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Organization (Tables)

9 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Correction of Immaterial Errors in Previously Issued Financial Statements Through the Current Period

The following table represents the three months ended June 30, 2024, including the statements of operations, balance sheets, and statements of cash flows (in thousands):

	As Reported			As Revised
Account Name	Q1			Q1			Difference
BALANCE SHEET
Assets:
Cash and cash equivalents		40,658			40,626			(32	)
Accounts receivable, net		145			137			(8	)
Operating lease right-of-use assets		553			3,100			2,547
Property, Plant, and equipment, net		23,993			20,356			(3,637	)
Liabilities:
Accounts payable		1,930			1,922			(8	)
Accrued expenses and other current liabilities		686			565			(121	)
Current portion of operating lease liabilities		124			296			172
Operating lease liabilities		436			2,811			2,375
Total Assets		88,678			87,548			(1,130	)
Total Liabilities		16,553			18,971			2,418
Total Old Market Capital Corporation shareholders' equity		53,121			53,121			-
Noncontrolling interest		3,550			-			(3,550	)
Total shareholders' equity		56,671			53,121			(3,550	)
Redeemable NCI		15,454			15,454			-
Total liabilities, redeemable noncontrolling interest, and shareholders' equity		88,678			87,546			(1,132	)
STATEMENT OF CASH FLOWS
Cash flows from operating activities		(437	)		(438	)		(1	)
Cash flows from investing activities:		22,113			22,081			(32	)
Cash flows from financing activities:		-			-			-
STATEMENT OF OPERATIONS
Revenue:		489			489			-
Expenses:
Depreciation and amortization		94			91			(3	)
General and administrative		3,764			3,791			27
Interest income, net		411			411			-
Net (loss)		(3,489	)		(3,513	)		(24	)
Loss from continuing operations		(5,548	)		(5,572	)		(24	)
Net income (loss) from continuing ops attributable to common shareholders (Note 5)		(5,337	)		(5,361	)		(24	)
Per share loss from continuing operations attributable to common shareholders - basic and diluted	$	(0.79	)	$	(0.79	)	$	-
Per share (loss) income available to common stockholders - basic and diluted	$	(0.49	)	$	(0.49	)	$	-

The following table represents the six months ended September 30, 2024, including the statements of operations, balance sheets, and statements of cash flows (in thousands):

	As Reported			As Revised
Account Name	Q2			Q2			Difference
BALANCE SHEET
Assets:
Cash and cash equivalents		29,475			29,464			(11	)
Accounts receivable, net		123			130			7
Operating lease right-of-use assets		480			2,985			2,505
Property, plant, and equipment, net		25,911			22,294			(3,617	)
Liabilities
Accounts payable		1,767			1,759			(8	)
Accrued expenses and other current liabilities		665			644			(21	)
Current portion of operating lease liabilities		117			292			175
Operating lease liabilities		419			2,749			2,330
Total Assets		80,282			79,165			(1,117	)
Total Liabilities		8,331			10,807			2,476
Total Old Market Capital Corporation shareholders' equity		52,670			52,670			-
Noncontrolling interest		3,543			-			(3,543	)
Total shareholders' equity		56,213			52,670			(3,543	)
Redeemable NCI		15,738			15,738			-
Total liabilities, redeemable noncontrolling interest, and shareholders' equity		80,282			79,215			(1,067	)
STATEMENT OF CASH FLOWS
Cash flows from operating activities		(553	)		(560	)		(7	)
Cash flows from investing activities:		16,675			16,643			(32	)
Cash flows from financing activities:		(5,629	)		(5,629	)		-
STATEMENT OF OPERATIONS
Revenue:		2,083			2,083			-
Expenses:
Depreciation and amortization		595			572			(23	)
General and administrative		6,317			6,602			285
Interest income, net		798			790			(8	)
Net (loss)		(3,663	)		(3,917	)		(254	)
Loss from continuing operations		(6,523	)		(6,777	)		(254	)
Net income (loss) from continuing ops attributable to common shareholders (Note 5)		(6,589	)		(6,843	)		(254	)
Per share loss from continuing operations attributable to common shareholders - basic and diluted	$	(0.98	)	$	(1.02	)	$	(0.04	)
Per share (loss) income available to common stockholders - basic and diluted	$	(0.56	)	$	(0.59	)	$	(0.03	)

The following table represents the Statements of Operations for the three months ended September 30, 2024, (in thousands) for the Statement of Operations only:

	As Reported			As Revised
Account Name	Q2			Q2			Difference
STATEMENT OF OPERATIONS
Revenue:		2,958			2,958			-
Expenses
Depreciation and amortization		501			481			(20	)
General and administrative		2,553			2,811			258
Interest income, net		387			379			(8	)
Net (loss)		(174	)		(404	)		(230	)
Loss from continuing operations		(975	)		(1,205	)		(230	)
Net income (loss) from continuing ops attributable to common shareholders (Note 5)		(1,252	)		(1,482	)		(230	)
Per share loss from continuing operations attributable to common shareholders - basic and diluted	$	(0.19	)	$	(0.22	)	$	(0.03	)
Per share (loss) income available to common stockholders - basic and diluted	$	(0.07	)	$	(0.10	)	$	(0.03	)

Schedule of Purchase Price Adjustments

The Company's preliminary allocation of the purchase price to the assets acquired, liabilities assumed, and noncontrolling interest recognized and redeemable as of the Closing Date were as follows:

(In thousands)
Cash and cash equivalents		$	-
Accounts receivable			117
Materials and supplies			538
Operating lease right-of-use			3,063
Prepaid expenses and other assets			266
Property, plant, and equipment			20,110
Intangible assets			11,130
Goodwill			10,434
Total assets acquired			45,658
Accounts payable			1,252
Accrued expenses and other liabilities			111
Lease liabilities			3,063
Deferred income taxes			4,668
Deferred revenue			556
Total liabilities assumed			9,650
Total fair value of net assets acquired			36,008
Less: redeemable noncontrolling interest			(17,644	)
Total purchase price		$	18,364

Schedule of Purchase Price Adjustment

The following table represents Purchase Price Adjustments (within Note 3) reported as of June 30, 2024 and September 30, 2024, (in thousands):

		As Reported				As Revised
(In thousands)		Q1 & Q2				Q1 & Q2				Difference
Cash and cash equivalents		$	32			$	-			$	(32	)
Accounts receivable			124				117				(7	)
Materials and supplies			538				538				-
Operating lease right-of-use			502				3,063				2,561
Prepaid expenses and other assets			266				266				-
Property, plant, and equipment			23,750				20,110				(3,640	)
Intangible assets			11,130				11,130				-
Goodwill			10,434				10,434				-
Total assets acquired			46,776				45,658				(1,118	)
Accounts payable			1,260				1,252				(8	)
Accrued expenses and other liabilities			231				111				(120	)
Lease liabilities			502				3,063				2,561
Deferred income taxes			4,668				4,668				-
Deferred revenue			556				556				-
Total liabilities assumed			7,217				9,650				2,433
Total fair value of net assets acquired			39,559				36,008				(3,551	)
Less: redeemable noncontrolling interest			(17,644	)			(17,644	)			-
Less: noncontrolling interest			(3,551	)			-				3,551
Total purchase price		$	18,364			$	18,364			$	-

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