260414.mbx

260414.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, April 14, 2026, Vol. 30, No. 104 Headlines 1847 HOLDINGS: Swings to Profit in FY25 but Going Concern Persists 1847 MEADOW: Commences Chapter 7 Bankruptcy in Georgia 250 WYNAH: Gets Another Extension to Use Cash Collateral 400 SOUTH BOSTON: U.S. Trustee Unable to Appoint Committee 6201 BLAIR ROAD: U.S. Trustee Unable to Appoint Committee 6201 ROBINSON: Gets Final OK to Use Cash Collateral ADVENT TECHNOLOGIES: Needs Additional Time to Complete 2025 10-K AGEAGLE AERIAL: Narrows Loss to $5.3MM, Eases Going Concern Doubt AIBOTICS INC: Requires More Time to Complete Audit for 2025 10-K ALBERT EINSTEIN: S&P Affirms 'BB' Rating on 2021 Refunding Bonds ALSANGEST INTERNATIONAL: Seeks Subchapter V Bankruptcy in Cal. AMERICAN RESOURCES: Needs More Time to Finish 2025 10-K, Audit APPLIED TECHNICAL: Antares PCF Marks $645,000 1L Loan at 65% Off APPLIED TECHNICAL: Antares PCF Virtually Writes Off $645,000 Loan APPTECH PAYMENTS: Reports $7.9 Million Net Loss for Fiscal 2025 AQUA METALS: Posts $22.6MM Loss in 2025, Needs Additional Capital AQUABOUNTY TECHNOLOGIES: Cuts Losses but Liquidity Concerns Persist ATLANTIC HOME: James E. Cross Appointed as Receiver AUTOWORX LLC: Taps Specialized Accounting Services as Accountant BAMBOO US: Antares PCF Marks $714,000 1L Loan at 18% Off BEELAND PROPERTIES: Agent Taps Murray & Murray as Special Counsel BEELINE HOLDINGS: Reports $23.4M Net Loss, Seeks Additional Capital BIMERGEN ENERGY: Resolves Going Concern Doubt After $13.6M Offering BIO-KEY INTERNATIONAL: Delays 10-K Due to Incomplete Financials BLINK CHARGING: Posts $83MM FY25 Loss; Expects 12-Month Cash Runway BLUE STAR FOODS: Needs Additional Time to Complete 2025 10-K Filing BLUM HOLDINGS: Needs More Time to Finalize Disclosures in 2025 10-K BOXLIGHT CORP: Needs More Time to Compile Information for 2025 10-K BRC GROUP: Swings to Profit, Maintains Strong Liquidity Outlook BRIDGES CONSUMER: Antares PCF Marks $2.2MM 1L Loan at 20% Off BROWNIE'S MARINE: Delays FY2025 10-K Filing for Extra Analysis BURLINGTON STORES: S&P Affirms 'BB+' ICR on Continued Growth CALIFORNIA REAL: Starts Chapter 7 Bankruptcy in California CARR RIGGS: Antares PCF Marks $1.4MM 1L Loan at 73% Off CATHAY GENERAL: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable CATHETER PRECISION: Reports $17.7 Million Net Loss for 2025 CENTRAL PARENT: Antares PCF Marks $3.4MM 1L Loan at 15% Off CLEAN ENERGY: Delays FY2025 10-K Due to Financial Assembly Hurdles COLIBRI FAMILY: Starts Chapter 7 Bankruptcy in California CONCORD GLOBAL: Antares PCF Marks $1.7MM 1L Loan at 76% Off CONLIN STREET: Seeks Subchapter V Bankruptcy in Louisiana COOLSYS INC: S&P Upgrades ICR to 'CCC+' Following Debt Amendment COREWEAVE INC: Fitch Rates Sr. Unsecured Notes Due 2031 'BB-' COREWEAVE INC: S&P Alters Outlook to Positive, Affirms 'B+' ICR CQENS TECHNOLOGIES: Delays 2025 10-K Due to Ongoing Auditor Review CROCS INC: Moody's Upgrades CFR to Ba2 & Alters Outlook to Stable CROSBY MARINE: U.S. Trustee Appoints Creditors' Committee CUMULUS MEDIA: Chapter 11 Holds Up 10-K Filing on Auditor Approval CUSTOMBILT FIREARMS: Gets Final OK to Use Cash Collateral CYCLERION THERAPEUTICS: Posts $3.5M Loss in 2025, Flags Cash Crunch DARKPULSE INC: Unable to Complete Auditor Review for 2025 10-K EG GROUP: $300MM Term Loan Add-on No Impact on Moody's 'B2' CFR EMMAUS LIFE: Reports $7.5MM Loss in 2025, Warns of Liquidity Risks ENDRA LIFE: Posts $7MM Net Loss in 2025, Warns of Funding Needs ENERGYSOLUTIONS INC: S&P Alters Outlook to Neg., Affirms 'B+' ICR ENVUE MEDICAL: Delays 10-K Due to Ongoing Review of Financials EVONA LLC: Seeks to Hire Riley & Dever as Bankruptcy Counsel FAIRFIELD MEDICAL: Moody's Lowers Revenue Bond Rating to B1 FIREFLY NEUROSCIENCE: Posts $19.9MM Net Loss, Flags Liquidity Risks FIRST BRANDS: Court Converts 4 Chapter 11 Cases to Chapter 7 FLOW CONTROL: Antares PCF Marks $936,000 1L Loan at 57% Off FLUENT INC: Posts $27.7MM Net Loss; Going Concern Doubt Remains FOURTH ENTERPRISES: Antares PCF Marks $959,000 1L Loan at 92% Off FS KKR CAPITAL: Fitch Lowers LongTerm IDR to BB+, Outlook Negative GLOVES BUYER: Antares PCF Virtually Writes Off $420,000 1L Loan GOEASY LTD: S&P Affirms 'B-' ICR, Off Watch on Covenant Amendment GREENWAVE TECHNOLOGY: Delays 2025 Annual Report on Form 10-K GUIDED THERAPEUTICS: Posts $3.2M FY25 Loss, Warns of Limited Cash HEALTHLYNKED CORP: Posts $3.28M Loss in 2025, Flags Liquidity Risks HIDALGO GROUP: Seeks Subchapter V Bankruptcy in Florida HIGH WIRE: Delays 2025 Annual Report Due to Time Constraints HSI HALO: Antares PCF Marks $1.3MM 1L Loan at 50% Off HUBBARD RADIO: S&P Lowers ICR to 'SD' on Below-Par Debt Purchase HUGHES SATELLITE: KPMG LLP Raises Going Concern Doubt HUGHTON LLC: U.S. Trustee Unable to Appoint Committee I-ON DIGITAL: Needs More Time to Prepare 2025 Financial Statements INFINITE GROUP: Delays FY2025 10-K Due to Incomplete Financials INTERNATIONAL SUPPORT: Cash Collateral Hearing Set for April 16 KENE ACQUISITION: Antares PCF Marks $346,000 1L Loan at 83% Off LIVECONNECTIONS.ORG: U.S. Trustee Unable to Appoint Committee LYCRA COMPANY: Gray Reed Represents Ad Hoc Lenders' Group LYNNHAVEN SCHOOL: Seeks to Hire Optimus Financials as Accountant MAD DUMPLINGS: Gets Final OK to Use Cash Collateral MARINE ACQUISITION: Antares PCF Virtually Writes Off $307,000 Loan MATADOR RESOURCES: Moody's Alters Outlook on 'Ba3' CFR to Positive MATTHEWS 350: Gets Interim OK to Use Cash Collateral MAWSON INFRASTRUCTURE: Reports $23.7 Million Net Loss for 2025 MELPRO LLC: U.S. Trustee Unable to Appoint Committee MICROMOBILITY.COM: Delays 2025 Annual Report on Form 10-K MOBIVITY HOLDINGS: Closes Sale to Mistplay for $5.1M Cash, Shares MOBIVITY HOLDINGS: Delays FY2025 10-K Filing Due to Audit Review MOBIVITY HOLDINGS: Increases Authorized Common Shares to 200-Mil. MONARCH BUYER: Antares PCF Marks $2MM 1L Loan at 93% Off MRI SOFTWARE: Antares PCF Marks $324,000 1L Loan at 80% Off MRI SOFTWARE: Antares PCF Marks $441,000 1L Loan at 88% Off MY SIZE: Needs Extra Time to Compile Data for 2025 10-K NATIONAL ROAD LOGISTICS: Seeks Chapter 11 Bankruptcy in California NAVAJO SMILES: Seeks to Hire Wold Consulting as Accountant NB ELEMENT: Commences Chapter 11 Bankruptcy in Delaware NCR VOYIX: S&P Alters Outlook to Stable, Affirms 'B+' ICR NDG NEW: Hires Kenneth E. Kaiser as General Bankruptcy Counsel NORDSTROM INC: S&P Alters Outlook to Positive, Affirms 'BB' ICR NORTH STAR: Antares PCF Marks CAD$1.5MM 1L Loan at 27% Off NORTHWEST BIOTHERAPEUTICS: Delays 2025 Annual Report on Form 10-K NOVA HOME: Seeks to Hire Vineyard Law Group as Bankruptcy Counsel NOVAE LLC: Moody's Lowers CFR to Caa1 & Alters Outlook to Stable NOVEP LLC: Seeks to Hire Ure Law Firm as Bankruptcy Counsel OAK GROVE: To Sell Georgia Properties to Salo Elbaum for $1.2MM ODYSSEY MARINE: Posts $48.5MM Loss in 2025, Going Concern Remains OLIN CORP: S&P Raises Senior Secured Term Loan Rating to 'BB+' ORANGE COURIER: Trustee Taps Levene Neale as Bankruptcy Counsel ORANGE COURIER: Trustee Taps Resolution Financial Advisors PERFORCE SOFTWARE: Antares PCF Marks $2MM 1L Loan at 15% Off PLANET GREEN: Widens Net Loss to $26.98MM in Fiscal 2025 POLAR POWER: Delays 2025 10-K Filing Due to Staffing Shortages POSH QUARTERS: Commences Chapter 11 Bankruptcy in Florida POSITRON CORP: Salberg & Company Raises Going Concern Doubt POWER REIT: Reports $2.8MM Net Loss for 2025, Going Concern Remains PRESBYTERIAN HOMES: To Sell Louisville Property to RNJ Investments PRISM PARENT: Antares PCF Marks $1.4MM 1L Loan at 61% Off PROFESSIONAL DIVERSITY: Widens Net Loss to $6.45M in Fiscal 2025 PSC PARENT: Antares PCF Marks $292,000 1L Loan at 58% Off PSC PARENT: Antares PCF Marks $387,000 1L Loan at 48% Off RB MARKETPLACE: To Sell BMW Vehicle to Samuel Ramos REKOR SYSTEMS: Reports $31.46MM Loss for 2025, Warns of Cash Crunch REMEMBER ME: Court Extends Cash Collateral Access to May 14 RIMKUS CONSULTING: Antares PCF Marks $1.2MM 1L Loan at 78% Off RIMKUS CONSULTING: Antares PCF Marks $2.2MM 1L Loan at 79% Off ROUTEWARE INC: Antares PCF Marks $1.4MM 1L Loan at 87% Off ROUTEWARE INC: Antares PCF Marks $341,000 1L Loan at 80% Off RSBRMK LLC: Hires Solomon Rosengarten as Bankruptcy Counsel RUPPERT LANDSCAPE: Antares PCF Marks $6.4MM 1L Loan at 60% Off RUPPERT LANDSCAPE: Antares PCF Marks $865,000 1L Loan at 73% Off RYVYL INC: Delays Filing of 2025 Annual Report SAKO & PARTNERS: Antares PCF Marks $1MM 1L Loan at 75% Off SANTA PAULA: Court OKs Stipulation on Sand Canyon Property Sale SANTA PAULA: Court OKs Stipulation on Wheeler Property Sale SELECTIS HEALTH: Director David Furstenberg Resigns From Board SELECTIS HEALTH: Needs Additional Time to Review Audited Financials SILVERROCK DEVELOPMENT: Chapter 11 Plan Cleared for Creditor Voting SOLARMAX TECH: Liabilities Exceed Assets by US$12.2MM at Dec. 31 SOUTHDOWN HOMES: U.S. Trustee Unable to Appoint Committee SOUTHDOWN PROPERTIES: U.S. Trustee Unable to Appoint Committee SPARTAN BIDCO: Antares PCF Marks $385,000 1L Loan at 66% Off STARCO BRANDS: Delays 2025 Annual Report on Form 10-K STRATEGIC ENVIRONMENTAL: Delays 10-K as Audit Remains Incomplete SURFACEPREP BUYER: Antares PCF Marks $362,000 1L Loan at 88% Off SURFACEPREP BUYER: Antares PCF Marks $3MM 1L Loan at 25% Off TARGET GROUP: Swings to $1.36MM Net Loss in Fiscal 2025 THERAPEUTIC EXERCISE: Seeks to Hire Garcia & Coman as Attorney THRYV HOLDINGS: S&P Affirms 'B' ICR, Outlook Stable TOKEN COMMUNITIES: Liabilities Exceed Assets by $5.2MM at June 30 TP BRANDS: Gets Extension to Access Cash Collateral TPD DESIGN: U.S. Trustee Appoints Creditors' Committee TRIMECH ACQUISITION: Antares PCF Marks $1.5M 1L Loan at 85% Off TURNONGREEN INC: Reports $2.11 Million Net Loss for 2025 UBS ASSOCIATES: Seeks to Hire Center City Law Offices as Counsel UNICOIN INC: Liabilities Exceed Assets by US$111.7MM at Dec. 31 UNIVISION COMMUNICATIONS: Moody's Rates New $1BB Secured Notes 'B2' US NUCLEAR: Needs More Time for Audit and Analysis in 2025 10-K USRP HOLDINGS: Antares PCF Marks $2.7MM 1L Loan at 56% Off VALICOR PPC: Antares PCF Marks $710,000 1L Loan at 75% Off VANGUARD CUSTOM: Court Extends Cash Collateral Access to May 3 VICTORS PURCHASER: Antares PCF Marks $1.6M 1L Loan at 92% Off VIVAKOR INC: Delays FY 2025 10-K, Warns of Major Financial Changes VOLITIONRX LTD: Posts $23.5MM Loss in 2025, Flags Minimal Revenues VPR BRANDS: Alleviates Going Concern After $3.2MM Cash Settlement WABNO HOSPITALITIES: Hearing Today on Bid to Use Cash Collateral WENTHOLD EXCAVATING: Seeks to Sell Trucks and Other Vehicles WK BROWN: Gets Interim OK to Use Cash Collateral WOHALI LAND: Court OKs EB5AN Wohali as Stalking Horse Bidder WOODBINE GARDENS: US Bank Seeks Receiver Amid $1.37MM Loan Default WORKHORSE GROUP: Reports $64.1 Million Net Loss for 2025 WORLD DEBT: Seeks Chapter 11 Bankruptcy in Georgia WRIGHT SCAPES: Gets Final OK to Use Cash Collateral YA INTERMEDIATE: Antares PCF Marks $1MM 1L Loan at 74% Off YA INTERMEDIATE: Antares PCF Marks $2.2MM 1L Loan at 85% Off YUNHONG GREEN: Welcomes Fred H.F. Chak to Board of Directors ZIPRECRUITER INC: Moody's Cuts CFR to B3 & Alters Outlook to Neg. ********* 1847 HOLDINGS: Swings to Profit in FY25 but Going Concern Persists ------------------------------------------------------------------ 1847 Holdings LLC filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net income from continuing operations of $66,480,957 for the year ended December 31, 2025, as compared to a net loss from continuing operations of $106,804,254 for the year ended December 31, 2024. Total revenues were $48,272,312 for the year ended December 31, 2025, as compared to $15,710,330 for the year ended December 31, 2024. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Liquidity and Capital Resources As of December 31, 2025, the Company had cash and cash equivalents of $1,987,301, an accumulated deficit of $109,599,852, and a working capital deficit of $43,065,927. For the year then ended, the Company generated operating income of $3,981,712 and net cash provided by operating activities of $3,359,054. To date, the Company has financed its operations primarily through revenue generated from operations, cash proceeds from financing activities, borrowings, and equity contributions by its shareholders. Notwithstanding current-year operating income and positive operating cash flows, the Company does not expect to have sufficient cash and other liquid resources to meet its obligations as they become due over the next twelve months, primarily due to the magnitude of the Company's current liabilities and significant near-term debt maturities. These conditions, considered in the aggregate, raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. Management plans to address these conditions by securing additional capital through debt and equity financing, including potential public and private offerings of the Company's securities, evaluating opportunities to refinance or extend the maturity of existing debt obligations, implementing reductions in discretionary operating expenditures to the extent practicable, and exploring strategic alternatives with respect to the Company's operating subsidiaries to reduce debt obligations. Management has evaluated whether it is probable that these plans would be effectively implemented and, if so, whether they would mitigate the relevant conditions or events that raise substantial doubt within the next 12 months. Because these plans are subject to market conditions and reliance on third parties, and because there is no assurance that the Company will be able to raise capital on acceptable terms or at all, management has concluded that substantial doubt about the Company's ability to continue as a going concern has not been alleviated as of the date the Company's consolidated financial statements are issued. The Company's consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company's consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amounts and classification of liabilities that might result should the Company be unable to continue as a going concern. If the Company is unable to obtain adequate capital, the Company could be forced to cease or curtail its operations. The Company also believes additional funds are required to execute the Company's business plan and the Company's strategy of acquiring additional businesses. The funds required to execute the Company's business plan will depend on the size, capital structure and purchase price consideration that the seller of a target business deems acceptable in a given transaction. The amount of funds needed to execute the Company's business plan also depends on what portion of the purchase price of a target business the seller of that business is willing to take in the form of seller notes or the Company's equity or equity in one of the Company's subsidiaries. The Company will seek growth as funds become available from cash flow, borrowings, additional capital raised privately or publicly, or seller retained financing. The Company's primary use of funds will be for future acquisitions, public company expenses including regular distributions to the Company's shareholders, investments in future acquisitions, payments to the Company's manager pursuant to the management services agreement, potential payment of profit allocation to the Company's manager and potential put price to the Company's manager in respect of the allocation shares it owns. The management fee, expenses, potential profit allocation and potential put price are paid before distributions to shareholders and may be significant and exceed the funds the Company holds, which may require the Company to dispose of assets or incur debt to fund such expenditures. The amount of management fee paid to the Company's manager by the Company is reduced by the aggregate amount of any offsetting management fees, if any, received by the Company's manager from any of the Company's businesses. As a result, the management fee paid to the Company's manager may fluctuate from quarter to quarter. The amount of management fee paid to the Company's manager may represent a significant cash obligation. In this respect, the payment of the management fee will reduce the amount of cash available for distribution to shareholders. The Company's manager, as holder of 100% of the Company's allocation shares, is entitled to receive a 20% profit allocation as a form of preferred equity distribution, subject to an annual hurdle rate of 8%, as follows. Upon the sale of a subsidiary, the Company's manager will be paid a profit allocation if the sum of: (i) the excess of the gain on the sale of such subsidiary over a high-water mark plus (ii) the subsidiary's net income since its acquisition by the Company exceeds the 8% hurdle rate. The 8% hurdle rate is the product of: (i) a 2% rate per quarter, multiplied by (ii) the number of quarters such subsidiary was held by the Company, multiplied by (iii) the subsidiary's average share (determined based on gross assets, generally) of the Company's consolidated net equity (determined according to GAAP, with certain adjustments). In certain circumstances, after a subsidiary has been held for at least 5 years, the Company's manager may also trigger a profit allocation with respect to such subsidiary (determined based solely on the subsidiary's net income since its acquisition). The amount of profit allocation may represent a significant cash payment and is senior in right to payments of distributions to the Company's shareholders. Therefore, the amount of profit allocation paid, when paid, will reduce the amount of cash available to the Company for its operating and investing activities, including future acquisitions. The Company's operating agreement also contains a supplemental put provision, which gives the Company's manager the right, subject to certain conditions, to cause the Company to purchase the allocation shares then owned by the Company's manager upon termination of the management services agreement. The amount of put price under the supplemental put provision is determined by assuming all of the Company's subsidiaries are sold at that time for their fair market value and then calculating the amount of profit allocation would be payable in such a case. If the management services agreement is terminated for any reason other than the Company's manager's resignation, the payment to the Company's manager could be as much as twice the amount of such hypothetical profit allocation. As is the case with profit allocation, the calculation of the put price is complex and based on many factors that cannot be predicted with any certainty at this time. The put price obligation, if the Company's manager exercises its put right, will represent a significant cash payment and is senior in right to payments of distributions to the Company's shareholders. Therefore, the amount of put price will reduce the amount of cash available to the Company for its operating and investing activities, including future acquisitions. Management Commentary Ellery W. Roberts, CEO of 1847 Holdings, commented, "Throughout 2025, our operating companies delivered meaningful progress, with CMD emerging as a key contributor to overall performance. Revenue at CMD grew by roughly 32% year-over-year (on a pro forma basis) to approximately $40.5 million, reflecting solid growth driven by expanded operations and sustained market demand. Profitability also improved, as Adjusted EBITDA increased to approximately $14.3 million compared to approximately $7.7 million in pro forma Adjusted EBITDA in the prior year, which we believe underscores the business's ability to scale efficiently and generate stronger earnings as it grows. Entering 2026, CMD is supported by recent contract awards and a substantial pipeline exceeding $160 million, the largest in CMD's history, providing increased visibility into future revenue opportunities. However, there can be no assurance that pending bids will result in contract awards or revenue. Continued geographic expansion and deeper relationships with national homebuilders are expected to further support this trajectory." "We are also evaluating potential strategic alternatives for CMD that reflect its strong market position, financial performance, and growth trajectory. We are considering several options, ranging from a refinancing to a potential sale of CMD at what we believe would be an attractive valuation, with the goal of retiring our convertible debt. We believe this is the right time to explore opportunities that could unlock significant value for our shareholders and that we are well-positioned to achieve an optimal outcome." "Across the broader portfolio, performance trends remain encouraging, while ongoing efforts to streamline the corporate structure have reduced overhead and improved capital allocation. Kyle's continued to deliver strong growth and improved profitability, while we are actively repositioning WOLO and ICD to capture new opportunities in e-commerce logistics and high-growth construction markets, respectively. We believe a that stronger operating base, enhanced efficiency, and an expanding pipeline position the Company to continue executing its strategy of building, scaling and optimizing strong niche businesses." During the year, we took decisive action to streamline our structure and reduce overhead, lowering operating expenses and sharpening our focus on execution and growth across our subsidiaries. We believe that strong momentum across our operating companies, combined with an expanding pipeline and a more efficient structure, positions 1847 to drive sustained growth and long-term shareholder value," concluded Mr. Roberts. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/599p5kjh About 1847 Holdings Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com -- is an acquisition holding Company focused on acquiring and managing a group of small businesses, which the Company characterizes as those with an enterprise value of less than $50 million, in a variety of different industries headquartered in North America. As of December 31, 2025, the Company had $34,163,656 in total assets, $63,551,493 in total liabilities, and total stockholders' deficit of $29,387,837. 1847 MEADOW: Commences Chapter 7 Bankruptcy in Georgia ------------------------------------------------------ On April 6, 2026, 1847 Meadow LLC filed for Chapter 7 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About 1847 Meadow LLC 1847 Meadow LLC is a real estate holding company focused on property ownership and investment activities. 1847 Meadow LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-54606) on April 6, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jeffery W. Cavender handles the case. 250 WYNAH: Gets Another Extension to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court, Northern District of Illinois, Eastern Division issued an order authorizing 250 Wynah Lane, LLC to use cash collateral pending a further hearing on May 30. The Debtor's right to use the cash collateral of its lenders continues under the terms of the initial order entered on June 23 until further order of the court. The order builds on prior rulings, including the June Cash Collateral Order and the November Cash Collateral Order, which previously authorized the Debtor's use of the lender's cash collateral. Until further court order, the Debtor may continue using cash collateral under the same terms and conditions set forth in the June Cash Collateral Order. The authorization remains in effect unless terminated or modified by the Court in accordance with that earlier order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Ub895 from PacerMonitor.com. About 250 Wynah Lane LLC 250 Wynah Lane, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 250 Wynah Lane sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07414) on May 14, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. World Business Lenders, as lender, is represented by: Stephanie Mulcahy, Esq. Hinshaw & Culbertson, LLP 151 N. Franklin, Suite 2500 Chicago, IL 60606 Telephone: 312-704-3220 smulcahy@hinshawlaw.com Cape Cod Five Cents Savings Bank, as lender, is represented by: Sean P. Williams, Esq. Levenfeld Pearlstein, LLC 120 S. Riverside, Suite 1800 Chicago, IL 60606 Telephone: (312) 346-8380 swilliams@lplegal.com 400 SOUTH BOSTON: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 400 South Boston, LLC. About 400 South Boston LLC 400 South Boston, LLC is a privately held limited liability company engaged in real estate ownership, investment, and property management activities. 400 South Boston sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Okla. Case No. 26-10327) on March 5, 2026. In its petition, the Debtor reported between $500,001 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Paul R. Thomas handles the case. The Debtor is represented by Ron D. Brown, Esq. 6201 BLAIR ROAD: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 6201 Blair Road, LLC. About 6201 Blair Road LLC 6201 Blair Road, LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), focused on owning and managing a single income-generating property. 6201 Blair Road filed Chapter 11 petition (Bankr. D.D.C. Case No. 26-00150) on March 30, 2026, with between $1 million and $10 million in both assets and liabilities. The Debtor is represented by: Craig M. Palik, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 cpalik@mhlawyers.com 6201 ROBINSON: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas At Kansas City entered a final order authorizing 6201 Robinson Street, LLC's continued access to cash collateral. The Debtor was initially allowed to use cash collateral to fund its operations under the court's Feb. 18 interim order. Under the final order, the Debtor is authorized to use cash collateral strictly in accordance with a 13-week operating budget. These funds must be used only for ordinary expenses related to maintaining the Debtor's real property and estate. Meanwhile, the Debtor is prohibited from using cash collateral to pay pre-petition debt unless specifically authorized. As adequate protection, the Debtor's primary secured lender is entitled to periodic cash payments as outlined in the budget, intended to offset any decline in the value of its collateral. Additionally, the lender will be granted replacement liens on post-petition rents, income, and proceeds, preserving the same priority and extent as its pre-petition liens. The Debtor must also maintain insurance and take necessary steps to protect its property. 6201 Robinson's primary asset is a commercial real property located in Overland Park, Kansas. Its operations are limited to ownership, leasing, and activities incidental to the operation of the property. The Debtor's post-petition rents, revenues, proceeds, and deposit accounts may be subject to asserted liens and security interests of one or more creditors, including the primary secured lender. The final order is available at https://is.gd/914ldV from PacerMonitor.com. About 6201 Robinson Street LLC 6201 Robinson Street, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20161) on Feb. 6, 2026. In its petition, the Debtor reported assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. The case is being handled by Judge Dale L. Somers. The Debtor is represented by: Ryan M. Graham, Esq. WM Law, PC 15095 West 116th Street Olathe, KS 66062 Phone: (913) 422-0909 bankruptcy@wagonergroup.com ADVENT TECHNOLOGIES: Needs Additional Time to Complete 2025 10-K ---------------------------------------------------------------- Advent Technologies Holdings, Inc. has determined that it is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the period ended December 31, 2025, on or before the prescribed due date. The Company requires additional time to complete the final review of its financial statements and other disclosures in the Annual Report. The Company is, and has been, working diligently to complete its Form 10-K as soon as possible and anticipates that the Form 10-K will be filed within fifteen calendar days following the prescribed due date in compliance with Rule 12b-25(b). About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $6.7 million in total assets, against $24.5 million in total liabilities. AGEAGLE AERIAL: Narrows Loss to $5.3MM, Eases Going Concern Doubt ----------------------------------------------------------------- AgEagle Aerial Systems Inc. (dba, EagleNXT) filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $5,279,717 for the year ended December 31, 2025, compared to a net loss $35,041,673 for the year ended December 31, 2024. Revenues for the year ended December 31, 2025 were $12,811,082 compared with $13,392,777 in the prior period. Orlando, Florida -based WithumSmith+Brown, PC, the Company's auditor from 2020 to July 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. In pursuit of the Company's long-term growth strategy and acquisitions the Company has sustained continued operating losses. During the year ended December 31, 2025, the Company generated a net loss of $5.3 million and used cash in operating activities of $10.0 million. As of December 31, 2025, the Company has working capital of $34.5 million, accumulated deficit of $(231,234,641), cash balance of $29,858,655. During the year ended December 31, 2025 Company received cash proceeds from financing activities of $36,204,975 primarily from the sale of Series F and G preferred stock and the exercise of warrants. The Company believes its current cash balance, working capital help alleviate previous substantial doubt regarding its ability to continue as a going concern. As of December 31, 2025, the Company's cash balance is sufficient enough to meet its financial obligations for at least the next 12 months and the Company has access to sufficient capital to implement its business strategy while meeting financial obligations via the Securities Purchase Agreement executed in November of 2025. EagleNXT CEO Bill Irby commented, "We executed with discipline and focus in 2025 as we improved gross margins, materially reduced our net loss, and strengthened our balance sheet to support the next phase of growth. We made deliberate decisions to streamline the business, sharpen our focus on higher-value opportunities, and align our cost structure with demand across defense, government, and commercial markets. With increasing adoption of our advanced drone and sensor solutions and a stronger capital position, we enter 2026 with greater clarity, improved operating leverage, and a clear path toward sustained value creation. "As we look ahead to 2026, our focus is on converting growing demand into scalable revenue while continuing to expand our presence across defense, government, and commercial markets. The current global environment is reinforcing the strategic importance of unmanned systems, with increasing adoption driven by evolving operational needs and a heightened focus on advanced, mission-capable technologies. We are seeing this translate into broader interest in solutions that extend range, endurance, and real-time intelligence capabilities across a range of applications. With a stronger capital position, we remain focused on capital allocation and targeted growth initiatives as we work to enhance operating leverage and drive sustained long-term shareholder value," concluded Mr. Irby. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3b3vrh52 About EagleNXT AgEagle Aerial Systems Inc. (dba, EagleNXT) (NYSE: UAVS) is a leading developer of high-performance drones, advanced sensors, and intelligent software solutions that deliver critical aerial intelligence to customers around the world. With more than one million flights conducted globally, EagleNXT's platforms are trusted across defense, public safety, agriculture, infrastructure, and environmental monitoring applications. The Company's drone systems have achieved multiple industry firsts, including FAA approvals for Operations Over People (OOP) and Beyond Visual Line of Sight (BVLOS), as well as EASA C2 certification in Europe and inclusion on the U.S. Department of Defense's Blue UAS list. As of December 31, 2025, the Company had $42,229,341 in total assets, $6,492,635 in total liabilities, and total stockholders' equity of $35,736,706. * * * This concludes the Troubled Company Reporter's coverage of AgEagle Aerial Systems Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. AIBOTICS INC: Requires More Time to Complete Audit for 2025 10-K ---------------------------------------------------------------- AIBotics, Inc. disclosed in a regulatory filing that it was unable to file its annual report on Form 10-K for the year ended December 31, 2025, within the prescribed period as the Company required additional time to complete its audit procedures. About Aibotics Inc Miami, Fla.-based AIBotics, Inc. promotes the study of psychedelics for the treatment of mental health issues and supports the creation of both natural and synthetic molecules for the development of appropriate treatments. AIBotics also intends to deploy technology from its parent company, Ehave, Inc., in the collection of research and clinical data to further the study of the effects of psychedelics in the treatment of mental health issues. With the acquisition of assets from Philon Labs, it intends on using Artificial Intelligence to transform great ideas and innovative solutions into disruptive products using advanced engineering and design techniques, enhancing patient care and streamlining medical processes. As of September 30, 2025, the Company had $1,016,943 in total assets, $4,902,572 in total liabilities, and a total stockholders' deficit of $3,885,629. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Apr. 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has generated no revenues, experienced negative operating cash flows, and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. ALBERT EINSTEIN: S&P Affirms 'BB' Rating on 2021 Refunding Bonds ---------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB' long-term rating on the California Municipal Finance Authority's series 2021 charter school refunding bonds, issued for Albert Einstein Academies (AEA). The outlook revision reflects S&P's view of the school's softened financial operating performance in fiscal 2025 as well as the school's expectation that performance will remain similar for the current fiscal year. S&P Global Sustainable1 data shows that San Diego County, relative to other locations nationally, faces elevated exposure to wildfire and seismic risks as well as flood risk given its proximity to the Pacific coastline. S&P said, "In our view, based on AEA's location, the elevated exposure to these physical risks could pose challenges to the school's infrastructure and become material to our view of its creditworthiness. However, we believe AEA's location in an urban area more inland and the state's robust building codes for educational buildings somewhat mitigate these risks. Consequently, we consider physical risk exposure neutral in our analysis. We view social and governance factors as neutral." S&P said, "The negative outlook reflects our view that there is a one-in-three chance that we could lower the rating if the school experiences prolonged deficit financial operations, leading to continued suppression in MADS coverage and potentially weakening its liquidity position. "We could lower the rating if AEA's financial operations remain negative over a longer trend, resulting in multiple years of weak lease-adjusted MADS coverage and possibly the weakening of its liquidity position to levels that are no longer commensurate with the rating. Furthermore, we could lower the rating if the school experiences weakening demand over a sustained period or if there are negative financial or demand impacts associated with its plans to expand to high-school grade levels. "We could revise the outlook to stable if AEA improves its financial operating margins, leading to strengthening of MADS coverage levels relative to fiscal 2025, while maintaining liquidity near current levels." ALSANGEST INTERNATIONAL: Seeks Subchapter V Bankruptcy in Cal. -------------------------------------------------------------- On April 6, 2026, Alsangest International, LLC filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Alsangest International, LLC Alsangest International, LLC is a business entity engaged in international trade and consulting services, supporting cross-border commercial activities. Alsangest International, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10722) on April 6, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. AMERICAN RESOURCES: Needs More Time to Finish 2025 10-K, Audit -------------------------------------------------------------- American Resources Corporation disclosed in a regulatory filing its Annual Report on Form 10-K for the period ending December 31, 2025 could not be filed within the prescribed time period because the report and required financial statements could not be completed by the Company and subsequently audited by the Company's independent auditor in a timely manner without unreasonable effort and expense. About American Resources Corp American Resources Corporation operates through subsidiaries that were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the purpose of acquiring, rehabilitating, and operating various natural resource assets, including coal used in the steel-making and industrial markets, critical and rare earth elements used in the electrification economy, and aggregated metal and steel products used in the recycling industries. As of September 30, 2025, the Company had $202,357,184 in total assets, $297,419,289 in total liabilities, and total deficit of $95,062,105. Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 19, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. APPLIED TECHNICAL: Antares PCF Marks $645,000 1L Loan at 65% Off ---------------------------------------------------------------- Antares Private Credit Fund has marked its $645,000 loan extended to Applied Technical Services, LLC to market at $225,000 or 35% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Applied Technical Services, LLC. The 1L Loan accrues interest at a rate of S + 5.25%, 8.90% per annum. The 1L Loan matures on April 8, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Applied Technical Services LLC Applied Technical Services, LLC provides engineering services. The Company offers testing, analysis, inspection, training, and other services in metallurgy, materials, chemical analysis, non-destructive, calibrations, fires, and explosions. APPLIED TECHNICAL: Antares PCF Virtually Writes Off $645,000 Loan ----------------------------------------------------------------- Antares Private Credit Fund has marked its $645,000 loan extended to Applied Technical Services, LLC to market at $52,000 or 2% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Applied Technical Services, LLC. The 1L Loan accrues interest at a rate of S + 5.25%, 8.90% per annum. The 1L Loan matures on April 8, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Applied Technical Services LLC Applied Technical Services, LLC provides engineering services. The Company offers testing, analysis, inspection, training, and other services in metallurgy, materials, chemical analysis, non-destructive, calibrations, fires, and explosions. APPTECH PAYMENTS: Reports $7.9 Million Net Loss for Fiscal 2025 --------------------------------------------------------------- Apptech Payments Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $7.9 million for the year ended December 31, 2025, compared to a net loss $8.9 million for the year ended December 31, 2024. Revenue was $1.4 million for the year ended December 31, 2025, compared to $276 thousand for the year ended December 31, 2024. San Diego, California-based dbbmckennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and cash used in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management is actively pursuing additional funding options and is confident that its revenue streams will begin generating revenue in the following 12 months. Management intends to maintain adequate working capital and adhere to prudent financial forecasting. In December 2025, Management began implementing comprehensive expense reduction strategies across the Company's operations to enhance financial stability. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4n6dbxh3 About AppTech Payments Corp. Headquartered in Carlsbad, Calif., AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. As of December 31, 2025, the Company had $9.4 million in total assets, $7.5 million in total liabilities, and total stockholders' equity of $1.9 million. AQUA METALS: Posts $22.6MM Loss in 2025, Needs Additional Capital ----------------------------------------------------------------- Aqua Metals, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. New York, New York -based Forvis Mazars, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred substantial operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. For the years ended December 31, 2025 and 2024, the Company reported a net loss of $22,646,000 and $24,555,000, respectively, and cash used in operations of $10,253,000 and $13,632,000, respectively. As of December 31, 2025, the Company had cash and cash equivalents of approximately $10,810,000, a working capital of approximately $8,977,000 and an accumulated deficit of $270,416,000. The net loss for the 12 months ended December 31, 2025 includes a non-cash impairment and loss on disposal of property, plant, and equipment of $9,114,000 associated with the sale of the TRIC facility. The Company has not generated revenues from commercial operations over the two years ended December 31, 2025 and 2024 and expects to continue incurring losses for the foreseeable future. On October 16, 2025, the Company closed a registered direct offering and a concurrent private placement with an institutional investor. After the deduction of the placement and legal fees payable by us, the aggregate net proceeds from the registered direct offering and warrant placement were approximately $11,939,000. As an additional liquidity source, the Company maintains an At-the-Market offering program. Under the prior ATM Sales Agreement with The Benchmark Company, LLC, the Company was permitted to offer and sell shares of its common stock, par value $0.001 per share, from time to time through Benchmark, acting as sales agent, with an aggregate offering price of up to $30,000,000, later increased to $50,000,000. Sales of common stock, if any, under the ATM program are deemed to be "at-the-market" offerings as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended. During the year ended December 31, 2025, the Company sold an aggregate of 836,219 shares of common stock for net proceeds of approximately $5,931,000, after deducting commissions and offering expenses. In addition to the ATM, the Company also maintains an equity line of credit with Lincoln Park Capital Fund, LLC providing for aggregate sales of up to $10,000,000 of common stock. During the 12 months ended December 31, 2025, the Company had sold approximately $903,000 of common stock under the facility. However, pursuant to the securities purchase agreement entered into in connection with the Company's October 2025 registered direct offering, the Company is restricted from entering into certain variable rate transactions, which may limit the Company's ability to utilize the Lincoln Park facility for a period of 12 months following the closing of that transaction. The Company may issue additional shares under the facility in the future, subject to the terms of the agreement and applicable registration requirements. Management believes that there is substantial doubt about the entity's ability to continue as a going concern within the next 12 months. Given the Company's continuing losses and expected cash requirements, additional capital will be necessary to fund ongoing operations. While the Company intends to pursue such funding opportunities, including through the ATM, and other potential financing arrangements, there can be no assurance that these efforts will be successful. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4d4kj8cx Aqua Metals Headquartered in Reno, Nevada, Aqua Metals, Inc. develops recycling solutions for lead and lithium-ion batteries using a proprietary water-based technology called AquaRefining. The Company's electrochemical process enables low-emissions, closed-loop recovery of high-purity metals without the use of furnaces or hazardous chemicals. It operates modular systems known as "Aqualyzers" to support sustainable energy storage applications. As of December 31, 2025, the Company had $19,706,000 in total assets, $4,936,000 in total liabilities, and total stockholders' equity of $14,770,000. AQUABOUNTY TECHNOLOGIES: Cuts Losses but Liquidity Concerns Persist ------------------------------------------------------------------- AquaBounty Technologies, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $18.5 million for the year ended December 31, 2025, compared to a net loss $149.2 million for the year ended December 31, 2024. Baltimore, Maryland-based Deloitte & Touche LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has limited operating assets and incurred cumulative net losses that raise substantial doubt about its ability to continue as a going concern. Since inception, the Company has incurred cumulative net losses of $388 million and expects that this will continue for the foreseeable future. As of December 31, 2025, the Company had $501 thousand in cash on its consolidated balance sheet. The Company's ability to continue as a going concern is dependent upon its ability to raise additional capital, including its ability to sell assets to generate liquidity to fund ongoing operations, and there can be no assurance that such capital will be available in sufficient amounts, on a timely basis, or on terms acceptable to the Company, or at all. Limited operating assets, dependency on capital raising activities and cumulative net losses raises substantial doubt about the Company's ability to continue as a going concern within the next 12 months. During the year ended December 31, 2025, the Company's management continued to sell assets to generate cash for working capital, while exploring strategic alternatives to raise funds with the goal of maximizing stockholder value. Potential alternatives that were evaluated included, but were not limited to, equity or debt financing, a merger, and the sale of all or part of the Company. During 2025, the Company completed multiple sales of certain Ohio Equipment Assets for cumulative gross proceeds of $5.0 million and the sale of the Canadian Subsidiary for gross proceeds of $2.1 million. On October 28, 2025, the Company completed an issuance of $4.0 million in senior notes. The net proceeds of $3.3 million were used for working capital and for the payment of certain outstanding liabilities. The Company said, "We plan to continue to sell assets, or to issue equity or debt securities to increase our cash liquidity and fund our evolving strategic plan." "Until such time, if ever, as we can generate positive cash flows from operating activities, we may finance our cash needs through a combination of sales of non-core assets, equity offerings, debt financings, government or other third-party funding, strategic alliances, and licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of holders of our common stock will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of holders of our common stock. "Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends. If we raise additional funds through government or other third-party funding, marketing and distribution arrangements, or other collaborations, strategic alliances, or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs, or product candidates or to grant licenses on terms that may not be favorable to us." "If we are unable to generate additional funds in a timely manner, we will exhaust our resources and will be unable to maintain our currently planned operations. If we cannot continue as a going concern, our stockholders would likely lose most or all of their investment in us." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3yz5bvvk About AquaBounty AquaBounty Technologies, Inc., headquartered in Harvard, Massachusetts, develops genetically engineered Atlantic salmon and previously operated farms in Indiana and Canada, which it has sold along with associated intellectual property, trademarks, and patents. Its primary remaining asset is the Ohio Farm Project in the U.S., consisting of land, construction in progress, and equipment. The Company is focused on realizing the potential of this asset through new investment, partnerships, or other strategic options. As of December 31, 2025, the Company had $10.3 million in total assets, $12.2 million in total liabilities, and total stockholders' deficit of $1.9 million. ATLANTIC HOME: James E. Cross Appointed as Receiver --------------------------------------------------- The Hon. Michael T. Liburdi of the U.S. District Court for the District of Arizona entered an agreed order directing the appointment of James E. Cross as receiver for Atlantic Home Healthcare, LLC dba Haven Home Health and Atlantic Home Healthcare LLC. This is a Civil Racketeer Influenced and Corrupt Organizations Act ("RICO") case "predicated on mail fraud, wire fraud, and financial institution fraud." Plaintiffs Act Now Management LLC, Act Now Health Care Solutions LLC, Atlantic Home Health Care LLC, Atlantic Home Health Care LLC dba Haven Home Health Care LLC, and Titus Tjalas (formerly known as Kirk Tjalas) allege that a slew of defendants engaged in a several years' long pattern and practice of unlawfully sweeping funds from the bank account(s) of Plaintiff[s] Atlantic Home Health Care, LLC ("AHHC 1") and/or Atlantic Home Health Care, LLC dba Haven Home Health Care, LLC ("AHHC 2") into the bank accounts of multiple other insider entities to deplete the funds of AHHC 1 and AHHC2 simultaneously leaving Plaintiffs with significant tax liabilities and tax liens and with a loss of millions of dollars in income. On September 18, 2025, the Court granted Defendant Brian Friedberg's Motion to Adopt the Motion to Strike and Motion to Adopt Reply to Motion to Strike, granted the other Defendants' Motion to Strike, and struck Plaintiffs’ first amended complaint. On October 24, 2025, Plaintiffs filed a second amended complaint. Plaintiffs also filed an Amended Motion to Appoint Receiver on October 30, 2025. Plaintiffs request that a receiver be appointed for AHHC 1 and AHHC 2, and Defendant Haven EEOI Holdings, LLC. On December 1, 2025, Defendants Jamin Ruark, Lauren Ratiani, Haven Holdings MI LLC, Haven EEOI, and Charis Healthcare Holdings LLC and Defendants Kevin Ruark, Janice Ruark, the Charis Foundation Inc., Matthew and Breeana Saagman, and Absolutely Haven LLC jointly responded in opposition. On December 8, 2025, Plaintiffs filed their reply. Federal Rule of Civil Procedure 66 "governs the appointment of a receiver in federal court. Appointment of "a receiver is an extraordinary equitable remedy, which should be applied with caution." A motion for appointment of a receiver should be "granted only in cases of clear necessity to protect plaintiff's interests in the property." A district court has "broad powers and wide discretion" in deciding whether to appoint a receiver. And the "power of a district court to impose a receivership or grant other forms of ancillary relief does not in the first instance depend on a statutory grant of power [but] derives from the inherent power of a court of equity to fashion effective relief." The first factor is whether Plaintiffs have a valid claim. The Court previously held in its Order denying Defendants' motions to strike the Second Amended Complaint that Plaintiffs state a plausible claim for relief that satisfies Rule 9's heightened pleading standard. Plaintiffs Act Now Management LLC, Act Now Health Care Solutions LLC, and Tjalas allege a 50% membership interest in AHHC 1, and Act Now Health Care Solutions LLC and Tjalas allege a 50% membership interest in AHHC 2. The Charis Defendants and the Haven Defendants do not dispute that at least one of the plaintiffs has a membership interest in the Atlantic Companies. Plaintiffs do not appear to have alleged a similar interest in Haven EEOI, and in their briefing, indicate they do not have such an interest in that entity. Plaintiffs allege numerous supposed fraudulent activities by Defendants, including (1) transferring all of the patients and income into a company in which Plaintiffs have no interest, (2) diverting tens of millions of dollars to various entities, (3) failing to pay payroll taxes, and (4) “continuing to book all income under [the] Atlantic Companies and "booking all payments by [Haven] EEOI to the IRS or DOJ on behalf of [the] Atlantic Companies as 'loans' from [Haven] EEOI to Atlantic Companies." In response, the Haven and Charis Defendants do not dispute that the SAC "alleges a sprawling, fraudulent criminal conspiracy." Rather, they argue that Tjalas is the bad actor because of a prior case resulting in a settlement between Plaintiffs and some of the Defendants with the Department of Justice ("DOJ") for nearly $10 million. Plaintiffs argue this settlement included a penalty provision that doubles the financial penalty if the Atlantic Companies default on the settlement payment, otherwise fail to comply with the settlement agreement, or are found to have provided false financial information to the DOJ. Plaintiffs allege that Defendants "already removed all of Atlantic Companies' remaining patients and income-earning capacity into their insider entity [Haven] EEOI" while this case was pending. Plaintiffs also allege that Defendants Jamin Ruark and Matthew Saagman entered "multiple predatory and usurious loans selling a percentage of Atlantic Companies' non-existent weekly income." In the Northern District of California case, Defendants Jamin Ruark and Matthew Saagman are the plaintiffs and they allege that they were victims of unlawful lending practices for loans they took out on behalf of Atlantic Home Health Care LLC. In response, Defendants allege that Plaintiffs waited too long to seek relief and that the alleged danger is speculative. However, the action in the Northern District of California commenced in May 2025, so Plaintiffs were likely not on notice of the imminent danger of the alleged loan fraud until recently. Also, Defendants Jamin Ruark and Matthew Saagman admitted that their actions of entering predatory loans would cause at least one of the Atlantic Companies to "suffer imminent risk of business failure." Further, according to the allegations in the SAC that tax liens have been imposed in the aftermath of the alleged unlawful transfers and that the Atlantic Companies have been left insolvent and unable to pay tax liabilities, this also supports that the property is in danger of being lost, injured, or diminished in value. Plaintiffs' argument that the property is in imminent danger of being lost could therefore reasonably be interpreted as speculative, which does not support receivership. Plaintiffs waited months to file their initial motion to appoint a receiver, again suggesting a lack of imminency. That said, the allegations of patients, funds, and/or information being transferred from the Atlantic Companies to affiliated entities -- which the parties do not appear to dispute as to some of the transfers -- suggests that if the parties in this case were to have access to the [Atlantic Companies], there is a possibility that [property] could be concealed or lost by transfer in response to the litigation in this case. Plaintiffs appear to argue that this factor necessarily weighs in their favor because the Arizona receiver statute does not require that a party seeking a receiver make any showing on this point. The Court rejects this argument because federal law, not state law, applies to appointments of a receiver in federal court. Plaintiffs also allege that the evidence that Defendants entered predatory loans and transferred assets from the Atlantic Companies means they cannot be trusted with the assets, and no legal remedy is adequate to prevent further harm to Plaintiffs. In response, Defendants argue the legal remedies are adequate because monetary damages are an adequate remedy to Plaintiffs should Defendants be liable. Defendants Jamin Ruark and Matthew Saagman admitted that their actions of entering predatory loans would cause Plaintiffs to suffer imminent risk of business failure. This suggests that the property has a likelihood of being diminished and Plaintiffs may not be able to receive proper monetary damages if they prevail. Additionally, Plaintiffs "seek[] to ensure that the value [they] allegedly retain[] in these companies is not mismanaged or squandered by [the defendants] through improper financial transactions." Another factor is whether the harm to Plaintiffs by denial of the appointment outweighs the injury to Defendants. Plaintiffs argue that they will be harmed because Defendants will "waste, diminish, and misappropriate assets" before the conclusion of this case. Plaintiffs state that Defendants will not be harmed by the appointment of a receiver because a receiver will "simply comply with the law and not permit improper disbursement of funds or improper or wasteful use of transfer of assets." In response, Defendants argue that a receivership "could cripple Haven EEOI's business and otherwise cause the Defendants irreparable financial harm." Defendants further argue that they would be unable to pay the nearly $10 million in debt owed to the United States pursuant to the DOJ and IRS settlements. The Court finds that Defendants do not demonstrate how a receivership will cripple Haven EEOI's business and finds this factor weighs in favor of appointing a receiver. Plaintiffs argue that a "receiver will prevent any further waste and misuse of the assets, ensure the opportunity for a proper accounting, and protect Plaintiffs' legal and equitable rights and remedies in the assets." In response, Defendants argue that it would be out of the ordinary to appoint a receiver because Plaintiffs have claims for money damages, and Plaintiffs are not the judgment creditor or a secured creditor. Defendants are correct that most contexts in which receiverships are appropriate involve judgment creditors. However, appointing a receiver to execute judgment is just one scenario in which a receiver may be necessary. The Court agrees with Plaintiffs that a receiver will prevent further waste and misuse of assets. Thus, this factor weighs in favor of appointing a receiver. The appointment of a receiver is supported by a majority of the Canada Life factors in this case, and there is "a clear necessity to protect plaintiff's interests in the property." Therefore, Plaintiffs' Motion for Appointment of Receiver will be granted. The Court will therefore appoint a receiver over the Atlantic Companies but not over Haven EEOI. To the extent additional evidence is obtained over the course of litigation establishing an imminent need for a receiver over Haven EEOI, Plaintiffs may renew their motion as to Haven EEOI. About Atlantic Home Healthcare Atlantic Home Healthcare is a provider of home health services in the U.S. Titus Tjalas, et al., v. Kevin Reese Ruark, et al., Case No. 2:24-cv-01641 (D. Ariz.), is a Civil Racketeer Influenced and Corrupt Organizations Act case pending before the Hon. Michael T. Liburdi. The case was filed on July 3, 2024. Charis Foundation Incorporated, Atlantic Home Health Care LLC, Act Now Management LLC, Act Now Health Care Solutions LLC, Kirk Tjalas are represented by: Christopher Thomas Rapp, Esq. Ryan Rapp Pacheco Sorensen PLC Tel: 602-280-1000 E-mail: ctrapp@rrpklaw.com - and - Donald Wayne Hudspeth, Esq. Law Offices Of Donald W Hudspeth PC Tel: 602-265-7997 E-mail: amb@azbuslaw.com - and - Mark Stephen Hamilton, Esq. Law Offices Of Donald W Hudspeth PC Tel: 602-265-7997 E-mail: msh@azbuslaw.com - and - Lesli Sorensen, Esq. Ryan Rapp Pacheco Sorensen PLC Tel: 602-280-1000 E-mail: lsorensen@rrpklaw.com Defendants Absolutely Haven LLC et al. are represented by: M Craig Murdy, Esq. Jamie L Mayrose, Esq. Rader Mayrose LLP Tel: 602-663-2501 602-384-2292 E-mail: cmurdy@radermayrose.com jmayrose@radermayrose.com Defendants Jamin Reese Ruark et al. are represented by: Michael Aaron McCanse, Esq. Andrea Suzanne Tazioli, Esq. NCP Law PLLC Tel: 602-428-3010 E-mail: mike@ncplawyers.com andrea@ncplawyers.com AUTOWORX LLC: Taps Specialized Accounting Services as Accountant ---------------------------------------------------------------- Autoworx, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire Angela Ausloos with Specialized Accounting Services, LLC to provide general accounting and bookkeeping services. The firm will be paid at these rates: Ms. Ausloos $1,170 per month Bookkeeper Data Entry $150 per hour Ms. Ausloos has just received compensation in the amount of $2,180. Ms. Ausloos assured the court that she does not hold or represent an interest adverse to the Debtor-in-Possession or to the bankruptcy estate. The firm can be reached through: Angela Ausloos Specialized Accounting Services, LLC 10801 Corporate Dr, Ste 100 Pleasant Prairie, WI 53158 Phone: (888) 600-0075 About Autoworx LLC Autoworx, LLC operates an automotive parts retail store in Foley, Alabama, selling replacement parts, accessories, oil and chemicals, tools and equipment, and paint and body supplies for cars and light trucks. The Company does business as a NAPA Auto Parts store, participating in the NAPA Auto Parts distribution network. It serves both professional automotive repair customers and individual vehicle owners in the local market. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-13457) on December 12, 2025. In the petition signed by Kristi Jenkins, owner and managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Henry A. Callaway oversees the case. Anthony Brian Bush, Esq., at The Bush Law Firm, LLC, represents the Debtor as bankruptcy counsel. BAMBOO US: Antares PCF Marks $714,000 1L Loan at 18% Off -------------------------------------------------------- Antares Private Credit Fund has marked its $714,000 loan extended to Bamboo US BidCo LLC to market at $587,000 or 82% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Bamboo US BidCo LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.67% per annum. The 1L Loan matures on September 30, 2030. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Bamboo US BidCo LLC Bamboo US BidCo LLC operates as a investment companies. The Company focuses on portfolio for their own direct gain. BEELAND PROPERTIES: Agent Taps Murray & Murray as Special Counsel ----------------------------------------------------------------- Dwayne Murray, liquidation agent of Beeland Properties LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Murray & Murray, LLC, as special counsel. The firm will assist with general legal matters as they arise post confirmation. Specifically, legal services are required, including hiring a financial advisor to help the agent act prudently, in the review of settlements, distributions, matter involving financial questions tied to fraudulent transfers, among other things. The firm will be paid at these rates: Dwayne Murray $500 per hour Lisa N. Murray $450 per hour Alonna Murray-Brown $350 per hour Law Clerks $100 per hour Legal Assistants $80 per hour Murray & Murray, LLC holds or represents any interest adverse to the estate, according to court filings. The firm can be reached through: Dwayne M. Murray, Esq. Murray & Murray, LLC 4970 Bluebonnet Blvd, Ste B Baton Rouge, LA 70809 Main Phone: (225) 285-2475 About Beeland Properties, LLC Beeland Properties, LLC is a company in Denham Springs, La., engaged in renting and leasing real estate properties. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. La. Case No. 24-10461) on June 11, 2024, with $1 million to $10 million in both assets and liabilities. Jeff Landry, manager, signed the petition. Judge Michael A. Crawford presides over the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. BEELINE HOLDINGS: Reports $23.4M Net Loss, Seeks Additional Capital ------------------------------------------------------------------- Beeline Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $23.4 million for the year ended December 31, 2025, compared to a net loss of $13.1 million for the year ended December 31, 2024. Total net revenues for the year ended December 31, 2025, was $7.8 million compared to $1.1 million in the prior period. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. Beeline has limited capital and substantial accumulated deficit as of the date of March 31, 2026. For the year ended December 31, 2025, the Company reported an accumulated deficit of $125.7 million. The Company said, "We do not have sufficient working capital and cash flows for continued operations for at least the next 12 months, which raises a risk of our potential inability to continue as a going concern. Our continued existence is dependent upon our obtaining the necessary capital to meet our expenditures, and we can provide no assurance that we will be able to raise adequate capital to meet our future working capital needs. As of December 31, 2025, we had working capital of approximately $3.0 million, which management believes is enough working capital for the 12-months ending March 31, 2027." Management believes that in order to accomplish its business plan objectives, the Company will need to either increase revenues or raise capital by the issuance of debt and/or equity; and believes that it will be successful in obtaining this additional financing based on its recent history of driving revenue and raising funds. However, no assurances can be given. During 2025, the Company expanded and diversified its warehouse lines to $25.0 million, tripling its prior $5.0 million line and adding two new $5.0 million lines with new lenders in anticipation of rapid revenue growth and loan origination volume. In addition to the Company increasing its legacy revenue streams, the Company is diversifying into new lines of business. On June 25, 2025, Beeline Title facilitated the closing of what it believes to be one of the first-ever fractional sale of home real estate with a related party partner, TYTL Corp. who will fund these transactions through the sale of a crypto token which is backed by real property. While neither the Company, nor its subsidiaries, mints or receives the token, Beeline Title handles the settlement and title portions of these transactions for its partner, who is minting the token. In the fourth quarter of 2025, the Company began providing customer acquisition services and support to TYTL who mints the token and offers the equity exchange transaction. The Company receives a cash fee representing 3.5% of the amount of equity sold and markets the product through its website as BeelineEquity. Beeline Title provides the title and closing services for each transaction. Importantly, Beeline Title will open this platform to all mortgage lenders, giving them access to a proven solution for cryptocurrency token transaction reconciliation, compliance, and disbursement. As cryptocurrency adoption accelerates and becomes regulated by federal and state governments, the Company is positioning itself as a leader in this fast-moving ecosystem, offering trusted infrastructure to help lenders scale into a future where crypto and compliance go hand-in-hand. The Company collaborates with TYTL, an entity in which the Company's Chief Executive Officer, Nicholas Liuzza, is a principal stockholder. In addition, Christopher Moe, the Company's Chief Financial Officer, and Joseph Freedman, a director, are each TYTL shareholders. TYTL funds the transactions through the sale of a cryptocurrency token which is backed by real property. Beeline Labs recently launched BlinkQC, a SaaS platform that automates pre-close quality control reviews for mortgage loan files. Beeline Loans uses BlinkQC in its own operation for its pre-close QC. Later in 2026, Beeline Labs plans to license BlinkQC, opening it up to over 1,000 banks and independent mortgage banks. BlinkQC uses artificial intelligence to ingest loan document packages, extract and validate data, apply customizable rule sets, and generate compliance reports. Management believes BlinkQC will improve QC efficiency for mortgage lenders and represents a potential source of incremental revenue for the Company. Despite these new lines of business, there can be no assurances that these business plans and actions will be successful, that the Company will generate anticipated revenues or operating results, or that unforeseen circumstances will not require additional funding sources in the future or effectuate plans to conserve liquidity. Future efforts to raise additional funds may not be successful or they may not be available on acceptable terms, if at all. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/bdzawus5 About Beeline Holdings Beeline Financial Holdings, Inc. is a mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. As of December 31, 2025, the Company had $70.2 million in total assets, $16.6 million in total liabilities, and $53.6 million in total equity. BIMERGEN ENERGY: Resolves Going Concern Doubt After $13.6M Offering ------------------------------------------------------------------- Bimergen Energy Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $5 million for the year ended December 31, 2025, compared to a net loss $2.8 million for the year ended December 31, 2024. As of December 31, 2025, the Company had cash and cash equivalents of approximately $0.4 million, negative working capital of approximately $4.5 million, and an accumulated deficit of approximately $9.7 million. The Company also incurred recurring losses from operations during 2025. These conditions initially raised substantial doubt about the Company's ability to continue as a going concern within one year after the date these consolidated financial statements are issued. Subsequent to year-end, on February 23, 2026, the Company completed an underwritten public offering that generated gross proceeds of approximately $13.6 million, before deducting underwriting discounts, commissions, and offering expenses. The Company intends to use the net proceeds to support BESS project asset development, development of BESS projects, and working capital. Management has also evaluated the Company's contractual commitments and liquidity needs in light of the completed financing. As of December 31, 2025, no capital call was due from the Company under the RelyEZ / GridSpan joint venture arrangements, and management concluded that the contingent refund obligation associated with the GridSpan $3.564 million payment to the Company was remote as of year-end and has recorded this receipt as deferred revenue. The Company had received non-refundable deposits of $943,500 under the Bridgelink project sale agreement in 2024, for which no revenue had been recognized as of December 31, 2025. The Company also received a $250,000 non-refundable payment under the Eos joint development agreement, which was recorded in deferred revenue. Management prepared an updated liquidity forecast covering the 12-month period following the issuance of these consolidated financial statements. Based on the net proceeds received from the February 23, 2026 offering, cash on hand as of the issuance date, expected operating expenditures, expected development expenditures within management's control, and management's assessment of contractual obligations and deferred revenue arrangements, management concluded that its plans are probable of being effectively implemented and will mitigate the conditions that initially raised substantial doubt within the next 12 months Accordingly, although conditions and events existed as of December 31, 2025 that initially raised substantial doubt about the Company's ability to continue as a going concern, management concluded that its plans alleviated that substantial doubt prior to the issuance of the consolidated financial statements. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/w8nu5d9z About Bimergen Energy Bimergen Energy Corporation is a renewable energy project developer dedicated to enabling the clean energy transition and providing critical grid stability via solutions across a range of applications through our portfolio of utility-scale Battery Energy Storage System (BESS) and solar development projects. As of December 31, 2025, the Company had $27.2 million in total assets, $7.8 million in total current liabilities, and $19.4 million of total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of Bimergen Energy Corporation until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. BIO-KEY INTERNATIONAL: Delays 10-K Due to Incomplete Financials --------------------------------------------------------------- BIO-key International, Inc. disclosed in a regulatory filing that it is unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2025. The compilation, presentation and review of certain information required to complete the financial statements to be included in the Form 10-K could not be completed within the prescribed time period without unreasonable effort and expense to the Company. The Company expects to file the Form 10-K as soon as reasonably practicable and in any event, on or before the 15th calendar day following the prescribed due date. About BIO-key Holmdel, N.J.-based BIO-key International, Inc., founded in 1993, is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 23, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $10,113,313 in total assets, $4,068,235 million in total liabilities, and $6,045,078 million in total stockholders' equity. BLINK CHARGING: Posts $83MM FY25 Loss; Expects 12-Month Cash Runway ------------------------------------------------------------------- Blink Charging Co. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $83,385,000 for the year ended December 31, 2025, compared to a net loss of $201,318,000 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $103,520,000 compared to $124,037,000 in the prior period. As of December 31, 2025, the Company had cash and cash equivalents of $39,568,000 compared to $41,774,000 in cash and cash equivalents and $13,630 in marketable securities as of December 31, 2024, representing a decrease of $15,836,000 in available liquidity due to ongoing operating losses and working capital requirements. In May 2025, the Company announced the BlinkForward Initiative, a strategic restructuring plan aimed at accelerating the Company's path to profitability and enhancing operational efficiency. Key pillars of the BlinkForward Initiative were designed to transform the Company into a more agile and lean organization. This included a significant reduction in the Company's global workforce from 513 to approximately 320 as of the filing of this Annual Report, reductions in other operating, general and administrative expenses, and a shift to contract manufacturing for the Company's EV hardware to reduce overhead expenses and focus on the Company's intellectual property and customer support efforts. The transition to contract manufacturing was completed in January 2026, and the Company no longer maintains manufacturing facilities in-house. As of December 31, 2025, the Company had cash and cash equivalents, working capital and an accumulated deficit of $39,568,000, $25,846,000 and $822,426,000, respectively. During the year ended December 31, 2025, the Company generated a net loss of $83,385,000. In December 2025, the Company completed an underwritten registered public offering of 26,666,666 shares of the Company's common stock at a public offering price of $0.75 per share. The Company received gross proceeds of $20,000 from the public offering, less underwriting discounts and offering expenses of $1,474,000, for net proceeds of $18,526,000. The public offering was made pursuant to the Company's registration statement on Form S-1 filed with the SEC on December 4, 2025, and final prospectus dated December 10, 2025. H.C. Wainwright & Co. and Roth Capital Partners acted as co-placement agents in connection with the offering. During the year ended December 31, 2025, the Company sold an aggregate of 681,330 shares of common stock under an "at-the-market" equity offering program for aggregate gross proceeds of $909,000, less issuance costs of $18, which were recorded as a reduction to additional paid-in capital. The Company has not yet achieved profitability and expects to continue to incur cash outflows from operations. While the BlinkForward Initiative substantially decreased the Company's operating expenses and cash burn, the Company still needs to generate substantial product revenues in the near future to achieve profitability, even as the Company's repeat and recurring revenue from network and charging fees continues to grow. Historically, the Company has been able to raise funds to support its business operations, although there can be no assurance that the Company will be successful in raising significant additional funds in the future. The Company expects that the Company's cash on hand will fund the Company's operations for at least 12 months after the issuance date of the financial statements included in its Annual Report. Since inception, the Company's operations have primarily been funded through proceeds received in equity and debt financings. The Company believes the Company has access to capital resources and continues to evaluate additional financing opportunities. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete the Company's EV charging development initiatives or attain profitable operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/ysv78hrc About Blink Charging Blink Charging Co., through its wholly-owned subsidiaries, is an owner, operator and provider of electric vehicle charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge at various location types. As of December 31, 2025, the Company had $147,453,000 in total assets, $82,963,000 in total liabilities, and $64,490,000 in total stockholders' equity. BLUE STAR FOODS: Needs Additional Time to Complete 2025 10-K Filing ------------------------------------------------------------------- Blue Star Foods Corp. is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, without unreasonable effort or expense. The Company needs additional time to complete certain disclosures and analyses to be included in the Report. In accordance with Rule 12b-25 promulgated under the Securities Exchange Act of 1934, as amended, the Company intends to file its Report on or prior to the fifteenth (15th) calendar day following the prescribed due date. About Blue Star Foods Corp. Blue Star Foods Corp., headquartered in Miami, Florida, is an international seafood company that imports, packages, and sells refrigerated pasteurized crab meat and other premium seafood products. The Company's current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia, the Philippines, and China, and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, and Coastal Pride Fresh. The Company also distributes steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Farms for distribution in Canada. The Company sells primarily to food service distributors, wholesalers, retail establishments, and seafood distributors. As of September 30, 2025, the Company had $1.3 million in total assets, $3 million in total liabilities, and $1.7 million in total stockholders' deficit. Houston, Texas-based MaloneBailey, LLP, the Company's former auditor, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ablity to continue as a going concern. BLUM HOLDINGS: Needs More Time to Finalize Disclosures in 2025 10-K ------------------------------------------------------------------- Blum Holdings, Inc. disclosed in a regulatory filing that it could not timely file without unreasonable effort or expense its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 because the Company needed additional time to finalize and analyze the disclosure in such Form 10-K. The Company is working diligently to complete its Form 10-K for such period as soon as possible and currently expects to file the Form 10-K within the 15-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Blum Holdings Headquartered in Downey, California, Blum Holdings, Inc. -- www.blumholdings.com -- is a publicly listed parent company with operations across California, dedicated to delivering top-tier medical and recreational cannabis products and associated services. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company formerly operated Blum Santa Ana, a premier cannabis dispensary in Orange County, California, which was sold in June 2024. The Company previously owned dispensaries in California which operated as Blum in Oakland and Blum in San Leandro, which were sold in November 2024. In May 2024, the Company began operating the retail store, Cookies Sacramento, and providing consulting services for two additional dispensaries located in Northern California. The Company is organized into two reportable segments: (i) Cannabis Retail -- Includes cannabis-focused retail, both physical stores and non-store front delivery; and (ii) Cannabis Distribution -- Includes cannabis distribution operations. As of September 30, 2025, the Company had $45.1 million in total assets, $52.3 million in total liabilities, and $7.3 million in total mezzanine equity and stockholders' deficit. Costa Mesa, California-based GuzmanGray, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BOXLIGHT CORP: Needs More Time to Compile Information for 2025 10-K ------------------------------------------------------------------- Boxlight Corporation disclosed in a regulatory filing that the filing of its Annual Report on Form 10-K for the year ended December 31, 2025 will be delayed due to the additional time that was required to obtain and compile certain information required to be included in the Annual Report, which delay could not be eliminated by the Company without unreasonable effort and expense. The Company expects to file the Annual Report within the 15-calendar day extension period. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $36.7 million as of September 30, 2025, matures on December 31, 2025. As of September 30, 2025, the Company's short-term debt will mature within three months. The Company is actively working to refinance its debt with new lenders. However there can be no assurance that these efforts will be successful prior to the maturity date at which time all amounts under the Term Loan will become due. The Company does not expect it will have the available resources, absent a financing or refinancing, to pay the loan when due. As of September 30, 2025, the Company had $99,590,000 in total assets, $90,544,000 in total liabilities, $28,509,000 in total mezzanine equity, and $19,463,000 in total stockholders' deficit. BRC GROUP: Swings to Profit, Maintains Strong Liquidity Outlook --------------------------------------------------------------- BRC Group Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net income of $310.3 million for the year ended December 31, 2025, compared to a net loss $774.9 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, were $967.6 million compared to $746.4 million in the prior period. During the year ended December 31, 2025, the Company completed the sale of the Company's majority owned subsidiary Atlantic Coast Recycling, LLC on March 3, 2025 for proceeds of approximately $68,638. The Company also completed: (a) the partial sale of the Wealth Management business for $26 million on April 4, 2025, and (b) the sale of the Company's financial consulting business on June 27, 2025 for $117.8 million. Senior Notes Payable -- During the year ended December 31, 2025, the Company completed five private exchange transactions with institutional investors pursuant to which aggregate principal amounts of approximately $115.8 million of the 5.50% Senior Notes due March 2026, $2.1 million of the 6.50% Senior Notes Payable due September 2026, $146.4 million of the 5.00% Senior Notes due December 2026, $51.1 million of the 6.00% Senior Notes due January 2028, and $39.5 million of the 5.25% Senior Notes due August 2028 owned by the investors were exchanged for approximately $228.4 million aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028, whereupon the Exchanged Notes were cancelled. After the completion of the Exchanged Notes, the Company has approximately $101.6 million of 5.50% Senior Notes due March 31, 2026, $178.3 million of 6.50% Senior Notes due September 30, 2026, and $177.3 million of 5.00% Senior Notes due December 31, 2026. The Company believes that the current cash and cash equivalents, securities and other investments owned, and funds available under its credit facilities will be sufficient to meet its working capital, capital expenditure requirements, and debt service obligations due the next 12 months from issuance date of the accompanying financial statements. Management Commentary Bryant Riley, Chairman and Co-Chief Executive Officer of BRCGH, commented: "Strong fourth quarter and full year 2025 financial results were delivered across our diverse platform of operating companies and investment holdings. The capital markets and financial services businesses performed well, overcoming difficult market conditions in the first half of 2025. The Communications Business Group (Lingo, magicJack, Marconi Wireless, and UOL) exceeded expectations, delivering high quality earnings and strong cash flows. And, the investment holdings portfolio appreciated meaningfully with improving underlying fundamentals going into 2026. Transitioning to the 2026 outlook, Riley added: "We enter 2026 with a great opportunity to expand our capacity to serve clients, drive earnings across our operating businesses, increase our investment portfolio value, drive down corporate costs, and continue to reduce debt. We have unique middle market and small cap market experiences and capabilities to deliver complex, specialized capital solutions, advise companies, and acquire businesses. With many operating distractions resolved in 2025, we are positioned to capitalize on market opportunities while we drive enterprise-wide efficiencies. "As we approach our 30th year in business, we wanted to congratulate our team on a great year and look to continue to leverage their agility and determination to serve our clients and shareholders." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/424eb3e2 About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of December 31, 2025, the Company had $1.7 billion in total assets, $1.8 billion in total liabilities, and total deficit of $120.3 million. BRIDGES CONSUMER: Antares PCF Marks $2.2MM 1L Loan at 20% Off ------------------------------------------------------------- Antares Private Credit Fund has marked its $2,221,000 loan extended to Bridges Consumer Healthcare Intermediate LLC to market at $1,774,000 or 80% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Bridges Consumer Healthcare Intermediate LLC. The 1L Loan accrues interest at a rate of S + 5.25%, 8.83% per annum. The 1L Loan matures on December 22, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Bridges Consumer Healthcare Intermediate LLC Bridges Consumer Healthcare LLC developing, manufacturing, and marketing pharmaceutical products. The Company offers pain relief, women's health, and supplements. BROWNIE'S MARINE: Delays FY2025 10-K Filing for Extra Analysis -------------------------------------------------------------- Brownie's Marine Group, Inc. disclosed in a regulatory filing that it was unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 by the prescribed due date, without unreasonable effort or expense, because the Company needs additional time to complete certain disclosures and analyses to be included in the Report. In accordance with Rule 12b-25 promulgated under the Securities Exchange Act of 1934, as amended, the Company intends to file the Report on or prior to the fifteenth (15th) calendar day following the prescribed due date. About Brownie's Marine Pompano Beach, Fla.-based Brownie's Marine Group, Inc., through its wholly owned subsidiaries, designs, tests, manufactures and distributes tankless dive systems, rescue air systems and yacht-based self-contained underwater breathing apparatus air compressor and nitrox generation fill systems and acts as the exclusive distributor in North and South America for Lenhardt & Wagner GmbH compressors in the high-pressure breathing air and industrial gas markets. The Company is also the exclusive United States and Caribbean distributor for Chrysalis Trading CC, a South African manufacturer of fitness and dive equipment, which is doing business as Bright Weights, of a dive ballast system produced in South Africa. Henderson, Nev.-based Bush and Associates CPA LLC, the Company's auditor since 2024, issued a 'going concern' qualification in its report dated June 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company had a net loss of approximately $240,599 and cash used in operating activities of approximately $292,314 for the year ended December 31, 2024, as well as an accumulated deficit of approximately $17,927,329 as of December 31, 2024. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $5,629,896 in total assets, $3,725,863 in total liabilities, and $1,904,034 in total stockholders' equity. BURLINGTON STORES: S&P Affirms 'BB+' ICR on Continued Growth ------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on New Jersey-based off-price retailer Burlington Stores Inc., including its 'BB+' issuer credit rating on the company. S&P also revised its downside leverage trigger to 3x from 3.5x and upside trigger to 2x from 2.5x. The stable outlook reflects S&P's view that Burlington will maintain adjusted leverage in the low- to mid-2x area while it profitably expands operations. It expects reported FOCF will continue to improve despite substantial capex. Burlington reported revenue growth of 8.8% in 2025 and adjusted EBITDA margin improvement to 17.8% from 16.7% in the prior year despite elevated supply chain costs. S&P expects it will continue to profitably expand operations by opening new stores and that high capital expenditure (capex) will weigh on short-term free operating cash flow (FOCF). Burlington will maintain momentum with continued store expansions and comparable sales. S&P Global Ratings expects consumers to increasingly prioritize value in response to inflationary pressures and low consumer confidence, amplified by the Middle East war. In addition, S&P believes the company is well positioned to expand its consumer base, supported by new store openings, significant price advantages over competitors, and improved merchandise offerings. Burlington increased reported revenue 8.8% in 2025, following 9.3% in the prior year, supported by 104 net new stores and 2% more comparable sales. Growth in comparable sales primarily reflects a rise in average unit retail driven by the company's merchandising strategy, which focuses on increasing recognizable brands, higher-quality merchandise, and strategically adjusting price points. S&P said, "We forecast revenue will improve 9.2% in 2026, supported by about 110 net new store openings and robust demand driven by higher tax refund payments and an increase in the home products category following recent changes in tariff rates. We expect revenue will expand 9.6% in 2027, supported by continued store openings and execution of its merchandising strategy. "Burlington is investing to strengthen its competitive position in off-price retail. While substantial capex for a robust project pipeline recently reduced FOCF, we believe this will deliver long-term benefits. Continued investment in distribution centers will improve operating performance and strengthen Burlington's competitive position by controlling lease costs and increasing operational flexibility. In our view, the absence of a dedicated e-commerce channel has not impaired the off-price segment's competitive position, with market share gains the past three years. A compelling off-price value proposition, “treasure hunt” shopping experience, aggressive pricing supported by opportunistic buying, and fast inventory turnover have resonated with consumers. We believe an ambitious store opening plan benefits from advantageous lease acquisitions from other retailer bankruptcies and will further broaden its consumer reach. "Capex increased to $1.1 billion in 2025 from $844 million in 2024, representing 9.5% of revenue and resulting in reported FOCF of $172 million. Burlington deployed a significant portion of this on purchasing its California distribution center and construction of another in Georgia, part of the strategy to own centers and increase operational flexibility. We forecast reported FOCF will increase to $390 million this year due to higher profitability and reduced capex. In 2027, we expect FOCF will decline to $352 million due to higher capex. "We expect strategic initiatives and operating leverage will support improving profitability. We believe potential excess inventory from supply chain disruptions related to the war in the Middle East could present additional opportunities for the company this year. The U.S. Supreme Court ruled in February that tariffs imposed under the Emergency Economic Power Act are unconstitutional, though our base-case forecast doesn't assume refunds, to which Burlington has limited direct exposure. The company has effectively mitigated tariffs by reducing receipts in the most affected product categories, particularly home-related products. S&P Global Ratings-adjusted EBITDA margin improved to 17.8% in 2025 from 16.7% in fiscal 2024 reflecting improved merchandise margins (partially due to lower shrink), reduced freight, reduced payroll costs, and implementation of supply chain efficiency initiatives. "We forecast a modest increase in adjusted EBITDA margin to 17.9% this year from the execution of its strategic initiatives, partially offset by high supply chain costs as the company continues to absorb costs associated with tariffs and its new distribution center. In 2027, we expect adjusted EBITDA margin will improve to 18% partially due to operating leverage. In addition, we expect faster inventory turnover, reduced markdown activity, and ongoing cost savings across sourcing and logistics functions." S&P Global Ratings-adjusted leverage will modestly decline this year. Burlington may require additional debt financing to fully execute its investment plan. Despite no public stated leverage target, it has historically maintained adjusted leverage of about mid-2x the past three years. S&P Global Ratings-adjusted leverage modestly improved to 2.4x in 2025, driven by adjusted EBITDA improvement, which outweighed more funded debt for the recent California distribution center acquisition, and an increase in its cash position to $1.2 billion. S&P forecasts S&P Global Ratings-adjusted leverage will further improve to 2.3x in 2026 and 2.2x in 2027, benefitting from incremental EBITDA growth, revenue expansion, and margin improvement. In addition, we expect Burlington will repurchase and convert its convertible notes due in 2027. S&P's base-case forecast assumes Burlington will manage its liquidity position at about $2 billion, consisting of about $1 billion cash and an undrawn $1 billion asset-based lending (ABL) facility. Burlington may require additional debt financing to execute its investment plan and continue to use excess cash to pay shareholder returns. The stable outlook reflects S&P's view that Burlington will maintain adjusted leverage in the low- to mid-2x area while it profitably expands operations, and gradually improve reported FOCF despite substantial capex. S&P could lower its rating on Burlington if S&P Global Ratings-adjusted leverage increases to and is likely to remain above 3x. This could occur if: -- S&P anticipates prolonged competitive pressures or operational issues will sustain operating margin constraints and declining comparable sales; or -- The company adopts a more aggressive financial policy, possibly involving significant debt-funded capex or shareholder remuneration. S&P could raise its rating on Burlington if it maintains adjusted leverage below 2x or S&P views its business risk more favorably as investment projects mature. This could occur if it: -- Comparable sales grow in line with the off-price industry and organic expansion of the Burlington brand progresses toward its 2,000-store goal; and -- Executes consistent performance even in challenging operating environments and generates free cash flow that supports its growth strategy; or -- Demonstrates a track record of adjusted leverage below 2x, supported by management's financial policy. CALIFORNIA REAL: Starts Chapter 7 Bankruptcy in California ---------------------------------------------------------- On April 3, 2026, California Real Estate Resources Inc. filed for Chapter 7 protection in the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in liabilities owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 6, 2026 at 02:30 PM via Zoom - Goodrich: Meeting ID 296 655 7138, Passcode 8660120410, Phone 1 213 592 2709. About California Real Estate Resources Inc. California Real Estate Resources Inc. is a California-based company engaged in real estate-related services and property management activities. California Real Estate Resources Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13225) on April 3, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The debtor is represented by Keith Q. Nguyen, Esq., of Atlantis Law Firm. CARR RIGGS: Antares PCF Marks $1.4MM 1L Loan at 73% Off ------------------------------------------------------- Antares Private Credit Fund has marked its $1,456,000 loan extended to Carr, Riggs & Ingram Capital LLC to market at $391,000 or 27% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Carr, Riggs & Ingram Capital LLC. The 1L Loan accrues interest at a rate of S + 4.25%, 7.90% per annum. The 1L Loan matures on November 18, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Carr, Riggs & Ingram Capital LLC Carr, Riggs & Ingram Capital, L.L.C. provides accounting and advisory services. The Company focuses on financial reporting, IT assessments for credit unions, business interruption, outsourcing, litigation support, internal audits, cybersecurity, and transaction advisory services. CATHAY GENERAL: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Cathay General Bancorp's (CATY) Long- and Short-Term Issuer Default Ratings (IDR) at 'BB+' and 'B', respectively. Fitch has also affirmed Cathay Bank's Long- and Short-Term IDRs at 'BBB-' and 'F3', respectively. The Rating Outlook on the Long-Term IDRs is Stable. Key Rating Drivers Affirmation Reflects Strengths: The affirmation of CATY's Long-Term and Short-Term IDRs and Rating Outlook reflects the bank's historically strong earnings power, higher-than-peer capital levels, and a management team experienced in restructuring and workouts. Offsetting factors include a higher loan-to-deposits ratio, lower levels of liquidity at the holding company level, and earnings that are spread-reliant. Solid Franchise in Niche Market: CATY has built a niche business through its Chinese American ethnic affinity and relationship-focused banking, primarily serving the Asian American community in California. CATY caters to the demographic's needs, such as by providing Chinese-language services. Appropriate Risk Appetite; Concentrations Mitigated: Fitch considers CATY's risk appetite to be appropriate for its current rating level. While the bank has significant concentration in commercial real estate (CRE) lending, Fitch believes this should be viewed in the context of its current and expected capital buffer, healthy internal capital generation, and appropriate growth levels. Strong Asset Quality Despite Concentration: CATY has exhibited strong asset quality for its rating level, with four-year average loan losses historically maintained below that of peers. CATY's impaired loans-to-gross loans ratio remained flat YoY as of YE 2025. Fitch views CATY's four-year average impaired loans ratio as remaining appropriate for its rating. Fitch expects CATY's asset quality metrics to remain in line with its current rating over the rating horizon. Fitch also views CATY as well positioned to absorb loan losses relatively easily due to its above-peer capital levels. Efficiency Supports Profitability: CATY's four-year average operating profit-to-risk-weighted assets ratio has remained in the 2.0%-2.3% range in recent years, supported by its efficiency ratio at the lower end of the peer group. CATY's earnings continue to be one of the most spread-reliant in the peer group. Fitch expects CATY's operating profit-to-RWA ratio to increase in 2026, driven by loan growth and declining deposit costs. Capital Appropriate for Risk Appetite: CATY has maintained its common equity Tier 1 (CET1) ratio above 13% since YE 2024. CATY has historically maintained its CET1 ratio above peers, which Fitch views as supportive to its rating given CATY's higher concentration of regulatory CRE to risk-based capital compared to peers. Fitch believes CATY will continue to return capital to shareholders through repurchases while maintaining its CET1 ratio above peers in 2026. High Time Deposit Reliance: CATY's funding and liquidity rating reflects its four-year average loans-to-deposit ratio that is the highest in the peer group, coupled with its high reliance on time deposits. Time deposits represented approximately 47% of the deposit book as of YE 2025. While the loans-to-deposits (LTD) ratio declined to 96% at YE 2025, from 98% at YE 2024, it remains above peers. Fitch expects CATY's LTD ratio to remain in the 90% to 100% range over the rating horizon. Holding Company Notched from Bank: CATY's Viability Rating (VR) and Long-Term IDR are notched one level below those of its subsidiary, Cathay Bank (BBB-/Stable/bbb-), based on the holding company's liquidity management. CATY will continue to rely upon dividend capacity from Cathay Bank to cover the next 12 months of dividends and other cash outflows. Because of this reliance, the holding company's liquidity management remains a rating constraint. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A significant deterioration in asset quality such that impaired loans to gross loans meaningfully exceed 3% and remain above that threshold for several quarters, and/or significant credit losses; - Outsized deterioration in the level or volatility of earnings relative to peers; - If the CET1 ratio were to approach or dip below 10% and remain there for multiple quarters absent a credible plan to build levels back above the 10% threshold. CATY's rating would also be sensitive to any change in capital management that leads to a rapid decline in capital, especially if CET1 were to fall near or below peer medians. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive ratings movement could occur if CATY were to improve its revenue diversity by reducing its reliance on spread income and further diversify its loan portfolio from CRE. At the same time, liquidity at the holding company would need to be more in line with that of an investment grade institution. This would be predicated on CATY maintaining its conservative capital management and strong asset quality performance; - Fitch expects that bank ratings in developed resolution regimes could change if the exposure draft "Bank Rating Criteria" is implemented as proposed when it becomes final criteria. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Long-Term and Short-Term Deposit Ratings: Cathay Bank's long-term uninsured deposits are rated one notch higher than the bank's Long-Term IDR, as U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in an event of default. In accordance with its Bank Rating Criteria, Fitch rates Cathay Bank's short-term uninsured deposits 'F3', based on Cathay Bank's long-term deposit rating and Fitch's assessment of the funding and liquidity profile. Government Support Rating (GSR): CATY and Cathay Bank GSRs are rated 'No Support'. In Fitch's view, the probability of support is unlikely. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Long-Term and Short-Term Deposit Ratings: The long-term deposit rating is sensitive to any negative change in Cathay Bank's Long-Term IDR. Cathay Bank's short-term deposit rating is sensitive to negative change in the company's long-term deposit rating and Fitch's assessment of Cathay Bank's funding and liquidity profile. Government Support Rating: The GSRs would be sensitive to any change in U.S. sovereign support, which Fitch believes is unlikely. VR ADJUSTMENTS The following factor(s) was identified as relevant for the operating environment assessment: The Asset Quality score of 'bbb-' is below the 'aa' category implied score due to the following adjustment reason(s): Concentrations (Negative). The Earnings & Profitability score of 'bbb' is below the 'a' category implied score due to the following adjustment reason(s): Revenue Diversification (Negative). The Capitalisation & Leverage score of 'bbb' is below the 'a' category implied score due to the following adjustment reason(s): Capital Flexibility And Ordinary Support (Negative). The Funding & Liquidity score of 'bb+' is below the 'a' category implied score due to the following adjustment reason(s): Deposit Structure (Negative). The Viability Rating of 'bbb-' is in line with the implied Viability Rating. The following factor(s) was identified as relevant: Weakest Link - Funding & Liquidity (Negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Cathay Bank LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 Viability bbb- Affirmed bbb- Gov't Support ns Affirmed ns longterm deposits LT BBB Affirmed BBB shortterm deposits ST F3 Affirmed F3 Cathay General Bancorp LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability bb+ Affirmed bb+ Gov't Support ns Affirmed ns CATHETER PRECISION: Reports $17.7 Million Net Loss for 2025 ----------------------------------------------------------- Catheter Precision, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $17.7 million for the year ended December 31, 2025, compared to a net loss of $16.6 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $819 thousand compared to $420 thousand in the prior period. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operations, and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. During the year ended December 31, 2025, the Company used $8.3 million in cash for operating activities. As of December 31, 2025, the Company had an accumulated deficit of $309.5 million, working capital deficit of $3.5 million, and cash and cash equivalents of $0.1 million. Management expects operating losses and negative cash flows to continue for the foreseeable future. The Company needs to raise additional capital until it is able to generate revenues from operations sufficient to fund its research, development, and commercial operations. On May 12, 2025, the Company executed a Securities Purchase Agreement for a private placement with three institutional investors and sold an aggregate of: (i) 1,500 PIPE Units and (ii) 1,500 additional shares of a new series of the Company's preferred stock, designated Series B Convertible Preferred Stock, par value $0.0001 per share. Each PIPE Unit consisted of: (i) one share of Series B Convertible Preferred Stock and (ii) Series L Warrants to purchase approximately 150 shares of common stock at an exercise price of $9.50 per share. As consideration for the PIPE Units and Series B Convertible Preferred Stock, the Company collected $1.5 million in cash and two secured Convertible Promissory Notes of QHSLab, Inc., previously held by one of the investors, before deducting placement agent fees and offering expenses of $0.4 million. On May 19, 2025, the Company entered into an At Market Offering Agreement and, through December 31, 2025, issued 887,852 shares of common stock under the ATM Agreement in exchange for gross proceeds of $4.0 million before deduction of commissions and offering expenses of $0.3 million. On December 26, 2025, the Company issued an unsecured convertible notes payable with a principal amount of $102 thousand and a discount of $2 thousand to Boot Capital LLC for cash proceeds of $100 thousand. The Company further issued an unsecured convertible note payable with a principal amount of $204 thousand and a discount of $4 thousand to Vanquish Funding Group Inc. for cash proceeds of $200 thousand. The convertible notes payable have a maturity date of September 30, 2026 and stated interest rate of 10% per annum, which shall be payable when the principal amount is due. Any principal amount or interest that is not paid when due shall bear the default interest of 22% per annum. On December 31, 2025, the Company entered into the second amendment of the Related Party Notes, which extended the maturity date of the notes payable to the Jenkins Family Charitable Institute to January 31, 2028, and the notes payable to FatBoy Capital, L.P. and Mr. Jenkins to January 31, 2029. As part of the second amendment, the Company issued 170,000 Series M Warrants to FatBoy and Mr. Jenkins, respectively, and transferred the Perikard membership interests to Mr. Jenkins for de minimis proceeds. All other terms and conditions remained unchanged. On December 31, 2025, the Company entered into the Series J Exchange Agreement with Mr. Jenkins and FatBoy to exchange future and accrued royalty rights of $2.7 million for an aggregate of 9,490 shares of the Company's newly designated Series J Convertible Preferred Stock, par value $0.0001 per share and stated value of $1,000 per share. On February 6, 2026, the Company entered into a Securities Purchase Agreement with certain accredited investors for a private placement financing and issued an aggregate of: (i) 392,608 shares of the Company's common stock, par value $0.0001 per share, at a per share purchase price of $1.43 and (ii) 1,616.33 shares of newly designated Series C-1 Convertible Preferred Stock par value $0.0001 per share, with a stated value of $1,000 per share for gross proceeds of $2.2 million. The investors agreed to purchase newly designated Series C-2 and Series C-3 Convertible Preferred Stock, par value $0.0001 per share, with stated values of $1,000 per share, under additional closings for aggregate gross proceeds of $1.6 million per closing. The additional closings are subject to certain closing conditions, including stockholder approval to issue shares of common stock in excess of 19.99% of the Company's issued and outstanding shares of common stock and to effect a reverse stock split and, solely with respect to the closing of the Series C-3 Convertible Preferred Stock, declaration of the effectiveness of the Registration Statement filed for the resale of the common stock underlying the Series C-1, C-2, and C-3 Convertible Preferred Stock. The investors also have the right, but not the obligation, to purchase up to an aggregate of $39.2 million of Series C-4 Convertible Preferred Stock, par value $0.0001 per share, with stated value of $1,000 per share in one or more closings. On February 6, 2026, the Company also agreed to lower the exercise price of existing warrants and the conversion price of the Series B Convertible Preferred Stock to $1.78 per share for certain holders as consideration for exercising the existing warrants and converting the Series B Convertible Preferred Stock, resulting in aggregate proceeds of $0.4 million. On March 9, 2026, the Company entered into an additional Securities Purchase Agreement with certain accredited investors for a private placement financing pursuant to which the investors agreed to purchase 1,853 shares of Series C-1 Convertible Preferred Stock, par value of $0.0001 per share and stated value of $1,000 per share, for aggregate gross proceeds of $1.9 million. The investors agreed to purchase newly designated Series C-2 and Series C-3 Convertible Preferred Stock, par value $0.0001 per share, with stated values of $1,000 per share, under additional closings for aggregate gross proceeds of $1.9 million per closing. The additional closings are subject to closing conditions, including approval from the Company's stockholders to issue shares of common stock in excess of 19.99% of the Company's issued and outstanding shares of common stock and, solely with respect to the closing for the Series C-3 Convertible Preferred Stock, effectiveness of the Registration Statement filed to register the resale of common stock underlying the Series C-1, C-2, and C-3 Convertible Preferred Stock. The investors also have the right, but not the obligation, to purchase up to an aggregate of $35.6 million of Series C-4 Convertible Preferred Stock, par value $0.0001 per share, with stated value of $1,000 per share in one or more closings. Based on the Company's liquidity resources, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. Management plans to raise additional capital through public or private equity, debt financing, or other innovative and specialty financing strategies in order to fulfill its operating and capital requirements for at least the next 12 months. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity securities to raise additional funds, its existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of the Company's existing stockholders. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/kttbzb6x About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of December 31, 2025, the Company had $15.9 million in total assets, $9.2 million in total liabilities, and $6.7 million in total stockholders' CENTRAL PARENT: Antares PCF Marks $3.4MM 1L Loan at 15% Off ----------------------------------------------------------- Antares Private Credit Fund has marked its $3,445,000 loan extended to Central Parent LLC to market at $2,929,000 or 85% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Term Loan extended to Central Parent LLC. The 1L Loan accrues interest at a rate of S + 3.25%, 6.90% per annum. The 1L Loan matures on July 6, 2029. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Central Parent LLC Central Parent LLC of Delaware provides software solutions. The Company serves customers in the United States. CLEAN ENERGY: Delays FY2025 10-K Due to Financial Assembly Hurdles ------------------------------------------------------------------ Clean Energy Technologies, Inc. disclosed in a regulatory filing that it has encountered a delay in assembling the information, particularly its financial statements for the year ended December 31, 2025, required to be included in annual report on Form 10-K for the relevant period, rendering timely filing of the Form 10-K impracticable without undue hardship and expense to the Company. The Company undertakes the responsibility to file such report no later than fifteen days after its original prescribed due date. About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $14,798,895 in total assets, $7,703,762 in total liabilities, and $7,095,133 in total stockholders' equity. COLIBRI FAMILY: Starts Chapter 7 Bankruptcy in California --------------------------------------------------------- On April 8, 2026, Colibri Family Properties LLC filed for Chapter 7 protection in the Central District of California Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Colibri Family Properties LLC Colibri Family Properties LLC is a limited liability company that may be engaged in real estate ownership, property management, or family-held investment activities. Colibri Family Properties LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11102) on April 8, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. CONCORD GLOBAL: Antares PCF Marks $1.7MM 1L Loan at 76% Off ----------------------------------------------------------- Antares Private Credit Fund has marked its $1,715,000 loan extended to Concord Global Acquisition, LLC to market at $412,000 or 24% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Concord Global Acquisition, LLC. The 1L Loan accrues interest at a rate of S + 4.50%, 8.15% per annum. The 1L Loan matures on December 29, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Concord Global Acquisition, LLC Concord Global Acquisition, LLC provides enterprise software solutions. The Company serves customers in the United States. CONLIN STREET: Seeks Subchapter V Bankruptcy in Louisiana --------------------------------------------------------- On April 7, 2026, Conlin Street LLC filed for Chapter 11 protection in the Eastern District of Louisiana Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. Summary of Assets and Liabilities is due April 21, 2026. About Conlin Street LLC Conlin Street LLC is a limited liability company that may be engaged in real estate ownership, property management, or related investment activities. Conlin Street LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10831) on April 7, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. The Debtor is represented by Leo D. Congeni, Esq. of Brooks Gelpi Haase, LLC. Ryan James serves as Subchapter V Trustee. COOLSYS INC: S&P Upgrades ICR to 'CCC+' Following Debt Amendment ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on CoolSys Inc. to 'CCC+' from 'SD' (selective default). S&P said, "At the same time, we raised our issue-level rating on the company's first-lien debt to 'CCC+' from 'D' and revised the recovery rating to '4' from '3' to reflect weaker recovery prospects for first-lien lenders due primarily to more first-lien debt outstanding at default due to the PIK accruals. "The negative outlook reflects the risk the company faces in executing its growth strategy and the possibility that we will lower our ratings on CoolSys over the next 12 months if its profitability, cash flow, and liquidity deteriorate, which would increase the likelihood of a liquidity shortfall or payment default in the next 12 months." CoolSys Inc. amended its first-lien term loan to pay-in-kind (PIK) a portion of its interest until October 2027 and received a $29 million capital contribution from its sponsor in the form of a junior PIK loan. It also extended the maturities of its asset-based lending (ABL) facility and term loan to November 2029 and February 2030, respectively. S&P said, "We believe CoolSys has temporarily improved its liquidity and debt maturity profile following the transactions, giving it greater flexibility to execute on its growth strategy. However we still view its capital structure as unsustainable due to our expectation for very high leverage and negligible free operating cash flow (FOCF) in 2026 and 2027." Extended debt maturities, the partial PIK election, and cash infusion provide CoolSys temporary financial flexibility. The amendment alleviates near-term refinancing risks, extending the maturities of its term loan by 18 months to February 2030 and ABL facility by 15 months to November 2029. The PIK feature significantly reduces cash payments, saving the company approximately $25 million over the next 12 months between reduced interest and suspended principal amortization. In addition, the company's sponsor is providing a capital contribution of $29 million through a junior PIK loan. S&P said, "Pro forma for the transactions, the company had total liquidity of about $70 million as of Dec. 31, 2025. Still, we expect negligible FOCF generation in 2026 and forecast total liquidity to trough around $30 million in the second quarter as the company will have limited availability under its ABL due to a seasonal decline in its borrowing base. We expect total liquidity will increase through the rest of 2026 and do not foresee a default or liquidity driven restructuring over the next 12 months. "We continue to view the company's capital structure as unsustainable. We estimate CoolSys' leverage was high at about 15x in 2025, with negative FOCF. In our updated base-case forecast, we assume the company expands EBITDA generation in 2026 with price increases, realization of cost savings initiatives, and new business wins. Still, we expect its S&P Global Ratings-adjusted debt to increase with the accrual of PIK interest and forecast leverage will remain elevated around 10x. "Additionally, the company's FOCF generation has historically been constrained by its high interest burden, weak EBITDA generation, and elevated one-time expenses. While the reduced cash debt service costs from the amendment and reduced capex should significantly help cash generation in 2026, we still expect breakeven FOCF for the year before factoring the company's capital lease payments of around $20 million." CoolSys has opportunities for growth, particularly within expanding data center end markets. The company's professional solutions segment has demonstrated strong growth, increasing to 25% from 20% of total revenue – a 40% expansion in 2025– and is expected to continue driving topline growth, supported by a $400 million pipeline of opportunities. Additionally, efforts to turn around the service business are expected to yield improvements in the commercial and industrial segment. Positive momentum in customer retention and declining churn rates and improvements in same-day fix rates indicate some stabilization in the business. In addition, the company is implementing cost and operational efficiency initiatives that could generate at least $15 million of savings, which would help reduce leverage and further bolster liquidity. The negative outlook reflects the risk the company faces in executing its growth strategy and the possibility that S&P will lower its ratings on CoolSys over the next 12 months if its profitability, cash flow, and liquidity deteriorate, which would increase the likelihood of a liquidity shortfall or payment default in the next 12 months. S&P could lower its rating on CoolSys if S&P envisions another default as likely within 12 months due to: -- Sustained cash flow deficits lead to heightened risk of a payment default or covenant violation; or -- S&P does not expect it will improve its operating performance and EBITDA generation due to intense price-based competition or business execution missteps. S&P could revise its outlook on CoolSys to stable or raise the rating if: -- The company significantly improves its operating performance; and -- S&P expects it will generate sustained, positive FOCF sufficient to cover its debt service and capital lease obligations and maintain adequate liquidity. COREWEAVE INC: Fitch Rates Sr. Unsecured Notes Due 2031 'BB-' ------------------------------------------------------------- Fitch Ratings has assigned a long-term rating of 'BB-' with a Recovery Rating of 'RR4' to CoreWeave, Inc.'s new benchmark size senior unsecured notes due 2031. The proceeds will be used for general corporate purposes. CoreWeave's ratings reflect its robust business model highlighted by stable, recurring revenue streams. The company's execution risk over the near to medium term is limited, underpinned by unit-level economics where capex is incurred only after contracts are signed. CoreWeave's cash flow profile benefits from strong visibility, despite the high upfront capex, reinforcing its financial stability. Although leverage is high, it is supported by strong EBITDA growth potential with high visibility over the next few years, demonstrating a clear deleveraging path. CoreWeave's IDR is currently 'BB-'/Outlook Positive. Key Rating Drivers Elevated but Improving Credit Metrics: As of December 2025, CoreWeave's gross EBITDA leverage, excluding leases, was 7.0x with lease-adjusted gross leverage at 7.7x. In fiscal year 2026, Fitch expects leverage to remain relatively elevated, around 5.5x (with lease-adjusted leverage around 5.9x), while Fitch expects that in subsequent years EBITDA leverage will improve to a range between 2.0x and 3.0x, and lease-adjusted leverage between 3.0x and 4.0x. Additional new debt issuance to support growth is expected to result in leverage remaining elevated through 2026. Fitch considers medium-term deleveraging achievable if EBITDA growth outpaces new debt issuance needs under a strategy requiring significant upfront capex. Fitch expects capital intensity to peak in 2026, following major contract wins, with cash flow benefits emerging over the medium term. High Customer Concentration: Microsoft accounted for approximately 67% of revenue in FY2025, and no other customer represented more than 10% in that period. Newly signed multiyear commitments with OpenAI (up to $6.5 billion through May 2031) and Meta (up to $14.2 billion through December 2031) are expected to expand the customer base, but revenue is likely to remain highly concentrated, reinforcing dependence on a few large counterparties. While multiyear contracts provide near-term visibility, concentration risk includes the possibility that customers do not sign incremental contracts during the term and may elect not to renew at expiry. Robust Revenue, Cash Flow Visibility: As of Dec. 31, 2025, CoreWeave had $60.7 billion in remaining performance obligations (RPOs), of which 43% should be recognized over the initial 24 months ending Dec. 31, 2027, 38% between months 25-48, and the balance between months 49-84. Committed contracts with take-or-pay provisions support predictable cash flows across operating conditions, although longer-term visibility is less certain. Longer-Term Visibility Less Clear: While management expects 81% of RPOs to be recognized over the next four years, clarity diminishes thereafter as CoreWeave will rely on contract renewals or replacements to maintain revenue growth. Customer concentration poses risks, including potential in-sourcing by hyperscalers, compounded by the company's relatively short operating history. In addition, the rapid evolution and nascent nature of AI technology contribute to the uncertainty of CoreWeave's sustainability over the longer term, as the company must continuously adapt to fast-changing technological advancements and market demands. Potential Lease Term Mismatch Risk: CoreWeave faces a potential risk due to the mismatch between the terms of its leases with data center suppliers and its contracts with customers. While its leases typically span between three and 15 years, its customer contracts generally have shorter durations of three to five years. This disparity creates challenges in aligning long-term obligations with shorter-term revenue streams, exposing CoreWeave to the risk of having to meet lease commitments without guaranteed customer income. The company typically manages this risk by building enough of a buffer into its contract terms to mitigate the impact of contract length mismatches. Strategic Differentiation and Market Leadership: CoreWeave's first-mover advantage, partnership with Nvidia, and top-tier performance metrics bolster its competitive position against hyperscalers and smaller AI-focused cloud providers. Its AI specialization also helps it compete specifically against hyperscalers. Managed software and application services integrated into its technology stack further differentiate its offerings. However, the competitive landscape poses a significant risk over time as companies rapidly invest in their own infrastructure, potentially challenging CoreWeave's market position and requiring continuous innovation to maintain its leadership. AI Demand Supports Growth: CoreWeave is strategically positioned to benefit from the rising demand for AI and machine learning applications. According to various industry sources, global data center workload dedicated to AI could reach approximately 44 gigawatts (GW) in 2025 and grow to over 150 GW by 2030. This demand is driven by advancements in AI algorithms and data proliferation, increasing the need for CoreWeave's graphics processing unit (GPU) infrastructure. As industries pursue AI-driven efficiency, CoreWeave's offerings align well with their needs, supporting strong performance potential and enabling it to capture a significant share of this expanding market. Peer Analysis CoreWeave operates within the digital infrastructure sector. Digital infrastructure peers include Equinix, Inc. (BBB+/Stable), Digital Realty Trust, Inc. (BBB/Stable), Iridium Communications Inc. (BB/Stable), and Viasat, Inc. (B/Stable). CoreWeave specializes in GPU-based cloud services supported by multiyear contracts, yet faces distinct challenges compared to its larger, more diversified counterparts. These challenges include shorter contract durations, uncertain renewal rates, heightened technology risks, and potential competition or in-sourcing from customers. In addition, CoreWeave's rapid growth and shorter operating track record set it apart from these established companies. Equinix and Digital Realty, both leading data center companies, can be considered together in comparison to CoreWeave due to similar business models. They benefit from low churn rates, robust global platforms, and conservative financial policies. Their strategies predominantly involve the ownership and leasing of real estate, which contributes to their operational stability. By contrast, CoreWeave, with its technology-centric services and reliance on leased facilities, is more susceptible to rapid changes in customer demand and technological advancements, potentially resulting in higher volatility. Iridium and Viasat, as satellite operators, are comparable to CoreWeave in their leverage and technology focus. Both companies operate in capital-intensive sectors that require continuous innovation and adaptation to technological advancements. Iridium focuses on global satellite communications while Viasat specializes in broadband and satellite services, with both exhibiting leverage similar to Fitch's expectations for CoreWeave. This similarity underscores the importance of managing financial stability while navigating the challenges of rapid technological changes and maintaining competitive advantages in their respective markets. Fitch’s Key Rating-Case Assumptions - Total revenue growing to approximately $12.8 billion in fiscal 2026, approximately $22.4 billion in fiscal 2027 and $25.6 billion in fiscal 2028, with growth rates moderating thereafter, assuming recognition on existing RPOs along with incremental future contract wins; - EBITDA margins somewhat pressured in fiscal 2026 due to costs associated with new contract wins, expanding to the high 60% range thereafter, driven by operating leverage; - Capex of around $30 billion in fiscal 2026 and $13 billion in fiscal 2027, with capital intensity normalizing to around 30%-35% over the medium term, as capex is linked to specific future contracts; - Incremental future debt issuance to support capex associated with contract wins; - No debt repayment assumed beyond mandatory repayment schedules. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The calibration adjustment applies and results in an adjustment of one notch. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage (excluding leases) sustained above 4.0x or lease-adjusted leverage sustained above 5.0x; - Failure to achieve positive FCF over the medium to long term, leading to reliance on external financing and potential liquidity issues; - Continued reliance on a limited number of revenue sources or major contracts, increasing vulnerability to adverse changes in customer relationships or industry conditions; - Inability to access additional debt capital on favorable terms to support its growth strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage (excluding leases) sustained below 3.0x or lease-adjusted leverage sustained below 4.0x; - Expansion into new markets or services that diversify revenue streams and reduce dependence on a few large customers, improving business resilience; - Demonstrated ability to consistently renew or replace major customer contracts, ensuring stable revenue flow and minimizing disruption from contract expirations. Liquidity and Debt Structure Fitch expects CoreWeave to have sufficient liquidity. As of December 2025, the company had $3.1 billion in cash and equivalents and marketable securities, as well as $1.2 billion capacity available under its $2.5 billion RCF. Fitch expects that high capex in FY2026 and FY2027 will continue to pressure FCF, which will likely necessitate additional debt financing sources in 2026 and 2027 to support execution on growth plans. Issuer Profile CoreWeave provides GPU-based cloud infrastructure for AI/ML, rendering, and other compute-intensive workloads. Its cloud platform combines proprietary software with managed services. As of December 2025, CoreWeave's footprint spanned 43 data centers, mainly accessed via long-term leases and hosting arrangements. Date of Relevant Committee 20 February 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for CoreWeave. ESG Considerations CoreWeave, Inc. has an ESG Relevance Score of '4' for Governance Structure due to {DESCRIPTION OF ISSUE/RATIONALE}, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- CoreWeave, Inc. senior unsecured LT BB- New Rating RR4 COREWEAVE INC: S&P Alters Outlook to Positive, Affirms 'B+' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable and affirmed its 'B+' issuer credit rating on CoreWeave Inc. S&P also affirmed its'B' issue-level rating on the company's existing senior unsecured notes. The recovery rating is '5'. S&P also assigned its 'B' issue-level rating and '5' recovery rating to CoreWeave's proposed senior unsecured notes. This indicates its view that lenders will have modest (10%-30%; rounded estimate: 10%) recovery in the event of default. S&P is not rating the convertible notes. S&P said, "The positive outlook reflects CoreWeave's outperformance relative to our expectations in scaling power capacity, growing remaining performance obligations (RPOs), and improving customer diversification. It indicates potential for an upgrade to 'BB-' or higher if we gain confidence in its ability to remediate material weakness in its internal controls by the end of 2026 and perform in line with our base-case forecast. This would translate into stronger credit metrics consistent with the rating, including ratios of funds from operations (FFO) to debt above 12% and cash flow from operations (CFO) to debt above 10%, and potentially support a more favorable view of the business." CoreWeave, a New Jersey-based provider of generative AI infrastructure, software, and cloud services, after signing a high volume of multi-year contracts, has proposed issuing $1.25 billion of unsecured notes due in 2031 and $3.0 billion of convertible notes due in 2032. Revenue visibility from these contracts anchors our expectations for continued rapid expansion, but the delivery of this contracted capacity to customers will result in execution risk and significant upfront capital investment. S&P anticipates CoreWeave will have substantial free cash flow deficits and weaker credit metrics. S&P's base case assumes successful execution of the contracts because CoreWeave outperformed our earlier expectations in scaling power capacity and realizing revenue. This should drive further scale and translate into improved profitability and cash flow, supporting the ability to strengthen credit metrics. S&P said, "CoreWeave's 2025 performance largely tracked our initial expectations. Despite substantial capital requirements and a higher cost of capital than its hyperscaler peers, CoreWeave increased scale rapidly in 2025, with revenue rising 168% to $5.13 billion, driven by take-or-pay contracts, strong GPU demand, and continued data center expansion. "That said, CoreWeave underperformed our initial forecast for revenue to increase by 185%." This was primarily because of supply chain delays that deferred about $150 million of revenue into 2026. The company also expanded access to power capacity--a critical input for AI infrastructure-- ending the year with about 850 megawatts (MW) of active power and approximately 3.1 gigawatts (GW) of contracted capacity. It also continued to leverage contracted cash flow visibility and strong customer credit quality to access capital at comparatively lower rates. The expansion in scale, along with timing mismatches associated with new data center capacity (typically incurred ahead of revenue), go-to-market investments, and higher operating expenses pressured profitability. Expenses also included costs to remediate a material weakness in internal controls and one-time expenses related to its IPO and the terminated Core Scientific acquisition. CoreWeave's S&P Global Ratings-adjusted EBITDA margin declined to 74.9% in 2025 from 78.7% in 2024, though it exceeded S&P's expectations by about 50 basis points. Cash flow from operations met expectations; however, the company recorded a substantial free cash flow deficit of about $7.2 billion in 2025, despite deferring some capital expenditures (capex) to 2026. It funded this deficit primarily with debt, increasing reported and S&P-adjusted debt to about $21.3 billion and $29.9 billion, respectively, from $8 billion and $10.6 billion in 2024. CoreWeave's strong contract signings support continued rapid expansion and improved credit metrics after funding capex outlays. In 2025, CoreWeave secured new contract signings at levels that substantially surpassed our expectations. The company signed multiyear agreements with OpenAI, NVIDIA, and Meta. The contracts increased CoreWeave's RPOs and revenue backlog to $60.7 billion and $66.8 billion, respectively, at year-end 2025, up from $15.1 billion in 2024. This level of revenue backlog, the non-cancellable nature of these contracts, along with ratable revenue recognition once capacity is delivered, provide strong revenue visibility and underpin S&P's base-case forecast for robust growth in 2026 and 2027. Fulfilling the commitments will also require substantial capex, resulting in large free cash flow deficits and higher debt levels, all else being equal. The EBITDA and cash flow contributions from these contracts make it likely in S&P's view that CoreWeave will be able to improve credit metrics. Overall, while contract contributions are positive for credit quality, continued aggressive growth could delay improvement in credit metrics. CoreWeave's ability to ramp these contracts and its ambitions to further scale power capacity carry execution risk. This is due to the scale of the company's expansion plans, including expectations to exit 2026 with over 1.7 GW of active power capacity (roughly double year-end 2025 levels). Much of the power capacity is tied to contracted commitments to be delivered over the next two years. S&P also considers CoreWeave's continued reliance on leased data center capacity following supply chain delays in 2025. S&P notes that the company has demonstrated strong momentum in signing large, multiyear take-or-pay contracts with limited cancellation rights—driving substantial growth in RPOs and revenue backlog. However, its ability to convert this into revenue depends on timely infrastructure delivery. Access to external financing to fund the capex required to meet CoreWeave's commitments remains a key variable. Recent actions have somewhat mitigated funding risk during 2026. They include an equity investment from NVIDIA, a newly announced limited-recourse delayed-draw term loan, and proposed unsecured debt offerings. Additionally, S&P believes CoreWeave has the flexibility to raise additional equity now that it has crossed the one-year anniversary of its IPO. Successful execution of the contracts would position the company to enter 2027 with run-rate revenue of at least $17 billion and active power capacity of at least 1.7 GW. CoreWeave's deepening relationship with NVIDIA should aid its growth trajectory. S&P believes CoreWeave's relationship with NVIDIA has evolved since its rating initiation in May 2025 from a concentrated supplier arrangement to a strategic partnership. This should enhance CoreWeave's competitive position by enabling faster time-to-market for new technologies, improved access to lower-cost capital, and reduced risks associated with power capacity expansion. NVIDIA's $2 billion equity investment in CoreWeave in January 2026 nearly doubled its ownership stake and deepened commercial and technological integration. This includes preferential access to next-generation GPUs, leveraging their financial strength for multiyear AI factory buildout targeting more than 5 GW of incremental capacity by 2030, and integration of CoreWeave's Mission Control and SUNK software into NVIDIA's reference architectures. S&P views the software integration as particularly significant, because it validates CoreWeave's proprietary capabilities, enhances differentiation among neocloud providers, and introduces potential for incremental, higher-margin, asset-light software revenue over time. Despite these benefits, CoreWeave's reliance on NVIDIA as its sole chip supplier remains a longer-term vulnerability, particularly if alternative chip ecosystems gain traction or if the company is unable to sustain its differentiation. S&P also notes that NVIDIA has invested in other neocloud providers, including a $2 billion investment in competitor Nebius (not rated). Customer diversification, while improved, remains a key credit risk. CoreWeave has broadened its customer base and reduced concentration through recent contract wins with Meta and OpenAI, as well as targeted efforts to engage downstream customers, including enterprises and AI labs. These actions reduced backlog concentration with the largest customer from 85% to about 35% in the prior year. However, the company continues to derive most of its revenue from a limited number of key customers, including Microsoft, OpenAI, NVIDIA, and Meta. Concentration remains a risk, particularly because several of these customers, many of which are also competitors, continue to invest heavily in their own data center capacity. This could reduce their reliance on third-party providers such as CoreWeave, potentially leading to pricing pressure, margin compression, or revenue declines upon contract expiration. CoreWeave's efforts to address material weaknesses in internal control over financial reporting are progressing as we expected, but will remain a rating constraint until they are resolved. The company is working to address and remediate these weaknesses through IT risk assessments, enhanced control frameworks, and expanded finance and accounting staff. The measures also include engaging external advisors, completing an enterprise and IT risk assessment, and adding experienced senior leadership to strengthen oversight and execution. While CoreWeave's progress and timeline for addressing previously identified material weaknesses align with S&P's expectations, potential credit risks could still arise so long as the weaknesses remain. This is because the company will be required to provide a management report on internal controls beginning with its 2026 Form 10-K, including diminished reliability of financial reporting and an increased risk of financial restatement or receiving an unqualified opinion from auditors, which would constitute a violation of its affirmative covenants under its credit agreements. Nevertheless, based on the remediation efforts management intends to undertake throughout 2026, S&P expects the company to do so within this required timeframe. S&P said, "The positive outlook reflects CoreWeave's outperformance relative to our expectations in scaling power capacity, growing remaining RPOs, and improving customer diversification. It indicates potential for an upgrade to 'BB-' or higher if we gain confidence in its ability to remediate material weakness in its internal controls by the end of 2026 and perform in line with our base-case forecast." This would translate into stronger credit metrics consistent with the rating, including ratios of FFO to debt above 12% and CFO to debt above 10%, and potentially support a more favorable view of the business. S&P could revise the outlook on CoreWeave to stable if it expects it to maintain FFO to debt below 12% and CFO to debt below 10%, or its liquidity tightens. This could occur if: -- New contract terms are less profitable; -- There is an increase in the time to build out contracted infrastructure before revenue generation; or -- The company has difficulty securing financing for new contract wins at reasonable rates. S&P could raise its ratings on CoreWeave over the next 12 months if it expects it to remediate its material weakness in internal controls by the end of 2026 and, through continued expansion of available power generation capacity and improved access to capital markets, to fund success-based growth capex. Both steps are necessary to begin generating revenue under the multiyear take-or-pay contracts that constitute the company's RPOs and would bolster prospects of it maintaining a ratio of FFO to debt above 12% in 2026 and CFO to debt above 10%. S&P said, "We could also raise the ratings if we take a more favorable view of the company's competitive position in the AI infrastructure market. In this scenario, we would maintain the same expectations regarding its remediation of the material weakness in internal controls by the end of 2026 and scaling; however, we would also look for CoreWeave to secure new multiyear contracts with a broader customer base, to further mitigate customer concentration risk, or start to monetize a software revenue stream." CQENS TECHNOLOGIES: Delays 2025 10-K Due to Ongoing Auditor Review ------------------------------------------------------------------ CQENS Technologies Inc. disclosed in a regulatory filing that it is unable to file the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 in a timely manner without unreasonable effort or expense, as the Company's auditors are still reviewing the Form 10-K. The Company expects to file the Form 10-K on or prior to the fifteenth calendar day following the prescribed due date. About CQENS Technologies Inc. CQENS Technologies Inc. is a technology company that designs and develops innovative methods to heat plant-based and/or medicant-infused formulations to produce aerosols for the efficient and efficacious inhalation of the plant and medicant constituents contained therein. As of September 30, 2025, the Company had $13,327,153 in total assets, $1,502,989 in total liabilities, and $11,824,164 in total stockholders' equity. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. CROCS INC: Moody's Upgrades CFR to Ba2 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings upgraded Crocs, Inc.'s (Crocs) ratings, including the corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD, senior secured first lien term loan rating to Ba1 from Ba2 and senior unsecured global notes ratings to Ba3 from B2. The speculative grade liquidity rating (SGL) remains SGL-1 and the outlook was changed to stable from positive. The upgrades reflect Crocs' continued maintenance of solid credit metrics and very good liquidity, including its strong free cash flow generation, as it contends with a challenging consumer discretionary spending environment. Although the company's 2025 financial results were dampened by tariff pressures, weakness at HEYDUDE and Crocs brand's proactive pullback in North America promotional activity, Moody's expects revenue and operating income to stabilize in 2026 as international growth, product newness and cost savings support its financial performance. Moody's projects Moody's-adjusted debt/EBITDA to remain in the mid-1.5x range, EBITA/interest expense around 8x, and free cash flow/debt in the 40% range over the next 12-18 months. RATINGS RATIONALE Crocs' Ba2 CFR reflect the company's ownership of the well-recognized Crocs brand, which has global presence and a leading market position in the niche clog category. The company's relatively high operating margin relative to footwear peers reflects its low production costs, high proportion of revenue coming from long-running core products, and effective marketing. Governance considerations, including Crocs' commitment to a long-term net leverage target of 1.0-1.5x (as defined by Crocs), provide key rating support. Moody's expects continued solid credit metrics over next 12-18 months, reflecting stable earnings performance and continued modest debt repayment. Liquidity is projected to remain very good, supported by strong free cash flow generation and ample revolver availability. Constraining factors include Crocs' high fashion risk as a result of its significant exposure to the clog style, which represents an estimated over 50% of revenue and is key to its brand identity. In addition, the HEYDUDE brand, which is now less than 10% of total operating income, continues to face challenges and its turnaround has required significantly more time and investment than initially anticipated. Nevertheless, Moody's expects stabilization at HEYDUDE in the second half of 2026 driven by better inventory health, gains in brand awareness, and higher average selling price. Business risk is also elevated by the company's operations in the highly competitive and discretionary footwear sector. The stable outlook reflects Moody's expectations for stable earnings performance over the next 12-18 months and continued very good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company meaningfully increases its product diversification such that it no longer generates a large portion of sales from key styles, while consistently growing revenues and earnings. Quantitatively, an upgrade would require continued solid credit metrics, including Moody's-adjusted EBITA/interest expense above 4.5x. An upgrade would also require maintaining very good liquidity, including continued strong free cash flow generation and ample revolver availability. The ratings could be downgraded if there is a shift to more aggressive financial strategies or a deterioration in the company's overall operating performance, brand relevance or liquidity profile. Quantitatively, the ratings could be downgraded if Moody's-adjusted debt/EBITDA rises above 2.25x or FCF/debt declines below 20%. Headquartered in Broomfield, Colorado, Crocs, Inc. is engaged in the design, development, marketing, distribution and sale of casual footwear under the Crocs and HEYDUDE brands. The company's products are sold through digital and wholesale channels as well as company-operated retail stores. Revenue for the twelve months ended December 31, 2025 was approximately $4.0 billion. The principal methodology used in these ratings was Retail and Apparel published in September 2025. Crocs Inc.'s Ba2 CFR is two notches below its scorecard-indicated outcome of Baa3. The differential reflects the company's high overall business risk, including its product concentration and weak performance of the HEYDUDE brand. CROSBY MARINE: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- David Asbach, Acting U.S. Trustee for Region 5, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Crosby Marine Transportation, LLC. The committee members are: 1. Kirby Inland Marine, LP Attn: Amy D. Husted 55 Waugh Dr., Suite 1000 Houston, TX 77007 Phone: 713-435-1068 amy.husted@kirbycorp.com Counsel: Robert Gayda Seward & Kissel One Battery Park Plaza New York, NY 10004 Phone: 212-574-1490 gayda@sewkis.com 2. Retif Oil & Fuel, LLC Attn: Jordan Retif 1840 Jutland Dr. Harvey, LA 70058 Phone: 504-349-9104 jretif@retif.com Counsel: Rick Kuebel Troutman Pepper Locke 601 Poydras St. New Orleans, LA 70130 Phone: 504-558-5155 rick.kuebel@troutman.com 3. CGBM 100, LLC Attn: Gary Osorno P.O. Box 2283 Kenner, LA 70063 Phone: 504-469-0500 gosorno@accutransinc.com Counsel: Tristan Manthey Joseph Caneco Fishman Haygood, LLP 201 St. Charles Ave., Suite 4600 New Orleans, LA 70170 Phone: 504-586-5252 tmanthey@fishmanhaygood.com jcaneco@fishmanhaygood.com 4. Marshland Equipment Rentals, LLC Attn: Patrick K. Hebert 9545 Ward Line Rd. Bell City, LA 70630 Phone: 337-598-2000 patrick@marshlandequipment.com 5. Hydroterra Technologies, LLC Attn: Keith J. Roberts 1129 Huval Lane Breaux Bridge, LA 70517 Phone: 337-517-3373 keithr@hydroterratec.com 6. Elite Diesel Performance, LLC Attn: Kandice Francis 221 N. Hollywood Rd. Houma, LA 70364 Phone: 985-209-8799 kfrancis@elitedieselperformance.net Counsel: Robert J. Landry Landry Magee 7837 Main St. Houma, LA 70360 Phone: 985-655-0240 robert@landrymagee.com 7. Masse Contracting, Inc. Attn: Craig Masse 5644 Hwy 1 Lockport, Louisiana 70374 Phone: 985-637-1358 craig@massecontracting.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Crosby Marine Transportation LLC Crosby Marine Transportation LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10678) on March 23, 2026. In the petition signed by Lawrence Perkins, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Benjamin W. Kadden, Esq., at Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, represents the Debtor as legal counsel. JMB Capital Partners Lending, as DIP lender, is represented by: Mark A. Mintz, Esq. Jones Walker, LLP 201 St. Charles Avenue, 51st Floor New Orleans, LA 70170 Telephone: (504) 582-8000 Facsimile: (504) 589-8260 mmintz@joneswalker.com CUMULUS MEDIA: Chapter 11 Holds Up 10-K Filing on Auditor Approval ------------------------------------------------------------------ Cumulus Media Inc. has determined that it is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 202 within the prescribed period without unreasonable effort or expense. The Company and certain of its direct and indirect subsidiaries, on March 4, 2026, commenced filing voluntarily petitions for reorganization pursuant to Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. As a result of the Chapter 11 Cases, the Company is required to obtain the approval of the Bankruptcy Court to retain PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Company and its subsidiaries. On March 17, 2026, the Company filed a motion seeking to approve procedures to retain ordinary course professionals with the Bankruptcy Court, and separately filed a declaration in support of the Company's retention of PwC to provide audit services. The required audit of the financial statements and the delivery of an audit opinion to be included in the Annual Report cannot be completed prior to the time PwC's retention is approved by the Bankruptcy Court. Therefore, the ultimate timing of the Company's filing of its Annual Report is dependent upon entry of the order. The Company currently expects to file the Annual Report within the time period prescribed in Rule 12b-25 promulgated under the Securities Exchange Act of 1934. About Cumulus Media Inc. Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month -- wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 394 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining, and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact, and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-90346) on March 5, 2026. In the petition signed by Richard Denning, Executive Vice President, Secretary & General Counsel, the Debtor disclosed up to $10 billion in both assets and liabilities. As of Sept. 30, 2025, the Company had $1,078,217,000 in total assets, $1,135,135,000 in total liabilities. Judge Alfredo R. Perez oversees the case. Lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP serve as counsel. Porter Hedges LLP, represents the Debtor as local counsel. The Debtors hired as Alvarez & Marsal North America, LLC as restructuring advisor; Moelis & Company as financial advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global as claims, noticing, solicitation & certification agent. CUSTOMBILT FIREARMS: Gets Final OK to Use Cash Collateral --------------------------------------------------------- Custombilt Firearms Manufacturing, LLC received final approval from the U.S. Bankruptcy Court for the District of Kansas, at Kansas City, to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with a 13-week budget, with flexibility allowing up to 10% variance per line item and overall spending. Any excess beyond this threshold requires either creditor consent or further court approval. The Debtor has not yet completed a full analysis of all secured claims but it anticipates that one or more creditors may assert liens on cash, accounts, inventory, and other collateral. As adequate protection, secured creditors will be granted replacement liens on post-petition cash collateral and proceeds, maintaining the same priority as their pre-petition liens. The court also recognized that overall protection includes related payments made in an affiliated case and preservation of enterprise value. The order restricts use of funds for pre-petition debt payments and requires compliance with tax, insurance, and reporting obligations. It also clarifies that proceeds from consigned firearms are not estate property and may be remitted to third parties in the ordinary course of business. The order is available at https://is.gd/XncEg2 from PacerMonitor.com. Custombilt's operations include retail sales, firearms range services, training, and related services. Financial distress arose primarily from regulatory actions, including the loss of its federal firearms license in August 2023 following an ATF audit, which severely limited revenue. The license was reinstated in October 2025, allowing the Debtor to resume full retail operations and generate improved cash flow. About Custombilt Firearms Manufacturing LLC Custombilt Firearms Manufacturing, LLC is a firearms manufacturing and retail business. Custombilt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20160) on February 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. James Anderson, president of Custombilt, signed the petition. Judge Dale L. Somers oversees the case. Ryan M. Graham, Esq., at WM Law, PC, represents the Debtor as bankruptcy counsel. CYCLERION THERAPEUTICS: Posts $3.5M Loss in 2025, Flags Cash Crunch ------------------------------------------------------------------- Cyclerion Therapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $3.5 million for the year ended December 31, 2025, compared to a net loss of $3.1 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $2.1 million compared to $2 million in the prior period. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has limited financial resources, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had unrestricted cash and cash equivalents of approximately $3.2 million. The Company's management believes that such cash and cash equivalents will not be sufficient to fund the Company's operating expenses and capital requirements through mid-2026, whether or not the Company curtails efforts with respect to certain of the Company's current and future product candidates. The Company will require significant additional funding to advance any of the Company's product candidates beyond the short term and to sustain the Company's operations. In the event that the Company is unable to raise the capital necessary, the Company may need to curtail its operations or cease operations altogether. Because there is substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time, an investment in the Company's common stock is highly speculative and holders of the Company's common stock could suffer a total loss of their investment. The Company may also seek to raise such capital through public or private financing of the Company's securities, royalty financing or debt financing. Raising funds in the current economic environment is, and may in the future, continue to be challenging, and such financing may not be available in sufficient amounts or on acceptable terms, if at all. The terms of any financing may harm existing shareholders. The issuance of additional securities, whether equity or debt, or the possibility of such issuance, may cause the market price of the Company's shares to decline. The sale of additional equity or convertible securities would dilute the ownership of existing shareholders. If the Company sells shares or other equity securities in one or more other transactions, or issues stock, stock options or other securities pursuant to the Company's current equity plans, investors may be materially diluted by such subsequent issuances. The Company will need significant additional capital in the near term to continue the Company's current plans. No assurance can be given that the Company will be able to obtain such funds upon favorable terms and conditions, if at all. Failure to do so could have a material adverse effect on the Company's business. To the extent the Company raises additional capital by issuing equity securities, the Company's stockholders would likely experience substantial dilution. The Company may sell common stock, preferred stock, convertible securities or other equity or convertible securities in one or more transactions that may include voting rights (including the right to vote as a series on particular matters), preferences as to dividends and liquidation, antidilution, and conversion and redemption rights, subject to applicable law, and at prices and in a manner the Company determines from time to time. Such issuances and the exercise of any convertible securities will dilute the percentage ownership of the Company's stockholders and may affect the value of the Company's capital stock and could adversely affect the rights of the holders of such stock, thereby reducing the value of such stock. Moreover, any exercise of convertible securities may adversely affect the terms upon which the Company will be able to obtain additional equity capital, since the holders of such convertible securities. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4rnj4xhs About Cyclerion Therapeutics, Inc. Cyclerion Therapeutics, Inc. is a biopharmaceutical company focused on identifying, developing, and delivering promising therapies for central nervous system (CNS) diseases. As of December 31, 2025, the Company had $9,985,000 in total assets, $900,000 in total current liabilities, and $9,085,000 in total stockholders' DARKPULSE INC: Unable to Complete Auditor Review for 2025 10-K -------------------------------------------------------------- DarkPulse, Inc. disclosed in a regulatory filing that it is unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2025. According to the Company, it has been unable to complete the review process with the auditor. About DarkPulse Inc. Houston, Texas-based DarkPulse, Inc. is a technology-security company incorporated in 1989 as Klever Marketing, Inc. Its wholly-owned subsidiary, DarkPulse Technologies Inc., originally started as a technology spinout from the University of New Brunswick, Fredericton, Canada. The Company's security and monitoring systems will initially be delivered in applications for border security, pipelines, the oil and gas industry, and mine safety. Current uses of fiber optic distributed sensor technology have been limited to quasi-static, long-term structural health monitoring due to the time required to obtain the data and its poor precision. The Company's patented BOTDA dark-pulse sensor technology allows for the monitoring of highly dynamic environments due to its greater resolution and accuracy. Lagos, Nigeria-based Boladale Lawal & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company suffered an accumulated deficit of $71,259,677, net loss of $3,893,859 and a negative working capital of $17,160,706. The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $2,033,461 in total assets, $20,262,215 in total liabilities, and $18,228,754 in total stockholders' deficit. EG GROUP: $300MM Term Loan Add-on No Impact on Moody's 'B2' CFR --------------------------------------------------------------- Moody's Ratings said EG Group Limited's (EG Group) ratings were not impacted by its proposed $300 million fungible add-on to its $1.8 billion backed senior secured first lien term loan due 2031 issued by its subsidiary, EG America LLC, a subsidiary of EG Group (collectively referred to herein as "Cumberland Farms"). The company's B2 corporate family rating, B2-PD probability of default rating and B2 ratings on the backed senior secured first lien bank credit facilities issued at its subsidiaries (inclusive of the upsize) at EG America LLC remain unchanged. The outlook remains unchanged at stable. Proceeds from the proposed add-on term loan will be used to fund cash on balance sheet for (i) the Coen acquisition (ii) general corporate purposes and (iii) fees and expenses. The acquisition is expected to close in the first half of 2026, pending regulatory approvals. The acquisition of Coen Markets will compliment Cumberland Farms' existing portfolio, adding 54 locations (55% with owned real estate) and three in-process new to industry ("NTI") sites, spanning Western Pennsylvania, Eastern Ohio, and Northern West Virginia. Around 53% of Coen Market's gross profit mix is derived from less volatile, non-fuel categories. Around 20% of its locations offer full kitchen foodservice. The transaction is expected to be leverage neutral. EG Group's B2 CFR reflects the company's high operating leverage due to the prevalence of the company owned, company operated (COCO) business model. Credit metrics were weak as of September 2025, with Moody's-adjusted debt-to-EBITDA of 6.6x, EBITDA-capex/interest expense around 1.0x and minimal free cash flow generation. However, Moody's expects these to improve to below 6.0x and around 1.4x, respectively, in the next 12-18 months due to improved operating performance, its commitment to using asset sales proceeds to reduce debt as well as lower interest costs. The company is focused on strategic initiatives including its store remodeling program, the rollout of a new foodservice concept, and cost efficiencies. Moody's also recognizes the longer term challenge the company faces to manage the transition to alternative fuel and the need to manage potential investment requirements. The company's credit profile also reflects its strong position as a global operator of multiple networks of petrol stations, convenience stores and foodservice outlets across the US and Europe, where it holds leading market positions. The sector benefits from broadly stable patterns over time because favorable trends in convenience shopping and foodservice largely offset gradually falling fuel demand due to increased vehicle fuel efficiency and rising electric vehicle (EV) penetration. Headquartered in Charlotte, North Carolina, EG Group, (together with subsidiaries, referred to as "Cumberland Farms"), is a global retailer operating petrol stations, convenience stores and foodservice outlets in the US and Europe. Reported revenue for the year ended December 2025 was around $22.7 billion. It is owned equally by funds managed by TDR Capital LLP and the two brothers who founded Euro Garages, Mohsin and Zuber Issa. EMMAUS LIFE: Reports $7.5MM Loss in 2025, Warns of Liquidity Risks ------------------------------------------------------------------ Emmaus Life Sciences, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Costa Mesa, California-based CBIZ CPAs P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company realized a net loss of $7.5 million for the year ended December 31, 2025, compared to a net loss of $6.5 million for the year prior. The Company anticipates that it will continue to incur net losses for the foreseeable future and until it can generate increased net revenues from Endari(R) sales or sales royalties. Net revenues for the year ended December 31, 2025 were $12.5 million, compared to $16.7 million in the same period in 2024. The decrease was due to a decrease in U.S. sales which management attributes primarily to competition from the generic version of L-Glutamine introduced in the market in mid-2024 partially offset by an increase of sales in the MENA region. There is no assurance that the Company, NIT, or the Company's distributors will be able to increase Endari(R) sales or that the Company will attain sustainable profitability or have sufficient capital resources to repay its existing indebtedness or to fund operations until it is able to generate sufficient cash flow from operations. Liquidity represents the Company's ability to pay its liabilities when they become due, fund business operations, and meet contractual obligations, including repayment of indebtedness. The Company's primary sources of liquidity are cash balances at the beginning of each period, sales of future receipts to third parties, proceeds from related-party loans, and other financing activities. Short-term and long-term cash requirements consist primarily of working capital requirements, general corporate needs, and debt service under the Company's outstanding notes payable. As of December 31, 2025, the Company had outstanding $13.5 million in principal amount of convertible promissory notes and $11.3 million in principal amount of other notes payable that are due on demand. Minimum lease payment obligations were $1.8 million as of December 31, 2025, of which $0.3 million was payable within 12 months. The Company's API supply agreement with Telcon provides for an annual API purchase target of $5.0 million and a target "profit" (i.e., gross margin) to Telcon of $2.5 million. To the extent these targets are not met, Telcon may be entitled to payment of the shortfall or to offset the shortfall against the Telcon convertible bond and proceeds thereof that are pledged as collateral to secure the Company's obligations. With the Company's consent, in April 2023 Telcon retained cash collateral and made offsets against the outstanding balance of the Telcon convertible bond for target shortfalls under the API supply agreement for 2022. A similar target shortfall for 2024 and 2023 was offset in April 2025 and April 2024, respectively. Due to uncertainties regarding the Company's ability to meet current and future operating and capital expenses, there is substantial doubt about the Company's ability to continue as a going concern for the next 12 months. Cash Flows Net cash used in operating activities decreased by $2.3 million, or 100%, to $11 thousand for the year ended December 31, 2025, from $2.3 million for the year ended December 31, 2024. The decrease was primarily due to an increase of $1.0 million net loss adjusted by $1.6 million non-cash activities and $1.7 million net changes in operating assets and liabilities. Net cash provided by investing activities decreased by $0.3 million, or 13%, to $2.2 million for the year ended December 31, 2025, from $2.5 million for the year ended December 31, 2024. The decrease was primarily due to a $0.3 million decrease in proceeds from the deemed sale of a portion of the Telcon convertible bond from the offset of target shortfalls discussed above. Net cash used in financing activities was $1.4 million for both the year ended December 31, 2025, and the year ended December 31, 2024. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3n4y37kb About Emmaus Life Sciences Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical company engaged in the marketing and sales of the Company's lead product Endari (prescription grade L-glutamine oral powder), which is approved by the U.S. Food and Drug Administration, or FDA, to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older. Endari has received Orphan Drug designation from the FDA, which designation generally affords to market exclusivity for Endari in the U.S. for a seven-year period ending in July 2024. As of December 31, 2025, the Company had $21.4 million in total assets, $85 million in total liabilities, and $63.6 million in total stockholders' deficit. ENDRA LIFE: Posts $7MM Net Loss in 2025, Warns of Funding Needs --------------------------------------------------------------- ENDRA Life Sciences Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $7,027,410 for the year ended December 31, 2025, compared to a net loss of $11,507,947 for the year ended December 31, 2024. Houston, Texas-based RBSM LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit and has stated that substantial doubt exists about Company's ability to continue as a going concern. The Company has limited commercial experience and had a cumulative net loss from inception to December 31, 2025 of $110,465,509. The Company had working capital of $217,013 as of December 31, 2025. During 2025 the Company benefitted from actions taken throughout 2024 to streamline operations and focus resources on core development priorities, resulting in a significant decrease in operating expenses. Operating expenses in 2025 decreased to $5.8 million, compared with $10.8 million in 2024, which included a $2.3 million non-cash inventory valuation charge reflecting the Company's strategic shift to align the TAEUS Liver device with larger market opportunities. The Company reported a net loss of $7.0 million in 2025, compared with a net loss of $11.5 million in 2024. The improvement was primarily driven by lower operating expenses, partially offset by continued investment in the advancement of the Company's technology and clinical programs. As of December 31, 2025, ENDRA had approximately $762,000 in cash and cash equivalents and held approximately $2 million in its Digital Asset Treasury, representing an additional component of its capital management strategy. The Company has not established an ongoing source of revenue sufficient to cover its operating costs and to allow it to continue as a going concern and will require additional financing to fund its future planned operations, including research and development and commercialization of its products. These matters raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements for the year ended December 31, 2025 have been prepared assuming the Company will continue as a going concern, but the ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. Management's plans to continue as a going concern include raising additional capital through sales of equity securities and borrowing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. If the Company is not able to obtain the necessary additional financing on a timely basis, the Company will be required to delay, reduce the scope of, or eliminate one or more of the Company's research and development activities or commercialization efforts or perhaps even cease the operation of its business. The ability of the Company to continue as a going concern is dependent upon its ability to successfully secure other sources of financing and attain profitable operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/42uzxbeh About ENDRA Life ENDRA Life Sciences Inc., headquartered in Ann Arbor, Michigan, develops thermo-acoustic medical devices for accurate liver fat measurement to support metabolic disease detection, management, and GLP-1 therapy eligibility. The Company's technology platform, Thermo-Acoustic Enhanced Ultrasound (TAEUS), targets pharmaceutical companies, clinical research organizations, high-end primary care clinics, bariatric and metabolic clinics, and broader primary and internal medicine markets through a subscription-based model and traditional product sales. Incorporated in Delaware in 2007, ENDRA plans to seek regulatory approvals for its applications in the United States and European Union. As of December 31, 2025, the Company had $3,853,797 in total assets, $1,593,677in total liabilities, and $2,260,120 million in total stockholders' equity. ENERGYSOLUTIONS INC: S&P Alters Outlook to Neg., Affirms 'B+' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on nuclear decommissioning services provider EnergySolutions Inc. (ES) to negative from stable and affirmed its 'B+' issuer credit rating. S&P also affirmed the 'B+' issue-level rating on the term loan due 2030 and the revolving facility due 2028. The '3' recovery rating (rounded estimate: 65%) is unchanged. The negative outlook reflects the possibility that leverage could increase beyond our current expectation with the new ownership by ECP. ES recently announced it is being acquired by Energy Capital Partners (ECP) from Triartisan Capital Advisors LLC. The negative outlook reflects the potential for elevated leverage under prospective new ownership by ECP. ES has not provided details regarding transaction financing or the expected capital structure at closing. S&P said, "However, we believe there could be a scenario outside our base case, in which ECP increases leverage at ES, resulting in credit metrics that would no longer be commensurate with the current rating. ECP previously owned the company before ceding control to Triartisan in 2022, which informs our assessment of potential financial policy risk. We view an S&P Global Ratings–adjusted debt‑to‑EBITDA ratio in the 4x–5x range as appropriate for the rating, and sustained leverage above this range could pressure the rating." S&P said, "We will continue to monitor developments and reassess the rating on ES once additional information becomes available regarding the transaction's financing and the company's post‑closing capital structure. We expect the transaction to close before the end of 2026. "The negative outlook reflects the potential for increased leverage and weakened credit measures under new ownership by ECP. If ES' weighted-average S&P Global Ratings-adjusted debt to EBITDA were to rise above 5x with limited prospects for improvement, we could lower the rating by one notch. We expect adjusted debt to EBITDA consistently in the 4x-5x range, as appropriate for the rating. "We could lower our ratings on ES if its operating conditions weaken and cause its weighted-average S&P Global Ratings-adjusted debt to EBITDA to rise above 5x with limited prospects for improvement." This could occur if: -- The upcoming sponsor to sponsor sale increases ES' leverage to a greater than expected level without near-term prospects for sufficient improvement; -- The company experiences delays and cost overruns on its portfolio of decommissioning projects; -- The operating environment for nuclear decommissioning jobs permanently deteriorates; -- It faces adverse competitive dynamics that lead to diminishing waste volume receipts; or -- Its headroom under its financial covenant becomes tight, it cannot refinance its revolving credit facility, or it encounters other liquidity-related concerns. S&P could revise its outlook to stable on ES if: -- A further change to the company's controlling ownership--for example, via an IPO or sale to shareholders with more conservative financial policies--improves ES' financial risk profile; or -- S&P believed management and the company's equity sponsors will operate the business with debt leverage of less than 4x on a sustained basis while maintaining adequate liquidity. ENVUE MEDICAL: Delays 10-K Due to Ongoing Review of Financials -------------------------------------------------------------- ENvue Medical, Inc. is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, within the time period as the Company requires additional time to review the information required to be included in the Form 10-K, including the financial statements, for the fourth quarter and fiscal year ended December 31, 2025. The Company expects to file the Form 10-K within the extension period of 15 calendar days, as provided under Rule 12b -25 promulgated under the Securities Exchange Act of 1934, as amended. About ENvue Medical ENvue Medical, Inc. (formerly known as NanoVibronix, Inc.) operates as a medical device company. The Company focuses on non-invasive biological response-activating devices that target wound healing and pain therapy. ENvue Medical develops medical devices based on its proprietary therapeutic ultrasound technology. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54.4 million in total assets, $11.9 million in total liabilities, and $42.5 million in total stockholders' equity EVONA LLC: Seeks to Hire Riley & Dever as Bankruptcy Counsel ------------------------------------------------------------ Evona, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Riley & Dever, P.C. as its counsel. The firm will render these services: (a) assist the Debtor in preparing schedules, statement of financial affairs and related documents with the court; (b) employ professionals to assist in the reorganization of the Debtors; (c) effectuate a reorganization of the Debtor's estates by filing the appropriate plans of reorganizations and disclosure statements, including any amendments thereto, and defending against any motions to dismiss and/or for relief from the stay; (d) assist the Debtor in complying with Chapter 11 reporting and operations requirements, including filing necessary reports; and (e) negotiate with creditors for adequate protection and the use of cash collateral, assumption or rejection of leases and/or executory contracts, objection to claims and related issues. George Nader, Esq., a partner at Riley & Dever and the attorney who will be handling the case, charges an hourly fee of $400. He received a retainer in the sum of $28,262. Mr. Nader disclosed in a court filing that he and other members of his firm are "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: George J. Nader, Esq. Riley & Dever, P.C. 210 Broadway, Suite 101 Lynnfield, MA 01940 Phone: (781) 581-9880 Email: nader@rileydever.com About Evona, LLC Evona, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-10699) on March 30, 2026, listing up to $50,000 in both assets and liabilities. George J. Nader, Esq. at Riley & Dever, P.C. serves as the Debtor's counsel. FAIRFIELD MEDICAL: Moody's Lowers Revenue Bond Rating to B1 ----------------------------------------------------------- Moody's Ratings has downgraded Fairfield Medical Center's (OH) (FMC) revenue bond rating to B1 from Ba3. The outlook remains negative at the lower rating level. FMC had approximately $115 million of debt outstanding at fiscal 2025 (unaudited). The downgrade to B1 reflects FMC's challenging financial performance and headwinds to material improvement which will continue to pressure liquidity. RATINGS RATIONALE The B1 reflects FMC's prolonged and escalating performance challenges leading to declines in already poor liquidity measures. Performance worsened in fiscal 2025, with a -3% operating cash flow (OCF) margin for the year, driven by lower than budgeted volumes, reimbursement and a persistently challenging expense environment. Liquidity will improve from recent lows (around 49 days cash for the system and 59 days for the obligated group at fiscal 2025) following the delayed receipt of state supplemental funds. Management is engaging in performance improvement initiatives and service line consolidation where feasible to stabilize performance across 2026. FMC remains essential to its rural service area and maintains a strong market position, offset by outmigration to larger systems and a challenging physician recruitment environment. In September 2025, FMC and OhioHealth signed a definitive agreement with the intent to partner. The deal remains subject to regulatory approval and FMC's rating does not currently incorporate the partnership due to uncertainty around the lengthy regulatory approval process and FMC's credit deterioration. RATING OUTLOOK The negative outlook reflects the challenges to material performance improvement and the resulting potential for continued liquidity decline. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- OCF margins sustained at or above 5% -- Increase in liquidity with cash on hand maintained over 75 days at system level -- Finalization and approval of partnership with a larger system FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Inability to generate positive OCF margin and demonstrate improvement toward 4% -- Further decline in liquidity from 50 days cash at system level -- Narrowing in headroom to or breach of bond covenants PROFILE FMC is a 220 bed general acute-care hospital in the city of Lancaster, Ohio, located about 30 miles southeast of Columbus. METHODOLOGY The principal methodology used in this rating was Not-for-profit Healthcare published in October 2024. FIREFLY NEUROSCIENCE: Posts $19.9MM Net Loss, Flags Liquidity Risks ------------------------------------------------------------------- Firefly Neuroscience, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $19,882,000 for the year ended December 31, 2025, compared to a net loss of $10,460,000 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $1,142,000 compared to $108,000 in the prior period. Toronto, Ontario-based CBIZ Canada LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred significant losses and accumulated deficit and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Firefly said, "As of December 31, 2025, we had an accumulated deficit of $111,615,000 and negative cash flows from operating activities for the year ended December 31, 2025 of $8,194,000. Further, we have recurring losses with minimal revenue from operations and we expect to continue to generate losses and using cash for operations. While we are attempting to raise funds for commercialization, our monthly cash requirements during the year ended December 31, 2025 have been met through the sale of Common Stock and convertible notes. These conditions raise substantial doubt about our ability to continue as a going concern. Therefore, we may be unable to realize our assets and discharge our liabilities in normal course of business." "Management has a reasonable expectation that we can continue raising additional capital. Subsequent to December 31, 2025, we raised $150,000,000 of proceeds through the exercise of stock warrants and $2,250,000 as part of a private placement and Investors having the right, but not the obligation, to purchase up to an additional $18,000,000 of Units in one or more subsequent closings within 30 days of the Initial Closing Date. "For the next 12 months, we expect to continue to incur negative cash flows from operations as we integrate our products and continue to invest in the expansion of our sales organization. On April 30, 2025, we acquired all outstanding stock of Evoke for $6,221,000, consisting of $3,000,000 in cash and 857,142 shares of our Common Stock. "Beyond the next 12 months, our ability to achieve profitability will depend on the successful commercialization of our combined products portfolio. We expect to incur significant costs associated with continued product development, commercialization, and distribution activities. As a result, we will require substantial additional capital to fund ongoing operations and to implement our business strategy prior to achieving positive cash flows from operating activities. "Until we generate sufficient revenues from product sales to cover operating expenses, working-capital requirements, and capital expenditures, we expect to finance our operations through the issuance of equity, debt financing, or other sources of capital. There can be no assurance that such financing will be available to us on commercially reasonable terms, or at all. If we are unable to obtain additional financing as needed, we may be required to delay, reduce, or discontinue portions of our business plan, which could adversely affect our ability to continue operations." Management's plan to address the conditions giving rise to substantial doubt includes: (i) the pursuit of additional capital through equity or debt financings; (ii) disciplined operating expense management and integration synergies from the Evoke acquisition; and (iii) targeted commercial expansion to drive recurring revenue. These plans involve assumptions about capital markets and customer demand that may not materialize as anticipated. "Our expectations regarding the sufficiency of our capital resources in the near term and our ability to obtain additional capital in the long term are based on estimates and assumptions that may prove to be inaccurate. As a result, we could exhaust our available capital resources sooner than anticipated and may not be able to obtain additional funding on favorable terms, or at all. "We have no material off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that would be material to investors." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3zxceja8 About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). As of December 31, 2025, the Company had $10,477,000 in total assets, $2,840,000 million in total liabilities, and $7,637,000 in total stockholders' equity FIRST BRANDS: Court Converts 4 Chapter 11 Cases to Chapter 7 ------------------------------------------------------------ Emlyn Cameron of Law360 reports that on Thursday, April 9, 2026, a Texas bankruptcy judge approved a request allowing four co-debtors of First Brands Group LLC to convert their Chapter 11 cases to Chapter 7 proceedings, granting relief sought by a creditor that had pushed for the change. The ruling marks a shift toward liquidation for the affected entities within the broader bankruptcy. The court also signed off on a related settlement between the auto parts manufacturer and the creditor, resolving disputes tied to the conversion motion. The agreement helped avoid further litigation over whether the co-debtors could continue restructuring efforts under Chapter 11, the report states. First Brands, a major supplier of automotive parts and components, remains in Chapter 11 as it continues efforts to address its financial obligations, while the converted entities will proceed under Chapter 7 supervision for asset liquidation and creditor recovery, according to Law360. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLOW CONTROL: Antares PCF Marks $936,000 1L Loan at 57% Off ----------------------------------------------------------- Antares Private Credit Fund has marked its $936,000 loan extended to Flow Control Solutions, Inc. to market at $401,000 or 43% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Flow Control Solutions, Inc. The 1L Loan accrues interest at a rate of S + 5.00%, 8.65% per annum. The 1L Loan matures on March 29, 2029. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Flow Control Solutions, Inc. Flow Control Solutions Inc. specializes n the supply of a wide range of valves, actuators, positioners, and control equipment to various industries, such as pharmaceutical, nuclear, food and drink, oil and gas and manufacturing. FLUENT INC: Posts $27.7MM Net Loss; Going Concern Doubt Remains --------------------------------------------------------------- Fluent, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $27.7 million for the year ended December 31, 2025, compared to a net loss of $29.3 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $208.8 million compared to $254.6 million in the prior period. New York, New York-based Grant Thornton LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred historical losses, and is dependent on availability under an Accounts Receivable Finance Agreement. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. The Company has experienced a continued decline in user registrations on its O&O Sites due to changes in traffic sourcing practices, regulatory constraints, and broader media supply challenges, which have reduced the availability of high-quality traffic and adversely affected revenue and profitability. Registration volume is not expected to return to prior levels. In response, the Company has shifted its strategic focus toward scaling its Commerce Media Solutions business. While this segment has demonstrated growth and operates under a different economic model that reduces exposure to certain media sourcing risks, it is a relatively new and evolving component of the business. Success depends on onboarding and retaining media partners, achieving favorable economics under long-term agreements, and maintaining advertiser demand. There is no assurance that this strategy will be successful. Historically, the Company was unable to consistently meet financial covenants under the SLR Credit Agreement, which restricted borrowing capacity and created a risk of default and acceleration of debt obligations. In November 2025, the Company entered into a Financing Agreement with Bay View to replace the SLR Credit Agreement. Under this agreement, there are no financial covenants that could cause non-compliance, and the facility provides up to $30.0 million in advances on eligible account receivables. The advances are typically due within 120 days, resulting in classification as short-term. Although Bay View has indicated an intention to continue purchasing eligible receivables absent an event of default, funding remains subject to its discretion. If availability under the facility is reduced or Bay View ceases advancing, the Company could have insufficient funds to support operations and meet obligations unless alternative financing is obtained. For the three months ended December 31, 2025, the Company met its revenue and net income forecast. Management expects to continue to meet its forecast over the next twelve months, which should support continued access to the Bay View facility and adequate liquidity. However, the Company has a history of not meeting forecasts, and substantial deviations could adversely affect liquidity and access to financing. Based on these factors, management concluded that there exists substantial doubt about the Company's ability to continue as a going concern. On January 31, 2026, the Company completed the sale of its Call Solutions business, which is expected to improve cash flow by ceasing ongoing losses related to that business and receiving monthly seller note payments of $0.1 million for 36 months. The transaction is expected to enable reallocation of resources to Commerce Media Solutions, which is forecasted to improve results of operations and support liquidity. The Company has also entered into an At-the-Market Issuance Sales Agreement for up to $11.2 million, allowing it to offer and sell shares of common stock. The ability to raise capital under this program or other financing sources is subject to market conditions and may be limited or unavailable on acceptable terms. Although management believes these plans will maintain access to the Bay View facility, there is no guarantee they will be successful or achieve the expected benefits. As a result, management concluded that substantial doubt exists about the Company's ability to continue as a going concern for one year after the issuance of the 2025 Form 10-K. The independent registered public accounting firm included an explanatory paragraph expressing substantial doubt about the Company's ability to continue as a going concern. The financial statements as of December 31, 2025, do not include any adjustments that might result from the outcome of this uncertainty. If access to the facility becomes limited or the business does not perform as expected, the Company may need to consider other strategic alternatives, including additional equity or debt financing, reducing or delaying business activities, selling assets, or other measures. Capital Resources and Cash Requirements Sources of capital include cash on hand, cash from operations to the extent available, and borrowings from the Financing Agreement to the extent available. There are no other committed sources of capital. Material cash requirements include obligations under the term loan and operating leases for office space. Future cash requirements depend on employee-related expenditures, costs to support growth in client and partner accounts, spending on product development, expansion of sales and marketing activities, introduction of new solutions, and litigation. The Company may also acquire or invest in complementary businesses, technologies, or intellectual property rights, potentially requiring additional funds from public or private financings or draws on the facility. If additional capital is not available on acceptable terms, operations and financial condition would be adversely affected. Financing Agreement On November 25, 2025, the Company and its affiliates entered into an Accounts Receivable Financing Agreement with CSNK Working Capital Finance Corp. d/b/a Bay View Funding. The agreement allows Bay View to extend financing based on eligible accounts receivable, subject to a maximum credit of $30 million or an adjusted balance of advances less collections. Collections of financed receivables go directly to Bay View and are applied to the Company's obligations. The transfer of receivables is recorded as secured borrowings in accordance with ASC 860, with receivables remaining on the balance sheet as a current asset. As of December 31, 2025, the facility had a balance of $31.3 million recorded within current liabilities, and $2.3 million in reserve with Bay View included in prepaid and other current assets. The agreement has an initial term of 36 months, automatically renewing for additional 12-month periods unless terminated. The Company is required to pay a facility fee of 0.50% of the maximum credit initially and 0.33% annually thereafter, along with finance charges based on prime plus 2.0% and certain administrative fees. The finance rate may fluctuate monthly, with a minimum of 8.75% in the first year, 8.50% in the second, and 8.25% in the third. As of December 31, 2025, the finance charge rate was 9.0%. Total cost of the agreement for 2025 was $0.3 million, included in interest expense on the consolidated statement of operations. Amortization of the debt discount was de minimis and included in interest expense. The Company's obligations under the agreement are secured by substantially all assets and include customary representations, warranties, covenants, and events of default. Sales of Securities On March 19, 2025, the Company issued pre-funded warrants to purchase up to 2,332,104 shares of common stock at $2.174 per warrant, for aggregate gross proceeds of $5.1 million before offering expenses. On May 15, 2025, the Company issued pre-funded warrants to purchase 1,829,956 shares at $2.1995 per warrant and common stock warrants for 1,829,956 shares, for aggregate gross proceeds of $4.0 million before offering expenses. On August 19, 2025, the Company issued 3,542,856 shares of common stock, pre-funded warrants for 2,328,571 shares, and common stock warrants for 5,871,427 shares. Each common stock and accompanying warrant was sold at $1.75 per share and warrant; each pre-funded warrant and accompanying warrant at $1.7495. Aggregate gross proceeds totaled $10.3 million before offering expenses. These issuances, combined with the Financing Agreement and strategic initiatives, are intended to support operations, but substantial doubt about the Company's ability to continue as a going concern remains. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/538n9mrn About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. As of December 31, 2025, the Company had $89.1 million in total assets, $70.9 million in total liabilities, and $18.2 million in total shareholders' equity. FOURTH ENTERPRISES: Antares PCF Marks $959,000 1L Loan at 92% Off ----------------------------------------------------------------- Antares Private Credit Fund has marked its $959,000 loan extended to Fourth Enterprises, LLC to market at $72,000 or 8% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Fourth Enterprises, LLC. The 1L Loan accrues interest at a rate of S + 4.50%, 8.17% per annum. The 1L Loan matures on March 21, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Fourth Enterprises, LLC Fourth Enterprises, LLC provides software solutions. The Company offers a platform for workforce and inventory management, including recruiting, payroll, scheduling, and production control. Fourth Enterprises serves clients globally. FS KKR CAPITAL: Fitch Lowers LongTerm IDR to BB+, Outlook Negative ------------------------------------------------------------------ Fitch Ratings has downgraded FS KKR Capital Corp.'s (FSK) Long-Term Issuer Default Rating (IDR) and senior unsecured debt rating to 'BB+' from 'BBB-'. Fitch has also downgraded FSK's secured debt rating to 'BBB-' from 'BBB'. The Rating Outlook is Negative. KKR & Co. Inc.'s (KKR) Long-Term IDR of 'A' and Stable Outlook are unaffected by these actions. KKR Credit Advisors (U.S.), LLC, a subsidiary of KKR, and Franklin Square Holdings, L.P., both serve as FSK's external manager. Today's rating actions have been taken as part of a broader review of a group of business development companies (BDCs) which included 12 publicly rated firms. For more information on the peer review, please refer to "Fitch Ratings Completes Peer Review of 12 US BDCs". Key Rating Drivers Rating Downgrade: The downgrade of FSK's rating reflects continued deterioration in its asset quality, given the persistence of elevated non-accruals and the recognition of additional realized losses; a further increase in paid-in-kind (PIK) income, below-average cash dividend coverage and a reduction in its asset coverage cushion, which may face additional pressure due to further negative portfolio valuation marks and/or realized losses. Negative Outlook: The Negative Outlook reflects Fitch's expectation that FSK's asset-quality issues will persist, further diminishing the asset coverage cushion. Additionally, dividend coverage could remain under pressure, even with the recently announced dividend cut, should non-accruals increase and/or PIK remain elevated. Further deterioration in asset quality metrics, particularly if it continues to reduce the asset coverage cushion, could result in a downgrade. Sector Constraints: Rating constraints for BDCs include the market impact on leverage, dependence on access to the capital markets to fund growth and limited ability to retain capital. Fitch believes BDCs will continue to face a competitive environment, weaker earnings and dividend coverage metrics, and pressure on asset quality metrics in 2026. Additionally, artificial intelligence presents disruption risk for software companies, which represented around 16% of FSK's portfolio at fair value at YE25, although disclosure differences make peer comparisons difficult. Strong Affiliations: FSK's rating continues to reflect its access to investment resources and risk management capabilities derived from its affiliations with KKR Credit Advisors (U.S.), LLC and Franklin Square Holdings, L.P., solid liquidity and funding flexibility. Deterioration in Asset Quality: At Dec. 31, 2025, FSK's non-accrual investments accounted for 4.4% of the debt portfolio plus yielding non-debt investments subject to non-accrual, at value, and 7.2% at cost. This is up from 2.6% (at value) and 4.4% (at cost) at YE24 and remains above the peer average. FSK's net realized losses were 2.8% of the portfolio at value in 2025, which follows losses of 3.4% in 2024. Unrealized portfolio depreciation also increased in 2025, amounting to 1.9% of the beginning portfolio at fair value. FSK has higher exposure to non-qualifying assets and an above-average level of nondebt investments, which could experience more valuation volatility in times of stress. Asset Coverage Cushion: FSK's gross leverage (debt/equity) was elevated at 1.30x at YE 2025. This was up from 1.12x at YE 2024, driven by increased borrowings and portfolio company write-downs. Adjusting for cash, foreign currency and net receivables for unsettled transactions, net leverage was 1.22x at YE 2025, up from 1.04x at YE 2024. The gross leverage ratio implied an asset coverage cushion of 15.1% as of Dec. 31, 2025, which is at the low end of Fitch's 'bbb' category leverage benchmark range of 11%-33% and below the peer average. FSK's leverage reflects a reduced cushion to absorb potential credit issues and valuation volatility. Earnings Headwinds: FSK's net investment income (NII), adjusted for certain non-recurring items, amounted to 4.6% of its average portfolio at cost in 2025, down from 5.3% in 2024 and below the peer average. Fitch expects the NII yield to decline further in 2026, given expected interest rate cuts and the potential for additional non-accruals. The weighted average yield of FSK's debt and income-producing investments was 10.1% at YE 2025, down from 11.3% at YE 2024. Weak Cash Dividend Coverage: FSK's NII coverage of base dividends declined to 88.9% in 2025 and was 57.1% after adjusting for non-cash income and expenses. In 4Q25, FSK cut its quarterly base dividend by 30% to $0.45 per share and lowered its supplemental distribution. Management indicated future payouts will be tied to NII. Accordingly, Fitch expects NII coverage of the base dividend to improve to at least 100%, although cash dividend coverage is expected to remain relatively weak. Above-Average PIK: FSK's exposure to PIK income rose to 14.7% of investment income in 2025, from 12.2% in 2024, and remains above the average for rated BDC peers. This higher exposure, particularly amendment-related PIK, could increase the risk of realized losses if portfolio companies ultimately default. Sufficient Liquidity: FSK's liquidity position is sound, with $208 million of cash and foreign currency and $3.3 billion of availability on its secured credit facilities at YE 2025 compared with unfunded revolver commitments of $721.1 million. As of Dec. 31, 2025, unsecured debt represented 62.3% of total debt outstanding, declining to about 49% pro forma for the January 2026 debt repayment. Fitch expects the company to continue accessing the unsecured debt markets to refinance maturities but, if debt markets become uneconomical, FSK has sufficient capacity to repay $900 million of 2027 debt maturities with secured borrowings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A material increase in non-accrual levels or meaningful realized credit losses that leads to a deterioration in the asset coverage cushion to below 11%; - A sustained decline in unsecured debt below 25% of total debt outstanding; - A deterioration in cash-based NII coverage of the dividend; - An elevation in the portfolio risk profile, including a material decline in first-lien loans as a percentage of the portfolio. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not expect to upgrade the rating over the intermediate term due to the Negative Outlook. Factors that Could Lead to an Outlook Revision to Stable: - A reduction in non-accrual levels without the recognition of meaningful realized losses; - A sustained increase in the asset coverage cushion to 25%; - A reduction in PIK as percent of interest and dividend income and an improvement in cash earnings coverage of the dividend; - Maintenance of sufficient liquidity and unsecured debt of at least 35% of total debt; - Maintenance of consistent core earnings performance. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Long-Term IDR, reflects Fitch's view of good recovery prospects in a stress scenario, given FSK's significant unsecured funding mix and solid asset coverage. The alignment of the unsecured debt rating with that of the Long-Term IDR reflects solid collateral coverage, given that FSK is subject to a 150% regulatory asset coverage limitation and has a meaningful unsecured funding component. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured and unsecured debt ratings are primarily linked to the Long-Term IDR and are expected to move in tandem. However, a material reduction in unsecured debt as a proportion of total debt could result in the unsecured debt rating being notched down from the IDR. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Underwriting standards (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Portfolio risk (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Risk profile and business model (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Liquidity coverage (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- FS KKR Capital Corp. LT IDR BB+ Downgrade BBB- senior unsecured LT BB+ Downgrade BBB- senior secured LT BBB- Downgrade BBB GLOVES BUYER: Antares PCF Virtually Writes Off $420,000 1L Loan --------------------------------------------------------------- Antares Private Credit Fund has marked its $420,000 loan extended to Gloves Buyer, Inc. to market at $28,000 or 7% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Victors Purchaser, LLC. The 1L Loan accrues interest at a rate of S + 1.50%, 5.17% per annum. The 1L Loan matures on May 22, 2030. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Gloves Buyer, Inc. Gloves Buyer Inc, doing business as Protective Industrial Products, Inc., provides hand protection and PPE products. The Company offers first aid, protective clothing, 3SP training, head, arm protection, warning beacons, and other related products. GOEASY LTD: S&P Affirms 'B-' ICR, Off Watch on Covenant Amendment ----------------------------------------------------------------- S&PG Global Ratings removed the rating on Goeasy Ltd. from CreditWatch with negative implications, in which it was placed on March 12, 2026, and affirmed its 'B-' issuer credit and 'B-' senior unsecured debt ratings. The outlook is stable. In March 2026, Goeasy addressed its breach of certain financial covenants by amending its secured debt facilities and the lenders temporarily relaxed these financial covenants until 2027. The amendments also preclude its secured lenders from accelerating the debt or exercising other remedies. Draws on the syndicated revolving credit facility may not exceed C$440 million (from total capacity of C$550 million) without lender consent and the amendments decreased the size of the consumer securitization warehouse facility to C$1.12 billion from C$1.4 billion. Goeasy's amendment was driven by deteriorated asset quality in the fourth quarter of 2025 within the auto and powersports portfolio at LendCare. This resulted in significant incremental charge-offs of approximately C$178 million and a related C$55 million write-down in loan interest and fees on late-stage delinquent receivables. The company expects asset quality pressure to persist in 2026 and could face funding and liquidity strain if it fails to reduce debut and stabilize credit performance within the next 12 months, ahead of the covenant relief period expiring. S&P expects Goeasy to comply with the updated covenants. With the amendments, the company revised the maximum consolidated leverage ratio to 7.25x from 5.0x and will gradually lower it each quarter to 6.10x as of June 30, 2027. The minimum fixed charge coverage ratio was waived until March 2027, and the requirement is at least 1.0x at March 2027, and 1.25x at June 2027. Based on the covenant's calculations as of Dec. 31, 2025, leverage and fixed charge coverage were 6.45x and 0.71x, respectively, compared with 3.99x and 1.77x a year ago. In addition, the company must always maintain minimum liquidity of at least C$175 million, with a reduced requirement of C$125 million permitted after repayment of its US$64.6 million senior notes due May 1, 2026, or in certain limited circumstances. The maximum net charge-off ratio covenant requirement is capped at 20% as of March 31, 2026, decreasing to 17.5% by Dec. 31, 2026. In addition to the amendments, Goeasy implemented a six-point plan to improve its financial position and has taken steps to improve its liquidity. The company plans to refocus growth on core Easyfinancial lending, sharply tighten LendCare originations (around 43% of the portfolio as of Dec. 31, 2025), and standardize risk and operations under one unified model. The company also reduced the headcount at LendCare in March 2026, expecting to save around C$30 million on a run rate basis. As of February 2026, the company had C$240 million of cash and has total liquidity of C$983 million, including unused borrowing capacity (of which C$743 million will not become available until July 1, 2026, in accordance with the amended financing arrangements). The company intends to repay its upcoming US$64.6 million senior unsecured notes due May 1, 2026, using existing liquidity. To bolster liquidity, the company has suspended share buybacks and dividend payments. The asset quality problems at LendCare have eroded Goeasy's financial performance. In the fourth quarter of 2025, LendCare's late-stage loan delinquencies in its auto and power sports portfolios led to a higher annualized net charge-off rate of 40.6% compared with 6.4% the previous year's quarter. Allowance for credit losses rose to C$527.4 million at year-end 2025 from C$359.2 million the previous year. Despite the additional provision, the company's loan-loss reserve will be about 10% of receivables, well below the expected charge-offs of more than 15% in 2026. As a result, Goeasy reported a net loss of C$178.4 million in 2025 compared with net profit of C$264.2 million in 2024, though the loss was partly due to the C$159.6 million goodwill impairment tied to delinquent LendCare loans. S&P thinks the company's Easyfinancial and Easyhome segments are performing well and will be key to its operations. As of Dec. 31, 2025, Easyfinancial's direct unsecured personal and secured home equity channel and Easyhome leasing compromise 57% of the portfolio. These segments provided stable credit performance with 2025 annual net charge-offs of 12.6% for Easyfinancial unsecured loans, 0.7% for home equity secured loans, and 12.7% for the Easyhome segment compared with 13.8%, 0.4% and 13.0% the previous year, respectively. The total portfolio had annual net charge-offs in 2025 of 12.9% compared with 9.2% the previous year. With the deterioration in asset quality expected to continue into 2026, we expect net charge-offs will remain elevated at more than 15% in 2026, then decline in 2027. For the full year 2025, the gross consumer loan receivables increased to C$5.5 billion, up 19.8% from C$4.6 billion a year ago, primarily due to originations in unsecured lending, home equity loans, automotive financing, and point-of-sale financing, partially offset by higher charge-offs in the fourth quarter. The total yield on consumer loans was 30.2%, and the company's revenues for the year increased 10.5% to C$1.7 billion, from C$1.5 billion a year ago. S&P said, "We expect leverage, as measured by debt to adjusted total equity (ATE), to exceed 4.5x. Goeasy's leverage was 4.8x as of Dec. 31, 2025, up from 3.4x as of Dec. 31, 2024. We expect leverage will remain at 4.5x-6.5x as the company focuses on expanding its unsecured and home equity lending business while addressing its troubled secured LendCare receivables. We add back general reserves, or stage 1 allowance for credit losses (C$237.1 million as of Dec. 31, 2025), to our calculation of ATE. We anticipate that the company will continue to book additional reserves for most of 2026 and its book equity will continue to decline. "We rate GSY's senior unsecured notes 'B-', in line with the issuer credit rating. The company's ratio of unencumbered assets to unsecured debt remains above 1.0x. If the company's unsecured debt becomes greater than its unencumbered assets, we would lower the issue rating by one notch, to 'CCC+'. "The stable outlook reflects our view that Goeasy will continue to comply with the amended covenants and improve its financial position over the next 12 months. The outlook also reflects our expectation that Goeasy's leverage, as measured by debt to ATE, will remain 4.5x - 6.5x and its net charge-offs will be 17%-19% for the next 12 months." S&P could lower the ratings over the next six to 12 months if: -- Goeasy struggles to comply with its revised financial covenants, especially as they tighten in 2027; -- The company is unable to meaningfully improve its financial performance; -- Its liquidity position weakens; -- Operating performance materially deteriorates, particularly if net charge-offs approach 20%; or -- The company confronts further unforeseen challenges associated with LendCare. S&P could raise the ratings over the next six to 12 months if the company operates with leverage below 4.5x on a sustainable basis, maintains steady asset quality with charge-offs well below 20%, complies with its covenants (even after temporary relief ends), and maintains adequate liquidity. S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis for Goeasy. The company changed its CFO and CEO in September 2025 and January 2026, respectively. The new management team is addressing a correction of the historical reporting practice of LendCare, which they recently identified. These events highlight potential risk management failures. The lack of improvement in governance could pose a risk to our existing assessment of the company's business position. Social factors are a moderately negative consideration in our credit rating analysis of Goeasy." The company focuses on nonprime consumer lending, which heightens compliance, reputational, and regulatory risks. Changes to underwriting, collection practices, or the criminal rate of interest could pose risks to Goeasy's business. GREENWAVE TECHNOLOGY: Delays 2025 Annual Report on Form 10-K ------------------------------------------------------------ Greenwave Technology Solutions, Inc. is unable to file its Annual Report on Form 10-K for its year ended December 31, 2025 by the prescribed date without unreasonable effort or expense. The Company believes that the Annual Report will be completed and filed within the 15-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $59,850,782 in total assets, $27,178,210 in total liabilities, and $32,672,572 in total stockholders' equity. GUIDED THERAPEUTICS: Posts $3.2M FY25 Loss, Warns of Limited Cash ----------------------------------------------------------------- Guided Therapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $3.2 million for the year ended December 31, 2025, compared to a net loss $2.4 million for the year ended December 31, 2024. Revenues for the year ended December 31, 2025 were $766,948, compared to $6,940 for the year ended December 31, 2024. Sterling Heights, Michigan-based UHY LLP, the Company's auditor since 2007, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing recurring losses from operations, limited cash flow, and an accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. At December 31, 2025, the Company had a negative working capital of approximately $6.0 million, accumulated deficit of $157.1 million and incurred a net loss including preferred dividends of $3.3 million for the year then ended. Stockholders' deficit totaled approximately $6.0 million at December 31, 2025, primarily due to recurring net losses from operations. During the year ended December 31, 2025, the Company received $0.7 million of proceeds from issuances of notes payable and $0.6 million of proceeds from the same of common stock and warrants in private placement offerings. The Company will need to continue to raise capital in order to provide funding for its operations and to support the U.S. Food and Drug Administration and China National Medical Products Administration approval process. If sufficient capital cannot be raised, the Company will continue its plans of curtailing operations by reducing discretionary spending and staffing levels and attempting to operate by only pursuing activities for which it has external financial support. However, there can be no assurance that such external financial support will be sufficient to maintain even limited operations or that the Company will be able to raise additional funds on acceptable terms, or at all. In such a case, the Company might be required to enter into unfavorable agreements or, if that is not possible, be unable to continue operations, and to the extent practicable, liquidate and/or file for bankruptcy protection. Liquidity Over the next 12 months the Company expects its burn rate to increase as it continues increase headcount, especially for meeting manufacturing demand. In addition, although the Company has significant inventory, it will need to order additional parts and services for production. Finally, it expects to spend another $250 thousand to complete and file its FDA. Thus, the Company estimates that approximately $2.3 million will be needed to fund the business over the next 12 months. However, other than completing and filing the US FDA study results, additional expenditures for manufacturing production will be needed only if significant product is ordered and paid for in advance by customers, which is our current policy. Since inception, the Company has raised capital through the public and private sale of debt and equity, funding from collaborative arrangements, and grants. As of December 31, 2025, it had cash of approximately $63 thousand and negative working capital of $6.0 million. The Company's outstanding debt obligations include a combination of short- and long-term promissory notes, insurance premium financing, and several convertible notes with varying maturities, interest rates, and terms. In February 2026, the Company entered into warrant exchange agreements with certain holders of its outstanding warrants, pursuant to which approximately 9,250,000 warrants were exchanged for new warrants with lower exercise prices. In connection with these transactions, approximately 4,825,000 of the newly issued warrants were exercised, resulting in aggregate cash proceeds of approximately $980,000. The remaining approximately 4,425,000 warrants remain outstanding and expire in 2027. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/bdh667hn About Guided Therapeutics Peachtree Corners, Ga.-based Guided Therapeutics, Inc. is a medical technology company focused on developing innovative medical devices that have the potential to improve healthcare. The Company's primary focus is the sales and marketing of its LuViva Advanced Cervical Scan non-invasive cervical cancer detection device. The underlying technology of LuViva primarily relates to the use of biophotonics for the non-invasive detection of cancers. LuViva is designed to identify cervical cancers and precancers painlessly, non-invasively and at the point of care by scanning the cervix with light, then analyzing the reflected and fluorescent light. As of December 31, 2025, the Company had $1.3 million in total assets, $7.3 million in total liabilities, and total stockholders' deficit of $6 million. HEALTHLYNKED CORP: Posts $3.28M Loss in 2025, Flags Liquidity Risks ------------------------------------------------------------------- HealthLynked Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $3,280,254 for the year ended December 31, 2025, compared to a net loss of $6,131,479 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $2,065,2920 compared to $3,008,361 in the prior period. Houston, Texas-based RBSM LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had cash balances of $37,136, a working capital deficit of $5,461,724 and an accumulated deficit of $50,539,218. For the year ended December 31, 2025, the Company has recurring losses from operations, limited cash flow, and an accumulated deficit. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within the next 12 months. During the year ended December 31, 2025, the Company received: (i) net proceeds from the issuance of notes payable to related parties and third parties totaling $2,239,840 and made repayments on existing and new notes payable to third parties totaling $720,135, and (ii) $30,000 proceeds from the sale of its common stock. The Company believes it will require additional financing during the first half of 2026. However, there can be no assurance that any financing can be realized, or if realized, what the terms of any such financing may be, or that any amount that the Company is able to raise will be adequate. Failure to obtain additional financing could prevent the Company from making necessary expenditures for advancement and growth to partner with businesses and hire additional personnel. If the Company raises additional financing by selling equity, or convertible debt securities, the relative equity ownership of existing investors could be diluted, or the new investors could obtain terms more favorable than previous investors. If the Company raises additional funds through debt financing, it could incur significant borrowing costs and be subject to adverse consequences in the event of a default. Without raising additional capital, there is substantial doubt about the Company's ability to continue as a going concern through March 31, 2027. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/49e49a6r About HealthLynked Corp. HealthLynked Corp. is a healthcare technology company based in Nevada, founded on Aug. 6, 2014. It operates in three main divisions: Digital Healthcare, Medical Distribution, and Health Services, focusing on enhancing patient care, reducing costs, and creating long-term value for shareholders. As of December 31, 2025, the Company had $1,702,346 in total assets, $7,464,197 in total liabilities, and $5,761,851 in total shareholders' deficit. HIDALGO GROUP: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------- On April 6, 2026, Hidalgo Group, LLC filed for Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be Held on May 8, 2026 at 10:00 AM by Telephone. About Hidalgo Group, LLC Hidalgo Group, LLC is a business entity engaged in general commercial operations, including investment and management services. Hidalgo Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14274) on April 6, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1,000,000. The Debtor is represented by Jesus Santiago, Esq. HIGH WIRE: Delays 2025 Annual Report Due to Time Constraints ------------------------------------------------------------ High Wire Networks, Inc. filed a Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The compilation, dissemination and review of the information required to be presented in the Form 10-K for the relevant fiscal year has imposed time constraints that have rendered timely filing of the Form 10-K impracticable without undue hardship and expense to the Company. The Company undertakes the responsibility to file such annual report no later than 15 days after its original due date. About High Wire High Wire Network, Inc., incorporated on Jan. 20, 2017, is a global provider of managed cybersecurity, managed networks, and tech-enabled professional services delivered exclusively through a channel sales model. The Company's Overwatch managed security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints, and users via multiyear recurring revenue contracts in this fast-growing technology segment. HWN has continuously operated under the High Wire Networks brand for 23 years. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred losses since inception, has negative cash flows from operations, and has negative working capital, which creates substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $1,228,300 in total assets, $7,402,284 in total liabilities, and a total stockholders' deficit of $6,173,984. HSI HALO: Antares PCF Marks $1.3MM 1L Loan at 50% Off ----------------------------------------------------- Antares Private Credit Fund has marked its $1,394,000 loan extended to HSI Halo Acquisition, Inc. to market at $695,000 or 50% of the outstanding amount, according to Antares PCF’s 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to HSI Halo Acquisition, Inc. The 1L Loan accrues interest at a rate of S + 5.00%, 8.65% per annum. The 1L Loan matures on June 30, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About HSI Halo Acquisition, Inc. HSI Halo Acquisition, Inc. provides educational services. The Company serves customers in the State of Oregon. HUBBARD RADIO: S&P Lowers ICR to 'SD' on Below-Par Debt Purchase ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Hubbard Radio LLC to 'SD' (selective default) from 'CCC-' and its issue-level rating on the company's term loan to 'D' from 'CCC-'. Subsequently, S&P withdrew all its ratings on Hubbard because it no longer has any rated debt outstanding. Hubbard Radio LLC recently purchased its $206.8 million outstanding term loan at below-par levels, which we view as tantamount to a default. S&P views the debt purchase transaction as tantamount to a default. This reflects our belief that the company's term loan lenders received less than they were originally promised through this transaction. S&P subsequently withdrew all its ratings on Hubbard because it had purchased or extinguished all its rated debt. HUGHES SATELLITE: KPMG LLP Raises Going Concern Doubt ----------------------------------------------------- Hughes Satellite Systems Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $1.3 billion for the year ended December 31, 2025, compared to a net loss of $218.1 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $1.4 billion compared to $1.6 billion in the prior period. McLean, Virginia-based KPMG LLP, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has significant debts maturing in 2026 and does not currently have the necessary cash on hand, projected cash flows, or committed financing to fund its obligations for at least twelve months from the issuance of these consolidated financial statements that raise substantial doubt about its ability to continue as a going concern. HSSC said, "As of March 31, 2026, we currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our anticipated working capital needs, capital expenditures, interest payments, debt maturities and other contractual obligations over the next 12 months. These conditions raise substantial doubt about our ability to continue as a going concern." "Because the SpaceX Transactions, are signed at our parent and/or its subsidiaries, we do not expect completion of the SpaceX Transactions to resolve our going concern qualification. In addition, our parent, EchoStar, may or may not provide additional liquidity in the future necessary to meet our obligations as they come due. "The presence of a going concern uncertainty may also adversely impact the price of our securities, harm our current, future and potential relationships with suppliers, vendors, customers, employees and creditors, and may limit our ability to access additional financing on acceptable terms or at all. There can be no assurance that management's plans to mitigate these risks will be successful on a timely basis or at all. If we are unable to secure adequate liquidity on an acceptable timeline or at all, we may not be able to continue as a going concern, which could result in a total loss of your investment. In addition, as our cash and cash equivalents balance declines, the risks described above may continue, increase or accelerate at any time and with or without notice. "In the event that the going concern qualification continues, we may take additional actions to protect our interest in our assets that may negatively impact the value of your investment in our debt securities, including, under certain circumstances, filing for relief under Chapter 11 of Title 11 of the United States Code, if we determine that such an action is in the best interests of the Company and our stakeholders. "Certain actions that we may take, including a potential voluntary Chapter 11 bankruptcy filing could have material adverse consequences to us, including, but not limited to: (i) disruption of relationships with vendors, suppliers, employees and customers; (ii) limitations on the ability to access capital markets or otherwise obtain financing on favorable terms or at all; (iii) limitations on the ability to take advantage of business opportunities; (iv) reputational harm; and (v) significant administrative costs and diversion of management attention. "Furthermore, the outcome of any of the actions that we, or certain of our subsidiaries, may take, including a filing for relief under Chapter 11, is inherently uncertain and may result in a loss of control by our parent, EchoStar's principal stockholder or a material reduction in the value or change in the relative priority of existing debt securities. "We have substantial debt outstanding and may incur additional debt." "As of December 31, 2025, our total debt, finance lease and other obligations (including current portion) outstanding, was $1.536 billion. Our debt levels could have significant consequences, including, but not limited to: * making it more difficult to satisfy our obligations; * a dilutive effect on our future earnings; * increasing our vulnerability to general adverse economic conditions, including, but not limited to, changes in interest rates; * requiring us to devote a substantial portion of our cash to make interest and principal payments on our debt, thereby reducing the amount of cash available for other purposes. As a result, we would have limited financial and operating flexibility to changing economic and competitive conditions; * limiting our ability to raise additional debt because it may be more difficult for us to obtain debt financing on attractive terms or at all; and * placing us at a disadvantage compared to our competitors that are less leveraged or can borrow funds at a lower interest rate. "In addition, we may incur additional debt in the future. The terms of the indentures relating to our senior notes and senior secured notes permit us to incur additional debt. If new debt is added to our current debt levels, the risks we now face could intensify. "We may pursue acquisitions, dispositions, capital expenditures, the development, acquisition and launch of new satellites and other strategic initiatives to complement or expand our business, which may not be successful and we may lose a portion or all of our investment in these acquisitions and transactions. "Our future success may depend on opportunities to buy or otherwise invest in other businesses or technologies that could complement, enhance or expand our current business or products or that might otherwise offer us growth opportunities. To pursue this strategy successfully, we must identify attractive acquisition or investment opportunities and successfully complete transactions, some of which may be large and complex. We may not be able to identify or complete attractive acquisition or investment opportunities due to, among other things, the intense competition for these transactions. If we are not able to identify and complete such acquisition or investment opportunities, our future results of operations and financial condition may be adversely affected. "We may be unable to obtain in the anticipated time frame, or at all, any regulatory approvals required to complete proposed acquisitions and other strategic transactions. Furthermore, the conditions imposed for obtaining any necessary approvals could delay the completion of such transactions for a significant period of time or prevent them from occurring at all. We may not be able to complete such transactions, and such transactions, if executed, may pose significant risks and could have a negative effect on our operations. Any transactions that we are able to identify and complete may involve a number of risks, including, but not limited to: * the risks associated with developing and constructing new satellites; * the diversion of management's attention from our existing business onto a strategic initiative; * the possible adverse effects on our and our targets' and partners' business, financial condition or operating results during the integration process; * the high degree of risk inherent in these transactions, which could become substantial over time, and higher exposure to significant financial losses if the underlying ventures are not successful on an acceptable timeline or at all; * the possible inability to achieve the intended objectives of the transaction; * the risks associated with complying with contractual provisions and regulations applicable to the acquired business, which may cause us to incur substantial expenses; * the disruption of relationships with employees, vendors or customers; and * the risks associated with foreign and international operations and/or investments or dispositions. "In addition, we may not be able to successfully or profitably integrate, operate, maintain and manage our newly acquired operations or employees on an acceptable timeline or at all. We may not be able to maintain uniform standards, controls, procedures and policies, and this may lead to, among other things, operational inefficiencies. In addition, the integration process may strain our financial and managerial controls and reporting systems and procedures. "New acquisitions, joint ventures and other transactions may require the commitment of significant capital that would otherwise be directed to investments in our existing business. To pursue acquisitions and other strategic transactions, we may need to raise additional capital in the future, which may not be available on favorable terms or at all. "In addition to committing capital to complete the acquisitions, substantial capital may be required to operate the acquired businesses following their acquisition. These acquisitions may result in significant financial losses if the intended objectives of the transactions are not achieved. We may acquire similar businesses in the future. "There is no assurance that we will be able to successfully address the challenges and risks encountered by these businesses following their acquisition. If we are unable to successfully address these challenges and risks, our business, financial condition and/or results of operations may suffer," the Company concluded. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/479nb9j9 About Hughes Satellite Englewood, Colorado-based Hughes Satellite Systems Corporation (HSSC) provides satellite broadband services to homes and offices. The Company has shipped more than 5 million systems to customers in more than 100 countries. As of December 31, 2025, the Company had $2 billion in total assets, $2.8 billion in total liabilities, and $852.6 million in total stockholders' deficit. HUGHTON LLC: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Hughton, LLC, according to court dockets. About Hughton LLC Hughton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12621) on March 2, 2026, listing up to $50,000 in assets and up to $10 million in liabilities. Knox Golding, managing member, signed the petition. Judge Scott M. Grossman oversees the case. The Debtor tapped Angelena M. Conant, Esq., at Angelena M. Root, PA as legal counsel and Steven Rosenbaum, CPA, at Rosenbaum Sobel Weinrub & Burns, LLC as accountant. I-ON DIGITAL: Needs More Time to Prepare 2025 Financial Statements ------------------------------------------------------------------ I-ON Digital Corp. was unable to file its Annual Report on Form 10-K for the year ended December 31, 2025, by March 31, 2026, the due date for such filing. The Company was unable to file its Form 10-K within the prescribed time period because it requires additional time to prepare and review its financial statements, including the notes thereto, for the year ended December 31, 2025. The Company currently anticipates that it will file the Form 10-K within the additional time allowed by this report. About I-On Digital Corp. Headquartered in Chicago, Ill., I-ON develops and provides advanced asset-digitization and securitization solutions designed to deliver a secure, fast, and transparent digital asset ecosystem. The Company converts documentary evidence of ownership into secure, asset-backed digital certificates, enhancing liquidity and value across a range of asset classes. Its hybrid blockchain architecture integrates smart contracts and workflow automation, augmented by artificial intelligence technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, supporting value transfer through innovative financial instruments. In its report dated April 10, 2025, the Company's auditor, Mac Accounting Group & CPAs, LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has limited revenues and has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, I-ON Digital reported total assets of $18.2 million, total liabilities of $3.3 million, and total stockholders' equity of $14.9 million. INFINITE GROUP: Delays FY2025 10-K Due to Incomplete Financials --------------------------------------------------------------- Infinite Group, Inc. was unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the period ended December 31, 2025, by the March 31, 2026 filing date applicable to smaller reporting companies due to a delay experienced by the Company in completing its financial statements and other disclosures in the Annual Report. As a result, the Company is still in the process of compiling required information to complete the Annual Report and its independent registered public accounting firm requires additional time to complete its audit of the financial statements for the period ended December 31, 2025, to be incorporated in the Annual Report. The Company is endeavoring to file its Annual Report as promptly as possible; however, there can be no assurance that the Company will be able to file the Annual Report within the extension period. Preliminary Results Due to the significant reduction of work from the Company's largest customer (a Federal Government subcontractor) during the second quarter of 2025, the Company estimates that its revenues decreased from approximately $$6.6 million in 2024 to approximately $$4.6 million in 2025. This caused the net operating loss to increase from approximately $900 thousand in 2024 to approximately $1.3 million in 2025. The net loss increased to approximately $1,568,000 for the year ended December 31, 2025, compared to a net loss of approximately $1,648,000 for the year ended December 31, 2024. About Infinite Group Headquartered in Pittsford, New York, Infinite Group, Inc. is a developer of cybersecurity software and related cybersecurity consulting, advisory, and managed information security services. The Company principally sells software and services through indirect channels such as Managed Service Providers, Managed Security Services Providers, agents and distributors and government contractors, whom the Company refers to collectively as its channel partners. Rochester, New York-based Freed Maxick P.C., the Company's auditor since at least 1995, issued a "going concern" qualification in its report dated October 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has negative working capital, and has total liabilities in excess of its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $1,187,322 in total assets, $12,029,181 in total liabilities, and $10,841,859 in total stockholders' deficit. INTERNATIONAL SUPPORT: Cash Collateral Hearing Set for April 16 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, is set to hold a hearing on April 16 to consider extending International Support Group, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's March 19 interim order expires on April 26. The interim order approved the payment of expenses from the cash collateral in accordance with the Debtor's budget and granted City National Bank protection through continuing replacement liens and monthly payments of $9,876. It required the Debtor to provide financial reporting and maintain insurance on the bank's collateral. City National Bank is the Debtor's primary secured creditor, with a claim of at least $1.45 million and a first-priority lien on substantially all assets of the Debtor. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/O5KFX from PacerMonitor.com. City National Bank is represented by: J. Ryan Yant, Esq. Carlton Fields, P.A. P.O. Box 3239 Tampa, FL 33601-3239 (813) 223-7000 ryant@carltonfields.com About International Support Group LLC International Support Group, LLC is a facilities maintenance company that has provided services to the federal government since 2009 and operates primarily in Broward County, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12738) on March 4, 2026, listing up to $10 million in both assets and liabilities. Robert Bennett, company owner and president, signed the petition. Judge Peter D. Russin oversees the case. Thomas L. Abrams, Esq., at Thomas L. Abrams, PA, represents the Debtor as legal counsel. KENE ACQUISITION: Antares PCF Marks $346,000 1L Loan at 83% Off --------------------------------------------------------------- Antares Private Credit Fund has marked its $346,000 loan extended to KENE Acquisition, Inc. (aka Entrust) to market at $60,000 or 17% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver loan extended to KENE Acquisition, Inc. (aka Entrust). The 1L Loan accrues interest at a rate of S + 4.75%, 8.40% per annum. The 1L Loan matures on February 7, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About KENE Acquisition, Inc. (aka Entrust) Kene Acquisition, Inc. (aka Entrust) provides engineering services. The Company serves customers in the United States. LIVECONNECTIONS.ORG: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of LiveConnections.org and Real Entertainment-Philadelphia, LLC. About LiveConnections.org LiveConnections.org, doing business as World Cafe Live, operates as Pennsylvania non-profits and functions as a prominent independent music venue, educational hub, and community space in Philadelphia. Real Entertainment-Philadelphia, LLC is the operational subsidiary. LiveConnections.org and Real Entertainment-Philadelphia sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10973) on March 10, 2026. At the time of the filing, LiveConnections.org disclosed up to $10 million in both assets and liabilities. Judge Ashley M. Chan oversees the cases. Albert A. Ciardi, Esq., at Ciardi Ciardi and Astin, represents the Debtors as legal counsel. LYCRA COMPANY: Gray Reed Represents Ad Hoc Lenders' Group --------------------------------------------------------- An ad hoc group of minority 1L Linx and USD noteholders to The Lycra Company LLC, et al. and its debtor-affiliates, represented by Gray Reed, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group's current members and the nature and amount of the disclosable economic interests held in the Debtors' cases. According to the group's Verified Statement: 1. On April 1, 2026, the Ad Hoc Group selected Gray Reed to represent it in connection with its investments in the related debtors and debtors in possession, including by serving as counsel to the AHG in the Debtors' jointly administered chapter 11 bankruptcy cases. 2. Gray Reed represents the Ad Hoc Group, comprised of the beneficial holders or the investment advisors or managers for certain beneficial holders in their capacities as lenders, holders, or beneficial holders under: (I) an Indenture, dated as of March 4, 2018, as amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time, among Eagle Intermediate Global Holding B.V. and Eagle Finance Co B.V. as co-issuers, Eagle Holding Co B.V., and the other guarantors party thereto, and Wilmington Trust, National Association as trustee; and (II) an Indenture, dated as of April 25, 2023 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, "1L Linx Notes Indenture"), among Linx Capital Limited ("Linx SPV") as issuer, Kroll Trustee Services Limited as trustee, U.S. Bank Europe DAC, UK Branch as paying agent, and U.S. Bank Europe DAC as registrar and transfer agent. Linx SPV is an orphan SPV, which in turn is a holder or beneficial holder of notes under that certain Indenture, dated as of April 25, 2023 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the "Prepetition Euro Notes Indenture"), among Eagle UK Finance Limited as issuer, Eagle Holding Co B.V. (as successor to Eagle Super Global Holding B.V.), Eagle Intermediate, Eagle Finance Co B.V. (as successor to Eagle US Finance LLC), the other guarantors party thereto, and Kroll Trustee Services Limited as trustee. 3. Before the formation of the AHG, Gray Reed represented CastleKnight Master Fund LP in connection with the Chapter 11 Cases. Gray Reed does not represent or purport to represent any other entities in connection with the Chapter 11 Cases. Gray Reed does not represent the AHG as a "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or other entity that has not signed a retention agreement with Gray Reed. 4. The AHG does not represent or purport to represent any other entities in connection with the Chapter 11 Cases. No member of the AHG represents the interests of, or acts as a fiduciary for, any person or entity other than itself in connection with the Chapter 11 Cases. 5. After due inquiry, Gray Reed does not hold any disclosable economic interest (as that term is defined in Bankruptcy Rule 2019(a)(1)) in relation to the Debtors. 6. Nothing contained in this Verified Statement is intended or shall be construed to constitute: -- a waiver or release of the rights of any of the members of the Ad Hoc Group to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; -- a waiver or release of the rights of any of the members of the Ad Hoc Group to have any final orders in any non-core matters entered only after de novo review by a United States District Judge; -- consent to the jurisdiction of the Court over any matter; -- an election of remedy; -- a waiver or release of any rights of any of the members of the Ad Hoc Group may have to undergo a jury trial; -- a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 cases against or otherwise involving any of the members of the Ad Hoc Group; or -- a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which any of the members of the Ad Hoc Group are or may be entitled under the Prepetition Euro Notes Indenture, the 1L Linx Notes Indenture, and the Prepetition Dollar Notes Indenture, at law or in equity, applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs, or recoupments being expressly reserved in all respects. 7. The Ad Hoc Group reserves the right to amend or supplement this Verified Statement. The information provided is intended only to comply with the Bankruptcy Rule 2019 and is not intended for any other purpose. The names and addresses of each of the members of the Ad Hoc Group, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. CastleKnight Master Fund LP 888 Seventh Avenue, 24th Floor, NY NY, 10019 1L Linx Notes/Euro Notes EUR17,826,598 USD Notes $27,608,008 Other Disclosable Economic Interests Not applicable 2. Burlington Loan Management DAC 5th Floor The Exchange George's Dock IFSC Dublin 1 D01 W3P9 Ireland 1L Linx Notes/Euro Notes EUR17,826,598 USD Notes $100,00 Other Disclosable Economic Interests Not applicable Attorneys for the Ad Hoc Group: Jason S. Brookner, Esq. Lydia R. Webb, Esq. 1300 Post Oak Blvd., Suite 2000 Houston, TX 77056 Tel: (713) 986-7000 Fax: (713) 986-7100 E-mail: jbrookner@grayreed.com lwebb@grayreed.com About The Lycra Co., LLC The Lycra Company LLC is a textile company that produces elastic materials used in cycling and yoga apparel. The Lycra Company LLC and several affiliates, including Eagle Global Holding B.V., sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 4:26-bk-90399) on March 17, 2026, before the Hon. Christopher M. Lopez. The Debtors estimated $100 million to $500 million in estimated assets and liabilities. The Hon. Christopher M. Lopez presides over the jointly administered cases. The Debtors hired Linklaters LLP and Haynes and Boone, LLP as restructuring counsel; Houlihan Lokey as investment banker; FTI Consulting, Inc. as financial advisor; Kroll Inc. as claims and noticing agent. Gibson, Dunn & Crutcher UK LLP serves as lead counsel and Porter Hedges LLP as local counsel to an ad hoc group of lenders. LYNNHAVEN SCHOOL: Seeks to Hire Optimus Financials as Accountant ---------------------------------------------------------------- Lynnhaven School, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Optimus Financials, Inc., as accountant. The firm will perform various accounting duties that are needed for the proper administration of the Estate including but not limited to addressing the Tax Notice, Claim 11-1, and any amounts that might ultimately be due from potential unknown tax liabilities. Charlene Dooms, CPA, the accountant who has primary responsibility for providing services to the Estate, will charge $1,800 per month. Ms. Dooms is a "disinterested person," as defined in Sec. 101(14) of the Bankruptcy Code and as required by § 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached through: Charlene Dooms, CPA Optimus Financials, Inc. 501 North Broadway St. Louis, MO 63102 Phone: (314) 342-4051 About Lynnhaven School, Inc. Lynnhaven School, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-33044) on July 31, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Johnathan Harris, president of Lynnhaven School, signed the petition. Lynn L. Tavenner, Esq., at Tavenner & Beran, PLC, represents the Debtor as legal counsel. MAD DUMPLINGS: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, granted Mad Dumplings, LLC final approval to use cash collateral. The court entered a final order authorizing the Debtor to use cash collateral in accordance with its post-petition operating budget. This authorization extends through August 4, providing longer-term operational stability compared to interim orders. As protection, the court approved the Debtor's monthly payments of $2,655.21 to the California Department of Tax and Fee Administration. In addition, the CDTFA was granted a post-petition replacement lien on proceeds of its pre-petition collateral, limited to any decrease in value resulting from the Debtor's use of cash collateral. The court also granted adequate protection to Lendistry SBLC, LLC by providing a replacement lien on post-petition proceeds of its collateral. However, unlike CDTFA, Lendistry is not entitled to monthly adequate protection payments, indicating reliance solely on lien protection. The final order places restrictions on insider compensation. The Debtor is prohibited from making any payments to insiders unless it first complies with applicable notice requirements. The final order is available at https://is.gd/HrsQ18 from PacerMonitor.com. About Mad Dumplings LLC Mad Dumplings LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10421) on February 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mark D. Houle oversees the case. Kevin Tang, Esq., at Tang & Associates represents the Debtor as legal counsel. MARINE ACQUISITION: Antares PCF Virtually Writes Off $307,000 Loan ------------------------------------------------------------------ Antares Private Credit Fund has marked its $307,000 loan extended to Marina Acquisition, Inc. (aka Entrust) to market at $18,000 or 6% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver loan extended to Marina Acquisition, Inc. (aka Entrust). The 1L Loan accrues interest at a rate of S + 5.00%, 8.65% per annum. The 1L Loan matures on July 1, 2030. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Marina Acquisition, Inc. Marina Acquisition, Inc. provides shipbuilding services. MATADOR RESOURCES: Moody's Alters Outlook on 'Ba3' CFR to Positive ------------------------------------------------------------------ Moody's Ratings changed Matador Resources Company's (Matador) rating outlook to positive from stable. Concurrently, Moody's affirmed the company's Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and B1 senior unsecured notes rating. The Speculative Grade Liquidity rating was upgraded to SGL-1 from SGL-2. "Moody's expects Matador's credit profile will continue to improve, supported by tempered capital spending, declining leverage and an increased focus on generating free cash flow," said Sajjad Alam, Moody's Ratings VP–Senior Credit Officer. "The company's ability to generate robust cash margins throughout various commodity price cycles is a key credit strength, thanks to its oil-focused asset portfolio, strong capital efficiency, reliable access to midstream infrastructure and consistent commodity price hedging strategy." RATINGS RATIONALE Matador's Ba3 CFR is underpinned by its significant acreage in the liquid-rich areas of the Delaware Basin, a solid track record of production growth and reserves replacement, and high capital efficiency that consistently produces top-tier cash margins. The credit profile also benefits from management's prudent capital allocation and risk management practices, which have facilitated sustained growth while preserving a healthy balance sheet. Since completing a substantial acquisition primarily financed through debt in 2024, Matador has successfully reduced debt and integrated the acquired assets. Higher oil and gas prices are expected to boost free cash flow and support further deleveraging efforts in 2026. Matador's ratings are restrained by its still significant debt level, single basin concentration, including a meaningful exposure to federal land in New Mexico, and sizeable undeveloped unconventional reserves that will require substantial future investments. The company mitigates these risks by operating efficiently, lowering breakeven costs, and leveraging its integrated midstream assets. Matador's controlling 51% ownership in San Mateo Midstream, LLC (San Mateo, unrated), a joint venture with Five Point Infrastructure, LLC, has provided Matador with increasing cash distributions over time, aided the expansion of its upstream business, and enhanced overall enterprise value. However, midstream investments have increased Matador's debt and weakened its consolidated leverage metrics. Matador's SGL-1 rating reflects Moody's expectations that the company will maintain very good liquidity through 2027. Following the recent refinancing transaction in late February, Moody's estimates Matador had $2.1 billion of availability under its $2.25 billion committed revolving credit facility. Matador has hedged roughly 50% of its 2026 crude production at a weighted average floor price of $53/bbl. Moody's expects the company to produce a modest amount of free cash flow supported by reduced capital expenditure, increased production and higher commodity prices. However, if oil prices stay elevated above Moody's $55-$75 per barrel range in 2026, it will increase free cash flow substantially and speed up deleveraging. Free cash flow will likely be used to repay the revolver, fund bolt-on acquisitions, and enhance shareholder returns. The company's revolver expires in March 2029, and there are no other debt maturities until 2032. Matador's senior unsecured notes are rated one notch below the Ba3 CFR reflecting the substantial size of the secured revolving credit facility in Matador's capital structure. The notes are subordinate to both Matador's current and future secured indebtedness, including the revolving credit facility, which is collateralized by all of Matador's oil and gas reserves. The positive rating outlook assumes that the company will reduce debt, maintain capital discipline, and carefully manage shareholder returns to stay near its stated goal of maintaining a net debt-to-EBITDA ratio at or below 1x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Matador's ratings could be upgraded if the company can further reduce debt, generate consistent free cash flow, maintain its high capital efficiency and sustain the RCF/debt ratio above 40%. Ratings could be downgraded if RCF/debt falls below 30%, or if leverage increases significantly as a result of debt-financed acquisitions or substantial shareholder payouts. Material regulatory limits on drilling and developing Matador's New Mexico federal acreage would also negatively affect ratings. Matador Resources Company is a Dallas, Texas based publicly traded independent exploration and production company with primary operations in the Delaware Basin in New Mexico and West Texas. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MATTHEWS 350: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Indiana granted Matthews 350 E LaSalle LLC and affiliated debtor Commerce Center Development, LLC interim approval to use cash collateral. Under the order, the Debtors are authorized to use cash collateral on an interim basis in accordance with their operating budget. This authority is set to expire on May 7, unless extended by agreement or further court order. As adequate protection, the court granted KeyBank National Association and other secured creditors replacement liens on the Debtors' post-petition assets, maintaining the same validity, extent, and priority as their pre-petition liens. In addition, the Debtors are required to make payments to KeyBank as outlined in the approved budget, further protecting creditor interests during the interim period. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/1Ze0B from PacerMonitor.com. The final hearing is scheduled for May 6. Before the petition date, KeyBank issued a $33 million loan to Matthews, secured by a mortgage and a security agreement granting a lien on all personal property, including potential cash collateral. Despite multiple refinancing attempts, Matthews and Commerce Center Development were unable to do so, largely due to a pending lawsuit by the South Bend Redevelopment Commission. They filed for bankruptcy to reorganize and sell Commerce Center Development's 144-unit multifamily property to repay KeyBank and investors. Matthews has a leasehold interest in the real estate under a 2019 ground lease with Commerce Center Development. KeyBank is represented by: Miranda Weiss Bernadac, Esq. Tuohy Bailey & Moore, LLP 9294 N Meridian Indianapolis, IN 46260 (317) 638-2400 mbernadac@tbmattorneys.com About Matthews 350 E LaSalle LLC Matthews 350 E LaSalle LLC, doing business as 300 E LaSalle and 300 East LaSalle, is a real estate company based in South Bend, Indiana. Matthews 350 E LaSalle LLC and Commerce Center Development, LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Lead Case No. 26-30288) on March 10, 2026. At the time of filing, Matthews 350 E LaSalle estimated up to $50,000 in assets and $10 million to $50 million in liabilities. Weston E. Overturf, Esq., at Kroger, Gardis & Regas, LLP serves as the Debtor's counsel. MAWSON INFRASTRUCTURE: Reports $23.7 Million Net Loss for 2025 -------------------------------------------------------------- Mawson Infrastructure Group, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $23.7 million for the year ended December 31, 2025, compared to a net loss of $46.3 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $39.8 million compared to $59.3 million in the prior period. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, had negative working capital of $31.3 million, stockholders' deficit of $3.1 million and an accumulated deficit of $252.5 million. The Company's cash position as of December 31, 2025, was $13.3 million. The Company's revenue is dependent on a number of external factors, including commercial terms, payments from customers, payments from partners, counterparty risks, and market conditions, including those related to digital assets, AI, HPC and other markets. These factors are outside the Company's direct control, and the Company may not be able to practically mitigate their impact. The Company cannot predict with any certainty whether these trends will reverse or persist. In addition, the Company's equipment and infrastructure will require replacement over time as they come to the end of their useful lives to ensure that the Company can continue to operate competitively and efficiently. The Company has ongoing litigation related to the Marshall Loan, W Capital Loan, Celsius Promissory Note and Celsius Colocation Agreement. The Company has evaluated the conditions and concluded that these conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least the next 12 months. To mitigate these conditions, the Company has explored various avenues to enhance liquidity, fund the Company's expenditures, and meet debt servicing requirements. These strategies include, among others: * Expanding its digital infrastructure platform and increasing capacities for either digital colocation services and/or AI and HPC markets; * Executing new customer digital colocation service agreements in either AI, HPC, and/or digital assets mining to diversify its exposure across customers and/or markets; * Engaging in discussions with capital providers, relating to equity and/or debt; * Considering equity issuances such as capital raises and at-the-market transactions; * Assessing and evaluating corporate and strategic transactions; * Assessing and evaluating commercial opportunities or other business opportunities under consideration; * Conducting assessments to identify and implement operational improvements and/or efficiencies and other actions aimed at enhancing revenue and/or optimizing expenses; and * Evaluating, assessing and pursuing business revenue and margin expansion opportunities. On October 16, 2025, the Company entered into an At the Market Offering Agreement with H.C. Wainwright & Co., LLC to sell shares of its Common Stock having an aggregate sales price of up to $9.6 million, from time to time, through an "at-the-market" offering program under which Wainwright will act as sales agent. On December 11, 2025, the Company filed a prospectus supplement with the SEC to increase the capacity of the ATM by $40 million. As of December 31, 2025, the Company has sold 2,468,729 shares of Common Stock under the Sales Agreement at an average price of approximately $6.12 per share, which has resulted in cash proceeds to the Company of $14.6 million, net of issuance costs. An additional 53,696 shares were issued due to fractional share rounding related to the Reverse Stock Split. The ATM shares and the fractional shares total the 2,522,425 shares issued during the year. Although the Company may have access to capital, debt, and/or other sources of funding, these may require additional time and cost, may impose operational restrictions and other covenants on the Company, may not be available on attractive terms, and may not be available at all. If the Company raises additional capital or debt, this could cause additional dilution to the Company's stockholders. The terms of any future capital raise or debt issuance and the costs of any financing are uncertain and may be unfavorable to the Company. Should the Company be unable to source sufficient funding, the Company may not be able to realize assets at their recognized values and fulfill its liabilities in the normal course of business at the amounts stated in these consolidated financial statements. The Company obtains advice from outside resources; however, it is important to note that strategic and other initiatives may not lead to any transaction or other outcome. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/59z9yxvv About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. As of December 31, 2025, the Company had $57.4 million in total assets, $60.6 million in total liabilities, and $3.1 million in total stockholders' deficit. MELPRO LLC: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of MelPro, LLC. About Melpro, LLC Melpro, LLC is a privately held company engaged in business and investment activities, focusing on the management of financial and operational assets. Melpro sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00098) on March 4, 2026. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by William C. Johnson, Jr., Esq., at The Johnson Law Group, LLC. MICROMOBILITY.COM: Delays 2025 Annual Report on Form 10-K --------------------------------------------------------- micromobility.com Inc. disclosed in a regulatory filing that it was unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 within the prescribed time because of delays in completing the preparation of its financial statements and its management discussion and analysis. The original filing date applicable to smaller reporting companies was March 31, 2026. The Company is still in the process of compiling required information to complete the Annual Report and its independent registered public accounting firm requires additional time to complete its review of the financial statements for the year ended December 31, 2025, to be incorporated in the Annual Report. The Company anticipates that it will file the Annual Report no later than the fifteenth calendar day following the prescribed filing date. About micromobility.com Inc. New York, N.Y.-based micromobility.com, Inc. was an intra-urban transportation and media Company, offering affordable, accessible, and sustainable forms of personal transportation, and providing live and non-live media content. During 2024, the Company decided to exit the mobility and media operations, both in Italy and the United States of America, due to the high costs and related cash burn. During the year ended December 31, 2024, the Company shifted its core business from micromobility and media services to IT software services. In detail, during 2024 the Company entered into a Service agreement with Everli S.p.A., a related party (an entity controlled by the Company's major shareholder), for providing software development services, which became its core business. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $1.4 million in total assets, $38.9 million in total liabilities, and $37.5 million in total stockholders' deficit. MOBIVITY HOLDINGS: Closes Sale to Mistplay for $5.1M Cash, Shares ----------------------------------------------------------------- Mobivity Holdings Corp. disclosed in a regulatory filing that it consummated the sale of substantially all of the assets of the Company to Mistplay, Inc., pursuant to that certain Asset Purchase Agreement, dated as of January 16, 2026, by and among the Company, Buyer, and its affiliate, Reward Holdings, ULC. The assets sold pursuant to the Purchase Agreement included substantially all of the assets used in the operation of the Business, including, among other things: (i) the accounts receivable, rebates receivable and other miscellaneous receivables; (ii) books, records, and files of the Business maintained by the Company and related to the Business; (iii) material intellectual property contracts and other contracts of the Company; (iv) intellectual property and the Company's rights in software, IT systems, customer data, and business permits (to the extent transferable), together with related goodwill and certain insurance rights related to the Business; and (v) all additional assets, properties and businesses listed on Schedule 2.2(l) of the Purchase Agreement. In connection with the closing, Buyer assumed: (i) certain liabilities relating to the acquired assets and (ii) accounts payable as set forth on Schedule 2.4(b) of the Purchase Agreement. The disposition was approved by the Company's board of directors and by written consent of the requisite stockholders, as further described in the Company's Definitive Information Statement on Schedule 14C filed on March 5, 2026. The aggregate consideration paid to the Company under the Purchase Agreement consisted of: (i) $5,118,756.43 in cash at closing, of which $300,000 was allocated to a reserve for certain employee obligations and (ii) 6,328,991 Class B common shares of Holdings. Under the Purchase Agreement, the Company is also entitled to potential additional contingent consideration in the form of equity interests in Holdings upon the achievement of specified earnout milestones as detailed further in the Purchase Agreement. The cash consideration of $5,118,756.43 paid at closing reflected a working capital shortfall of $181,243.57 pursuant to the applicable closing adjustments set forth in the Purchase Agreement. As described in the Definitive Information Statement, the Company amended the terms of certain Convertible Promissory Notes and Senior Secured Convertible Promissory Notes (as defined in the Definitive Information Statement) which were then automatically converted into newly issued shares of Preferred Stock in connection with the closing of the acquisition, on the terms set forth in the Definitive Information Statement. Full text copy of the Definitive Information Statement on Schedule 14C, filed on March 5, 2026, is available at https://tinyurl.com/mr2ukbe About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency, resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $3,019,511 in total assets, $27,132,181 in total liabilities, and $24,112,670 in total stockholders' deficit. MOBIVITY HOLDINGS: Delays FY2025 10-K Filing Due to Audit Review ---------------------------------------------------------------- Mobivity Holdings Corp. disclosed in a regulatory filing that it will not, without unreasonable effort and expense, be able to file its Annual Report on Form 10-K for the fiscal quarter ended December 31, 2025 within the prescribed time period due to delays in completion of the preparation and review of the financial statements for the fiscal quarter ended December 31, 2025. The Form 10-K cannot be filed within the prescribed time period because the Company's auditor requires additional time to finalize its review of the Company's financial statements to ensure adequate disclosure of the financial information required to be included in the Form 10-K. The Company has dedicated significant resources to completing the Form 10-K and is working diligently with the auditor to complete the necessary work to file the Form 10-K as soon as practicable. About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency, resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $3,019,511 in total assets, $27,132,181 in total liabilities, and $24,112,670 in total stockholders' deficit. MOBIVITY HOLDINGS: Increases Authorized Common Shares to 200-Mil. ----------------------------------------------------------------- Mobivity Holdings Corp. disclosed in a regulatory filing that the Company filed a Certificate of Amendment to its Articles of Incorporation to: (i) increase the number of authorized shares of common stock from 100,000,000 to 200,000,000 shares, and (ii) authorize and designate a new series of up to 150,000,000 shares of Non-Voting Preferred Stock that is convertible into shares of the Company's common stock, in each case as further described in the Definitive Information Statement. The filing of the Certificate of Amendment constituted the only amendment to the Company's governing documents in connection with the transaction. As described in the Definitive Information Statement, the Company's Board of Directors unanimously approved the amendments by written consent on January 16, 2026 and February 2, 2026. The Company's stockholders approved the amendments by written consent on the Record Date, as defined in the Definitive Information Statement. Full text copy of the Definitive Information Statement on Schedule 14C, filed on March 5, 2026, is available at https://tinyurl.com/mr2ukbe About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency, resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $3,019,511 in total assets, $27,132,181 in total liabilities, and $24,112,670 in total stockholders' deficit. MONARCH BUYER: Antares PCF Marks $2MM 1L Loan at 93% Off -------------------------------------------------------- Antares Private Credit Fund has marked its $2,051,000 loan extended to Monarch Buyer, Inc. to market at $143,000 or 7% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Monarch Buyer, Inc. The 1L Loan accrues interest at a rate of S + 4.50%, 8.15% per annum. The 1L Loan matures on June 2, 2032. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Monarch Buyer, Inc. Monarch Buyer, Inc. provides educational services. The Company operates in the United States. MRI SOFTWARE: Antares PCF Marks $324,000 1L Loan at 80% Off ----------------------------------------------------------- Antares Private Credit Fund has marked its $324,000 loan extended to MRI Software LLC to market at $65,000 or 20% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to MRI Software LLC. The 1L Loan accrues interest at a rate of S + 4.75%, 8.40% per annum. The 1L Loan matures on February 10, 2028. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About MRI Software LLC MRI Software LLC offers innovative, open and connected technology for real estate owners, operators & occupiers. MRI SOFTWARE: Antares PCF Marks $441,000 1L Loan at 88% Off ----------------------------------------------------------- Antares Private Credit Fund has marked its $441,000 loan extended to MRI Software LLC to market at $53,000 or 12% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to MRI Software LLC. The 1L Loan accrues interest at a rate of S + 4.75%, 8.40% per annum. The 1L Loan matures on February 10, 2028. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About MRI Software LLC MRI Software LLC offers innovative, open and connected technology for real estate owners, operators & occupiers. MY SIZE: Needs Extra Time to Compile Data for 2025 10-K ------------------------------------------------------- MySize, Inc. disclosed in a regulatory filing that it was unable to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, due to delays experienced in the collection and compilation of certain information required to be included in the Annual Report. The Company intends to file the Annual Report with the Securities and Exchange Commission within the 15-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About MySize, Inc. Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big ata and machine learning analytics. Tel Aviv, Israel-based Somekh Chaikin, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company has incurred significant losses and negative cash flows from operations and has a accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $11.7 million in total assets, $4.4 million in total liabilities, and a total stockholders' equity of $7.3 million. NATIONAL ROAD LOGISTICS: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------------ On April 6, 2026, National Road Logistics, LLC filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 100-199 creditors. About National Road Logistics, LLC National Road Logistics, LLC. is a transportation and logistics company providing freight and supply chain solutions across regional and national markets. National Road Logistics, LLC. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13324) on April 6, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Anerio V. Altman, Esq. of Golden Goodrich, LLP. NAVAJO SMILES: Seeks to Hire Wold Consulting as Accountant ---------------------------------------------------------- Navajo Smiles, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Michael C. Wold, CPA, of Wold Consulting, P.C. as accountant. The firm's services include: a. accounting and financial services and advice; b. assisting with preparation of monthly reports and other financial reporting required by the United States Trustee; c. preparing yearly state and federal tax returns, including any necessary amendments; d. reviewing and reconciling the Debtor's financial records to ensure completion and accuracy; e. assisting the Debtor with tax issues; and f. assisting with information needed by Debtor's counsel for the plan of reorganization. The firm will be paid at these rates: Senior CPA: $250/hour CPA $200/hour Consultant $250/hour Associate Accountant $150/hour Accountant $100/hour Bookkeeper $75/hour Wold Consulting is a disinterested within the meaning of 11 U.S.C. Sec. 101(14) and represents no interest adverse to the Debtor or the estate, according to court filings. The firm can be reached through: Michael C. Wold, CPA Wold Consulting, P.C. 10201 South 51st Street, Suite #255 Phoenix, AZ 85044 Tel: (480) 763-9653 About Navajo Smiles LLC Navajo Smiles, LLC operates a dental clinic in Peoria, Arizona. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-02081) on March 6, 2026. In the petition signed by Chad Lyons, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Brenda K. Martin oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. NB ELEMENT: Commences Chapter 11 Bankruptcy in Delaware ------------------------------------------------------- On April 7, 2026, NB Element, DTS filed for Chapter 11 protection in the District of Delaware Bankruptcy Court. According to court filings, the Debtor reports between $50 million and $100 million in debt owed to 50–99 creditors. About NB Element, DTS NB Element, DTS is a business entity that may operate in the industrial, materials, or specialty manufacturing sector, potentially focusing on advanced components or engineered products. NB Element, DTS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10502) on April 7, 2026. In its petition, the Debtor reports estimated assets of $50 million–$100 million and estimated liabilities of $50 million–$100 million. The Debtor is represented by Jamie Lynne Edmonson, Esq. of Robinson & Cole LLP. NCR VOYIX: S&P Alters Outlook to Stable, Affirms 'B+' ICR --------------------------------------------------------- S&P Global Ratings revised its outlook to stable from positive on NCR Voyix Corp. S&P also affirmed its 'B+' issuer credit rating. Issue-level and recovery ratings are unchanged. S&P said, "The stable outlook reflects our view that ongoing restructuring will prevent meaningful credit metric improvement over the next 12 months, such that S&P Global Ratings-adjusted debt to EBITDA will remain elevated at 5.6x and FOCF to debt below 10% in 2026. Credit metrics will likely strengthen in 2027 as restructuring costs ease and the company benefits from a full year of earnings from the hardware transition. "NCR Voyix Corp.'s deleveraging has been slower than we anticipated, as restructuring and a delayed hardware transition weighed on earnings and free cash flow (FOCF) generation. "We expect elevated restructuring costs will persist through 2026, preventing EBITDA and FOCF expansion. "We expect NCR Voyix's ongoing restructuring will slow deleveraging. The company spent roughly $125 million annually over the last two years to address stranded costs related to the past spin-off and divestment of its digital banking business, labor rationalization initiatives, and new infrastructure investments. Additionally, the outsourced design and manufacturing (ODM) hardware transition, where Ennoconn Corp. takes on managing the supply, design, manufacturing, fulfillment, delivery, and warranty for NCR Voyix's hardware segment, has delayed deleveraging; it is on track to be completed in the first quarter of 2026. "Management expects these cash costs will persist in 2026 before declining in 2027, thereby inhibiting material year-over-year EBITDA expansion. We assume an additional cash outlay of $120 million in 2026, with spending stepping down gradually to around $80 million in 2027 to reflect our expectation that about a quarter's worth of restructuring and some strategic initiatives will roll-off. We project leverage will remain just above 5.5x in 2026 (around 3.6x when excluding restructuring). Previously, we had projected S&P Global Ratings-adjusted debt to EBITDA would improve to below 4.5x toward our upside trigger of around 4x in 2026." Newer offerings and large enterprise signings will not likely influence performance in 2026. Management expects revenue to contract 2% or grow up to 3%, pro forma the hardware transition. As a result, S&P expects mixed segment performance is likely to persist as newer offerings require time to influence growth and since recent growth has largely been driven by hardware outperformance, highlighting some underlying weakness in software. Recurring revenue growth of 6% year over year remains solid in the enterprise and midmarket segments, and the next generation Aloha product, with a large enterprise deal with Chipotle, will likely benefit 2027 results. The retail segment is steadily growing, with annual recurring revenue (ARR) increasing approximately 4% year over year and the segment's company-adjusted EBITDA margin improving 70 basis points (bps) year over year to 22.8% in 2025. S&P believes this is partly because Voyix Connect provides opportunities for higher-margin embedded payments, and payment sites increased about 12% in 2025. Management also expects incremental pricing benefits, primarily from a greater mix of transaction-based payments revenue and CPI-related price adjustments in software and services contracts. Although, this may not have a large near-term impact as typical contracts last three to five years. The company's platform strategy may strengthen growth prospects as it implements multiyear enterprise retail signings. The restaurant segment presents some challenges, particularly within the small- to-midsize business (SMB) space that represents about 25% of the segment. The launch of Aloha Next for SMB in the second half of 2026 may help address weaker performance in this segment. Still, restaurant profitability remains more variable due to lumpy one-time software and services, resulting in company-adjusted EBITDA margins for the segment decreasing 110 bps year over year to 31.1% in 2025. Software and payments drive the segment and will be important to NCR Voyix's margin trajectory over the next two years. S&P said, "We will continue to monitor the execution of the restructuring plan, transition to the ODM operating model, ability to grow recurring revenue across both segments, and the impact of the Aloha Next product launches. "We continue to view NCR Voyix's liquidity position as adequate. Although restructuring has contributed to negative FOCF generation over the past two years, with related spend likely remaining significant over the next 12-24 months, we expect NCR Voyix's FOCF generation will turn positive in 2026. We project reported FOCF of about $60 million in 2026 ($84 million on an adjusted basis), and we anticipate sequential FOCF improvement to $140 million-$150 million in 2027 as restructuring costs dwindle and cost initiatives are fully realized. "We believe these cash flow levels are sufficient to meet the company's operational needs and continue to view the company's liquidity position as adequate, supported by its decent cash balance of $231 million as of year-end 2025 and a $500 million undrawn revolver maturing 2028. We expect cash outlays will be limited over the next 12 months, as the company does not have any amortizing debt, near-term debt maturities, or material liability payments, and we anticipate further uses of cash (e.g. common share repurchases) will be opportunistic. "The stable outlook reflects our expectation that credit metrics will remain elevated over the next 12 months, as it navigates ongoing restructuring expenses. We project S&P Global Ratings-adjusted leverage of around 5.6x in 2026, improving to 4.5x in 2027. We also forecast FOCF to debt to remain mid-single-digit percent in 2026 and exceed 10% in 2027." S&P could lower its rating on NCR Voyix over the next 12 months if S&P Global Ratings-adjusted EBITDA and FOCF don't improve because of: -- Operational challenges related to the ODM business transition; -- Higher-than-anticipated restructuring expenses; and/or Persisting growth challenges. In such a scenario, S&P would expect leverage to approach 6x or FOCF to debt fall below 5%. S&P said, "We could also downgrade NCR Voyix if we believe its business risk profile weakens. This could occur if new or existing players gain market share, displacing NCR Voyix as a leader in point-of-sale (POS) and self-checkout (SCO) technologies. However, we view this as a medium- to longer-term risk, given the inherent stickiness of POS and SCO hardware and software." While it is unlikely that S&P will raise its rating on NCR Voyix over the next 12 months because of elevated restructuring costs, it could upgrade the company if: -- It successfully manages its business operations following the ODM transition, executes planned cost-restructuring efforts, and experiences steady business performance resulting in sustainable EBITDA margin expansion; and -- Improves and sustains S&P Global Ratings-adjusted leverage below 4.5x and FOCF to debt above 10%. NDG NEW: Hires Kenneth E. Kaiser as General Bankruptcy Counsel -------------------------------------------------------------- NDG New Dating Game, Inc. filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Kenneth Kaiser, Esq., an attorney practicing in Palatine, Ill., as counsel. The attorney will render these services: (a) render legal advice with respect to the powers and duties of the Debtor; (b) prepare all necessary legal services as may be necessary proper; and (c) do necessary legal work regarding approval of the disclosure statement and plan. Mr. Kaiser received a retainer in the amount of $8,738 from the Debtor. The counsel will charge 300 per hour for its services. Mr. Kaiser disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Kenneth E. Kaiser, Esq. 502 N. Plum Grove Rd. Palatine, IL 60067 Telephone: (847) 991-6675 About NDG New Dating Game Inc. NDG New Dating Game, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04816) on March 18, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Kenneth E. Kaiser, Esq., represents the Debtor as counsel. NORDSTROM INC: S&P Alters Outlook to Positive, Affirms 'BB' ICR --------------------------------------------------------------- S&P Global Ratings revised the ratings outlook on Nordstrom Inc. to positive. S&P also affirmed its 'BB' issuer credit rating on Nordstrom, as well as our 'BB+' issue-level rating and '2' recovery rating on the existing secured notes. The positive outlook reflects that S&P could raise the rating if Nordstrom demonstrates a financial policy that maintains S&P Global Ratings-adjusted leverage below 3x. Nordstrom Inc.'s operating performance for 2025 exceeded S&P's expectations, including full repayment of the incremental debt used to fund its acquisition by the Nordstrom family and Mexican retailer El Puerto de Liverpool S.A.B. de C.V. S&P forecasts S&P Global Ratings-adjusted leverage of high-2x for fiscal 2026, assuming minimal dividends to its owners. Nordstrom fully repaid its incremental go-private debt at the end of fiscal 2025 (ended Jan 2026). S&P Global Ratings-adjusted debt to EBITDA was 2.8x at the end of fiscal 2025 (down from the low-3x at close), better than its initial forecast as Nordstrom repaid more debt in a shorter timeframe. S&P expected funded debt to increase by $1 billion to $3.6 billion for the 2025 go-private transaction, including a $581 million SPV loan and a $450 million ABL draw. At close, more cash was used to fund the transaction and the SPV loan was lowered to $367 million. At the end of 2025, the ABL balance was completely repaid, after the initial draw and an additional intrayear draw to fully repay the SPV loan. S&P now forecasts leverage of high-2x for fiscal 2026 as profitability levels and cash flow metrics remain consistent. Nordstrom has not established a clear financial policy under its new ownership. Liverpool, an investment-grade issuer with a 49.9% ownership stake, manages its own balance sheet prudently with leverage under 1.5x. Under the company's new ownership structure, the company repaid all of the incremental debt taken on for the go-private transaction, and S&P expects Nordstrom's secured debt will be repaid as it becomes due. However, it is still early in its ownership. Nordstrom has yet to establish a formal track record of financial policy that maintains leverage under 3x, and we apply a one-notch comparable ratings adjustment to incorporate this risk. S&P said, "We forecast leverage will remain below 3x in fiscal 2026, maintaining its EBITDA level and generating about $360 million in free operating cash flow (FOCF). We also assume dividends to the owners remain flat at $75 million a year. Given our forecast for FOCF in 2026, dividend payments could increase, which would decrease net cash and thus increase leverage." The Nordstrom and Nordstrom Rack brands are growing. Key demographics continue to spend on discretionary items such as women's apparel, activewear and footwear. Nordstrom grew net sales 1.8%, with comparable-store sales increasing 5% in fiscal 2025. Nordstrom Rack grew net sales 11%, with comparable store sales increasing 8.5%. Revenue growth was supported by 22 new stores and a 7.1% increase in gross merchandise value for the year as the company focuses on lean inventory and less promotional selling. The company plans to open approximately 30 new Nordstrom Rack locations in 2026 as it continues to be the faster growing banner. Performance at both banners for fiscal 2025 outpaced the rest of the department store landscape but is similar to Bloomingdale's (comparable store sales growth of 7.4%). S&P believes both Nordstrom Inc. and Bloomingdale's are benefiting from the Saks Global bankruptcy, which made luxury inventory available to both. Furthermore, the Nordstrom Rack banner is benefiting from a trade-down from the higher income cohorts, as well as providing an entry point for middle-income demographics. S&P forecasts revenue growth of mid-2% for 2026 as macroeconomic and geopolitical pressure weighs on consumer sentiment. While consumers have remained resilient over the last few years, particularly at the income levels that both brands cater to, another year of inflation could cause discretionary spending to decline. Cash flow generation supports Nordstrom Rack expansion efforts. Nordstrom generated $1.3 billion in cash flow from operations (CFO) in fiscal 2025, similar to 2024. The company continues to spend meaningfully on capital expenditures (capex), primarily to open new Nordstrom Rack stores, renovate and maintain existing stores, and invest in technology. S&P said, "Our FOCF forecast incorporates $525 million-$550 million of annual capex. Moreover, we forecast annual FOCF of at least $350 million, the majority of which will likely fund an annual dividend to it's owners of at least $75 million, as well as repay debt. Upcoming debt maturities include $350 million of notes in fiscal 2027 and $300 million in 2028. We forecast the debt will be paid upon maturity, permanently reducing its debt burden." Department stores remain vulnerable to economic conditions, such as weakening consumer sentiment and persistent inflation. In addition, long-term changes in consumer apparel-buying habits will be difficult to navigate, which increases the potential for operational missteps. Other long-term risks for the wider department store space are declining physical store traffic, shifting category preferences, and online price transparency. While Nordstrom still leads the industry in omnichannel capabilities, a continued shift to online shopping and competition from off-price players could pressure traffic at brick-and-mortar locations and margins. The positive outlook reflects that S&P could raise the ratings over the next 12 months if Nordstrom maintains EBITDA and generate strong cash flow leading to leverage sustained below 3x. In this scenario, Nordstrom will have demonstrated a track record and commitment to sustaining leverage below 3x. S&P could revise its outlook back to stable if S&P Global Ratings-adjusted leverage sustains above 3x. This could occur if: -- A worsening macroeconomic environment or operational missteps weaken sales across both its full-line and off-price segments and deteriorates profitability; or -- Its financial policy becomes more aggressive, including deploying a significant amount of cash toward dividends to its owners. S&P could raise its rating on Nordstrom if S&P Global Ratings-adjusted leverage remains below 3x or S&P views its business risk more favorably. This could occur if: -- It demonstrates a track record of outperforming the industry with stable, organic growth across its full-line and off-price segments, and it continues to expand Nordstrom Rack successfully; or -- The company adopts a clear financial policy that aligns with leverage likely to remain below 3x, such as paying down debt while maintaining sufficient cash on balance sheet to preserve its financial flexibility when business conditions are uncertain. NORTH STAR: Antares PCF Marks CAD$1.5MM 1L Loan at 27% Off ---------------------------------------------------------- Antares Private Credit Fund has marked its CAD$1,544,000 loan extended to North Star Acquisitionco, LLC to market at CAD$1,125,000 or 73% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Term Loan extended to North Star Acquisitionco, LLC. The 1L Loan accrues interest at a rate of C + 4.50%, 6.77% per annum. The 1L Loan matures on May 3, 2029. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About North Star Acquisitionco, LLC North Star Acquisitionco, LLC provides educational services. The Company operates in the United States. NORTHWEST BIOTHERAPEUTICS: Delays 2025 Annual Report on Form 10-K ----------------------------------------------------------------- Northwest Biotherapeutics, Inc. has determined that it is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, within the time period prescribed. During the final stages of the 10-K preparation process, complex issues related to the Company's acquisition of Advent BioServices were encountered, including due to differences in UK GAAP and US GAAP. The Company is working to file the 2025 Annual Report as soon as is reasonably practicable. About Northwest Biotherapeutics Northwest Biotherapeutics, Inc., is a biotechnology company focused on developing personalized immunotherapy products that are designed to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis. The Company has a broad platform technology for DCVax dendritic cell-based vaccines. The Company's lead program involves DCVax-L treatment for glioblastoma (GBM). GBM is the most aggressive and lethal form of primary brain cancer, and is an "orphan disease." The Company has completed a 331-patient Phase III trial of DCVax-L for GBM, presented the results in scientific meetings, published the results in JAMA Oncology and submitted a MAA for commercial approval in the UK. The MAAA is currently undergoing review. The Company has also developed DCVax-Direct for inoperable solid tumor cancers. It has completed a 40-patient Phase I trial and, as resources permit, plans to pursue Phase II trials. The Company previously conducted a Phase I/II trial with DCVax-L for advanced ovarian cancer together with the University of Pennsylvania. Tampa, Florida-based Cherry Bekaert LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 5, 2024, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $30.6 million in total assets, $125.9 million in total liabilities, and $108.6 million in total stockholders' deficit. NOVA HOME: Seeks to Hire Vineyard Law Group as Bankruptcy Counsel ----------------------------------------------------------------- Nova Home Health Services LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Vineyard Law Group as counsel. The firm will render these services: a. advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; b. represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; c. assist in compliance with the requirements of the Office of the United States trustee; d. provide legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; e. assist the Debtor in the administration of the estate's assets and liabilities; f. prepare necessary legal documents of behalf of the Debtor; g. assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; h. provide advice concerning the claims of secured and unsecured creditors, prosecution and defense of all actions; and i. prepare, negotiate, prosecute and attain confirmation of a plan of reorganization. The firm will be paid $2,500 per month for its services. Lotfy Mrich, Esq., an attorney at Vineyard Law Group, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Lotfy Mrich, Esq. Vineyard Law Group 337 North Vineyard Avenue, Suite 217 Ontario, CA 91764 Tel: (909) 972-8458 Fax: (909) 906-2033 Email: vineyardlawyers@gmail.com About Nova Home Health Services LLC Nova Home Health Services LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11218) on February 20, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Magdalena Reyes Bordeaux presides over the case. Lotfy Mrich, Esq. at Vineyard Law Group serves as the Debtor's counsel. NOVAE LLC: Moody's Lowers CFR to Caa1 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded the ratings of Novae LLC (Novae), including its corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, and its rating on the senior secured bank credit facilities to Caa1 from B3. The outlook was changed to stable from negative. The downgrade reflects Moody's expectations that Novae's liquidity will remain constrained, driven by negative free cash flow generation and limited availability under its revolving credit facility. Although Moody's expects free cash flow to turn modestly positive in 2026, liquidity remains pressured in the near term. At the same time, soft demand for its open and enclosed trailers has pressured earnings, keeping leverage elevated. As of September 30, 2025, debt to LTM EBITDA was 8.2x, while EBITA to interest coverage remained weak at 1.0x. Moody's expects debt-to-EBITDA to remain high at around 7.5x by year end 2026, further limiting the company's financial flexibility to absorb adverse operating or market developments. The stable outlook reflects Moody's expectations that Novae will demonstrate gradual revenue growth over the next 12–18 months, while liquidity remains constrained. Governance was a key consideration for this rating action. Governance factors including aggressive financial strategies and risk management practices resulted in very high financial leverage. The credit impact score was revised to CIS-5 from CIS-4 to reflect these risks. The CIS-5 indicates that the rating is lower than it would have been if ESG risk exposures did not exist and that the negative impact is more pronounced than for issuers scored CIS-4. RATINGS RATIONALE Novae's ratings reflect its relatively modest revenue scale and exposure to cyclical end markets, offset by its solid competitive position as a trailer manufacturer in a highly fragmented industry. The company produces a broad range of open and enclosed trailers and primarily distributes its products through a wholesale dealer network. While Novae benefits from long standing dealer relationships, demand visibility can be limited at times. Moody's expects revenue to decline by approximately 4% in 2025, reflecting elevated dealer inventory levels and continued price discounting. In 2026, however, Moody's anticipates a return to gradual revenue growth, supported by incremental contributions from the Aluma acquisition closed in January 2026, some recapture of dealer share, expansion of company owned retail locations, and new product offerings. Additionally, replacement demand related to trailers purchased during the post pandemic sales surge could provide further support to demand beyond 2026. Despite its smaller scale, Novae has historically generated solid profitability, aided by customization capabilities across portions of its trailer portfolio. While EBITA margins were relatively stable historically at around 15-17%, they have weakened over the past two years to around 12% amid softer demand conditions. Moody's expects margins to remain under pressure in 2026, reflecting ongoing pricing discounts and inflation related increases in raw material costs. This pressure is partially mitigated by the company's ability to adjust its cost structure and align capacity with lower demand levels. Moody's expects Novae to maintain adequate liquidity over the next 12–18 months, although with limited cushion. Novae's liquidity is primarily supported by its cash balance of $10 million and $30 million of availability under its revolving credit facility as of September 2025. Moody's expects free cash flow to remain negative in 2025, driven by inventory build outs tied to elevated input costs and the expansion of company owned retail locations. Moody's expects modest capital expenditures and normalized working capital will support a return to positive $4-5 million of free cash flow in 2026 as earnings gradually improve. Also, there are no material debt maturities in the next two years. Nevertheless, any material deterioration in liquidity beyond current expectations may pressure the ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with sustained earnings growth that results in stronger credit metrics, in conjunction with sizable growth in the company's scale and improved revenue diversification. The ratings could also be upgraded if Moody's expects debt-to-EBITDA sustains below 6.5x, EBITA-to-interest approaches 1.5x, and the company sustains positive free cash flow. The ratings could be downgraded if weak end market demand persists and Novae's earnings deteriorate further, thus increasing the risk the company may undertake a debt restructuring. The ratings could also be downgraded if Novae's EBITA erodes and liquidity fails to improve, with strained free cash flow leading to reliance on the revolving credit facility. Novae LLC, based in Markle, IN, is a manufacturer of professional-grade trailers and operates about 20 manufacturing facilities in the US. Revenue was approximately $414 million for the twelve months ended September 30, 2025. Novae LLC is majority-owned by Brightstar Capital Partners, a private equity firm. The principal methodology used in these ratings was Manufacturing published in September 2025. NOVEP LLC: Seeks to Hire Ure Law Firm as Bankruptcy Counsel ----------------------------------------------------------- NOVEP LLC seeks approval from U.S. Bankruptcy Court for the Central District of California to hire Thomas B. Ure of Ure Law Firm to serve as general bankruptcy counsel. Mr. Ure will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of the case and operation of the Debtor's estate as a debtor-in-possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports, and other legal documents on behalf of the Debtor; (g) assist in the collection of accounts receivable and other claims and resolve claims against the estate; (h) provide advice concerning the claims of secured and unsecured creditors, including prosecution and/or defense of actions; and (i) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. The attorney and his law firm staff will be paid at these rates: Thomas B. Ure $495 per hour Associates $295 per hour Paralegals $195 per hour Law clerks $95 per hour He received a retainer in the amount of $$14,238. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas B. Ure, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. He can be reached at: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 About NOVEP LLC NOVEP LLC is a limited liability company. NOVEP LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10572) on February 24, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. OAK GROVE: To Sell Georgia Properties to Salo Elbaum for $1.2MM --------------------------------------------------------------- Oak Grove Stor-All, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to sell Property free and clear of liens, claims, interests, and encumbrances. Debtor is a Georgia limited liability company. Debtor owns commercial real properties in Lumpkin County, Georgia located at 935 Oak Grove Rd, Dahlonega, GA 30533 and and 975 Oak Grove Rd, Dahlonega, GA 30533. The Property is used for the operation of a storage unit facility. The Debtor employs Paul Hanna of Jones Lang LaSalle Brokerage, Inc. and and Josh Koerner of Coastal Storage Group, LLC as real estate brokers to market the Property for sale. The Listing Agreement provides for a total commission of 6%, which is to by divided among the Brokers as follows: 84% payable to Coastal Storage and 16% payable to JLL Brokerage. The Debtor enters into a Commercial Purchase and Sale Agreement dated April 2, 2026, with Salo Elbaum or his assignee or entity for Purchaser's purchase of the Property for the purchase price of $1,200,000.00, with a closing date of April 30, 2026. Debtor has marketed the Real Property to various potential buyers. Debtor shows that the transaction represents the highest and best offer available and that the Purchase Price represents the fair market value of the Real Property. The lienholders of the Property are Bank of the Ozarks, Access to Capital for Entrepreneurs, Inc., Teal Holdings, LLC, and the U.S. Small Business Administration. Overview of the proceeds of the sale is also provided. https://urlcurt.com/u?l=1sbaU1 At Closing, Debtor will additionally be responsible for paying Debtor’s Broker's Commission as a Closing Cost. Debtor discloses that the Purchaser is an acquaintance of the principals of Debtor. The Purchaser is a businessman in Dahlonega, Georgia and operates other storage facilities in the area. The Purchaser, or an entity in which Purchaser holds an interest, is also a landlord who leases premises to Etowah Meadery Corp., an entity owned by Blair Housley, a 25% owner of Debtor. About Oak Grove Stor-All LLC Oak Grove Stor-All, LLC operates a storage facility in Dahlonega, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20015) on January 5, 2026. In the petition signed by Blair Housley, chief executive officer, the Debtor disclosed up to $1 million in both assets and liabilities. Judge James R. Sacca oversees the case. Bethany Strain, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. ODYSSEY MARINE: Posts $48.5MM Loss in 2025, Going Concern Remains ----------------------------------------------------------------- Odyssey Marine Exploration, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Tampa, Florida-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred a net loss of $48.5 million during the year ended December 31, 2025, and as of that date, the Company's current liabilities exceeded its current assets by $7.3 million, and its total liabilities exceeded its total assets by $75.5 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. Odyssey said, "We have experienced several years of net losses and may continue to do so. Our ability to generate net income or positive cash flows for the next twelve months is dependent upon financings, our success in developing and monetizing our interests in mineral exploration entities, and generating income from contracted services and exploration charters." "Our 2026 business plan requires us to generate new cash inflows to effectively allow us to perform our planned projects. We continually plan to generate new cash inflows through the monetization of our equity stakes in seabed mineral companies, financings, syndications or other partnership opportunities. If cash inflow ever becomes insufficient to meet our projected business plan requirements, we would be required to follow a contingency business plan based on curtailed expenses and fewer cash requirements. "In December 2024, we amended the March 2023 Notes and the December 2023 Notes to, among other items, extend the maturity date of our obligations, and add a conversion feature, thereby deferring a material cash need. The holders of March 2023 Notes and the December 2023 Notes have exercised their right to convert the notes in full, which alleviated our need for cash to repay the notes on their December 31, 2025 and April 1, 2026 maturity dates. In addition, on December 23, 2024, we entered into a Securities Purchase Agreement pursuant to which the Company issued and sold an aggregate of 7,377,912 shares of Common Stock to certain accredited investors at a purchase price of $0.55 per share. The aggregate purchase price for the shares, before deduction of the Company's expenses associated with the transaction, was approximately $4.1 million. The proceeds of that sale of Common Stock, together with other anticipated cash inflows, provided sufficient operating funds into the second quarter of 2025. The SPA further provided the investors with the right, but not the obligation, to purchase an additional 7,220,141 shares of Common Stock at a purchase price of $1.10 per share at a subsequent closing to be held on July 31, 2025, or such later date agreed by the Company and the purchasers who purchased at least a majority of the initial shares under the SPA. "During the year ended December 31, 2025, purchasers exercised their options to purchase 6,975,488 additional shares of Common Stock under the SPA at $1.10 per share, for an aggregate purchase price of $7.7 million. "During the year ended December 31, 2025, holders of the Company's warrants to purchase Common Stock exercised their warrants to purchase 1,318,391 shares of Common Stock at a weighted-average price per share of $1.11, for an aggregate purchase price of $1.5 million. Sales of Common Stock pursuant to exercises of warrants and stock options are expected to provide sufficient operating funds through the short term. "Our consolidated non-restricted cash balance at December 31, 2025, was $3.5 million. We had a working capital deficit at December 31, 2025, of $7.3 million. The total consolidated book value of our assets was approximately $15.8 million at December 31, 2025, which included the cash balance of $3.5 million." Although the steps taken by management provide liquidity to the Company and position the Company to continue operating, the doubt about the Company's ability to continue as a going concern has not been alleviated. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/bdz94pe5 About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. As of December 31, 2025, the Company had $15.8 million in total assets, $91.4 million in total liabilities, and $75.5 million in total stockholders' deficit. OLIN CORP: S&P Raises Senior Secured Term Loan Rating to 'BB+' -------------------------------------------------------------- S&P Global Ratings raised its issue-level rating on the Olin Corp.'s term loan and revolving credit facility (which are now senior secured) to 'BB+' from 'BB'. The '2' recovery rating indicates its expectation for substantial recovery (70%- 90%; rounded estimate: 85%) in the event of a payment default. Additionally, S&P affirmed its 'BB' issue-level rating on the unsecured notes. S&P's '4' recovery rating (30%-50%; rounded estimate: 35%) reflects its expectation for average recovery in the event of a payment default. The 'BB' issuer credit rating remains unchanged. The negative outlook reflects S&P's expectation that Olin's credit metrics will remain weak for the rating in 2026 as depressed demand and rising raw material costs more than offset the benefits from its cost-reduction measures. In the first quarter of 2026, Olin Corp. executed an amendment to its senior credit facility. The amendment provided the company with covenant relief through Sept. 30, 2027, and required obligations under the company's credit agreement to be guaranteed by certain domestic subsidiaries and secured by liens on certain collateral. S&P said, "We updated our recovery to reflect the secured nature of the credit facility following the amendment to the existing credit agreement in the first quarter. The company's secured debt includes a $1.2 billion revolving credit facility and $528 million term loan. Given these claims now rank above the company's existing unsecured notes, we raised the rating on both the revolver and term loan to 'BB+' from 'BB.' The unsecured notes remain 'BB.'" ORANGE COURIER: Trustee Taps Levene Neale as Bankruptcy Counsel --------------------------------------------------------------- David K. Gottlieb, Chapter 11 trustee for Orange Courier, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to retain Levene, Neale, Bender, Yoo & Golubchik, L.L.P., as general bankruptcy counsel. The firm's services include: a. advising the Trustee with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the OUST as they pertain to this case; b. advising the Trustee with regard to certain rights and remedies of the bankruptcy estate and the rights, claims and interests of creditors; c. representing the Trustee in any proceeding or hearing in the Bankruptcy Court involving this estate unless the Trustee is represented in such proceeding or hearing by other special counsel; d. assisting the Trustee to examine witnesses, claimants or adverse parties and represent the Trustee in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Trustee in the preparation of reports, applications, pleadings and orders including, but not limited to objections to claims, settlements and other matters relating to this case; f. investigating, evaluating, and prosecuting objections to claims as may be appropriate; g. assisting the Trustee to analyze the various leases and financing agreements in this case and to determine the rights of the counter-parties; h. assisting the Trustee to analyze the assets of this estate that are available to be sold or otherwise monetized to maximize creditor recovery; and i. performing any other services which may be appropriate in LNBYG's representation of the Trustee during this bankruptcy case. LNBYG will be paid at these 2025 standard hourly rates: David L. Neale 750 Ron Bender 750 Timothy J. Yoo 750 David B. Golubchik 750 Eve H. Karasik 750 Gary E. Klausner 750 Eric P. Israel 750 Brad D. Krasnoff 750 Edward M. Wolkowitz 750 Beth Ann R. Young 750 Monica Y. Kim 725 Philip A. Gasteier 725 John N. Tedford, IV 725 Daniel H. Reiss 725 Todd A. Frealy 725 Kurt Ramlo 725 Richard P. Steelman, Jr. 725 Juliet Y. Oh 725 Todd M. Arnold 725 Krikor J. Meshefejian 725 John-Patrick M. Fritz 725 Joseph M. Rothberg 725 Jeffrey Kwong 725 Michael D'alba 725 Carmela T. Pagay 700 Anthony A. Friedman 700 Lindsey L. Smith 650 Robert Carrasco 550 Paraprofessionals 300 LNBYG is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ron Bender, Esq. Monica Y. Kim, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: rb@lnbyg.com myk@lnbyg.com About Orange Courier Inc. Orange Courier, Inc. provides same-day delivery, trucking, warehousing, and logistics services from its base in La Mirada, California. It operates as a for-hire interstate motor carrier handling property freight under federal transportation authority. It serves commercial customers across Southern California and surrounding regions through courier, distribution, and freight transport operations. Orange Courier sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20443) on November 21, 2025, listing up to $10 million in both assets and liabilities. Evell Tara Stanley, president of Orange Courier, signed the petition. Judge Deborah J. Saltzman oversees the case. Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc., represents the Debtor as bankruptcy counsel. ORANGE COURIER: Trustee Taps Resolution Financial Advisors ---------------------------------------------------------- David K. Gottlieb, Chapter 11 trustee for Orange Courier, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to retain Resolution Financial Advisors LLC as financial advisor. The firm will render these services: (i) Manage and interface with the Debtor's internal accounting team, including: a. Conversion from QuickBooks local to online edition, b. Creation of a 13-week cash flow and budgeting, and c. Establish daily/weekly reporting for Sales, AR and AP; (ii) Prepare a historical analysis of the first 120 days since the bankruptcy filing to ensure accuracy of prior reporting; (iii) Oversee receipts and disbursements of the Debtor; (iv) Recommend to the Trustee disbursements in the ordinary course of business and provide regular reporting of same to the Trustee; (v) Prepare budgets, as needed, for submission to the Bankruptcy Court; (vi) Prepare Monthly Operating Reports ("MORs") for submission to the Bankruptcy Court; (vii) Communicate and interface with the Debtor's management team, its Board of Directors and its lenders as appropriate and as directed by the Trustee; and (viii) Such other services as the Trustee and Resolution mutually agree to. The firm will be paid as follows: a. $550 per hour for Mr. Klausner and Ms. Nertea and other Resolution personnel as may be required. b. Reimbursement for documented out-of-pocket expenses, such as travel expenses, or copying costs (provided that Resolution shall not incur more than $5,000 in expenses without the Trustee's prior written consent) and which are reimbursable within the Guidelines of the Office of the United States Trustee. Jeffery Klausner, a partner of Resolution Financial Advisors LLC, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Jeffery Klausner Resolution Financial Advisors LLC 11400 W. Olympic Blvd. Suite 200 Los Angeles, CA 90064 Tel: (310) 526-7052 Email: jklausner@resolutionfa.com About Orange Courier Inc. Orange Courier, Inc. provides same-day delivery, trucking, warehousing, and logistics services from its base in La Mirada, California. It operates as a for-hire interstate motor carrier handling property freight under federal transportation authority. It serves commercial customers across Southern California and surrounding regions through courier, distribution, and freight transport operations. Orange Courier sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20443) on November 21, 2025, listing up to $10 million in both assets and liabilities. Evell Tara Stanley, president of Orange Courier, signed the petition. Judge Deborah J. Saltzman oversees the case. Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc., represents the Debtor as bankruptcy counsel. PERFORCE SOFTWARE: Antares PCF Marks $2MM 1L Loan at 15% Off ------------------------------------------------------------ Antares Private Credit Fund has marked its $2,015,000 loan extended to Perforce Software, Inc. to market at $1,711,000 or 85% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Term Loan extended to Perforce Software, Inc. The 1L Loan accrues interest at a rate of S + 4.75%, 8.42% per annum. The 1L Loan matures on March 21, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Perforce Software, Inc. Perforce Software, Inc. designs and develops software solutions. The Company offers application lifecycle management, codeless automation, API, audit and compliance, and IT infrastructure solutions. Perforce Software serves customers worldwide. PLANET GREEN: Widens Net Loss to $26.98MM in Fiscal 2025 -------------------------------------------------------- Planet Green Holdings Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $26,975,710 for the year ended December 31, 2025, compared to a net loss of $7,329,056 for the year ended December 31, 2024. Net revenues for the year ended December 31, 2025, was $3,040,616 compared to $4,692,664 in the prior period. Irvine, California -based YCM CPA INC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company records an accumulated deficit as of December 31, 2025, and currently has a working capital deficit, continued net losses and negative cash flows from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had an accumulated deficit of $175,029,363, a working capital deficit of $7,070,747, its net cash used in operating activities from continuing operations for the year ended December 31, 2025 was $1,786,297. Management's plan for the Company's continued existence is dependent upon management's ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private placements or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/yyp4teub About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. As of December 31, 2025, the Company had $10,209,878 in total assets, $12,379,921 in total liabilities, and $2,170,043 million in total stockholders' deficit. POLAR POWER: Delays 2025 10-K Filing Due to Staffing Shortages -------------------------------------------------------------- Polar Power, Inc. has determined that it is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, with the U.S. Securities Exchange Commission by the prescribed due date. The Company has experienced a delay in completing its financial statements and other disclosures in the Annual Report due to staffing shortages. As a result, the Company requires additional time for compilation of the required information to complete the Annual Report and ensure adequate disclosure of certain information required to be included in the Annual Report. About Polar Power, Inc. Headquartered in Gardena, California, Polar Power, Inc. -- http://www.polarpower.com-- designs, manufactures, and sells DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle charging, marine and industrial. The Company is continuously diversifying its customer base and are selling its products into non-telecommunication markets and applications at an increasing rate. In its report dated March 31, 2025, the Company's auditor Weinberg & Company, P.A., issued a "going concern" qualification citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and incurred negative operating cash flows. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.3 million in total assets, $9.4 million in total liabilities, and $2.9 million in total stockholders' equity. POSH QUARTERS: Commences Chapter 11 Bankruptcy in Florida --------------------------------------------------------- On April 7, 2026, Posh Quarters, LLC filed for Chapter 11 protection in the Middle District of Florida Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Posh Quarters, LLC Posh Quarters, LLC is a limited liability company that may operate in the hospitality, lodging, or short-term rental sector, offering upscale accommodations or property management services. Posh Quarters, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01497) on April 7, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler. POSITRON CORP: Salberg & Company Raises Going Concern Doubt ----------------------------------------------------------- Positron Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Since inception, the Company has sustained substantial losses. Revenues have also fluctuated significantly from year to year. For the year ended December 31, 2025, the Company had a net loss of $10,603,392, or ($0.34) per share, compared to a net loss of $2,379,092, or ($0.09) per share, for the year ended December 31, 2024. Revenues for the year ended December 31, 2025, were $461,452 as compared to $587,500 for the year ended December 31, 2024. The decrease of $126,048 in revenue was primarily attributable to certain customers transitioning from fixed annual service agreements to time-and-materials service arrangements. This transition reflects the Company's efforts to accommodate customer preferences and evolving operational needs, including customers preparing to upgrade from PET-only systems to the PET-CT platform. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 31, 2026, citing that the Company had a net loss and used cash in operations of $10,603,392 and $4,700,299, respectively, in 2025 and had an accumulated deficit at December 31, 2025 of $144,937,079. These matters raise substantial doubt about the Company's ability to continue as a going concern. The Company will need to continue to increase sales and/or rental of systems and services to achieve profitability in the future. Recently the Company has achieved several sales milestones and expects the acceptance and demand of its new products will have a positive impact on the sales & service volumes and increased net margins for its future success, however, there is no assurance that the Company will be successful with sales in the future. The Company's ability to achieve its objectives is dependent on its ability to sustain and enhance its revenue stream and/or to raise capital until such time as the Company achieves profitability. To date, management has been successful in raising capital as needed for the continued operations of the Company. There is no guarantee that management will be able to continue to raise capital if needed in the future, and if able to raise these funds, obtaining this capital may not be on favorable terms. The Company has cash on hand of $2,520,466 at December 31, 2025. The Company does not expect to generate sufficient revenues and positive cash flow from operations sufficiently to meet its current obligations. However, the Company may seek to raise debt or equity-based capital at favorable terms, though such terms are not certain. These factors create substantial doubt about the Company's ability to continue as a going concern within the 12-month period subsequent to the date that these financial statements are issued. Management's strategic plans include the following: * Operational Execution Continue to enhance and expand the Company's business operations, including scaling commercial activities, supporting system deployments, and strengthening organizational capabilities. * Expansion in Nuclear Cardiology Increase market penetration within nuclear cardiology through the commercialization of the Company's PET-CT imaging system, which is designed to provide enhanced clinical capabilities and support improved diagnostic performance. * Expansion into Oncology Enter the oncology imaging market with the Company's PET-CT system, which is designed to offer a combination of performance, compact design, and cost efficiency for hospitals, imaging centers, and physician practices. * Geographic Expansion Pursue opportunities to expand into markets outside of North America, subject to applicable regulatory approvals and market conditions. * Strategic Partnerships Evaluate and pursue strategic relationships and partnership opportunities that may enhance the Company's product offerings, distribution capabilities, and market reach. * Capital Markets Strategy Pursue an uplisting to a more prominent public market, subject to meeting applicable listing requirements, to enhance visibility and access to capital. At December 31, 2025, the Company had current assets of $3,339,186 and total assets of $3,999,649 compared to December 31, 2024, when current assets were $1,352,451 and total assets were $1,800,530. The increase in current assets is attributable primarily to an increase in cash offset by inventory write-downs for the year ended December 31, 2025. Current liabilities at December 31, 2025, were $2,402,141 compared to $2,432,953 at December 31, 2024. At December 31, 2025 and 2024, current liabilities were largely comprised of accounts payable and accrued expenses with 3rd parties and related parties, deferred revenues, notes and other debt as well as its operating lease. Net cash used in operating activities during the year ended December 31, 2025, was $4,700,299 compared to $1,730,862 used in operating activities during the year ended December 31, 2024. Net cash used in investing activities during the year ended December 31, 2025, was $99,026, used for purchase of fixed assets compared to $0 used in investing activities during the year ended December 31, 2024. Net cash provided by financing activities was $7,250,000 and $1,700,000 for the year ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, cash from financing activities comprised $10,000,000 from sales of common stock, $100,000 proceeds from note payable - related party (Board Director), $350,000 of repayments on notes payable - related party (Board Director), and $2,500,000 cash paid to repurchase and retire common stock. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4cv7d25m About Positron Corporation Positron is a medical technology company that co-develops, manufactures and sells PET and PET-CT imaging systems, delivering high-performance, cost-effective molecular imaging solutions that empower healthcare providers to improve the diagnosis and treatment of cardiovascular disease and other critical conditions. By combining proprietary PET and PET-CT systems with comprehensive clinical and technical support, flexible financing, and a focus on operational efficiency, Positron makes advanced diagnostic imaging more accessible and sustainable for hospitals, outpatient centers, and physician practices. As of December 31, 2025, the Company had $3,999,649 in total assets, $2,555,827 in total liabilities, and total stockholders' equity of $1,443,822. POWER REIT: Reports $2.8MM Net Loss for 2025, Going Concern Remains ------------------------------------------------------------------- Power REIT filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting for the fiscal year ended December 31, 2025, a net loss attributable to common shareholders of $2.8 million. For the fiscal year ended December 31, 2024, the Trust had a net loss attributable to common shareholders of $25.4 million. Revenue during the fiscal years ended December 31, 2025 and 2024 was $2 million and $3 million, respectively. There can be no assurance that the Trust will be able to generate sufficient revenue to pay its expenses or generate net income. Houston, Texas-based MaloneBailey, LLP, the Trust's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Trust has suffered recurring losses, recurring negative cash flow from operations and reduced revenues that raise substantial doubt about its ability to continue as a going concern. On a consolidated basis, the Trust's cash, cash equivalents and restricted cash totaled $2,235,306 as of December 31, 2025, an increase of $3,720 from December 31, 2024. As of December 31, 2025, it had an accumulated deficit of $51.9 million. As of December 31, 2025, the Trust had approximately $2.2 million of cash and approximately $452,000 of accounts payable and approximately $1.36 million of liabilities for assets held for sale. The Trust intends to continue to focus on maximizing the value of the greenhouse properties. This will include entering into new leases and selling properties based on market conditions. The Trust will also continue to focus on improving cash collections from existing tenants. In addition, the Trust is exploring strategic alternatives that may or may not include real estate investments in an effort to increase shareholder value. The Trust may also raise capital in the form of debt or equity to provide liquidity. However, the Trust cannot predict, with certainty, the outcome of these actions to generate liquidity. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3kd6j98e About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. As of December 31, 2025, the Company had $26.9 million in total assets, $21.8 million in total liabilities, and $5.1 million in total equity. PRESBYTERIAN HOMES: To Sell Louisville Property to RNJ Investments ------------------------------------------------------------------ Presbyterian Homes and Services of Kentucky, Inc. and its affiliate, and St. James Group, Inc., seek permission from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 2120 Buechel Bank Road, Louisville, Kentucky 40218. Debtors are nonprofit corporations organized under the laws of the Commonwealth of Kentucky. The Debtor opened the doors of its first facility, Rose Anna Hughes, in 1947 with its mission of service to others. Consistent with its mission, the Debtor provided assisted living and low income housing to seniors in the Pikeville and Louisville areas. St. James owns the real property on which the Debtor operates. Since the Petition Date, Debtors have been diligently seeking potential buyers of their assets, through their broker, Blueprint Healthcare Real Estate Advisors, LLC. The Debtors' remaining real property asset is the vacant building commonly known as 2120 Buechel Bank Road, frequently referred to in pleadings as the vacant building. On March 25, 2026, St. James executed a Purchase and Sale Agreement (PSA) with RNJ Investments, LLC for the purchase of the Vacant Building for $512,500.00. The PSA requires the deposit of earnest money totaling $20,000.00 with Commonwealth Title Insurance Company by March 27, 2026. The Inspection Period runs up through and including June 8, 2026 with closing to occur on or before June 23, 2026. The lienholders of the Property are Stock Yards Bank & Trust Company and 77 Years Part II LLC. The Debtors will give notice to each entity known to assert an interest in the Real Property, to-wit: SYB and 77 Years. At the closing of the proposed sale, the liens of the respective lienholders will attach to the sale proceeds as determined in accordance with their respective priorities under applicable law and the Debtors shall immediately remit payment to SYB in partial satisfaction of its liens under the SYB Mortgage. In addition, $5,125.00 will be escrowed out of the sale proceeds in order to remit payment for U.S. Trustee fees created as a result of the sale transaction. About Presbyterian Homes and Services of Kentucky, Inc. Presbyterian Homes and Services of Kentucky, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-33060) on December 15, 2024, listing up to $10 million in both assets and liabilities. Hattie H. Wagner, president and chief executive officer of Presbyterian, signed the petition. Judge Alan C. Stout oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP, represents the Debtor as legal counsel. Stock Yards Bank & Trust Company, as secured creditor, is represented by Edward M. King, Esq., and Jamie Brodsky, Esq., at Frost Brown Todd, LLP, in Louisville, Kentucky. Hardin KY Opco and Hardin KY Propco, as secured creditors, are represented by Mary Elisabeth Naumann, Esq., and Chacey R. Malhouitre, Esq., at Jackson Kelly, PLLC, in Lexington, Kentucky. PRISM PARENT: Antares PCF Marks $1.4MM 1L Loan at 61% Off --------------------------------------------------------- Antares Private Credit Fund has marked its $1,414,000 loan extended to Prism Parent Co. Inc. to market at $551,000 or 39% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Prism Parent Co. Inc. The 1L Loan accrues interest at a rate of S + 5.00%, 8.67% per annum. The 1L Loan matures on September 19, 2028. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Prism Parent Co. Inc. Prism Parent Co. Inc. is the corporate parent company of OYO, a global hospitality technology platform and hotel aggregator. PROFESSIONAL DIVERSITY: Widens Net Loss to $6.45M in Fiscal 2025 ---------------------------------------------------------------- Professional Diversity Network, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal 2025, reporting a net loss of $6,450,991 for the year ended December 31, 2025, compared to a net loss $2,511,965 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025 were $6,546,739 compared with $6,730,605 in the prior period. Hong Kong-based SR CPA & Co., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had cash and cash equivalents of approximately $217,000 compared to cash and cash equivalents of approximately $1,731,000 at December 31, 2024. The Company's principal sources of liquidity are the Company's cash and cash equivalents, including net proceeds from the issuances of Common Stock. As of December 31, 2025, the Company had a working capital deficit from continuing operations of approximately $4,043,000, compared to a working capital from continuing operations of approximately $271,000 as of December 31, 2024. The Company had an accumulated deficit of approximately $108,866,000 at December 31, 2025. During the years ended December 31, 2025, and 2024, the Company generated a net loss from continuing operations, net of tax, of approximately $6,511,000 and $2,595,000 and used cash from continuing operations of approximately $2,087,000 and $2,501,000. During 2025, the Company continued its focus on cost cutting initiatives and improving its overall profitability and shareholder value through new sales and marking initiatives and through strategic business collaborations. However, the Company has continued to generate negative cash flows from operations, and the Company expects to incur net losses for the short-term foreseeable future. The Company's ability to continue as a going concern is dependent on the Company's ability to further implement the Company's business plan of increased sales and market share through the generation of organic growth in revenues from the Company's existing operating segments, raise capital, and make strategic acquisitions. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. In the first quarter of 2024, the Company issued 4,022 shares of its Common Stock to Tumim Stone Capital in connection with its committed equity line program, at a price of approximately $23.60 per share, resulting in aggregate gross proceeds of $95,104. In the second quarter of 2024, the Company issued 18,467 shares of its Common Stock to Tumim Stone Capital in connection with its committed equity line program, at a price range of approximately $12.70 to $15.60 per share, resulting in aggregate gross proceeds of $239,885. In the third quarter of 2024, there was no Common Stock issuance to Tumim Stone Capital. In the fourth quarter of 2024, the Company issued 5,643 shares of its Common Stock to Tumim Stone Capital in connection with its committed equity line program, at a price range of approximately $8.30 per share, resulting in aggregate gross proceeds of $46,728. On February 25, 2025, the Company and Tumim Stone Capital both agreed to terminate the Common Stock Purchase Agreement in connection with the committed equity line program in accordance with Section 7.1 thereof, effective on the fifth business day thereafter. Consequently, no further shares of Common Stock will be sold under the Purchase Agreement. In June, 2024, the Company entered into a stock purchase agreement with Eighty-eight Investment LLC, a Delaware limited liability company wholly owned and controlled by Mr. Xin He, the Company's former Chief Executive Officer. This purchase of 100,000 shares of the Company's Common Stock at a price of $4.95 per share provided aggregate proceeds of $495,000. The purchase price represented the last consolidated closing bid price on the Nasdaq Capital Market prior to the execution of the agreement, in accordance with the requirements of Nasdaq Listing Rule 5635(c) and applicable Nasdaq interpretations. In September, 2024, the Company entered into a stock purchase agreement with Yu Tian, an individual and a resident of the People's Republic of China, in connection with the purchase by Yu Tian of 39,867 shares of Common Stock at a price of approximately $3.01 per share for aggregate gross proceeds of $120,000. In November 2024, the Company entered into a stock purchase agreement with a single institutional investor, in connection with the purchase thereby of 140,000 shares of Common Stock, and 110,000 pre-funded warrants to purchase Common Stock in a registered direct offering at a price of $8.00 per share (or $7.90 per Pre-Funded Warrant) for aggregate gross proceeds of $1,989,000. In December 2024, the Company entered into a Profit Participation Agreement with Koala Malta Limited, a private limited liability company registered under the laws of Malta to purchase a 6% right in QBSG Limited to receive all distributions and dividends which may be declared and/or distributed by the QBSG Limited on an annual basis in terms of applicable law, along with all rights, title, and interest from the Koala Malta Limited. The consideration of the profit participation is $1,200,000, including $700,000 cash and $500,000 value of the Company's Common Stock, or a total of 113,636 shares at a price of $4.40 per share. In addition to the 9% share purchase from QBSG Limited in September 2022, the Company now owns the right to receive 15% of all distributions and dividends by QBSG Limited. In December 2024, the Company entered into a stock purchase agreement with Aurous Vertex Limited, a British Virgin Islands company, in connection with the purchase by the Investor of 250,000 shares of Common Stock at a price of $6.00 per share for aggregate gross proceeds of $1.5 million. In the agreement, Aurous Vertex Limited has an option to purchase an additional 100,000 shares of Common Stock at a subsequent closing. The purchase price per share of the additional 100,000 shares of Common Stock will be the lesser of: (a) $6.00 per share and (b) the closing price of the Common Stock on the date that the Investor delivers its written notice to the Company of its election to purchase the Second Closing Shares. In February 2025, the Company received a Written Notice from a single institutional investor to exercise 110,000 Pre-Funded Warrants originally purchased in November 2024 at a price of $7.90 per warrant. In connection with the exercise, the institutional investor paid an additional $0.10 per share--bringing the total purchase price to $8.00 per share--for the issuance of 110,000 shares of Common Stock, resulting in additional gross proceeds of $11,000 to the Company. In February 2025, the Company entered into a stock purchase agreement with Boris Krastev Ventures UG, pursuant to which the Company shall acquire 1,000,000 shares of Common Stock of RemoteMore USA, Inc., a Delaware corporation for a purchase price of $300,000, which was paid to the Seller at the closing of the Acquisition through the issuance of 50,000 newly issued restricted shares of the Company's Common Stock, at a price of $6.00 per share. The closing of the Acquisition is subject to satisfaction of certain closing conditions set forth in the SPA. Prior to the Acquisition, the Company held 8,262,500 shares of the Target Company, representing a majority interest in the Target Company. Upon the closing of the Acquisition, the Company's ownership increased to approximately 82.625% of the Target Company's outstanding shares. In February 2025, Aurous Vertex Limited delivered a Written Notice to the Company exercising its option to purchase an additional 100,000 shares of Common Stock at a purchase price per share of $3.385, the closing price of the Company's Common Stock on February 25, 2025. On March 24, 2025, upon the satisfaction or waiver of the closing conditions, the Company issued an additional 100,000 shares of Common Stock to Aurous Vertex Limited. In March 2025, the Company filed a certificate of amendment to its amended and restated certificate of incorporation in order to implement a 10-for-1 reverse stock split, through which each ten shares of Common Stock issued and outstanding were combined and changed into one share of Common Stock. All share amounts and share prices in this annual report on Form 10-K have been adjusted to give effect to the reverse stock split. In July 2025, the Company completed a warrant exchange transaction pursuant to a Warrant Exchange Agreement with certain holder of 250,000 Series A warrants entered on June 30, 2025, each to purchase one share of the Common Stock of the Company, and 250,000 Series B warrants, each to purchase one share of Common Stock of the Company at an exercise price of $6.80 per share. The Warrants were issued on November 20, 2024 to the Holder in connection with a registered direct offering and concurrent private placement of warrants which closed on November 20, 2024. Pursuant to the Exchange Agreement, the Holder agreed to surrender 500,000 Warrants for cancellation and the Company agreed, in exchange, to issue an aggregate of 333,333 shares of Common Stock to the Holder. In August 2025, the Company secured approximately $320,000 of short-term debt, which is interest-free and non-material in amount. The proceeds from this financing are classified as a cash inflow from financing activities in the accompanying consolidated statements of cash flows. The debt was obtained to provide additional liquidity to support the Company's operations and strategic initiatives and does not impose any significant financial obligations. In September 2025, the Company entered into a copyright transfer agreement with High Wave Corp, under which High Wave agreed to assign to the Company the copyrights and related rights of 40 original musical works, including all copyrights and related rights such as reproduction, performance, broadcasting, and adaptation. The total purchase consideration is $10,000,000, payable in four installments between October 15 and November 30, 2025, with ownership of each batch of works transferring upon payment. High Wave warranted full ownership and non-infringement of the works, waived all moral rights, and agreed not to resell or license them. As of December 31, 2025, the Company had paid $3,700,000 under the High Wave Agreement to purchase 15 original musical works. On December 16, 2025, the Company entered into an amendment to the copyright transfer agreement, pursuant to which the Company retained the right, but not the obligation, to purchase the remaining 25 musical works for total consideration of $6,300,000. If the Company elects to proceed with such purchase, the Company and High Wave will mutually agree on the delivery schedule and payment terms for the remaining works. In September 2025, the Company entered into a securities purchase agreement with Streeterville Capital, LLC, a Utah limited liability company, pursuant to which the Company agreed to issue and sell to Streeterville shares of its Common Stock, in one or more pre-paid advance purchases for an aggregate purchase price of up to $20,000,000. The Company also agreed to issue to Streeterville 22,197 shares of Common Stock as consideration for Streeterville's commitment, after Shareholder Approval (as defined below) is obtained, and 227,500 shares of Common Stock for $2,275 as pre-delivery shares, which Pre-Delivery Shares were issued at the closing of the transactions contemplated by the Securities Purchase Agreement. The transactions closed on September 5, 2025. The proceeds from the Pre-Paid Purchases were expected to be used for working capital and other corporate purposes, including repayment of debt, strategic and other general corporate purposes. The Securities Purchase Agreement provides for an initial Pre-Paid Purchase in the principal amount of up to $8,655,000, an original issue discount of up to $640,000 and transaction expenses of $15,000, the terms of which are set forth on secured prepaid purchase #1. The Company received $3,397,725 in cash proceeds under the Initial Pre-Paid Purchase and $2,275 for the Pre-Delivery Shares on the Closing Date. The Initial Pre-Paid Purchase accrues interest at the rate of 8% per annum. Within 30 days after closing, Streeterville would fund the remaining $4,602,275.00 under the Initial Pre-Paid Purchase into a deposit account of the Company's wholly-owned subsidiary, IPDN Holdings, LLC, a Utah limited liability company, secured by a deposit account control agreement, a guaranty by IPDN Holdings, and a pledge agreement by the Company pledging 100% of the equity interests in IPDN Holdings, subject to certain conditions: (i) the DACA, the Guaranty and the Pledge Agreement are each executed and delivered to Streeterville, (ii) the Deposit Account has been opened, (iii) no Event of Default (as defined in the Initial Pre-Paid Purchase) under the Initial Pre-Paid Purchase has occurred, and (iv) trading in the Common Stock is not suspended, halted, chilled, frozen, reached zero bid or otherwise ceased trading on the Nasdaq Capital Market. On October 7, 2025, Streeterville funded the remaining $4,602,275.00 to the Deposit Account. In the fourth quarter of 2025, the Company issued 1,005,986 shares of its Common Stock to Streeterville Capital, LLC, at a price range of $1.31 to $2.70 per share, resulting in aggregate gross proceeds of $2,250,000. In September 2025, the Company entered into the Copyright Agreement with Streams Ohio, a non-affiliated accredited investor. Pursuant to the Streams Ohio Copyright Agreement, the Company agreed to acquire eight (8) original musical works from Streams Ohio. Under the terms of the Streams Ohio Copyright Agreement, consideration could be paid in cash, shares of the Company's Common Stock, or a combination thereof. The Board approved payment of the consideration through the issuance of 556,000 shares of Common Stock, with an aggregate value of approximately $1,629,080, based on the closing price of $2.93 per share on September 12, 2025, subject to the limitations of the Nasdaq Listing Rule 5635. The Copyright Shares were issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act, and/or Regulation D promulgated thereunder. The Streams Ohio Copyright Agreement contains customary representations, warranties, and covenants. In September 2025, the Company entered into the B&W Capital Consulting Agreement with B&W Capital, a non-affiliated accredited investor. Under the B&W Capital Consulting Agreement, the Company engaged the Consultant to provide strategic, business development, investor relations and capital markets advisory services for a period of 12 months, unless terminated earlier pursuant to the terms therein. As consideration for such services, the Board approved the issuance of 550,000 shares of Common Stock, also subject to the limitations of the Nasdaq Listing Rule 5635. The Consulting Shares were issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act and/or Regulation D promulgated thereunder. The B&W Capital Consulting Agreement contains customary representations, warranties and covenants. In November 2025, the Company entered into a copyright transfer agreement with Shohan Event Organizers Co., L.L.C., a non-affiliated accredited investor. Pursuant to the Copyright Agreement, the Company agreed to acquire five original musical works from the Copyright Seller. Under the terms of the Copyright Agreement, consideration could be paid in cash, shares of the Company's Common Stock, par value $0.01 per share, or a combination thereof. The board of directors of the Company approved payment of the consideration through the issuance of 927,600 shares of Common Stock, with an aggregate value of approximately $1,604,748, based on the closing price of $1.73 per share on November 24, 2025, subject to the limitations of Listing Rule 5635 of The Nasdaq Stock Market LLC. The Copyright Shares will be issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder. In November 2025, the Company entered into a consultancy agreement with Deeptrade PTY LTD, a non-affiliated accredited investor. Pursuant to the Consultancy Agreement, the Consultant agreed to provide the Company with professional consultancy services relating to the Company's intended expansion into Web3.0, digital asset, and real-world-asset platform for a total consideration of $1,616,000. Under the terms of the Consultancy Agreement, consideration could be paid in cash, shares of the Company's Common Stock, par value $0.01 per share, or a combination thereof. The board of directors of the Company approved payment of the consideration through the issuance of 898,000 shares of Common Stock, subject to the limitations of Listing Rule 5635 of The Nasdaq Stock Market LLC. The Consultancy Shares were issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder. The Consultancy Agreement contains customary representations, warranties and covenants. In December 2025, in connection with the closing of the Company's equity financing, the outstanding $150,000 convertible note issued in July 2025, together with accrued interest, was converted into 101,351 shares of the Company's common stock at a conversion price of $1.48 per share. Upon conversion, the carrying amount of the convertible note, including accrued interest, was reclassified to Common Stock and additional paid-in capital. No gain or loss was recognized upon conversion. In December 2025, the Company entered into a purchase agreement with DeeptradeX.ai, an Australian-based digital asset trading platform, pursuant to which the Company agreed to acquire an aggregate of 25,937,800 native utility digital tokens issued by the Seller. The DTT Tokens are intended to function as a medium of exchange for services on the Seller's Web3.0 digital asset platform and do not represent equity, debt, dividends, governance rights or profit-sharing interests. The total consideration for the DTT Tokens is $2,593,780, payable, at the Company's election, in cash, shares of Common Stock, or a combination thereof. The board of directors of the Company approved payment of the consideration through the issuance of 1,358,000 shares of Common Stock, subject to the limitations of Listing Rule 5635 of The Nasdaq Stock Market LLC and the shares were issued on January 2, 2026. The Consideration Shares was be issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act, and/or Regulation D promulgated thereunder. The DTT Tokens will be delivered to a wallet address designated by the Company and will be subject to a 12-month lock-up period followed by a 24-month linear vesting period, with releases occurring automatically pursuant to an immutable smart contract. The Purchase Agreement contains customary representations, warranties and covenants, including representations regarding regulatory compliance, token functionality and indemnification for certain regulatory matters. While the Company believes that the Company's cash and cash equivalents of approximately $217,000, at December 31, 2025, and cash flow from operations, may be sufficient to meet the Company's working capital requirements for the fiscal year 2026, the Company's available funds and cash flow from operations may not be sufficient to meet the Company's working capital requirements without the need to increase revenues or raise capital by the issuance of Common Stock. There can be no assurances that the Company's business plans and actions will be successful, that the Company will generate anticipated revenues, or that unforeseen circumstances will not require additional funding sources in the future or effectuate plans to conserve liquidity. Future efforts to raise additional funds may not be successful or they may not be available on acceptable terms, if at all. Cash and cash equivalents consist primarily of cash on deposit with banks and investments in money market funds. Management Commentary "During fiscal year 2025, the Company generated approximately $6.55 million in revenue, reflecting a 2.7% decline from the prior year amid a challenging macroeconomic and workforce environment," said Yiran Gu, CFO of Professional Diversity Network, Inc. "While weaker hiring demand, reduced employer spending, and lower membership activity impacted TalentAlly and NAPW's performance, growth in RemoteMore's contracted software development services, driven by increased demand for remote engineering and outsourced technical solutions, partially offset these declines." "Although our recently acquired copyright assets had not generated revenue as of December 31, 2025, we believe these investments position the Company to capture higher-growth, technology-enabled opportunities," said Xun Wu, CEO of Professional Diversity Network, Inc. "We are actively repositioning the business to diversify revenue streams and strengthen long-term financial performance." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/swejzkau About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. As of December 31, 2025, the Company had $17,867,569 in total assets, $6,685,309 in total liabilities, and total stockholders' equity of $11,182,260. PSC PARENT: Antares PCF Marks $292,000 1L Loan at 58% Off --------------------------------------------------------- Antares Private Credit Fund has marked its $292,000 loan extended to PSC Parent, Inc. to market at $124,000 or 42% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to PSC Parent, Inc. The 1L Loan accrues interest at a rate of S + 5.25%, 8.92% per annum. The 1L Loan matures on April 3, 2030. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About PSC Parent, Inc. PSC Parent, Inc. provides operational services for petrochemical and refining companies. PSC PARENT: Antares PCF Marks $387,000 1L Loan at 48% Off --------------------------------------------------------- Antares Private Credit Fund has marked its $387,000 loan extended to PSC Parent, Inc. to market at $203,000 or 52% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to PSC Parent, Inc. The 1L Loan accrues interest at a rate of S + 5.25%, 8.92% per annum. The 1L Loan matures on April 3, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About PSC Parent, Inc. PSC Parent, Inc. provides operational services for petrochemical and refining companies. RB MARKETPLACE: To Sell BMW Vehicle to Samuel Ramos --------------------------------------------------- RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor was the registered owner of the following vehicle 2021 BMW X3-M with a value of $42,100. The motor vehicle appears to be registered at the Puerto Rico Department of Transportation and Public Works, free and clear of liens, in the name of RB Marketplace Inc. The vehicle is encumbered with lien in favor of BMW Financial Services, who is owed the total amount of $29,140.39. The Debtor has received and accepted an offer for the purchase of the Property from Mr. Samuel Ramos for the amount of $34,155.39 to bought "where is and as is". The Buyer is the father of the President of Debtor, who has offered to purchase the vehicle as a cash sale. The purchase price has been delivered to the Debtor via direct payment to lienholder BMW Financial Services in the amount of $29,140,39, plus a payment of $5,000 delivered directly to the Debtor. The sum offered for the vehicle constitutes a fair and reasonable price, considering the age and condition of the motor vehicle. Buyer has also assumed all costs and expenses of the purchase and the transfer of the title in his name at the DTOP. The sale of the motor vehicle is beneficial to the bankruptcy estate as the Debtor will reduce its expenses and will also allow it to fund its operation with the necessary cash flow to comply with its obligation. About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-00982) on March 6, 2026. At the time of the filing, the Debtor disclosed up to $10,000,001 to $50 million in assets and $1,000,001 to $10 million in liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. is Debtor's counsel. REKOR SYSTEMS: Reports $31.46MM Loss for 2025, Warns of Cash Crunch ------------------------------------------------------------------- Rekor Systems, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $31,460,000 for the year ended December 31, 2025, compared to a net loss of $61,410,000 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $48,450,000 compared to $46,028,000 in the prior period. Morristown, New Jersey-based CBIZ CPAs P.C., the Company's auditor since 2019 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has generated losses and negative operating cashflows since its inception and has relied on external sources of financing to support the cash flow from operations. As of and for the year ended December 31, 2025, the Company had working capital of $1,640,000. Based on the Company's current business plan assumptions and the expected cash burn rate, the Company believes that the existing cash is insufficient to fund its current level of operations for the next 12 months. The Company received net proceeds of approximately $13,891,000 from the December 2025 Underwriting Agreement. The Company's ability to generate positive operating results and execute its business strategy will depend on: (i) its ability to continue the growth of its customer base (ii) its ability to continue to improve its quarterly financial metrics such as net loss and cash used from operating activities (iii) the continued performance of its contractors, subcontractors and vendors, (iv) its ability to maintain and build good relationships with investors, lenders and other financial intermediaries, (v) its ability to maintain timely collections from existing customers, and (vi) the ability to scale its business processes. To the extent that events outside of the Company's control have a significant negative impact on economic and/or market conditions, they could affect payments from customers, services and supplies from vendors, its ability to continue to secure and implement new business, raise capital, and otherwise, depending on the severity of such impact, materially adversely affect its operating results. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/5bjzkjxt About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. As of December 31, 2025, the Company had $85,387,000 in total assets, $42,517,000 million in total liabilities, and $42,870,000 in total stockholders' equity. REMEMBER ME: Court Extends Cash Collateral Access to May 14 ----------------------------------------------------------- Remember Me Senior Care, LLC received a two-month extension from the U.S. Bankruptcy Court for the Eastern District of Tennessee at Chattanooga to use cash collateral to fund its operations. The court entered its 10th interim order extending the Debtor's authority to use cash collateral from March 12 until the final hearing set for May 14. As adequate protection, Andrew Johnson Bank and other secured creditors will be granted replacement liens on the Debtor's post-petition property to the same extent and priority as their security interest in the Debtor's pre-bankruptcy property. In addition, the Debtor was ordered to make cash payment of approximately $89,000 to Andrew Johnson Bank on the due date set forth in their loan agreement. The 10th interim order granted the Debtor a carveout and authorized the Debtor to pay from the cash collateral fees and disbursements to bankruptcy professionals, and any fees payable to the Clerk of the Bankruptcy Court. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Ikx1P from PacerMonitor.com. Andrew Johnson Bank is represented by: Harry R. Cash, Esq. Grant, Konvalinka & Harrison, P.C. 633 Chestnut Street, Suite 900 Chattanooga, TN 37450-0900 423-756-8400 (Phone) 423-756-0643 (Fax) hcash@gkhpc.com About Remember Me Senior Care Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by: Jeffrey W. Maddux, Esq. Chambliss, Bahner & Stophel P.C. Liberty Tower 605 Chestnut Street, Ste. 1700 Chattanooga, TN 37450 Tel: 423-757-0296 Fax: 423-508-1296 jmaddux@chamblisslaw.com RIMKUS CONSULTING: Antares PCF Marks $1.2MM 1L Loan at 78% Off -------------------------------------------------------------- Antares Private Credit Fund has marked its $1,201,000 loan extended to Rimkus Consulting Group, Inc. to market at $264,000 or 22% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Rimkus Consulting Group, Inc. The 1L Loan accrues interest at a rate of S + 5.25%, 8.90% per annum. The 1L Loan matures on April 1, 2030. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Rimkus Consulting Group, Inc. Rimkus Consulting Group, Inc. operates a forensic engineering and technical consulting company. The Company provides environmental solutions, forensic, law sciences, and laboratory services to the corporations, insurance companies, law firms, governmental agencies, and healthcare industries. RIMKUS CONSULTING: Antares PCF Marks $2.2MM 1L Loan at 79% Off -------------------------------------------------------------- Antares Private Credit Fund has marked its $2,246,000 loan extended to Rimkus Consulting Group, Inc. to market at $468,000 or 21% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Rimkus Consulting Group, Inc. The 1L Loan accrues interest at a rate of S + 5.25%, 8.90% per annum. The 1L Loan matures on April 1, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Rimkus Consulting Group, Inc. Rimkus Consulting Group, Inc. operates a forensic engineering and technical consulting company. The Company provides environmental solutions, forensic, law sciences, and laboratory services to the corporations, insurance companies, law firms, governmental agencies, and healthcare industries. ROUTEWARE INC: Antares PCF Marks $1.4MM 1L Loan at 87% Off ---------------------------------------------------------- Antares Private Credit Fund has marked its $1,477,000 loan extended to Routeware, Inc. to market at $193,000 or 13% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Routeware, Inc. The 1L Loan accrues interest at a rate of S + 5.25%, 8.90% per annum. The 1L Loan matures on September 18, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Routeware, Inc. Routeware, Inc. offers solutions designed to support hauler and government waste and recycling operations at any stage of growth or development. ROUTEWARE INC: Antares PCF Marks $341,000 1L Loan at 80% Off ------------------------------------------------------------ Antares Private Credit Fund has marked its $341,000 loan extended to Routeware, Inc. to market at $68,000 or 20% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Routeware, Inc. The 1L Loan accrues interest at a rate of S + 5.25%, 8.92% per annum. The 1L Loan matures on September 18, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Routeware, Inc. Routeware, Inc. offers solutions designed to support hauler and government waste and recycling operations at any stage of growth or development. RSBRMK LLC: Hires Solomon Rosengarten as Bankruptcy Counsel ----------------------------------------------------------- RSBRMK LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Solomon Rosengarten, Esq., an attorney practicing in Brooklyn, New York, as its counsel. The firm will render these services: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession in the continued management of its property; b. negotiate with creditors in working out a plan of reorganization and take necessary legal steps in order to confirm the plan of reorganization; c. prepare necessary legal papers and operating reports; d. appear before the bankruptcy judge and protect the interests of the debtor-in-possession before the bankruptcy judge and represent the Debtor in all matters pending in the Chapter 11 proceeding; and e. perform all other legal services. The attorney will be paid at his hourly rate of $500 and received a retainer of $7,500 from the Debtor. Mr. Rosengarten disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Solomon Rosengarten, Esq. 2329 Nostrand Avenue, Suite 100 Brooklyn, NY 11210 Telephone: (718) 627-4460 Email: vokma@aol.com About RSBRMK LLC RSBRMK LLC is a single asset real estate company. RSBRMK LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45591) on November 20, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Solomon Rosengarten, Esq. RUPPERT LANDSCAPE: Antares PCF Marks $6.4MM 1L Loan at 60% Off -------------------------------------------------------------- Antares Private Credit Fund has marked its $6,408,000 loan extended to Ruppert Landscape, LLC to market at $2,552,000 or 40% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Ruppert Landscape, LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.65% per annum. The 1L Loan matures on December 3, 2029. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Ruppert Landscape, LLC Ruppert Landscape, LLC provides landscaping solutions. The Company offers landscape and hardscape installation, irrigation, water management, site structures, design, enhancements, and maintenance services. Ruppert Landscape serves clients in the United States. RUPPERT LANDSCAPE: Antares PCF Marks $865,000 1L Loan at 73% Off ---------------------------------------------------------------- Antares Private Credit Fund has marked its $865,000 loan extended to Ruppert Landscape, LLC to market at $234,000 or 27% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Ruppert Landscape, LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.65% per annum. The 1L Loan matures on December 3, 2029. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Ruppert Landscape, LLC Ruppert Landscape, LLC provides landscaping solutions. The Company offers landscape and hardscape installation, irrigation, water management, site structures, design, enhancements, and maintenance services. Ruppert Landscape serves clients in the United States. RYVYL INC: Delays Filing of 2025 Annual Report ---------------------------------------------- RYVYL Inc. disclosed in a regulatory filing that it is unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2025. The verification and review of the information required to be presented in the Form 10-K has required additional time, rendering timely filing of the Form 10-K on the statutory due date impracticable without undue hardship and expense to the Company. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $23.4 million in total assets, $26.6 million in total liabilities, and a total stockholders' deficit of $3.2 million. SAKO & PARTNERS: Antares PCF Marks $1MM 1L Loan at 75% Off ---------------------------------------------------------- Antares Private Credit Fund has marked its $1,091,000 loan extended to Sako and Partners Lower Holdings LLC to market at $278,000 or 25% of the outstanding amount, according to Antares PCF’s 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Sako and Partners Lower Holdings LLC. The 1L Loan accrues interest at a rate of S + 4.50%, 8.15% per annum. The 1L Loan matures on September 15, 2028. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Sako and Partners Lower Holdings LLC Sako and Partners Lower Holdings LLC operates as a real estate development firm. SANTA PAULA: Court OKs Stipulation on Sand Canyon Property Sale --------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, has approved the stipulation between Creditor Ventura County Tax Collector (VCTC) and Santa Paula Hay & Grain and Ranches, regarding motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at Sand Canyon Road, Somis, CA 93033. The information VCTC has provided as to real property taxes, penalties, and fees as specific to the 6770 Wheeler Property is sufficient for the claimed amounts to be paid upon sale of the Sand Canyon Property. Upon sale of the Sand Canyon Property, the Debtor and/or escrow entity will pay the full amount of the real property taxes owed specific to the Sand Canyon Property, including all penalties and fees, accrued as of the sale date, in the estimated amount of $71,398.00. VCTC's other tax claims and liens that are not real property taxes specific to the Sand Canyon Property shall be unaffected by this sale except to the extent that they may no longer be asserted as against the Sand Canyon Property once the property is sold free and clear. VCTC will not oppose the pending Motion to sell the Sand Canyon Property. VCTC reserves the right to assert all of its other tax claims and liens in any other future proceeding in this matter or proposed sale, and otherwise reserves the right to challenge any future motion for sale or other motions affecting its claims on any basis. About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SANTA PAULA: Court OKs Stipulation on Wheeler Property Sale ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, has approved the stipulation between Creditor Ventura County Tax Collector (VCTC) and Santa Paula Hay & Grain and Ranches, regarding motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 6770 Wheeler Canyon Road, Santa Paula, CA 93060. The information VCTC has provided as to real property taxes, penalties, and fees as specific to the 6770 Wheeler Property is sufficient for the claimed amounts to be paid upon sale of the 6770 Wheeler Property. Upon sale of the 6770 Wheeler Property, the Debtor and/or escrow entity will pay the full amount of the real property taxes owed specific to the 6770 Wheeler Property, including all penalties and fees, accrued as of the sale date, in the estimated amount of $55,049.94. VCTC’s other tax claims and liens that are not real property taxes specific to the 6770 Wheeler Property shall be unaffected by this sale except to the extent that they may no longer be asserted as against the 6770 Wheeler Property once the property is sold free and clear. VCTC will not oppose the pending Motion to sell the 6770 Wheeler Property. VCTC reserves the right to assert all of its other tax claims and liens in any other future proceeding in this matter or proposed sale, and otherwise reserves the right to challenge any future motion for sale or other motions affecting its claims on any basis. About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SELECTIS HEALTH: Director David Furstenberg Resigns From Board -------------------------------------------------------------- Selectis Health, Inc. disclosed in a regulatory filing that David Furstenberg submitted his letter of resignation as a member of the Board of Directors and Audit Committee of Selectis Health, Inc., a Utah corporation, effective immediately. The Company thanks Mr. Furstenberg for his generous service and support. About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. New York, N.Y.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses from operations, has accumulated deficits and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $33.3 million in total assets, $38.9 million in total liabilities, and a total stockholders' deficit of $5.6 million. SELECTIS HEALTH: Needs Additional Time to Review Audited Financials ------------------------------------------------------------------- Selectis Health, Inc. disclosed in a regulatory filing that its Annual Report on Form 10-K for the year ended December 31, 2025 could not be filed in a timely manner without unreasonable effort and expense. The Company requires additional time to review and prepare certain information in connection with completing their audited financial statements. It expects to file the Annual Report within the time period permitted by SEC Rule 12b-25. About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. New York, N.Y.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses from operations, has accumulated deficits and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $33.3 million in total assets, $38.9 million in total liabilities, and a total stockholders' deficit of $5.6 million. SILVERROCK DEVELOPMENT: Chapter 11 Plan Cleared for Creditor Voting ------------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that SilverRock Development Co. LLC, a California resort developer, secured court approval in Delaware on Tuesday to circulate its proposed Chapter 11 plan for creditor voting, capping a period of intensive mediation. The ruling allows the debtor to formally begin soliciting acceptances from classes of claimholders. The mediation process, which involved multiple creditor groups, addressed disputes over allocations, priorities and the treatment of claims, ultimately producing terms the court deemed fit for solicitation. By approving the disclosure statement, the judge determined that creditors now have sufficient detail to evaluate the plan, the report states. As ballots are distributed and collected, creditors will decide whether to approve the restructuring framework. A favorable vote would move the plan closer to confirmation and set the stage for SilverRock's reorganization and eventual emergence from bankruptcy protection, according to Law360. About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SOLARMAX TECH: Liabilities Exceed Assets by US$12.2MM at Dec. 31 ---------------------------------------------------------------- Solarmax Technology, Inc.'s stockholder's deficit was US$12.2 million at Dec. 31, 2025. The stockholder's deficit was US$15.1 million at Dec. 31, 2024. At Dec. 31, 2025, the Company had total assets of US$91.3 million and total liabilities of US$103.5 million. At Dec. 31, 2024, the Company had total assets of US$38.6 million and total liabilities of US$53.7 million. From April 2023 through Dec. 31, 2025, Solarmax did not pay annual principal installment payments and related quarterly interest payments when due which resulted in an event of default on convertible notes. The aggregate principal balance at December 31, 2025 of the notes in default was $14.3 million. According to Solarmax, "The default provisions of the notes provide that if an event of default occurs the outstanding principal amount of this note, plus accrued but unpaid interest and other amounts owing in respect thereof through the date of acceleration, shall become, at the holder's election, immediately due and payable in cash, and commencing five days after occurrence of any Event of Default that results in the eventual acceleration of the note, the interest rate on the note shall accrue at an interest rate of 12% per annum. "Further, if an event of default occurs, the noteholders, together, have rights to foreclose on the collateral securing the notes. Since there is an event of default, the holders of all of these notes have the current right to accelerate payment on the full principal amount of the notes, in which event all of these notes with interest at 12% per annum may become due." "We cannot assure you that we will be able to pay the notes plus interest if the notes are accelerated," the Company said. Solarmax said, "The Company's history of net losses and negative cash flow from operating activities, including its net loss for the year ended December 31, 2025, along with its increased accumulated deficit and stockholders' deficit, its default on principal and interest since 2023 on convertible notes in the principal amount of $14.7 million, as of December 31, 2025, the low price of the Company's common stock, which is below the Nasdaq continued listing requirement of a closing bid price of $1.00 per share and the possibility that the Company may effect a reverse split of its common stock in order to regain compliance with the Nasdaq minimum closing bid price requirement raise substantial doubt about the Company's ability to continue as a going concern." "At December 31, 2025, the Company reported a working capital deficit of approximately $20.4 million. In addition, the accumulated deficit was approximately $109.9 million and the stockholders' deficiency was approximately $12.2 million." A full-text copy of the Form 10-K is available at https://tinyurl.com/3nxr49fy About Solarmax Technology, Inc. Riverside, California-based Solarmax Technology, Inc. (NASDAQ: SMXT) is a solar energy company focused on the design, installation and financing of solar power systems for residential, commercial and utility-scale customers. The company also participates in related energy infrastructure and clean energy projects, aiming to expand access to renewable power solutions. Since the third quarter of 2025, the Company's primary business has been negotiating contracts and performing engineering, procurement and construction ("EPC") services for solar-based battery energy storage systems ("BESS") commercial systems. SOUTHDOWN HOMES: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Southdown Homes, LP. About Southdown Homes LP Southdown Homes, LP is a real estate and residential housing enterprise involved in property development, ownership, and management of housing projects. Southdown Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10953) on March 9, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Ashely M. Chan handles the case. The Debtor is represented by Albert Anthony Ciardi III, Esq., at Ciardi Ciardi & Astin. SOUTHDOWN PROPERTIES: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Southdown Properties, Inc. About Southdown Properties Inc. Southdown Properties Inc. is a Pennsylvania-based real estate developer. Southdown Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10951) on March 9, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by Albert Anthony Ciardi, III, Esq., at Ciardi Ciardi & Astin. SPARTAN BIDCO: Antares PCF Marks $385,000 1L Loan at 66% Off ------------------------------------------------------------ Antares Private Credit Fund has marked its $385,000 loan extended to Spartan Bidco Pty. Ltd. to market at $130,000 or 34% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Spartan Bidco Pty. Ltd. The 1L Loan accrues interest at a rate of S + 6.50%, 10.27% per annum. The 1L Loan matures on January 24, 2028. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Spartan Bidco Pty. Ltd. Spartan Bidco Pty. Ltd. provides information technology services. STARCO BRANDS: Delays 2025 Annual Report on Form 10-K ----------------------------------------------------- Starco Brands, Inc. disclosed in a regulatory filing that it is unable to complete the filing of its Annual Report on Form 10-K for the year ended December 31, 2025. The Company has determined that it is unable to file the Annual Report within the prescribed time period because it experienced unexpected delay in the collection and compilation of certain information required to be included in the Form 10-K. In accordance with Rule 12b-25 of the Securities Exchange Act of 1934, Company will file its Annual Report on Form 10-K no later than the fifteenth calendar day following the prescribed due date. About Starco Brands Santa Monica, Calif.-based Starco Brands, Inc. (OTCQB: STCB) -- starcobrands.com -- invents consumer products with behavior-changing technologies that spark excitement. Starco Brands identifies whitespaces across consumer product categories. Starco Brands publicly trades on the OTCQB stock exchange so that retail investors can invest in STCB alongside accredited individuals and institutions. Irvine, Calif.-based Macias, Gini, and O'Connell LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 18, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a working capital deficit of approximately $10M and an accumulated deficit of approximately $81 million at December 31, 2024, including the impact of its net loss of approximately $17 million for the year ended December 31, 2024. The Company's ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing and the successful development of the Company's contemplated plan of operations, to the attainment of profitable operations are necessary for the Company to continue operations. As of September 30, 2025, the Company had $57,447,524 in total assets, $24,166,194 in total liabilities, and a total stockholders' equity of $33,281,330. STRATEGIC ENVIRONMENTAL: Delays 10-K as Audit Remains Incomplete ---------------------------------------------------------------- Strategic Environmental & Energy Resources, Inc. and its independent registered public accounting firm, disclosed in a regulatory filing that they require additional time to complete the audit of the Company's consolidated financial statements as of and for the fiscal year ended December 31, 2025, in accordance with the standards of the Public Company Accounting Oversight Board. The Company's registered public accounting firm was unable to complete its audit procedures and complete its supporting documentation and render its opinion by March 31, 2026. The delays are due to limited accounting and finance staff of the Company, and limited resources to maintain a reasonable payable with its auditors. The Company does not expect to file its Quarterly Report on Form 10-K for the fiscal year ended December 31, 2025 within the extension period of 15 calendar days as provided under Rule 12b-25 under the Securities Exchange Act of 1934, as amended. As the fiscal year audit is still pending, the Company does not have an expected filing date at the time of this filing. The Company does not expect any changes to previously reported financial results. About Strategic Environmental Broomfield, Colo.-based Strategic Environmental & Energy Resources, Inc., a Nevada corporation, is a provider of next-generation clean-technologies, waste management innovations and related services. SEER has two wholly owned operating subsidiaries and three majority-owned subsidiaries; all of which together provide technology solutions and services to companies primarily in the oil and gas, refining, landfill, food, beverage & agriculture, and renewable fuel industries. The two wholly owned subsidiaries are: 1) MV, LLC (d/b/a MV Technologies), which designs and builds biogas conditioning solutions for the production of renewable natural gas, odor control systems and natural gas vapor capture primarily for landfill operations, waste-water treatment facilities, oil and gas fields, refineries, municipalities and food, beverage & agriculture operations throughout the U.S.; and 2) Strategic Environmental Materials, LLC, a materials technology company previously focused on the development of cost-effective chemical absorbents. Deer Park, Ill.-based LJ Soldinger Associates, LLC, the Company's auditor since 2013, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has: (i) incurred significant losses since inception, (ii) has an accumulated deficit of approximately $36.2 million as of December 31, 2024 and (iii) needs to raise substantial amounts of additional funds to meet its obligations as well as afford it time to develop profitable operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $1.3 million in total assets, $17.5 million in total liabilities, and $16.2 million in total deficit. SURFACEPREP BUYER: Antares PCF Marks $362,000 1L Loan at 88% Off ---------------------------------------------------------------- Antares Private Credit Fund has marked its $362,000 loan extended to SurfacePrep Buyer, LLC to market at $43,000 or 12% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to SurfacePrep Buyer, LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.65% per annum. The 1L Loan matures on February 4, 2030. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About SurfacePrep Buyer, LLC SurfacePrep Buyer LLC is North America’s premier distributor of surface finishing solutions, equipment, and consumables. SURFACEPREP BUYER: Antares PCF Marks $3MM 1L Loan at 25% Off ------------------------------------------------------------ Antares Private Credit Fund has marked its $3,028,000 loan extended to SurfacePrep Buyer, LLC to market at $2,275,000 or 75% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to SurfacePrep Buyer, LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.65% per annum. The 1L Loan matures on February 4, 2030. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About SurfacePrep Buyer, LLC SurfacePrep Buyer LLC is North America’s premier distributor of surface finishing solutions, equipment, and consumables. TARGET GROUP: Swings to $1.36MM Net Loss in Fiscal 2025 ------------------------------------------------------- Target Group Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $1,359,682 for the year ended December 31, 2025, compared with a net income of $160,504 for the year ended December 31, 2024. Revenue for the year ended December 31, 2025 were $3,881,003 compared with $6,591,625 in the prior period. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has an accumulated deficit and a working capital deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company had a working capital deficit of $11,052,097 and an accumulated deficit of $32,306,526 as of December 31, 2025. The Company's continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations, sale of its equity or issuance of debt. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/mrxn7w44 About Target Group Headquartered in Ontario, Canada, Target Group Inc. is engaged in the cultivation, processing, and distribution of curated cannabis products for the medical and adult-use recreational cannabis market in Canada and, where legalized by state legislation, in the United States. The Company is positioning itself with a core emphasis on wholesale and co-packaging services to accommodate all consumer-packaged goods intended for the sophisticated cannabis market and consumer in Canada and internationally. This strategy integrates cannabinoid research, analytical testing, product development, and manufacturing. As of December 31, 2025, the Company had $6,176,749 in total assets, $14,239,697 in total liabilities, and total stockholders' deficit of $8,062,948. THERAPEUTIC EXERCISE: Seeks to Hire Garcia & Coman as Attorney -------------------------------------------------------------- Therapeutic Exercise Design & Development, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Garcia & Coman as its attorneys. The firm will render these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States trustee; (d) provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports and/or other legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; (h) provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and (i) prepare, negotiate, prosecute and attain confirmation of a plan of reorganization. Stephen M. Garcia, Esq. at Garcia & Coman, assured the court that the firm is "disinterested" and does not hold or represent an interest adverse to the estate as described in 11 U.S.C. Sec. 327(a). The firm can be reached through: Stephen M. Garcia, Esq. Garcia & Coman 180 E Ocean Blvd, Ste 1100 Long Beach, CA 90802-4760 Phone: (562) 216-5270 About Therapeutic Exercise Design & Development, Inc. Therapeutic Exercise Design & Development, Inc. is a specialized healthcare company dedicated to developing therapeutic exercise systems that assist in rehabilitation, physical therapy, and wellness initiatives. The company focuses on delivering structured, research-informed exercise designs that support recovery and functional improvement. Therapeutic Exercise Design & Development, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26936) on December 9, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Fredrick E. Clement. The Debtor is represented by David Medby, Esq. of Garcia & Coman. THRYV HOLDINGS: S&P Affirms 'B' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.S.-based small to midsized software and marketing services provider Thryv Holdings Inc. and its 'B+' issue-level rating on its term loan. S&P said, "The stable outlook reflects our expectation for FOCF to debt of approximately 16%, which is strong for the current rating, but also our belief that the company faces increasing vulnerability to AI, limiting our willingness to revise the outlook to positive at this time." Thryv Holdings Inc. has demonstrated resilient cash flow generation despite broader volatility in the software and marketing services sectors, particularly amid growing concerns regarding the long-term impact of AI. S&P said, "We expect S&P Global Ratings-adjusted leverage will temporarily increase above 3x this year, our downgrade threshold for the rating. We are shifting our focus to free operating cash flow (FOCF) to debt as a more appropriate measure of credit risk. While we expect leverage to temporarily increase above 3x this year, we expect FOCF to debt of about 16%. While this is strong for the rating, we believe Thryv is vulnerable to technological disintermediation longer term due to AI. "Thryv's longer-term viability is uncertain given AI-native entrants in the industry. The company's credit metrics support the potential for a higher rating over the next 12 months--we expect FOCF to debt of about 16% in 2026, up from 10.8% in 2025. This will be driven by lower interest expense from recent debt repayment, modestly lower capital expenditure (capex) this year, and improved working capital dynamics, despite lower earnings growth from both segments. "However, we believe sustained strong performance will require ongoing investment in its platform to maintain competitiveness in a rapidly evolving market. Specifically, the emergence of AI-native entrants built on platforms like OpenAI's GPT, Anthropic's Claude, and Google's Gemini, presents a growing competitive risk. These new entrants offer superior features in certain areas, though they currently lack the comprehensive, all-in-one functionality of Thryv's platform. The longevity of this advantage remains uncertain. "While we do not view this as an immediate threat to Thryv's business model, the potential for disruption is significant. Mitigating factors include its substantial and established customer base of over 100,000 businesses and its long-standing relationships with a dedicated sales force. It's also supported by the embedded nature of its workflows, including integrated payments, customer databases, and messaging history, which create significant switching costs for clients. These strengths provide a degree of resilience, but continued strategic investment and innovation will be critical to navigate the evolving competitive landscape. "We expect software-as-a-service (SaaS) to account for about 70% of total EBITDA by the end of 2026. This reflects a significant milestone for the company, as it will be the first time that its SaaS business will contribute most of Thryv's earnings. We expect SaaS revenue growth will slow to about 1.6% in 2026, down from 34.2% in 2025. The large growth in 2025 was driven by the Keap acquisition, which contributed about $56 million of incremental revenue. "The deceleration in 2026 reflects the completion of upgrade conversions from the company's legacy Digital Marketing Services business. Additionally, we believe the SaaS market has become increasingly competitive and fragmented, creating greater uncertainty around the path to sustained growth. "We view FOCF to debt as a more appropriate metric for assessing Thryv's credit risk. The company's revenue and earnings recognition within its Marketing Services segment are tied to the delivery of new print publications, typically occurring on a 24-month cycle. While small to midsized customers generate consistent monthly cash flow through print advertising payments, this timing discrepancy results in volatility in reported revenue and EBITDA despite underlying cash flow stability. Consequently, we are placing greater weight on FOCF to debt in our analysis. "We expect Thryv to continue prioritizing debt repayment. The company has historically used excess cash flow to reduce outstanding debt, maintaining relatively low leverage levels (2.9x as of Dec. 31, 2025). While our current forecast does not anticipate additional debt repayment beyond mandatory amortization, it has the capacity to accelerate deleveraging, which could lead to improved credit metrics compared with our base case. "The stable outlook reflects our expectation for FOCF to debt of approximately 16%, which is strong for the current rating, but also our belief that the company faces increasing vulnerability to technological disintermediation driven by AI, limiting our willingness to revise the outlook to positive at this time." S&P could lower its ratings on Thryv if: -- It sustains FOCF to debt below 10%; or -- The company's SaaS business experiences revenue declines. S&P could raise its ratings on Thryv if: -- It sustains FOCF to debt above 15%; -- The company's SaaS business consistently grows revenue; and -- The SaaS business improves its profitability such that the company grows EBITDA. TOKEN COMMUNITIES: Liabilities Exceed Assets by $5.2MM at June 30 ----------------------------------------------------------------- Token Communities Ltd.'s stockholder's deficit was US$5.2 million at June 30, 2025, according to its Annual Report on Form 10-K for year ending June 30, 2025, filed with the Securities and Exchange Commission on April 3. The stockholder's deficit was US$4.7 million at June 30, 2024. At June 30, 2025, the Company had total assets of US$6.0 million and total liabilities of US$11.2 million. At June 30, 2024, the Company had total assets of US$4.0 million and total liabilities of US$8.7 million. The Company said: "For the year ended June 30, 2025, $(2,171,426) net cash used in operating activities was primarily attributable to the purchase of various properties. For the year ended June 30, 2024, $(2,284,610) net cash used in operating activities was primarily due to the purchase of various properties." "For the year ended June 30, 2025, $(157,025) net cash used in financing activities was primarily attributable to construction in progress. For the year ended June 30, 2024 net cash used in investing activities was $0." "For the year ended June 30, 2025 net cash of $2,508,204 provided by financing activities was primarily attributable to construction loan proceeds. For the year ended June 30, 2024 net cash of $2,254,938 provided by financing activities was primarily due to loans from related parties." A full-text copy of the Form 10-K is available at https://tinyurl.com/48a2t7kx About Token Communities Ltd. Until January 2024, Bradenton, Florida-based Token Communities Ltd. researched and created white paper analysis for companies regarding block chain technology, and also operated the "Lukki Exchange." It also actively engaged in the Health and Wellness Sector developing holistic and naturopathic products, including plant stem cell, natural supplements, cosmetic facial masks and more. In May 2024, it expanded the business into real estate development with the acquisition of ASC Global. The core business of ASC Global is luxury waterfront home development in southwest Florida. ASC Global owns over 20 properties in Florida in various stages of development. Token is positioned as the waterfront luxury home developer for the specialty premium niche market in Florida. A majority of its properties are premium waterfront homesites in the Greater Sarasota Area, and construction have started on seven of these lots in various stages. Most of these lots are located in Northport (Sarasota County), Gulf Cove and Punta Gorda (Charlotte County), all within an hour drive from Downtown Sarasota. The majority of the homesites are gulf-access and sailboat access, located right off the open water, the most desirable locations for the Florida highly sought after premium waterfront homes. Token also has lakefront homesites in Punta Gorda and Tropical Gulf Areas in Charlotte County. TP BRANDS: Gets Extension to Access Cash Collateral --------------------------------------------------- TP Brands Worldwide Inc. and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a fourth interim order authorizing the Debtors to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with approval from secured creditor, PNC Bank, National Association. As adequate protection, PNC Bank and other secured creditors will be granted post-petition replacement liens with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtors must make monthly payments to PNC Bank as set forth in the budget and maintain required insurance. The fourth interim order also mandates interim salary reductions for certain insiders and provides PNC Bank access to the Debtors' records and premises. It preserves all parties' rights to seek modifications, challenge liens, or request additional relief, including by any future creditors' committee. A final evidentiary hearing is scheduled for April 22. A copy of the fourth interim order and the Debtor's budget is available at https://shorturl.at/pZkxs from PacerMonitor.com. PNC Bank, as successor in interest to BBVA USA, is the Debtors' primary secured creditor. On June 30, 2021, the Debtors entered into a business loan agreement with PNC Bank for a $3.5 million variable-rate revolving line of credit. As of the petition date, the outstanding balance was approximately $3.005 million, according to the Debtors. PNC Bank filed UCC-1 financing statements asserting a security interest in all of the Debtors' assets and may, therefore, claim an interest in the cash collateral. PNC Bank, as secured creditor, is represented by: Edwin G. Rice, Esq. Bradley Arant Boult Cummings, LLP 1001 Water Street, Suite 1000 Tampa, FL 33602-5468 Telephone: (813) 559-5500 erice@bradley.com ajecevicus@bradley.com About TP Brands Palmetto, Fla.-based TP Brands manufactures and imports flooring products, door components, ready-to-assemble kitchen cabinets, and bathroom vanities, offering a full domestic inventory and services across North America. Its products are distributed through networks of distributors and dealers in North and South America. It also provides private label programs and OEM services, as well as product development, sourcing, and oversight. TP Brands Worldwide Inc. and affiliates, TP Brands International Inc. and Premfloor, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 25-08424) on Nov. 10, 2025, before the Hon. Caryl E Delano. Worldwide and Premfloor listed up to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. International listed $500,000 to $1 million in estimated assets and $10 million to $50 million in estimated liabilities. The petitions were signed by Thomas J. Winter as president. Edward J. Peterson, Esq., and Clay B. Roberts, Esq., at Berger Singerman, LLP, serve as the Debtors' counsel. TPD DESIGN: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of TPD Design House, LLC. The committee members are: 1. Peter D'Sa Email: peterdsa@aol.com 2. Shon Michael Email: shongm@gmail.com 3. Amit Patel Email: avp215@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About TPD Design House LLC TPD Design House, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Penn. Case No. 26-11073) on March 16, 2026, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Vanessa Kreckel as managing member. Judge Hon. Derek J Baker oversees the case. The Debtor is represented by: David B. Smith, Esq. Smith Kane Holman, LLC Tel: 610-407-7217 Email: dsmith@skhlaw.com TRIMECH ACQUISITION: Antares PCF Marks $1.5M 1L Loan at 85% Off --------------------------------------------------------------- Antares Private Credit Fund has marked its $1,550,000 loan extended to Trimech Acquisition Corp. to market at $238,000 or 15% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Trimech Acquisition Corp. The 1L Loan accrues interest at a rate of S + 4.75%, 8.40% per annum. The 1L Loan matures on March 10, 2028. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Trimech Acquisition Corp. TriMech Acquisition Corp. provides 3D CAD design and software solutions. The Company offers desktop and cloud software, 3D printers, rapid prototyping services, and systems engineering solutions. TURNONGREEN INC: Reports $2.11 Million Net Loss for 2025 -------------------------------------------------------- TurnOnGreen, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $2,113,000 for the year ended December 31, 2025, compared to a net loss of $3,973,000 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $7,228,000 compared to $4,912,000 in the prior period. The Company has incurred recurring net losses and has not generated sufficient cash flows from operations and expects to continue incurring operating and net losses until it achieves significant product deliveries. Historically, the Company has been funded primarily by its parent and that is expected to continue. Recently, the Company has also begun to receive funding from external investors. Despite these sources of capital, there is substantial doubt about the Company's ability to continue as a going concern. New York, NY-based CBIZ CPAs P.C., the Company's auditor since 2021. (such date takes into account the acquisition of the attest business of Marcum llp by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company intends to finance its future development activities and working capital needs primarily through the sale of equity securities, supplemented by additional financing sources, including term notes, until such time as operating cash flows are sufficient to support its working capital requirements. As of February 28, 2026, the Company had cash and cash equivalents of approximately $0.4 million and negative working capital of approximately $8.6 million. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4w6rjh87 About TurnOnGreen Inc. TurnOnGreen, Inc. (formerly known as Imperalis Holding Corp.), a Nevada corporation, through its wholly owned subsidiaries Digital Power Corporation and TOG Technologies Inc., is engaged in the design, development, manufacture, and sale of highly engineered, feature-rich, high-grade power conversion and power system solutions for mission-critical applications and processes. As of December 31, 2025, the Company had $3,227,000 in total assets, $11,069,000 million in total liabilities, and $32,842,000 in total stockholders' deficit. UBS ASSOCIATES: Seeks to Hire Center City Law Offices as Counsel ---------------------------------------------------------------- UBS Associates, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Center City Law Offices, LLC as bankruptcy counsel. The firm's services include: a) preparing all papers required to be filed in connection with this bankruptcy proceeding including all Schedules, Statement of Financial Affairs, Lists of Creditors, review of Operating Reports; Motions and Adversary Proceedings as necessary, and other papers; b) giving the Debtor legal advice with respect to the powers and duties as Debtors in Possession; c) representing the Debtor at its Initial Debtor Interview, its first meeting of creditors, all status hearings; confirmation hearings and any Rule 2004 examinations; d) preparing on behalf of the Debtor in Possession, all necessary Applications, Answers, Complaints, Motions, Orders, Reports and all legal papers; and e) performing all other legal services for the Debtor as Debtor in Possession as may be required and necessary concerning the continued administration of this case including the preparation of the Disclosure Statement, if necessary, Disposable Income Test and Plan of Reorganization. The firm will charge $250 per hour for its services. The firm received an initial retainer in the amount of $7,000. As disclosed in the court filings, Center City Law Offices, LLC does not hold or represent an interest adverse to the estate, and is a "disinterested person" under Section 101(14) of the Code. The firm can be reached through: Maggie S. Soboleski, Esq. Center City Law Offices, LLC 1632 Ellsworth Street Philadelphia, PA 19107 Tel: (215) 820-2132 Fax: (215) 977-9644 About UBS Associates LLC UBS Associates, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10564) on Feb. 12, 2026, with up to $50,000 in assets and liabilities. Judge Patricia M. Mayer presides over the case. Maggie S. Soboleski, Esq., represents the Debtor as legal counsel. UNICOIN INC: Liabilities Exceed Assets by US$111.7MM at Dec. 31 --------------------------------------------------------------- Unicoin Inc.'s stockholder's deficit was US$111.7 million at Dec. 31, 2025. The stockholder's deficit was US$95.6 million at Dec. 31, 2024. At Dec. 31, 2025, the Company had total assets of US$10.0 million and total liabilities of US$121.7 million. At Dec. 31, 2024, the Company had total assets of US$26.9 million and total liabilities of US$122.5 million. The Company said: "Our primary future uses of cash will be to fund working capital requirements and expenditures of Unicorns." The Company had had cash and cash equivalents of $1,238,000 available as of Dec. 31, 2025. Based on currently available capital resources (cash and cash equivalents on hand as of Dec. 31, 2025), the Company estimates that at its current cash "burn rate," it will not be able to operate for more than two months. For the Company to maintain operations for at least 12 months, it would need to receive further equity or debt financing of approximately $7,421,000. For the period from Jan. 1, 2026 through April 1, 2026, the Company has received cash and cryptocurrency funding of $5,335,000, $25,000 private placement unsecured notes and $5,310,000 non-security utility issuance. However, given the impact of the economic downturn on the U.S. and global financial markets, the Company may be unable to access further equity or debt financing when needed. The Company continued, "[T]he Company has recorded a significant financing obligation that we believe the Company would be required to pay in the event the unicoins have not been made tradeable on crypto exchanges and there remains significant uncertainty as to if, and when, it may be made tradeable on crypto exchanges may occur. There can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. Our auditors have included an explanatory paragraph in their audit opinion, included as part of our Annual Report on Form 10-K for the year ended December 31, 2025, that our current liquidity position raises substantial doubt about our ability to continue as a going concern for the next twelve months unless we obtain additional capital. The Company anticipates that such conditions will continue to exist until either significant financing has been obtained and/or the uncertainty surrounding the launch of the unicoin has been resolved." A full-text copy of the Form 10-K is available at https://tinyurl.com/sxrrvptn About Unicoin Inc. New York-based Unicoin Inc. is an operating and holding company with a principal focus on the digital asset and media sectors. While the Company historically managed a Software as a Service platform for the monitoring and management of remote workforces, its strategic direction is now centered on its underlying ecosystem. As a holding company, Unicoin Inc. wholly owns SheWorks!, a Talent as a Service company. UNIVISION COMMUNICATIONS: Moody's Rates New $1BB Secured Notes 'B2' ------------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Univision Communications Inc.'s (d/b/a "TelevisaUnivision," "TU" or the "company") proposed $1 billion senior secured notes due 2033 (the "2033 Notes"). TelevisaUnivision's B2 corporate family rating, B3-PD probability of default rating, B2 ratings on the company's senior secured bank credit facilities and senior secured notes, and stable outlook remain unchanged. Net proceeds from the 2033 Notes plus cash-on-hand will be used to purchase a portion of the $1.4 billion outstanding 8% senior secured notes due August 2028 (the "2028 Notes") via the company's recently announced 2028 Notes tender offer (with the amount to be repurchased depending on the net proceeds of the 2033 Notes offering). The 2033 Notes will be pari passu with the company's existing senior secured debt obligations and retain the same terms and conditions as the existing senior secured notes. The assigned ratings are subject to review of final documentation and no material change in the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE The transaction is credit neutral given that pro forma financial leverage will remain unchanged at 6.4x at FYE 31 December 2025 (leverage metrics are Moody's adjusted on a two-year average EBITDA basis). TelevisaUnivision's B2 CFR reflects the company's material scale, strong audience shares and position as the leading Spanish-language content and diversified media company. TU's diversification across multiple media platforms (i.e., broadcast, cable, digital, streaming and audio), each with dissimilar demand drivers, offers a unique value proposition compared to its TV broadcast and media peers, enabling TU to capitalize on its reach throughout Spanish-speaking populations in the US, Mexico and international markets, and align its programming to its audience and advertisers. Notably, the Hispanic population in the US is expanding at a much faster rate than the overall US population, acting as a primary engine of demographic growth for the company. TU's ViX streaming platform offers free ad-supported video-on-demand (AVOD), ad-supported premium and subscription video-on-demand (SVOD) tiers. While ViX continues to grow at above market rates with high sell-throughs and premium pricing, Moody's estimates its contribution to total EBITDA is less than 30%. At the same time, the CFR is constrained by TelevisaUnivision's high financial leverage and exposure to advertising revenue (around 60% of revenue), which is inherently cyclical, as well as the ongoing structural decline in US linear TV core advertising as non-political TV ad budgets continue to erode in favor of digital media. Additionally, TU's retransmission revenue growth will continue to be challenged over the next several years because the rate of traditional subscriber losses is expected to outpace annual escalators in non-contract renewal years, offsetting the material fee increases occurring at the time of contract renewal. Exposure to Hispanic population demographic trends is an offsetting factor that supports the CFR. Though the Hispanic audience is one of the fastest growing populations within the US, historically it has not received its proportionate share of advertising spend. With access to the US, the number one Spanish speaking population by GDP, and Mexico, the number one Spanish speaking country by population, TU can capitalize on its strong audience share (around 60%). This should position the company to grow its ad market share and potentially mitigate weakness in US linear TV core ad demand over the long-term. TU could achieve this if it can successfully extract more value from the recent modernization of its content delivery model, which shifted to a content-first approach that prioritizes multi-platform viability, audience reach, marketing and enhanced monetization. This rating action is based on a baseline scenario of a contained impact on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Nevertheless, Moody's recognizes that TelevisaUnivision's credit profile may be susceptible to a more adverse scenario in the conflict, reflecting its activity in the advertising sector, which exposes TU to the transmission of macro financial conditions risk and could lead to a more consequential impact on creditworthiness. Moody's baseline credit scenario assumes no major damage to key production facilities or infrastructure for the global economy, but allows for a more prolonged disruption to navigation through the Strait of Hormuz. Even after safe passage resumes, shipping conditions would likely normalize only gradually over a period of months, reflecting residual security concerns, operational bottlenecks and delays in restoring normal trade flows. Under this scenario, the principal effects would be continued logistical disruption, delivery delays and inventory pressures, while the impact on energy markets would remain relatively contained absent either major damage to key production facilities or infrastructure, or a sustained interruption to supply extending beyond the point at which inventories are depleted. The stable outlook reflects Moody's expectations that TelevisaUnivision will continue to steady its credit profile and reduce financial leverage from 6.4x at year end 2025 to the 5.5x-6x area at year end 2026, given management's commitment to continue deleveraging the balance sheet (all leverage metrics are Moody's adjusted on a two-year average EBITDA basis). Over the next 12-18 months, Moody's expects TU will maintain good liquidity. At year-end 2025, cash and cash equivalents were $440 million, free cash flow (FCF), defined by us as cash flow from operations less capex less dividends, was $169 million, and the roughly $500 million revolving credit facility (RCF) maturing July 2030 was undrawn. Moody's expects that TU will generate FCF of $100 - $150 million in 2026. The RCF is subject to a 6.75x first-lien net leverage maintenance financial covenant (as defined in the credit agreement). Moody's expects sufficient headroom relative to the covenant over the coming year. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Though unlikely near-term, ratings could be upgraded if TU sustained leverage below 5x and FCF to debt above 4% (Moody's adjusted on a two-year average FCF basis). TU would also need to: (i) exhibit organic revenue growth and stable-to-improving EBITDA margins on a two-year average basis; (ii) adhere to conservative financial policies; and (iii) maintain at least good liquidity to be considered for an upgrade. Ratings could be downgraded if Moody's expects that leverage will be sustained above 6x as a result of weak operating performance, more aggressive financial policies or inability to reduce debt levels. A downgrade could also arise if FCF to debt was sustained below 1% (Moody's adjusted on a two-year average FCF basis) or TU experienced deterioration in liquidity or covenant compliance weakness. Headquartered in N.Y., New York, Univision Communications Inc., is a leading Spanish-language multimedia conglomerate with operations in the US and Mexico serving a global audience offering original in-house content production, the largest owned Spanish-language content library, entertainment, news and sports. TU is privately owned with major investors including Grupo Televisa, ForgeLight, Searchlight Capital, Liberty Global and SoftBank. Revenue at FYE 2025 totaled around $4.8 billion. The principal methodology used in this rating was Media published in September 2025. US NUCLEAR: Needs More Time for Audit and Analysis in 2025 10-K --------------------------------------------------------------- US Nuclear Corp. is unable to file, without unreasonable effort or expense, its Form 10-K for the period ended December 31, 2025. Additional time is needed for the Company to compile and analyze supporting documentation to complete the Form 10-K and to permit the Company's independent registered public accounting firm to complete its audit of the consolidated financial statements included in the Form 10-K. The Company intends to file the Form 10-K as soon as possible. About US Nuclear US Nuclear Corp. is engaged in developing, manufacturing, and selling radiation detection and measuring equipment. The Company markets and sells its products to consumers throughout the world. As of September 30, 2025, the Company had $2,537,709 in total assets, $2,391,319 in total liabilities, and $146,390 in total stockholders' equity. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has an accumulated deficit and net losses. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. USRP HOLDINGS: Antares PCF Marks $2.7MM 1L Loan at 56% Off ---------------------------------------------------------- Antares Private Credit Fund has marked its $2,766,000 loan extended to USRP Holdings, Inc. to market at $1,223,000 or 44% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to Ruppert Landscape, LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.67% per annum. The 1L Loan matures on December 31, 2029. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About USRP Holdings, Inc. USRP Holdings Inc operates as a holding company. The Company, through its subsidiaries, provides public school, governmental, and not-for-profit employee benefits and employer-sponsored retirement plans. USRP Holdings serves clients, employers, advisors, and partners in the United States. VALICOR PPC: Antares PCF Marks $710,000 1L Loan at 75% Off ---------------------------------------------------------- Antares Private Credit Fund has marked its $710,000 loan extended to Valicor PPC Intermediate II LLC to market at $181,000 or 25% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Valicor PPC Intermediate II LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.67% per annum. The 1L Loan matures on January 24, 2028. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Valicor PPC Intermediate II LLC Valicor PPC Intermediate II LLC provides waste management services. The Company serves customers in the United States. VANGUARD CUSTOM: Court Extends Cash Collateral Access to May 3 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois entered a second interim order extending Vanguard Custom Woodwork Inc.'s authority to use cash collateral from April 12 to May 3. The Debtor was initially allowed to access cash collateral under the court's March 19 interim order. Under the second interim order, the Debtor is permitted to use cash collateral for ordinary business expenses, including adequate protection payments to Huntington National Bank in accordance with the approved budget. The Debtor is allowed a variance of up to 10% per budget line item but cannot reallocate unused amounts between categories beyond that limit without court approval. As adequate protection, Huntington is entitled to periodic cash payments as outlined in the budget. Additionally, Huntington and any other secured creditors will be granted replacement liens on post-petition assets of the same type and priority as their pre-petition collateral, but only to the extent of any decline in value caused by the Debtor's use of the cash collateral. The replacement liens do not extend to avoidance actions and their proceeds. The order preserves all parties' rights to challenge the validity or extent of any claims or liens and does not constitute any admission by the debtor. A further hearing on continued use of cash collateral is scheduled for April 29. The order is available at https://is.gd/ASXtf1 from PacerMonitor.com. About Vanguard Custom Woodwork Inc. Vanguard Custom Woodwork Inc. doing business as Valley Custom Woodwork, produces architectural millwork, custom cabinetry, casework, furniture, and surface solutions from its Belvidere, Illinois facility, serving luxury residential, commercial, healthcare, corporate, and multifamily housing markets. The company's operations integrate design collaboration, precision fabrication, and on-site installation to deliver tailored woodwork that meets client specifications and aesthetic goals, while also offering select consumer-ready products through online channels, reflecting a versatile approach across project scales and customer types. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-80416) on March 17, 2026. In the petition signed by Wojciech Wolny, president, the Debtor disclosed up to $10 million in both assets and liabilities. William J. Factor, Esq., at The Law Office of William J. Factor, Ltd. represents the Debtor as bankruptcy counsel. VICTORS PURCHASER: Antares PCF Marks $1.6M 1L Loan at 92% Off ------------------------------------------------------------- Antares Private Credit Fund has marked its $1,617,000 loan extended to Victors Purchaser, LLC to market at $134,000 or 8% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to Victors Purchaser, LLC. The 1L Loan accrues interest at a rate of S + 4.50%, 8.17% per annum. The 1L Loan matures on December 23, 2032 Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About Victors Purchaser, LLC Victors Purchaser, LLC operates as a maintenance provider for hardware and data center infrastructure company. The Company serves customers in the United States. VIVAKOR INC: Delays FY 2025 10-K, Warns of Major Financial Changes ------------------------------------------------------------------ Vivakor, Inc. was unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the period ended December 31, 2025, by the March 31, 2026 filing date applicable to smaller reporting companies due to a delay experienced by the Company in completing its financial statements and other disclosures in the Annual Report. As a result, the Company is still in the process of compiling required information to complete the Annual Report and requires additional time to complete its review of the financial statements for the period ended December 31, 2025 to be incorporated in the Annual Report. The Company anticipates that it will file the Annual Report no later than the fifteenth calendar day following the prescribed filing date. There can be no assurance that the Company will be able to file the Annual Report on or before the fifteenth calendar day following the prescribed due date. The Company also anticipates its financial results for the period ended December 31, 2025 will differ significantly from the same period in the prior year, primarily due to: (i) its acquisition of Endeavor Crude, LLC, a Texas limited liability company, Equipment Transport, LLC, a Pennsylvania limited liability company, Meridian Equipment Leasing, LLC, a Texas limited liability company, and Silver Fuels Processing, LLC, a Texas limited liability company on October 1, 2024, (ii) the subsequent divestment of the membership interests in Equipment Transport, LLC and Meridian Equipment Leasing, LLC, which were principally engaged in the truck transportation of oilfield produced water and associated equipment leasing operations, on July 30, 2025, and (iii) other previously disclosed Board of Director, executive employee agreements, stock issuance transactions, and other promissory and convertible notes entered into in 2025. As a result of these transactions, the Company expects significant changes in our assets, liabilities, equity, revenue, cost of revenues, operating expenses, other income (expense), and net income (loss) for the period ended December 31, 2025 compared to the prior year. Additionally, the Company's financial results for the period ended December 31, 2025 will also differ significantly from the prior year, primarily due to: (i) changes in its third party and related party revenue and costs of revenue, (ii) its unrealized gain or loss on marketable securities, (iii) changes in its general and administrative expenses, (iv) interest expense, and (v) assets, liabilities, and noncontrolling interest. The exact amounts and the impact those amounts have on our financial statements will not be known until the financial statements for the period ended December 31, 2025 are completed. About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $160,131,145 in total assets, $96,092,579 in total liabilities, and $64,038,566 in total stockholders' equity. VOLITIONRX LTD: Posts $23.5MM Loss in 2025, Flags Minimal Revenues ------------------------------------------------------------------ VolitionRx Limited filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $23.5 million for the year ended December 31, 2025, compared to a net loss of $27.3 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $1.7 million compared to $1.2 million in the prior period. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company suffered recurring losses from operations, negative cash flows from operations, and minimal revenues, which raises substantial doubt about its ability to continue as a going concern. The Company has incurred substantial losses since its inception of $252.9 million, has negative cash flows from operations, and has minimal revenues and expects to continue to incur operating losses in the near-term. The Company may seek to obtain additional capital through public or private equity offerings, debt financings, corporate collaborations, related party funding, or other means to continue as a going concern. The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions, financing and/or generate revenues as may be required to sustain its operations. Management plans to address the above as needed by: (a) securing additional grant funds, (b) obtaining additional financing through debt or equity transactions; (c) granting licenses and/or distribution rights to third parties in exchange for specified up-front and/or back-end payments, and (d) developing and commercializing its products in an efficient manner. Management continues to exercise tight cost controls to conserve cash. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and to eventually attain profitable operations. If the Company is unable to obtain adequate capital, it could be forced to cease operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/y5b26z7z About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. As of December 31, 2025, the Company had $6.9 million in total assets, $42.5 million in total liabilities, and $35.6 million in total stockholders' deficit. VPR BRANDS: Alleviates Going Concern After $3.2MM Cash Settlement ----------------------------------------------------------------- Vpr Brands, LP. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Company's financial position and operating results raise substantial doubt about the Company's ability to continue as a going concern, as reflected by the net loss of $1,196,184 for the 12 months ended December 31, 2025, compared to net loss of $143,224 for the year ended December 31, 2024, and the accumulated deficit of $8,790,579 as of December 31, 2025. Revenues for the 12 months ended December 31, 2025 and 2024 was $3,615,987 and $5,676,359, respectively. The decrease was a result of a decrease in customer sales and royalty revenue in the year ended December 31, 2025. The continuation of the Company as a going concern is dependent upon, among other things, the continued financial support from its common unitholders, the ability of the Company to obtain necessary equity or debt financing, and the attainment of profitable operations. However, subsequent to year-end, the Company's financial position significantly improved due to a $3.2 million cash settlement resulting from the parties entering into the Agreement in connection with settlement of all disputes between them, including certain pending litigation identified in the Agreement concerning U.S. trademark 5,486,616 for the mark ELF in International Class 34 for use in connection with "Electronic cigarette lighters; Electronic cigarettes; Smokeless cigarette vaporizer pipe" and U.S. patent number 8,205,622 entitled "Electronic Cigarette". Based on these subsequent events and company's plans, company has concluded that the substantial doubt has been alleviated and that there is no substantial doubt about the Company's ability to continue as a going concern for a period of at least 12 months from March 31, 2026, the date which the financial statements are issued The Company expects to meet its current capital requirements through existing operations. However, there can be no assurance that the Company will generate sufficient cash flows to meet all working capital needs. If operating cash flows are insufficient, the Company may need to explore alternative sources of capital to satisfy its liquidity requirements. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/2s4f25mf About VPR Brands Headquartered in Ft. Lauderdale, Fla., VPR Brands, LP -- http://www.VPRBrands.com/-- is a company engaged in the electronic cigarette and personal vaporizer business. As of December 31, 2025, the Company had $1,593,684 in total assets, $2,071,589 in total liabilities, and total stockholders' deficit of $477,905. * * * This concludes the Troubled Company Reporter's coverage of VPR Brands, LP until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. WABNO HOSPITALITIES: Hearing Today on Bid to Use Cash Collateral ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York is set to hold a hearing today to consider extending Wabno Hospitalities Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral under the court's March 19 interim order expires on April 15. The interim order approved the payment of expenses from the cash collateral in accordance with the Debtor's budget and granted Hudson Valley Credit Union protection through replacement liens on post-petition assets and a $10,000 interim payment to the secured creditor. About Wabno Hospitalities Inc. Wabno Hospitalities, Inc., doing business as Newburgh Inn & Suites, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-35202-kyp) on February 27, 2026. In the petition signed by Asif Javaid, vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Kyu Young Paek oversees the case. Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP, represents the Debtor as legal counsel. WENTHOLD EXCAVATING: Seeks to Sell Trucks and Other Vehicles ------------------------------------------------------------ Wenthold Excavating, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa, to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor’s assets for purposes of the sales motion are limited to those assets identified within Schedule A to Exhibit 1. https://urlcurt.com/u?l=CNSmyz The Debtor believes the Sale Motion is in the best interest of all creditors, the bankruptcy estate, and all other interested parties in the Chapter 11 case. The lienholder of the Property is VisionBank of Iowa. The proposed sale will pay down the obligation of both specific, and general, secured creditors of Debtor, and remove costs to the Estate relative to maintenance and insurance of the personal property. The Debtor is providing proper notice of the Motion to all creditors or parties in interest asserting liens or other interests in the assets subject to the sale. The proceeds distribution reflects the existing priority positions of the secured creditors and does not alter those positions. The sale does not predetermine what rights may be afforded creditors under any future proposed plan. Time is of the essence in approving the sale process and any unnecessary delay in moving forward only adds expense and potential for decrease of value; all parties impacted have been active participants in this matter pre-dating the filing for relief. About Wenthold Excavating LLC Wenthold Excavating, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 26-00188-lmj11) on February 9, 2026. In the petition signed by Corey Lorenzen, receiver, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Lee M. Jackwig oversees the case. Robert Gainer, Esq., at Cutler Law Firm PC, represents the Debtor as legal counsel. WK BROWN: Gets Interim OK to Use Cash Collateral ------------------------------------------------ WK Brown, LLC received interim approval from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to access cash collateral through May 14, strictly in accordance with its filed projections. The Debtor is not allowed to use cash collateral for any purpose except for making the "adequate protection" payments to Bravera Bank. As protection, Bravera Bank retains its interest in post-petition rents and is granted replacement liens on post-petition assets, maintaining the same priority as its pre-petition security interests, excluding Chapter 5 avoidance actions. The Debtor must also provide ongoing financial transparency by submitting monthly tenant bank statements to Bravera Bank. A continued hearing is scheduled for May 14. About WK Brown WK Brown, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42685) on August 18, 2025, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. Bravera Bank, as secured creditor, is represented by: Aaron B. Chapin, Esq. Husch Blackwell LLP 120 S. Riverside Plaza, Suite 2200 Chicago, IL 60606 Tel: 312.655.1500 Fax: 312.655.1501 aaron.chapin@huschblackwell.com WOHALI LAND: Court OKs EB5AN Wohali as Stalking Horse Bidder ------------------------------------------------------------ Matt McKinlay, Chapter 11 Trustee of Wohali Land Estates, LLC, seeks permission from the U.S. Bankruptcy Court for the District of Utah, to approve Stalking Horse Bidder in the sale of substantially all of Debtor's Assets, free and clear of liens, claims, interests, and encumbrances. The Trustee submits the supplemental motion for approval to designate EB5AN Wohali Utah Fund XV, LP as the stalking horse bidder for the sale of the Assets. The Trustee believes that a stalking horse bid submitted by the proposed Stalking Horse Bidder will serve the critical function of setting a "floor" for further competitive bidding. The Trustee has engaged in extensive negotiation with EB5, and, after mediation, has entered into a settlement agreement with EB5, whereby EB5 has agreed, in part, to serve as the Stalking Horse Bidder and set a floor of $65 million for the Debtor's assets. The Stalking Horse Bidder will be the stalking horse for competitive bids, potentially leading to further competition and the establishment of a baseline against which higher or otherwise better offers can be measured. The Trustee, with the assistance of his professionals, will further solicit proposals for the purchase of the Assets prior to the proposed bid deadline (April 20), and based on such efforts, the estate will have reasonably and sufficiently marketed the Assets prior to the Sale Hearing. Importantly, the Stalking Horse APA does not provide for any bid protections to be paid to the Stalking Horse Bidder. The Stalking Horse APA sets the floor for potential bidders without bid protections and will be subject to higher and better offers. If no higher or better offers are received, the Trustee will provide notice of the same by April 21, 2026 and approval of any sale to the Stalking Horse Bidder will be subject to the Court’s approval at the Sale Hearing scheduled for May 7, 2026 at 9:00 a.m. (MT). The Trustee requests, upon approval of the Settlement Agreement, that the Court authorize the Trustee to designate EB5 as the Stalking Horse Bidder subject to higher and better offers. About Wohali Land Estates LLC Wohali Land Estates, LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golf course, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. Matt McKinlay, the Debtor's Chapter 11 trustee, tapped Foley & Lardner, LLP as bankruptcy counsel; Cohne Kinghorn, P.C. as special counsel; Ampleo Turnaround and Restructuring, LLC as financial adviser; and Ampleo Turnaround and Restructuring, LLC as professional consultant. EB5AN Wohali Utah Fund XV, LP, as DIP lender, is represented by Michael R. Johnson, Esq., Jeffrey W. Shields, Esq., and David H. Leigh, Esq., at Ray Quinney & Nebeker, P.C., in Salt Lake City, Utah. WOODBINE GARDENS: US Bank Seeks Receiver Amid $1.37MM Loan Default ------------------------------------------------------------------ U.S. Bank National Association, as Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Securities, Inc., Multifamily Mortgage Pass-Through Certificates, Series 2018-SB46, filed a motion with the U.S. District Court for the Eastern District of New York, seeking the appointment of Progressive Companies' Richard Dinar as receiver for Woodbine Gardens Realty, et al. Lender is the owner and holder of a defaulted commercial mortgage loan in the original principal amount of $1,370,000.00. The Loan is secured by a first-position mortgage lien held by Lender on an apartment building located at 388 Woodbine, Brooklyn, New York 11237. Defendant Woodbine Gardens Realty LLC is the borrower on the loan and the owner of the Property. On February 11, 2026, Lender filed its Complaint for Mortgage Foreclosure against Borrower, among other defendants. On October 27, 2017, Borrower signed and delivered to the original lender, Greystone Servicing Corporation, Inc., a New York Consolidated, Amended and Restated Note, dated as of October 27, 2017, in the original principal amount of $1,370,000.00. Also on October 27, 2017, Borrower executed a Consolidation, Extension and Modification Agreement, dated as of October 27, 2017, and recorded in the Office of the Register of the City of New York, County of Kings, State of New York on November 13, 2017, as CRFN 2017000415861, which mortgage was executed in favor of Original Lender. The Loan was assigned to the lender via recorded assignments of mortgage and allonges, as detailed in the Complaint. Lender is the current holder of the Loan, Loan Agreement Note, Security Instrument, Guaranty, and all other documents executed in connection with the Loan. Before the commencement of this action, Lender has been in exclusive possession of the original Loan Documents and has not transferred the same to any other person or entity. In connection with the Loan, Borrower agreed and is obligated to make monthly payments of debt service and other amounts specified in the Loan Documents. Borrower failed to make the monthly payment of debt service for December 2024 and each month thereafter, which failure constitutes an "Event of Default" under the Loan Documents. As a result of Borrower's continuing Event of Default, Lender accelerated the amounts due and owing to Lender and commenced this foreclosure action. Borrower failed to repay the accelerated indebtedness and remains in default, and failed to pay taxes and water charges when due. In the Loan Documents, Borrower agreed that if Borrower defaults under the loan documents, then Lender is entitled to the appointment of a receiver on an ex parte basis. Courts routinely enforce provisions in a mortgage contractually entitling a lender to appoint a receiver on an ex parte basis. An Event of Default has occurred, due to Borrower's failure to make the required Debt Service Payments and, after acceleration of the amounts due and owing under the Loan Documents, failure to pay the accelerated indebtedness in full. Accordingly, under the terms of the Loan Documents and applicable law, Lender is unequivocally entitled to the appointment of a receiver. Borrower has also failed to pay taxes and water charges when due as required by the Loan Documents, which dereliction further jeopardizes the well-being of the Property and its tenants. Under such circumstances, the appointment of a receiver is necessary to protect the Security Instrument, to protect the Property from further harm and mismanagement, and to ensure that rents and other income generated from the Property are properly collected and applied to the payment of the Lender's debt and other debts incurred by Borrower in connection with operating and maintaining the Property. Lender's interest in the Property may be lost or materially diminished if the Property is not managed and protected by a court-appointed receiver. This is evident by the City of New York Environmental Control Board and New York State Department of Taxation and Finance violations and judgment that Borrower allowed to accrue at the Property, which necessitated Lender naming ECB and NY Tax as defendants in this action. A telephonic motion hearing on U.S. Bank's request is scheduled for April 28, 2026 at 11:45 a.m. before Chief Magistrate Judge Vera M. Scanlon via ZoomGov. About Woodbine Gardens Realty Woodbine Gardens Realty owns an apartment building located at 388 Woodbine, Brooklyn, New York 11237. Woodbine is facing a receivership case captioned as U.S. Bank National Association, et al. v. Woodbine Gardens Realty, Case No. 1:26-cv-00799 (E.D.N.Y), before the Hon. Vera M. Scanlon. The case was filed on Feb. 11, 2026. Attorney for plaintiff: Carter J. Wallace, Esq. POLSINELLI PC Tel: (813) 393-0327 E-mail: cwallace@polsinelli.com WORKHORSE GROUP: Reports $64.1 Million Net Loss for 2025 -------------------------------------------------------- Workhorse Group Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting net losses of $64.1 million and $51.6 million for the fiscal years ended December 31, 2025 and December 31, 2024, respectively. Revenues for the year ended December 31, 2025, was $21.2 million compared to $7 million in the prior period. Palm Beach Gardens, Florida-based Carr, Riggs & Ingram, L.L.C., the Company's auditor since 2026, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring losses from operations, has a working capital deficiency, and an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. Workhorse said, "We had sales, net of returns and allowances of $21.2 million and incurred a net loss of $64.1 million and used $35.6 million of cash in operating activities during the year ended December 31, 2025. As of December 31, 2025, the Company had $12.9 million of cash and cash equivalents, net accounts receivable of $3.9 million, inventory, net of reserves of $39.1 million and accounts payable of $11.6 million. As of December 31, 2025, the Company had working capital of $21.0 million and an accumulated deficit of $319.0 million." "As a result of our recurring losses from operations, accumulated deficit, projected capital needs, delays in bringing our vehicles to market and lower than expected market demand, management determined that substantial doubt exists regarding our ability to continue as a going concern within one year after the issuance date of the accompanying Consolidated Financial Statements. Our ability to continue as a going concern is contingent upon successful execution of management's intended plan over the next twelve months to improve our liquidity and working capital, which includes, but is not limited to: * Generating revenue by increasing sales of our vehicles and other services. * Reducing redundant expenses and limiting non-strategic capital expenditures. * Realizing synergies from the Merger, including savings from reducing contract manufacturers for Motiv products by manufacturing them in the Workhorse production facility. * Continuing efforts to lower the total bill of material cost of our vehicles to be in line with Internal Combustion Engine vehicles. * Receiving proceeds from our current financing arrangements. * The successful consummation of a potential equity or equity-linked financing. "It is essential that we have access to capital as we bring our existing line of vehicles to market, scale up production and sales of such vehicles and continue to develop additional variations of our existing vehicles and our next generation of vehicles. There is no assurance that we will be successful in implementing management's plans to generate liquidity to fund these activities or other aspects of our short and long-term strategy, that our projections of our future capital needs will prove accurate or that any additional funding would be available or sufficient to continue operations in future periods. "Our revenues from operations are unlikely to be sufficient to meet our liquidity requirements for the twelve months following the date of the issuance of our Consolidated Financial Statements, and, accordingly, our ability to continue as a going concern depends on our ability to obtain and receive proceeds from external financing. We currently expect that our primary source of financing will be the Credit Agreements and a potential equity or equity-linked financing. "Because the public float of our Common Stock is currently less than $75.0 million, the SEC's "baby shelf" rules will limit the amount of securities we can offer and sell on Form S-3, including Common Stock and all other securities, to one-third of our public float in any twelve-month period. Accordingly, our ability to obtain liquidity though public sales of securities is substantially limited. "Subject to certain conditions, the Credit Agreements permit the Company to raise funds through an equity or equity-linked financing; however, the consummation of such a transaction is not probable as of the issuance date of the accompanying Consolidated Financial Statements. "Because of the foregoing, our ability to obtain additional proceeds from financing is extremely limited under current conditions, and if we are unable to obtain such proceeds, we may need to further adjust our operations and seek protection by filing a voluntary petition for relief under the Bankruptcy Code. If this were to occur, the value available to our various stakeholders, including our creditors and stockholders, is uncertain and trading prices for our securities may bear little or no relationship to the actual recovery, if any, by holders of our securities in bankruptcy proceedings, if any. "We may also rely on other debt financing or other sources of capital funding such as through the sale of assets to obtain sufficient financial resources to fund our operating activities. If we are unable to maintain sufficient financial resources, our business, financial condition and results of operations, as well as our ability to continue to develop, produce and market our vehicle programs and satisfy our obligations as they become due, we will be materially and adversely affected. This could affect future vehicle program production and sales. Failure to receive additional proceeds will have a material, adverse impact on our business operations. There can be no assurance that we will be able to obtain the additional proceeds needed to achieve our goals on acceptable terms or at all. "Additionally, any additional equity or equity-linked financings would likely have a dilutive effect on the holdings of our existing stockholders. Our current level of cash and cash equivalents is not sufficient to execute our business plan. For the foreseeable future, we will incur operating expenses, capital expenditures and working capital funding that will deplete our cash on hand. These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of these Consolidated Financial Statements included in this Annual Report on Form 10-K." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/2f3wb23v About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. As of December 31, 2025, the Company had $117.9 million in total assets, $74.9 million in total liabilities, and $43 million in total stockholders' equity. WORLD DEBT: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------- On April 7, 2026, World Debt Acquisitions LLC filed for Chapter 11 protection in the Northern District of Georgia Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About World Debt Acquisitions LLC World Debt Acquisitions LLC is a financial services company that focuses on acquiring and managing debt portfolios, including distressed or non-performing assets. World Debt Acquisitions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-54646) on April 7, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtor is represented by Michael D. Robl, Esq. of Robl & Bowen LLC. WRIGHT SCAPES: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, entered a final order authorizing Wright Scapse, Inc. to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with an approved four-month budget, subject to a ±10% variance, through the earlier of June 30 or confirmation of a Chapter 11 plan. The Debtor's budget shows total operational expenses of $104,608.42 for March, $103,609.06 for April, $103,609.04 for May, and $103,609.04 for June. As adequate protection, secured creditors will be granted replacement liens on post-petition cash and related assets, maintaining the same validity and priority as their pre-petition liens. In addition, the Debtor must make monthly interest-only payments of $2,000 to JPMorgan Chase Bank, N.A., which holds a first-priority lien on substantially all of the Debtor's assets. The Debtor must also provide regular financial reporting, including budget-to-actual reconciliations. The order further requires structured payments for administrative expenses, including $2,000 per month to the Debtor's counsel and $1,000 per month to the Subchapter V trustee, both held in trust accounts. The final order is available at https://is.gd/oaUGNU from PacerMonitor.com. About Wright Scapse Inc. Wright Scapse, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11393) on February 3, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Erik Wright, president of Wright Scapse, signed the petition. Judge Peter D. Russin oversees the case. Thomas L Abrams, Esq., at Thomas L. Abrams PA, represents the Debtor as legal counsel. YA INTERMEDIATE: Antares PCF Marks $1MM 1L Loan at 74% Off ---------------------------------------------------------- Antares Private Credit Fund has marked its $1,084,000 loan extended to YA Intermediate Holdings II, LLC to market at $280,000 or 26% of the outstanding amount, according to Antares PCF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Revolver Loan extended to YA Intermediate Holdings II, LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.58% per annum. The 1L Loan matures on October 1, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About YA Intermediate Holdings II, LLC YA Intermediate Holdings II, LLC is a holding company. YA INTERMEDIATE: Antares PCF Marks $2.2MM 1L Loan at 85% Off ------------------------------------------------------------ Antares Private Credit Fund has marked its $2,255,000 loan extended to YA Intermediate Holdings II, LLC to market at $341,000 or 15% of the outstanding amount, according to Antares PCF’s 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Antares Private Credit Fund is a participant in a First Lien Delayed Draw Term Loan extended to YA Intermediate Holdings II, LLC. The 1L Loan accrues interest at a rate of S + 5.00%, 8.65% per annum. The 1L Loan matures on October 1, 2031. Antares Private Credit Fund is a business development company that provides private credit and financing solutions to middle-market borrowers. The Fund is led by Vivek Mathew as Chief Executive Officer and President and Thomas Sweeney as Chief Financial Officer and Principal Accounting Officer. The Fund can be reached at: Vivek Mathew Antares Private Credit Fund 320 South Canal Street, Suite 4200 Chicago, IL 60606 Telephone: (312) 638-4119 About YA Intermediate Holdings II, LLC YA Intermediate Holdings II, LLC is a holding company. YUNHONG GREEN: Welcomes Fred H.F. Chak to Board of Directors ------------------------------------------------------------ Yunhong Green CTI Ltd. disclosed in a regulatory filing that the Board of Directors of appointed Fred H.F. Chak as a director. About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Massachusetts-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 23, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has an accumulated deficit. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $22.2 million in total assets, $11.6 million in total liabilities, and $10.5 million in total stockholders' equity. ZIPRECRUITER INC: Moody's Cuts CFR to B3 & Alters Outlook to Neg. ----------------------------------------------------------------- Moody's Ratings downgraded ZipRecruiter, Inc.'s (ZipRecruiter) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. At the same time, Moody's affirmed the senior unsecured global notes rating at B3. The speculative grade liquidity (SGL) is SGL-2. The outlook was changed to negative from stable. ZipRecruiter is a California-based online job marketplace. The rating action reflects the continued challenging business conditions facing the online job marketplace industry, driven by declining hiring volumes across the broader economy. The hiring downturn has persisted longer than expected, and Moody's believes a period of tepid hiring will continue over the next 12–18 months amid an uncertain macroeconomic environment. As a result of lower job placement levels, ZipRecruiter's credit metrics have weakened, with leverage increasing significantly and cash flow declining. The outlook revision reflects Moody's expectations that, while earnings may stabilize, they will not improve sufficiently to drive a meaningful reduction in leverage. In addition, refinancing risk is increasing as the company approaches the maturity of its senior unsecured notes. Moody's also assumes that the company will allow its revolving credit facility, which matures on April 30, 2026, to expire, resulting in reduced liquidity. Governance remains a ratings consideration due to the company's tolerance for very high leverage. RATINGS RATIONALE ZipRecruiter benefits from a strong market position as one of the leading providers of online recruiting services in the US Its well-recognized brand, extensive resume database, and broad client relationships create a network effect that attracts both recruiters and job seekers to its online marketplace. However, cyclical fluctuations in job opening volumes contribute to revenue volatility during economic downturns. The company's strategy to integrate its database with employers' applicant tracking systems could enhance customer retention and support revenue growth over the longer term. A highly variable cost structure, combined with good end market diversification and a solid liquidity position, partially mitigates exposure to the cyclical nature of demand for recruiting services. Debt to EBITDA leverage is adversely affected by high stock based compensation, which Moody's do not add back. Leverage has increased significantly over the past 12 months due to revenue declines and elevated advertising spend, resulting in leverage exceeding 10.0x for the 12 month period ended December 31, 2025. The company's relatively small scale compared with other issuers in its rating category, limited product diversification, and geographic concentration in the US market weigh on the credit profile. ZipRecruiter operates in a highly competitive online job board industry against larger peers with substantial financial resources. Revenue is largely driven by subscription products, which range from daily to annual terms, and smaller employers may shift toward shorter subscription periods as a cost containment measure. While the cost structure is highly variable and marketing expenditures can be reduced to preserve cash if revenue growth weakens, higher marketing investment is generally required to drive revenue growth in a more balanced US labor market. The negative outlook reflects Moody's expectations that revenue will be flat for 2026 and grow slightly in 2027. However, leverage will remain very high and refinancing risk will increase as the maturity of the notes approach. The job market in the US will remain tepid over the next 12-18 months but ZipRecruiter will be able to maintain its market position in the online job market sector. The outlook could be stabilized if the company provides clear guidance with respect to refinancing or paydown of the notes. Liquidity is a key credit consideration given the company's exposure to cyclical swings in the US jobs market. The SGL-2 reflects good liquidity, supported by cash and cash equivalents (including short term investments) of approximately $409 million as of December 31, 2025. Given the uncertain macroeconomic environment and lack of revenue growth over the last two years, the company's strong liquidity, supported by its large cash balances is key to the rating. Moody's anticipates the company will sustain its good liquidity position and generate some free cash flow, with FCF/debt in the mid-single digit area over the next 12 months. The company's $290 million revolver is due April 30, 2026 and Moody's assumes that the company will allow the revolver to expire. As a result, liquidity will decline from current levels, however, given the amount of cash and equivalents and free cash flow generation, Moody's views liquidity as still good. If liquidity declines further, the ratings will be pressured. ZipRecruiter, Inc. is the borrower of the $550 million senior unsecured notes and the $290 million senior secured credit facility. The B3 rating for the senior unsecured notes reflects ZipRecruiter's B3-PD PDR and the Loss Given Default assessment. The rating and Loss Given Default expectations reflect the assumption that the revolver will not be renewed and thus the notes will no longer be subordinated to the revolver. The unsecured notes provide little covenant protection and do not include any limitations on additional unsecured debt, restricted payments, investments or asset sales. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ZipRecruiter's ratings could be upgraded if business conditions for the online job marketplace industry improve and the company is able to generate revenue growth and raise EBITDA margins such that leverage declines to 5.5x (excluding stock based compensation as an add-back) and is expected to remain at around that level. Further, the company would need to maintain its solid competitive position such that Moody's expects it to generate strong long-term revenue growth while balancing marketing spend and other operating costs. Maintenance of balanced financial policies and good liquidity would also be required for a ratings upgrade. The ratings could be downgraded if revenue continues to decline such that leverage deteriorates further (excluding stock based compensation as an add-back) and FCF/ debt is expected to decline as well. A decline in the company's liquidity position, which is an important consideration for the rating, would also lead to a downgrade. A downgrade is likely if the company does not address the maturity of the notes in a timely manner. Further, the ratings would be pressured if the company were to pursue more aggressive financial policies, such as sustained share repurchases in excess of free cash flow, or other strategies that increase leverage or weaken liquidity. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. ZipRecruiter's B3 rating is one notch above the scorecard indicated outcome of Caa1 and reflects the expectation that the company will maintain its leading position in the online job marketplace sector. The rating difference also reflects the strong liquidity of the company and expectations for improving credit metrics from the current cyclical trough. Headquartered in Santa Monica, CA, ZipRecruiter is an online job marketplace that connects job seekers and recruiters. The company also offers adjacent solutions such as applicant tracking systems. Revenue for the trailing twelve months ending December 31, 2025 was $462 million. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. 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