Revenue and Income - Total revenue for the fiscal year ended December 31, 2025, was $2,011,783, a decrease from $3,049,875 in 2024, primarily due to a $785,000 reduction in rental income from related parties [308]. - Rental income for 2025 was $927,376, with direct financing lease income of $915,000 and other income of $169,407 [308]. - Approximately 93% of rental income and lease income for 2025 came from two tenants: Norfolk Southern Railway (50%) and Regulus Solar LLC (43%) [309]. - Other income increased by $845,608 in 2025, driven by a gain on extinguishment of debt of $1,092,670 [312]. - Revenue for the year ended December 31, 2025, was $2,011,783, a decrease from $3,049,875 in 2024 [346]. Expenses and Losses - Total expenses decreased by $22,708,143 in 2025, mainly due to an $18,795,056 reduction in impairment expense and a $1,807,694 decrease in interest expense following the settlement of the Greenhouse Loan [310]. - Net loss attributable to common shareholders for 2025 was $2,847,910, significantly improved from a net loss of $25,363,569 in 2024 [313]. - Net loss for the year ended December 31, 2025, was $(2,195,082), significantly improved from a net loss of $(24,710,741) in 2024 [346]. - Core FFO available to common shares for 2025 was $(1,024,487), compared to $(3,884,098) in 2024, indicating a reduction in losses [346]. - Core FFO per common share improved to $(0.30) in 2025 from $(1.15) in 2024 [346]. Debt and Financing - The balance of the Greenhouse Loan was reduced from approximately $16,720,000 in 2024 to $0 in 2025 after settling obligations through deeds-in-lieu of foreclosure [298]. - Current loan liabilities decreased significantly to approximately $760,000 as of December 31, 2025, down from $17,400,000 as of December 31, 2024, primarily due to a settlement agreement [315][333]. - Total consolidated debt as of December 31, 2025, was $20,421,152, with principal payments remaining for future years outlined in a detailed schedule [340]. - The Trust's long-term debt, net of unamortized discount, was approximately $19,213,071 as of December 31, 2025, down from $19,965,043 in 2024 [333]. - The company recognized approximately $554,000 and $850,000 in late charges and related fees for the fiscal years ended December 31, 2025, and 2024, respectively [339]. Cash Flow and Activities - As of December 31, 2025, cash, cash equivalents, and restricted cash totaled $2,235,306, a decrease of $3,720 from December 31, 2024, with cash used in operating activities decreasing to $68,316 from $1,393,709 in 2024 [314][322]. - Cash provided by investing activities decreased to $542,861 in 2025 from $1,759,142 in 2024, mainly due to lower proceeds from property sales [324]. - Cash used in financing activities was $470,825 in 2025, a decrease of $1,767,906 compared to $2,238,731 in 2024, attributed to lower principal payments on long-term debt [326]. - The Trust generated approximately $239,000 of cash from debt service related to seller financing in 2024, with a remaining balance of seller financing agreements totaling $981,035 as of December 31, 2025 [319][325]. Asset Management and Strategy - The company completed asset sales for total gross proceeds of approximately $325,000 in 2025, including $105,000 of seller financing [304]. - The company is focused on improving its portfolio by selling underperforming assets and seeking to re-lease vacant properties [305]. - Future growth strategies include opportunistic acquisitions of properties with better operating metrics than the current portfolio [307]. - The company plans to realize value from retained assets by leasing and/or selling after resolving the Greenhouse Loan issues [339]. - The Trust is exploring a shift in focus to evaluate distressed real estate situations, including properties, loans, and companies [321]. Accounting and Equity - The Trust's stockholders' equity was reported at $322,626 as of June 30, 2024, below the NYSE American requirement of greater than $2 million, prompting a review of the accounting treatment for Series A Preferred Stock [330]. - The Trust's Series A Preferred Stock was reclassified to equity, correcting previous misclassifications and eliminating the accrual of undeclared dividends [338]. - Power REIT resolved issues with the Greenhouse Loan, resulting in a non-cash gain of approximately $1,093,000 from the write-off of properties valued at approximately $17,083,000 and associated loan obligations totaling approximately $17,997,000 [339]. - The balance of the Greenhouse Loan was approximately $0 as of December 31, 2025, down from approximately $16,720,000 as of December 31, 2024, which included approximately $13.3 million of principal and $2.1 million of interest and default interest [339].

Clinical Trials and Studies - The colorectal study testing LB-100 in combination with atezolizumab was paused for enrollment due to Serious Adverse Events (SAEs) but reopened as of Q4 2025 after addressing IRB questions[45] - LB-100 is in Phase 2 clinical trials aimed at evaluating its potential to enhance anti-cancer therapies, with plans to delay partnering decisions until clinical usefulness is demonstrated[72] - A new preclinical study will be conducted to test whether "initiated" cells with cancer mutations can be eliminated by LB-100[52] - The company is exploring the potential of combining proton therapy with immune checkpoint inhibition to enhance anti-tumor responses[88] Intellectual Property and Patents - A Patent License Agreement was entered into with the National Institute of Health effective February 23, 2024, focusing on anti-cancer activity and extending to checkpoint inhibitors and immunotherapy[46] - LB-100 is covered by U.S. Patent Nos. 8,822,461 and 7,998,957, projected to expire in 2030 and 2028 respectively, with counterpart patents expiring in 2028[60] - LB-100 combination therapy with checkpoint inhibitors is covered by U.S. Patent No. 12,168,008, projected to expire in 2037[61] - LB-100 combination therapy with doxorubicin is covered by U.S. Patent No. 12,343,342, projected to expire in 2034[62] - The company has filed patent applications for LB-100 in the United States and internationally under the Patent Cooperation Treaty, with several patents issued in key markets[56] - The company relies on a combination of patents, licenses, trade secrets, and other forms of intellectual property protection to safeguard its products[54] - The success of the company will depend on its ability to maintain patent protection and defend its intellectual property rights[57] Technology and Equipment - The LiGHT machine, a proton linear accelerator, offers superior treatment efficiency and cost-effectiveness compared to existing cyclotrons, with the potential to reduce side effects of oncology therapy[88] - The LiGHT system can deliver ultra-high dose rates of radiation at 40-60 Gy/sec, significantly improving treatment efficiency and patient experience by potentially reducing treatment visits from 25-35 to a single session[93] - The LiGHT system achieves a proton delivery efficiency of 98-99%, compared to only 1-2% in circular accelerators, enhancing the effectiveness of FLASH therapy[94] - The LiGHT machine has demonstrated the ability to generate a 230 MeV proton beam, recognized as the clinical gold standard for proton therapy[95] - The LiGHT system is the first Linac system in the market, offering applications not possible with current cyclotron technology and increased patient throughput[100] - The marketing plan positions the LiGHT system as a functional prototype asset, valued for its intellectual property and engineering work, without immediate clinical operability[103] - The LiGHT machine offers cost advantages, including reduced radiation shielding and lower replacement rates of electronics[105] - The company is focused on developing smaller, more compact proton therapy systems to meet increasing market demand[106] Regulatory and Market Considerations - The company is subject to FDA regulations for clinical trials, which are essential for determining the safety and efficacy of new therapies[79] - Regulatory approvals are required for marketing products in international markets, and approval by the FDA does not guarantee success in other jurisdictions[84] - The company intends to pursue regulatory clearance based on substantial equivalence to existing proton therapy systems, which does not require new scientific principles[108] Financial and Operational Aspects - The Development Collaboration Agreement with the Netherlands Cancer Institute was modified to extend the term by two years to October 8, 2026, with an additional funding of 500,000 Euros[50] - The annual rent for the company's facilities is approximately $787,278[107] - As of March 31, 2026, the company had three key officers and relies significantly on outside consultants for technical expertise[109] - The company settled a legal claim with FX Group Inc. for a one-time amount of $100,000[110] - The life sciences industry is highly competitive, with major pharmaceutical companies and specialized firms having greater resources, posing challenges for the company's product development[74] - The company does not operate or lease any facilities for LB-100, outsourcing research, development, and production to commercial laboratories[78]

Credit Risk and Loan Performance - As of December 31, 2025, the company's allowance for credit losses on loans was 0.85% of total loans and 126.56% of non-performing loans [192]. - The company's non-performing assets totaled $11.4 million, representing 0.55% of total assets as of December 31, 2025 [194]. - The company may face increased loan delinquencies and foreclosures due to deteriorating economic conditions [207]. - As of December 31, 2025, the company has approximately $86.5 million, or 5.1% of total loans, in New York multifamily loans affected by rent stabilization or rent control [235]. Interest Rate Risk - A 200 basis point increase in market interest rates would decrease the company's net portfolio value by $65.2 million [190]. - A 100 basis point increase in interest rates would result in a 14.1% decrease in the net present value (NPV) of the company's assets, while a 100 basis point decrease would lead to a 13.5% increase in NPV [294]. - The company's net interest income sensitivity analysis indicates a potential increase of $54,941 thousand (3.8%) with a 200 basis point increase in interest rates [293]. - The company has entered into derivative financial instruments with an aggregate notional amount of $526.0 million as of December 31, 2025, to manage interest rate volatility [288]. - The company utilizes a third-party modeling program to evaluate sensitivity to changing interest rates and assess liquidity requirements on a quarterly basis [285]. - The company has implemented strategies to manage interest rate risk, including growing target deposit accounts and diversifying its loan portfolio with more commercial loans [286]. Economic and Operational Risks - The company is vulnerable to local economic downturns due to its loan portfolio being primarily concentrated in New Jersey [203]. - Inflationary pressures may lead to increased costs and reduced purchasing power, adversely affecting the company's financial condition [206]. - The company relies heavily on deposits as its primary source of funds, which can be influenced by external economic factors [205]. - Construction loans involve risks due to uncertainties in estimating costs and the value of projects before completion [199]. - The company faces significant operational risks due to a high volume of transactions, which includes risks of fraud, unauthorized transactions, and compliance failures [212]. - The company relies on third-party vendors for essential services, exposing it to operational and information security risks [221]. - The company is subject to extensive regulation, which may increase operational costs and affect business operations [229]. - Non-compliance with regulations such as the USA PATRIOT Act could result in fines or sanctions, affecting the company's operations [232]. Management and Strategic Risks - The company’s management team is relatively new, and its effectiveness is crucial for implementing the business strategy and operations [223]. - The company’s risk management framework may not effectively mitigate risks, potentially leading to significant losses [228]. - Changes in management's estimates and assumptions can materially impact the company's consolidated financial statements and financial condition [233]. - The company expects increased expenses due to public company reporting requirements following its stock offering [226]. - Certain provisions in the company's bylaws may make takeover attempts more difficult, potentially affecting the market price of its common stock [234]. Financial Performance - The company had approximately $328.2 million in its investment portfolio, with $301.2 million designated as available-for-sale [202]. - The company's non-interest expense totaled $57.0 million for the year ended December 31, 2025, compared to $52.6 million for 2024, indicating a rising cost structure [225]. - The efficiency ratio was 116.11% for the year ended December 31, 2025, down from 133.71% in 2024, reflecting improvements in operational efficiency [225].

Revenue Recognition - Revenue from Data Normalization and Professional Services is recognized as services are rendered and when contractual milestones are achieved[167]. - SaaS and Maintenance revenues are recognized ratably over the contract terms starting from the commencement date of each contract[168]. - Revenue for the year ended December 31, 2025 was $2,877,629, a decrease of $111,970 or approximately 3.75% compared to $2,989,599 in 2024, primarily due to the expiration and non-renewal of certain customer contracts[192]. Customer Information - Significant customers include Customer A (15% revenue, 32% accounts receivable), Customer B (14% revenue, 0% accounts receivable), Customer C (19% revenue, 8% accounts receivable), and Customer D (7% revenue, 11% accounts receivable) for the year ended December 31, 2025[156]. Financial Performance - Cost of revenues decreased by $285,691 to $1,957,923 for the year ended December 31, 2025, resulting in an overall gross profit increase of approximately 23% from the prior year[193]. - Operating expenses decreased by $126,986 to $1,878,425 for the year ended December 31, 2025, primarily due to reductions in legal and professional fees[194]. - Other expense for the year ended December 31, 2025 was $3,485,390, which included non-cash interest expense and amortization of debt discounts of approximately $2,985,000[195]. Cash Flow - The company experienced negative cash flows from operations of $1,543,610 for the year ended December 31, 2025, but had a net increase in cash of $1,537,785, resulting in cash of $1,644,439 at year-end[198]. - For the year ended December 31, 2025, cash used in operating activities was approximately $1,544,000, primarily due to a net loss of approximately $4,444,000[200]. - Net cash used in operating activities for the year ended December 31, 2024, was approximately $1,084,000, mainly related to a net loss of approximately $1,136,000[201]. - Net cash used in investment activities was approximately $31,000 for the year ended December 31, 2025, due to capitalization of internal development costs related to new software assets[202]. - Net cash provided by financing activities was approximately $3,112,000 for the year ended December 31, 2025, consisting of proceeds from loans payable of $1,385,000 and warrant exercises of $1,822,000[204]. - Net cash provided by financing activities was approximately $1,100,000 for the year ended December 31, 2024, primarily from proceeds of loans payable of $995,000[205]. Deferred Revenue and Performance Obligations - As of December 31, 2025, the company had remaining performance obligations recorded as deferred revenue of $158,750, expected to be recognized throughout 2026[170]. - As of December 31, 2025, there were no contract assets recorded, and deferred revenue for contract liabilities decreased from $354,083 in 2024 to $158,750[175]. Impairment and Valuation - Management reviews goodwill for impairment annually, with qualitative assessments determining the necessity of quantitative tests[161]. - The company has established a valuation allowance for deferred tax assets due to the likelihood of not realizing all benefits[178]. Strategic Focus and Future Plans - SCWorx's solutions aim to improve supply chain cost reductions, decrease accounts receivables aging, and accelerate billing processes[144]. - The company focuses on data interoperability issues faced by healthcare providers, utilizing a combination of direct sales and strategic partnerships[145]. - The company plans to utilize available funds to pursue growth through the expansion of its sales force, product offerings, and project capabilities[196]. - The company intends to use current cash reserves to acquire new customers and aims to generate positive operating cash flows by the end of 2026, though there is no assurance of achieving this[199]. - The company anticipates using approximately $600,000 in cash over the next twelve months based on its current business plan[197]. Insurance and Risk - The company maintains cash deposits insured by the Federal Deposit Insurance Corporation up to $250,000 per institution[153]. - As of December 31, 2025, the company did not have any off-balance sheet arrangements[207]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[208]. Software Solutions - SCWorx's software solutions are typically delivered through a three-to-five-year contracted term, hosted in data centers like AWS or RackSpace[146]. - SCWorx's software platform enables data normalization and interoperability, facilitating big data analytics for healthcare providers[144].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FIRST GUARANTY BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 26-0513559 (State or other jurisdiction incorporation or organization) (I.R.S. Employer Identification Number) 400 East Thomas Street Hammond, Louisiana 70401 (Address of principal executive offices) (Zip Code) For the fiscal year ended December ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________. Commission file number: 001-37621 FIRST GUARANTY BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 26-051355 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 Commission File Number: 001-39569 BONK, INC. (Exact name of registrant as specified in its charter) DELAWARE 83-2455880 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identifi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 Commission File Number: 001-39569 BONK, INC. (Exact name of registrant as specified in its charter) DELAWARE 83-2455880 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identifi ...

Financial Performance - For the years ended December 31, 2025 and 2024, the company reported a net loss of $553,581 and net income of $923,146, respectively, with operating costs of $670,668 and $802,875 [198]. - As of December 31, 2025, the company had an accumulated deficit of $8,221,390 and a working capital deficit of $5,318,185, raising substantial doubt about its ability to continue as a going concern [200]. Capital Raising and Costs - The company generated gross proceeds of $115,000,000 from the IPO of 11,500,000 Units and an additional $3,300,000 from the sale of 330,000 Private Units [202]. - Total transaction costs incurred were $5,704,741, including $2,300,000 in underwriting fees and $2,875,000 in deferred underwriting fees [203]. - The company issued a promissory note with a principal amount of up to $4,500,000 to fund transaction costs, with a remaining borrowing balance of $1,327,597 as of December 31, 2025 [212][213]. - The company may need to raise additional capital to meet operational expenditures and complete a Business Combination, which could involve issuing additional securities or incurring debt [214]. Business Combination and Shareholder Actions - The company held an Extraordinary General Meeting on October 30, 2023, where shareholders approved extending the deadline for a Business Combination to August 5, 2024, resulting in the redemption of 2,412,260 public shares [217]. - On April 2, 2025, 491,928 public shares were tendered for redemption during the Extraordinary General Meeting of shareholders [221]. - On December 30, 2025, 37,705 public shares were tendered for redemption in connection with the extension vote, allowing until January 5, 2027, to consummate an initial business combination [222]. - The Merger Agreement with Future Dao was expected to close prior to the end of 2023, valuing Future Dao Ordinary Shares at $10.00 per share after a recapitalization based on a total equity value of $350 million [224]. - A non-binding letter of intent for a business combination with Okidoki was signed, valuing Okidoki at $120 million [227]. - Metal Sky expressed interest in acquiring all issued and outstanding shares of Fedilco, which holds an 80% equity interest in an Armenia-based telecom company [229]. Investments and Financial Position - As of December 31, 2025, the company had investments held in the Trust Account amounting to $1,005,345, intended for completing a Business Combination [205]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2025 [209]. - The company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and conducting due diligence [206]. - As of December 31, 2025, the company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government treasury bills or money market funds [236].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 001-41344 METAL SKY STAR ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or ...