Financial Performance - The Trust's gross profits for Q1 2025 were $10,572,381, a decrease of 7% compared to $11,393,715 in Q1 2024[82] - The Trust reported a net loss of $3,023,619 for Q1 2025, compared to a profit of $211,715 in Q1 2024, marking a 1,528% decrease[82] - The net loss attributable to the Underlying Properties for the three months ended March 31, 2025 was $(3.0) million, a decrease of $3.2 million from a profit of $0.2 million in the same period in 2024[84] Revenue Breakdown - Oil sales decreased by 12% to $8,530,705, while natural gas sales increased by 21% to $2,041,676[82] - Oil sales decreased by $1.2 million due to a $0.1 million decrease in produced volumes and a $1.1 million decrease in realized prices, with the average oil price received dropping by 11%[84] - Natural gas sales increased by $0.4 million, driven by a $1.1 million increase in produced volumes, although realized prices fell by 27%[84] Operating Expenses - Direct operating expenses increased by 22% to $13,596,000, driven by a 133% rise in development expenses to $7,157,000[82] - Lease operating expenses decreased by $1.9 million compared to the same period in 2024, while development expenses increased by $4.1 million due to higher drilling and completion costs[84] - Compression, gathering, and transportation costs increased by $0.4 million due to new wells coming online during the three months ended March 31, 2025[84] Production Volumes - For the three months ended March 31, 2025, oil production volumes decreased by 1% to 114,380 Bbls compared to 115,343 Bbls in 2024, while natural gas production volumes increased by 66% to 1,180,460 Mcf from 711,124 Mcf[84] Cash and Reserves - The Trust experienced a shortfall of approximately $1.4 million as of March 31, 2025, due to direct operating and development expenses exceeding cash receipts[82] - As of March 31, 2025, the Trust had cash of $2,216,799 available for future expenses, compared to $2,193,787 as of December 31, 2024[88] - The Trustee has withheld $1,241,386 toward a cash reserve for future liabilities as of March 31, 2025, with no amounts withheld during the three months ended March 31, 2025 due to a Net Profits Interest shortfall[87] - The Trust has a $1.2 million letter of credit available for administrative expenses if cash on hand is insufficient[88] Future Outlook - The Sponsor expects capital expenditures for 2025 to be revised to a range of $10.0 million to $15.0 million, up from the previous range of $7.0 million to $13.0 million[74] - The Sponsor continues to maintain cash reserves for future development expenses despite the current macroeconomic uncertainties[72] Market Conditions - Oil prices fluctuated between $57 and $80 per barrel from December 2024 to May 2025, impacting budget planning for several companies[73] - Natural gas prices ranged from $2.93 to $4.49 per MMBtu during the same period, reflecting volatility in the market[73] Development Activity - Development activity on the Underlying Properties increased over 130% in Q1 2025 compared to the same period in 2024[72] - The Trust has not borrowed any funds since its formation and has no current plans to authorize borrowing[88]

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 ☐ 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. 001-40222 Airship AI Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File No. 001-40222 Airship AI Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 93-4974766 (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 19 ...

Exhibit 99.1 CAVA GROUP REPORTS FIRST QUARTER 2025 RESULTS YEAR OVER YEAR CAVA REVENUE GROWTH OF 28.2% INCLUDING CAVA SAME RESTAURANT SALES GROWTH OF 10.8% 15 NET NEW CAVA RESTAURANT OPENINGS DURING QUARTER FIRST QUARTER 2025 CAVA RESTAURANT-LEVEL PROFIT MARGIN OF 25.1% WASHINGTON, D.C. (May 15, 2025) - CAVA Group, Inc. (NYSE: CAVA) ("CAVA Group" or the "Company"), the category- defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial res ...

[P3 Health Partners First Quarter 2025 Financial Results](index=1&type=section&id=P3%20Health%20Partners%20Announces%20First%20Quarter%202025%20Results) [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO reports the turnaround plan is ahead of schedule, with three markets achieving breakeven, and highlights ongoing investments in technology and clinical programs - The company's turnaround plan is ahead of schedule, with **three out of four markets achieving breakeven or better in Q1**[3](index=3&type=chunk) - P3 has identified additional value creation opportunities through enhanced complex care programs and payment integrity initiatives[3](index=3&type=chunk) - The company is making targeted investments in technology infrastructure and innovative clinical programs to drive long-term value[3](index=3&type=chunk) [First Quarter 2025 Financial & Operational Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20%26%20Operational%20Highlights) Q1 2025 saw total revenue decrease by 4% to $373.2 million, medical margin fall to $17.2 million due to a $23 million adjustment, and Adjusted EBITDA loss widen to $22.2 million, alongside an 8% decline in at-risk membership Q1 2025 Key Financial and Operational Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $373.2M | $388.5M | -4% | | Medical Margin | $17.2M | $36.6M | -53% | | Adjusted EBITDA Loss | $(22.2)M | $(19.8)M | +12.1% | | Average At-Risk Membership | 115,900 | N/A | -8% (vs FY 2024 avg) | | Medical Margin PMPM | $49 | $96 | -49% | | Adjusted EBITDA Loss PMPM | $(64) | $(52) | +23.1% | - Medical margin and Adjusted EBITDA were negatively impacted by prior year claims and retroactive adjustments from a single payer, amounting to a **$23 million** and **$9 million net impact**, respectively[7](index=7&type=chunk) - The **8% decrease** in average at-risk membership compared to the full year 2024 average was a result of previously disclosed network and payer rationalization[7](index=7&type=chunk) [Fiscal 2025 Guidance](index=1&type=section&id=Fiscal%202025%20Guidance) The company affirmed its FY2025 guidance, projecting total revenues between **$1.35 billion** and **$1.50 billion**, at-risk membership between **109,000** and **119,000**, and Adjusted EBITDA ranging from a **$35 million loss** to a **$5 million profit** Fiscal Year 2025 Guidance | Metric | Low | High | | :--- | :--- | :--- | | At-risk Members | 109,000 | 119,000 | | Total Revenues (in millions) | $1,350 | $1,500 | | Medical Margin (in millions) | $174 | $210 | | Medical Margin PMPM | $133 | $147 | | Adjusted EBITDA (in millions) | $(35) | $5 | - The company is not providing a quantitative reconciliation for its forward-looking non-GAAP measures (Adjusted EBITDA, medical margin) to the most comparable GAAP measures due to uncertainty around certain items[6](index=6&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets were **$783.9 million**, total liabilities increased to **$662.8 million** due to long-term debt, and total stockholders' equity decreased to **$63.3 million** Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash | $40,082 | $38,816 | | Total Current Assets | $191,435 | $184,140 | | Total Assets | $783,870 | $783,420 | | Claims payable | $268,664 | $255,089 | | Total Current Liabilities | $507,034 | $496,415 | | Total Liabilities | $662,791 | $633,891 | | Total Stockholders' Equity | $63,250 | $75,936 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 total operating revenue decreased to **$373.2 million**, while operating loss narrowed to **$38.1 million**, and net loss improved to **$44.2 million** or **$(6.28) per share** Q1 Statement of Operations (in thousands, except per share) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total Operating Revenue | $373,225 | $388,488 | | Total Operating Expense | $411,313 | $432,319 | | Operating Loss | $(38,088) | $(43,831) | | Net Loss | $(44,246) | $(49,606) | | Net Loss Per Share (Basic & Diluted) | $(6.28) | $(7.86) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 saw net cash used in operating activities increase to **$33.5 million**, offset by **$30.7 million** from financing activities, resulting in a **$2.8 million** decrease in cash and restricted cash Q1 Statement of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(33,466) | $(20,030) | | Net cash provided by financing activities | $30,657 | $11,401 | | Net change in cash and restricted cash | $(2,809) | $(8,629) | | Cash and restricted cash, end of period | $41,293 | $32,305 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) [Reconciliation of Net Loss to Adjusted EBITDA Loss](index=7&type=section&id=RECONCILIATION%20OF%20NET%20LOSS%20TO%20ADJUSTED%20EBITDA%20LOSS) Q1 2025 GAAP net loss of **$44.2 million** was reconciled to a non-GAAP Adjusted EBITDA loss of **$22.2 million**, primarily by adjusting for depreciation, amortization, and net interest expense Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(44,246) | $(49,606) | | Adjustments (Depreciation, Interest, etc.) | $22,056 | $29,836 | | **Adjusted EBITDA loss** | **$(22,190)** | **$(19,770)** | [Medical Margin](index=7&type=section&id=MEDICAL%20MARGIN) Q1 2025 medical margin significantly decreased to **$17.2 million** from **$36.6 million** in Q1 2024, with medical margin PMPM falling from **$96** to **$49** Medical Margin Calculation (in thousands, except PMPM) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Capitated revenue | $369,517 | $384,134 | | Less: medical claims expense | $(352,317) | $(347,582) | | **Medical margin** | **$17,200** | **$36,552** | | **Medical margin PMPM** | **$49** | **$96** | [Reconciliation of Gross Profit (Loss) to Medical Margin](index=7&type=section&id=RECONCILIATION%20OF%20GROSS%20PROFIT%20%28LOSS%29%20TO%20MEDICAL%20MARGIN) Q1 2025 GAAP gross profit of **$1.2 million** was reconciled to a non-GAAP medical margin of **$17.2 million** by adjusting for other patient service revenue and medical expenses Gross Profit to Medical Margin Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gross profit (loss) | $1,182 | $6,431 | | Adjustments | $16,018 | $30,121 | | **Medical margin** | **$17,200** | **$36,552** | [Reconciliation of Total Operating Expense to Adjusted Operating Expense](index=8&type=section&id=RECONCILIATION%20OF%20TOTAL%20OPERATING%20EXPENSE%20TO%20ADJUSTED%20OPERATING%20EXPENSE) Q1 2025 total operating expense of **$411.3 million** was reconciled to an adjusted operating expense of **$23.4 million**, excluding medical expenses and depreciation to show core corporate overhead Adjusted Operating Expense Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total operating expense | $411,313 | $432,319 | | Medical expense | $(372,043) | $(382,057) | | Depreciation and amortization | $(21,052) | $(21,539) | | Other adjustments | $5,216 | $(2,501) | | **Adjusted operating expense** | **$23,434** | **$26,222** | [Supplementary Information](index=2&type=section&id=Supplementary%20Information) [Conference Call and Webcast Information](index=2&type=section&id=Conference%20Call%20and%20Webcast%20Information) A conference call and webcast to discuss Q1 2025 financial results is scheduled for May 15, 2025, at 4:30 PM ET - A conference call and webcast to discuss Q1 2025 results is scheduled for May 15, 2025, at **4:30 PM ET**[9](index=9&type=chunk)[10](index=10&type=chunk) [About P3 Health Partners](index=2&type=section&id=About%20P3%20Health%20Partners) P3 Health Partners is a physician-led population health management company operating a network of over **2,800** affiliated primary care providers across five states, focused on value-based care - P3 is a physician-led population health management company with a network of over **2,800** affiliated primary care providers across five states[11](index=11&type=chunk) [Non-GAAP Financial Measures & Key Performance Metrics](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Key%20Performance%20Metrics) This section defines non-GAAP financial measures like Adjusted EBITDA and medical margin, along with the key performance metric 'at-risk members,' to aid in evaluating operating results - The report uses non-GAAP measures such as Adjusted EBITDA, medical margin, and adjusted operating expense to provide additional tools for investors to evaluate operating results[12](index=12&type=chunk) - The key performance metric 'at-risk members' is defined as the approximate number of Medicare members for whom the company receives a fixed percentage of premium under capitation arrangements[13](index=13&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section contains a standard safe harbor statement, indicating that forward-looking statements are subject to significant risks and uncertainties detailed in the company's SEC filings - The press release contains forward-looking statements that are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially[14](index=14&type=chunk) - Important risks are detailed in the company's Annual Report on Form 10-K and subsequent SEC filings[15](index=15&type=chunk)

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 ________ GSR III Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands 001-42399 N/A (State or other jurisdiction of incorp ...

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 ________ GSR III Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands 001-42399 N/A (State or other jurisdiction of incorp ...

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 Date of ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited consolidated financial statements for Q1 2025, showing a reduced net loss but a continued stockholders' deficit and a significant 'going concern' issue [Balance Sheets](index=5&type=section&id=Balance%20Sheets) As of March 31, 2025, total assets increased while liabilities decreased, resulting in a reduced but still present stockholders' deficit Balance Sheet Summary (Unaudited) | Balance Sheet Items | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,398,522** | **$1,114,683** | | Cash and cash equivalents | $487,384 | $181,271 | | **Total Liabilities** | **$1,910,324** | **$3,320,557** | | Total current liabilities | $1,878,529 | $3,265,680 | | Loans payable | $0 | $431,030 | | **Total stockholders' equity (deficit)** | **($511,802)** | **($2,205,874)** | [Statements of Operations](index=6&type=section&id=Statements%20of%20Operations) For Q1 2025, the company reported a significantly improved net loss of $843 thousand despite a 36.8% decrease in revenue, driven by lower operating expenses Statement of Operations Summary (Unaudited) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Revenues, net | $148,358 | $234,627 | | Gross profit | $134,057 | $165,593 | | Total operating expenses | $970,405 | $2,135,694 | | Net loss from operations | ($836,348) | ($1,970,101) | | **Net loss** | **($842,994)** | **($2,497,886)** | | Net loss per share - basic | ($0.45) | ($7.79) | [Statements of Cash Flows](index=8&type=section&id=Statements%20of%20Cash%20Flows) In Q1 2025, cash from financing activities offset cash used in operations, resulting in a net increase in cash to $487 thousand Cash Flow Summary (Unaudited) | Cash Flow Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,775,497) | ($1,847,276) | | Net cash used in investing activities | $0 | ($32,349) | | Net cash provided by financing activities | $2,081,610 | $1,015,861 | | **Net increase (decrease) in cash** | **$306,113** | **($863,764)** | - Financing activities in Q1 2025 were primarily driven by **$2.49 million in proceeds from the ATM agreement**, offset by **$0.43 million in debt repayments**[20](index=20&type=chunk) [Notes to Financial Statements](index=9&type=section&id=Notes%20to%20Financial%20Statements) The notes disclose a 'going concern' warning, revenue concentration, debt repayments, and a significant subsequent event involving a potential acquisition - The company's financial statements are prepared on a going concern basis, but recurring net losses and an accumulated deficit raise **substantial doubt about its ability to continue**[29](index=29&type=chunk) - In Q1 2025, revenue was concentrated with sales through **Apple (26% of total revenue)** and **Shopify (74% of total revenue)**[83](index=83&type=chunk)[84](index=84&type=chunk) - During Q1 2025, the company **fully repaid several promissory notes**, including the 2024 Daniel Nelson Promissory Notes ($437,406) and the DRCR Convertible Promissory Note ($171,310)[97](index=97&type=chunk)[259](index=259&type=chunk)[269](index=269&type=chunk) - On April 14, 2025, the company signed a non-binding letter of intent (LOI) to acquire 100% of **blockchAIn Digital Infrastructure** in an all-equity transaction[173](index=173&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a Q1 revenue decrease but a significant net loss reduction, while reiterating the 'going concern' issue and key corporate developments [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Comparing Q1 2025 to Q1 2024, a 36.8% revenue drop was offset by a 54.6% reduction in operating expenses, significantly improving the net loss Comparison of Three Months Ended March 31, 2025 and 2024 | Metric | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenues, net | $148,358 | $234,627 | ($86,269) | (36.8)% | | Gross profit | $134,057 | $165,593 | ($31,536) | (19.0)% | | Advertising and marketing | $536 | $92,725 | ($92,189) | (99.4)% | | General and administrative | $969,869 | $2,042,969 | ($1,073,100) | (52.5)% | | Net loss | ($842,994) | ($2,497,886) | $1,654,892 | (66.3)% | - The number of users with subscriptions **decreased from 2,157 in Q1 2024 to 1,771 in Q1 2025**[199](index=199&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company's critical financial condition, with low cash relative to current liabilities, reinforces the 'going concern' issue despite raising funds via an ATM offering - The company had **cash of $487,384** and **current liabilities of $1,878,529** as of March 31, 2025[208](index=208&type=chunk) - During Q1 2025, the company sold 1,060,698 shares through its ATM Agreement for **net proceeds of $2,406,650**[148](index=148&type=chunk)[278](index=278&type=chunk) - The company's auditor has expressed **substantial doubt about its ability to continue as a going concern** due to recurring losses and negative working capital[210](index=210&type=chunk) - On March 4, 2025, the company **terminated the Stock Purchase Agreement with Dear Cashmere Group Holding Company (DRCR)** because the parties were unable to satisfy the Nasdaq listing requirement[234](index=234&type=chunk) [Critical Accounting Estimates](index=59&type=section&id=Critical%20Accounting%20Estimates) Management identifies key accounting policies requiring significant judgment, including income taxes, software capitalization, revenue recognition, and fair value measurements - Key accounting estimates involve **income taxes, capitalization of internally developed software, revenue recognition, fair value of warrant liabilities, and stock-based compensation**[284](index=284&type=chunk) - The company maintains a **full valuation allowance against its net deferred tax assets** due to its history of operating losses[284](index=284&type=chunk) - For stock options granted before its IPO, the company used a **PWERM model** to determine fair value; post-IPO, it uses the **closing stock price**[307](index=307&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable as the company, a smaller reporting entity, lacks significant exposure to market risks - This section is **not applicable** to the company[312](index=312&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes during the quarter - Management concluded that as of March 31, 2025, the company's **disclosure controls and procedures were effective** at a reasonable assurance level[313](index=313&type=chunk) - **No material changes** to internal control over financial reporting occurred during the quarter ended March 31, 2025[314](index=314&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no material pending legal proceedings outside of ordinary business litigation during the quarter - There were **no material pending legal proceedings** during the quarter[317](index=317&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K - **No material changes** from the risk factors disclosed in the 2024 Annual Report[318](index=318&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company conducted no unregistered sales of equity securities or stock repurchases during the first quarter of 2025 - The company did not have any **unregistered sales of equity securities** in Q1 2025[319](index=319&type=chunk) - **No stock repurchases** were made during Q1 2025[320](index=320&type=chunk) [Item 3. Defaults Upon Senior Securities](index=64&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - **None**[321](index=321&type=chunk) [Item 4. Mine Safety Disclosures](index=64&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - **Not applicable**[322](index=322&type=chunk) [Item 5. Other Information](index=64&type=section&id=Item%205.%20Other%20Information) No previously unreported Form 8-K information or new director/officer trading plans were noted for the quarter - No directors or officers adopted or terminated a **Rule 10b5-1 trading plan** or a non-Rule 10b5-1 trading arrangement during the quarter[323](index=323&type=chunk) [Item 6. Exhibits](index=64&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including officer certifications and various corporate agreements - Exhibits filed include **CEO and CFO certifications** (31.1, 31.2, 32.1, 32.2) and various corporate documents and agreements incorporated by reference[324](index=324&type=chunk)

Production and Revenue - Average daily production for Q1 2025 was 749 BOE per day, down from 848 BOE per day in Q1 2024, representing a 12% decrease [145][157]. - Total revenues for Q1 2025 were $4,564,598, an increase of 39% compared to $3,283,099 in Q1 2024 [156]. - Average realized oil price per barrel after reflecting settled derivatives was $65.12 in Q1 2025, compared to $62.53 in Q1 2024, indicating an increase of 8.5% [160]. - The average NYMEX oil price for Q1 2025 was $71.84 per barrel, which is 7% lower than the average price of $77.56 in Q1 2024 [151][152]. - The average NYMEX natural gas price for Q1 2025 was $4.94 per Mcf, a 95% increase from $2.67 per Mcf in Q1 2024 [154]. Expenses and Costs - Lease operating expenses decreased to $1,921,321 in Q1 2025 from $2,299,518 in Q1 2024, a reduction of approximately 16.5% [162]. - Depletion, depreciation, and amortization (DD&A) expenses were $97,075 in Q1 2025, significantly lower than $476,074 in Q1 2024, reflecting a decrease of 79.7% [164]. - Production taxes, transportation, and processing costs were $397,216 in Q1 2025, down from $428,280 in Q1 2024, maintaining a consistent 9% of oil and natural gas sales [163]. - General and administrative expenses decreased to $2,084,545 for the three months ended March 31, 2025, down from $2,309,824 in 2024, primarily due to reduced stock-based compensation [166]. - Interest expense decreased to $1,744,246 for the three months ended March 31, 2025, compared to $1,860,582 in 2024, driven by reductions in Senior Secured term loan and Private Notes Payable [167]. Financial Performance - The company recorded a loss on derivative contracts of $85,071 in Q1 2025, compared to a loss of $1,997,247 in Q1 2024, indicating improved management of price risk [159]. - Other revenue related to water services was $117,532 in Q1 2025, down from $130,588 in Q1 2024, reflecting a decrease of 10% [161]. - Accretion expense increased to $335,771 for the three months ended March 31, 2025, from $33,005 in the same period of 2024, with a per BOE increase from $0.43 to $4.98 [165]. - The company recorded a gain on extinguishment of liabilities of $92,294 during the three months ended March 31, 2025, related to the exchange of certain notes payable and warrant liabilities [172]. Cash Flow and Financing - The company reported negative cash flow from operations of $1,827,355 for the three months ended March 31, 2025, compared to positive cash flow of $3,700,686 for the year ended December 31, 2024 [175]. - Net cash used in investing activities for the three months ended March 31, 2025, was $1,117,540, primarily for development costs, compared to $591,003 in 2024 [178]. - Net cash provided by financing activities was $3,047,431 for the three months ended March 31, 2025, mainly from the sale of common stock under the Common Stock Purchase agreement [179]. - The company has a three-year Common Stock Purchase Agreement with a maximum funding limit of $150,000,000 to support operations and production growth [175]. - The company had no off-balance sheet arrangements as of March 31, 2025 [180]. Debt and Liabilities - As of March 31, 2025, the company had outstanding debt totaling $22,563,093 under the Senior Secured Term Loan, $15,000,000 under the Seller Promissory Note, and $2,900,000 of private notes payable, with a working capital deficit of $27,937,557 [174].