10-Q - WFCF - Equibles

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

10-Q

☒	QUARTERLY REPORT UNDER<br> SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended

March 31, 2026

☐	TRANSITION REPORT<br>UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _____________

Commission

File No. 001-40314

WHERE

FOOD COMES FROM, INC.

(exact name of registrant as specified in its charter)

Colorado	43-1802805
(State<br> or other jurisdiction of<br><br> <br>incorporation<br> or organization)	(I.R.S.<br> Employer <br><br>Identification No.)

202 6^th^ Street, Suite 400

Castle Rock, CO 80104

(Address of principal executive offices, including zip code)

Registrant’s

telephone number, including area code:

(303) 895-3002

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a small reporting company. See definitions of “large accelerated filer” and “accelerated filer” and “smaller reporting entity” in Rule 12b-2 of the Exchange Act.

Large<br> accelerated filer:	☐	Accelerated<br> filer:	☐
Non-accelerated<br> filer:	☐	Smaller<br> reporting company:	☒
Emerging<br> growth company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title<br> of each class	Trading<br> Symbol(s)	Name<br> of each exchange on which registered
Common<br> Stock, $0.001 par value	WFCF	The<br> NASDAQ Stock Market LLC

The

number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of May 7, 2026, was 5,039,276.

Where

Food Comes From, Inc.

Table

of Contents

March

31, 2026

Part 1 - Financial Information
Item<br> 1.	Financial Statements	3
Item<br> 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item<br> 4.	Controls and Procedures	20
Part II - Other Information
Item<br> 1.	Legal Proceedings	21
Item<br> 1A.	Risk Factors	21
Item<br> 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item<br> 6.	Exhibits	22

| 2 |

| --- |

Where

Food Comes From, Inc.

Consolidated

Balance Sheets

			December 31,
(Amounts in thousands, except per share amounts)			2025

Assets
Current assets:
Cash and cash equivalents	3,281		$	3,200
Accounts receivable, net of allowance	2,056			1,678
Inventory	842			792
Prepaid expenses and other current assets	648			605
Total current assets	6,827			6,275
Property and equipment, net	739			648
Right-of-use assets, net	437			498
Equity investments	200			200
Intangible and other assets, net	1,332			1,420
Digital assets	478			613
Goodwill, net	2,946			2,946
Deferred tax assets, net	267			299
Total assets	13,226		$	12,899
Liabilities and Equity
Current liabilities:
Accounts payable	569		$	451
Accrued expenses and other current liabilities	1,088			655
Deferred revenue	1,532			1,545
Current portion of finance lease obligations	12			12
Current portion of operating lease obligations	422			422
Total current liabilities	3,623			3,085
Finance lease obligations, net of current portion	10			13
Operating lease obligation, net of current portion	393			496
Total liabilities	4,026			3,594
Commitments and contingencies	-			-
Equity:
Preferred stock, 0.001 par value; 5,000 shares authorized; none issued or outstanding	-			-
Common stock, 0.001 par value; 95,000 shares authorized; 5,219 (2026) and 5,211 (2025) shares issued, and 5,043 (2026) and<br> 5,059 (2025) shares outstanding	5			5
Additional paid-in-capital	119			23
Treasury stock of 176 (2026) and 152 (2025) shares	(2,076	)		(1,783	)
Retained earnings	11,152			11,060
Total equity	9,200			9,305
Total liabilities and stockholders’ equity	13,226		$	12,899

All values are in US Dollars.

The

accompanying notes are an integral part of these consolidated financial statements.

| 3 |

| --- |

Where

Food Comes From, Inc.

Consolidated

Statements of Operations

(Unaudited)

(Amounts in thousands, except per share amounts)	2026			2025
	Three months ended March 31,
(Amounts in thousands, except per share amounts)	2026			2025
Revenues:
Verification and certification service revenue	$	4,424		$	4,182
Product sales		713			702
Professional services		228			389
Total revenues		5,365			5,273
Costs of revenues:
Costs of verification and certification services		2,721			2,395
Costs of products		438			428
Costs of professional services		163			255
Total costs of revenues		3,322			3,078
Gross profit		2,043			2,195
Selling, general and administrative expenses		1,745			2,053
Income from operations		298			142
Other income/(expense):
Interest income		6			4
Fair market value loss on digital assets		(135	)		(76	)
Gain on sale of assets		17			-
Interest expense		(1	)		(1	)
Income before income taxes		185			69
Income tax expense		93			38
Net income	$	92		$	31
Per share - net income:
Basic	$	0.02		$	0.01
Diluted	$	0.02		$	0.01
Weighted average number of common shares outstanding:
Basic		5,057			5,212
Diluted		5,070			5,230

The

accompanying notes are an integral part of these consolidated financial statements.

| 4 |

| --- |

Where

Food Comes From, Inc.

Consolidated

Statements of Cash Flows

(Unaudited)

(Amounts in thousands)	2026			2025
	Three months ended March 31,
(Amounts in thousands)	2026			2025
Operating activities:
Net income	$	92		$	31
Adjustments to reconcile net income to net cash provided by operating<br> activities:
Depreciation and amortization		154			173
Fair market value loss on digital assets		135			76
Stock-based compensation expense		94			-
Deferred tax expense / (benefit)		32			(16	)
Bad debt (benefit) / expense		(27	)		15
Changes in operating assets and liabilities:
Accounts receivable		(351	)		(24	)
Inventory		(50	)		72
Prepaid expenses and other assets		(49	)		(23	)
Accounts payable		118			78
Accrued expenses and other current liabilities		433			260
Deferred revenue		(13	)		(4	)
Right of use assets and liabilities, net		(45	)		(6	)
Net cash provided by operating activities		523			632
Investing activities:
Purchases of property, equipment and software development costs		(148	)		(29	)
Net cash used in investing activities		(148	)		(29	)
Financing activities:
Repayments of finance lease obligations		(3	)		(4	)
Proceeds from stock option exercise		2			10
Stock repurchase under Stock Buyback Plan		(293	)		(383	)
Net cash used in financing activities		(294	)		(377	)
Net change in cash		81			226
Cash at beginning of period		3,200			2,012
Cash at end of period	$	3,281		$	2,238

The

accompanying notes are an integral part of these consolidated financial statements.

| 5 |

| --- |

Where

Food Comes From, Inc.

Consolidated

Statement of Equity

(Unaudited)

						Additional
	Common Stock					Paid-in		Treasury			Retained
(Amounts in thousands)	Shares			Amount		Capital		Stock			Earnings		Total
Balance at December 31, 2024		5,242		$	7	$	11,381	$	(13,462	)	$	12,007	$	9,933
Stock option exercised		1			-		10		-			-		10
Stock based compensation expense
Repurchase of common shares under Stock Buyback Plan		(31	)		-		-		(383	)		-		(383	)
Net income		-			-		-		-			31		31
Balance at March 31, 2025		5,212		$	7	$	11,391	$	(13,845	)	$	12,038	$	9,591
Balance at December 31, 2025		5,059		$	5	$	23	$	(1,783	)	$	11,060	$	9,305
Balance		5,059		$	5	$	23	$	(1,783	)	$	11,060	$	9,305
Stock option exercised		-			-		2		-			-		2
Stock based compensation expense		8			-		94		-			-		94
Repurchase of common shares under Stock Buyback Plan		(24	)		-		-		(293	)		-		(293	)
Net income		-			-		-		-			92		92
Balance at March 31, 2026		5,043		$	5	$	119	$	(2,076	)	$	11,152	$	9,200
Balance		5,043		$	5	$	119	$	(2,076	)	$	11,152	$	9,200

The

accompanying notes are an integral part of these consolidated financial statements.

| 6 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

Note1 - The Company and Basis of Presentation

BusinessOverview

Where Food Comes From, Inc. is a Colorado corporation based in Castle Rock, Colorado (“WFCF”, the “Company,” “our,” “we,” or “us”). We are an independent, third-party food verification company conducting both on-site and desk audits to verify that claims being made about livestock, food, other high-value specialty crops and agricultural and aquaculture products are accurate. We care about food and other agricultural and aquacultural products, how it is grown and raised, the quality of what we eat, what farmers and ranchers do, and authentically telling that story to the consumer. Our team visits farms and ranches and looks at their plants, animals, and records, and compares the information we collect to specific standards or claims that farms and ranches want to make about how they are producing food. We strive to ensure that everyone involved in the food business - from growers and farmers to retailers and shoppers – can count on WFCF to provide authentic and transparent information about the food we eat and how, where, and by whom it is produced.

The Company also provides a wide range of professional consulting services and technology solutions that generate incremental revenue specific to the food and agricultural industry and drive sustainable value creation.

Most of our customers are located throughout the United States.

Basisof Presentation

Our unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of all majority-owned or controlled subsidiaries. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues, costs and expenses during the reporting period. All significant intercompany transactions and amounts have been eliminated. The results of businesses acquired are included in the consolidated financial statements from the date of the acquisition. Actual results could differ from the estimates.

The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our audited financial statements and footnotes thereto for the year ended December 31, 2025, included in our Form 10-K filed on February 26, 2026. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. However, we believe that the disclosures are adequate to make the information presented not misleading. Certain prior year amounts have been reclassified to conform to current year presentation. Net income and shareholders’ equity were not affected by these reclassifications. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations. The consolidated operating results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for any other interim period of any future year.

Seasonality

Our business is subject to seasonal fluctuations annually. Significant portions of our verification and certification service revenue are typically realized during late May through early October when the calf marketings and the growing seasons are at their peak.

| 7 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

Additionally, the cattle industry is cyclical by nature based on factors impacting current and future supplies such as drought-induced feedlot placements, higher cow and heifer slaughter, and lower auction receipts. The production lags inherent to this industry lead to long-lasting impacts of production decisions. For example, increased liquidation implies tighter supplies for next year. Similarly, times of herd expansion are typically a multi-year period. Historically, these cycles typically lasted approximately 10 years. The beginning of 2026 marked the twelfth year of the current cycle that began in 2014. We are currently in the contraction phase of the cycle after peaking in 2018-2019. How long we continue to contract will be directly impacted by drought and pasture conditions.

Because of the seasonality of the business and cyclical nature of our industry, results for any quarter are not necessarily indicative of the results that may be achieved for any other quarter or for the full fiscal year.

RecentAccounting Pronouncements

The Financial Accounting Standards Board (FASB) Accounting Standards Codification is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (ASU) to communicate changes to the codification. The Company considers the applicability and impact of all ASU’s.

FairValue Measurements

Our assets and liabilities that were measured at fair value on a recurring basis were as following (in millions):

Schedule of Measured At Fair Value on a Recurring Basis

	Fair Value		Level I		Level II		Level III		Fair Value		Level I		Level II		Level III
	March 31, 2026								December 31, 2025
	Fair Value		Level I		Level II		Level III		Fair Value		Level I		Level II		Level III
Money Market Funds	$	1,948	$	1,948		-		-	$	2,019	$	2,019		-		-
Digital Assets		478		478		-		-		613		613		-		-
Total	$	2,426	$	2,426	$	-	$	-	$	2,632	$	2,632	$	-	$	-

Note2 – Basic and Diluted Net Income per Share

Basic net income per share was computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.

The following is a reconciliation of the share data used in the basic and diluted income per share computations (amounts in thousands):

Schedule of Reconciliation of Basic and Diluted Income Per Share Computations

	2026		2025
	Three months ended March 31,
	2026		2025
Basic:
Weighted average shares outstanding		5,057		5,212
Diluted:
Weighted average shares outstanding		5,057		5,212
Weighted average effects of dilutive securities		13		18
Total		5,070		5,230
Antidilutive securities:		17		17

The effect of the inclusion of the antidilutive shares would have resulted in an increase in earnings per share. Accordingly, the weighted average shares outstanding have not been adjusted for antidilutive shares.

| 8 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

Note3 – Equity Investments

For

the three months ended March 31, 2025, the Company did not receive dividend income from Progressive Beef. Effective June 30, 2025, the Company sold its equity investment in Progressive Beef (the “Buyer”) in exchange for approximately $1.8 million cash and the Buyer’s surrender of 12,585 shares of the Company’s common stock valued at approximately $0.1 million.

Note4 – Intangible and Other Assets

The following table summarizes our intangible and other assets (amounts in thousands, except useful life):

Schedule of Intangible and Other Assets

	March 31,		December 31,		Estimated
	2026		2025		Useful Life
Intangible assets subject to amortization:
Tradenames and trademarks	$	818	$	818	2.5 - 5.0 years
Customer relationships		3,470		3,470	3.0 - 8.0 years
Intangible assets subject to amortization, gross		4,288		4,288
Less accumulated amortization		2,983		2,888
Intangible assets subject to amortization, net		1,305		1,400
Other assets		27		20
Intangible and other assets:	$	1,332	$	1,420

Note5 – Digital Assets

The following table presents the Company’s digital asset holdings as of:

Schedule of Consolidated Balance Sheets of Digital Asset

	March 31, 2026						December 31, 2025
(in thousands, except for quantity)	Quantity		Cost Basis		Fair Value		Quantity		Cost Basis		Fair Value
Bitcoin		7	$	178	$	478		7	$	178	$	613
Total digital assets held			$	178	$	478			$	178	$	613

The following table presents a roll-forward of total digital assets for the three months ended March 31, 2026:

Schedule of Roll-Forward of Total Digital Assets Based on Fair Value Model

(in thousands)	Fair Value
Digital assets December 31, 2025	$	613
Unrealized gain on digital assets		(135	)
Digital assets March 31, 2026	$	478

| 9 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

Note6 – Accrued Expenses and Other Current Liabilities

The following table summarizes our accrued expenses and other current liabilities as of (amounts in thousands):

Schedule of Accrued Expenses and Other Current Liabilities

	March 31,		December 31,
	2026		2025
Income and sales taxes payable	$	25	$	25
Payroll related accruals		817		442
Customer deposits		127		46
Professional fees and other expenses		119		142
Accrued<br> expenses and other current liabilities	$	1,088	$	655

Note7 – Equity and Stock-Based Compensation

In addition to cash compensation, the Company may compensate certain service providers, including employees, directors, consultants, and other advisors, with equity-based compensation in the form of stock options, stock awards and restricted stock awards. The Company recognizes all equity-based compensation as stock-based compensation expense based on the fair value of the compensation measured at the grant date. For stock options, fair value is calculated at the date of grant using the Black-Scholes-Merton option pricing model. For stock awards, fair value is the closing stock price for the Company’s common stock on the grant date. The expense is recognized over the vesting period of the grant. For the periods presented, all stock-based compensation expense was classified as a component within selling, general and administrative expense in the Company’s consolidated statements of operations.

During

the three months ended March 31, 2025, no stock options or common stock were awarded. During the three months ended March 31, 2026, common stock awards were granted to employees of 8,235 shares totaling approximately $94,000 in stock based expense.

EquityIncentive Plans

Our

2026 Equity Incentive Plan (the “2026 Plan”) provide for the issuance of stock-based awards to employees, officers, directors and consultants. The Plans permit the granting of stock awards and stock options. The vesting of stock-based awards is generally subject to the passage of time and continued employment through the vesting period. In April 2025, our shareholders ratified our 2026 Equity Incentive Plan (the “2026 Plan”), which provides for the issuance of a maximum of 500,000 shares of our common stock.

| 10 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

StockOption Activity

Stock option activity under our Equity Incentive Plans is summarized as follows:

Schedule of Stock Option Activity

								Weighted avg.
				Weighted avg.		Weighted avg.		remaining
	Number of			exercise price		grant date fair		contractual life		Aggregate
	awards			per share		value per share		(in years)		intrinsic value
Outstanding, December 31, 2025		51,829		$	9.36	$	8.30		3.30	$	254,605
Granted		-		$	-	$	-		-
Exercised		(250	)	$	7.56	$	7.49		0.70
Expired/Forfeited		-		$	-	$	-		-
Outstanding, March 31, 2026		51,579		$	9.37	$	8.30		3.17	$	252,715
Exercisable, March 31, 2026		51,579		$	9.37	$	8.30		3.17	$	252,715
Unvested, March 31, 2026		-		$	-	$	-		-	$	-

The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate difference between the closing price of our common stock on March 31, 2026 and the exercise price for the in-the-money options) that would have been received by the option holders if all the in-the-money options had been exercised on March 31, 2026.

Note8 – Income Taxes

Deferred tax assets and liabilities have been determined based upon the differences between the financial statement amounts and the tax bases of assets and liabilities as measured by enacted tax rates expected to be in effect when these differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The

provision or benefit for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. For the three months ended March 31, 2026 we recorded an income tax expense of approximately $93,000, compared to income tax expense of $38,000 for the same 2025 period.

Note9 - Revenue Recognition

Disaggregationof Revenue

We have identified three material revenue categories in our business: (i) verification and certification service revenue, (ii) product sales, (iii) professional services revenue.

Revenue attributable to each of our identified revenue categories is disaggregated in the table below (amounts in thousands).

Schedule

of Revenue Attributable to Each of Our Identified Revenue Categories

	2026		2025
	Three months ended March 31,
	2026		2025
Revenues:
Verification and certification service revenue	$	4,424	$	4,182
Product sales		713		702
Professional services		228		389
Total revenues		5,365		5,273

| 11 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

ContractBalances

As

of March 31, 2026 and December 31, 2025, accounts receivable from contracts with customers, net of allowance for doubtful accounts, was approximately $2.1 million and $1.7 million, respectively.

As

of March 31, 2026 and December 31, 2025, deferred revenue from contracts with customers was approximately $1.5 million. The balance of the contract liabilities at March 31, 2026 and December 31, 2025 are expected to be recognized as revenue within one year or less of the invoice date.

The following table reflects the changes in our contract liabilities during the three month period ended March 31, 2026 (amounts in thousands):

Schedule of Changes in Contract Liabilities

Deferred revenue:
Unearned revenue December 31, 2025	$	1,545
Unearned billings		943
Revenue recognized		(956	)
Unearned revenue March 31, 2026	$	1,532

Note10 – Leases

The components of lease expense were as follows (amounts in thousands):

Schedule of Lease Expense

	2026		2025
	Three months ended March 31,
	2026		2025
Operating lease cost	$	69	$	111
Finance lease cost
Amortization of assets		3		4
Interest on finance lease obligations		1		1
Variable lease cost		-		-
Total net lease cost	$	73	$	116

Included

in the table above, for the three months ended March 31, 2025, is $0.1 million of operating lease cost for our corporate headquarters.

This space was being leased from The Move, LLC. Our

CEO and President, each a related party to the Company, had a 24.3% jointly-held ownership interest in The Move, LLC. In December 2025, The Move, LLC closed on the sale of 100% of its interest in the office space to an unrelated party.

| 12 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

Supplemental balance sheet information related to leases was as follows (amounts in thousands):

Schedule of Supplemental Balance Sheet Information Related to Leases

	March 31, 2026			December 31, 2025
Operating leases:
Operating lease ROU assets	$	419		$	477
Current operating lease liabilities	$	422		$	422
Noncurrent operating lease liabilities		393			496
Total operating lease liabilities	$	815		$	918
Finance leases:
Right of use asset, at cost	$	52		$	76
Accumulated amortization		(34	)		(55	)
Property and equipment, net	$	18		$	21
Current obligations of finance leases	$	12		$	12
Finance leases, net of current obligations		10			13
Total finance lease liabilities	$	22		$	25
Weighted average remaining lease term (in years):
Operating leases		2.0			2.3
Finance leases		1.8			2.0
Weighted average discount rate:
Operating leases		8.5	%		8.4	%
Finance leases		9.0	%		8.9	%

Supplemental cash flow and other information related to leases was as follows (amounts in thousands):

Schedule of Supplemental Cash Flow Information Related to Leases

	2026		2025
	Three months ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	122	$	119
Operating cash flows from finance leases	$	1	$	1
Financing cash flows from finance leases	$	3	$	4
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	-	$	-

| 13 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

Maturities of lease liabilities were as follows (amounts in thousands):

Schedule of Maturities of Operating Lease and Finance Lease Liabilities

Years Ending December 31st,	Operating Leases			Finance Leases
2026 (remaining nine months)	$	362		$	10
2027		457			14
2028		27			-
2029		27			-
2030		18			-
Total lease payments		891			24
Less amount representing interest		(76	)		(2	)
Total lease obligations		815			22
Less current portion		(422	)		(12	)
Long-term lease obligations	$	393		$	10

Note11 – Commitments and Contingencies

Legalproceedings

From time to time, we may become involved in various legal actions, administrative proceedings and claims in the ordinary course of business. We generally record losses for claims in excess of the limits of purchased insurance in earnings at the time and to the extent they are probable and estimable.

Note12 - Segments

Effective January 2025, our operations team implemented some internal restructuring and consolidation throughout the company to better align business functions and improve efficiency, as well as promote stronger unity in our brand identity because of our many past acquisitions. With this reorganization, we also needed to reassess segment reporting, our new structure and what type of discrete information was reviewed by our middle managers and our Chief Operating Decision Maker (“CODM”). One aspect of our restructuring specifically addressed the activities and personnel, which were previously reported under our Professional Services Segment. All professional consulting services, which also includes data analysis and other reporting metrics, provide support to our primary activities of verification and certification. This segment now reports to the same management team under the Verification and Certification Segment. With our restructuring, we now only have one reportable segment. The factors considered in determining this aggregated reporting segment include the economic similarity of the businesses, the nature of services provided, production processes, types of customers and distribution methods.

The Company’s chief operating decision maker (the Company’s CEO) allocates resources and assesses the performance of its operating segment. Management makes decisions, measures performance, and manages the business utilizing internal reporting operating information. Performance of the operating segment is based on net sales, gross profit, selling, general and administrative expenses and most importantly, operating income.

| 14 |

| --- |

Where

Food Comes From, Inc.

Notes

to the Consolidated Financial Statements

(Unaudited)

The following table shows information for the reportable operating segment (amounts in thousands):

Schedule of Operating Segments ****

	2026			2025
	Three months ended March 31,
	2026			2025
Assets:
Goodwill	$	2,946		$	2,946
All other assets, net		10,280			12,266
Total assets	$	13,226		$	15,212
Revenues:
Verification and certification service revenue	$	4,424		$	4,182
Product sales		713			702
Professional services		228			389
Total revenues	$	5,365		$	5,273
Costs of revenues:
Costs of verification and certification services		2,721			2,395
Costs of products		438			428
Costs of professional services		163			255
Total costs of revenues		3,322			3,078
Gross profit		2,043			2,195
Depreciation & amortization		154			173
Other operating expenses:
Salaries and benefits		728			903
Rent and lease expense		136			161
Software and technology		221			207
Legal and professional expenses		176			165
Tradeshows and marketing		80			127
Conferences and training		63			66
Investor relations		44			37
Other expenses		143			214
Total Other operating expenses		1,591			1,880
Operating income/(loss)	$	298		$	142
Other items to reconcile operating income/(loss) to net income/(loss):
Other income/(loss)		(113	)		(73	)
Income tax benefit/(expense)		(93	)		(38	)
Net income/(loss)	$	92		$	31

Note13 – Supplemental Cash Flow Information

Schedule of Supplemental Cash Flow Information

(Amounts in thousands)	2026		2025
	Three months ended March 31,
(Amounts in thousands)	2026		2025
Cash paid during the year:
Interest expense	$	-	$	-
Income taxes	$	-	$	17

Note14 – Subsequent Events

The Company has had no material, significant or unusual transactions or events from the financial statement date through the issuance of the financial statements.

| 15 |

| --- |

ITEM

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

This information should be read in conjunction with the consolidated financial statements and the notes included in Item 1 of Part I of this Quarterly Report and the audited consolidated financial statements and notes, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in the Form 10−K for the fiscal year ended December 31, 2025. The following discussion and analysis includes historical and certain forward−looking information that should be read together with the accompanying consolidated financial statements, related footnotes and the discussion below of certain risks and uncertainties that could cause future operating results to differ materially from historical results or from the expected results indicated by forward−looking statements.

BusinessOverview

Where Food Comes From, Inc. and its subsidiaries (“WFCF,” the “Company,” “our,” “we,” or “us”) is a leading trusted resource for third-party verification of food production practices in North America. The Company estimates that is supports more than approximately 17,500 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands, chefs and restaurants with a wide variety of value-added services provided through its family of verifiers. In order to have credibility, product claims such as gluten-free, non-GMO, non-hormone treated, humane handling, and others require verification by an independent third-party such as WFCF. The Company’s principal business is conducting both on-site and desk audits to verify that claims being made about livestock, aquaculture, crops and other food products are accurate.

We also provide a wide range of professional consulting services that generate incremental revenue specific to the food and agricultural industry and drive sustainable value creation. Finally, the Company’s Where Food Comes From Source Verified® retail and restaurant labeling program utilizes the verification of product attributes to connect consumers directly to the source of the food they purchase through product labeling and web-based information sharing and education.

WFCF was founded in 1996 and incorporated in the state of Colorado as a subchapter C corporation in 2006. The Company’s shares of common stock trade on the NASDAQ Capital Market (“NASDAQ”), under the stock ticker symbol, “WFCF.”

The Company’s original name – Integrated Management Information, Inc. (d.b.a. IMI Global) – was changed to Where Food Comes From, Inc. in 2012 to better reflect the Company’s mission. Early growth was attributable to source and age verification services for beef producers that wanted access to markets overseas following the discovery of “mad cow” disease in the U.S. Over the years, WFCF has expanded its portfolio to include verification and professional services for most food groups and over 50 programs and organizations. This growth has been achieved both organically and through the acquisition of other companies.

HumanCapital Resources

Our greatest asset is our people, and we continue to attract the best and brightest with our competitive pay and benefits package. As of March 31, 2026, we had 96 total employees, of which 87 were full-time employees. Approximately 83% of our workforce is comprised of female and other minority employees.

We are committed to providing a workplace where our employees feel respected and appreciated. Our Human Resource department (“HR”) conducts a new hire orientation, so employees know whom to contact with questions or concerns. HR has an open door policy and is actively involved in driving culture and engagement alongside business leaders.

| 16 |

| --- |

Our policies are designed to promote fairness and respect for everyone. We hire, evaluate, and promote employees based on their skills and performance. Everyone is expected to be trustworthy, demonstrate excellence in their performance, and collaborate with others. With this in mind, we will not tolerate certain behaviors. These include harassment, retaliation, violence, intimidation, and discrimination of any kind on the basis of race, color, religion, national origin, gender, sexual orientation, gender identity, gender expression, age, disability or veteran status.

To continue innovating, we must ensure we have a talented and engaged workforce with ample opportunity to contribute to our mission and grow professionally. We are focused on intentionally creating pathways to career opportunities across WFCF through strategic initiatives such as internships and leadership training.

At WFCF, our employees show up passionate about making a difference in the world and for each other. With a majority-minority workforce, empowering our employee resource groups to take charge in driving initiatives that attract, develop, and retain our passionate workforce is vital to our continued success.

Seasonality

Our business is subject to seasonal fluctuations annually. Significant portions of our verification and certification service revenue is typically realized during late May through early October when the calf marketings and the growing seasons are at their peak.

Liquidityand Capital Resources

At March 31, 2026, we had cash and cash equivalents of approximately $3.3 million compared to approximately $3.2 million at December 31, 2025. Our working capital at March 31, 2026 and December 31, 2025 was approximately $3.2 million.

Net cash provided by operating activities for the three months ended March 31, 2026 was approximately $0.5 million compared to $0.6 million during the same period in 2025. Net cash provided by operating activities is driven by our net income and adjusted by non-cash items. Non-cash adjustments primarily include depreciation, amortization of intangible assets, fair market value gains and losses on digital assets, stock-based compensation expense, and deferred taxes. Fluctuations are primarily due to operating performance offset by the timing of cash receipts and cash disbursements. The cash provided by operating activities for the period ending March 31, 2026 decreased compared to the same period in 2025 primarily due to absorption of certain fixed costs of services over a reduction in our professional services revenue.

Net cash used in investing activities for the three months ended March 31, 2026 was approximately $148,000 compared to $29,000 in the 2025 period. Net cash used in the period ending March 31, 2026 and 2025 was for purchases of equipment and increased expenditures towards capitalized software development costs.

Net cash used in financing activities for the three months ended March 31, 2026 and 2025 was approximately $0.3 million and $0.4 million, respectively. Cash used for the periods ending March 31, 2026 and 2025, was primarily due to the repurchase of common shares under the Stock Buyback Plan.

| 17 |

| --- |

Based on our current level of operations, we believe that our current cash and cash equivalents, coupled with cash generated from operations will be adequate to meet our capital expenditure and working capital needs for at least the next twelve months. We also have multiple opportunities to develop business relationships with long-term strategic partners. In keeping with our core business, we will continue to review our business model with a focus on profitability, long-term capital solutions and the potential impact of acquisitions or divestitures, if such an opportunity arises.

Off-BalanceSheet Arrangements

As of March 31, 2026, we had no off-balance sheet arrangements of any type.

RESULTS

OF OPERATIONS

Three months ended March 31, 2026 compared to the same period in fiscal year 2025

The following table shows information for reportable operating segment (amounts in thousands):

	Three months ended March 31,
	2026			2025
Assets:
Goodwill	$	2,946		$	2,946
All other assets, net		10,280			12,266
Total assets	$	13,226		$	15,212
Revenues:
Verification and certification service revenue	$	4,424		$	4,182
Product sales		713			702
Professional services		228			389
Total revenues	$	5,365		$	5,273
Costs of revenues:
Costs of verification and certification services		2,721			2,395
Costs of products		438			428
Costs of professional services		163			255
Total costs of revenues		3,322			3,078
Gross profit		2,043			2,195
Depreciation & amortization		154			173
Other operating expenses:
Salaries and benefits		728			903
Rent and lease expense		136			161
Software and technology		221			207
Legal and professional expenses		176			165
Tradeshows and marketing		80			127
Conferences and training		63			66
Investor relations		44			37
Other expenses		143			214
Total Other operating expenses		1,591			1,880
Operating income/(loss)	$	298		$	142
Other items to reconcile operating income/(loss) to net income/(loss):
Other income/(loss)		(113	)		(73	)
Income tax benefit/(expense)		(93	)		(38	)
Net income/(loss)	$	92		$	31

| 18 |

| --- |

Revenue

Verification and certification service revenues consist of fees charged for verification audits and other verification and certification related services that the Company performs for customers. Fees earned from our WFCF labeling program are also included in our verification and certification revenues as it represents a value-added extension of our source verification. Verification and certification service revenue for the three months ended March 31, 2026 increased $0.2 million compared with the same period in 2025. We continue to experience new customer growth and bundling opportunities, but offsetting some of this growth are supply-side dynamics within the cattle industry. The beef side of our business has been impacted the most significantly. We know the cattle industry is cyclical in nature and based on the data from the USDA, we appear to be at the bottom of a contraction phase within the cattle cycle, however, we are still seeing signs of further contraction in the cattle industry in early 2026. We are also facing rapidly changing trade and tariff uncertainties. Because of the tight cattle supply, ranchers are receiving the highest cattle prices per head in a decade without verification; and beef packers are reluctant to incur additional costs of verification to their supply chain because of the high costs of acquiring cattle for slaughter. To expand supply, herds must be rebuilt within the United States and via imports. But rebuilding of the herd takes time and is impacted by many factors including drought conditions in different regions, the price of inputs and interest rates. We are encouraged because premiums for verified cattle remain strong in the marketplace above commodity cattle prices in spite of significant pressure on beef packer margins. Verified product attributes like animal care, sustainability and natural continued to be demanded and our programs allow supply chains to meet this growing customer demand. We are also optimistic about the recent launch of our Raisewell Certified Standard, which was developed to meet growing consumer and retailer demand for responsibly raised proteins.

Our product sales are an ancillary part of our verification and certification services and represent sales of cattle identification ear tags. Product sales for the three months ended March 31, 2026 increased slightly by $11,000, compared to the same period in 2025. We continue to see some new customer growth, but our customers are ordering less tags due to smaller beef cow herd size. According to the USDA statistics, overall beef cow inventories have declined from 28.9 million head on January 1, 2023 to 27.6 million head on January 1, 2026.

Professional services revenue includes a wide range of professional consulting, data analysis, reporting and technology solutions that support our verification business and generate incremental revenue specific to the food and agricultural industry. Our professional services revenue stream is predominantly project based and not recurring in nature. Professional services revenue for the three months ended March 31, 2026 decreased less than $0.2 million, compared to the same period in 2025.

Costsof Revenue

Costs of verification and certification services for the three months ended March 31, 2026 and 2025 were approximately $2.7 million and $2.4 million, respectively or 61.5% of revenue compared to 57.3% of revenue in the comparable 2025 period. Our costs of verification and certification services are generally impacted by various costs such as salaries and benefits, insurance and taxes. The increase in the percentage of our costs of verification and certification services is primarily due to absorption of certain fixed costs of services over a reduction in revenue related to the beef side of our business. New customer growth helps offset the inflationary impacts on our margins, to some extent.

Costs of products for the three months ended March 31, 2026 and 2025 were approximately $0.4 million, or 61.4% of revenue compared to 61.0% of revenue in the comparable 2025 period. The increase in the percentage of our costs of products is primarily due to inflationary price increases passed on to us by our cattle ear tag manufacturers, while simultaneously, dealing with market conditions that foster a competitive environment for selling cattle ear tags.

Costs of our professional services revenue for the three months ended March 31, 2026 and 2025 was approximately $0.2 million and $0.3 million, respectively.

| 19 |

| --- |

Selling,General and Administrative Expenses

Other operating expenses for the three months ended March 31, 2026 and 2025 were approximately $1.6 million and $1.9 million, respectively. Our most significant operating expense includes salaries and benefits. The decrease in the 2026 period is primarily due to a decision by the executive management team to return the bonus amounts paid in late December 2025 which were based on previous internal projections that indicated strong fourth quarter revenue. These projections were made prior to the unexpected announcement that a large midwestern packing plant would cease operations, resulting in a negative impact to the Company’s fourth quarter 2025 revenue. Depreciation and amortization expense for the three months ended March 31, 2026 and 2025 were approximately $0.2 million.

OtherIncome / Expenses

The Company measures the digital assets at fair value with changes recognized in the Consolidated Statements of Income for each reporting period. For the three months ended March 31, 2026 and 2025, the Company recorded an unrealized loss of approximately $0.1 million.

IncomeTax Expense

The provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. For the three months ended March 31, 2026, we recorded income tax expense of approximately $93,000 compared to income tax expense of $38,000 for the same period in 2025.

NetIncome and Per Share Information

As a result of the foregoing, net income attributable to WFCF shareholders for the three months ended March 31, 2026 was approximately $0.1 million and $0.02 per basic and diluted common share, respectively, compared to net income of approximately $31,000 and $0.01 per basic and diluted common share for the same period in 2025.

ITEM

CONTROLS AND PROCEDURES

Evaluationof Disclosure Controls and Procedures

Our management, including our principal executive and financial officers, have conducted an evaluation of the effectiveness of the design and operation of our “disclosure controls and procedures,” as such term is defined under Rules 13a-15(e) and 15d-15(e) of the Exchange Act, to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and include controls and procedures designed to ensure that information we are required to disclose in such reports is accumulated and communicated to management, including our principal executive and financial officers, as appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, our principal executive and financial officers concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report. We believe that the financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented.

InternalControl Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) of the Exchange Act. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements and can only provide reasonable assurance with respect to financial statement preparation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

There have not been any other changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

| 20 |

| --- |

PART

II – OTHER INFORMATION

ITEM

LEGAL PROCEEDINGS

ITEM

1A. RISK FACTORS

Our business is subject to a number of risks, including those identified in Item 1A. — “Risk Factors” of our 2025 Annual Report on Form 10−K, that could have a material effect on our business, results of operations, financial condition and/or liquidity and that could cause our operating results to vary significantly from period to period. As of March 31, 2026, the Company recognizes matters specific to tariffs, pandemics, the inflationary environment and weather-related risks may have a continued economic impact on the Company, but management does not know and cannot estimate what the long-term financial impact may be. We may also disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

ITEM

ISSUER PURCHASES OF EQUITY SECURITIES

IssuerPurchases of Equity Securities

On September 30, 2019, our Board of Directors approved a new plan to buyback up to 2.5 million additional shares of our common stock from the open market (“Stock Buyback Plan”). Activity for the three months ended March 31, 2026 is as follows:

		Cost of Shares <br><br>(in thousands)		Average Cost <br><br>per Share
Shares purchased - January 2026	4,759	$	53	$	11.29
Shares purchased - February 2026	6,511	$	73	$	11.20
Shares purchased - March 2026	13,199	$	167	$	12.65
Total	24,469	$	293

| 21 |

| --- |

ITEM

EXHIBITS

**(a)**Exhibits

Number	Description
31.1	Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of CFO pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline<br>XBRL Instance Document
101.SCH	Inline<br>XBRL Taxonomy Extension Schema Document
101.CAL	Inline<br>XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline<br>XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline<br>XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline<br>XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover<br>Page Interactive Data File (embedded within the Inline XBRL document)

| 22 |

| --- |

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:<br> May 14, 2026	Where<br> Food Comes From, Inc.
	By:	/s/ John K. Saunders
		Chief<br> Executive Officer
By:	/s/ Dannette Henning
---	---
	Chief<br> Financial Officer

| 23 |

| --- |

EXHIBIT31.1

I, John Saunders, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Where Food Comes From, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed<br> such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others<br> within those entities, particularly during the period in which this report is being prepared;
(b)	Designed<br> such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our<br> supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements<br> for external purposes in accordance with generally accepted accounting principles;
---	---
(c)	Evaluated<br> the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about<br> the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;<br> and
---	---
(d)	Disclosed<br> in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s<br> most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,<br> or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All<br> significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are<br> reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;<br> and
(b)	Any<br> fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting.
---	---
Date:	May 14, 2026
---	---
	/s/ John Saunders
	John Saunders, Chief Executive Officer

EXHIBIT31.2

I, Dannette Henning, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Where Food Comes From, Inc.

(a)	Designed<br> such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others<br> within those entities, particularly during the period in which this report is being prepared;
(b)	Designed<br> such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our<br> supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements<br> for external purposes in accordance with generally accepted accounting principles;
---	---
(c)	Evaluated<br> the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about<br> the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;<br> and
---	---
(d)	Disclosed<br> in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s<br> most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,<br> or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---

(a)	All<br> significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are<br> reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;<br> and
(b)	Any<br> fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting.
---	---
Date:	May 14, 2026
---	---
	/s/ Dannette Henning
	Dannette<br> Henning, Chief Financial Officer

EXHIBIT32.1

Certificationof Periodic Financial Report

Pursuantto 18 U.S.C. Section 1350

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, John Saunders the Chief Executive Officer of Where Food Comes From, Inc. (the “Company”), hereby certifies that, to his knowledge:

(i)	the<br> Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange<br> Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities<br> Exchange Act of 1934; and
(ii)	the<br> information contained in the Report fairly presents, in all material respects, the financial condition and results of operations<br> of the Company.
---	---
Date:	May 14, 2026
---	---
	/s/ John Saunders
	John<br>Saunders, Chief Executive Officer

EXHIBIT32.2

Certificationof Periodic Financial Report

Pursuantto 18 U.S.C. Section 1350

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Dannette Henning, the Chief Financial Officer of Where Food Comes From, Inc. (the “Company”), hereby certifies that, to her knowledge:

(i)	the<br> Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange<br> Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities<br> Exchange Act of 1934; and
(ii)	the<br> information contained in the Report fairly presents, in all material respects, the financial condition and results of operations<br> of the Company.
---	---
Date:	May 14, 2026
---	---
	/s/ Dannette Henning
	Dannette Henning, Chief Financial Officer