippine peso[253]. - The gain on foreign exchange transactions was not material for the three months ended March 31, 2025, and 2024[254]. - The company manages credit risk through ongoing evaluations of customers' financial conditions and establishes an allowance for credit losses based on various factors[256]. - The company's reporting and functional currency is the U.S. dollar, which affects the remeasurement of foreign subsidiaries' financial results[253]. - The company has a strategy to manage foreign currency risk by negotiating contracts to receive payments in the same currency used for expenses[252]. - Cash accounts may exceed the Federal Depository Insurance coverage of $250,000, exposing the company to credit risk[255].

Exhibit 99.1 Inhibikase Therapeutics Announces First Quarter 2025 Financial Results and Highlights Recent Activity —Advancing IKT-001 into a Late-Stage Clinical Trial Program in Pulmonary Arterial Hypertension — May 14, 2025 — Inhibikase Therapeutics, Inc. (Nasdaq: IKT) ("Inhibikase" or "Company"), a clinical-stage pharmaceutical company innovating small molecule kinase inhibitor therapeutics to treat pulmonary arterial hypertension ("PAH"), today reported financial results for the quarter ended March 31, 2 ...

Financial Performance - Revenue for the three months ended March 31, 2025, was $129,000, a decrease of $17,000 (approximately 11.6%) compared to $146,000 for the same period in 2024[102]. - General and administrative expenses decreased by $57,000 (approximately 10.9%) to $464,000 in Q1 2025 from $521,000 in Q1 2024[102]. - Total operating expenses for Q1 2025 were $1,457,000, an increase of $93,000 (approximately 6.8%) compared to $1,364,000 in Q1 2024[102]. - The net loss for the three months ended March 31, 2025, was $1,307,000, an increase of $115,000 (approximately 9.6%) from a net loss of $1,192,000 in Q1 2024[102]. - Revenue from the 2022 NIH Grant recognized for Q1 2025 was $129,390, a decrease of approximately 11% from $145,880 in Q1 2024[104]. - Net loss for Q1 2025 was $1,306,523, compared to a net loss of $1,191,809 for Q1 2024, indicating an increase in losses year-over-year[115]. Research and Development (R&D) - Research and Development (R&D) expenses increased by $150,000 (approximately 17.8%) to $993,000 in Q1 2025 from $843,000 in Q1 2024[102]. - R&D expenses increased by approximately $150,000 to $993,475 for Q1 2025, compared to $842,600 in Q1 2024, primarily due to increased outside services for the LP-310 clinical trial[110]. - The company expects substantial increases in R&D expenses as it advances clinical trials for LP-10 and LP-310[121]. - The company anticipates continued operating losses and negative cash flows for the foreseeable future due to ongoing R&D activities[116]. - The company bases R&D expenses on estimates from contracts with vendors, which may lead to uneven payment flows[134]. - There have been no material differences between the company's estimates of R&D expenses and the actual amounts incurred to date[135]. Clinical Trials and Drug Development - The company is developing LP-10 and LP-310 for hemorrhagic cystitis and oral lichen planus, respectively, with no FDA-approved therapies currently available for these conditions[87][88]. - LP-310's Phase 2a clinical trial dosing was completed in Q4 2024, with no serious adverse events reported, and results are expected to be presented at a conference in May 2025[90]. - The company received "orphan drug" designation from the FDA for LP-410 for oral graft-versus-host disease on November 11, 2023[91]. Cash Flow and Financing - Cash and cash equivalents totaled $4,225,012 as of March 31, 2025, providing liquidity for ongoing operations[114]. - Net cash used in operating activities for Q1 2025 was approximately $1,426,000, slightly higher than $1,388,000 in Q1 2024[118]. - Net cash provided by financing activities for Q1 2025 was approximately $3,466,000, a significant increase from $200,000 in Q1 2024[120]. - The company entered into an At The Market Offering Agreement to sell shares with an aggregate sales price of up to $2,641,881[96]. Stock-Based Compensation and Accounting - Stock-based compensation expense is expected to increase due to unrecognized expenses and additional stock awards to attract and retain employees[137]. - The fair value of stock options is estimated using the Black-Scholes model, with inputs based on subjective assumptions such as expected volatility and risk-free interest rates[139]. - The company adopted ASU 2018-07 for non-employee stock awards, which did not materially affect financial statements[136]. - The estimated fair value of Common Stock prior to the IPO was determined using independent valuations and various methodologies, including the back-solve method[140]. - The company has elected to take advantage of the extended transition period for adopting new accounting standards as an emerging growth company[145]. - The company may utilize reduced disclosure requirements applicable to emerging growth companies, including R&D progress and market conditions affecting the biotechnology industry[146]. - Recent accounting pronouncements reviewed by the company are not expected to have a material impact on financial statements[149]. - As a smaller reporting company, the company is not required to provide certain market risk disclosures[150]. Compliance and Regulatory - The company believes it regained compliance with Nasdaq's Stockholders' Equity Requirement as of April 14, 2025[100]. - The company has no off-balance sheet arrangements or material contractual obligations as of March 31, 2025[126][127].

Exhibit 99.1 Blaize Announces First Quarter 2025 Financial Results EL DORADO HILLS, Calif.—(BUSINESS WIRE)—May 14, 2025—Blaize Holdings, Inc. (NASDAQ: BZAI), a leader in energy-efficient AI inference at the edge for physical systems, today announced financial results for the quarter ended March 31, 2025. The company reported strong customer traction and continued commercial momentum across its key verticals in smart infrastructure, defense, and mobility. "This quarter proved we're executing where it counts. ...

Exhibit 99.1 Blaize Announces First Quarter 2025 Financial Results EL DORADO HILLS, Calif.—(BUSINESS WIRE)—May 14, 2025—Blaize Holdings, Inc. (NASDAQ: BZAI), a leader in energy-efficient AI inference at the edge for physical systems, today announced financial results for the quarter ended March 31, 2025. The company reported strong customer traction and continued commercial momentum across its key verticals in smart infrastructure, defense, and mobility. "This quarter proved we're executing where it counts. ...

Exhibit 99.2 - Stantec Inc.'s Unaudited Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statements of Financial Position (Unaudited) | | | March 31, | December 31, | | --- | --- | --- | --- | | | | 2025 | 2024 | | (In millions of Canadian dollars) | Notes | $ | $ | | ASSETS | | | | | Current | | | | | Cash and cash equivalents | | 254.0 | 228.5 | | Trade and other receivables | 4 | 1,194.3 | 1,323.8 | | Unbilled receivables | | 789.2 | 724.5 | | Contract assets | | 127.3 | ...

[PART I. Financial Information](index=5&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company reported a $1.7 million net loss and a severe decline in stockholders' equity, raising substantial doubt about its going concern status [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The company's balance sheet reflects a sharp deterioration in financial health, with total assets decreasing and liabilities increasing significantly Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,798,380 | $2,434,528 | | Total current assets | $2,305,086 | $2,987,562 | | Total assets | $2,339,392 | $3,022,974 | | Total liabilities | $2,277,526 | $1,511,279 | | Total stockholders' equity | $61,866 | $1,511,695 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company's net loss remained stable at $1.7 million as decreased R&D expenses were offset by higher G&A costs Three Months Ended March 31 (Unaudited) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Research and development | $75,532 | $243,002 | | General and administrative | $1,643,163 | $1,528,613 | | Total operating expenses | $1,718,695 | $1,771,615 | | Net loss | $(1,709,533) | $(1,715,290) | | Loss per common share | $(1.03) | $(3.27) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations decreased, and financing activities provided cash, resulting in a smaller net decrease in cash reserves Cash Flow Summary for Three Months Ended March 31 (Unaudited) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,181,714) | $(1,353,955) | | Net cash (used in) provided by financing activities | $545,566 | $(172,750) | | Net decrease in cash and cash equivalents | $(636,148) | $(1,526,705) | | Cash, cash equivalents at end of period | $1,798,380 | $4,373,205 | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity collapsed to just $61,866 due to a significant net loss that outpaced funds raised from equity issuance - The company's **total stockholders' equity decreased to $61,866** as of March 31, 2025, down from $1,511,695 at December 31, 2024[25](index=25&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes highlight substantial going concern doubt, a pending merger with Decoy Therapeutics, and recent Nasdaq delisting notices - The company has entered into a merger agreement with Decoy Therapeutics, which is contingent upon certain conditions, including a **Qualified Financing of at least $6.0 million**[32](index=32&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) - Management has concluded there is **substantial doubt about the company's ability to continue as a going concern**, as existing cash is insufficient to fund operations for one year[33](index=33&type=chunk)[34](index=34&type=chunk) - In March and April 2025, the company received **delisting notices from Nasdaq** for failing to meet the minimum stockholders' equity requirement of $2.5 million and the minimum bid price of $1.00 per share[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk) - During Q1 2025, the company sold common stock through an "at the market offering" (ATM) for gross proceeds of $0.4 million and under an Equity Line of Credit (ELOC) agreement for proceeds of $0.7 million[63](index=63&type=chunk)[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's critical financial condition, dependency on the Decoy merger, and operational results - The company's cash and cash equivalents of **$1.8 million** as of March 31, 2025, are only sufficient to fund operations into the later part of Q2 2025, raising **substantial doubt about its ability to continue as a going concern**[92](index=92&type=chunk)[117](index=117&type=chunk) - On January 10, 2025, Salarius entered into a merger agreement with Decoy Therapeutics, where legacy stockholders would own approximately **14.1%** and Decoy's stockholders would own **85.9%** of the combined company[95](index=95&type=chunk)[96](index=96&type=chunk) - If the merger with Decoy does not close, the company will likely need to **wind-down its operations** and possibly seek bankruptcy protection[94](index=94&type=chunk)[102](index=102&type=chunk)[117](index=117&type=chunk) - The decrease in R&D expenses is due to a cost-savings plan, while the increase in G&A expenses is primarily due to higher professional fees associated with the proposed merger[113](index=113&type=chunk)[115](index=115&type=chunk) Operating Expense Comparison (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Research and development | $75,532 | $243,002 | $(167,470) | | General and administrative | $1,643,163 | $1,528,613 | $114,550 | [Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Salarius Pharmaceuticals is exempt from providing market risk disclosures - The company is a **smaller reporting company** and is not required to provide quantitative and qualitative disclosures about market risk[123](index=123&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no significant changes in internal controls - Based on an evaluation as of March 31, 2025, the principal executive and financial officers concluded that the company's **disclosure controls and procedures were effective**[125](index=125&type=chunk) - There were **no significant changes** in the company's internal control over financial reporting during the first quarter of 2025[126](index=126&type=chunk) [PART II. Other Information](index=26&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is **not currently involved in any material legal proceedings**[128](index=128&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the potential failure of the Decoy merger, insufficient cash reserves, and the threat of Nasdaq delisting - If the merger and associated financing are not completed, the company will likely pursue **dissolution and liquidation**, with no assurance of any cash distribution to stockholders[130](index=130&type=chunk)[135](index=135&type=chunk) - Cash resources of **$1.8 million** are only sufficient to meet needs into the later part of Q2 2025, creating **substantial doubt about the company's ability to continue as a going concern**[132](index=132&type=chunk)[138](index=138&type=chunk) - The company's common stock is **subject to delisting from Nasdaq** due to failure to meet minimum bid price and stockholders' equity requirements[139](index=139&type=chunk)[143](index=143&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company sold $740,500 of common stock through a private placement under its ELOC agreement - Under its ELOC Agreement, the company sold 283,933 shares of common stock for an aggregate purchase price of **$740,500** between January 13, 2025, and March 7, 2025[149](index=149&type=chunk) - The securities were issued in a **private placement** to an accredited investor, relying on exemptions from registration under the Securities Act[148](index=148&type=chunk) [Defaults Upon Senior Securities](index=29&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) None [Mine Safety Disclosures](index=29&type=section&id=Item%204%20Mine%20Safety%20Disclosures) Not Applicable [Other Information](index=30&type=section&id=Item%205%20Other%20Information) None [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Merger Agreement and related officer certifications

[Company Overview](index=3&type=section&id=Company%20Overview) Presidio Property Trust is an internally managed real estate company focused on commercial and model home properties with a total book value of $117.4 million [Corporate Information and Portfolio Summary](index=3&type=section&id=Corporate%20Information%20and%20Portfolio%20Summary) Presidio Property Trust is an internally managed real estate company with a portfolio of commercial and model home properties valued at $117.4 million - Presidio is an internally managed real estate company specializing in commercial real estate in regionally dominant markets, acquiring office and industrial assets[8](index=8&type=chunk) Portfolio Summary (as of March 31, 2025) | Property Type | Count / Square Footage | | :--- | :--- | | Office | 8 properties / 608,076 sqft. | | Retail | 1 property / 10,500 sqft. | | Industrial | 1 property / 150,099 sqft. | | Model Homes | 84 homes / 248,412 sqft | Portfolio Value & Debt | Metric | Value | | :--- | :--- | | Book Value | $117.4 million | | Existing Secured Debt | $93.7 million | [Portfolio Details](index=4&type=section&id=Portfolio%20Details) The company's commercial and model home portfolios are detailed, covering recent asset sales, value changes, and leasing activities [Commercial Portfolio](index=4&type=section&id=Commercial%20Portfolio) The commercial portfolio's net book value decreased to $78.5 million due to property sales that generated a $4.2 million net gain Commercial Portfolio Value Change | Date | Net Real Estate Assets Value | | :--- | :--- | | March 31, 2025 | $78,500,665 | | December 31, 2024 | $90,180,500 | - In February 2025, the company sold Union Town Center and Research Parkway for a combined **$16.95 million**, realizing a net gain of approximately **$4.2 million**[9](index=9&type=chunk) - The Dakota Center property is classified as held for sale to settle its non-recourse loan that matured in July 2024; an impairment charge of **$0.7 million** was recorded in Q3 2024[9](index=9&type=chunk) - The company is actively working to lease the remaining **46%** of space at Shea Center II, and approximately **54%** of the space has since been leased to other tenants[9](index=9&type=chunk) [Model Homes Portfolio](index=6&type=section&id=Model%20Homes%20Portfolio) The model homes portfolio comprises 84 properties generating $3.56 million in annual rent, with a heavy concentration in Texas Model Homes Portfolio Summary | State | No. of Properties | Aggregate Square Feet | % of Square Feet | Current Base Annual Rent | % of Aggregate Annual Rent | | :--- | :--- | :--- | :--- | :--- | :--- | | Alabama | 9 | 20,804 | 8.4% | $309,456 | 8.7% | | Arizona | 2 | 6,822 | 2.7% | $149,196 | 4.2% | | Florida | 2 | 5,337 | 2.2% | $89,844 | 2.5% | | Texas | 71 | 215,449 | 86.7% | $3,007,512 | 84.6% | | **Total** | **84** | **248,412** | **100.0%** | **$3,556,008** | **100.0%** | [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated balance sheet, income statement, and cash flow statement for the first quarter of 2025 [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets and liabilities decreased to $135.4 million and $98.9 million respectively, while total equity increased to $36.6 million Balance Sheet Summary (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Real estate assets, net | $117.4 | $127.6 | | **Total Assets** | **$135.4** | **$142.6** | | Mortgage notes payable, total net | $93.7 | $102.1 | | **Total Liabilities** | **$98.9** | **$107.6** | | **Total Equity** | **$36.6** | **$34.9** | - Real estate assets held for sale, net, decreased significantly from **$22.2 million** on December 31, 2024, to **$12.5 million** on March 31, 2025, reflecting property sales during the quarter[12](index=12&type=chunk) - Cash, cash equivalents and restricted cash increased from **$8.0 million** to **$12.0 million** during the first quarter of 2025[12](index=12&type=chunk) [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a Q1 2025 net income of $2.38 million, a significant turnaround from a loss in Q1 2024, driven by gains on real estate sales Q1 Performance Comparison (Three Months Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | $4,125,184 | $4,790,061 | | Gain on sales of real estate, net | $4,453,968 | $2,018,095 | | Net (Loss) Income | $2,376,915 | ($3,737,795) | | Net Income (Loss) to Common Stockholders | $1,685,777 | ($5,763,695) | | Basic & Diluted EPS | $0.13 | ($0.47) | - The shift to profitability in Q1 2025 was primarily due to a **$4.45 million gain on real estate sales**, which more than compensated for lower rental income and a **$0.18 million net loss** on marketable securities[14](index=14&type=chunk) - General and administrative expenses decreased to **$1.66 million** in Q1 2025 from **$2.08 million** in Q1 2024[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash increased by $3.92 million in Q1 2025, driven by a $13.55 million inflow from investing activities, primarily real estate sales Q1 Cash Flow Summary (Three Months Ended March 31) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($118,905) | ($866,768) | | Net cash provided by investing activities | $13,553,064 | $9,168,562 | | Net cash used in financing activities | ($9,513,802) | ($7,652,790) | | **Net increase in cash** | **$3,920,357** | **$649,004** | - Net cash from investing activities was primarily driven by **$18.4 million** in proceeds from real estate sales, partially offset by **$4.3 million** in real estate acquisitions[16](index=16&type=chunk) - Financing activities included **$11.4 million** in mortgage repayments and **$0.58 million** in dividends paid to Series D Preferred Stockholders[16](index=16&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section reconciles non-GAAP metrics like EBITDAre and FFO and provides financial data by operating segment [EBITDAre Reconciliation](index=11&type=section&id=EBITDAre%20Reconciliation) EBITDAre improved significantly to $163,553 in Q1 2025 from a loss of ($879,905) in Q1 2024, indicating stronger operational performance EBITDAre Comparison (Three Months Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net (loss) income to common stockholders | $1,685,777 | ($5,763,695) | | Net gain on sale of real estate | ($4,453,968) | ($2,018,095) | | **EBITDAre** | **$163,553** | **($879,905)** | [FFO and Core FFO Reconciliation](index=12&type=section&id=FFO%20and%20Core%20FFO%20Reconciliation) In Q1 2025, FFO declined to ($1.21 million) and Core FFO worsened to ($0.98 million) compared to the prior year FFO and Core FFO Comparison (Three Months Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | FFO | ($1,209,945) | ($971,367) | | Core FFO | ($980,442) | ($429,445) | | Core FFO / Wgt Avg Share | ($0.076) | ($0.035) | [Segment Data](index=13&type=section&id=Segment%20Data) Q1 2025 Net Operating Income (NOI) was led by the Office/Industrial segment, though total NOI and segment assets declined year-over-year Net Operating Income (NOI) by Segment (Q1 2025 vs Q1 2024) | Segment | Q1 2025 NOI | Q1 2024 NOI | | :--- | :--- | :--- | | Retail | $162,710 | $413,435 | | Office/Industrial | $1,298,027 | $1,415,957 | | Model Homes | $865,610 | $1,227,721 | | **Total NOI** | **$2,512,542** | **$3,226,484** | Assets by Reportable Segment | Segment | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Office/Industrial Properties | $74,742,379 | $76,292,662 | | Model Home Properties | $39,778,198 | $38,166,964 | | Retail Properties | $4,772,995 | $16,673,605 | | **Total Segment Assets** | **$119,293,572** | **$131,133,231** | [Definitions – Non-GAAP Measurements](index=15&type=section&id=Definitions%20%E2%80%93NON-GAAP%20MEASUREMENTS) This section defines key non-GAAP financial measures used in the report, such as EBITDAre, FFO, and Core FFO [Definitions](index=15&type=section&id=Definitions) This section defines the non-GAAP measures EBITDAre, Funds from Operations (FFO), and Core Funds from Operations (Core FFO) - **EBITDAre:** Defined by NAREIT as earnings before interest, taxes, depreciation, amortization, gain/loss on asset disposal, and impairment write-offs[23](index=23&type=chunk) - **Funds from Operations (FFO):** Defined as net income excluding property sales gains/losses, plus depreciation and amortization, and impairment charges[24](index=24&type=chunk) - **Core Funds from Operations (Core FFO):** Calculated by adjusting FFO for non-core items such as acquisition costs, loss on debt extinguishment, and stock-based compensation amortization[26](index=26&type=chunk)

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