Smith-Midland(SMID) - 2025 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION This section provides the unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls information Item 1. Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements for Smith-Midland Corporation, including the Balance Sheets, Statements of Income, Stockholders' Equity, and Cash Flows, along with their accompanying notes. The financial statements show significant improvements in net income and cash from operations for the three months ended March 31, 2025, compared to the same period in 2024 Condensed Consolidated Balance Sheets Presents the Company's financial position, showing increases in total assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets (in thousands) | Metric (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Total current assets | $41,570 | $35,849 | | Total assets | $74,657 | $67,991 | | Total current liabilities | $17,253 | $15,010 | | Total liabilities | $29,587 | $26,252 | | Total stockholders' equity | $45,070 | $41,739 | Condensed Consolidated Statements of Income Details the Company's financial performance, highlighting significant growth in revenue, gross profit, and net income Condensed Consolidated Statements of Income (in thousands, except per share data) | Metric (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------- | :-------------------------------- | :-------------------------------- | | Total revenue | $22,698 | $16,756 | | Cost of sales | $15,723 | $12,845 | | Gross profit | $6,975 | $3,911 | | Operating income | $4,387 | $1,509 | | Net income | $3,327 | $1,147 | | Basic earnings per common share | $0.63 | $0.22 | | Diluted earnings per common share | $0.62 | $0.21 | Condensed Consolidated Statements of Stockholders' Equity Outlines changes in equity components, including retained earnings and total stockholders' equity Condensed Consolidated Statements of Stockholders' Equity (in thousands) | Metric (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Retained earnings | $37,397 | $34,070 | | Total stockholders' equity | $45,070 | $41,739 | Condensed Consolidated Statements of Cash Flows Reports cash flows from operating, investing, and financing activities, showing a net increase in cash Condensed Consolidated Statements of Cash Flows (in thousands) | Metric (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by (used in) operating activities | $2,217 | $(777) | | Net cash provided by (used in) investing activities | $(595) | $(1,440) | | Net cash provided by (used in) financing activities | $(164) | $(157) | | Net increase (decrease) in cash | $1,458 | $(2,374) | | Cash, end of period | $9,006 | $6,801 | Notes to Condensed Consolidated Financial Statements Provides additional details and explanations for the financial statements, including accounting policies and estimates 1. INTERIM FINANCIAL REPORTING The unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information, condensing certain disclosures found in the annual report. Management believes these statements fairly present the financial position and results of operations, though future results may vary. The Company is evaluating the impact of new FASB ASUs on income tax disclosures and disaggregation of income statement expenses - The financial statements are prepared in accordance with GAAP for interim financial information, with certain disclosures condensed or omitted compared to the annual consolidated financial statements[23] - The Company is evaluating ASU 2023-09 (Improvements to Income Tax Disclosures), effective for annual periods after December 15, 2024, which requires consistent categories and greater disaggregation of income tax information[25] - The Company is evaluating ASU 2024-03 (Disaggregation of Income Statement Expenses), effective for annual periods after December 15, 2026, requiring additional disclosures about specified expense categories[26] Revenue Recognition Revenue is recognized either over time for customized products (using the output method and 'as invoiced' expedient) or at a point in time for certain product sales when control transfers. The Company also details its accounts receivable, contract assets (unbilled), contract liabilities (customer deposits), and deferred revenue balances, along with its policy for credit loss allowances. Revenue is disaggregated by primary sources, showing significant increases in barrier rentals and soundwall sales for Q1 2025 - Revenue for customized products is recognized over time using the output method, applying the 'as invoiced' practical expedient[28] - For certain product sales, revenue is recognized at a point in time when the product is shipped and customer control is gained[31] Accounts Receivable Trade – Unbilled (Contract Assets) (in thousands) | Metric | Quarter Ended March 31, 2025 | Quarter Ended March 31, 2024 | | :------------------------------------------- | :--------------------------- | :--------------------------- | | Accounts receivable trade – unbilled, beginning of the period | $1,327 | $525 | | Accounts receivable trade – unbilled, end of the period | $952 | $637 | | Amounts invoiced in the period from amounts included at the beginning of the period | $1,060 | $27 | Customer Deposits (Contract Liabilities) (in thousands) | Metric | Quarter Ended March 31, 2025 | Quarter Ended March 31, 2024 | | :------------------------------------------- | :--------------------------- | :--------------------------- | | Customer deposits, beginning of the period | $1,539 | $2,779 | | Customer deposits, end of the period | $2,160 | $2,950 | | Revenue recognized in the period from amounts included at the beginning of the period | $1,452 | $705 | Disaggregated Revenue by Type (in thousands) | Revenue by Type | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------ | :-------------------------------- | :-------------------------------- | | Soundwall Sales | $3,779 | $2,980 | | Architectural Panel Sales | — | $321 | | Miscellaneous Wall Sales | $601 | $1,751 | | Barrier Sales | $1,305 | $1,734 | | Easi-Set and Easi-Span Building Sales | $2,060 | $1,039 | | Utility Sales | $1,014 | $1,679 | | Miscellaneous Product Sales | $353 | $1,248 | | Total Product Sales | $9,112 | $10,752 | | Barrier Rentals | $8,425 | $893 | | Royalty Income | $890 | $575 | | Shipping and Installation Revenue | $4,271 | $4,536 | | Total Service Revenue | $13,586 | $6,004 | | Total Revenue | $22,698 | $16,756 | Warranties Smith-Midland products are sold with an implicit warranty of merchantability, and while warranty claims occur, the associated costs have historically been minimal - Products are sold with an implicit warranty of merchantability[42] - Warranty claims are reviewed case-by-case, and historically, costs incurred are minimal[42] Use of Estimates The preparation of financial statements requires management to make estimates and assumptions, and actual results may differ from these estimates - Financial statements require management estimates and assumptions, and actual results may differ[43] Concentration of Risk The Company has historically experienced customer concentration, with one customer accounting for 33% of revenue in Q1 2025 (up from 10% in Q1 2024). However, management believes there is no short-term vulnerability to severe operational impact if a customer is lost, as project ownership would likely transfer - For Q1 2025, one customer comprised 33% of total revenue, compared to 10% in Q1 2024[45] - As of March 31, 2025, two customers' outstanding receivable balances exceeded 10% of the total[45] - The Company believes there is no short-term vulnerability to severe operational impact from customer concentration, as project owners would likely assign new contractors[44] Segment Reporting The Company operates as a single operating and reportable business segment, the 'Precast Concrete Segment.' The CEO, as the Chief Operating Decision Maker (CODM), assesses performance based on consolidated net income and total consolidated assets - The Company operates in one operating and reportable business segment: the Precast Concrete Segment[46] - The Chief Executive Officer (CEO) is the Chief Operating Decision Maker (CODM) and assesses performance based on consolidated net income and total consolidated assets[46][47] 2. EARNINGS (LOSS) PER SHARE Basic and diluted earnings per share significantly increased for the three months ended March 31, 2025, compared to the same period in 2024, reflecting higher net income Earnings Per Share (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------- | :-------------------------------- | :-------------------------------- | | Net income | $3,327 | $1,147 | | Weighted average shares outstanding (Basic) | 5,304 | 5,309 | | Basic earnings per common share | $0.63 | $0.22 | | Diluted earnings per common share | $0.62 | $0.21 | 3. NOTES PAYABLE The Company has several mortgage notes payable with fixed interest rates, secured by various assets, and a revolving line of credit with no outstanding balance. The Company is in compliance with its tangible net worth covenant and has received waivers for capital expenditure covenants Notes Payable Balances (in thousands) | Loan Type | March 31, 2025 | December 31, 2024 | | :------------------------------------------- | :------------- | :---------------- | | North Carolina facility mortgage note | $1,122 | $1,166 | | Midland, VA plant mortgage note | $1,489 | $1,536 | | Midland, VA real property acquisition note | $2,361 | $2,379 | | Smaller installment loan | $10 | $13 | - All outstanding notes payable are financed at fixed interest rates, protecting the Company from fluctuating interest rates[51][52][53][102] - The Company has a $5,000 revolving line of credit with no outstanding balance as of March 31, 2025, renewed on January 1, 2025, and maturing January 1, 2026[56] - The Company is in compliance with the tangible net worth loan covenant ($25,000) and has received waivers for the annual capital expenditures covenant ($5,000)[55][100] 4. STOCK COMPENSATION Stock compensation expense for the three months ended March 31, 2025, was minimal, with $10 thousand of unrecognized compensation cost related to non-vested restricted stock remaining Restricted Stock Activity (March 31, 2025) | Metric | Number of Shares | Weighted Average Grant Date Fair Value per Share | | :-------------------- | :--------------- | :----------------------------------------------- | | Non-vested, December 31, 2024 | 1,000 | $19.15 | | Non-vested, March 31, 2025 | 1,000 | $19.15 | - Stock compensation expense was $4 thousand for Q1 2025, compared to $5 thousand for Q1 2024[59] - As of March 31, 2025, there was $10 thousand of unrecognized compensation cost related to non-vested restricted stock[59] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the Company's financial condition and results of operations for the three months ended March 31, 2025, compared to the same period in 2024. It highlights significant improvements in net income and revenue, driven by increased barrier rentals and soundwall sales, alongside discussions of liquidity, capital resources, and identified material weaknesses in internal controls Forward-Looking Statements This section serves as a cautionary note regarding forward-looking statements, outlining various known and unknown risks and uncertainties that could cause actual results to differ materially from projections. Key risks include profitability, debt obligations, accounts receivable collection, material weaknesses in internal controls, dependence on government infrastructure spending, and inflationary pressures - No assurance of future profitability, despite net income in Q1 2025[60] - Substantial debt and uncertainty regarding ability to meet obligations[60] - Material weaknesses identified in internal controls over financial reporting related to design and maintenance of effective controls and certain business processes[60] - Future revenue growth depends on government infrastructure spending, which is not assured[65] - Experienced a ransomware incident in Q1 2025, successfully addressed without payment[65] - Operations in 2025 and 2024 were adversely impacted by inflation in raw materials (cement, aggregates, steel) and labor costs[65] - Sales backlog decreased to $52.4 million as of May 7, 2025, from $64.6 million a year prior[65] Overview Smith-Midland Corporation invents, develops, manufactures, markets, leases, licenses, sells, and installs a wide range of precast concrete products and systems for construction, highway, utilities, and farming industries, primarily in the Mid-Atlantic and Northeastern U.S. The Company's operating strategy focuses on innovative and proprietary products like SlenderWall™, J-J Hooks® Highway Safety Barrier, and Easi-Set® buildings. Due to the cyclical nature of the construction industry, sales and net income can vary significantly quarter-to-quarter - The Company's core business involves inventing, developing, manufacturing, marketing, leasing, licensing, selling, and installing precast concrete products and systems[64] - Key proprietary products include SlenderWall™ (lightweight, energy-efficient wall panel), J-J Hooks® Highway Safety Barrier, and Easi-Set® transportable concrete buildings[66] - Sales and net income are subject to significant quarter-to-quarter variation due to the cyclical nature of the construction industry, weather, and project delays[68] Results of Operations The Company reported a stronger financial performance for Q1 2025 compared to Q1 2024, with net income increasing significantly. Total revenue grew by 35%, primarily driven by a substantial increase in barrier rentals due to a special project, as well as higher soundwall and Easi-Set building sales. Cost of sales as a percentage of revenue decreased due to the higher margin of barrier rentals. Operating income and net income saw substantial increases, while selling expenses rose due to increased sales staff and commissions Key Financial Performance (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | Change (%) | | :-------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Net income | $3,327 | $1,147 | $2,180 | 190% | | Total revenue | $22,698 | $16,756 | $5,942 | 35% | | Cost of sales as % of revenue (excl. royalties) | 72% | 79% | -7% | -8.86% | | Operating income | $4,387 | $1,509 | $2,878 | 191% | | Income tax expense | $1,020 | $357 | $663 | 186% | | Effective tax rate | 24% | 24% | 0% | 0% | - The increase in revenue was mainly from a significant increase in barrier rentals (due to a special project), soundwall sales, and Easi-Set and Easi-Span building sales[69] - Sales backlog as of May 7, 2025, was approximately $52.4 million, down from $64.6 million a year prior[73] Revenue by Type Barrier rentals saw an exceptional 843% increase, largely due to a special project. Soundwall sales increased by 27%, driven by higher production volumes. Easi-Set and Easi-Span building sales nearly doubled. Conversely, architectural panel sales ceased, and miscellaneous wall, barrier, utility, and miscellaneous product sales decreased Revenue by Type Comparison (in thousands) | Revenue by Type | 2025 ($) | 2024 ($) | Change ($) | % Change | | :------------------------ | :------- | :------- | :--------- | :------- | | Soundwall Sales | 3,779 | 2,980 | 799 | 27% | | Architectural Panel Sales | — | 321 | (321) | (100)% | | Miscellaneous Wall Sales | 601 | 1,751 | (1,150) | (66)% | | Barrier Sales | 1,305 | 1,734 | (429) | (25)% | | Easi-Set and Easi-Span Building Sales | 2,060 | 1,039 | 1,021 | 98% | | Utility Sales | 1,014 | 1,679 | (665) | (40)% | | Miscellaneous Product Sales | 353 | 1,248 | (895) | (72)% | | Total Product Sales | 9,112 | 10,752 | (1,640) | (15)% | | Barrier Rentals | 8,425 | 893 | 7,532 | 843% | | Royalty Income | 890 | 575 | 315 | 55% | | Shipping and Installation Revenue | 4,271 | 4,536 | (265) | (6)% | | Total Service Revenue | 13,586 | 6,004 | 7,582 | 126% | | Total Revenue | 22,698 | 16,756 | 5,942 | 35% | - Barrier rentals increased significantly (843%) due to a large special project in Q1 2025, with expectations for continued higher trends excluding special projects[86] - Soundwall sales increased by 27% due to higher production volumes across all three plants, driven by an increased backlog[77] - Easi-Set and Easi-Span Building Sales increased by 98% due to increased demand and sales at all manufacturing plants[83] - Royalty income increased by 55% due to higher barrier production volumes by licensees, with expectations for continued growth from infrastructure spending and new low-profile barrier production[87] Cost of Sales Cost of sales as a percentage of revenue (excluding royalties) decreased from 79% in Q1 2024 to 72% in Q1 2025. This improvement is primarily attributed to the significant increase in special project barrier rentals, which carry higher margins and lower cost of sales as a percentage of revenue compared to product sales Cost of Sales as a Percentage of Revenue (excluding royalties) | Period | Cost of Sales as % of Revenue | | :-------------------- | :---------------------------- | | Three months ended March 31, 2025 | 72% | | Three months ended March 31, 2024 | 79% | - The decrease in cost of sales as a percentage of revenue is mainly due to the increase in special project barrier rentals, which have higher margins[89] General and Administrative Expenses General and administrative expenses increased nominally by 2% to $1,584 thousand in Q1 2025, primarily due to inflationary factors. As a percentage of total revenue, G&A decreased from 9% to 7% General and Administrative Expenses (in thousands) | Period | Amount | | :-------------------- | :----- | | Three months ended March 31, 2025 | $1,584 | | Three months ended March 31, 2024 | $1,549 | - General and administrative expenses increased by 2% due to inflationary factors[90] - G&A expenses as a percentage of total revenue decreased from 9% in Q1 2024 to 7% in Q1 2025[90] Selling Expenses Selling expenses increased by 18% to $1,003 thousand in Q1 2025, driven by additional sales staff costs and commissions. The Company anticipates further increases in selling expenses as it plans for more sales associates and increased advertising to boost SlenderWall sales and barrier rentals Selling Expenses (in thousands) | Period | Amount | | :-------------------- | :----- | | Three months ended March 31, 2025 | $1,003 | | Three months ended March 31, 2024 | $853 | - The increase in selling expenses is due to increased general selling costs and commissions[91] - Selling expenses are expected to increase in future periods with plans for additional sales associates and increased advertising[91] Operating Income (Loss) Operating income significantly increased to $4,387 thousand in Q1 2025 from $1,509 thousand in Q1 2024, primarily due to higher revenue and a decrease in cost of sales as a percentage of revenue Operating Income (in thousands) | Period | Amount | | :-------------------- | :----- | | Three months ended March 31, 2025 | $4,387 | | Three months ended March 31, 2024 | $1,509 | - The increase in operating income is mainly due to increased revenue and a lower cost of sales as a percentage of revenue[92] Interest Expense Interest expense slightly decreased to $55 thousand in Q1 2025 from $60 thousand in Q1 2024. The Company anticipates lower interest expense for the full year 2025 due to decreasing indebtedness on fixed-rate notes Interest Expense (in thousands) | Period | Amount | | :-------------------- | :----- | | Three months ended March 31, 2025 | $55 | | Three months ended March 31, 2024 | $60 | - Interest expense is expected to be lower for the full year 2025 due to a decrease in the level of indebtedness on fixed interest rate notes[93] Income Tax Expense (Benefit) Income tax expense increased to $1,020 thousand in Q1 2025 from $357 thousand in Q1 2024, reflecting higher pre-tax income. The effective tax rate remained consistent at 24% for both periods Income Tax Expense (in thousands) | Period | Amount | Effective Tax Rate | | :-------------------- | :----- | :----------------- | | Three months ended March 31, 2025 | $1,020 | 24% | | Three months ended March 31, 2024 | $357 | 24% | Net Income (Loss) Net income surged to $3,327 thousand in Q1 2025 from $1,147 thousand in Q1 2024, resulting in basic EPS of $0.63 and diluted EPS of $0.62 for Q1 2025, significantly higher than the prior year Net Income and EPS (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net income | $3,327 | $1,147 | | Basic earnings per common share | $0.63 | $0.22 | | Diluted earnings per common share | $0.62 | $0.21 | Liquidity and Capital Resources The Company's cash balance increased to $9,006 thousand as of March 31, 2025, primarily from operating activities, including special project barrier income. Accounts receivable also increased due to higher sales volumes. Capital spending for Q1 2025 was lower than the prior year but is projected to be $5,000 thousand for the full year 2025, focusing on facility expansion and production capacity. The Company believes its current cash, anticipated cash flow, and available line of credit will be sufficient for the next 12 months, despite potential liquidity challenges from payment schedules Key Liquidity Metrics (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Cash | $9,006 | $7,548 | | Accounts receivable, net | $22,879 | $19,420 | | Inventory | $5,210 | $4,599 | Capital Spending (in thousands) | Period | Amount | | :-------------------- | :----- | | Three months ended March 31, 2025 | $595 | | Three months ended March 31, 2024 | $1,795 | - The increase in cash is primarily due to cash provided by operating activities, including special project barrier income[103] - The Company intends to invest approximately $5,000 thousand for the full year 2025 in manufacturing facility expansion, soundwall forms, and miscellaneous equipment[105] - Average days sales outstanding (DSO), excluding unbilled revenue, improved to 87 days for Q1 2025 from 109 days for Q1 2024[106] - The Company believes current cash, anticipated cash flow from operations, and the available line of credit will be sufficient to finance operations for at least the next 12 months[107] Critical Accounting Policies and Estimates The Company's critical accounting policies are detailed in its Annual Report on Form 10-K for the year ended December 31, 2024 - Critical accounting policies are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024[110] Seasonality The Company's operations are affected by the seasonality of the construction industry, with reduced revenues and potential losses expected during winter months (December through February) due to adverse weather. Sufficient working capital is crucial to fund operations during these slower periods - Revenues may be reduced from December through February due to adverse weather inhibiting construction activity[111] - The Company may experience lower profits or losses during winter months and requires sufficient working capital to fund operations[111] Inflation Raw material costs for production slightly increased in Q1 2025, and the Company anticipates these prices to continue a slight upward trend for the remainder of 2025 - Raw material costs slightly increased in Q1 2025[112] - The Company anticipates raw material prices to slightly increase for the remainder of 2025[112] Sales Backlog As of May 7, 2025, the Company's sales backlog was approximately $52.4 million, a decrease from $64.6 million at the same time in 2024. The majority of these projects are expected to be produced within 12 months Sales Backlog (in millions) | Date | Sales Backlog | | :-------------------- | :------------ | | May 7, 2025 | $52.4 | | May 2024 (approx.) | $64.6 | - The majority of projects in the current sales backlog are estimated to be produced within 12 months[113] Item 3. Quantitative and Qualitative Disclosures About Market Risk This item is not applicable for the current filing - This item is not applicable[114] Item 4. Controls and Procedures Management concluded that the Company's disclosure controls and procedures were not effective as of March 31, 2025, due to previously reported material weaknesses in internal control over financial reporting. These weaknesses relate to entity-level controls, control activities, and the information technology environment. Despite these weaknesses, management believes the financial statements are fairly presented. The Company is actively implementing remediation efforts, including hiring a new CFO, pursuing additional accounting personnel, and enhancing control design and documentation Evaluation of Disclosure Controls and Procedures Management concluded that disclosure controls were not effective due to material weaknesses, yet financial statements are fairly presented - Disclosure controls and procedures were not effective at the reasonable assurance level as of March 31, 2025, due to material weaknesses[114] - Management believes the consolidated financial statements in this Form 10-Q present, in all material respects, the Company's financial condition, results of operations, and cash flows in conformity with U.S. GAAP[114] Previously Reported Material Weaknesses in Internal Control Over Financial Reporting Material weaknesses in internal control over financial reporting persist, affecting entity-level controls, business processes, and IT environment - Material weaknesses in internal control over financial reporting have not been remediated as of March 31, 2025[115] - Deficiencies exist in entity-level controls impacting the control environment, risk assessment, control activities, information and communication, and monitoring activities[116] - Additional material weaknesses exist within certain business processes and the information technology environment, including lack of formal accounting policies, ineffective review/approval of journal entries, and inadequate IT general controls[118][119] Remediation Efforts The Company is actively implementing remediation efforts, including hiring a new CFO, additional accounting personnel, and enhancing control design and documentation - The Company has hired a Chief Financial Officer with relevant knowledge and experience[120] - Actively pursuing the hiring of additional finance and accounting personnel[120] - Designing and implementing new entity-level controls aligned with the COSO 2013 Internal Controls Framework[120] - Developing internal controls documentation, including comprehensive accounting policies and procedures, and enhancing policies for management review controls[120] - Segregating key functions within financial and information technology processes[120] Changes in Internal Control over Financial Reporting No other material changes in internal control over financial reporting were identified during the quarter - No other changes in internal control over financial reporting were identified that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting during the quarter ended March 31, 2025, other than those described[121] PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits Item 1. Legal Proceedings The Company is not currently involved in any material litigation - The Company is not presently involved in any litigation of a material nature[123] Item 1A. Risk Factors This item is not required for this quarterly report - This item is not required[124] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds There were no unregistered sales of equity securities or use of proceeds to report - None[124] Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities to report - None[124] Item 4. Mine Safety Disclosures This item is not applicable to the Company - Not applicable[124] Item 5. Other Information There is no other information to report under this item - None[124] Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including certifications from the Chief Executive Officer and Principal Financial Officer, as well as XBRL-related documents - Includes certifications from the Chief Executive Officer and Principal Financial Officer (Exhibits 31.1, 31.2, 32.1)[125] - Includes various XBRL Taxonomy Extension documents (Exhibits 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE) and the Cover Page Interactive Data File (Exhibit 104)[125]