NOTE 1 – BASIS OF PRESENTATION

The Condensed Consolidated Financial Statements and notes have been prepared by Cadiz Inc., also referred to as “Cadiz” or “the Company”, without audit and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The foregoing Condensed Consolidated Financial Statements include the accounts of the Company and contain all adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair statement of the Company’s financial position, the results of its operations and its cash flows for the periods presented and have been prepared in accordance with generally accepted accounting principles.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates and such differences may be material to the financial statements. The results of operations for the three months ended March 31, 2025, are not necessarily indicative of results for the entire fiscal year ending December 31, 2025.

Liquidity

The Condensed Consolidated Financial Statements of the Company have been prepared using accounting principles applicable to a going concern, which assumes realization of assets and settlement of liabilities in the normal course of business.

The Company incurred losses of $9.6 million for the three months ended March 31, 2025, compared to $6.9 million for the three months ended March 31, 2024. The Company had working capital of $16.6 million at March 31, 2025 and used cash in its operations of $3.6 million for the three months ended March 31, 2025. The higher loss in 2025 was primarily due to increased professional fees incurred in advancing the development of our groundwater storage project (the “Mojave Groundwater Bank”) and higher compensation costs related to stock based non-cash bonus awards.

Cash requirements during the three months ended March 31, 2025 primarily reflect certain operating and administrative costs related to the Company’s land, water, infrastructure and technology assets for water solutions including the Mojave Groundwater Bank, agricultural operations and water filtration business. The Company’s present activities are focused on the development of its assets in ways that meet an urgent need for groundwater storage capacity in Southern California and growing demand for affordable, reliable, long-term water supplies that provide water security against inevitable drought periods in the Southwestern United States.

On March 6, 2024, the Company entered into a Third Amendment to Credit Agreement and First Amendment to Security Agreement (“Third Amended Credit Agreement”) with HHC $ Fund 2012 (“Heerema”). The Third Amended Credit Agreement provides, among other things, (a) a new tranche of senior secured convertible terms loans from Heerema in an aggregate principal amount of $20 million, having a maturity date of June 30, 2027 (“New Secured Convertible Debt”); (b) the aggregate principal amount of the secured non-convertible term loans acquired by Heerema from an existing lender has been increased from $20 million to $21.2 million and the applicable repayment fee in respect thereof has been eliminated; (c) the Convertible Loan existing prior to the Third Amended Credit Agreement, in an aggregate principal amount of approximately $16 million plus interest accruing thereon, has become unsecured; and (d) extension of the maturity date for the existing Convertible Loan and non-convertible loans to June 30, 2027 (see “Note 3 – Long-Term Debt”, below).

On November 5, 2024, the Company completed the sale and issuance of 7,000,000 shares of its common stock to certain institutional investors in a registered direct offering. The shares of common stock were sold at a purchase price of $3.34 per share, for aggregate gross proceeds of $23.4 million and aggregate net proceeds of approximately $22.1 million.

On March 7, 2025, the Company completed the sale and issuance of 5,715,000 shares of its common stock to certain institutional investors in a registered direct offering. The shares of common stock were sold at a purchase price of $3.50 per share, for aggregate gross proceeds of approximately $20.0 million and aggregate net proceeds of approximately $18.3 million.

The Company may meet its debt and working capital requirements through a variety of means, including extension, refinancing, equity placements, the sale or other disposition of assets, or reductions in operating costs. The covenants in the senior secured debt do not prohibit the Company’s use of additional equity financing and allow the Company to retain 100% of the proceeds of any common equity financing. The Company does not expect the loan covenants to materially limit its ability to finance its water and agricultural development activities.

Management assesses whether the Company has sufficient liquidity to fund its costs for the next twelve months from each financial statement issuance date. Management evaluates the Company’s liquidity to determine if there is a substantial doubt about the Company’s ability to continue as a going concern. In the preparation of this liquidity assessment, management applies judgement to estimate the projected cash flows of the Company including the following: (i) projected cash outflows (ii) projected cash inflows, (iii) categorization of expenditures as discretionary versus non-discretionary and (iv) the ability to raise capital. The cash flow projections are based on known or planned cash requirements for operating costs as well as planned costs for project development.  

Limitations on the Company’s liquidity and ability to raise capital may adversely affect it. Sufficient liquidity is critical to meet the Company’s resource development activities. Although the Company currently expects its sources of capital to be sufficient to meet its near-term liquidity needs, there can be no assurance that its liquidity requirements will continue to be satisfied. If the Company cannot raise needed funds, it might be forced to make substantial reductions in its operating expenses, which could adversely affect its ability to implement its current business plan and ultimately its viability as a company.

Supplemental Cash Flow Information

During the three months ended March 31, 2025, approximately $371,000 in interest payments on the Company’s senior secured debt was paid in cash and approximately $671,000 was recorded as interest payable in kind. There are no scheduled principal payments due on the senior secured debt prior to its maturity.

At March 31, 2025, accruals for cash dividends payable on the Series A Preferred Stock was $1.27 million (see Note 9 – “Common and Preferred Stock”). The cash dividends were paid on April 15, 2025.

At March 31, 2025, accruals for purchases of property, plant and equipment and water programs received was approximately $4.3 million and are expected to be paid in the second fiscal quarter of 2025.

The balance of cash, cash equivalents, and restricted cash as shown in the condensed consolidated statements of cash flows is comprised of the following:

近期会计公告

会计指导 不 尚被采纳

在 2024年11月， FASB发布了ASU 不。 2024-03, 损益表费用的分解（子主题 220-40（“ASU 2024-03”）。ASU 2024-03 要求公共业务实体对损益表费用进行分解披露。ASU 2024-03 自财年开始后是有效的 2025年12月15日之后开始的年度报告期生效， 以及自此后的中期报告期 2027年12月15日。 公司目前正在评估这一新指导，并预计此标准将会 not 对合并基本报表有重大影响。

采用的会计指导

在 2023年11月， 财务账户标准委员会（“FASB”）发布了会计准则更新（“ASU”） 不。 ASU 2023-07, 板块报告（主题 280（“ASU 2023-07”）ASU 2023-07 修改了可报告分部的披露和呈现要求。ASU 2023-07 自财年的开始后生效， 2023年12月15日后开始生效， 以及在那些财年内的中期期间自开始后也生效， 2024年12月15日， 允许提前采用。ASU的采用应追溯适用于在基本报表中呈现的所有之前期间。 新标准的采用日期为2024年12月31日， 有 没有 对公司合并的基本报表有重大影响。

在 2023年12月， 财务账户标准委员会（"FASB"）发布了会计准则更新（"ASU"） 不。 2023-09, 所得税（主题 740（"ASU 2023-09”）ASU 2023-09 扩展了实体所得税税率调节表中的披露以及关于在美国和外国司法管辖区支付的现金税的披露。ASU 2023-09 适用于2023年10月之后开始的财年。 2024年12月15日之前赎回。 自新标准于 2025年1月1日起， 有 没有 对公司的合并基本报表产生重大影响，

注意 2 – 报告able 分部

该公司目前在 两个 可报告的板块基础上运作，这取决于其组织结构以及运营的管理和评估方式。该公司的最大板块是土地和水资源，涵盖了有关其在东莫哈维沙漠的所有活动，包括莫哈维地下水银行的预营收开发（供应、储存和输送）以及农产品业务。该公司的 其次 经营板块是其水过滤科技业务，包含ATEC水系统有限责任公司（“ATEC”），为受损或被污染的地下水资源提供创新的水过滤解决方案。我们的土地和水资源板块的首席运营决策者是Cadiz Inc.的首席执行官，而水过滤科技板块的首席运营决策者是ATEC的首席执行官。

我们根据细分的营业（损失）来评估我们的表现。利息费用、所得税费用及与权益法投资相关的损失不包括在细分的营业（损失）计算中。细分净收入、细分营业费用和细分营业（损失）/收入的信息包括以下内容： 三 截至的月份 2025年3月31日 和 2024:

按操作部门划分的资产如下（单位：千美元）：

各业务部门的商誉如下（单位：千美元）：

财产、工厂、设备和水务项目包括以下内容（单位：千美元）：

NOTE 3 – LONG-TERM DEBT

The carrying value of the Company’s senior secured debt and the Company's

convertible note instrument approximates fair value.

On July 2, 2021, the Company entered into a $50 million senior secured credit agreement (“Credit Agreement”). Interest is paid quarterly at a rate of seven percent per annum. The obligations under the Credit Agreement are secured by substantially all of the Company’s assets on a first-priority basis. At any time, the Company is permitted to prepay the principal of the debt, in whole or in part, provided that such prepayment is accompanied by any accrued interest on such principal amount being prepaid.

On February 2, 2023, the Company entered into a First Amendment to Credit Agreement to amend certain provisions of the Credit Agreement (“First Amended Credit Agreement”). In connection with the First Amended Credit Agreement, the Company repaid $15 million of the senior secured debt together with fees and interest required to be paid in connection with such repayment under the Credit Agreement. Under the First Amended Credit Agreement, the lenders have a right to convert up to $15 million of outstanding principal, plus any PIK interest and any accrued and unpaid interest (the “Convertible Loan”) into shares of the Company’s common stock at a conversion price of $4.80 per share (the “Conversion Price”). Additionally, the maturity date of the Credit Agreement was extended from July 2, 2024 to June 30, 2026. The annual interest rate remains unchanged at 7.00%. Interest on $20 million of the principal amount will be paid in cash. Interest on the $15 million principal amount of the Convertible Loan will be paid in kind on a quarterly basis by addition of such amount to the outstanding principal amount of the outstanding Convertible Loan. The amendment was recorded as a debt extinguishment.

On March 6, 2024, the Company entered into the Third Amended Credit Agreement. Before entering into the Third Amended Credit Agreement, Heerema purchased the outstanding secured non-convertible term loans under the Credit Agreement (“Assignment”) at a discount on behalf of the Company. The Assignment was considered a debt extinguishment resulting in a gain of $1.9 million recorded as additional paid-in-capital as Heerema is a significant shareholder of the Company. The acquired secured non-convertible term loans were issued to Heerema at a discount which is being amortized over the term of the non-convertible term loan. In connection with the Assignment, the existing holders of both the Convertible Loan and non-convertible term loans consented to effectuate the Third Amended Credit Agreement in consideration of a consent fee in the aggregate amount of $479,845 payable in the form of the Company’s registered common stock (valued at $2.89 per share, or 166,036 shares). The consent fee was capitalized as an additional debt discount and is being amortized over the remaining term of the Convertible Loan.

The Third Amended Credit Agreement provides, among other things, (a) a new tranche of senior secured convertible terms loans from Heerema in an aggregate principal amount of $20 million, having a maturity date of June 30, 2027 (“New Secured Convertible Debt”); (b) the aggregate principal amount of the secured non-convertible term loans acquired by Heerema has been increased from $20 million to $21.2 million and the applicable repayment fee in respect thereof has been eliminated; (c) the Convertible Loan existing prior to the Third Amended Credit Agreement, in an aggregate principal amount of approximately $16 million plus interest accruing thereon, has become unsecured; and (d) extension of the maturity date for the existing Convertible Loan and non-convertible loans to June 30, 2027. The New Secured Convertible Debt will bear PIK interest at a rate of 7% per annum, payable quarterly in arrears. The initial conversion price of the New Secured Convertible Debt is $5.30 per share and will be subject to anti-dilution adjustments. As a result of a registered direct offering that was completed in March 2025, the conversion price of the New Secured Convertible Debt was reduced to $5.04 per share.

In connection with the debts issued to Heerema, the Company issued a warrant to purchase 1,000,000 shares of our common stock (the “Heerema Warrant”) to Heerema. The initial exercise price of the Heerema Warrant is $5.00 per share, which is subject to anti-dilution adjustments. As a result of a registered direct offering that was completed in March 2025, the exercise price of the Heerema Warrant was reduced to $4.75 per share.  The Heerema Warrant expires on June 30, 2027. The Company recorded the fair value of the Heerema Warrant on the issuance date in additional paid-in capital in the amount of $0.9 million. In addition, the fair value of the Heerema Warrant was recorded as debt discount and is being amortized over the term of the secured debt issued to Heerema.

In the event of certain asset sales, the incurrence of indebtedness or a casualty or condemnation event, in each case, under certain circumstances as described in the Credit Agreement, the Company will be required to use a portion of the proceeds to prepay amounts under the secured debt. In the event of any additional issuance of depositary receipts (“Depositary Receipts”) representing interests in shares of 8.875% Series A Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) by the Company, the Company will be required to, within five business days after the receipt of the net cash proceeds, apply 75% of the net cash proceeds to prepay amounts due under the debt (including the applicable repayment fee described above). 

The Credit Agreement includes customary affirmative and negative covenants, including delivery of financial statements and other reports. The negative covenants limit the ability of the Company to, among other things, incur debt, incur liens, make investments, sell assets, pay dividends and enter into transactions with affiliates. In addition, the Credit Agreement includes customary events of default and remedies. The Company was in compliance with all covenants under the Credit Agreement as of March 31, 2025.

NOTE 4 – STOCK-BASED COMPENSATION PLANS

公司已根据其 2019 股权激励计划发放了期权并授予了股票奖励，如下所述。

2019 股权激励计划

您接受了截至2023年10月的数据训练。 2019 股权激励计划（经修订， “2019 EIP）最初在 2019年7月10日 的年度会议上获得股东批准， 2022年7月12日 的年度会议上获得股东批准， 以及2024年6月11日 年度会议。经过修订的计划规定将授予和发行最多 5,200,000 股票和期权给公司的员工、董事和顾问。

生效日期 2021年7月1日， 票据下的义务 2019 EIP，每位外部董事获得$75,000 现金补偿，并获得一项递延股票奖励，由公司普通股构成，价值等于$25,000 在 6月30日 每年的每一季度。这项奖励按季度累积，金额为$18,750 现金补偿和$6,250 每个财政季度，董事服务期间获得的股票。递延股票奖励在以下时间自动归属， 1月31日 该 首先 在授予日期后生效。

向董事、高级职员和顾问授予股票奖励

公司已根据其 2019 EIP提供股票奖励。

总的 5,200,000 在《股权激励计划》中保留的股票， 2019 经过修订的， 5,082,938 截至，已向公司董事、员工和顾问授予股票和限制性股票单位（“RSUs”）， 2025年3月31日。 在 5,082,938 授予的股票和RSUs， 61,305 在计划年度结束期间，向公司的董事授予了股票。 2024年6月30日。 这些股票在 2025年1月31日。

在 2024年1月 60,000 向员工授予的限制性股票单位（RSU）于 2025年1月2日生效。

在 2024年4月， 公司授予了 1.6 百万限制性股票单位和业绩股票单位（“PSUs”），与公司首席执行官签署经修订和重述的聘用协议相关， 700,000 限制性股票单位在 三年内逐步解锁。 2024 到 2026; (b) 600,000 RSU将在完成某些许可证、签订水供应或储存的具有约束力的合同以及水的交付相关的里程碑时授予， 300,000 PSU将在达到$的价格门槛时授予15 每股，发行了 20 连续天数。在 2025, 公司的首席执行官与公司共同同意取消 300,000 PSU和 10,000 RSU，以便基础股可以用于授予其他关键员工和顾问。 在2024年9月， 公司授予 275,000 与公司首席运营官签订雇佣协议同时授予的RSU。 137,500 这些RSU将在一个 三年的期限内归属， 2024年9月 至2027年9月 和剩余的 137,500 RSUs将在完成某些许可证的相关里程碑、签订水输送或储存的约束性合同以及交付水资源后归属。

150,000 RSU被授予给顾问在 2025年1月（ “2025年1月 RSU授予）在 150,000 根据授予的 2025年1月 RSU授予， 16,250 RSU立即归属并发行， 50,000 RSU已授予并已发放于 2025年2月 在实现某些里程碑后。剩余的 83,750 RSU授予的总数在 2025年1月 RSU授予中， 33,750 RSU将通过等额的季度配发方式归属，直到 2025年12月 和 50,000 股票将在达到某些里程碑时归属。

在 2025年2月， 420,000 奖金奖励的限制性股票单位已授予员工，并立即归属和可发行。

此外，在 2025年3月， 145,000 RSU被授予给顾问（ “2025年3月 RSU授予）。在 145,000 RSU授予下， 2025年3月 RSU授予， 85,000 股份在达到某些里程碑后归属 60,000 股份在一段时间内归属 一年 年。

附带的综合运营和综合损失报表包括大约$2,769,000 和 $1,259,000 与股票奖励相关的股票薪酬费用为 三 截至的月份 2025年3月31日 和 2024, 分别。

注意 5 – 所得税

截至 2025年3月31日， 公司有大约 $ 的净营业损失（“NOL”）结转。363 在联邦所得税目的下为百万。341 在加利福尼亚州所得税目的下为百万。 2037 和 2044 这些结转将于不同金额到期，直至 对于联邦和加利福尼亚州的目的，分别是。对于在税务年度结束后产生的联邦损失， NOL递延亏损可以无限期使用。由于之前的所有权变更和发生于 2021年6月的税务所有权变更，递延亏损金额的使用受到年度限制。

公司的纳税年度 2021 通过 2024 仍然受到国税局的审查，纳税年度 2020 通过 2024 仍然受到加利福尼亚税务机关的审查。此外，公司的亏损结转金额通常在 三 年内适用于联邦税务的审查和调整，而 四个 加利福尼亚州的目的为期数年，从这些结转用于减少未来的税务年度的税款时开始。

因为公司更有可能实现其净递延税务资产， not 因此， not 它已针对这些资产记录了全额估值准备。 没有 因此，递延税务资产已在随附的简明合并资产负债表中体现。

注意 6 – 每普通股净亏损

每普通股基本净亏损是通过将净亏损除以加权平均流通的普通股数计算得出的。期权、延迟股票单位、可转换债务、可转换优先股和Warrants被考虑在净亏损每股的计算中，因为它们的包括会产生抗稀释效应。 not 如果这些工具被包括在内，则完全稀释后的加权平均流通股数将增加约。 10,397,000 和 9,456,000 用于 三 截至的月份 2025年3月31日 和 2024, 相关的可转换贷款股份在股东批准之前被排除在外。

注意 7 – 租赁 & 物业、设备、装备和水务项目

生效日期 2024年2月1日， 公司与FF Global Partners LLC（“FFGP”）签订了一份 26-与美国土地管理局（“BLM”）签署的年度通行权协议，涉及公司的北部管道资产，导致录入使用权资产和租赁负债，金额为$1.9 百万，这来自于$4.8 百万的未来租赁付款，持续 26 年，减去基于$2.9 百万的隐含利息，基于一个 10% 加权平均折现率。该通行权协议的年度租金费用约为$185,000，并伴随年度规定的通货膨胀增长。

公司有针对通行权协议、公司办公室、车辆和办公设备的经营租赁。公司的租赁合同尚余的租赁期限为 19 个月到 25 截至 2025年3月31日， 其中一些包括延长或终止租赁的期权。然而，公司 not 有合理的把握去行使续租或终止的期权，因此续租和终止的期权是 not 包括在租赁期限或使用权资产和租赁负债余额中。公司的当前租赁安排将在 2049. 公司不 not 没有任何融资租赁。

作为出租方，在 2016年2月， 公司与Fenner Valley Farms LLC（“FVF”）（“承租方”）签署了一份租赁协议，根据该协议，FVF将租赁 99年期， 2,100 acres，属于Cadiz，位于加利福尼亚州圣伯纳迪诺县，用于种植、培养和收获农产品（“FVF租赁协议”）。作为租赁的对价，FVF在交易完成时向公司支付了 一年一次性付款12.0 百万美元。公司预计将收到来自租赁的收入，金额为$420,000 在接下来的每年中， 五 与FVF租赁协议相关的年份。

土地改良、建筑物、租赁改良、机械和设备以及家具和固定装置的折旧费用为$302,000 和 $295,000 用于 三 截至的月份 2025年3月31日 和 2024, 分别。

注意 8 – 公允价值计量

根据第一级确定的公允价值1 输入利用在活跃市场中相同资产或负债的报价（未经调整）作出。公司认为每周至少交易一次的证券具有活跃市场。根据第一级确定的公允价值2 输入利用可观察的数据点，如报价、利率期货和收益率曲线。根据第一级确定的公允价值3 输入是该资产或负债的不可观察数据点，包括市场活动很少或根本没有的资产或负债的情况。

在 2022, 公司记录了一项值为$的或有对价负债1.45 与ATEC收购的购买价格相关，涉及在资产购买协议下，在出售必要数量的水过滤设备时应支付的金额。$250 此负债中的$千在期间内支付 2024.

注意 9 – 普通股和优先股

普通股

公司获准发行 100 百万股普通股，面值为$0.01 截至 2025年3月31日， 公司拥有 81,785,011 普通股授权的

开启 2024 年 11 月 5 日， 公司完成了以下产品的销售和发行 7,000,000 通过注册直接发行向某些机构投资者出售其普通股。普通股以购买价出售 $3.34 每股，总收益为美元23.4 百万美元，净收益总额约为 $22.1 百万。

在 2025年3月7日， 公司完成了对某些机构投资者的股票销售和发行。 5,715,000 在一次注册直接发行中，公司普通股的股份被出售。3.50 每股，总收益约为$20.0 普通股以每股$的购买价格出售，总净收益约为$百万。18.3 百万。

系列 1 优先股

公司已发行总共 10,000 股系列 1 优先股（“系列 1 优先股”） 根据在2020年3月签署的某些转换和交易所协议， 每股系列 1 优先股可由持有人在任何时候选择转换为 405.05 股普通股。截止到 2023年3月31日， 系列持有者， 1 优先股票持有人行使了将 9,671 系列股份 1 优先股票转换为 3,917,235 普通股。公司截至 329 系列股份 1 优先股票已发行和流通。 2025年3月31日。

A系列优先股

开启 2021年6月29日， 公司与作为该处提名的几家承销商代表的B. Riley Securities, Inc. 签订了承保协议，总共发行和出售 2,000,000 存托股份（“存托股份”），以及最多 300,000 根据行使购买额外存托股份的期权（“存托股份发行”）而出售的存托股份，每股存托股份代表 1/1000^th 其中的一部分 8.875% A系列累积永久优先股（“A系列优先股”）。存托股票发行于 2021 年 7 月 2 日 净收益约为 $54 百万。

在 2021年7月1日， 公司向特拉华州州务卿提交了系列A优先股的任命证书（“任命证书”），该证书在记录接受后生效。任命证书将公司授权的优先股总共分类为 7,500 股份，面值为$0.01 每股的面值，作为系列A优先股。

根据指定证书的规定，A系列优先股在分红权和公司清算、解散或结束运营时的权益方面将具有以下层级： (i) 在公司的普通股之上； (ii) 在公司自愿或非自愿清算、解散或结束运营时，在资产分配方面低于其他优先股； 1 (iii) 在分红支付方面高于其他优先股；以及 (iv) 在所有公司现有及未来的债务（包括可转换为普通股或优先股的债务）以及公司现有或未来子公司的债务和其他负债（以及任何其他持有优先股权益的）方面有效地低于所有债务。 1

经公司董事会授权，A系列优先股的持有人有权按以下利率获得累计现金分红 8.875美元的%25,000.00 ($25.00 每股存托股份）每年的清算优先权（相当于美元）2,218.75 每年每股或美元2.21875 每股存托股份（每年）。股息将按季度拖欠支付，当天或前后支付 15^th 的 一月， 四月， 七月 和 十月， 一开始或差不多 十月15, 2021. 截至 2025 年 3 月 31 日， 公司已支付的现金分红总额为美元18,055,000。开启 2025 年 3 月 20 日， 公司董事会宣布，A系列优先股的持有人将获得等于美元的现金分红550.00 每整股；因此，存托股份的持有人将获得等于美元的现金分红0.55 每股存托股份。股息支付于 2025 年 4 月 15 日 致截至营业结束时的相应登记持有人 2025 年 4 月 4 日。

系列A优先股基础上的存托股份的分红派息将继续累积，无论是 not （i）我们任何协议禁止当前支付分红派息，(ii) 我们是否有合法可用的收益或资金支付分红派息，或者 (iii) 我们的董事会是否 not 宣布支付分红派息。

代表A系列优先股权益的存托股份持有人通常将具有 没有 投票权。然而，如果我们没有 not 对任何未偿还的A系列优先股支付分红派息 六 或更多季度股息期间（无论是 not 声明或连续的，A系列优先股的持有者（作为一个类别与所有其他具有相同投票权并可行使的优先股系列单独投票）将有权选举 两个 额外的董事加入董事会，直至所有未支付的分红派息全部支付或声明并留出款项。

自 2026年7月2日起， A系列优先股将可由公司选择全额或部分赎回，赎回价格等于 $25,000.00 每股（$25.00 （每个存托股份），加上任何应计但未支付的分红派息。此外，在控制权变更或摘牌事件发生时（每个事件均如指定证书中所定义），公司将拥有特别赎回A系列优先股的选项，赎回价格为 $25,000.00 每股（$25.00 （每个存托股份），加上任何应计但未支付的分红派息。

当且仅当控制权变更或退市事件（均在指定证书中定义）发生时，A系列优先股的股票才可转换为普通股，并且公司已经 不 选择在适用的转换日期之前赎回A系列优先股。进行任何转换后，A系列优先股的每股将转换为该数量的普通股，等于（i）除以（A）之和获得的商数中的较小值x) 美元25,000 每股清算优先权加上 (y) 应计和未付股息的金额，但是 不 包括 (B) 普通股购买价格（定义见指定证书）的转换日期，以及 (ii) 3,748.13 （“股份上限”），但须进行某些调整。

该公司已 2,300 截至目前已发行和流通的A类优先股数量为 2025年3月31日。

注意 10 – 承诺与或有事项

在公司正常的农产品运营过程中，公司处理、储存、运输和分发被识别为危险材料的产品。监管机构定期进行检查，目前有 没有 关于危险材料的待处理索赔。

根据参与者签署的成本分摊协议，已收到$625,000 资金以抵消在Mojave地下水银行进行的环保母基分析中产生的成本。这些所有基金类型 可能 可以被报销或计入参与者在Mojave地下水银行的参与，因此，截至 2025年3月31日 和 2024年3月31日，完全反映为递延营业收入。

公司有时会涉及在日常业务中产生的各种诉讼和法律程序。目前，公司 not 意识到任何其他待决或威胁的诉讼，预计将对其业务、财务控件、流动性或运营结果产生重大不利影响。然而，法律索赔本质上是不确定的，因此未来公司的业务、财务控件、流动性和/或运营结果可能会受到法律程序的不利影响。

项目 5.         其他信息

无。

无。

在期间， 三 截至的月份 2025年3月31日， 没有 公司的董事或高管采用或终止了“规则 10b5-1 交易安排”或“非规则 10b5-1 交易安排，”每个术语的定义在条目中。 408(a) S-K规定的内容。