BRN — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-11

• On July 31, 2026, BHP and Kaupulehu Developments entered into a Purchase and Sale Agreement with Mr. David Johnston to sell substantially all of the Company’s remaining Hawaii real estate-related interests, including BHP’s 34.45% limited partner interest in KKM, BHP’s 75% general partner interest in…

• The net loss from continuing operations attributable to Barnwell was $440,000 for the three months ended June 30, 2026, compared with a net loss from continuing operations attributable to Barnwell of $1,550,000 for the three months ended June 30, 2025, representing an improvement of $1,110,000. The …

• Operating results from the oil and natural gas segment improved by $730,000 for the three months ended June 30, 2026 compared with the prior year period. This increase was primarily due to:

• ◦A $298,000 decrease in oil and natural gas depletion expense;

• ◦A $44,000 decrease in the oil and natural gas operating expenses; and

Text removed vs the prior filing · source: 10-Q · 2026-05-21

• The net loss from continuing operations attributable to Barnwell for the three months ended March 31, 2026 totaled $1,150,000, a $388,000 decrease from a net loss from continuing operations attributable to Barnwell of $1,538,000 for the three months ended March 31, 2025. The following factors affect…

• •General and administrative expenses decreased $641,000 due to $755,000 less professional service fees due to the fees for legal services, proxy solicitation, proxy advisory and public relations costs related to a shareholder consent solicitation and proxy contest in the prior year period compared t…

• •A $338,000 increase in equity in income from affiliates and a $34,000 increase in net income attributable to non-controlling interest.

• •A $665,000 decrease in oil and natural gas segment operating results primarily attributable to a $1,060,000 decrease in oil and natural gas revenues, partially offset by a $200,000 decrease in oil and natural gas depletion, a $143,000 decrease in the oil and natural gas operating expenses, and decr…

• The decrease in oil and natural gas revenues, expenses and depletion was due in part to a decrease in net production resulting from the August 8, 2025 sale of U.S. oil and natural gas assets and the August 28, 2025 sale of Barnwell's interest in certain oil and natural gas properties in Canada. For …

Text added vs the prior filing · source: 10-Q · 2026-08-11

• In response, management promptly implemented mitigation measures, including the engagement of experienced accounting consultants to augment existing financial staff and complete the closing of the quarter ended December 31, 2025, and to support the continued operation of Barnwell’s accounting and fi…

• Other than the continued engagement of supplemental accounting consultants as part of management’s mitigation efforts described above, there were no other changes in Barnwell’s internal control over financial reporting during the quarter ended June 30, 2026 that materially affected, or are reasonabl…

Text removed vs the prior filing · source: 10-Q · 2026-05-21

• transition of accounting responsibilities to Canada, which temporarily disrupted certain normal accounting workflows.

• Management promptly implemented mitigation measures, including the engagement of experienced accounting consultants to augment existing financial staff and complete the closing of the quarter ending December 31, 2025, and to support the continued operation of Barnwell’s accounting and financial repo…

• Management evaluated these events and the related mitigation measures and determined that Barnwell’s internal control over financial reporting remained effective as of March 31, 2026. Other than the personnel changes described above and the engagement of supplemental accounting consultants as part o…