SKYQ — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-13

• You should read the following discussion and analysis together with our unaudited condensed consolidated financial statements and the notes to our unaudited condensed consolidated financial statements, which appear elsewhere in this report, as well as our Annual Report on Form 10-K for the year ende…

• 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) form…

• 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…

• Other expense was $2,196,751 for the six months ended June 30, 2026, compared to $1,139,914 for the six months ended June 30, 2025, an increase of $1,056,837. In the six months ended June 30, 2026, other income (expense) consisted of interest expense of $683,465, loss on extinguishment of debt of $1…

• of warrant liabilities of $174,882, and other expense of $53,663. In the six months ended June 30, 2025, other income (expense) consisted of interest expense of $1,191,176, loss on extinguishment of debt of $56,660, offset by gain on change in fair value of warrant liabilities of $100,626, other inc…

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• 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)…

• 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.

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

• Our current liabilities as of March 31, 2026 as compared to December 31, 2025, increased by $1,275,910 and our total liabilities increased by $1,286,434, both primarily as a result of an increase in accounts payable of $777,065, related-party payables of $372,212, notes payable of $10,524, lines of …

• 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 th…

Text added vs the prior filing · source: 10-Q · 2026-08-13

• David Sealock, former Chief Executive Officer of the Company, filed a whistleblower retaliation complaint with the U.S. Department of Labor – OSHA under Section 806 of the Sarbanes-Oxley Act (Case No. 301072795, dated February 23, 2026). OSHA’s Denver regional office served the complaint on the Comp…

• The Company categorically denies retaliation and requested dismissal on multiple grounds.

• The OSHA administrative proceeding is the only formal action to date. The matter is in OSHA’s investigative stage, with no findings issued.

• The promissory notes payable to KF Business Ventures, LP (aggregate principal amount of approximately $2,200,000) matured on November 24, 2025 and remain unpaid as of the date of this filing. The aggregate amount in default exceeds 5% of the Company’s total consolidated assets as of June 30, 2026. F…

• During the quarter ended June 30, 2026, no director or officer of the Company adopted or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, and …

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• There has been no material change in the Company's risk factors that were described in the Company’s Annual Report, except as described below.

• While we have entered the Exclusivity Agreement, the Company has not entered into any definitive agreement with respect to the Potential Transaction, and there can be no guarantee that that we will recognize the anticipated benefits of the Potential Transaction if consummated.

• In March 2026, the Company entered into an exclusivity agreement (the “Exclusivity Agreement”) with a counterparty in connection with the Company’s evaluation of a potential transaction involving the acquisition of digital infrastructure assets (the “Potential Transaction”). No definitive terms have…

• There can be no assurance that discussions will result in the execution of a definitive agreement or the consummation of the Potential Transaction, or any similar transaction. Furthermore, pursuant to the Exclusivity Agreement, the counterparty is permitted to consider alternative parties for a Pote…

• There have been no events which are required to be reported under this Item.

Text added vs the prior filing · source: 10-Q · 2026-08-13

• David Sealock, former Chief Executive Officer of the Company, filed a whistleblower retaliation complaint with the U.S. Department of Labor – OSHA under Section 806 of the Sarbanes-Oxley Act (Case No. 301072795, dated February 23, 2026). OSHA’s Denver regional office served the complaint on the Comp…

• The Company categorically denies retaliation and requested dismissal on multiple grounds.

• The OSHA administrative proceeding is the only formal action to date. The matter is in OSHA’s investigative stage, with no findings issued.

• The promissory notes payable to KF Business Ventures, LP (aggregate principal amount of approximately $2,200,000) matured on November 24, 2025 and remain unpaid as of the date of this filing. The aggregate amount in default exceeds 5% of the Company’s total consolidated assets as of June 30, 2026. F…

• During the quarter ended June 30, 2026, no director or officer of the Company adopted or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, and …

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• There has been no material change in the Company's risk factors that were described in the Company’s Annual Report, except as described below.

• While we have entered the Exclusivity Agreement, the Company has not entered into any definitive agreement with respect to the Potential Transaction, and there can be no guarantee that that we will recognize the anticipated benefits of the Potential Transaction if consummated.

• In March 2026, the Company entered into an exclusivity agreement (the “Exclusivity Agreement”) with a counterparty in connection with the Company’s evaluation of a potential transaction involving the acquisition of digital infrastructure assets (the “Potential Transaction”). No definitive terms have…

• There can be no assurance that discussions will result in the execution of a definitive agreement or the consummation of the Potential Transaction, or any similar transaction. Furthermore, pursuant to the Exclusivity Agreement, the counterparty is permitted to consider alternative parties for a Pote…

• There have been no events which are required to be reported under this Item.

Text added vs the prior filing · source: 10-Q · 2026-08-13

• David Sealock, former Chief Executive Officer of the Company, filed a whistleblower retaliation complaint with the U.S. Department of Labor – OSHA under Section 806 of the Sarbanes-Oxley Act (Case No. 301072795, dated February 23, 2026). OSHA’s Denver regional office served the complaint on the Comp…

• The Company categorically denies retaliation and requested dismissal on multiple grounds.

• The OSHA administrative proceeding is the only formal action to date. The matter is in OSHA’s investigative stage, with no findings issued.

• The promissory notes payable to KF Business Ventures, LP (aggregate principal amount of approximately $2,200,000) matured on November 24, 2025 and remain unpaid as of the date of this filing. The aggregate amount in default exceeds 5% of the Company’s total consolidated assets as of June 30, 2026. F…

• During the quarter ended June 30, 2026, no director or officer of the Company adopted or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, and …

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• There has been no material change in the Company's risk factors that were described in the Company’s Annual Report, except as described below.

• While we have entered the Exclusivity Agreement, the Company has not entered into any definitive agreement with respect to the Potential Transaction, and there can be no guarantee that that we will recognize the anticipated benefits of the Potential Transaction if consummated.

• In March 2026, the Company entered into an exclusivity agreement (the “Exclusivity Agreement”) with a counterparty in connection with the Company’s evaluation of a potential transaction involving the acquisition of digital infrastructure assets (the “Potential Transaction”). No definitive terms have…

• There can be no assurance that discussions will result in the execution of a definitive agreement or the consummation of the Potential Transaction, or any similar transaction. Furthermore, pursuant to the Exclusivity Agreement, the counterparty is permitted to consider alternative parties for a Pote…

• There have been no events which are required to be reported under this Item.

Text added vs the prior filing · source: 10-Q · 2026-08-13

• The promissory notes payable to KF Business Ventures, LP (aggregate principal amount of approximately $2,200,000) matured on November 24, 2025 and remain unpaid as of the date of this filing. The aggregate amount in default exceeds 5% of the Company’s total consolidated assets as of June 30, 2026. F…

• During the quarter ended June 30, 2026, no director or officer of the Company adopted or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, and …

• Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350).

• Inline XBRL Taxonomy Extension Calculation Linkbase Document

• Inline XBRL Taxonomy Extension Presentation Linkbase Document

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• There has been no material change in the Company's risk factors that were described in the Company’s Annual Report, except as described below.

• While we have entered the Exclusivity Agreement, the Company has not entered into any definitive agreement with respect to the Potential Transaction, and there can be no guarantee that that we will recognize the anticipated benefits of the Potential Transaction if consummated.

• In March 2026, the Company entered into an exclusivity agreement (the “Exclusivity Agreement”) with a counterparty in connection with the Company’s evaluation of a potential transaction involving the acquisition of digital infrastructure assets (the “Potential Transaction”). No definitive terms have…

• There can be no assurance that discussions will result in the execution of a definitive agreement or the consummation of the Potential Transaction, or any similar transaction. Furthermore, pursuant to the Exclusivity Agreement, the counterparty is permitted to consider alternative parties for a Pote…

• There have been no events which are required to be reported under this Item.

Text added vs the prior filing · source: 10-Q · 2026-08-13

• During the quarter ended June 30, 2026, no director or officer of the Company adopted or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, and …

• Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350).

• Inline XBRL Taxonomy Extension Calculation Linkbase Document

• Inline XBRL Taxonomy Extension Presentation Linkbase Document

• Cover Page Interactive Data File (embedded within the Inline XBRL document).

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C §1350).