Toppoint Holdings Inc(TOPP) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, stockholders' equity, and cash flows, along with comprehensive notes detailing the company's operations, accounting policies, and financial position for the periods ended June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets Presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 Balance Sheet Summary | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :-------------------------------- | :-------------------------- | :------------------ | | Cash | $1,487,357 | $557,619 | | Accounts receivable, net | $1,048,533 | $1,203,001 | | Contract assets | $427,304 | $88,153 | | Note receivable | $5,700,000 | $- | | Total Assets | $12,261,322 | $4,985,912 | | Total Current Liabilities | $1,999,022 | $1,778,344 | | Total Liabilities | $2,733,175 | $2,444,038 | | Total Shareholders' Equity | $9,528,147 | $2,541,874 | - Total Assets increased significantly from $4.99 million at December 31, 2024, to $12.26 million at June 30, 2025, primarily driven by a substantial increase in cash and the recognition of a $5.7 million note receivable[13] - Total Shareholders' Equity saw a substantial rise from $2.54 million to $9.53 million, mainly due to common stock issuance and additional paid-in capital[13] Condensed Consolidated Statements of Operations Details the company's revenues, expenses, and net income or loss for the three and six months ended June 30, 2025 and 2024 Statements of Operations Summary | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $3,968,924 | $4,697,387 | $7,780,534 | $8,431,284 | | Total costs and expenses | $5,558,037 | $4,491,289 | $9,776,764 | $8,077,290 | | (Loss) income from operations | $(1,589,113) | $206,098 | $(1,996,230) | $353,994 | | Net (loss) income | $(1,531,523) | $144,120 | $(2,059,997) | $255,212 | | Basic and diluted net (loss) income per share | $(0.09) | $0.01 | $(0.12) | $0.02 | - The company shifted from net income to a significant net loss for both the three and six months ended June 30, 2025, compared to the prior year, primarily due to decreased revenue and increased general and administrative expenses[15] Condensed Consolidated Statements of Stockholders' Equity Outlines changes in equity components, including common stock, additional paid-in capital, and retained earnings, for the periods presented Stockholders' Equity Summary | Metric | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :------------------------ | :------------------ | :--------------- | :-------------- | | Common Stock Shares | 15,000,000 | 17,500,000 | 17,500,000 | | Additional Paid-in Capital | $139,750 | $8,200,220 | $9,185,770 | | Retained Earnings | $2,400,624 | $1,872,149 | $340,627 | | Total Stockholders' Equity | $2,541,874 | $10,074,119 | $9,528,147 | - Shareholders' equity significantly increased from $2.54 million at December 31, 2024, to $9.53 million at June 30, 2025, driven by the issuance of common stock ($8.06 million in additional paid-in capital) and stock-based compensation ($985,550), despite net losses[18] Condensed Consolidated Statements of Cash Flows Presents the cash inflows and outflows from operating, investing, and financing activities for the periods ended June 30, 2025 and 2024 Cash Flow Summary | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(1,139,576) | $(176,876) | | Net cash used in investing activities | $(6,712,944) | $(118,777) | | Net cash provided by financing activities | $8,782,257 | $(137,218) | | Net increase (decrease) in cash | $929,738 | $(432,871) | | Cash, end of period | $1,487,357 | $1,023,105 | - Significant cash outflows from operating and investing activities were largely offset by a substantial cash inflow from financing activities, primarily due to common stock issuance, resulting in a net increase in cash of $929,738 for the six months ended June 30, 2025[21] Notes to the Unaudited Condensed Consolidated Financial Statements Provides detailed explanations and disclosures supporting the condensed consolidated financial statements, covering accounting policies and specific financial items NOTE 1: NATURE OF OPERATIONS Describes the company's business, incorporation, public offering, and expansion into recycling export supply chain services - Toppoint Holdings Inc. was incorporated in August 2022, acquired Toppoint, Inc. as a wholly-owned subsidiary, and completed a public offering on January 23, 2025, raising $10,000,000[23] - The company is a truckload services and solutions provider focused on the recycling export supply chain, a key player in the New Jersey and Pennsylvania regional trucking market for waste paper, scrap metal, and wooden logs[25] - The company is expanding its footprints domestically and internationally, having ventured into the recycling export transport market of Tampa and Miami, FL, and established Topp Metals Inc. on June 4, 2025, which currently has no business activities[24][25] NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Outlines the key accounting principles and methods used in preparing the financial statements, including revenue recognition and asset valuation - The company's revenue recognition policy follows ASC 606, recognizing revenue at a point in time when truckload services are completed and goods are delivered to their final destination[33][34] - Intangible assets consist of internally developed software utilizing AI-based technology, with accumulated amortization of $201,654 as of June 30, 2025[29][61] - The company adopted the Current Expected Credit Losses (CECL) model for accounts receivable, with an allowance for credit losses of $123,371 as of June 30, 2025[38][51] NOTE 3: LIQUIDITY Assesses the company's ability to meet its short-term obligations, considering cash balances, working capital, and operating cash flows - The company incurred net losses of $1,531,523 and $2,059,997 for the three and six months ended June 30, 2025, respectively[56] Key Liquidity Metrics | Metric | June 30, 2025 | | :-------------------- | :-------------- | | Cash Balance | $1,487,357 | | Working Capital | $1,203,864 | | Net Cash Used in Operating Activities (6 months) | $(1,139,576) | | Net Cash Used in Investing Activities (6 months) | $(6,712,944) | - Management believes current cash on hand and operating cash flows will be sufficient for at least the next 12 months, while also discussing working capital and financing with various lenders[56] NOTE 4: NOTE RECEIVABLE Details the terms and status of a significant note receivable, including interest rates and principal payments - On January 27, 2025, the company lent Golden Bridge Capital Management Limited $6,000,000, with an amended agreement on April 7, 2025, increasing the annual interest rate to 7%[57][58] - During March 2025, $300,000 was repaid, and an additional $200,000 principal payment was received on August 4, 2025[57][58] Note Receivable Interest Income | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :---------------- | :------------------------------- | :----------------------------- | | Interest Income | $100,859 | $173,192 | NOTE 5: PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS Provides a breakdown of property, equipment, and intangible assets, along with changes due to purchases, depreciation, and amortization Property and Intangible Assets | Asset Category | June 30, 2025 (unaudited) | December 31, 2024 | | :-------------------------- | :-------------------------- | :------------------ | | Property and Equipment, net | $1,973,810 | $1,191,572 | | Software development, net | $604,960 | $739,396 | - Property and equipment, net, increased by $782,238, primarily due to equipment purchases, while intangible assets, net (software development), decreased by $134,436 due to amortization[59][61] Depreciation and Amortization Expenses | Expense Type | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :-------------------- | :------------------------------- | :----------------------------- | | Depreciation Expense | $133,673 | $230,706 | | Amortization Expense | $67,218 | $134,436 | NOTE 6 – LOANS PAYABLE Details the company's outstanding loans, including new borrowings, interest rates, collateral, and scheduled maturities Loans Payable Summary | Loan Description | June 30, 2025 (unaudited) | December 31, 2024 | | :-------------------------------- | :-------------------------- | :------------------ | | Economic Injury Disaster Loan (EIDL) | $149,900 | $149,900 | | M&T Term Loan | $323,025 | $- | | Less current maturities | $(28,777) | $- | | Total Loans Payable, net of current maturities | $444,148 | $149,900 | - The company entered into a new M&T Term Loan of $328,500 in May 2025, bearing 6.09% interest and collateralized by equipment, significantly increasing total loans payable[62][63] Scheduled Loan Maturities | Period Ending | Scheduled Maturities | | :-------------------- | :------------------- | | 2025 (remaining) | $28,777 | | 2026 | $63,391 | | 2027 | $67,164 | | 2028 | $71,173 | | 2029 | $75,434 | | Thereafter | $166,986 | | Total | $472,925 | NOTE 7 – LEASES Outlines the company's lease arrangements, including right-of-use assets, lease liabilities, and related party leases Lease Assets and Liabilities | Lease Metric | June 30, 2025 (unaudited) | December 31, 2024 | | :------------------------------------------ | :-------------------------- | :------------------ | | Right-of-use assets, net | $580,545 | $675,561 | | Right-of-use assets – related party, net | $138,121 | $82,098 | | Total operating lease liabilities | $(505,892) | $(462,385) | | Weighted Average Remaining Lease Term | 2.06 years | 2.68 years | - The company leases office and automobiles, including two office leases with related parties (CEO and family member)[65][67] Lease Expenses | Lease Expense (ASC 842) | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :------------------------ | :------------------------------- | :----------------------------- | | Total Lease Expense | $118,550 | $226,099 | NOTE 8 – COMMITMENTS AND CONTINGENCIES Discusses legal settlements and ongoing litigation, including a class action lawsuit, and management's assessment of potential losses - The company settled a breach of contract lawsuit with Trend Intermodal Chassis Leasing LLC for $150,000, recorded as an expense as of June 30, 2025[70] - A class action lawsuit alleging misclassification of truck drivers as independent contractors was reinstated in January 2025; the company believes the claims are without merit and does not believe there is a probable and estimable loss[70][71] NOTE 9: STOCKHOLDERS' EQUITY Details changes in stockholders' equity, including the initial public offering, warrant issuance, and stock-based compensation - The company completed its initial public offering on January 23, 2025, selling 2,500,000 shares of common stock for gross proceeds of $10,000,000 and net proceeds of approximately $8.28 million[76] - Warrants to purchase 125,000 shares of common stock at an exercise price of $4.80 per share were issued to the underwriters[76] - On May 21, 2025, 1,150,000 fully vested options were granted to the Chief Financial Officer with an exercise price of $0.857 and a fair value of $985,550[81] NOTE 10: CONCENTRATIONS Identifies significant customer concentrations and risks related to cash balances exceeding federally insured limits - Three customers accounted for approximately 35% of total revenue for the three months ended June 30, 2025, and 36% for the six months ended June 30, 2025, indicating significant customer concentration[84] - The company's cash balances at times exceeded federally insured limits in bank and financial institution deposits[83] NOTE 11: RELATED PARTY TRANSACTIONS Details transactions with related parties, including leases, promissory notes, and payments for services and asset purchases - The company leases office spaces from related parties (CEO and a family member), with related party right-of-use assets of $138,121 and lease liabilities of $104,731 as of June 30, 2025[85] - A promissory note was issued to CEO Hok C Chan for advances, bearing an annual interest rate of 36.88%, increasing to 55% after maturity, with a $1 million principal repayment made on July 7, 2025[88][97] - Payments were made to the CFO for accounts payable settlement ($219,744 for six months ended June 30, 2025) and to a family member of the CEO for dispatch services ($318,535 for six months ended June 30, 2025) and truck chassis purchases ($650,000 during six months ended June 30, 2025)[86][87] NOTE 12: INCOME TAXES Explains the company's income tax provision, deferred taxes, net operating loss carryforwards, and valuation allowances Income Tax Provision | Income Tax Provision | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------- | :----------------------------- | :----------------------------- | | Current | $171,949 | $39,908 | | Deferred | $(187,108) | $56,136 | | Total | $(15,159) | $96,044 | - The company recorded an income tax benefit of $(15,159) for the six months ended June 30, 2025, compared to a provision of $96,044 in 2024, primarily due to a net loss[91][137] - As of June 30, 2025, the company had a net operating loss carryforward of approximately $1,200,000 and recorded a valuation allowance of $366,162 against its net deferred tax asset[91][92] NOTE 13: SEGMENT INFORMATION States that the company operates as a single operating segment, focusing on truckload services, with performance evaluated by net income - The company operates as one operating segment, deriving revenue from the delivery of truckload services, with the CEO evaluating performance through net income and significant expense categories[93] NOTE 14: EARNINGS (LOSS) PER SHARE Presents basic and diluted earnings per share calculations, including the impact of outstanding options on potential dilution Earnings (Loss) Per Share Data | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :------------------------------------------------ | :------------------------------- | :----------------------------- | | Basic and diluted net (loss) income per share | $(0.09) | $(0.12) | | Weighted Average Number of Shares Outstanding | 17,500,000 | 17,222,222 | - As of June 30, 2025, the company had 1,150,000 options outstanding that could potentially dilute future net income per share[95] NOTE 15: SUBSEQUENT EVENTS Reports significant events occurring after the balance sheet date, including principal repayments for related party loans and notes receivable - On July 7, 2025, the company made a principal repayment of $1 million for a related party loan to Hok C Chan[97] - On August 4, 2025, the company received a $200,000 principal payment from Golden for a note receivable[97] 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, highlighting key business developments, financial performance drivers, and a detailed comparison of financial results for the three and six months ended June 30, 2025 and 2024 Overview Provides a general description of the company's business, market position, and recent strategic initiatives, including its IPO - Toppoint Holdings Inc. is a truckload services and solutions provider focused on the recycling export supply chain, a key player in the New Jersey and Pennsylvania regional trucking market for waste paper, scrap metal, and wooden logs[105] - The company is expanding into the import drayage vertical, allowing for double usage of containers, and completed its initial public offering on January 23, 2025, raising $10,000,000 gross proceeds[105][107] Recent Developments Highlights recent strategic partnerships, market expansions, and new service launches expected to drive future revenue growth - Secured a new partnership for import drayage in New Jersey, managing 200+ monthly import loads, expected to generate over $2.1 million in additional revenue in 2025[109] - Executed an MOU with the Chancay, Peru municipality to explore logistics and recycling infrastructure, with potential container volume expected to exceed major U.S. ports[109] - Launched cold-chain logistics services, secured a new partnership with Casella Waste Systems, increased service capacity with Waste Management, and expanded import logistics through a new partnership with a Vietnamese freight company, expected to drive 30% year-over-year revenue growth in 2025[109] Emerging Growth Company Status and Smaller Reporting Company Status Explains the company's regulatory classifications and the associated benefits regarding financial accounting standards and disclosure requirements - The company is an emerging growth company and has elected to use the extended transition period for complying with new or revised financial accounting standards[108] - The company also qualifies as a smaller reporting company, allowing it to take advantage of certain scaled disclosures[110] Principal Factors Affecting Our Financial Performance Identifies key internal and external factors influencing the company's financial results, including customer acquisition, pricing, and market conditions - Key factors include the ability to acquire and retain customers, competitive product pricing, breadth of product offerings, industry demand and competition, leveraging technology, attracting and retaining talented employees, and overall market conditions[113] Results of Operations Analyzes the company's financial performance by comparing revenue, costs, and profitability across different reporting periods Comparison of Three Months Ended June 30, 2025 and 2024 Compares the company's financial performance for the three-month periods, highlighting changes in revenue, expenses, and net income Three-Month Financial Performance | Metric | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :--------- | :--------- | | Revenue | $3,968,924 | $4,697,387 | $(728,463) | (16)% | | Costs of revenue | $3,513,680 | $3,844,400 | $(330,720) | (9)% | | General and administrative | $2,044,357 | $646,889 | $1,397,468 | 216% | | Net (loss) income | $(1,531,523) | $144,120 | $(1,675,643) | (1,163)% | - Revenue decreased by 16% due to lower production, an anomalous increase in 2024 from servicing container recovery post-Baltimore bridge collapse, and global tariffs[114] - General and administrative expenses increased by 216%, primarily due to $985,550 in stock-based compensation and professional fees from going public[122] Three-Month Commodity Revenue Breakdown | Commodity Revenue | June 30, 2025 | June 30, 2024 | Change (%) | | :------------------ | :-------------- | :-------------- | :--------- | | Paper | $2,082,561 | $2,710,019 | (23.2)% | | Import | $1,231,751 | $1,469,671 | (16.2)% | | Metal | $467,353 | $338,727 | 38.0% | | Log | $130,605 | $85,100 | 53.5% | | Plastic | $56,655 | $93,870 | (40.0)% | Comparison of Six Months Ended June 30, 2025 and 2024 Compares the company's financial performance for the six-month periods, detailing changes in revenue, costs, and net income Six-Month Financial Performance | Metric | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :--------- | :--------- | | Revenue | $7,780,534 | $8,431,284 | $(650,750) | (8)% | | Costs of revenue | $6,827,247 | $7,099,346 | $(272,099) | (4)% | | General and administrative | $2,949,517 | $977,944 | $1,971,573 | 202% | | Net (loss) income | $(2,059,997) | $255,212 | $(2,315,209) | (907)% | - Revenue decreased by 8% due to lower second-quarter production compared to the anomalous increase in 2024 from the Baltimore bridge collapse and global tariffs[127] - General and administrative expenses increased by 202%, primarily due to professional fees from going public and $985,550 in stock-based compensation[136] Six-Month Commodity Revenue Breakdown | Commodity Revenue | June 30, 2025 | June 30, 2024 | Change (%) | | :------------------ | :-------------- | :-------------- | :--------- | | Paper | $4,670,576 | $5,458,838 | (14.4)% | | Import | $2,102,465 | $2,082,343 | 1.0% | | Metal | $680,996 | $549,945 | 23.8% | | Log | $214,053 | $161,325 | 32.7% | | Plastic | $112,445 | $178,833 | (37.1)% | Other Performance Indicator (Number of Loads Completed) Analyzes the volume of truckload services completed across different commodity types, indicating operational efficiency and market focus Number of Loads Completed by Commodity | Commodity | Six Months Ended June 30, 2025 (NLC) | Six Months Ended June 30, 2024 (NLC) | Change (NLC) | Change (%) | | :---------- | :----------------------------------- | :----------------------------------- | :----------- | :--------- | | Waste Paper | 6,915 | 8,192 | (1,277) | (15.6)% | | Waste Metal | 809 | 575 | 234 | 40.7% | | Forestry | 191 | 153 | 38 | 24.8% | | Import | 2,775 | 2,352 | 423 | 18.0% | | Plastic | 146 | 245 | (99) | (40.4)% | | Total | 10,836 | 11,517 | (681) | (5.9)% | - Total Number of Loads Completed (NLC) decreased by 5.9% for the six months ended June 30, 2025, despite growth in targeted import vertical, which enables more efficient double usage of containers[147] Liquidity and Capital Resources Examines the company's cash position, funding sources, and cash flow activities from operations, investing, and financing Cash Balance | Metric | June 30, 2025 | December 31, 2024 | | :-------------------- | :-------------- | :------------------ | | Cash | $1,487,357 | $557,619 | - The company's operations are primarily financed by revenue and $8.28 million net proceeds from its January 2025 IPO[148][149] - Net cash used in operating activities increased by approximately $962,700 to $1,139,576 for the six months ended June 30, 2025, primarily due to net loss, IPO-related professional fees, and stock-based compensation[151] - Net cash used in investing activities increased by $6,594,167 to $6,712,944, mainly due to a $5.7 million note receivable and $1.01 million in property and equipment purchases[152] - Net cash provided by financing activities increased by $8,919,475 to $8,782,257, primarily from $8,459,232 received from common stock issuance[153] Material Cash Requirements from Known Contractual and Other Obligations Outlines the company's significant future cash commitments, primarily operating lease obligations, and its funding strategy Contractual Obligations Summary | Contractual Obligations | As of June 30, 2025 | For the year ended June 30, 2026 | | :------------------------ | :------------------ | :------------------------------- | | Operating lease obligations | $505,892 | $215,887 | | Total Contractual Obligations | $505,892 | $215,887 | - The company intends to fund its contractual obligations, primarily operating lease obligations, with working capital[154] Initial Public Offering and Underwriting Agreement Summarizes the details of the company's initial public offering, including shares sold, proceeds, and warrants issued to underwriters - The company closed its initial public offering on January 23, 2025, selling 2,500,000 shares of common stock at $4.00 per share, generating $10,000,000 in gross proceeds and approximately $8.28 million in net proceeds[157] - Warrants exercisable for the purchase of 125,000 shares of common stock at an exercise price of $4.80 per share were issued to the underwriters[157] Off-Balance Sheet Arrangements Confirms the absence of any off-balance sheet arrangements that could materially impact the company's financial condition or results of operations - The company has no off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on its financial condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital resources[160] Critical Accounting Policies and Estimates Discusses the accounting policies and significant estimates that require management's judgment and could materially affect financial reporting - Revenue recognition follows ASC 606, with revenue recognized at a point in time upon completion of truckload services and delivery of goods[162][163] - Accounts receivable are recorded at the invoiced amount and adjusted for expected credit losses using the CECL model, with an allowance of $123,371 as of June 30, 2025[164] - Income taxes are accounted for using the asset and liability approach, recognizing deferred taxes for temporary differences, and evaluating uncertain tax positions, with no amounts recognized for the six months ended June 30, 2025 and 2024[166][168] Item 3. Quantitative and Qualitative Disclosures About Market Risk This item is marked as 'Not applicable,' indicating that the company does not have material market risk disclosures to report for the period - The company states that this item is 'Not applicable,' indicating no material market risk disclosures for the period[169] Item 4. Controls and Procedures Management concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025, due to significant deficiencies in internal control over financial reporting, specifically a lack of robust financial reporting policies for SEC disclosure requirements. The company is actively addressing these deficiencies by engaging external consultants and implementing new processes - Disclosure controls and procedures were not effective as of June 30, 2025[171] - Significant deficiencies identified relate to a lack of robust and formal financial reporting policies and procedures to address SEC disclosure requirements[172] - The company has engaged external financial consultants and is developing and implementing comprehensive processes and internal controls to address the identified deficiencies[173] PART II. OTHER INFORMATION Item 1. Legal Proceedings The company is involved in various lawsuits and legal proceedings in the ordinary course of business, as detailed in Note 8 of the financial statements. Management is not currently aware of any legal proceedings or claims that are expected to have a material adverse effect on the business, financial condition, or operating results - The company is involved in various lawsuits and legal proceedings arising in the ordinary course of business[177] - Management is not currently aware of any legal proceedings or claims that are believed to have a material adverse effect on the business, financial condition, or operating results[177] - Information regarding legal proceedings is incorporated by reference from Note 8 'Commitments and Contingencies' to the condensed consolidated financial statements[178] Item 1A. Risk Factors This item is marked as 'Not applicable,' indicating no new material risk factors to report for the period - The company states that this item is 'Not applicable,' indicating no new material risk factors for the period[179] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company reported no unregistered sales of equity securities during the period, other than those previously disclosed, and no repurchases of common stock were made during the three months ended June 30, 2025 - No unregistered sales of equity securities occurred during the period covered by this report, other than as previously disclosed[180] - No repurchases of common stock were made during the three months ended June 30, 2025[181] Item 3. Defaults Upon Senior Securities The company reported no defaults upon senior securities during the period - The company reported no defaults upon senior securities[182] Item 4. Mine Safety Disclosures This item is marked as 'Not applicable,' indicating no mine safety disclosures are relevant to the company's operations - The company states that this item is 'Not applicable,' indicating no mine safety disclosures are relevant[183] Item 5. Other Information No directors or executive officers adopted or terminated Rule 10b5-1 trading plans or non-Rule 10b5-1 trading plans during the fiscal quarter ended June 30, 2025 - No directors or executive officers adopted or terminated Rule 10b5-1 trading plans or non-Rule 10b5-1 trading plans during the fiscal quarter ended June 30, 2025[184] Item 6. Exhibits This section lists the exhibits filed as part of the report, including certifications of principal executive and financial officers under Sections 302 and 906 of the Sarbanes-Oxley Act, and Inline XBRL documents - Includes Certifications of Principal Executive Officer and Principal Financial and Accounting Officer filed pursuant to Section 302 and furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002[185] - Includes Inline XBRL Instance Document and Taxonomy Extension Schema, Calculation, Definition, Label, and Presentation Linkbase Documents[185]