Sky Quarry Inc.

Previous wording

We operate a regional refinery (the Eagle Springs Refinery) producing diesel, VGO, naphtha and liquid paving asphalt from crude oil suppliers in the Uintah basin near Nevada and Utah. In addition to our goal of growing the refinery, we have a separate division in the development-stage (P.R. Springs) formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils, providing sustainable refined crude products. We anticipate several benefits from the recycling and production of oil from asphalt shingles reducing the dependence on landfills for the disposal of waste and reducing dependence on foreign oil.

Current wording

We operate a regional refinery (the Eagle Springs Refinery) producing diesel, VGO, naphtha and liquid paving asphalt from crude oil supplied from the Uintah basin near Ely, Nevada. In addition to our goal of growing the refinery, we have a separate division in the development-stage (PR Springs) formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils, providing sustainable refined crude products. We anticipate several benefits from the recycling and production of oil from asphalt shingles reducing the dependence on landfills for the disposal of waste and reducing dependence on foreign oil.

Previous wording

Currently, we intend to finish retrofitting our oil sands remediation facility located in PR Spring in eastern Utah in the 2027 calendar year when the necessary funding is obtained to recycle waste asphalt shingles using our ECOSolv technology, to produce and sell oil as well as asphalt paving aggregate mined from our bitumen deposit.

Current wording

Currently, we intend to finish retrofitting our oil sands remediation facility located in PR Springs in eastern Utah in the 2027 calendar year when the necessary funding is obtained to recycle waste asphalt shingles using our ECOSolv technology, to produce and sell oil as well as asphalt paving aggregate mined from our bitumen deposit.

Previous wording

We filed a Certificate of Amendment to our Certificate of Incorporation with the State of Delaware on March 5, 2026, to affect a one-for-eight (1-for-8) reverse stock split (the “Reverse Stock Split”) of our shares of common stock, par value $0.0001 (the “Common Stock”). The Reverse Stock Split was effective on March 15, 2026, at 11:59 PM Eastern Time.

Current wording

We filed a Certificate of Amendment to our Certificate of Incorporation with the State of Delaware on March 5, 2026 to effect a one-for-eight (1-for-8) reverse stock split (the “Reverse Stock Split”) of our shares of common stock, par value $0.0001 (the “Common Stock”). The Reverse Stock Split was effective on March 15, 2026, at 11:59 PM Eastern Time.

Previous wording

On April 22, 2026, the Company replaced Cantor Fitzgerald & Co. with Muriel Siebert & Co., LLC (“Siebert” or the “Agent”) as the principal and/or the sole designated sales agent and updated the size of the program to up to $12,600,000. As of March 31, 2026, the Company issued 426,143 shares of common stock through its previous ATM sales agent, Cantor Fitzgerald & Co., generating net proceeds of $747,975.

Current wording

On April 22, 2026, the Company replaced Cantor Fitzgerald & Co. with Muriel Siebert & Co., LLC (“Siebert” or the “Agent”) as the principal and/or the sole designated sales agent and updated the size of the program to up to $12,600,000. As of June 30, 2026, the Company issued 4,781,795 shares of common stock through its ATM sales agents, generating net proceeds of $12,539,949.

Previous wording

Our facilities require ongoing maintenance and from time-to-time certain repairs, improvements and retrofitting, which may require us to temporarily shut down or operate at a diminished capacity. Our Eagle Springs refinery operated by Foreland Refinery Corporation experienced a shut down during the fourth quarter of 2025 in connection with a boiler repair. Currently, repairs have been completed, and the refinery is being prepared to resume operations, subject to the procurement of feedstock. The unscheduled repairs and outages at Foreland’s Eagle Springs Refinery have had a negative impact on our final financial results for the third and fourth quarters of 2025, and financial results for the first quarter of 2026. Currently, we expect the facility to be operational by the end of the second quarter of 2026.

Current wording

Our facilities require ongoing maintenance and from time-to-time certain repairs, improvements and retrofitting, which may require us to temporarily shut down or operate at a diminished capacity. Our Eagle Springs refinery operated by Foreland Refinery Corporation experienced a shut down during the fourth quarter of 2025 and first half of 2026 in connection with a boiler repair and related items. Currently, repairs to the refinery have been completed and initial feedstock has been procured, subject to scale up operational testing and state inspection. The unscheduled repairs and outages at Foreland’s Eagle Springs Refinery have had a negative impact on our final financial results for the third and fourth quarters of 2025, and financial results for the first and second quarters of 2026. We expect the facility to be operational by the end of the third quarter of 2026.

Previous wording

As a result of our financial condition, we have included in our condensed consolidated financial statements as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025, a note indicating that there is significant doubt about the Company’s ability to continue as a going concern. The opinion on the December 31, 2025 audited financial statements from our independent registered public accounting firm for those statements also includes an explanatory paragraph describing the uncertainty as to our ability to continue as a going concern. From inception (June 4, 2019) through March 31, 2026, we have incurred accumulated net losses of $38,486,733. To address our going concern, we aim to increase revenues by securing greater volumes of crude oil for our Foreland refinery, which should enhance our contribution margin. Additionally, we are pursuing opportunities to reduce debt service through refinancing or repayment of existing obligations, establish strategic partnerships, and raise capital through equity or debt offerings, or a combination of these actions. Given our current revenue and cash usage levels, we have pressing working capital needs that necessitate raising funds through equity or debt issuance, coupled with efforts to boost revenue and control operating expenses. However, there is no guarantee that we will be able to raise sufficient capital, grow revenues, and generate the cash flow needed to meet our operating expenses and capital requirements effectively.

Current wording

As a result of our financial condition, we have included in our condensed consolidated financial statements as of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025, a note indicating that there is significant doubt about the Company’s ability to continue as a going concern. The opinion on the December 31, 2025 audited financial statements from our independent registered public accounting firm for those statements also includes an explanatory paragraph describing the uncertainty as to our ability to continue as a going concern. From inception (June 4, 2019) through June 30, 2026, we have incurred accumulated net losses of $42,542,109. To address our going concern, we aim to increase revenues by securing greater volumes of crude oil for our Foreland refinery, which should enhance our contribution margin. Additionally, we are pursuing opportunities to reduce debt service through refinancing or repayment of existing obligations, establish strategic partnerships, and raise capital through equity or debt offerings, or a combination of these actions. Given our current revenue and cash usage levels, we have pressing working capital needs that necessitate raising funds through equity or debt issuance, coupled with efforts to boost revenue and control operating expenses. However, there is no guarantee that we will be able to raise sufficient capital, grow revenues, and generate the cash flow needed to meet our operating expenses and capital requirements effectively.

Previous wording

Results of Operations for the Three Months ended March 31, 2026 and 2025

Current wording

Results of Operations for the three and six months ended June 30, 2026 and 2025

Previous wording

This section includes a summary of our historical results of operations, followed by detailed comparisons of our results for the three months ended March 31, 2026 and 2025, respectively. We have derived this data from our unaudited interim condensed consolidated financial statements included in this Quarterly Report.

Current wording

This section includes a summary of our historical results of operations, followed by detailed comparisons of our results for the three and six months ended June 30, 2026 and 2025, respectively. We have derived this data from our unaudited interim condensed consolidated financial statements included in this Quarterly Report.

Previous wording

We had net sales of $383 for the three months ended March 31, 2026, compared to $6,332,967 for the three months ended March 31, 2025. Our cost of goods sold for the three months ended March 31, 2026, were $389,601, compared to $7,059,059 for the three months ended March 31, 2025. Cost of goods sold does not change directly with sales due to certain fixed cost allocations across significantly lower production barrels. The significant decrease in our sales were the direct result of the company’s challenges associated with the outage of our Eagle Springs refinery.

Current wording

We had net sales of $0 and $383 for the three and six months ended June 30, 2026, compared to $4,541,472 and $10,874,439 for the three and six months ended June 30, 2025. Our cost of goods sold for the three months ended June 30, 2026, were $685,601, compared to $4,658,440 for the three months ended June 30, 2025. Year to date cost of goods sold of $1,075,202 for the six months ended June 30, 2026, compared to $11,717,499 for the six months ended June 30, 2025. Cost of goods sold does not change directly with sales due to certain fixed-cost allocations across significantly lower production barrels. The significant decrease in our sales was the direct result of the Company’s challenges associated with the outage of our Eagle Springs refinery.

Previous wording

Our operating expenses were $1,215,446 for the three months ended March 31, 2026, compared to $1,937,485 for the three months ended March 31, 2025. Our operating expenses consisted of general and administrative and depreciation and amortization.

Current wording

Our operating expenses were $1,888,605 for the three months ended June 30, 2026, compared to $1,623,612 for the three months ended June 30, 2025. Year to date operating expenses were $3,104,051 for the six months ended June 30, 2026, compared to $3,559,370 for the six months ended June 30, 2025. Our operating expenses consisted of general and administrative, and depreciation and amortization.

Previous wording

Our net sales, costs of goods sold, gross profit, operating expenses, other income (expense) and net loss for the three months ended March 31, 2026 and 2025, were as follows:

Current wording

Our net sales, costs of goods sold, gross profit, operating expenses, other income (expense) and net loss for the three and six months ended June 30, 2026 and 2025, were as follows:

Previous wording

The following table shows net sales by category for the three months ended March 31, 2026 and 2025:

Current wording

The following table shows net sales by category for the three and six months ended June 30, 2026 and 2025:

Previous wording

We had net sales of $383 for the three months ended March 31, 2026, compared to $6,332,967 for the three months ended March 31, 2025, a decrease of $6,332,584. Beginning in late June 2025, the Company’s production was limited due to crude supplier disruptions and delays in completing certain maintenance activities. The lack of refinery operational revenue during the first quarter of 2026 was the result of refinery repairs that were concluded subsequent to the end of the period. Restart challenges and reconnecting refinery feedstock supply will be the primary focus of the Company in the subsequent quarter to generate revenues from operations. The Company expects production to resume in June of 2026.

Current wording

We had net sales of $0 for the three months ended June 30, 2026, compared to $4,541,472 for the three months ended June 30, 2025, a decrease of $4,541,472. Year-to-date net sales of $383 for the six months ended June 30, 2026, compared to $10,874,439 for the six months ended June 30, 2025, a decrease of $10,874,056. Beginning in late June 2025 the Company’s production was limited due to crude supplier disruptions and delays in completing certain maintenance activities. The lack of refinery operational revenue during the first and second quarters of 2026 was the result of refinery repairs that were concluded subsequent to the end of the period. Restart challenges and reconnecting refinery feedstock supply will be the primary focus of the Company in the subsequent quarter to generate revenues from operations. The Company expects production to resume in September 2026.

Previous wording

Additionally, feedstock pricing, based partly on WTI market pricing rose from approximately $57 per barrel on January 1, 2026 to $101 per barrel by March 31, 2026, roughly a 77% increase according to the US Energy Information Agency (EIA). Currently, we believe regional market dynamics may be reflected in the second half of 2026 in crack spreads or refinery margins, based on industry peers’ publicly available comments.

Current wording

Additionally, feedstock pricing, based partly on WTI market pricing rose from approximately $57 per barrel on January 1, 2026 to $70 per barrel by June 30, 2026, roughly a 23% increase according to the US Energy Information Administration (EIA). Currently, we believe regional market dynamics may be reflected in the second half of 2026 in crack spreads or refinery margins, based on industry peers’ publicly available comments.

Previous wording

The following table shows cost of goods sold by category for the three months ended March 31, 2026 and 2025:

Current wording

The following table shows cost of goods sold by category for the three and six months ended June 30, 2026 and 2025:

Previous wording

Our cost of goods sold for the three months ended March 31, 2026 was $389,601 compared to $7,059,059 for the three months ended March 31, 2025, a decrease of $6,669,458. Gross margin loss for the three months ended March 31, 2026 was $389,218, compared to $726,092 for the three months ended March 31, 2025, a decrease of $336,874 for the comparative period. The decline in cost of sales for the three months ended March 31, 2026 presented compared to the prior periods was primarily due to the decline in net sales described above.

Current wording

Our cost of goods sold for the three months ended June 30, 2026 was $685,601 compared to $4,658,440 for the three months ended June 30, 2025, a decrease of $3,972,839. Our year to date cost of goods sold for the six months ended June 30, 2026, was $1,075,202 compared to $11,717,499 for the six months ended June 30, 2025, a decrease of $10,642,297. Gross loss for the three months ended June 30, 2026 was $685,601, compared to $116,968 for the three months ended June 30, 2025, an increase of $568,633 for the comparative period. The decline in cost of sales for the three months ended June 30, 2026 presented compared to the prior periods was primarily due to the decline in net sales described above.

Previous wording

Cost of goods sold as a percentage of net sales was 101,723% for the three months ended March 31, 2026, compared to 112% for the three months ended March 31, 2025. We believe this comparison is not meaningful as the refinery was not operational during the first quarter of 2026 as described above.

Current wording

Cost of goods sold as a percentage of net sales was 685,601% for the three months ended June 30, 2026, compared to 103% for the three months ended June 30, 2025. We believe this comparison is not meaningful as the refinery was not operational during 2026 as described above.

Previous wording

The following table shows general and administrative expenses by category for the three months ended March 31, 2026 and 2025:

Current wording

The following table shows general and administrative expenses by category for the three and six months ended June 30, 2026 and 2025:

Previous wording

Our general and administrative expenses decreased by $722,221 for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to a decrease of $124,897 in executive compensation attributable to a smaller Board of Directors with lower fees expensed in the current year. The decreased in general and administrative costs for the three months ended March 31, 2026 compared to 2025 were also due to a $511,968 decrease in professional fees, primarily consisting of decreases in advertising and marketing, and business development.

Current wording

Our general and administrative expenses increased by $266,260 for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to an increase of $255,966 in executive compensation attributable to increased salaries for executive officers expensed in the current year, The increased general and administrative costs for the three months ended June 30, 2026 compared to 2025 were also due to a $124,778 increase in professional fees related to legal matters found in Part II, Item 1, partially offset decreases in advertising and marketing, and business development expenses.

Previous wording

Other expense was $715,581 for the three months ended March 31, 2026, compared to $670,117 for the three months ended March 31, 2025, a decrease of $45,464. In the three months ended March 31, 2026, other income (expense) consisted of interest expense $333,989, loss on extinguishment of debt $269,396, loss on warrant valuation $75,342, and other expense $36,854. In the three months ended March 31, 2025, other income (expense) consisted of interest expense $901,561, loss on extinguishment of debt $56,660, offset by gain on warrant valuation $274,980, other income $7,477, and gain on disposal of assets $5,647.

Current wording

Other expense was $1,481,170 for the three months ended June 30, 2026, compared to $468,070 for the three months ended June 30, 2025, an increase of $1,013,100. In the three months ended June 30, 2026, other income (expense) consisted of interest expense $349,476, loss on extinguishment of debt $1,015,345, loss on warrant valuation $99,540, and other expense $16,809. In the three months ended June 30, 2025, other income (expense) consisted of interest expense $318,708, loss on warrant valuation $174,354, offset by gain on extinguishment of debt $29,093 and other income $4,101.

Previous wording

Net loss was $2,320,245 or a loss of $(0.65) per share, for the three months ended March 31, 2026, compared to net loss of $3,333,694 or $(1.25) per share, for the three months ended March 31, 2025.

Current wording

Net loss was $4,055,376 or a loss of $(0.77) per share, for the three months ended June 30, 2026, compared to net loss of $2,208,650 or $(0.82) per share, for the three months ended June 30, 2025. Net loss was $6,375,621 or a loss of $(1.44) per share, for the six months ended June 30, 2026, compared to net loss of $5,542,344 or $(2.17) per share, for the six months ended June 30, 2025.

Previous wording

Our net loss compared to the previous periods’ net loss was primarily driven by a reduction in total production of the refinery attributable to the outage which resulted in reduced revenues during the period.

Current wording

Our net loss compared to the previous periods’ net loss was primarily driven by a reduction in total production of the refinery attributable to the outage, which resulted in significantly reduced revenues during the period, combined with increased losses on extinguishment of debt associated with the Libertas Conversion and Exchange Agreement.

Previous wording

We had negative operating cash flows for the three months ended March 31, 2026. Our cash on hand as of March 31, 2026, was $66,828. While we had negative net cash from operations for the three months ended March 31, 2026, our monthly cash flow burn rate for the three months ended March 31, 2026, was $196,210. In connection with the Foreland Refinery acquisition and PR Spring facility retrofit program, we believe we will continue to have material capital expenditures and face long term cash needs. While we anticipate that these needs will be satisfied through the issuance of our debt and/or equity securities until such time as our cash flows from operations will satisfy our cash needs, we cannot provide any assurances of such.

Current wording

We had negative operating cash flows for the six months ended June 30, 2026 of $5,413,699. Our cash on hand as of June 30, 2026, was $7,226,564. In connection with the Foreland Refinery acquisition and PR Springs facility retrofit program, we believe we will continue to have material capital expenditures and face long term cash needs. While we anticipate that these needs will be satisfied through the issuance of our debt and/or equity securities until such time as our cash flows from operations will satisfy our cash needs, we cannot provide any assurances of such.

Previous wording

Our cash increased by $31,458 as of March 31, 2026, as compared to December 31, 2025. Our total current assets decreased by $61,721 primarily because of a decrease in inventory of $23,453, and prepaids of $65,038.

Current wording

Our cash increased by $7,191,194 as of June 30, 2026, as compared to December 31, 2025. Our total current assets increased by $9,102,738 primarily because of the ATM program during the current quarter.

Previous wording

Our total assets increased by $97,282 due to the changes in property, plant and equipment of $178,523, and cash $31,458.

Current wording

Our total assets increased by $9,113,067 due to the changes in cash of $7,191,194 and inventory of $828,167.

Previous wording

In order to repay our obligations in full or in part when due, we will be required to raise significant capital from other sources. There is no assurance, however, that we will be successful in these efforts.

Current wording

To repay our obligations in full or in part when due, we will be required to raise significant capital from other sources. There is no assurance, however, that we will be successful in these efforts.

Previous wording

On June 27, 2025, the Company’s wholly owned subsidiary, Foreland Refining Corporation, launched a Regulation Crowdfunding (Reg CF) offering to raise up to $1.235 million to fund working capital and general corporate purposes. As of March 31, 2026, the subsidiary had raised $513,300 in commitments. Although the Reg CF is being conducted at the subsidiary level, the proceeds are expected to support business lines that may be consolidated into the Company’s operations. The offering is not expected to have a material near-term impact on the Company’s consolidated liquidity position.

Current wording

On June 27, 2025, the Company’s wholly owned subsidiary, Foreland Refining Corporation, launched a Regulation Crowdfunding (“Reg CF”) offering to fund working capital and general corporate purposes. The offering is terminated and raised a total of $513,300. Although the Reg CF is being conducted at the subsidiary level, the proceeds are expected to support business lines that may be consolidated into the Company’s operations. The offering is not expected to have a material near-term impact on the Company’s consolidated liquidity position.

Previous wording

On April 22, 2026, in connection with its ATM Program, the Company filed a prospectus supplement with the SEC, updating the aggregate sales price to up to $12,600,000, pursuant to the A&R Sales Agreement. As of March 31, 2026, the Company issued 426,143 shares of common stock through Cantor under the ATM Program, generating net proceeds of $747,975.

Current wording

On April 22, 2026, in connection with its ATM Program, the Company filed a prospectus supplement with the SEC, updating the aggregate sales price to up to $12,600,000, pursuant to the A&R Sales Agreement. Through the ATM Program, the Company issued an aggregate of approximately 4,773,348 shares of Common Stock, resulting in aggregate gross proceeds of approximately $13,528,940. Of this total, the Company sold approximately 417,696 shares through Cantor pursuant to the Sales Agreement, generating gross proceeds of approximately $1,306,941, and sold 4,355,652 shares through Siebert pursuant to the A&R Sales Agreement, generating proceeds of approximately $12,221,999.

Previous wording

Our cash on hand as of March 31, 2026, was $66,828. The Company will continue to require additional cash to meet ongoing operational and capital needs. Despite the company’s efforts to increase production capacity at the refinery, as well as ongoing maintenance and refurbishment activities, and the high interest payments, we are not yet generating sufficient cash flow to cover operational costs. The need for cash is driven by both ongoing operating expenses, and costs of indebtedness. We anticipate that these needs will be satisfied through the issuance of debt or the sale of our equity securities, or a combination thereof, until such time as improvements to our cash flows from operations will satisfy our cash flow needs. Management remains committed to securing the necessary resources to ensure the Company can meet its financial obligations and continue executing its long-term objectives. There is no assurance, however, that we will be successful in these efforts.

Current wording

Our cash on hand as of June 30, 2026, was $7,226,564. The Company will continue to require additional cash to meet ongoing operational and capital needs. Despite the company’s efforts to increase production capacity at the refinery, as well as ongoing maintenance and refurbishment activities, and the high interest payments, we are not yet generating sufficient cash flow to cover operational costs. The need for cash is driven by both ongoing operating expenses, and costs of indebtedness. We anticipate that these needs will be satisfied through the issuance of debt or the sale of our equity securities, or a combination thereof, until such time as improvements to our cash flows from operations will satisfy our cash flow needs. Management remains committed to securing the necessary resources to ensure the Company can meet its financial obligations and continue executing its long-term objectives. There is no assurance, however, that we will be successful in these efforts.

Previous wording

Our net cash used in operating activities for the three months ended March 31, 2026 and 2025, was $588,631 and $1,963,224, respectively. Our net cash used in operating activities for the three months ended March 31, 2026, consisted of a net loss of $2,320,245, favorable working capital changes of $1,374,593, adjusted for share based compensation of $87,454, depreciation and amortization of $264,857, amortization of debt issuance costs of $101,649, amortization of right-of-use asset of $20,943, loss on extinguishment of debt of $269,396, and loss on revaluation of warrant liability of $75,342. Our net cash used in operating activities for the three months, ended March 31, 2025 consisted of a net loss of $3,333,694, less unfavorable changes in working capital of $738,676, share-based compensation of $78,880, depreciation and amortization of $242,004, amortization of right-of-use asset of $24,129, amortization of debt issuance costs of $765,793, loss on extinguishment of debt of $56,660.

Current wording

Our net cash used in operating activities for the six months ended June 30, 2026 and 2025, was $5,413,699, as compared to net cash used of $729,401, respectively. Our net cash used in operating activities for the six months ended June 30, 2026, consisted of a net loss of $6,375,621, unfavorable working capital changes of $4,684,298, adjusted for share based compensation of $694,002, depreciation and amortization of $492,758, amortization of debt issuance costs of $98,976, amortization of right-of-use asset of $37,112, loss on extinguishment of debt of $1,284,741, and loss on revaluation of warrant liability of $174,882. Our net cash used in operating activities for the six months ended June 30, 2025 consisted of a net loss of $5,542,344, less unfavorable changes in working capital of $738,676, share-based compensation of $309,354, depreciation and amortization of $557,454, amortization of right-of-use asset of $48,842, amortization of debt issuance costs of $807,636, and loss on extinguishment of debt of $56,660.

Previous wording

Our cash flow used in investing activities for the three months ended March 31, 2026 and 2025, was $443,380 and $316,210, respectively, an increase of $127,170. Our investing activities during the three months ended March 31, 2026, consisted of a net increase from proceeds of sale of assets of $0, and payments for oil and gas properties of $0, and property, plant and equipment of $443,380. Our investing activities during the three months ended March 31, 2025, consisted of a net increase from property, plant and equipment of $297,389, purchase of oil and gas development assets of $32,881 and an increase from proceeds of sale of assets of $14,060.

Current wording

Our cash flow used in investing activities for the six months ended June 30, 2026 and 2025, was $460,221 and $381,296, respectively, an increase of $78,925. Our investing activities during six months ended June 30, 2026, consisted of payments for property, plant and equipment of $460,221. Our investing activities during the six months ended June 30, 2025, consisted of a net increase from property, plant and equipment of $352,973, purchase of gas development assets of $42,383, and an increase from proceeds of sale of assets of $14,060.

Previous wording

Our net cash provided by (used in) financing activities for the three months ended March 31, 2026 and 2025, was $1,064,894 and ($24,050), respectively, a decrease of $1,088,944. Our cash flows from financing activities during the three months ended March 31, 2026, consisted of proceeds of lines of credit of $97,720, proceeds from notes payable of $227,830, proceeds from common stock $747,975, offset by payments on lines of credit of $2,319, payments on notes payable of $6,312. Our cash flows from financing activities during the three months ended March 31, 2025, consisted of proceeds of lines of credit of $5,339,736, and proceeds from notes payable of $143,237, offset by payments on lines of credit of $4,272,336, and payments on notes payable of $1,231,214, and payments on finance lease of $3,473.

Current wording

Our net cash provided by (used in) financing activities for the six months ended June 30, 2026 and 2025, was $13,063,714 and $1,226,930, respectively, an increase of $11,836,784. Our cash flows from financing activities during the six months ended June 30, 2026, consisted of proceeds of lines of credit of $202,630, proceeds from notes payable of $896,866, proceeds from common stock $13,907,446, offset by payments on lines of credit of $42,318 and payments on notes payable of $533,413. Our cash flows from financing activities during the six months ended June 30, 2025, consisted of proceeds of lines of credit of $8,338,455, proceeds from notes payable of $574,380, and issuance of common stock of $0, offset by payments on lines of credit of $8,465,550, and payments on notes payable of $1,670,741.