Financial Position - As of March 31, 2025, the company reported $5.1 million in cash and cash equivalents and an accumulated deficit of $76.0 million[227]. - The company anticipates needing to raise substantial additional capital in the future to support ongoing R&D activities[241]. - The company had $5.1 million in cash and cash equivalents as of March 31, 2025, and anticipates needing substantial additional funding for ongoing operations[256]. Fundraising Activities - The company raised approximately $4.3 million from a public offering on February 7, 2025, selling 2,551,020 shares of Common Stock at a price of $1.96 per share[231]. - On April 21, 2025, the company completed a private placement of 6,250 shares of Series D Preferred Stock for approximately $5 million[233]. - Net cash provided by financing activities for the three months ended March 31, 2025, was $6.3 million, down from $7.2 million in the same period in 2024[263]. Research and Development - The company plans to substantially increase its R&D expenses as it continues the development of its product candidates through clinical trials[241]. - For the three months ended March 31, 2025, research and development expenses increased to $2.9 million, up 74.3% from $1.7 million in the same period in 2024[248]. - The company expects significant increases in R&D expenses as it expands clinical development and operational compliance as a public company[250][255]. Revenue Expectations - The company has not recognized any revenue from product sales and does not expect to generate revenue in the foreseeable future[239]. - The company does not expect to generate revenue for at least the next few years, pending regulatory approval of its product candidates[254]. Operating Expenses - General and administrative expenses decreased to $2.0 million for the three months ended March 31, 2025, down 29.2% from $2.9 million in the same period in 2024[248]. - Total operating expenses for the three months ended March 31, 2025, were $4.95 million, an increase of 8.7% from $4.55 million in the same period in 2024[248]. - The net loss for the three months ended March 31, 2025, was $5.1 million, representing an increase of 122.0% compared to a net loss of $2.3 million for the same period in 2024[253]. Stock and Compliance - The company executed a reverse stock split on January 8, 2025, converting every 100 shares of Common Stock into 1 share[230]. - The company received a notification from Nasdaq on May 7, 2025, stating that it had regained compliance with the Nasdaq continued listing standard[238]. Earnout and Stock-Based Compensation - The Company recognized an earnout liability of $4.9 million on the merger date due to the merger in February 2024[266]. - During the three months ended March 31, 2024, the Company recorded a gain from the change in fair value of the earnout liability of $1.8 million, included in other income (expenses), net[266]. - The Company uses a Black-Scholes option pricing model to estimate the fair value of stock-based awards, which involves management's best estimates and inherent uncertainties[267]. - Stock-based compensation expense is recognized on a straight-line basis over the requisite service period, typically the vesting period[267]. - The accounting for stock options granted to outside consultants is consistent with the accounting for stock-based payments to officers and directors, recognized as stock-based compensation expense over the vesting period[268].

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 100 Biscayne Blvd, Suite 1201, Miami FL 33132 33132 (Address of principal executive offices) (Zip Code) (786) 600-4739 (Registrant's telephone number, including area code) Securities registered pursua ...

Financial Risks and Debt Management - As of December 31, 2024, the notional amount of one interest rate swap related to the fleet was $10.0 million, indicating potential exposure to fluctuations in interest rates [112]. - The company has total bank debt of $108.2 million as of December 31, 2024, with a repayment schedule requiring $12.1 million in 2025, $13.3 million in 2026, $20.0 million in 2027, and $62.8 million until 2030 [140]. - The existing loan agreements impose restrictive covenants that may limit the company's liquidity and corporate activities [138]. - The company may not be able to obtain additional debt financing due to the creditworthiness of its charterers and market conditions [142]. - The company has incurred secured debt to finance its fleet and expects to incur additional secured debt for newbuilding vessels [140]. - Changes in the fair value of derivative contracts that do not qualify for hedge accounting could affect net income and earnings per share attributable to controlling shareholders [112]. Corporate Governance and Shareholder Rights - Approximately 48% of the outstanding shares are owned by three major shareholders, giving them significant voting power and influence over corporate decisions [126]. - The company’s corporate governance practices are exempt from certain Nasdaq standards, which may limit shareholder protections compared to companies fully subject to these requirements [127]. - Shareholders may have fewer rights and protections under the corporate law of the Republic of the Marshall Islands compared to typical U.S. state law [215]. - Public shareholders may face more difficulty in protecting their interests against management actions compared to shareholders in U.S. incorporated companies [215]. - A notice of any shareholder meeting must be given at least 15 days in advance under Marshall Islands law, compared to 10 days in Delaware [215]. - Actions required to be taken by a meeting of shareholders may only be taken without a meeting if consent is in writing and signed by all shareholders entitled to vote under Marshall Islands law [215]. - The rights and fiduciary responsibilities of directors under Marshall Islands law are not as clearly established as in certain U.S. jurisdictions [215]. Operational and Market Risks - The company faces substantial competition from experienced companies with greater financial resources, which may impact its ability to secure profitable charters and vessel acquisitions [130]. - The operation of drybulk carriers presents unique risks, including potential damage during unloading that could negatively impact financial performance and ability to pay dividends [115]. - The company may face challenges in maintaining profitable employment for aging vessels, particularly during periods of decreased demand in the charter market [129]. - Labor interruptions could disrupt operations, potentially having a material adverse effect on the company's financial condition and ability to pay dividends [148]. - Technological innovation may reduce charter income and affect vessel demand and value, with competition from more efficient vessels potentially leading to significant decreases in charter hire payments and resale values [156]. - Developments in technology could disrupt global trade flows and supply chains, potentially decreasing shipping activity if fewer intermediate and raw inputs are traded [158]. - A decrease in spot voyage charter rates may incentivize charterers to default on their contracts, leading to significant losses for the company if charterers renegotiate or fail to meet obligations [159]. - The company may not have adequate insurance to cover all risks, which could adversely affect financial condition and results of operations if significant claims arise [160]. - Membership in P&I Associations may subject the company to additional funding calls based on the claims of other members, potentially resulting in significant expenses [161]. Growth and Acquisition Strategy - The company intends to grow through selective acquisitions of high-quality secondhand vessels, but risks include potential difficulties in managing growth and realizing expected benefits [120]. - The company may face difficulties in managing planned growth through acquisitions, which could negatively impact cash flows and liquidity [144]. Taxation and Regulatory Risks - The company may face adverse effects if it is determined to be a "passive foreign investment company" (PFIC) for U.S. tax purposes [189]. - The company believes it does not qualify as a PFIC, treating its time chartering income as services income rather than passive income [190]. - The company may be subject to a 4% United States federal income tax on 50% of its gross shipping income attributable to transportation that begins or ends in the United States, unless it qualifies for exemption under Section 883 of the Code [197]. - If the company does not qualify for the tax exemption under Section 883, it would face an effective 2% United States federal income tax on its U.S.-source shipping income, negatively impacting earnings available for distribution to shareholders [199]. Market Performance and Stock Volatility - The reported closing sale price of the company's common stock was $24.58 per share on June 24, 2024, $20.36 per share on October 1, 2024, and $11.05 per share on December 17, 2024, indicating significant volatility [205]. - The trading volume for the company's common stock has been low, which may cause it to trade at lower prices and make it difficult for shareholders to sell their shares [204]. - The market price of the company's common stock has been volatile, with fluctuations occurring without discernible announcements or developments [205]. - The international drybulk shipping industry has been highly unpredictable, and the company's stock price may be affected by extreme volatility in the stock markets and shipping industry [206]. Geopolitical and Economic Factors - The ongoing conflict in Ukraine and associated sanctions may adversely impact the company's business and operations, with potential for further economic sanctions against Russia [170]. - Trade tariffs and economic sanctions could limit trading activities and depress shipping demand, significantly affecting the company's financial condition [173]. - The company expects to operate primarily outside the United States, exposing it to political and governmental instability [180].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________ FORM 10-Q ________________________________ (Mark One) x 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 o 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: 001-40808 ___________ ...

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 SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-34719 S&W SEED COMPANY (Exact Name of Registrant as Specified in Its Charter) Nevada 27-1275784 (St ...

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 For the transition period from to Commission file number: 001-42485 Columbus Acquisition Corp (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of (I. ...

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 For the transition period from to Commission file number: 001-42485 Columbus Acquisition Corp (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of (I. ...

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 ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission ...

☒ 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 001-42296 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) SKY QUARRY INC. (Exact name of registrant as specified in its charter) Delaware 84-1803091 ( ...

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x 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 For the transition period from __________ to __________ Commission file number: 333-232426 Crown Electrokinetics Corp. (Exact name of registrant as specified in its charter) Delaware 47-5423944 (State or ot ...