Risk factors

Commercial real estate loan exposure grew to $207.1 million or 31.2% of total loans.

FutureCrest is a blank check company with no prior year risk factors.

Series B Preferred Stock redemption notices received create immediate cash flow and liquidity pressures. Accumulated deficit grew to $31,023,411 with ongoing net losses. Nasdaq compliance threatened by market value dropping below $35,000,000.

Fifth Era Acquisition Corp I is a blank check company seeking technology-enabled business combinations in internet, software, AI, fintech, and blockchain. Following its IPO, $230,000,000 was placed in a trust account.

Faraday Future expanded its risk disclosures to cover new cryptocurrency and AI initiatives, regulatory crackdowns, and executive SEC probes.

First Guaranty Bancshares faces intense credit concentrations in real estate loans, leading to high nonperforming assets and a full write-down of goodwill. Regulatory oversight, including financial holding company requirements and potential confidential restrictions, poses significant operational constraints. Technological change and competition from fintechs add pressure to earnings dependent on net interest income.

Concentrated game revenue dependence dominates this filing, alongside significant senior debt maturing in December 2026 and ongoing internal control weaknesses.

Auditors and management express substantial doubt regarding the company's ability to continue as a going concern due to declining revenues and covenant issues.

Sales reliance on GNC dropped to 14% in 2025 from 23% in 2024, driven by the Irwin acquisition.

Board chairman Uihlein remains our primary debt and equity financing source through a $10 million line of credit. Net losses reached $29.7 million in 2025, with an accumulated deficit of $431 million. Belapectin's NAVIGATE trial failed its primary endpoint, and we are planning a Phase 3 trial following FDA discussions.

The company relies heavily on volatile digital asset markets, institutional market makers, and stablecoin revenue from GUSD. International operations are contracting via a planned exit from the UK, EU, and Australia in February 2026. Growth initiatives include Gemini Predictions launched in December 2025 and a co-branded credit card with Ripple launched in August 2025.

Growth is central: 15 restaurants opened in 2025, 18 leases signed, and four to eight more openings expected in 2026.