ScanTech AI Systems Inc 10-Q for FY2025 Q2

ScanTech AI Systems Inc. (STAI)

10-Q 2025-09-17 For: 2025-06-30

Added on April 05, 2026

About this 10-Q

ScanTech AI Systems Inc filed this 10-Q on September 17, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $864.05K; up 65.5% from $522.17K a year earlier
Net loss: $21.12M; compared with a net loss of $5.71M a year earlier
Diluted EPS: -$0.49; compared with -$1.77 a year earlier

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Delaware		93-3502562
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value of $0.0001 per share		STAI		The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging Growth Company	☒


PART 1 – FINANCIAL INFORMATION		3

Item 1. – Financial Statements (unaudited)		3
Condensed Consolidated Balance Sheets (unaudited)		3
Condensed Consolidated Statements of Operations (unaudited)		4
Condensed Consolidated Statements of Shareholders’ Deficit (unaudited)		5
Condensed Consolidated Statements of Cash Flows (unaudited)		6
Notes to Condensed Consolidated Financial Statements (unaudited)		7
Item 2. – Management’s Discussion and Analysis of Financial Condition And Results of Operations		38
Item 3. – Quantitative and Qualitative Disclosures about Market Risk		46
Item 4. – Controls and Procedures		46

PART II – OTHER INFORMATION		47

Item 1. – Legal Proceedings		47
Item 1A. – Risk Factors		47
Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds		48
Item 3. – Defaults Upon Senior Securities		49
Item 4. – Mine Safety Disclosures		49
Item 5. – Other Information		49
Item 6. – Exhibits		51

SIGNATURES		53


	June 30, 2025		December 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash	$	41,123	$	22,317
Prepaid expenses		1,767,355		164,391
R&D tax credit receivable		99,755		164,761
Accounts receivable		—		287,448
Inventory		1,254,433		1,426,140
Security pledged to creditors		879,894		—
Other current assets		—		—
Total current assets		4,042,560		2,065,057
Property and equipment, net		50,214		51,387
Other long term assets		36,333		36,333
Total assets	$	4,129,107	$	2,152,777
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	4,361,099	$	4,733,031
Accrued expenses and other current liabilities		8,973,797		9,442,304
Accrued compensation		1,048,403		1,692,327
Accrued federal tax liability, penalties and interest		5,936,772		6,232,925
Interest payable		385,870		17,762,972
Interest payable to related parties		661,565		39,711,139
Dividend payable		—		427,766
Deferred revenue		755,406		1,621,707
Derivative liabilities		—		8,327,602
Warrant liabilities		—		16,241,092
Related parties payable		455,095		1,547,082
Short-term debt, net		5,570,250		27,648,051
Short-term debt from related parties, net		—		22,346,055
Accrued issuable equity		250,000		—
Total current liabilities	$	28,398,257	$	157,734,053
Long-term debt, net		3,000,000		—
Long-term debt from related parties, net		14,701,451		—
Earn-out liability		13,000		—
Total liabilities	$	46,112,708	$	157,734,053
Commitments and contingencies (Note 13)
Series A units subject to possible redemption, 9,965,000 units at a redemption value of $2.90 per unit as of December 31, 2024; none as of December 31, 2025		—		28,895,316
Shareholders’ deficit
Series A units (prior to reverse recapitalization, 245,300 units authorized, issued and outstanding as of December 31, 2024; after reverse recapitalization, no units issued and outstanding as of December 31, 2024 and June 30, 2025		—		—
Series B units (prior to reverse recapitalization, 315,539,527 units authorized, 9,906,827 issued and outstanding as of December 31, 2024; after reverse recapitalization, no units issued and outstanding as of December 31, 2024 and June 30, 2025		—		—
Series C units (prior to reverse recapitalization, 1,748,264 units authorized, 1,584,327 issued and outstanding as of December 31, 2024; after reverse recapitalization, no units issued and outstanding as of December 31, 2024 and June 30, 2025		—		—
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued		—		—
Common stock, $0.0001 par value; 500,000,000 shares authorized; 48,262,310 shares issued and outstanding as of June 30, 2025; 14,184,397 as of December 31, 2024		4,826		1,418
Additional paid-in capital		166,300,822		—
Accumulated deficit		(208,289,249)		(184,478,010)
Total shareholders’ deficit	$	(41,983,601)	$	(184,476,592)
Total liabilities and shareholders’ deficit	$	4,129,107	$	2,152,777


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Revenue	$	864,053	$	522,166	$	1,229,524	$	522,166
Cost of goods sold		622,499		448,095		861,091		448,095
Gross margin		241,554		74,071		368,433		74,071
Operating expenses:
General and administrative expenses		1,984,659		1,374,786		6,748,375		2,485,015
Research and development expenses		1,297,968		914,619		2,316,320		1,789,961
Depreciation and amortization		8,898		8,120		17,113		16,239
Total operating expenses		3,291,525		2,297,525		9,081,808		4,291,215
Loss from operations		(3,049,971)		(2,223,454)		(8,713,375)		(4,217,144)
Other income (expense):
Change in fair value of derivative liabilities		—		(33,754)		(827,445)		(575,393)
Change in fair value of warrant liabilities		—		(435,469)		223,162		(13,478,661)
Change in fair value of pledged security		(1,185,528)		—		(1,185,528)		—
Change in earnout liability		17,000		—		(13,000)		—
Transaction costs expensed		(8,502,003)		—		(18,167,007)		—
Gain on settlement of forward purchase agreement		—		—		1,406,669		—
Other expense:		—		(30,195)		—		(16,176)
Interest expense		(631,591)		(2,984,232)		(1,355,058)		(5,857,183)
Gains (loss) from extinguishment of debt, net		(7,771,709)		—		4,820,343		—
Total other expense:		(18,073,831)		(3,483,650)		(15,097,864)		(19,927,413)
Loss before income taxes		(21,123,802)		(5,707,104)	$	(23,811,239)	$	(24,144,557)
Provision for income taxes		—		—		—		—
Net loss	$	(21,123,802)	$	(5,707,104)	$	(23,811,239)	$	(24,144,557)
Net loss per share:
Basic and diluted	$	(0.49)	$	(1.77)	$	(0.72)	$	(7.15)
Weighted average number of shares/units:
Basic and diluted		43,199,543		3,529,740		33,254,351		3,529,740


	Series A Preferred
	Nonvoting Units						Series C Profit
	Non						Interest						Additional
	redeemable			Series B Units			Nonvoting			Common Shares			Paid-In		Accumulated		Shareholders’
Six Months Ended June 30, 2025	Units	Amount		Units	Amount		Units	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance as of December 31, 2024	245,300	$	—	9,906,827	$	—	1,584,327	$	—	—	$	—	$	—	$	(184,476,592)	$	(184,476,592)
Retroactive application of recapitalization	(245,300)		—	(9,906,827)		—	(1,584,327)		—	14,184,397		1,418		—		(1,418)		—
Adjusted Balances, beginning of period	—		—	—		—	—		—	14,184,397		1,418		—		(184,478,010)		(184,476,592)
Conversion of debt to common shares	—		—	—		—	—		—	10,682,329		1,068		20,041,046		—		20,042,114
Issuance of common shares for the settlement of accounts payable	—		—	—		—	—		—	6,499,868		650		8,272,181		—		8,272,831
Settlement of derivative liabilities into common shares	—		—	—		—	—		—	2,593,000		259		5,906,181		—		5,906,440
Issuance of common shares in connection with non-redemption agreements	—		—	—		—	—		—	4,858,876		486		9,943,848		—		9,944,333
Share-based compensation	—		—	—		—	—		—	275,000		28		517,928		—		517,955
Common shares issued in exchange for cash	—		—	—		—	—		—	303,951		30		999,970		—		1,000,000
Shares issued upon warrant exercise	—		—	—		—	—		—	3,000,000		300		6,089,700		—		6,090,000
Security pledged to creditors	—		—	—		—	—		—	1,316,616		132		2,065,290		—		2,065,422
Reverse recapitalization transactions, net	—		—	—		—	—		—	4,548,273		455		112,464,679		—		112,465,134
Net loss	—		—	—		—	—		—	—		—		—		(23,811,239)		(23,811,239)
Balance as of June 30, 2025	—		—	—		—	—		—	48,262,310	$	4,826	$	166,300,822	$	(208,289,249)	$	(41,983,601)


	Six Month Ended June 30,
	2025		2024
OPERATING ACTIVITIES
Net loss	$	(23,811,239)	$	(24,144,557)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		17,113		16,239
Share-based compensation expense		517,955		38,486
Gain from extinguishment of debt, net		(4,820,343)		—
Amortization of debt issuance cost		54,209		—
Change in fair value of derivative liabilities		827,445		575,393
Change in fair value of warrant liabilities		(223,162)		13,478,661
Change in fair value of security pledged to creditors		1,185,528		—
Transaction costs expensed		18,167,007		—
Gain on settlement of forward purchase agreement		(1,406,669)		—
Interest expenses paid in shares		271,900		—
Reverse recapitaliation transaction		844,676		—
Change in operating assets and liabilities:
R&D tax credit receivable		65,006		53,764
Prepaid and other current assets		(1,654,164)		93,307
Accounts receivable		287,448
Inventory		171,707		(149,452)
Accounts payable		3,117,203		218,306
Accrued liabilities		1,137,562		37,931
Accrued compensation		388,265		122,289
Accrued federal tax liability, penalties and interest		(296,153)		586,324
Interest payable		367,383		2,394,730
Interest payable to related parties		661,565		3,447,452
Deferred revenue		(866,301)		(90,941)
Payable to related parties		(33,260)		301,674
Accrued issuable equity		250,000		—
Earnout liabilities		13,000		—
Net cash used in operating activities		(4,766,318)		(3,020,394)
INVESTING ACTIVITIES
Purchases of property, plant and equipment		(15,940)		—
Net cash used in investing activities		(15,940)		—
FINANCING ACTIVITIES
Proceeds from loans		3,487,000		2,801,000
Proceeds from stock options and warrant exercised		30,010		—
Proceeds from settlement of forward purchase agreement		1,406,669		—
Repayment of loans		(122,615)		—
Adjustment to shareholder receivables		—		(1,488)
Net cash provided by financing activities		4,801,064		2,799,512
Net increase (decrease) in cash during period		18,806		(220,882)
Cash, beginning of period		22,317		333,084
Cash, end of period	$	41,123	$	112,202
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Conversion of debt, warrant and derivatives to equity, other	$	33,136,993	$	—
Conversion of debt, warrants and derivatives to equity, troubled debt restructuring	$	54,499,066	$	—
Conversion of Seaport warrant to equity	$	18,447,186	$	—
Conversion of accounts payable to equity	$	8,272,832	$	—


		Common Stock
Ordinary Shares, outstanding prior to the Business Combination		2,081,432
Less: Redemption of Ordinary Shares		(1,434,626)
Ordinary Shares, including 400,000 shares subject to the RiverNorth FPA		646,806
Ordinary Shares from the conversion of Rights		1,380,000
Ordinary Shares held by Mars’ officers and directors, the Sponsor and each transferee of founder shares		2,245,467
Ordinary Shares held by Maxim		276,000
Common Stock issued to holders of ScanTech units		14,184,397
Common Stock Upon the Business Combination		18,732,670


		Common Stock
Common Stock Upon the Business Combination		18,732,670
Common Stock issued on January 6, 2025		352,795
Common Stock issued on January 30, 2025		1,650,000
Common Stock issued on February 18, 2025		3,772,177
Common Stock issued on March 27, 2025		1,101,868
Common Stock issued on April 2, 2025		7,654,800
Common Stock issued on April 17, 2025		5,350,000
Common Stock issued on May 7, 2025		1,500,000
Common Stock issued on May 16, 2025		1,050,000
Common Stock issued on May 19, 2025		3,200,000
Common Stock issued on May 21, 2025		1,600,000
Common Stock issued on June 11, 2025		2,298,000
Common Stock issued and outstanding as of June 30, 2025		48,262,310


Closing proceeds
Proceeds from Seaport promissory note		1,000,000
Proceeds from investors		2,000,000
Proceeds from trust account		7,273,513
Payments from trust account¹		(7,273,513)
Net cash proceeds from the Business Combination at Closing	$	3,000,000
Noncash activity
Conversion of legacy ScanTech loans into shares		8,682,434
Conversion of preferred A unit dividend into shares		29,324,500
Conversion of related party debt into shares (troubled debt restructuring)		54,499,067
Transaction costs expensed		7,282,351
Liability-classified instruments
Shares issued for settlement of derivative liability		291,015
Shares issued for settlement of warrant liability		12,387,186
Net equity impact of the Business Combination	$	115,466,552

Loan borrowed from Seaport		(1,000,000)
Loan borrowed from investors		(2,000,000)
Total Impact of Business Combination on total stockholders’ deficit		112,466,552
Par value of Common Stock issued		(1,873)
Total Impact of Business Combination on additional paid-in capital	$	112,464,679


	Total Liabilities Extinguished	Fair Value of Shares Issued	To Additional Paid in Capital
NACS	50,059,315	1,662,340	48,396,975
Azure	6,539,742	1,658,942	4,880,800
Stephen Sale	817,501	56,484	761,017
John Quinn	545,000	84,726	460,274
Total	57,961,558	3,462,492	54,499,066


	Estimated useful life	June 30, 2025		December 31, 2024
Finance lease ROU asset	4-5 years	$	33,662	$	33,662
Computers and equipment	3-5 years		180,239		164,299
Less: Accumulated depreciation and amortization			(163,688)		(146,574)
Property and equipment, net		$	50,214	$	51,387


	As of June 30, 2025						As of December 31, 2024
	Interest		Principal				Interest		Principal
Entity	Payable		Payable		Total		Payable		Payable		Total
Azure-SJBT	$	—	$	—	$	—	$	3,095,947	$	6,831,987	$	9,927,934
NACS, LLC		—		—		—		25,052,756		11,493,949		36,546,705
Assumed notes		—		—		—		11,092,887		3,770,119		14,863,006
Total	$	—	$	—	$	—	$	39,241,591	$	22,096,055	$	61,337,646


	June 30, 2025		December 31, 2024
Raw materials and parts	$	996,765	$	643,410
Work-in-progress	$	186,402	$	257,395
Finished goods	$	71,265	$	525,335
Total inventories	$	1,254,433	$	1,426,140


Notes	Maturities	Effective Rate		June 30, 2025		December 31, 2024
340 Broadway holdings	2026	15.0	%	$	1,000,000	$	—
Silverback Capital Corporation	2026	15.0	%		1,000,000		—
Aegus Corp	2024	12.0	%		230,000		230,000
Maximcash Solutions LLC	2025	44.0	%		490,250		—
Seaport notes	2030	9.0	%		14,701,451		17,612,166
Steele consolidated	2028	9.0	%		3,000,000		2,863,000
St. James Bank&Trust	2025	12.0	%		2,850,000		—
Azure SJBT notes	2024	14.5	%		—		2,275,000
LAM LHA	2024	7.8	%		—		40,456
Polar note	2025	0.0	%		—		1,175,000
John Redmond(other)	2018-2024	12.0	%		—		19,821,055
Catalytic notes	2020	12.0	%		—		1,563,796
Bay Point notes	2023	15.0	%		—		813,633
Seed financing notes	2024	12.0	%		—		3,600,000
Total Principal				$	23,271,701	$	49,994,106
Accrued interest (compounded)					1,047,435		57,474,111
Total debt				$	24,319,136	$	107,468,217
Reported as:
Short-term debt					6,617,685		107,468,217
Long-term debt					17,701,451		—
Total debt				$	24,319,136	$	107,468,217


	As of
	March 31,2025
Total invoices sold to Seaport	$	364,780
Total cash received from Seaport		350,000
Total factoring amount		14,780

Total PO loan from Seaport		1,777,400
Interest paid to Seaport		177,740
Total amount in exchange for PO loan		1,955,140
Payment to Seaport		(410,780)
Ending balance	$	1,544,360


Description	Level	June 30, 2025		December 31, 2024
Liabilities
Warrant liabilities	3	$	—	$	16,241,092
Derivative liabilities	3	$	—	$	8,327,602
Earn-out liability	3	$	13,000	$	—


	Three months ended		Six months ended
Warrant liabilities	June 30, 2025		June 30, 2025
Fair value - beginning of period	$	—	$	16,241,092
Issuance		—		—
Warrant exercised		—		(16,241,092)
Change in fair value		—		—
Fair value - end of period	$	—	$	—


	Three months ended		Six months ended
Derivative liabilities	June 30, 2025		June 30, 2025
Fair value - beginning of period	$	—	$	8,327,602
Issuance		—		—
Option exercised		—		(8,327,602)
Change in fair value		—		—
Fair value - end of period	$	—	$	—


	Three months ended		Six months ended
Earn-out liabilities	June 30, 2025		June 30, 2025
Fair value - beginning of period	$	30,000	$	—
Issuance		—		30,000
Change in fair value		(17,000)		(17,000)
Fair value - end of period	$	13,000	$	13,000


				Principal and Accrued Interest
Issuance date	Maturities	Interest Rate		As of June 30, 2025		As of December 31, 2024
January 1, 2021	March 31, 2024	12.00	%	$	—	$	1,110,178
January 1, 2021	March 31, 2024	12.00	%		—		5,412,393
October 25, 2021	March 31, 2024	14.50	%		—		632,888
October 25, 2021	March 31, 2024	14.50	%		—		1,423,997
October 1, 2022	March 31, 2024	14.50	%		—		1,348,478
		Total		$	—	$	9,927,934


Exhibit No.		Description
3.1		Amended and Restated Certificate of Incorporation of ScanTech AI Systems Inc. (incorporated by reference to the Company’s Annual Report on Form 10-K filed with the SEC on May 14, 2025 as Exhibit 3.1).
3.2		Bylaws of ScanTech AI Systems Inc. (incorporated by reference to the Company’s Annual Report on Form 10-K filed with the SEC on May 14, 2025 as Exhibit 3.2).
10.1		Order Approving Settlement Agreement (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on April 1, 2025 as Exhibit 10.1).
10.2		Settlement Agreement (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on April 1, 2025 as Exhibit 10.2).
10.3		Seaport Group SIBS LLC Bridge Loan Amendment (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on April 1, 2025 as Exhibit 10.3).
10.4		Unsecured Promissory Note, dated April 25, 2025, entered into by and between the Company and St. James Bank and Trust Company Ltd.(incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 1, 2025 as Exhibit 10.1).
10.5		Subscription Agreement, dated April 25, 2025, entered into by and between the Company and St. James Bank and Trust Company Ltd. (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 1, 2025 as Exhibit 10.2).
10.6		Settlement Agreement, dated April 25, 2025, entered into by and between the Company, St. James Bank and Trust Company Ltd., NACS LLC, and John Redmond (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 1, 2025 as Exhibit 10.3).
10.7		Amendment to May 2024 Bridge Loan, dated April 28, 2025, entered into by and between the Company and Aegus Corporation (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 1, 2025 as Exhibit 10.4).
10.8		Subscription and Settlement Agreement, dated April 29, 2025 entered into by and between the Company and Polar Polar Multi-Strategy Master Fund (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 5, 2025 as Exhibit 10.1).
10.9		Subscription and Settlement Agreement, dated April 29, 2025 entered into by and between the Company and John Redmond (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 5, 2025 as Exhibit 10.2).
10.10		Supplemental Agreement, dated as of January 2, 2025, entered into by and between the Company, ScanTech Identification Beam Systems, LLC, and NACS LLC (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 5, 2025 as Exhibit 10.3).
10.11		Stock Issuance Agreement, dated April 30, 2025 entered into by and between the Company, ScanTech Identification Beam Systems, LLC, and York Capital Management Global Advisors, LLC (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 5, 2025 as Exhibit 10.4).
10.12		Loan and Security Agreement, dated as of May 14, 2025, entered into by and between the Company and Maximcash Solutions LLC (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 19, 2025 as Exhibit 10.1).
10.13		Stock Pledge Agreement, dated as of May 14, 2025, entered into by and between the Company and Maximcash Solutions LLC (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on May 19, 2025 as Exhibit 10.2).
10.14*		Separation and Release of Claims Agreement by and between the Company and Karl Brenza, dated June 10, 2025.
10.15*		ScanTech AI Systems Inc. Amended Non-Employee Director Compensation Policy
31.1*		Certification of Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1§		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2§		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


Date: September 17, 2025	ScanTech AI Systems Inc.

	By:	/s/ Dolan Falconer
	Name:	Dolan Falconer
	Title:	Chief Executive Officer (Principal Executive Officer)

	By:	/s/ James White
	Name:	James White
	Title:	Chief Financial Officer (Principal Financial and Accounting Officer)

			ScanTech AI Systems Inc.

			By	/s/ Dolan Falconer
			Name:	Dolan Falconer
			Title:	CEO
			Date:	June 9, 2025
Brenza

Signature:		/s/ Karl Brenza

Print Name: Karl Brenza

Date:	June 10, 2025


Director	Annual Equity Grant	Annual Board Retainer	Audit Comm Retainer	Comp Comm Retainer	Nom Comm Retainer	Total Cash (Annual)	Total Cash (Quarter)	Total Annual Retainer
Brad Buswell*	$300,000	$95,000		$2,500	$2,500	$100,000	$25,000	$400,000
Dolan Falconer	$0	$0	$0	$0	$0	$0	$0	$0
Jim Jenkins*	$200,000	$40,000	$7,500	$2,500		$50,000	$12,500	$250,000
Keisha Bottoms*	$200,000	$40,000	$3,500	$5,000		$48,500	$12,125	$248,500
Mike McGarrity*	$200,000	$40,000			$2,500	$42,500	$10,625	$242,500
Tom McMillen*	$200,000	$40,000	$3,500		$4,000	$47,500	$11,875	$247,500
[TBD]


Date: September 17, 2025
		/s/ James White
		James White
		Chief Financial Officer
		(Principal Financial and Accounting Officer)