Daily Journal(DJCO) - 2025 Q3 - Quarterly Report

PART I - Financial Information Item 1. Financial Statements (Unaudited) Presents unaudited consolidated financial statements, including balance sheets, income statements, equity, cash flows, and notes for periods ended June 30, 2025, and September 30, 2024 Consolidated Balance Sheets Total assets increased to $494.7 million at June 30, 2025, from $403.8 million at September 30, 2024, driven by marketable securities, with shareholders' equity also rising Consolidated Balance Sheets (000) | Metric | June 30, 2025 (000) | September 30, 2024 (000) | | :----------------------------------- | :-------------------- | :----------------------- | | Cash and cash equivalents | $18,705 | $12,986 | | Marketable securities at fair value | $443,011 | $358,691 | | Total current assets | $485,716 | $394,495 | | Total assets | $494,721 | $403,763 | | Total current liabilities | $39,121 | $38,443 | | Total long-term liabilities | $106,718 | $86,536 | | Total shareholders' equity | $348,882 | $278,784 | Consolidated Statements of Income and Comprehensive Income (Three Months) Q3 2025 total revenues rose 34% to $23.4 million, but net income fell 38.3% to $14.4 million due to lower unrealized gains on marketable securities Consolidated Statements of Income and Comprehensive Income (Three Months, 000) | Metric | Three months ended June 30, 2025 (000) | Three months ended June 30, 2024 (000) | Change (%) | | :----------------------------------- | :------------------------------------- | :------------------------------------- | :--------- | | Total revenues | $23,406 | $17,494 | 34.0% | | Income from operations | $3,224 | $1,090 | 195.8% | | Net realized and unrealized gains on marketable securities | $11,521 | $28,018 | -58.9% | | Income before income taxes | $18,231 | $31,835 | -42.7% | | Net income | $14,421 | $23,355 | -38.3% | | Basic and diluted net income per share | $10.47 | $16.96 | -38.3% | Consolidated Statements of Income and Comprehensive Income (Nine Months) Nine months ended June 30, 2025, total revenues increased 18.4% to $59.3 million, and net income rose 36.2% to $70.0 million, driven by higher gains on marketable securities Consolidated Statements of Income and Comprehensive Income (Nine Months, 000) | Metric | Nine months ended June 30, 2025 (000) | Nine months ended June 30, 2024 (000) | Change (%) | | :----------------------------------- | :------------------------------------ | :------------------------------------ | :--------- | | Total revenues | $59,286 | $50,058 | 18.4% | | Income from operations | $4,929 | $2,346 | 110.9% | | Net realized and unrealized gains on marketable securities | $84,320 | $62,472 | 35.0% | | Income before income taxes | $94,396 | $68,195 | 38.4% | | Net income | $69,986 | $51,385 | 36.2% | | Basic and diluted net income per share | $50.81 | $37.32 | 36.1% | Consolidated Statements of Shareholders' Equity Shareholders' equity rose from $278.8 million (Sept 30, 2024) to $348.9 million (June 30, 2025), driven by net income and stock-based compensation Consolidated Statements of Shareholders' Equity (000) | Metric | June 30, 2025 (000) | September 30, 2024 (000) | | :----------------------- | :------------------ | :----------------------- | | Retained earnings | $346,799 | $276,813 | | Total shareholders' equity | $348,882 | $278,784 | - Stock-based compensation contributed $23K in Q3 2025 and $65K in Q2 2025 to additional paid-in capital[16] Consolidated Statements of Cash Flows Net cash from operations improved to $8.8 million (nine months ended June 30, 2025) from a $3.2 million use (prior year), with financing cash use decreasing due to lower margin loan payments Consolidated Statements of Cash Flows (000) | Metric | Nine months ended June 30, 2025 (000) | Nine months ended June 30, 2024 (000) | | :----------------------------------- | :------------------------------------ | :------------------------------------ | | Net cash provided from (used in) operating activities | $8,810 | $(3,212) | | Net cash provided from investing activities | $- | $40,568 | | Net cash used in financing activities | $(2,623) | $(47,619) | | Increase (decrease) in cash and restricted cash and cash equivalents | $6,187 | $(10,263) | - Payment to margin loan borrowing decreased significantly to $2.5 million in 2025 from $47.5 million in 2024[19] Notes to Consolidated Financial Statements Provides additional disclosures for financial statements, covering operations, accounting policies, fair value, debt, commitments, contingencies, and segment reporting Note 1 - The Corporation and Operations Daily Journal Corporation operates 'Traditional Business' (newspapers, info services) and 'Journal Technologies' (case management software for justice agencies in 32 states and internationally) - The Company's 'Traditional Business' publishes newspapers and websites covering California and Arizona and provides specialized information services and public notice advertising[21] - Journal Technologies, a wholly-owned subsidiary, supplies case management software systems and related products to courts, prosecutor/public defender offices, probation departments, and other justice agencies in approximately 32 states and internationally[22] - U.S. operations are primarily based in California, Arizona, and Utah, with an international presence in Australia and British Columbia, Canada[23] Note 2 – Summary of Significant Accounting Policies Outlines basis of presentation for unaudited interim consolidated financial statements, prepared under SEC rules and GAAP, highlighting credit losses and stock-based compensation - The unaudited consolidated financial statements are prepared in accordance with SEC rules and GAAP, with certain information and footnote disclosures condensed or omitted[24][25] Allowance for Credit Losses (000) | Description | Balance at Beginning of Year | Additions charged to Costs and Expenses | Accounts charged off less Recoveries | Balance at End of Year | | :------------------------------------ | :--------------------------- | :-------------------------------------- | :--------------------------------- | :--------------------- | | Fiscal 2025 year-to-date through June 30 | $250 | $9 | $(9) | $250 | | Fiscal 2024 year-to-date through June 30 | $250 | $4 | $(4) | $250 | - The Company has two equity incentive plans for key employees and non-employee directors, with 4,725 shares available for future grants as of June 30, 2025[30] - Unrecognized compensation cost related to unvested restricted stock units was approximately $99,000, expected to be amortized over approximately 1.05 years[33] Note 3 – New Accounting Pronouncement Reviewed ASU No. 2023-07, 'Segment Reporting,' effective after December 15, 2023, with no expected material effect on financial statements - ASU No. 2023-07, Segment Reporting, improves reportable segment disclosure requirements and is effective for fiscal years beginning after December 15, 2023[35] - The Company believes that the adoption of ASU No. 2023-07 will not have a material effect on its consolidated financial statements[35] Note 4 – Right-of-Use (ROU) Asset and Liabilities Current ROU assets and lease liabilities decreased to $59K (June 30, 2025) from $151K (June 30, 2024), with accrued liabilities including vacation, compensation, and payroll - Current ROU asset and current lease liabilities were approximately $59,000 at June 30, 2025, down from $151,000 at June 30, 2024[36] Accrued Current Liabilities (000) | Item | June 30, 2025 | June 30, 2024 | | :----------------------------------- | :------------ | :------------ | | Accrued vacation | $3,425 | $3,350 | | Current portion of supplemental compensation accrual | $2,910 | $2,280 | | Accrued payroll, including non-qualified compensation and other | $2,535 | $2,887 | Note 5 – Revenue Recognition Recognizes revenue per ASC Topic 606; Traditional Business revenue recognized upon service, Journal Technologies allocates revenue based on standalone selling prices for consulting, software, maintenance, and hosting - Traditional Business revenues from subscriptions and other services are recorded as deferred revenue and recognized over the subscription term; advertising service fees are recognized when advertisements are published[39] - Journal Technologies' contracts include implementation consulting fees, subscription software license, maintenance, support fees, and third-party hosting fees[40] - Revenue is allocated based on standalone selling price, with consulting fees recognized upon service completion and subscription/maintenance fees recognized ratably[41] - Approximately 77% of the Company's revenues for the nine months ended June 30, 2025, were derived from sales of software licenses, annual software licenses, maintenance and support agreements, and consulting services[45] Changes in total deferred revenues (000) | Description | Balance at Beginning of Year | Addition to the Deferral | Recognition from Deferral | Balance at End of Year | | :-------------------- | :--------------------------- | :----------------------- | :------------------------ | :--------------------- | | As of June 30, 2025 | $24,596 | $33,935 | $(37,978) | $20,553 | | As of June 30, 2024 | $26,539 | $33,247 | $(33,794) | $25,992 | Note 6 - Treasury Stock and Net Income per Common Share 3,720 common shares received as a gift in June 2022 were treasury stock; 400 shares granted to CEO in July 2024; net income per share based on 1,377,321 weighted average shares outstanding for nine months ended June 30, 2025 - 3,720 shares of common stock were received as a gift in June 2022 and accounted for as treasury stock[48] - In July 2024, 400 shares were granted to the CEO[48] Weighted Average Number of Common Shares Outstanding | Period | 2025 | 2024 | | :------------------------------------ | :----------- | :----------- | | Nine months ended June 30 | 1,377,321 | 1,377,026 | | Three months ended June 30 | 1,377,426 | 1,377,026 | Note 7 - Basic and Diluted Net Income Per Share Basic and diluted net income per share were essentially the same at June 30, 2025, as common stock and restricted stock units were roughly equivalent to common shares - Basic and diluted net income per share were essentially the same at June 30, 2025, as common stock and restricted stock units were roughly equivalent to common shares[49] Note 8 - Fair value of Financial Instruments Financial instruments, primarily marketable securities and cash equivalents, are measured at fair value using Level 1 inputs; marketable securities had a fair value of $443.0 million at June 30, 2025, with $303.9 million in net accumulated pretax unrealized gains - Financial instruments, including marketable securities and cash equivalents, are measured at fair value using Level 1 inputs (unadjusted quoted prices for identical instruments in active markets)[53][55] Fair Value of Financial Assets (000) | Item | June 30, 2025 (Level 1) | September 30, 2024 (Level 1) | | :-------------------------- | :---------------------- | :--------------------------- | | Money market funds | $3,846 | $3,945 | | Marketable securities | $443,011 | $358,691 | | Total | $446,857 | $362,636 | - As of June 30, 2025, net accumulated pretax unrealized gains on marketable securities were $303,917,000, up from $219,597,000 at September 30, 2024[56] - Most gains were in common stocks of three U.S. financial institutions and one foreign manufacturer[56] - Net unrealized and realized gains on marketable securities for the nine months ended June 30, 2025, were $84,320,000, compared to $62,472,000 in the prior period[57] - No purchases or sales of marketable securities occurred in the 2025 period, but a portion was sold in March 2024 to reduce the margin loan[58] Note 9 - Income Taxes Nine-month income tax provision was $24.4 million on pretax income of $94.4 million, with an effective tax rate of 25.9%, including significant provisions for unrealized gains on marketable securities Income Tax Provision (000) | Period | Pretax Income | Income Tax Provision | Effective Tax Rate | | :-------------------------- | :------------ | :------------------- | :----------------- | | Nine months ended June 30, 2025 | $94,396 | $24,410 | 25.9% | | Nine months ended June 30, 2024 | $68,195 | $16,810 | 24.65% | - The income tax provision for 2025 included $21,990,000 on unrealized gains on marketable securities, while for 2024 it included $3,690,000 on realized gains and $12,480,000 on unrealized gains[62][63] Note 10 - Debt and Commitments Investment margin loan reduced to $25 million (June 30, 2025) from $27.5 million (Sept 30, 2024) at 5% interest; real estate loan $997.3K; Company sponsors 401(k) and non-qualified deferred compensation plans - The investment margin loan balance was reduced to $25,000,000 at June 30, 2025, from $27,500,000 at September 30, 2024, with an interest rate of approximately 5%[66][67] - A real estate bank loan for the Logan, Utah office building had a balance of approximately $997,300 as of June 30, 2025, with a fixed interest rate of 3.33%[68] - Employer contributions to the 401(k) retirement plan were $460,000 for the nine months ended June 30, 2025[71] - Deferred compensation liabilities for the non-qualified plan were approximately $1,398,000 at June 30, 2025[71] Note 11 - Contingencies The Company faces litigation in the normal course of business, but management expects no material adverse effect on financial position, results of operations, or cash flows - The Company is subject to contingencies, including litigation, arising in the normal course of its business[72] - Management does not believe the ultimate outcome of these matters will have a material adverse effect on the Company's financial position, results of operations, or cash flows[72] Note 12 - Operating Segments Operates in two segments: Traditional Business and Journal Technologies; Journal Technologies accounted for 77% of nine-month revenues and 79% of three-month revenues (June 30, 2025), primarily from governmental agencies - The Company has two reportable segments: the Traditional Business and Journal Technologies (including Journal Technologies, Inc. and Journal Technologies (Canada) Inc.)[73] - Approximately 77% of the Company's revenues for the nine months ended June 30, 2025, and 79% for the three months ended June 30, 2025, were derived from Journal Technologies[79] - Journal Technologies' revenues are primarily from governmental agencies[79] Note 13 - Subsequent Events Evaluated all subsequent events through the issuance date of financial statements and found no events requiring recognition or disclosure - No subsequent events occurred through the issuance date of the financial statements that required recognition or disclosure[80] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management analyzes financial condition and results for Traditional Business and Journal Technologies (three and nine months ended June 30, 2025), covering liquidity, capital resources, and critical accounting policies Results of Operations The Company operates two distinct businesses: Traditional Business (newspaper publishing) and Journal Technologies (case management software for justice agencies in 32 states and internationally) - The Company operates two distinct businesses: the Traditional Business (newspaper publishing and related services) and Journal Technologies (case management software systems for courts and justice agencies)[82] - Journal Technologies' products are licensed or subscribed to in approximately 32 states and internationally, offering electronic case management, e-filing, and online payment services[82] Reportable Segments (Nine Months) Nine-month consolidated revenues rose 18% (Journal Technologies-driven), operating expenses increased 14%, and net income grew 36% due to higher unrealized gains on marketable securities, with Journal Technologies showing substantial pretax income growth Consolidated Financial Comparison (Nine Months) Nine-month consolidated revenues rose 18% to $59.3 million, operating expenses increased 14% to $54.4 million, and net income grew 36% to $70.0 million, largely due to higher net unrealized gains on marketable securities Consolidated Financial Performance (Nine Months, 000) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----- | :----- | :--------- | :--------- | | Consolidated revenues | $59,286 | $50,058 | $9,228 | 18.4% | | Consolidated operating expenses | $54,357 | $47,712 | $6,645 | 13.9% | | Non-operating income, net of expenses | $89,467 | $65,849 | $23,618 | 35.9% | | Consolidated net income | $69,986 | $51,385 | $18,601 | 36.2% | | Basic and diluted net income per share | $50.81 | $37.32 | $13.49 | 36.1% | - Revenue increase primarily from Journal Technologies' license and maintenance fees ($2.4M), consulting fees ($1.9M), and other public service fees ($4.0M), as well as Traditional Business' advertising revenues ($0.7M)[85] - Operating expense increase mainly due to a $4.1 million (12%) rise in salaries and employee benefits, driven by annual adjustments and additional staff for operational efficiencies, product development, and installation projects[87] Taxes (Nine Months) Nine-month income tax provision was $24.4 million on pretax income of $94.4 million, with an effective tax rate of 25.9%, including a significant portion for unrealized gains on marketable securities Income Tax Provision (Nine Months, 000) | Metric | 2025 | 2024 | | :----------------------------------- | :----- | :----- | | Pretax income | $94,396 | $68,195 | | Income tax provision | $24,410 | $16,810 | | Overall effective tax rate | 25.9% | 24.65% | - The 2025 tax provision included $21,990,000 on unrealized gains on marketable securities[91] - The 2024 provision included $3,690,000 on realized gains and $12,480,000 on unrealized gains[92] The Traditional Business (Nine Months) Traditional Business pretax income decreased 85% to $237K (nine months ended June 30, 2025) due to increased expenses, particularly supplemental compensation accrual, despite a 7.5% revenue increase Traditional Business Performance (Nine Months, 000) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----- | :----- | :--------- | :--------- | | Pretax income | $237 | $1,601 | $(1,364) | -85.2% | | Total operating revenues | $13,352 | $12,426 | $926 | 7.5% | | Advertising revenues | $7,642 | $6,939 | $703 | 10.1% | | Advertising service fees and other | $2,514 | $2,204 | $310 | 14.1% | | Circulation revenues | $3,196 | $3,283 | $(87) | -2.7% | - The decrease in pretax income was primarily due to increased expenses of $2,290,000, mainly from increases in the long-term supplemental compensation accrual[94] - Advertising revenue growth was driven by increased commercial advertising ($380K), legal notice advertising ($154K), trustee sale notice advertising ($108K), and government notice advertising ($61K)[95] - The number of foreclosure notices published increased by 12% during the period[96] Journal Technologies (Nine Months) Journal Technologies' pretax income surged 530% to $4.7 million (nine months ended June 30, 2025), driven by a 22% revenue increase, with continued investment in software updates and R&D Journal Technologies Performance (Nine Months, 000) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----- | :----- | :--------- | :--------- | | Pretax income | $4,692 | $745 | $3,947 | 530.0% | | Revenues | $45,934 | $37,632 | $8,302 | 22.1% | | Licensing and maintenance fees | $22,990 | $20,572 | $2,418 | 11.7% | | Consulting fees | $11,792 | $9,939 | $1,853 | 18.6% | | Other public service fees | $11,152 | $7,121 | $4,031 | 56.6% | | Operating expenses | $41,242 | $36,887 | $4,355 | 11.8% | - Revenue growth was mainly due to increased customer projects being completed, leading to higher consulting fees, and increased e-filing fee revenues[100] - Operating expense increase was primarily due to increased personnel costs (annual salary adjustments, additional staff for operational efficiencies, product development, technical debt, and installation projects) and increased third-party hosting fees[102] - Journal Technologies continues to invest in updating and upgrading software products, strengthening product management, quality assurance, user experience, and exploring new possibilities with emerging technologies, expensing these costs as incurred[103] Comparable Segments (Three Months) Three-month consolidated revenues rose 34% (Journal Technologies-driven), but net income fell 38.3% due to lower non-operating income from marketable securities; Traditional Business incurred a pretax loss, while Journal Technologies saw substantial pretax income growth Consolidated Financial Comparison (Three Months) Three-month consolidated revenues rose 34% to $23.4 million, operating expenses increased 23% to $20.2 million, but non-operating income fell 51% to $15.0 million, leading to a 42.7% decrease in net income to $14.4 million, mainly due to lower net unrealized gains on marketable securities Consolidated Financial Performance (Three Months, 000) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----- | :----- | :--------- | :--------- | | Consolidated revenues | $23,406 | $17,494 | $5,912 | 33.8% | | Consolidated operating expenses | $20,182 | $16,404 | $3,778 | 23.0% | | Non-operating income, net of expenses | $15,007 | $30,745 | $(15,738) | -51.2% | | Consolidated net income | $14,421 | $23,355 | $(8,934) | -38.3% | | Basic and diluted net income per share | $10.47 | $16.96 | $(6.49) | -38.3% | - Revenue increase primarily from Journal Technologies' consulting fees ($3.1M), other public service fees ($1.6M), and license/maintenance fees ($0.8M), as well as Traditional Business' advertising revenues ($0.3M)[106] - Operating expense increase mainly due to a $2.7 million (22%) rise in salaries and employee benefits, driven by annual adjustments and additional staff at Journal Technologies[108] - Non-operating income decrease primarily due to lower net unrealized gains on marketable securities ($11.5M in 2025 vs $28.0M in 2024)[109] The Traditional Business (Three Months) Traditional Business reported a pretax loss of $934K (three months ended June 30, 2025), a significant decrease from a $740K profit (prior year), mainly due to increased expenses, particularly a $1.1 million increase in supplemental compensation accrual, despite a 10.3% revenue increase Traditional Business Performance (Three Months, 000) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----- | :----- | :--------- | :--------- | | Pretax income | $(934) | $740 | $(1,674) | -226.2% |\n| Total operating revenues | $4,881 | $4,427 | $454 | 10.3% | | Advertising revenues | $2,798 | $2,536 | $262 | 10.3% | - The decrease in pretax income was primarily due to increased expenses of $2,128,000, mainly from a $1,145,000 increase in the long-term supplemental compensation accrual[111] - Advertising revenue growth was driven by increased commercial advertising ($155K), legal notice advertising ($90K), and trustee sale notice advertising ($27K)[112] Journal Technologies (Three Months) Journal Technologies' pretax income dramatically increased 1088% to $4.2 million (three months ended June 30, 2025), driven by a 44% revenue increase, primarily from consulting and public service fees, with operating expenses rising 13% Journal Technologies Performance (Three Months, 000) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----- | :----- | :--------- | :--------- | | Pretax income | $4,158 | $350 | $3,808 | 1088.0% | | Revenues | $18,525 | $13,067 | $5,458 | 41.8% | | Licensing and maintenance fees | $7,964 | $7,161 | $803 | 11.2% | | Consulting fees | $6,529 | $3,438 | $3,091 | 89.9% | | Other public service fees | $4,032 | $2,468 | $1,564 | 63.4% | | Operating expenses | $14,367 | $12,717 | $1,650 | 13.0% | - Revenue growth was mainly due to more customer projects being completed, leading to higher consulting fees, and increased e-filing fee revenues[114] - Operating expense increase was primarily due to additional contractor services, hiring of additional staff members, and increased third-party hosting fees[115] Liquidity and Capital Resources Cash, cash equivalents, restricted cash, and marketable securities increased by $90.1 million (nine months ended June 30, 2025), primarily due to net pretax unrealized gains on marketable securities and margin loan reduction; working capital was $446.6 million - Cash, cash equivalents, restricted cash, and marketable security positions increased by $90,097,000 during the nine months ended June 30, 2025, after recording net pretax unrealized gains on marketable securities of $84,320,000 and a $2.5 million margin loan payment[117] - The marketable securities portfolio had a market value of approximately $443,011,000 at June 30, 2025, with $303,917,000 of net unrealized gains before taxes[118] - The margin loan balance was $25,000,000[118] - Working capital was $446,595,000 as of June 30, 2025[120] - The Company believes it can fund operations through cash flows and current working capital but may need to sell additional securities or borrow against its marketable securities portfolio, which is subject to market value fluctuations and potential margin calls[121] Critical Accounting Policies and Estimates Identifies revenue recognition, software costs, fair value measurement, and income taxes as critical accounting policies and estimates, with further details in the Annual Report on Form 10-K - Critical accounting policies and estimates include revenue recognition, accounting for software costs, fair value measurement and disclosures, and income taxes[122] - Further details on these policies are provided in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024[123] Disclosure Regarding Forward-Looking Statements Contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially, including risks related to software development, reliance on justice agencies, costs, laws, security, accounting, internal control, and market prices of securities - The report includes "forward-looking statements" that involve risks and uncertainties, which may cause actual future events or results to differ materially[125] - Key factors that could cause differences include risks associated with software development and implementation, disruptive new technologies like AI, reliance on justice agencies, material changes in costs (postage, paper), changes in public notice advertising laws, security breaches, accounting guidance, material weaknesses in internal control, and declines in marketable securities prices[125] - The Company disclaims any intention or obligation to revise any forward-looking statements[125] Item 4. Controls and Procedures Disclosure controls and procedures were ineffective as of June 30, 2025, due to material weaknesses in internal control over financial reporting, with remediation efforts underway - Management concluded that the Company's disclosure controls and procedures were not effective as of June 30, 2025, due to material weaknesses in internal control over financial reporting[126] - Remediation activities include hiring additional finance and accounting personnel, implementing a new consolidated ERP system, enhancing internal review procedures, engaging a third-party consulting firm, and hiring a Director of SEC Reporting[127][128] - These remediation activities are expected to result in additional costs[127] PART II - Other Information Item 6. Exhibits Lists exhibits filed with Form 10-Q, including CEO and CFO certifications under Sarbanes-Oxley Act Sections 302 and 906, and various Inline XBRL taxonomy extensions - Exhibits include Certifications by the Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[132] - The filing also includes various Inline XBRL (eXtensible Business Reporting Language) taxonomy extensions (Instance, Schema, Calculation, Definition, Labels, Presentation) and the Cover Page Interactive Data File[132] SIGNATURE Report signed by Steven Myhill-Jones (CEO & Chairman) and Tu To (CFO) on behalf of Daily Journal Corporation on August 14, 2025 - The report is signed by Steven Myhill-Jones, Chief Executive Officer and Chairman of the Board, and Tu To, Chief Financial Officer[132] - The signing date for the report is August 14, 2025[132]