# NEXTNRG, INC. (NXXT) Informational only - not investment advice. CIK: 0001817004 SIC: 5500 Retail-Auto Dealers & Gasoline Stations SIC breadcrumb: [Retail Trade](/division/G/) > [SIC Major Group 55](/major-group/55/) > [SIC 5500 Retail-Auto Dealers & Gasoline Stations](/industry/5500/) Latest 10-K filed: 2026-04-16 SEC page: https://www.sec.gov/edgar/browse/?CIK=1817004 Filing source: https://www.sec.gov/Archives/edgar/data/1817004/000149315226016896/form10-k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-05-11 · accession 0001493152-26-022229 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001817004.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 81,835,279 USD | 2025 | verified | | Net income | -85,738,617 USD | 2025 | verified | | Assets | 11,063,353 USD | 2025 | verified | | Net margin | -104.77% | 2025 | computed | | Operating margin | -85.77% | 2025 | computed | | Revenue YoY | +194.69% | 2025 | computed | Stockholders' equity was not positive at FY2025 year-end (-19,677,465 USD, as filed); ROE and liabilities / equity are omitted rather than computed. Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | NXXT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -104.8% | 2.4% | 0 | 16 | | Operating margin | -85.8% | 4.2% | 0 | 13 | | Revenue growth | 194.7% | 4.6% | 100 | 16 | | FCF margin | -36.7% | 3.4% | 0 | 14 | | ROA | -95.6% | 3.8% | 0 | 17 | | Current ratio | 0.11 | 1.09 | 0 | 15 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 5500 Retail-Auto Dealers & Gasoline Stations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 81835279 | USD | 2025 | 2026-05-11 | | Net income | -85738617 | USD | 2025 | 2026-05-11 | | Assets | 11063353 | USD | 2025 | 2026-05-11 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001817004.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 3,586,244 | 7,233,957 | 15,044,721 | 23,216,423 | 27,770,280 | 81,835,279 | | Net income | | -7,254,006 | -9,383,397 | -17,505,765 | -10,471,889 | -21,396,633 | -85,738,617 | | Operating income | | -6,932,668 | -8,769,085 | -17,486,279 | -8,533,560 | -11,709,441 | -70,192,548 | | Diluted EPS | | | | -5.30 | -6.98 | -5.97 | -0.72 | | Operating cash flow | | -1,607,669 | -6,306,761 | -11,599,581 | -6,643,397 | -6,257,209 | -14,497,300 | | Capital expenditures | | | | | | 3,929,161 | | | Assets | | 2,806,752 | 22,924,118 | 10,597,844 | 5,717,332 | 22,378,122 | 11,063,353 | | Liabilities | | 4,288,496 | 1,055,672 | 4,812,397 | 7,623,538 | 35,113,155 | 33,178,198 | | Stockholders' equity | 437,462 | -1,481,744 | 21,868,446 | 5,785,447 | -1,906,206 | -12,735,033 | -19,677,465 | | Free cash flow | | | | | | -10,186,370 | | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | -129.71% | -116.36% | -45.11% | -77.05% | -104.77% | | Operating margin | | | -121.22% | -116.23% | -36.76% | -42.17% | -85.77% | | Return on assets | | | -40.93% | -165.18% | -183.16% | -95.61% | | | Current ratio | | 0.34 | 22.76 | 1.65 | 0.25 | 0.10 | 0.11 | ## As-reported value updates 6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/NXXT/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001817004.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2021-Q3 | 2021-09-30 | 1,863,599 | | | reported discrete quarter | | 2021-Q4 | 2021-12-31 | 1,997,941 | | | derived Q4 = FY annual - nine-month YTD | | 2022-Q1 | 2022-03-31 | 2,340,068 | | | reported discrete quarter | | 2022-Q2 | 2022-06-30 | 3,754,431 | | | reported discrete quarter | | 2022-Q3 | 2022-09-30 | 4,091,403 | | | reported discrete quarter | | 2022-Q4 | 2022-12-31 | 4,858,819 | | | derived Q4 = FY annual - nine-month YTD | | 2023-Q1 | 2023-03-31 | 5,231,334 | -2,348,771 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | -2,468,811 | -0.71 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | | -2,226,738 | -0.58 | reported discrete quarter | | 2024-Q1 | 2024-03-31 | | | -0.45 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | | | -1.67 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | | | -1.95 | reported discrete quarter | | 2025-Q1 | 2025-03-31 | | -8,937,999 | -1.60 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 19,691,568 | -36,133,275 | -0.30 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 22,860,041 | -14,974,993 | -0.12 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | | -28,129,730 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 21,059,130 | -10,766,492 | -0.07 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 27,747,948 | -6,624,702 | -0.04 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1817004/000149315226037738/form10-q.htm Extracted from Part I Item 2 to the first post-MD&A boundary after HTML sanitization. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-13 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), provide a safe harbor for forward-looking statements made by or on behalf of NextNRG, Inc. (“NextNRG,” “we,” “us,” “our,” or the “Company”). The Company and its representatives may from time to time make written or oral statements that are “forward-looking,” including statements contained in this report and other filings with the Securities and Exchange Commission (“SEC”) and in our reports and presentations to stockholders or potential stockholders. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties can be found in Part I, Item 1A, “Risk Factors,” of Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2025, as the same may be updated from time to time, including in Part II, Item 1A, “Risk Factors,” of this Quarterly Report on Form 10-Q. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, it is not possible to foresee or identify all factors that could have a material effect on the future financial performance of the Company. The forward-looking statements in this report are made on the basis of management’s assumptions and analyses, as of the time the statements are made, in light of their experience and perception of historical conditions, expected future developments and other factors believed to be appropriate under the circumstances. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this Quarterly Report on Form 10-Q and the information incorporated by reference in this report to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based. The following discussion and analysis provides information we believe is relevant to an assessment and understanding of our unaudited condensed consolidated operating results and financial condition. The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026 and the notes thereto included in this Quarterly Report on Form 10-Q, as well as our other reports filed with the SEC from time to time, including, but not limited to, Amendment No. 1 to our Annual Report on Form 10-K/A for the year ended December 31, 2025. Overview NextNRG is Powering What’s Next by implementing artificial intelligence (“AI”) and machine learning (“ML”) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (“EV”) charging and on-demand mobile fuel delivery to create an integrated ecosystem. At the core of NextNRG’s strategy is its utility operating system, which leverages AI and ML to help make existing utilities’ energy management as efficient as possible, and the deployment of NextNRG smart microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities and government properties, expanding energy accessibility. NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV, supporting more efficient fuel delivery while advancing clean energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions. 3 Revenue Sources Sale of Electricity Solar Electricity NextNRG plans to derive its operating revenues principally from power purchase agreements, net metering credit agreements, solar renewable energy credits, and performance-based incentives. A portion of NextNRG’s power sales revenues is expected to be earned through the sale of energy (based on kilowatt hours) pursuant to the terms of Power Purchase Agreements (“PPAs”). NextNRG’s PPAs will typically have fixed or floating rates and are expected to be generally invoiced monthly. Wireless EV Charging NextNRG plans to sell energy to its wireless EV charging customers. NextNRG also plans to sell its innovative solutions to property owners, parking facilities, municipalities, and government agencies, as well as charge point operators, empowering the growth of sustainable transportation infrastructure. NextNRG plans to generate revenue from the deployment of solar and battery storage solutions where applicable to further take advantage of the renewable energy industry. Energy pricing is based on peak/off-peak rates at any given charging location. NextNRG plans to negotiate our own PPA accordingly. NextNRG is also planning to sell energy to electric vehicle owners via wireless EV charging. SaaS & Licensing Software as a Service (“SaaS”) Agreements NextNRG plans to generate revenue from the sale of its energy management software under SaaS agreements with utility companies; microgrid companies; and renewable energy generation companies. Additionally, any traditional customers which would like to own their own energy generation systems will have the option of entering a SaaS agreement to purchase rights to the technology. Hardware Licensing NextNRG plans to generate licensing revenues from competitors or ancillary business participants who desire to utilize or integrate NextNRG’s intellectual property, hardware, or software solutions within their proprietary product. 4 Sale of Hardware NextNRG plans to generate revenues from the sale of hardware, e.g. solar panels, battery storage solution equipment, wireless charging pad or bumper and vehicle receiver technology. Potential Customers Potential customers include property owners, electrical supply companies, management companies, all levels of government, original equipment manufacturers, tribal land, car manufacturers, EV charging companies, wholesale electricity providers, utilities, and fleet owners. Mobile Fueling Mobile Fuel Delivery NextNRG’s mobile fueling solution is an on-demand and subscription fuel delivery service that brings fuel directly to consumers, commercial fleets, and specialty vehicles at homes, workplaces, and job sites. Leveraging digital technology and GPS-based systems, this service responds to the increasing preference for home and workplace product deliveries. Particularly, our fleet services are experiencing significant growth, providing a streamlined, efficient fueling option that allows commercial operators to optimize operations and reduce downtime. For the six months ended June 30, 2026 and the year ended December 31, 2025, we derived the majority of our revenues from mobile fuel deliveries. Recent Developments Receivables Agreement On March 9, 2026, the Company entered into a Future Receivables Sale and Purchase Agreement (the “Receivables Agreement”), dated as of March 5, 2026, with Funderzgroup LLC DBA Monetafi (the “Purchaser”). Pursuant to the Receivables Agreement, the Company agreed to sell to the Purchaser 6.87% (the “Specified Percentage”) of the Company’s future receipts until $2,772,000 (the “Purchased Amount”) has been delivered to the Purchaser. In consideration, the Purchaser paid $2,100,000 to the Company, less applicable fees in the amount of $105,035. The Company agreed to deliver to the Purchaser a fixed amount, initially equal to $231,000 on a biweekly basis, that the parties agreed to be a good faith approximation of the Specified Percentage of the future receipts. As security for payment and performance of the Company’s obligations, the Company granted the Purchaser a first-priority lien on all of the Company’s accounts, including, but not limited to, deposit accounts, accounts receivable, other receivables and inventory. Upon the occurrence of an event of default, the entire unpaid portion of the Purchased Amount becomes immediately due, together with specified damages, and bears simple interest at a rate of 9% per annum from the default date until paid in full. The Receivables Agreement does not have a fixed duration and will expire on the date on which the Purchased Amount and all other sums due to the Purchaser are paid in full. Michael D. Farkas, the Company’s Chief Executive Officer, Chairman of the Board of Directors and a significant stockholder, personally guaranteed the Company’s obligations under the Receivables Agreement. The Company accounts for the Receivables Agreement as debt in accordance with ASC 470. As of June 30, 2026, the outstanding balance under the Receivables Agreement was $664,988. Leviston SPA On April 1, 2026, the Company and Leviston Resources, LLC (“Leviston”) entered into a Securities Purchase Agreement dated as of April 1, 2026 (the “Leviston SPA”), pursuant to which the Company agreed to sell, and Leviston agreed to purchase, a senior secured convertible promissory note in the principal amount of $1,724,444 (the “Leviston Note”) for a purchase price of $1,552,000. The Leviston Note carries an original issue discount of $172,444. The Company also incurred debt issuance costs of $15,000 in connection with the Leviston Note. Pursuant to the terms of the Leviston SPA, the Company agreed to issue 243,300 shares of the Company’s common stock to Leviston as additional consideration for the Leviston Note. Such shares were issued on April 1, 2026. Leviston has rollover rights and piggyback registration rights pursuant to the terms of the Leviston SPA. In addition, until the later of (i) October 1, 2027 or (ii) the date that the balance due under the Leviston Note is paid in full, Leviston has a right of participation in, and a right of first refusal regarding, any financing transaction. The Company has also granted Leviston “most favored nation” rights for so long as any obligations remain outstanding under the transaction documents. The Leviston SPA contains customary representations, warranties and covenants for a transaction of this type. The transactions that were the subject of the Leviston SPA closed on April 1, 2026. Leviston Note The Leviston Note bears interest at a rate of 10% and matures on October 1, 2026. Interest is guaranteed for the entirety of the six-month term of the Leviston Note, regardless of any reduction of the principal amount, conversion or prepayment. The Leviston Note is a senior secured obligation of the Company, with first priority over all current and future indebtedness; provided, however, that the Company may close equipment financing, with such financing secured by first priority lien(s) against the equipment being financed and second priority lien(s) (behind Leviston’s security interest) against the Company’s other assets. The Company’s obligations under the Leviston Note are secured pursuant to the terms of the Pledge and Security Agreement, dated as of April 1, 2026, by and between the Company and Leviston (the “Leviston Security Agreement”). The Leviston Note is convertible into shares of the [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1817004/000149315226016896/form10-k.htm Complete FY 2025 MD&A: /company/NXXT/mda/fy2025/ Extracted from a later financial-section MD&A body after the formal Item 7 span was a short reference. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-04-16 Report date: 2025-12-31 Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in this Annual Report on Form 10-K and the audited financial statements and notes thereto as of and for the year ended December 31, 2025 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations. Unless the context requires otherwise, references in this Annual Report on Form 10-K to “we,” “us,” and “our” refer to NextNRG, Inc. Overview We were incorporated under the laws of Delaware in March 2019. We are in the business of operating mobile fueling trucks and are headquartered in Miami, Florida. NextNRG provides its customers with the ability to have fuel delivered to their vehicles (cars, boats, trucks) without leaving their home or office and to construction sites, generators and reserve tanks. Our mobile fueling solution gives our fleet, consumer and other customers the ability to fuel their vehicles with the touch of an app or regularly scheduled service, and without the inconvenience of going to the gas station. Critical Accounting Policies and Estimates Management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these consolidated financial statements requires us to make estimates and assumptions for the reported amounts of assets, liabilities, revenue, and expenses. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and those differences may be material. While our significant accounting policies are more fully described in Note 2—Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in this annual report, we believe the following discussion addresses our most critical accounting policies, which are those that are most important to our financial condition and results of operations and which require our most difficult, subjective and complex judgments. Principles of Consolidation The consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries. The Company consolidates entities where it has a controlling financial interest, as defined by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation”. 41 In accordance with ASC 810-10, consolidation applies to: [[GREPCENT_TABLE]] [["","\u25cf","Entities with more than 50% voting interest, unless control is not with the Company; and"],["","\u25cf","Variable interest entities (\u201cVIEs\u201d), where the Company is the primary beneficiary, possessing both (i) power over significant activities and (ii) the obligation to absorb losses or receive benefits."]] [[/GREPCENT_TABLE]] All intercompany transactions and balances are eliminated in consolidation per ASC 810-10-45. The Company continuously evaluates its investments and relationships to assess consolidation requirements. Business Combinations, Asset Acquisitions, and Reverse Acquisitions The Company accounts for acquisitions in accordance with ASC 805, “Business Combinations,” and applicable SEC reporting requirements under Regulation S-X, Rule 3-05 and Regulation S-K, Items 101 and 303. Transactions qualifying as business combinations are accounted for under the acquisition method, while those classified as asset acquisitions follow the guidance in ASC 805-50. Additionally, the Company evaluates whether a transaction qualifies as a reverse acquisition under ASC 805-40 and applies the appropriate accounting and disclosure requirements. Business Combinations For transactions classified as business combinations, the Company: [[GREPCENT_TABLE]] [["","\u25cf","Recognizes and measures identifiable assets acquired, liabilities assumed, and noncontrolling interests at their fair values at the acquisition date (ASC 805-20-25-1)."],["","\u25cf","Records goodwill as the excess of the fair value of consideration transferred over the fair value of net assets acquired, including any previously held equity interests (ASC 805-30-30-1)."],["","\u25cf","Expenses acquisition-related costs as incurred, per ASC 805-10-25-23."],["","\u25cf","Uses preliminary purchase price allocations, with adjustments permitted within the measurement period (not exceeding one year) per ASC 805-10-25-13. Adjustments beyond the measurement period are recorded in earnings."]] [[/GREPCENT_TABLE]] Significant judgments in fair value determinations include: [[GREPCENT_TABLE]] [["","\u25cf","Intangible asset valuations, based on estimates of future cash flows and discount rates."],["","\u25cf","Useful life assessments, impacting amortization and financial results."],["","\u25cf","Contingent consideration, which is remeasured at fair value through earnings per ASC 805-30-35-1."]] [[/GREPCENT_TABLE]] For SEC registrants, Regulation S-X, Rule 3-05 may require audited financial statements of the acquired business if the acquisition is significant. The determination of significance follows Rule 1-02(w) of Regulation S-X, which considers investment, asset, and income tests. Asset Acquisitions For transactions classified as asset acquisitions under ASC 805-50, the Company: [[GREPCENT_TABLE]] [["","\u25cf","Applies the \u201cscreen test\u201d to determine whether substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or group of similar assets (ASC 805-10-55-3A)."],["","\u25cf","Allocates the purchase price using a cost accumulation model, assigning costs to acquired assets based on their relative fair values (ASC 805-50-30-3)."],["","\u25cf","Capitalizes direct acquisition costs as part of the asset\u2019s cost, unlike business combinations where such costs are expensed (ASC 805-50-25-1)."]] [[/GREPCENT_TABLE]] 42 The classification between business combinations and asset acquisitions requires significant judgment, particularly when applying the screen test. Incorrect classification can materially impact: [[GREPCENT_TABLE]] [["","\u25cf","The recognition of goodwill (only in business combinations)."],["","\u25cf","The measurement and presentation of acquired assets and assumed liabilities."],["","\u25cf","The Company\u2019s financial position and results of operations."]] [[/GREPCENT_TABLE]] Reverse Acquisitions A reverse acquisition occurs when the entity that issues securities (the legal acquirer) is identified as the accounting acquiree, and the entity whose equity interests are acquired (the legal acquiree) is identified as the accounting acquirer under ASC 805-40, “Reverse Acquisitions.” Accounting for Reverse Acquisitions [[GREPCENT_TABLE]] [["","\u25cf","The legal acquiree (accounting acquirer) is treated as the continuing reporting entity, and its assets, liabilities, and operations are measured at historical cost."],["","\u25cf","The legal acquirer (accounting acquiree) is recognized at fair value, similar to a business combination."],["","\u25cf","No goodwill is recognized, as the transaction is considered a capital reorganization rather than an acquisition of a business per ASC 805-40-30-2."],["","\u25cf","The equity structure (common stock and additional paid-in capital) is adjusted to reflect that of the legal acquirer, but the retained earnings balance is that of the accounting acquirer."]] [[/GREPCENT_TABLE]] Disclosure Requirements for Reverse Acquisitions Under SEC Regulation S-X, Rule 3-05, and Regulation S-K, Items 101 and 303, the Company must disclose: [[GREPCENT_TABLE]] [["","\u25cf","A detailed description of the transaction, including how control was obtained."],["","\u25cf","A comparative analysis of financial statements before and after the acquisition."],["","\u25cf","Pro forma financial information in accordance with Regulation S-X, Article 11, showing the impact of the transaction as if it had occurred at the beginning of the reporting period."],["","\u25cf","Changes in governance, management, and operations post-acquisition."]] [[/GREPCENT_TABLE]] For SEC registrants, a reverse merger with a public shell company may also trigger “Super 8-K” reporting requirements under Form 8-K, Item 2.01, requiring disclosure within four business days of the transaction closing. Regulatory and Financial Reporting Considerations For SEC registrants, acquisitions may trigger additional disclosure and reporting requirements: [[GREPCENT_TABLE]] [["","\u25cf","Regulation S-X, Rule 3-05: Requires separate financial statements of the acquired business if it meets significance thresholds under Rule 1-02(w)."],["","\u25cf","Regulation S-K, Item 101: Requires disclosure of the impact of material acquisitions on the Company\u2019s business operations."],["","\u25cf","Regulation S-K, Item 303: Mandates discussion of the impact of acquisitions on the Company\u2019s financial condition and results of operations in Management\u2019s Discussion and Analysis."],["","\u25cf","Regulation S-X, Article 11: Requires pro forma financial statements if the acquisition is significant."],["","\u25cf","Form 8-K, Item 2.01: Immediate reporting requirements for material acquisitions, including reverse mergers."]] [[/GREPCENT_TABLE]] The Company continuously evaluates acquisitions, including reverse acquisitions, to ensure proper classification and compliance with ASC 805, SEC reporting requirements, and regulatory guidance. Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the recognition of revenues and expenses during the reporting period. Actual results may differ from these estimates, and such differences could be material. 43 In accordance with ASC 250-10-50-4, changes in estimates are recorded in the period in which they become known and are accounted for prospectively. The Company bases its estimates on historical experience, industry trends, and other relevant factors, incorporating both quantitative and qualitative assessments that it believes are reasonable under the circumstances. Significant estimates for the years ended December 31, 2025, and 2024, respectively, include:  [[GREPCENT_TABLE]] [["","\u25cf","Allowance for doubtful accounts and other receivables"],["","\u25cf","Inventory reserves and classifications"],["","\u25cf","Valuation of loss contingencies"],["","\u25cf","Valuation of stock-based compensation"],["","\u25cf","Estimated useful lives of property and equipment"],["","\u25cf","Impairment of intangible assets"],["","\u25cf","Implicit interest rate in right-of-use operating leases"],["","\u25cf","Uncertain tax positions"],["","\u25cf","Valuation allowance on deferred tax assets"]] [[/GREPCENT_TABLE]] Risks and Uncertainties The Company operates in a highly competitive industry that is subject to intense market dynamics, shifting consumer demand, and economic fluctuations. The Company’s operations are exposed to signi [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/NXXT/mda/fy2025/ All MD&A years: /company/NXXT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/NXXT/mda/fy2024/): filed 2025-03-27; accession 0001641172-25-000939 (https://www.sec.gov/Archives/edgar/data/1817004/000164117225000939/form10-k.htm) - [FY 2023 MD&A](/company/NXXT/mda/fy2023/): filed 2024-04-01; accession 0001493152-24-012378 (https://www.sec.gov/Archives/edgar/data/1817004/000149315224012378/form10-k.htm) - [FY 2022 MD&A](/company/NXXT/mda/fy2022/): filed 2023-03-20; accession 0001493152-23-008161 (https://www.sec.gov/Archives/edgar/data/1817004/000149315223008161/form10-k.htm) - [FY 2021 MD&A](/company/NXXT/mda/fy2021/): filed 2022-03-09; accession 0001493152-22-006414 (https://www.sec.gov/Archives/edgar/data/1817004/000149315222006414/form10-k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5500 Retail-Auto Dealers & Gasoline Stations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/NXXT.md · JSON record: /company/NXXT.json · verified financials: /company/NXXT/financials.json / /company/NXXT/financials.csv · machine TOC for the whole site: /llms.txt