JFB Construction Holdings-A(JFB) - 2025 Q2 - Quarterly Report

Filer Information and Cautionary Statements Form 10-Q Details JFB Construction Holdings filed its Q2 2025 Form 10-Q, identifying as a non-accelerated filer, smaller reporting company, and emerging growth company - JFB Construction Holdings filed a Form 10-Q for the quarterly period ended June 30, 2025[2] - The registrant is a non-accelerated filer, smaller reporting company, and emerging growth company[4] - As of August 14, 2025, there were 9,496,900 shares of common stock outstanding[4] Cautionary Note Regarding Forward-Looking Statements Forward-looking statements carry significant risks and uncertainties, actual results may differ materially, and the company disclaims any obligation to update - All statements in this Quarterly Report, other than statements of historical fact, are forward-looking statements, subject to considerable risks and uncertainties[8] - Actual results will likely differ, and could differ materially, from those results projected or assumed in the forward-looking statements[8] - The company expressly disclaims any intent or obligation to update any forward-looking statements[12] - Key risk factors include competitive industry, raw material cost/availability, customer concentration, global economic conditions, operational risks (warehouse facilities, product liability), litigation, intellectual property, acquisitions, data security, capital raising limitations, dependence on management, and stock price volatility[11] Market, Industry, and Other Data Market and industry data in this report, from third-party and internal estimates, involve assumptions and limitations, with accuracy not guaranteed - This Quarterly Report includes statistical and other industry and market data obtained from industry publications, research, surveys, and internal estimates[14] - All market data used in this report involve a number of assumptions and limitations, and their accuracy or completeness is not guaranteed by third-party sources[14] Trademarks This report includes trademarks, tradenames, and service marks of the company or others, with the company asserting its rights to these marks - This Quarterly Report includes trademarks, tradenames, and service marks that are the property of the company or others[16] - Failure to include symbols (™ or ®) does not waive the company's rights to these trademarks and tradenames[16] PART I - FINANCIAL INFORMATION Item 1. Financial Statements This section presents JFB Construction Holdings' unaudited consolidated financial statements for Q2 2025 and YE 2024, including balance sheets, income, equity, cash flows, and detailed notes Consolidated Balance Sheets Total assets increased to $12,001,507 by June 30, 2025, from $8,965,038 at YE 2024, driven by cash and Class A Common Stock investment, with liabilities decreasing and equity rising substantially Consolidated Balance Sheet Highlights | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Cash | $4,769,840 | $2,696,183 | $2,073,657 | 76.91% | | Contract Receivables | $3,275,265 | $3,047,255 | $228,010 | 7.48% | | Total Current Assets | $9,320,229 | $7,123,579 | $2,196,650 | 30.83% | | Investment In Class A Common Stock | $1,000,000 | $- | $1,000,000 | N/A | | Total Assets | $12,001,507 | $8,965,038 | $3,036,469 | 33.87% | | Total Current Liabilities | $1,878,701 | $2,635,279 | $(756,578) | -28.79% | | Total Shareholder's Equity | $10,122,806 | $6,329,759 | $3,793,047 | 59.92% | Unaudited Consolidated Statements of Income For the six months ended June 30, 2025, the company reported a net loss of $(2.3 million), a significant decline from prior year's net income, driven by increased operating expenses despite higher sales Consolidated Statements of Income Highlights (Six Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------- | :----------- | :--------- | :--------- | | Sales | $9,598,801 | $8,053,676 | $1,545,125 | 19.19% | | Cost of Goods Sold | $7,871,900 | $6,313,246 | $1,558,654 | 24.69% | | Gross Profit (Loss) | $1,726,901 | $1,740,430 | $(13,529) | -0.78% | | Total Operating Expense | $4,228,902 | $1,703,592 | $2,525,310 | 148.29% | | Income (loss) from Operations | $(2,502,001) | $36,838 | $(2,538,839) | -6892.28% | | NET INCOME (LOSS) | $(2,338,947) | $143,401 | $(2,482,348) | -1731.06% | | Basic and Diluted EPS | $(0.26) | $0.02 | $(0.28) | -1400.00% | Consolidated Statements of Income Highlights (Three Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------- | :----------- | :--------- | :--------- | | Sales | $3,684,938 | $4,998,472 | $(1,313,534) | -26.28% | | Cost of Goods Sold | $3,427,403 | $4,140,209 | $(712,806) | -17.22% | | Gross Profit (Loss) | $257,535 | $858,263 | $(600,728) | -69.99% | | Total Operating Expense | $2,732,349 | $868,041 | $1,864,308 | 214.77% | | Income (loss) from Operations | $(2,474,814) | $(9,778) | $(2,465,036) | -25209.06% | | NET INCOME (LOSS) | $(2,369,254) | $30,006 | $(2,399,260) | -7996.00% | | Basic and Diluted EPS | $(0.26) | $0.01 | $(0.27) | -2700.00% | Unaudited Consolidated Statements of Changes in Shareholder's Equity Shareholder's equity significantly increased from $6.3 million at YE 2024 to $10.1 million at Q2 2025, primarily due to common stock issuance and warrant exercises, despite a net loss Changes in Shareholder's Equity (Six Months Ended June 30, 2025) | Metric | December 31, 2024 | June 30, 2025 | Change ($) | Change (%) | | :-------------------------------- | :---------------- | :------------ | :--------- | :--------- | | Class A Common Stock (Shares) | 4,000,000 | 5,496,900 | 1,496,900 | 37.42% | | Additional Paid in Capital | $425,136 | $6,555,980 | $6,130,844 | 1442.09% | | Accumulated Profit | $5,903,823 | $3,565,876 | $(2,337,947) | -39.60% | | Total Shareholder's Equity | $6,329,759 | $10,122,806 | $3,793,047 | 59.92% | - Proceeds from Issuance of Common stock, net: $4,667,636 for the six months ended June 30, 2025[23] - Proceeds from Exercise of Warrants: $552,750 for the six months ended June 30, 2025[23] - Common Stock Issued for Services: $910,608 for the six months ended June 30, 2025[23] Unaudited Consolidated Statements of Cash Flow For the six months ended June 30, 2025, operating cash decreased, investing cash increased, but financing cash surged due to IPO and warrant exercises, resulting in an overall net cash increase Consolidated Statements of Cash Flow Highlights (Six Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------- | :----------- | :--------- | :--------- | | Net Cash Provided by Operating Activities | $(2,113,291) | $4,283,493 | $(6,396,784) | -149.33% | | Net Cash Used in Investing Activities | $(1,034,438) | $(727,222) | $(307,216) | 42.25% | | Net Cash Provided by Financing Activities | $5,221,386 | $(844,283) | $6,065,669 | 718.45% | | Net Increase (Decrease) in Cash | $2,073,657 | $2,711,988 | $(638,331) | -23.54% | | Cash at End of Period | $4,769,840 | $3,948,732 | $821,108 | 20.80% | - Net cash provided by operating activities decreased by 51% primarily due to slower collections of contract receivables, higher prepaid expenses, and reduced accounts payable[168] - Net cash provided by financing activities increased significantly due to $4,667,636 from the IPO and $552,750 from exercised warrants[171] Notes to Unaudited Consolidated Financial Statements Detailed disclosures on accounting policies, business segments, revenue recognition, related party transactions, equity changes, and financial commitments provide context to the consolidated financial statements Note 1 – Nature of the Business - JFB Construction & Development, Inc. was incorporated in Florida on May 28, 2014, specializing in residential and commercial construction[29] - JFB Construction Holdings was formed on April 09, 2024, in Nevada to serve as the parent company of JFB Construction & Development, Inc[30] - The company offers over 100 years of combined generational experience in building multifamily communities, exclusive estate & equestrian homes, and over 2 million square feet of commercial retail and shopping centers[29] Note 2 – Summary of Significant Accounting Policies - The financial statements are prepared in accordance with U.S. GAAP and SEC interim reporting rules, and should be read with the 2024 Annual Report[33] - Cash balances may exceed FDIC limits, but the company has not experienced losses and believes it is not exposed to significant credit risk[35][36] - Revenue from construction contracts is recognized over time using the cost-to-cost method, with revisions to estimates reflected in the period they become known[39][40] - The company operates in three segments: Commercial Construction (69.6% of 2025 revenue), Residential Construction (20% of 2025 revenue), and Real Estate Development (10.4% of 2025 revenue)[54][55][56] Property and Equipment Net Book Value | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Field Equipment | $114,206 | $114,206 | | Computer Equipment | $6,911 | $6,911 | | Vehicles | $837,230 | $819,599 | | Office Equipment | $2,076 | $2,076 | | Leasehold Improvements | $589,525 | $589,525 | | Less accumulated depreciation | $(609,536) | $(510,387) | | Net Property and Equipment | $940,412 | $1,021,930 | - Depreciation expense for the six months ended June 30, 2025, was $125,956, up from $61,287 in the prior year[62] Note 3 – Revenue from Contracts with Customers - Revenue is recognized over time as performance obligations are satisfied, using the cost-to-cost method[68][74] - The company applies a 5-step model for revenue recognition, identifying contracts, performance obligations, transaction price, allocation, and recognition upon satisfaction[69][193] - All contracts are accounted for as a single performance obligation, reflecting the integration of complex tasks into a single project[70][74] - Contract assets ($1,035,840 as of June 30, 2025) represent unbilled work, while contract liabilities ($168,292 as of June 30, 2025) represent billings in excess of recognized revenue[78] Note 4 – Business Segment Information - The company operates in three primary business segments: Commercial Construction, Residential Construction, and Real Estate Development[79][80][81] - Gross profit is the primary performance metric used by management to evaluate each segment[82] - The Real Estate Development segment is viewed as a strategic growth opportunity, with active exploration of development opportunities[81] Segment Performance (Six Months Ended June 30, 2025) | Metric | Commercial | Residential | Real Estate Development | Consolidated | | :-------------------------- | :----------- | :---------- | :---------------------- | :----------- | | Sales | $6,679,416 | $1,917,335 | $1,002,050 | $9,598,801 | | Cost of Goods Sold | $5,674,320 | $1,322,961 | $874,619 | $7,871,900 | | Gross Profit (Loss) | $1,005,096 | $594,374 | $127,431 | $1,726,901 | | Income (loss) From Operations | $(1,939,488) | $(567,150) | $4,637 | $(2,502,001) | | NET INCOME (LOSS) | $(1,830,321) | $(510,105) | $1,479 | $(2,338,947) | Segment Performance (Six Months Ended June 30, 2024) | Metric | Commercial | Residential | Real Estate Development | Consolidated | | :-------------------------- | :----------- | :---------- | :---------------------- | :----------- | | Sales | $4,837,511 | $3,216,165 | $- | $8,053,676 | | Cost of Goods Sold | $4,073,470 | $2,239,776 | $- | $6,313,246 | | Gross Profit (Loss) | $764,041 | $976,389 | $- | $1,740,430 | | Income From Operations | $25,420 | $11,418 | $- | $36,838 | | NET INCOME (LOSS) | $98,947 | $44,454 | $- | $143,401 | Note 5 – Lease Arrangements - Total rent expense was $90,190 for the six months ended June 30, 2025, compared to $11,928 for the same period in 2024[93] - The company has a lease liability of $754,064 as of June 30, 2025[93][96] - The corporate headquarters is leased under a 7-year agreement with Aura Commercial LLC, a related party owned by the CEO, Joseph F. Basile III, with monthly rent of $11,928 and 2.5% annual increases[94][95] Note 6 – Income Taxes - JFB has elected to be taxed as a 'C' Corporation[97] - The company had no liabilities for uncertain tax positions as of June 30, 2025, and December 31, 2024[98] - Federal income tax returns for 2024 and 2023 are subject to IRS examination for three years after filing[99] Note 7 – Concentrations - The company's financial instruments are exposed to concentrations of credit risk in cash and accounts receivable[100] - For the six months ended June 30, 2025, three receivable customers accounted for 70% of sales[101] - In 2024, one franchise accounted for 41% of sales, and one customer accounted for 63% of accounts receivable[101] Note 8 – Related Party Transactions - A loan from Capo 7, LLC (owned by CEO Joseph F. Basile III) was repaid on December 23, 2024[103] - The company entered an agreement to build a 2-story commercial building for Aura Commercial LLC (owned by CEO Joseph F. Basile III), incurring $0 in billable expenses and receiving $0 in construction income for the six months ended June 30, 2025, compared to $904,014 and $948,140 respectively in 2024[104] - A $21 million project with Rare Capital Partners LLC (co-managed by CEO Joseph F. Basile III) commenced construction on June 1, 2025, with $686,713 in related party sales and $575,554 in related party cost of goods sold recorded as of June 30, 2025[106][107] - The CEO, Joseph Basile, received $0 in distributions for the six months ended June 30, 2025, compared to $844,283 in 2024, and made contributions of $1,000 in 2025[111][118] Note 9 – Private Placement - On April 24, 2025, JFB Construction Holdings invested $1,000,000 in CM OB Hotel Owner, LLC for a 19.5% ownership interest[112][113] - The investment is carried at cost basis because the ownership percentage is below 20% and the company does not exercise control[113][114] - Class A Members are entitled to an 8% cumulative, non-compounding preferred return[114] Note 10 – Commitments and Contingencies - Management believes no current legal proceedings would have a material impact on the company's financial position, liquidity, or results of operations[115] - A lawsuit relating to a residential remodel was settled on March 19, 2025, with the company receiving a settlement amount of $39,138[116] Note 11 – Equity - The company is authorized to issue up to 200,000,000 shares, including 186,000,000 Class A Common Stock and 4,000,000 Class B Common Stock[117] - As of June 30, 2025, 5,496,900 Class A Common Stock and 4,000,000 Class B Common Stock shares were issued and outstanding[117] - The IPO on March 7, 2025, generated net proceeds of $4,667,636 from the issuance of 1,250,000 units of Class A common stock and 138,600 option warrants[119] - An Equity Incentive Plan approved on June 25, 2025, authorized the issuance of 146,400 Class A common shares for services, valued at $910,608[120] - As of June 30, 2025, 1,149,500 warrants were outstanding, with an exercise price of $5.50, and the company received $552,570 from exercised warrants[121] Note 12 – Subsequent Event - The company received $1,563,073 from the exercise of outstanding warrants between July 1, 2025, and July 24, 2025[122] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial condition and results, covering business overview, revenue, strategic goals, recent developments, and performance comparisons for Q2 and H1 2025 versus 2024 Overview - JFB is a commercial and residential construction company specializing in retail buildouts, multifamily developments, luxury homes, and general commercial construction[126] - Expansion plans include vertically integrated real estate development projects and securing larger, more complex construction projects requiring higher bond capacity[126] - Increased bonding capacity is crucial for pursuing high-value contracts in government and infrastructure sectors, enhancing revenue and market diversification[133] Revenue Sources - Commercial contracting segment has completed projects in 36 states, delivering over 2 million square feet of commercial retail and shopping center space[128] - Growth in commercial contracting is tied to strong relationships with franchisees and franchisors, with a historical focus on the Southern Atlantic region[128] - The real estate development segment is concentrated in South Florida, with plans to expand into other southern and U.S. markets[129] - Residential construction segment focuses on custom home builds and remodeling in South Florida, with no current plans for expansion beyond this market[129][136] - The company has extensive experience building for national brands like Orange Theory Fitness, Planet Fitness, Arby's, and Starbucks, offering fixed-price contracts typically valued between $1.5-2 million with 12-14 week completion times[134] - Expansion into real estate development projects, including low-rise apartments and townhomes, aims to generate additional revenues through sales, rental income, and securing construction contracts, despite associated capital commitments and market risks[135] Strategic Goals - Strategic goals include expanding market presence in Florida, Texas, and South Carolina[137] - The company plans to leverage established industry relationships and experience to achieve targeted market penetration rates, phased rollouts, and revenue growth objectives[137] Recent Developments - JFB Construction Holdings was formed on April 9, 2024, as the parent company of JFB Construction & Development, Inc. through a reorganization[139] - The company completed its IPO on March 5, 2025, issuing 1,250,000 units of Class A common stock and generating net proceeds of $4,667,636[140] - On April 24, 2025, JFB Construction Holdings invested $1,000,000 in CM OB Hotel Owner, LLC, acquiring a 19.5% ownership interest for a 117-room Courtyard by Marriott hotel development[141][142] Our Financial Position - Three Months Ended June 30, 2025 Compared to three Months Ended June 30, 2024 Financial Performance (Three Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------- | :----------- | :--------- | :--------- | | Revenues | $3,684,938 | $4,998,472 | $(1,313,534) | -26.28% | | Gross profit | $257,535 | $858,263 | $(600,728) | -69.99% | | Selling and marketing expense | $457,702 | $6,840 | $450,862 | 6591.55% | | General and administrative expense | $2,157,263 | $823,661 | $1,333,602 | 161.91% | | Total operating expenses | $2,732,349 | $868,041 | $1,864,308 | 214.77% | | Net income (Loss) | $(2,369,254) | $30,006 | $(2,399,260) | -7996.00% | - The decrease in revenue was principally driven by a decline in new contracts and project commencements, exacerbated by prolonged permit processing times[146] - The significant increase in selling and marketing expenses was due to higher costs associated with increased advertising campaigns, expanded sales initiatives, and new marketing strategies[150] - General and administrative expenses rose due to investments in talent acquisition, retention, and administrative infrastructure (IT systems, office staff, new software)[151] Our Financial Position - Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 Financial Performance (Six Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------- | :----------- | :--------- | :--------- | | Revenues | $9,598,801 | $8,053,676 | $1,545,125 | 19.19% | | Gross profit | $1,726,901 | $1,740,430 | $(13,529) | -0.78% | | Selling and marketing expense | $569,786 | $8,607 | $561,179 | 6520.00% | | General and administrative expense | $3,442,970 | $1,621,770 | $1,821,200 | 112.29% | | Total operating expenses | $4,228,902 | $1,703,952 | $2,524,950 | 148.18% | | Net income (Loss) | $(2,338,947) | $143,401 | $(2,482,348) | -1731.06% | - Revenue growth was primarily attributed to a significant rise in new contracts secured and project initiations[158] - The decrease in gross profit was primarily due to a higher increase in cost of goods, including material and subcontractor expenses[160] - The substantial increase in selling and marketing expenses was driven by increased advertising campaigns, expanded sales initiatives, and new marketing strategies[161] Cash Flows Cash Flow Summary (Six Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------- | :----------- | :--------- | :--------- | | Net cash provided by operating activities | $(2,113,291) | $4,283,493 | $(6,396,784) | -149.33% | | Net cash used in Investing Activities | $(1,034,438) | $(727,222) | $(307,216) | 42.25% | | Net cash provided by (used in) financing activities | $5,221,386 | $(844,283) | $6,065,669 | 718.45% | | Net (decrease) increase in cash | $2,037,657 | $2,711,988 | $(674,331) | -24.86% | | Cash, end of the period | $4,769,840 | $3,948,732 | $821,108 | 20.80% | - The 51% decrease in net cash from operating activities was primarily driven by a significant decrease in contract receivables, reflecting slower collections and extended payment terms, along with higher prepaid expenses and reduced accounts payable[168] - The increase in net cash used in investing activities was primarily attributable to strategic investments in property, equipment, and other long-term assets[170] - The substantial increase in net cash from financing activities was due to $4,667,636 from the IPO and $552,750 from exercised warrants[171] Liquidity and Capital Resources - As of June 30, 2025, the company had cash of $4,769,840 and a positive working capital of $7,441,528[174] - Primary source of cash is currently generated from business operations[175] - The company plans to seek additional capital by issuing shares of stock in the coming years to meet cash needs[175] Off-balance Sheet Commitments and Arrangements - There were no off-balance sheet arrangements for the six months ended June 30, 2025 and 2024, that have a material effect on financial condition or results of operations[176] Critical Accounting Policies and Estimates - Financial statements are prepared in accordance with U.S. GAAP, requiring estimates and assumptions for assets, liabilities, revenue, and expenses[177][181] - Significant estimates include allowance for doubtful accounts, valuation of stock-based compensation, estimated useful lives of property and equipment, contract liabilities and assets, implicit interest rate in leases, uncertain tax positions, and valuation allowance on deferred tax assets[186] - The company operates in a highly competitive industry exposed to financial, operational, and strategic risks, including industry cyclicality, macroeconomic conditions, and pricing volatility[183][184][187] - Revenue recognition follows ASC 606, using a 5-step model and the cost-to-cost method for construction contracts, treating each contract as a single performance obligation[188][189][190][193] - Basic EPS is calculated using the two-class method, and diluted EPS considers both two-class and treasury stock methods, with unvested shares excluded from net loss per share calculations[195][196][197][198][199][200] - Related parties include principal owners, management, immediate family members, and affiliated entities, with all material transactions disclosed in accordance with ASC 850 and SEC Regulation S-X[201][202][203][208][209] - The company is assessing the impact of ASU 2023-09 (Improvements to Income Tax Disclosures), effective for annual periods beginning after December 15, 2024[205][206] Item 3. Quantitative and Qualitative Disclosures About Market Risk No material changes to market risk disclosures were reported as of June 30, 2025, compared to the Form 10-K for December 31, 2024 - No material changes to market risk disclosures as of June 30, 2025, compared to the Form 10-K for December 31, 2024[211] Item 4. Controls and Procedures Disclosure controls and procedures were ineffective as of June 30, 2025, due to material weaknesses like small size, lack of segregation of duties, and reporting errors; no material changes to internal controls occurred - Disclosure controls and procedures were not effective at a reasonable assurance level as of June 30, 2025[213] - Material weaknesses include the small size of the company, lack of segregation of duties, and failure to identify multiple journal entries and errors in the draft Form 10-Q[214] - No changes in internal control over financial reporting materially affected the controls during the quarter ended June 30, 2025[215] PART II - OTHER INFORMATION Item 1. Legal Proceedings The company is involved in ordinary course legal actions, but management believes no pending proceedings will materially affect its business, financial position, or results of operations - The company is involved in various claims and legal actions arising in the ordinary course of business[218] - Management believes no legal proceedings currently pending would have a material effect on the business, financial position, or results of operations[218] Item 1A. Risk Factors New risks from U.S. tariffs on construction materials are highlighted, potentially increasing costs, negatively impacting margins, and causing project delays, though as a smaller reporting company, 10-K risk factor updates are not required - As a smaller reporting company, the company is not required to disclose material changes to risk factors from its Annual Report on Form 10-K[219] - New risks include the imposition of tariffs by the U.S. government on key construction materials (steel, aluminum), which could increase costs and negatively impact margins and project performance[219][220] - Tariff-related cost increases, if not recoverable, may require revisions to cost forecasts under ASC 606, affecting operating results[221] - Supply chain disruptions from trade restrictions or extended lead times may delay project schedules and lead to penalties or revenue loss[221] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This item is marked as "Not applicable" - This item is not applicable[223] Item 3. Defaults Upon Senior Securities This item is marked as "Not applicable" - This item is not applicable[223] Item 4. Mine Safety Disclosures This item is marked as "Not applicable" - This item is not applicable[224] Item 5. Other Information On June 30, 2025, the Board approved issuing 146,400 Class A common shares under the 2024 Equity Incentive Plan to officers and directors; no material changes to director nomination procedures or Rule 10b5-1 trading arrangements occurred - On June 30, 2025, the Board approved the issuance of 60,000 shares to CEO Joseph Basile and 25,000 shares to CFO Ruben Calderon under the 2024 Equity Incentive Plan[226] - An additional 60,000 shares (10,000 each) were issued to six directors (Jamie Zambrana, Nelson Garcia, Miklos Gulyas, Bjarne Borg, Christopher Melton, David Clukey) under the same plan[228] - No material changes to procedures for recommending director nominees or to Rule 10b5-1 trading arrangements occurred during the last fiscal quarter[229][230] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including underwriting, corporate governance, employment, lease, and construction agreements, plus certifications - The exhibits include various agreements such as the Form of Underwriting Agreement, Contributions and Shares Exchange Agreement, and Employment Agreements[231] - Corporate governance documents like Amended and Restated Articles of Incorporation and Bylaws are also listed[231] - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sarbanes-Oxley Act are included[231] Signatures The report is signed by the CEO, CFO, and other directors, affirming its submission under the Securities and Exchange Act of 1934 - The report is signed by Joseph F. Basile III (CEO and Principal Executive Officer) and Ruben Calderon (CFO and Principal Financial Officer), and other directors[237] - Signatures affirm submission pursuant to the requirements of the Securities and Exchange Act of 1934[235]