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 UNITED
STATES

 SECURITIES
AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 FORM

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

 OF
THE SECURITIES EXCHANGE ACT OF 1934

 FOR
THE FISCAL YEAR ENDED JUNE 30, 2025

 or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

 OF
THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ______ to ______

 Commission
File Number: 001-41318

 The
Marygold Companies, Inc.

 (Exact
name of registrant as specified in its charter)

 Nevada

 90-1133909

 (State or Other Jurisdiction

 of Incorporation or Organization)

 (IRS Employer

 Identification No.)

Calle Iglesia

 Unit
B

 San
Clemente, CA 92672

 (Address
of principal executive offices) (Zip Code)

 Phone:
 949 - 218-8542

 (Registrant's
telephone number, including area code)

 Securities
registered pursuant to Section 12(b) of the Act:

 Title
 of each class

 Trading
 Symbol(s)

 Name
 of each exchange on which registered

 Common
 stock, $0.001 par value per share.

 MGLD

 NYSE
 American LLC

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
 No

by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes No

by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes No

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large
 accelerated files

 Accelerated
 files

 Non-accelerated
 filer

 Smaller
 reporting company

 Emerging
 growth company

 If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. Yes No

 If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.

by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 As
of December 31, 2024, the last business day of the registrant's most recently completed second fiscal quarter, the aggregate
market value of the voting and non-voting common equity held by non-affiliates of the registrant was $ 18.6 million
based upon the closing sale price of the registrant's shares of common stock on such date as reported on the NYSE
American, LLC, multiplied by the approximate number of shares of common stock held by persons other than executive officers,
directors and five percent stockholders of the registrant. This determination of executive officer and director affiliate status is
not necessarily a conclusive determination for any other purpose.

 As
of June 30, 2025, 42,817,687 shares of
common stock, $ 0.001 par value
per share ("common stock"), and 13,302 shares of Series B Convertible, Voting, Preferred Stock ("Series B Preferred Stock") of the
registrant were outstanding. Each share of Series B Preferred Stock is convertible into 20 shares of common stock and
votes pari passu on an "as if converted" basis on all matters presented to our stockholders for a vote.

 DOCUMENTS
INCORPORATED BY REFERENCE

 Certain
information required to be disclosed in Part III of this Annual Report on Form 10-K is incorporated by reference to the registrant's
definitive proxy statement for its 2025 Annual Meeting of Stockholders ("Annual Meeting") to be filed within 120 days following
the registrant's fiscal year ended June 30, 2025, with the Securities and Exchange Commission ("SEC") pursuant to Regulation
14A under the Securities Exchange Act of 1934, as amended ("Securities Exchange Act"), and delivered to stockholders in connection
with such Annual Meeting.

 TABLE
OF CONTENTS

 ITEM 1. Business

 ITEM 1A. Risk Factors

 ITEM 1B. Unresolved Staff Comments

 ITEM 1C. Cybersecurity

 ITEM 2. Properties

 ITEM 3. Legal Proceedings

 ITEM 4. Mine Safety Disclosures

 ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

 ITEM 6. [Reserved.]

 ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk

 ITEM 8. Financial Statements and Supplementary Data

 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 ITEM 9A. Controls and Procedures

 ITEM 9B. Other Information

 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 ITEM 10. Directors, Executive Officers, and Corporate Governance

 ITEM 11. Executive Compensation

 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 ITEM 13. Certain Relationships and Related Transactions, and Director Independence

 ITEM 14. Principal Accountant Fees and Services

 ITEM 15. Exhibits and Financial Statement Schedules

 ITEM 16. Form 10-K Summary

 SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS

 This
Annual Report on Form 10-K ("Form 10-K") contains forward-looking statements within the meaning of the federal securities
laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our
future financial or operating performance, which generally are not historical in nature. In some cases, you can identify forward-looking statements because they contain words such
as "may," "will," "should," "would," "shall," "might," "expects,"
"plans," "anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential," or "continue"
or the negative of these words or other similar terms or expressions that concern our expectations, strategies, plans, or intentions.
Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about:

 the
 outcome of certain class action litigation involving our subsidiary, USCF Investments, Inc.;

 our
 future financial performance, including our revenue, cost of revenue, gross profit, gross margin, operating expenses, ability to
 generate positive cash flow, and ability to achieve and maintain profitability;

 the
 sufficiency of our cash flows which is primarily dependent upon the performance of our U.S. investment fund management business and
 its ability to maintain and expand fund assets under management ("AUM") such that we can meet our working capital, capital
 expenditure, and liquidity needs;

 our
 continued investments in the development and marketing of our Fintech application ("app") and the uncertainty of the
 acceptance thereof and its ability to generate sufficient revenue to meet or cover or exceed development expenditures incurred to
 date;

 the
 ability of our operating subsidiaries to attract and retain customers to use our products or services, to optimize the pricing for
 our products, to expand our sales to our customers, and to convince our existing customers to continue using our services and products;

 the
 evolution of technologies affecting our operating subsidiaries' products, services and markets;

 the
 ability of our operating subsidiaries to innovate and provide a superior user experience and our intentions and strategy with respect
 thereto;

 the
 ability of our operating subsidiaries to successfully penetrate enterprise markets;

 the
 ability of our operating subsidiaries to successfully expand in our existing markets and into new markets, including international
 markets;

 the
 attraction and retention of key personnel;

 our
 ability to effectively manage our growth and future expenses;

 the
 ability of our operating subsidiaries to comply with modified or new laws and regulations applying to our businesses, including privacy
 and data security regulations;

 the
 incurrence of additional indebtedness and our ability to repay our existing indebtedness when due or at all, including in connection
 with our debt financing transaction;

 our
 ability to raise additional capital in connection with further development of our fintech app, to cover our operating losses or investing
 in strategic acquisitions;

 worldwide
 economic conditions, including the uncertainty of increasing tariffs on imports and after-effects from the economic disruption imposed
 by the COVID-19 pandemic, and the conflicts in Ukraine and the Middle East, and their impact on spending; and

 our
 ability to acquire new businesses or expand our existing businesses, including the integration and financing of acquisitions or business
 expansion, as well as our ability to dispose of existing businesses.

 The
foregoing list does not contain all of the forward-looking statements made in this Form 10-K.

 You
should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained
in this Form 10-K primarily on our current expectations and projections about future events and trends that we believe may affect our
business, financial condition, operating results, and prospects. The outcome of the events described in these forward-looking statements
is subject to risks, uncertainties, and other factors described in "Item 1A. Risk Factors." Moreover, we and our subsidiaries
operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible
for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-K.
We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur,
and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

 The
forward-looking statements made in this Form 10-K relate only to events as of the date on which the statements are made. We undertake
no obligation to update any forward-looking statements made in this Form 10-K to reflect events or circumstances after the date of this
Form 10-K or to reflect new information or the occurrence of unanticipated events, except as required by law. We and our subsidiaries
may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place
undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions,
mergers, dispositions, joint ventures, or investments we may make.

 In this Form 10-K, unless the context otherwise requires, references to "we,"
"our," or "us," "Company," "The Marygold Companies," refer to The Marygold
Companies, Inc., a Nevada corporation, and its subsidiaries. Our logo, trademarks and service marks are the property of the Company.
Other trademarks or service marks appearing in this prospectus supplement are the property of their respective holders. Solely for
convenience, trademarks, trade names, service marks and copyrights referred to in this Form 10-K may appear with or without the " ",
" " or " " symbols, but the inclusion, or not, of such references are not intended to indicate, in any
way, that we, or the applicable owner, will not assert, to the fullest extent possible under applicable law, our or their, as applicable,
rights to these trademarks, trade names service marks or copyrights. We do not intend our use or display of other companies' trademarks,
trade names, service marks or copyrights to imply a relationship with, or endorsement or sponsorship of us by, such other companies.

 PART
I

 ITEM
1. BUSINESS

 The
Marygold Companies, Inc., a Nevada corporation (together with its subsidiaries, "we," "us," "our,"
"Company," or "The Marygold Companies") is a holding company which operates through its wholly owned subsidiaries on a multinational scale that is focused upon financial services, exchange traded funds management and certain other
business activities listed below:

 U.S.
 Fund Management - USCF Investments, Inc., a Delaware corporation ("USCF Investments"), with corporate headquarters in
 Walnut Creek, California and its wholly owned subsidiaries, which provide fund management services to exchange traded fund and exchange traded products ("ETFs"):

 States Commodity Funds, LLC, a Delaware limited liability company ("USCF LLC"), and

 USCF
 Advisers, LLC, a Delaware limited liability company ("USCF Advisers"). The principal place of business for each of USCF
 LLC and USCF Advisers is in Walnut Creek, California.

 Food
 Products – Gourmet Foods, Ltd., a registered New Zealand company located in Tauranga, New Zealand and its wholly owned subsidiary,
 Printstock Products Limited, a registered New Zealand company, with is principal manufacturing facility in Napier, New Zealand.

 Systems – Brigadier Security Systems (2000) Ltd., a Canadian registered corporation, with locations in Regina and Saskatoon,
 Saskatchewan, Canada. This business was sold in July 2025 as further described below in the Certain Recent Developments – Sale
 of Brigadier, and in Note 16. Subsequent Events to the audited consolidated financial statements included in this Form
 10-K.

 Products - Kahnalytics, Inc., a California corporation, doing business as "Original Sprout," located in San Clemente,
 California.

 U.S.
 and U.K. Financial Services:

 & Co., a Delaware corporation, and its wholly owned subsidiary, Marygold & Co. Advisory Services,
 LLC, a Delaware limited liability company, whose principal business offices are located in Walnut Creek, California;

 & Co., (UK) Limited, a private limited company incorporated and registered in England and Wales, whose registered office is in
 London, England, and its wholly owned subsidiaries:

 & Co. Limited f/k/a Tiger Financial & Asset Management Limited, a company incorporated and registered in England and Wales,
 whose registered office is in Northampton, England; and

 Step-By-Step
 Financial Planners Limited, a company incorporated and registered in England and Wales, whose registered office is in Staffordshire,
 England.

 While
the Company operates in several business segments, its primary business focus is the financial services industry, including
ETF management, and its intention is to continue developing these and similar business segments prospectively.

 We
manage the operations of our subsidiaries and their related businesses on a decentralized basis. There are generally no centralized
or integrated operational functions such as marketing, sales, legal or other professional services and there is little involvement
by our executive management in the day-to-day business affairs of our operating subsidiaries apart from oversight. Our
executive management team is primarily responsible for vision and strategy of the Company while effectively implementing capital
allocation decisions, investment activities, leadership talent selection, development, performance and retention of the management
executives to head each of the operating subsidiaries. Our executive management is also responsible for organizational
accountability, corporate governance practices, monitoring regulatory affairs, including those of our operating businesses and
involvement in governance-related issues of its subsidiaries as needed.

 We
were incorporated in the state of Nevada on January 26, 2000. Our corporate headquarters are located in San Clemente, California.

 Human
capital and resources are an integral part of our businesses. Our business units employed 104 people located in various parts of the
world such as, New Zealand, Canada, the United Kingdom and the United States through the fiscal year ended June 30, 2025. This includes all
full and part-time employees as well as executives at our corporate headquarters in San Clemente, California. Consistent with our decentralized
management philosophy, our operating business units individually establish competitive compensation packages to attract, retain and reward
people within their organizations. Given the varied business activities, our business units have policies and practices to address, among
other things, maintaining a safe working environment, eliminating workplace harm, both mental and physical, providing various health
and retirement benefits, as well as incentives to recognize and reward performance on an individual and company goal performance basis.

 Certain
Recent Developments

Equity Financing

 On
January 28, 2025, we closed on the sale of an aggregate of 2,050,000 shares of our common stock at a price to the public of $1.10 per
share (before deduction of underwriting discounts and commissions) in a firm commitment underwritten public offering ("Offering")
pursuant to an underwriting agreement, dated January 26, 2025 ("Underwriting Agreement"), between us and the Maxim Group LLC ("Maxim"), as sole underwriter and book-running
manager for the Offering. Pursuant to the Underwriting Agreement, we granted Maxim a 45-day option to purchase up to an additional 307,500
shares of Common Stock at the public offering price before deduction of underwriting discounts and commissions ("overallotment
option"). Maxim did not exercise its overallotment option.

 The
net proceeds of the Offering to us, after deducting underwriting discounts and commissions and estimated offering expenses, were approximately
$1.8 million. We intend to use the net proceeds from the Offering to retire or reduce debt, make additional investments in our
financial services operations, and for other general working capital and corporate purposes.

Note Financing

 On
September 19, 2024, we entered into a note purchase agreement ("Purchase
Agreement") with Streeterville Capital, LLC, a Utah limited liability company ("Holder"), pursuant to which we agreed
to issue and sell to Holder a secured promissory note in an initial principal amount of $4,380,000 ("Initial Note") payable
on or before 24 months from the issuance date ("Maturity Date") and, upon the satisfaction of certain conditions in the Purchase
Agreement, up to one additional secured promissory note ("Subsequent Note," Initial Note and Subsequent Note, "Notes").
The initial principal amount of the Notes includes an original issue discount of 9% and expenses the Company agreed to pay to the Holder
to cover the Holder's transaction costs. The original issue discount of the Initial Note was $360,000. Interest on the principal
amount of the Notes accrues at a rate of 9% per annum. We may pay all or any portion of the amount owed under the Notes earlier than it
is due. All payments made under the Notes, including any repayments, are subject to an additional amount payable equal to 6% of the portion
of the outstanding balance (including accrued interest) being repaid. The Subsequent Note would have a principal amount of $2,180,000,
which will have terms substantially similar to the terms of the Initial Note. The original issue discount on the Subsequent Note, if issued,
will be $180,000.

 The
Purchase Agreement contains certain covenants and agreements, including that we will not pledge or grant any lien or security interest
in our or our subsidiaries' assets without the Holder's prior written consent and that we will file reports under the Securities
Exchange Act timely, and that our shares will continue to be listed or quoted on the NYSE American or Nasdaq. Also, without the Holder's
prior written consent, we may not: issue, incur or guarantee any debt obligations other than trade payables in the ordinary course; issue
any security that has conversion rights in which the number of shares varies with the market price of our shares; issue any securities
convertible into our shares with a conversion price that varies with the market price of our shares; issue any securities that have a
conversion or exercise price subject to a reset due to a change in the market price of our shares or upon the occurrence of certain events
related to our business (but excluding certain standard antidilution protection for any reorganization, recapitalization, noncash dividend,
stock split or similar transaction); issue any securities pursuant to an equity line of credit, standby equity purchase agreement or
similar arrangement. The Purchase Agreement also contains a most favored nations provision that provides we will grant to the Holder
the same terms as we offer any subsequent investor in our debt securities and certain arbitration provisions in the event of a claim
arising under the Purchase Agreement and other transaction documents.

 The
Notes contain certain trigger events, including in the event that: (a) we fail to pay any amount when due; (b) a receiver or trustee
is appointed with respect to our assets; (c) we become insolvent; (d) we make an assignment for the benefit of creditors; (e) we file
a petition under bankruptcy, insolvency or similar laws; (f) an involuntary bankruptcy proceeding is filed against us; (g) a "fundamental
transaction" occurs without Holder's prior written consent: (h) we, USCF Investments or any of the USCF Investments subsidiaries,
fail to observe covenants in our agreements with the Holder; (i) we default in observing or performing any covenant in the transaction
documents; (j) any representation in the transaction documents is or becomes false or incorrect; (i) we effect a reverse stock split
without 20 trading days' prior written notice to the Holder; (k) any judgment is entered against us for more than $500,000 which
remains unstayed for more than 20 days unless consented to by the Holder; (m) our shares cease to be DTC (Depositary Trust Company) eligible;
or (n) we breach any covenant or agreement in any other agreement with Holder or in any financing or other agreement that affects our
ongoing business operations. A "fundamental transaction" occurs if: we merge with another entity; we dispose of all
or substantially all of our assets; we allow more than 50% of our voting shares to be acquired by another person; we enter into a share
purchase agreement with a third party that acquires more than 50% of our shares; we recapitalize or reclassify our shares; we transfer
a material asset to a subsidiary; we pay a dividend to our stockholders; or any person or group becomes the beneficial owner of 50% of
the ordinary voting power of our shares. Upon the occurrence of a trigger event, the Holder may increase the amount outstanding under
a Note by 10% for an event described in (a) through (h) above or 5% for an event described in (i) through (n) above (a "default amount"). Alternatively,
the Holder may treat the trigger event as an event of default and demand repayment of the Note, subject to a five-day cure period, together
with any applicable default amount.

 Our
obligations under the Note are secured by: (i) a pledge of all the common stock the Company owns in USCF Investments, Inc. and (ii) a
security interest in all of the assets of the Company. Further, our Chief Executive Officer's trust, the Nicholas and Melinda Gerber
Living Trust ("Gerber Trust"), provided: (i) a guaranty of our obligations to the Holder under the Note and (ii) a pledge
of all of our common stock owned by the Gerber Trust.

 Beginning
on the date that is six months from the issuance date until the applicable Note is paid in full, each month the Holder has the right
to require the Company to redeem up to an aggregate of $400,000 with respect to the Initial Note and $200,000 with respect to the Subsequent
Note, if issued, plus any interest accrued thereunder and an additional amount payable equal to 6% of the principal amount and accrued
interest redeemed. We have the right to defer such redemption payments that Holder could otherwise elect to make three times by providing
advance written notice to the Holder. If we exercise our deferral right, the outstanding balance automatically increases by 0.85% for
each instance that the deferral right is exercised by us, which cannot be exercised more than once every ninety calendar days.

to the terms of the Purchase Agreement, beginning on the date of the issuance and sale of the Note and ending 24 months thereafter, the
Holder will have the right, but not the obligation, with our prior written consent, to reinvest up to an additional $10,000,000 in us
on the same terms and conditions as the Notes (structured as two tranches of $5,000,000 each).

 We
engaged Maxim to serve as placement agent for the transaction between us and the Holder in exchange for an aggregate commission
equal to 7% of the gross cash proceeds received by us from the sale of the Notes.

 As
of June 30, 2025, the Initial Note payable balance outstanding, net of the original issue discount and fees paid, was $1.3 million,
all of which is due within 12 months from June 30, 2025, assuming no deferral rights are exercised. The effective interest rate for
this Note is 41.3%. Interest expense for this Note during the fiscal year 2025 was $1.2 million which included $0.6 million of
amortization of debt issuance costs.

 Equity
Distribution Agreement

 On
March 7, 2025, we entered into an Equity Distribution Agreement ("Equity Distribution Agreement") with Maxim, pursuant to which we may offer and sell, from time to time in our sole discretion, shares of our common stock through or to Maxim, as
sales agent or principal. The offer and sale, if any, of shares of common stock under the Equity Distribution Agreement will be made
pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-283898) ("Shelf Registration Statement")
which was filed with the Securities and Exchange Commission ("SEC") on December 18, 2024, and became effective on December
27, 2024, the base prospectus included therein ("Base Prospectus"), and a prospectus supplement that we filed by with the
SEC on March 7, 2025 ("ATM Prospectus Supplement;" Base Prospectus and ATM Prospectus Supplement, "Prospectus").
Pursuant to the terms of the Equity Distribution Agreement, we may offer and sell shares of our common stock from time to time through
or to Maxim, as sales agent or principal, having an aggregate offering price of up to $4,650,000. The Equity Distribution Agreement also
requires until May 28, 2025, the date of the expiration of the standstill period in our underwriting agreement with Maxim for our recent
underwritten public offering ("standstill period"), sales of the common stock be made at a minimum price per share of $1.50
unless, at any time, Maxim and the Company mutually agree upon a lower minimum price per share ("Minimum Price").

 Under
the Equity Distribution Agreement, Maxim may sell shares of our common stock by any method permitted that is deemed to be an "at
the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended ("Securities Act"),
including sales made directly or through the NYSE American LLC or any other existing trading market in the United States for our common
stock, to or through a market maker, in privately negotiated transactions at market prices prevailing at the time of sale or at prices
related to such prevailing market prices, and/or any other method permitted by law, subject to the Minimum Price.

 We
are not obligated to sell any shares under the Equity Distribution Agreement. The timing and amount of any sales of our shares will depend
on a number of factors to be determined by us. Each time we wish to issue and sell shares under the Equity Distribution Agreement, we
will deliver to Maxim a placement notice setting forth the number of shares to be issued and sold, the dates on which such sales may
be made, the limitation on the number of shares to be sold in any one day, and any minimum price below which sales may not be made. Unless
Maxim declines to accept the terms of such placement notice, subject to the terms and conditions of the Equity Distribution Agreement,
Maxim has agreed to use its commercially reasonable efforts consistent with its normal trading practices to sell such shares up to the
amount specified in such placement notice.

 We
will pay Maxim in cash a commission equal to 3.00% of the aggregate gross proceeds from such sale of shares, reimburse certain legal
fees and disbursements, and provide Maxim with customary indemnification and contribution against certain liabilities under the Securities
Act. The Equity Distribution Agreement also includes customary representations, warranties and covenants including that both parties
agree their entry into the Equity Distribution Agreement represents a waiver of the standstill period.

 The
Equity Distribution Agreement will automatically terminate upon the earlier of the sale of all of the shares under the Equity Distribution
Agreement or twelve months from the date of the Equity Distribution Agreement. In addition, the Equity Distribution may be terminated
by us upon ten (10) days prior written notice to Maxim. Maxim may terminate the Equity Distribution Agreement if, in its sole discretion,
it is not satisfied with the results of its and its representatives review of us and our business.

 As
of June 30, 2025, we have not sold any shares of our common stock pursuant to the Equity Distribution Agreement.

 Sale
of Brigadier

 On
June 19, 2025, we entered into a Stock Purchase Agreement ("Purchase Agreement") with SKCAL LLC, an Arizona limited
liability company ("Buyer"), whose president and sole member, Scott Schoenberger, is also a director of Marygold and the
beneficial owner of 10.9% of our outstanding voting stock. Pursuant to the Agreement, we agreed to sell 100% of the issued and
outstanding shares of our wholly owned Canadian subsidiary, Brigadier Security Systems (2000) Ltd. a Canadian registered corporation
("Brigadier"), located in Regina and Saskatoon, Saskatchewan, Canada ("Brigadier"), to the Buyer for total
consideration of $2.2 million, subject to certain adjustment either upwards or downwards in accordance with the differences, if any
between the total net working capital ("TNWC") and the final net working capital ("NWC"), translated to
United States currency as of the closing date and under the terms and conditions set forth in the Purchase Agreement. The closing
("Closing") of the sale of Brigadier took place on July 1, 2025 ("Closing Date"). As required under the
Purchase Agreement, an initial payment of $0.2 million was paid three business days following the execution and delivery of the
Purchase Agreement by the parties. An additional $1.0 million was paid on or about the Closing Date. A final payment of $1.1 million
was paid on September 1, 2025 in accordance with the adjustment as provided hereinabove. As a result of the upward adjustment, the
total purchase price consideration was $2.3 million. The Purchase Agreement contains certain representations, warranties, covenants,
and rights to indemnification by both of the parties and was subject to customary closing conditions.

 Subsidiary
Business Overview

 U.S. ETF Fund
Management - USCF Investments

 In
2016, we acquired all of the issued and outstanding stock in USCF Investments, Inc., a Delaware corporation ("USCF Investments"). USCF Investments
is a U.S. corporation organized in the state of Delaware. USCF Investments is the parent and sole member of two fund management limited
liability companies formed in the state of Delaware: United States Commodity Funds, LLC ("USCF LLC") and USCF Advisers, LLC
("USCF Advisers"). USCF LLC and USCF Advisers are each registered as a commodity pool operator, and each is a member of the
National Futures Association. USCF Advisers is also registered as an investment adviser with the Securities and Exchange Commission ("SEC")
under the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). USCF LLC and USCF Advisers, together with
USCF Investments will be referred to hereafter as "USCF Investments."

 USCF
LLC and USCF Advisers provide investment fund management and advisory services and receive management and/or investment advisory
fees for providing such services to each of the ETF trust and funds it manages. Currently, USCF LLC and USCF Advisers collectively
manage and service 16 ETFs, the shares or other interests of which are listed and traded on
the NYSE Arca, Inc. ("NYSE Arca"). The ETFs managed by USCF LLC and USCF Advisers have a combined total of $2.8 billion
in assets under management ("AUM") as of June 30, 2025.

 USCF LLC Managed and Sponsored Funds

 Currently,
USCF LLC serves as the general partner or sponsor of the following ETFs, each of which is conducting an ongoing public offering of its
shares or interests pursuant to the Securities Act:

 USCF
 LLC is general partner of the following funds

 States Oil Fund, LP ("USO")

 as a Delaware limited partnership in 2005

 States Natural Gas Fund, LP ("UNG")

 as a Delaware limited partnership in 2006

 States Gasoline Fund, LP ("UGA")

 as a Delaware limited partnership in 2007

 States 12 Month Oil Fund, LP ("USL")

 as a Delaware limited partnership in 2007

 States 12 Month Natural Gas Fund, LP ("UNL")

 as a Delaware limited partnership in 2007

 States Brent Oil Fund, LP ("BNO")

 as a Delaware limited partnership in 2009

 USCF
 LLC is the sponsor of the following funds, each a series of the United States Commodity Index Funds Trust ("USCIF Trust")

 States Commodity Index Fund ("USCI")

 Series
 of the USCIF Trust created in 2010

 States Copper Index Fund ("CPER")

 Series
 of the USCIF Trust created in 2010

 USCF Advised or Managed Funds

 USCF
Advisers, a registered investment adviser, is the investment adviser to the funds listed below each a separate series of the USCF ETF
Trust ("ETF Trust") and has overall responsibility for the general management and administration of the ETF Trust. Pursuant
to investment advisory agreements, USCF Advisers provides an investment program for each series of the ETF Trust and manages the investment
of the funds' assets.

 USCF
 Advisers is fund manager for the following series of the ETF Trust:

 USCF
 SummerHaven Dynamic Commodity Strategy No K-1 Fund ("SDCI")

 Fund
 launched in 2018

 USCF
 Midstream Energy Income Fund ("UMI")

 Fund
 launched in 2021

 USCF
 Gold Strategy Plus Income Fund ("USG") previous ticker ("GLDX")

 Fund
 launched in 2021, Ticker symbol change in 2024

 USCF
 Dividend Income Fund ("UDI")

 Fund
 launched in 2022

 USCF
 Sustainable Battery Metals Strategy Fund ("ZSB")

 Fund
 launched in 2023

 USCF
 Energy Commodity Strategy Absolute Return Fund ("USE")

 Fund
 launched in 2023

 USCF
 Sustainable Commodity Strategy Fund ("ZSC")

 Fund
 launched in 2023

 Fund Sub-Advised by USCF Advisers

 USCF Daily Target 2X Copper Index ETF ("CPXR")

 Fund
launched in 2025

 USCF
Investments' revenue and expenses are primarily based upon and determined by the amount of AUM of the funds its subsidiaries
manage. USCF Investments' subsidiaries each earn monthly management and advisory fees based on their agreements with each
fund. The management fees for a fund are determined on the basis of the percentage management fee structure for such fund as forth
in its advisory agreement with the fund multiplied by the average AUM of such fund over a given period. Many of the company's
expenses are dependent upon the amount of average AUM. These variable expenses include fund administration, custody, accounting,
transfer agency, marketing and distribution, and sub-adviser fees and are primarily determined by multiplying contractual fee rates
by average AUM.

 For
the year ended June 30, 2025, 70% of USCF Investments' revenue were attributed to its subsidiaries' management of its three
largest funds as follows: United States Oil Fund, LP; United States Natural Gas Fund, LP and USCF Midstream Energy Income Fund. For the
year ended June 30, 2024, 75% of USCF Investments' revenue was attributable to its subsidiaries' management of United States
Oil Fund, LP; United States Natural Gas Fund, LP and United States Commodity Index Fund.

 USCF
Investments competes with other commodity fund managers which include larger, better-financed companies and other boutique companies
that offer ETFs similar to those offered by USCF Investments. Also, the larger and better financed competitors may be able to
sponsor, develop and offer new ETFs more readily than USCF Investments. Many of these competitors have substantially greater
technical and human resources than USCF Investments does, as well as greater experience in the discovery, research and development
of ETFs and the commercialization of those ETFs. Our competitors'
ETFs may have better performance, lower expenses or advisory fees, or are more effectively marketed and sold, than any products we may
commercialize. USCF Investments believes that it has carved out a unique set of ETFs that were first to market and it continues to create
and launch funds that remain focused on its core business platform in the commodity sector of non-renewable energy while expanding its
commodity index funds between broad commodities, equity and a mix of commodities and equities index funds. The ability to create and launch
bespoke funds and series funds that provide exposure to certain commodity and equity groups allows USCF Investments to compete in this
industry space as a boutique investment management company. USCF Investments will continue to develop and consider new fund opportunities
identified through its research efforts and review of market needs. However, the cost of launching and seeding new funds is dependent
upon the availability of existing and new capital resources. The ability to successfully launch new funds while competing with much larger
financial institutions with greater financial and human capital is expected to be challenging.

 Regulation

 USCF
Investments' operating subsidiaries, USCF LLC and USCF Advisers, are subject to certain federal, state and local laws and
regulations generally applicable to the investment advisory services industry. USCF is a commodity pool operator ("CPO")
subject to regulation by the Commodity Futures Trading Commission ("CFTC") and the National Futures Association
("NFA") under the Commodities Exchange Act of 1936, as amended ("CEA"). USCF Advisers is an investment
adviser registered under the Investment Advisers Act and as a CPO under the CEA. Ongoing public offerings of the shares or other
interests by ETFs sponsored by USCF LLC are required to be registered with the SEC under the Securities Act and each ETF has SEC
reporting obligations under the Securities Exchange Act as well as regulatory obligations by the NYSE Arca under its continued
listing standards. Each series of the ETF Trust managed by USCF Advisers is registered as an investment company under the Investment Company
Act and subject to the rules and regulations thereunder.

 USCF
Investments' operating subsidiaries have 13 full-time employees, a majority of whom are located in its Walnut Creek,
California office. The operating subsidiaries are responsible for the retention of sub-advisers to manage the investments of each
managed fund's assets in conformity with their respective investment policies if the operating subsidiary does not provide
those services directly. USCF Investments' operating subsidiaries may also retain third-parties to provide custody,
distribution, fund administration, transfer agency, and all other non-distribution related services necessary for each fund to
operate. USCF Investments, through its operating subsidiaries, bears all of its own expenses associated with providing these
advisory services. The ETF Trust funds that USCF Advisers advise bear the expenses of
its independent board of trustees. Independent trustee expenses are
apportioned on a pro rata basis over each fund affiliated with USCF Investments.

 Intellectual

 USCF
Investments subsidiary USCF LLC has registered the trademarks for the names "USCF LLC" and "USCF Advisers" with
the U.S. Patent and Trademark Office ("PTO"). The funds for which USCF LLC is a general partner or sponsor have registered
trademarks owned by USCF LLC. USCF LLC was granted two patents Nos. 7,739,186 and 8,019,675 by the PTO for systems and methods for an
exchange traded fund (ETF) that track the price of one or more commodities.

 Litigation

 Please
refer to "Note 14. Commitments and Contingencies – Litigation" to the consolidated financial statements included
in this Form 10-K.

 Food
Products - Gourmet Foods

 In
2015, we acquired Gourmet Foods, Ltd., a registered New Zealand company. Gourmet Foods is a commercial-scale bakery producing meat pies, sausage rolls and patisserie cakes from leased manufacturing
facilities located in Tauranga, New Zealand. These products are sold through distribution channels throughout New Zealand under the brand
names Ponsonby Pies and Pats Pantry. Primary customers include national grocery chains, convenience stores and petrol stations.

 In
2020, Gourmet Foods acquired Printstock Products Limited ("Printstock"), a Flexographic printing company based in Napier,
New Zealand that prints specialty wrappers for the food industry primarily in New Zealand including those used by Gourmet Foods.
Printstock's operating results are consolidated with those of Gourmet Foods. Gourmet Foods and Printstock are collectively referred
to hereinafter as "Gourmet Foods."

 Products
and Customers

Foods has two major product lines: 1) baking and 2) food wrapper printing. While these product lines are comprised of different
customers and supply chains, we consider the consolidation of Gourmet Foods with Printstock to be within the food industry as
Printstock only supplies its products to the manufacturers in the New Zealand food industry, some of which are competitors of
Gourmet Foods, and the inclusion of Printstock in Gourmet Foods' operations does not extend its presence beyond the food
industry. Therefore, for the purpose of segment reporting, both revenue streams are considered part of the same "food
products" segment, which is how it is evaluated by the Company's Chief Operating Decision Maker.

 Baking
and Printing: Within the baking sector Gourmet Foods has three major customer groups: 1) grocery stores, 2) gasoline convenience
stores, and 3) independent retailers and cafes. The grocery industry in New Zealand is dominated by several large chain operations,
each of which is a customer of Gourmet Foods. There can be no assurance that these customers will continue to purchase products from
Gourmet Foods, however, in view of the length of the relationship with such customers, management believes that such customers will
continue purchasing Gourmet Foods' products. In the gasoline convenience store market customer group, Gourmet Foods supplies a
marketing consortium of gasoline dealers operating under the same brand and a consortium of gasoline convenience stores. This
consortium comprised 55% of the total revenue for the bakery sector in fiscal 2025. The third major customer group is independent
retailers and cafes. The printing sector of Gourmet Foods' revenues is comprised of many customers, some large and some small.
The two largest customers in the printing sector represented 59% of printing sector revenue in fiscal 2025.

 Sources
and Availability of Materials

Foods, including Printstock, is not dependent upon any one major supplier as many alternative sources are available locally. However,
the after-effects of the COVID-19 pandemic have resulted in increased cost of raw ingredients and local shipping. These cost increases,
coupled with the rising cost of labor, have negatively impacted Gourmet Foods profit margins and, in some instances, its ability to meet
market demand in a timely manner. In response to these pressures, Gourmet Foods has discontinued sales of lower margin products to some grocery outlets
resulting in lower gross sales revenues, but higher margins. Gourmet Foods is focused on securing the best prices available for raw materials
in the local market and joining other manufacturers of food products in efforts to encourage grocery outlets to adopt price increases in
the coming fiscal year.

Foods competes with other commercial-scale manufacturers of meat pies in New Zealand. Competitors' products may be
more effectively marketed and sold, than products Gourmet Foods may commercialize. Larger competitors in New Zealand
also enjoy economies of scale in production allowing them to offer products at lower retail prices, making it difficult for us to compete
in the growing online sales channel of home deliveries. In an effort to expand its market presence and limit competitive interference,
Gourmet Foods from time to time creates new products such as vegan pies, sausage rolls, and other items currently novel to New Zealand.
Upon market acceptance of these new entrants, Gourmet Foods is able to sustain higher profit margins in the absence of direct competition.
Gourmet Foods has also improved a portion of its supply chain by acquiring Printstock, which prints the food wrappers utilized by Gourmet
Foods. Printstock, in turn, also faces competition from other New Zealand-based printing companies who offer similar services to the
food production industry.

 Seasonality

 The
location of Gourmet Foods in the southern hemisphere provides it with a warm Christmas holiday season and some increased business as
customers tend to be traveling and purchase more ready-to-eat foods. Although this increase in sales is observable, it is not deemed
significant.

 Regulation

 In
New Zealand, Gourmet Foods is required to have certain permits from health regulatory agencies and export permits for certain products
it exports. Gourmet Foods is also subject to local regulations customary in the food processing, manufacturing and distribution industry
in New Zealand. Gourmet Foods believes it has all necessary licenses and permits and is compliant in all material respects with New Zealand
laws and local regulations.

Foods, including Printstock, had 48 full-time employees in New Zealand as of June 30, 2025.

 Intellectual

 Ponsonby
Pies and Pat's Pantry are registered trademarks of Gourmet Foods, Ltd. in New Zealand. These trademarks will expire or renew on February 13, 2028 and November 6, 2027, respectively.

Systems - Brigadier

 In
2016, we acquired all of the issued and outstanding stock in Brigadier Security Systems (2000) Ltd. ("Brigadier"), a
Canadian corporation. Brigadier was originally established in 1985. Brigadier has two office locations, one in Regina (formerly
Elite Security, now Brigadier Elite) and one in Saskatoon (formerly Brigadier Security, now Brigadier Elite), in the Canadian
Province of Saskatchewan. Brigadier sells and installs alarm systems, security monitoring hardware, access controls, ULC approved
fire monitoring panels, and comprehensive security systems to commercial and residential customers under the brand name
"Brigadier Elite" throughout the province of Saskatchewan.

 Services,
Products and Customers

is a leading electronic security company in the province of Saskatchewan. Brigadier provides comprehensive security solutions including
access control, camera systems, fire alarm monitoring panels, and intrusion alarms to home and business owners as well as government
offices, schools, and public buildings. Its experience as the provider of choice for many large notable sites shows a commitment to design,
service and support. Brigadier specializes and is certified to offer several major manufacturers' products, including: Honeywell
Security, Panasonic, Avigilon and JCI/DSC/Kantech security products.

is an authorized SecurTek dealer and is the largest SecurTek dealer in the province of Saskatchewan. SecurTek is owned by SaskTel, Saskatchewan's leading Information and Communications Technology
(ICT) provider with over 1.4 million customer connections across Canada. Under the terms of its authorized dealer contract with the monitoring
company, Brigadier earns monthly payments during the term of the monitoring contract in exchange for performance of customer service
activities on behalf of the monitoring company.

is partially dependent upon its contractual relationship with SecurTek that provides monitoring services to Brigadier's
customers. In the event this contract is terminated, Brigadier would be compelled to find an alternate source of alarm monitoring or
establish such a facility itself. Management believes that the contractual relationship is sustainable, and has been for many years,
but that alternate solutions would be available if such monitoring company terminates its agreement with Brigadier. Sales to its largest
customer, which includes contracts and recurring monthly support fees, were 44% of Brigadier's total revenue for the year
ended June 30, 2025 as compared to 42% for the year ended June 30, 2024.

 Sources
and Availability of Materials

purchases alarm panels, digital and analog cameras, mounting hardware and accessory items needed to complete security installations from
a variety of sources. The manufacture of electronic items such as those sought by Brigadier has expanded to a global scale thus providing
Brigadier with a broad choice of suppliers. Brigadier bases its vendor selection on several criteria including: price, availability,
shipping costs, quality, suitability for purpose and the technical support of the manufacturer. Brigadier is not reliant on any one supplier.

competes with several larger, better financed companies that offer similar products and services in Saskatchewan and Canada generally
as well as globally. In addition, Brigadier may face increasing competition as disruptive technologies enter the market. However, with
respect to the market share it currently enjoys, Brigadier expects to maintain its current market position in Saskatchewan and believes
that opportunities exist to capitalize on the deployment of new technologies within this market. Brigadier's management will continue
efforts to capture additional customers through organic growth and a focus on quality.

 Seasonality

 Due
to its location in Canada, winter weather may negatively affect its ability to complete some installations, particularly those involving
new construction. For this reason, during the period from November through March Brigadier's revenue is typically lower than during
other months of the year.

had 18 full-time employees in Canada as of June 30, 2025.

 Brigadier was sold to a related
party on July 1, 2025 (see "Certain Recent Developments – Sale of Brigadier" and Note 16. Subsequent Events to the
audited consolidated financial statements in this Form 10-K).

Products - Original Sprout

 In
2017, our wholly-owned subsidiary, Kahnalytics, Inc., acquired all of the assets of Original Sprout LLC and subsequently adopted the fictitious business name "Original Sprout". Original Sprout LLC was
founded in 2003. Original Sprout is engaged in the retail sales and wholesale distribution of hair and skin care products under the
brand name Original Sprout on a global scale. Original Sprout formulates and packages various hair and skin care products that are
100% vegan, tested safe and non-toxic, and marketed globally through distribution networks to salons, resorts, grocery stores,
health food stores, e-tail sites and on Original Sprout's website. Original Sprout operates from warehouse and sales offices
located in San Clemente, California.

 Products
and Customers

 As
a result of the COVID-19 pandemic, Original Sprout has adjusted its primary distribution and marketing channels. Prior to the pandemic
Original Sprout relied heavily upon its wholesale distribution network to place products at retail locations and generally to make products
available to consumers, whereas during COVID-19 that resulted in social distancing and closures of retail businesses, consumers avoided
traditional sales outlets. In response to this trend, many of Original Sprout's domestic distributors became retailers by selling
direct to consumers on e-tail platforms. Original Sprout, in defense of its brand and price points, transitioned from its wholesale distribution model to making direct
sales to retail outlets and consumers through online platforms as well as through wholesalers. The negative effects of this transition
resulted in reduced sales and increased operating losses as a result of the cancellation of domestic distribution channels. This trend
is expected to continue as Original Sprout engages in new brand representation and secures reliable sales channels for its new and existing
product lines. As a result, we recorded an impairment loss of $1.4 million during fiscal 2024 related to the goodwill and other intangible
assets for Original Sprout.

Sprout sells its products through five distribution channels:

 direct
 sales to end users via online shopping carts;

 sales
 made to an exclusive reseller on Amazon;

 sales
 through international wholesale distributors who, in turn, sell to other international retailers or wholesalers;

 sales
 to domestic wholesale distributors of products to professional salons, and

 to
 retail stores selling to end users either from the shelf or online.

the year ended June 30, 2025, Original Sprout did not have any significant customers; however, certain of Original Sprout's customers
may, from time to time, become significant during a reporting period.

 Sources
and Availability of Materials

Sprout is reliant upon its relationships with two product formulating and packaging companies who, at the direction of Original Sprout,
manufacture its products in accordance with proprietary formulas, package them in appropriate containers supplied by Original Sprout,
and deliver the finished goods to Original Sprout for distribution to its customers. All of Original Sprout's products are currently
produced by these two packaging companies. However, management of Original Sprout believes that, if either of these companies is unable
to provide such services, there are other similar production and packaging companies available at competitive pricing. Because of the
nature of the Original Sprout product ingredients, some of the ingredients may, at times, be difficult to source in a timely fashion
or at the expected price point. To safeguard against this possibility Original Sprout endeavors to maintain at least a 90-day supply
of all products in stock. Estimating and maintaining a reserve stock account is not a guarantee that a shortage of ingredient supplies
will not affect production such that Original Sprout will not exhaust its reserves or be unable to fulfill customer orders.

Sprout distributes only 100% vegan, safe and non-toxic, hair and skin care products which it believes differentiates
it significantly from competitors that do not employ such standards. The use of organic and natural extracts is a growing trend in the
U.S. and abroad, and other established brands are beginning to make products that directly compete with Original Sprout. As more entrants
in the high-end, vegan, hair care segment come into existence, some may be better financed and have more brand recognition and resources
than Original Sprout. Original Sprout is focused on promoting its own brand name as a recognized pioneer in 100% vegan, safe, effective,
hair care products through the recruitment of additional distributors, nationwide retail stores, a continued emphasis on online sales
either directly or through retail stores and an increased social media presence. Original Sprout believes that these steps will allow
for the growth of annual revenues and market share protection, though there can be no assurance that such efforts will be sufficient
to offset the effects of competition in the future.

 Seasonality

 There
is no significant seasonality for sales of products by Original Sprout, although sales may fluctuate around traditional
holidays, and sales of certain products, such as sunscreen, are lower in winter months than in summer months.

 Regulation

Sprout is not required to have permits or inspections by regulatory agencies for the products it formulates and distributes in the U.S.;
however, it has chosen to gain recognition from certain testing laboratories and other quasi-regulatory agencies for compliance with
accepted standards for hair and skin care ingredients and lack of toxic chemicals in their formulas and processes. For export, Original
Sprout is often required to submit its products to foreign government agencies or certified laboratories for ingredient testing prior
to being accepted for import as a "safe" product. We believe that Original Sprout products comply with all applicable regulations,
both domestic and foreign, in areas where they are sold or distributed.

 Intellectual

 The
formulations and ingredient percentages of the many products of Original Sprout are considered its intellectual property, although many
cannot be patented, they are maintained as confidential. The names "Original Sprout" and "D'Organiques Original
Sprout" are registered trademarks of Original Sprout and will expire or renew on August 16, 2031 and September 9, 2028, respectively.

Sprout had eight full-time employees, not including temporary workers or "temp-to-hire" status workers, in California as
of June 30, 2025.

 U.S.
and U.K. Financial Services – Marygold US and Marygold UK

 Marygold US

 In
2019, we entered the financial services industry to explore opportunities in the financial technology ("Fintech") space
and formed Marygold & Co., a Delaware corporation ("Marygold") headquartered in Walnut Creek, California. In 2020,
Marygold formed an investment advisory subsidiary, Marygold & Co. Advisory Services, LLC, a Delaware, limited liability company
("Marygold Advisors") as a wholly owned subsidiary of Marygold and registered the company as an investment adviser under
the Investment Advisers Act. Effective February 6, 2025, Marygold Advisors withdrew from registration as an investment adviser under
the Investment Advisers Act. Marygold and together with Marygold Advisors, are hereinafter referred to as, "Marygold
US."

 Marygold US completed its development phase and
the launch of its mobile Fintech app in June 2023. Marketing of the app to consumers commenced later that year and ceased its
marketing efforts in January 2025. As of March 31, 2025, Marygold US ceased offering app services in the U.S. and removed the app
from the online Playstores. Although the app performed as anticipated, Marygold US' marketing efforts did not result in
consumer adoption rates necessary to reach anticipated revenue targets. Further app development for the U.S. and operations have
been paused; amounts held in customer accounts were refunded and all accounts were closed effective as of the end of fiscal year
2025.

 The Marygold US app is a peer-to-peer
("P2P") Fintech digital mobile banking app that facilitates the transfer of cash between two or more people that, unlike
competitor apps, does not require both parties to each have the Marygold digital app in order to transfer cash. Marygold US app
users were able to choose to transfer or receive cash within the U.S. efficiently if both users had the app or they could have
chosen to send or receive a check mailed by the U.S. Postal Service or send and receive by ACH, email address or by providing a
mobile number. This feature is called PayAnyone. Every Marygold US app user received a free debit
Mastercard issued by a partner bank upon completion of a secure onboarding process. Along with the
PayAnyone feature, the Marygold US app also allowed users to "Tap & Pay" anywhere
Mastercard is welcome nationwide as well as for use with online shopping. The Marygold US app has the ability to
split payments/bills without fees or limits between users. Marygold's debit Mastercard connected to a widely
accepted ATM network system but ATM transactions have fees associated with the use and withdrawal of cash like most bank ATM out of
network machines.

 In addition to Marygold US' P2P features,
its investment advisory firm Marygold Advisors, provided educational information on personal investing and money management tips
through the app. Users were able to invest their money utilizing timeline target oriented money pools ("Money Pools") as
part of its bespoke budgeting app product. The Money Pool feature allowed users a resource for saving money through use of Money
Pool target goals. When a user wanted to budget, invest and grow their savings towards a goal such as purchasing a car, app users
could use the Money Pool savings and investing feature to set a timeline goal for which they would need to grow their money in order
to save enough through investing in Money Pools. The use of Money Pools could increase their initial investment toward their
timeline goals and/or target purchase. After users inputted their target savings goal into the Money Pool app feature, the app
provided a choice of ten Money Pools for a user to choose from. The investment risk decreased or increased depending on the initial
investment and goal-oriented time frame chosen. Marygold Advisors further enhanced a user's experience by creating an
investment calculator tool within the app that provided users the ability to view their hypothetical target goal investment
potential.

 The Company devoted considerable resources to
the development, marketing and support of Marygold US' proprietary Fintech app and while Marygold US decided to pause
operations and further development of the Fintech app in the U.S. market, the Company continues to seek funding options or partners
to facilitate a re-entry into the U.S. Fintech market and/or licensing arrangements for the app in the future. We continue to offer
a version of the app in the United Kingdom and expect to evaluate the acceptance and success of the Fintech app and seek to obtain
market information that may be useful in the event of a relaunch in the U.S.

 Intellectual Property

 Marygold US has a registered flower design mark
and other registered trademarks. The underlying code compiled in its mobile banking app and other custom programs are proprietary
and trade secrets of Marygold US. The duration of the trademark registration is open ended until abandoned by Marygold US. Trade
secrets are generally protected by non-disclosure agreements.

 As of June 30, 2025, Marygold US had no full-time
employees.

 Marygold UK

 In 2021, we expanded our financial services into the United Kingdom by incorporating a new entity called, Marygold & Co. (UK) Limited, a private limited company incorporated and registered under
the laws of England and Wales, whose registered office is in London, England, ("Marygold UK").

 In June 2022, Marygold UK acquired all of the outstanding
shares of Tiger Financial & Asset Management, Limited, ("Tiger Financial"). Tiger Financial, a private company incorporated
and registered in England and Wales, has a registered office in Northampton, England.

 In October 2024, Tiger
Financial changed its name to "Marygold & Co. Limited". Marygold & Co. Limited has its registered office in Northampton, England. Marygold & Co. Limited is an asset manager regulated by the United Kingdom Financial Conduct
Authority.

 In May 2024, Marygold UK acquired all outstanding
shares of Step-By-Step Financial Planners Limited ("Step-By-Step"), a private limited company incorporated and registered
in England and Wales, whose registered office is in Staffordshire, England. Step-By-Step is an asset manager and registered investment
advisor regulated by the United Kingdom Financial Conduct Authority. For a description of the terms of our acquisition of Step-By-Step,
please refer to "Note 6. Business Combinations" to our consolidated financial statements included in this Form 10-K.

 In addition to its function as a holding company
for U.K. investments and acquisitions, Marygold UK was formed to introduce a Marygold UK Fintech app into the United Kingdom with
features designed to provide a suite of personal savings tools all integrated into a user's digital world. The Marygold UK
Fintech app was soft-launched in England during April 2025. The app has a "Piggy Bank" function, that enables users to
take control of their financial future by providing the digital tools they need to save money more efficiently. The Piggy Bank app
feature encourages mindful spending, adding customizable barriers to the visibility of savings and fostering long-term habits
through an "out of sight, out of mind" approach. A Me2Me app feature will allow people to move their money between
accounts and the app will be able to create custom notifications to encourage a user to put some money into their savings account.
Through their partner bank in the UK, Griffin Bank Ltd., the app also offers a high yield savings account that is available to individuals and businesses. Griffin Bank Ltd. provides protections to Marygold UK customers as
an authorized bank by the Prudential Regulation Authority and further regulated by the Financial Conduct Authority of the U.K. The
Marygold UK app currently is only available in the UK.

 Marygold & Co. Limited and Step-By-Step, together with Marygold UK are hereinafter collectively
referred to as "Marygold UK". Operations of Marygold UK are included in our consolidated financial statements beginning on
the respective dates of acquisition. As of June 30 2025, Marygold UK had a total of nine employees.

 As of June 30, 2025, Marygold UK had $80.2
million in combined AUM. Marygold UK earns revenues in the form of advisory fees based on a percentage of the AUM. Marygold UK is planning
to introduce the Marygold Fintech app to its customers and, more broadly, in the U.K. within the coming fiscal year. Marygold UK has
yet to earn significant revenue from deployment of its Fintech app as of June 30, 2025.

 As an investment advisor, both Marygold & Co.
Limited and Step-By-Step have pursued separate niche markets to differentiate
themselves from institutional and larger organizations providing investment advice and wealth management services to clients in the U.K.
These two separate target markets have allowed Marygold & Co. Limited and Step-By-Step to succeed and grow their business despite
a competitive landscape. Expectations are that the introduction of the Marygold Fintech app to their clientele will accelerate growth
and further differentiate them from competitors who do not offer this capability.

 Trademark

 Marygold UK has begun the process of securing trademarks
and service marks with respect to certain slogans, artwork, and logos related to the Marygold Fintech app.

 Available Information

 We maintain a website at www.themarygoldcompanies.com.
Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments thereto filed
or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act are available free of charge on our website as soon as
reasonably practicable after the reports are filed with, or furnished to, the SEC. The information on our website is not incorporated
by reference in this Annual Report on Form 10-K or our other securities filings with the SEC. The SEC maintains an Internet site at www.sec.gov
that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC,
from which investors may electronically access our SEC filings.

 Controlled Company Status

 Pursuant to a voting agreement dated January 27,
2015, Nicholas Gerber and Scott Schoenberger, through their respective family trusts, have voting and investment power with respect to more than 50% of the voting stock on matters that may have a material impact on our strategy and shareholder rights. Because more than 50% of the combined
voting power of all our outstanding voting stock is beneficially owned by Messrs. Gerber and Schoenberger, we are deemed a
"controlled company" as defined in section 801(a) of the NYSE American Company Guide. As such, we are exempt from
certain NYSE American rules requiring our Board of Directors to have a majority of independent members, a compensation committee
composed entirely of independent directors and a nominating and governance committee composed entirely of independent directors.

 ITEM
1A. RISK FACTORS

 Investing
in our shares involves a high degree of risk and dilution. Our business operations, financial condition, results of operations, and
stock price may be affected by a number of factors. In addition to the other information in this Annual Report on Form 10-K
("Form 10-K"), the following factors and the information contained under "Special Note Regarding Forward-Looking
Statements" should be considered in evaluating our company and our businesses. The risks and uncertainties described below are
not the only risks we face. Additional risks and uncertainties that are presently unknown or are currently deemed immaterial may
also impair our business operations. If any of the events or circumstances described in the following risks or elsewhere in this
Form 10-K occur, our business, financial condition and results of operations could suffer and the trading price of our shares of
common stock could decline.

 Litigation
Risks

 The
Company ' s business and operation could be negatively affected by any material litigation involving the Company or
its subsidiaries.

 USCF
LLC, an indirect wholly owned subsidiary, is currently the subject of class action litigation. See "Note 14. Commitments and Contingencies
- Legal Proceedings" to our consolidated financial statements included in this Form 10-K.

 Estimating
an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree
of judgment, particularly where the matters involve indeterminate claims for monetary damages, are in the early stages of proceedings,
and are subject to appeal. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are
subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and
substantive rulings and other parties' settlement posture and their evaluation of the strength or weakness of their case against
us. For these reasons, we are currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses
or a range of possible losses resulting from, the matters described in "Item 3. Legal Proceedings" of this Form 10-K and
"Note 14. Commitments and Contingencies – Legal Proceedings" to our consolidated financial statements included in this
Form 10-K. In light of the inherent uncertainties involved in such matters, an adverse outcome in this litigation could materially adversely
affect our financial condition, results of operations or cash flows in any particular reporting period.

 Litigation
could result in substantial costs and divert management's attention and resources from our business. Additionally, litigation
could give rise to perceived uncertainties as to our future, adversely affect our relationships with investors in our funds,
customers and vendors and make it more difficult to attract and retain qualified personnel. Also, a company subject to litigation
may be required to incur significant legal fees and other expenses related to any litigation. Our financial services
subsidiaries carry general corporate liability, errors and omissions, and cybersecurity risk insurance in the event of litigation
actions.

 Risks
Related to our Business and Structure

 We
have incurred net losses during fiscal 2025 and 2024. We have paused further development of our Fintech app for the U.S. market.

 We
have incurred a net loss of $5.8 million in fiscal 2025 and a net loss of $4.1 million in fiscal 2024. We have working capital of approximately
$12.4 million as of June 30, 2025, compared to working capital of $19.0 million as of June 30, 2024, a decrease of 35%. Since 2019 and
through June 30, 2025, we have invested $19.1 million in the development of our Fintech app for the U.S. market. Due to its
limited acceptance in the U.S., effective March 31, 2025, we paused further development of the Fintech app, although we are offering
a scaled version of the app in the U.K. In the event we are able to raise additional financing or to license the app to a third party,
we may continue the development of the Fintech app for the U.S. market, although there can be no assurance we will be able to do so.

 We
are a holding company, and our only material assets are our cash in hand, equity and other interests in our operating subsidiaries, and
our other investments. As a result, our principal sources of cash flow are distributions from our subsidiaries. Our subsidiaries may
be limited by law and by contract from making distributions to us.

 As
a holding company, our assets are cash and cash equivalents, equity interests in our subsidiaries and our other investments.

 The
principal sources of our cash flow consist of distributions, loans or other
payments from our subsidiaries. Thus, our ability to finance future acquisitions or develop
new projects is dependent on the ability of our subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions
to us. Our subsidiaries are separate legal entities, and although they may be wholly owned or controlled by us, they have no obligation
to make any funds available to us, whether in the form of loans, dividends, distributions or otherwise. The ability of our subsidiaries
to distribute cash to us are and will remain subject to, among other things, restrictions that are contained in each subsidiaries'
financing agreements, availability of sufficient funds and applicable laws and regulatory restrictions.

 Claims
of creditors of our subsidiaries generally will have priority as to the assets of such subsidiaries over our claims and claims of our
creditors and stockholders. To the extent our cash flow is dependent on our subsidiaries ability to make distributions to us could materially
limit our ability to grow, pursue business opportunities or make acquisitions that could be beneficial to our businesses, including in
connection with the development of our Fintech app.

 We
are dependent on certain key personnel, the loss of which may adversely affect our financial condition or results of operations.

 Major
capital allocation decisions and investment decisions are made by Chief Executive Officer and Chairman of the Board of Directors,
Nicholas Gerber, with consultation from key personnel, our board, from our management team and the executive management teams from our
subsidiaries. The executive management teams that lead the Company and our subsidiaries are also highly experienced and possess
extensive skills in their respective industries. If Mr. Gerber were to become unavailable, there could be a material adverse impact on
our operations. However, the Company's Board of Directors have the power and authority to fill a vacancy left by Mr. Gerber.
The ability to retain key personnel is important to our success and future growth. Competition for these professionals can be
intense, and we may not be able to retain and motivate our existing officers and senior employees and continue to compensate such
individuals competitively. The unexpected loss of the services of one or more of these individuals could have a detrimental effect
on our operations and negatively impact our financial condition or results of operations of our businesses and could hinder the
ability of our business and our subsidiaries to effectively compete in the various industries in which we operate.

 We
need qualified personnel to manage and operate our subsidiaries.

 Our
decentralized business model requires that we retain qualified and competent managers to continue day-to-day operations of our subsidiaries
and continue business operations in a changing political, business or regulatory environment. Our subsidiaries require qualified and
competent personnel to execute their business plans and continue servicing their clients, suppliers and other stakeholders. Our inability
to attract and retain qualified personnel to operate our business subsidiaries could negatively impact our operating results and our
overall financial condition that is important to our success and future growth.

 Abnormally
wide bid/ask spreads and market disruptions that halt or disrupt trading or create extreme volatility could undermine investor confidence
in the ETP investment structure and limit investor acceptance of ETPs.

 ETFs
trade on exchanges in market transactions that generally approximate the value of the referenced assets or underlying portfolio of
securities held by the particular ETF. Trading involves risks including the potential lack of an active market for fund shares,
abnormally wide bid/ask spreads (the difference between the prices at which shares of an ETF can be bought and sold) that can exist
for a variety of reasons and losses from trading. These risks can be exacerbated during periods when there is low demand for an ETF,
when the markets in the underlying investments are closed, when markets conditions are extremely volatile or when trading is
disrupted. This could result in limited growth or a reduction in the overall ETF market and result in our revenue not growing as
rapidly as it has in the recent past or even in a reduction of revenue.

 We
derive a substantial portion of our revenues from our USCF Investments subsidiary and, as a result, our operating results are particularly
exposed to investor sentiment toward investing in the ETFs sponsored by USCF and advised by USCF Advisers.

 For
the years ended June 30, 2025 and 2024, 57% and 58% of our revenues, respectively, were derived from USCF Investments operations, which
consists of the management of ETFs by USCF and USCF Advisers. As a result, our operating results are particularly exposed to
the performance of these funds and our ability to maintain the assets under management of these funds, as well as investor sentiment
toward investing in the funds' strategies. If the assets under management in these funds were to decline, either because of declining
market values or net outflows from these funds, our revenues would be adversely affected.

 We
rely on third party suppliers, and our business may be affected by interruption of supplies or increases in product costs.

Foods obtains most food related products and services from third party suppliers. Gourmet Foods typically does not have long-term contracts
with suppliers. Although Gourmet Foods' purchasing volume can provide leverage when dealing with suppliers, suppliers may not provide
the foodservice products and supplies Gourmet Foods needs in the quantities and at the time and prices requested. Gourmet Foods does
not control the actual production of most of the products it sells. This means Gourmet Foods is also subject to delays caused by interruption
in production and increases in product costs based on conditions outside its control. These conditions include work slowdowns, work interruptions,
strikes or other job actions by employees of suppliers; severe weather; crop conditions; product recalls; transportation interruptions;
unavailability of fuel or increases in fuel costs; competitive demands; and natural disasters, terrorist attacks or other catastrophic
events (including, but not limited to, the outbreak of food-borne illnesses in the United States). Gourmet Foods' inability to
obtain adequate supplies of foodservice and related products because of any of these or other factors could mean that Gourmet Foods could
not fulfill its obligations to its customers and, as a result, customers may turn to other distributors.

 Product
recalls or other product liability claims could materially and adversely affect us.

 Selling
products for human consumption or use involves inherent legal and other risks, including product contamination, spoilage, product
tampering, allergens, or other adulteration. We could in the future be required to recall products due to suspected or confirmed
product contamination, adulteration, product mislabeling or misbranding, tampering, undeclared allergens, or other deficiencies.
Product recalls or market withdrawals could result in significant losses due to their costs, the destruction of product inventory,
and lost sales due to the unavailability of the product for a period of time.

 Adverse
attention about these types of concerns, whether or not valid, may damage our reputation, discourage consumers from buying our products,
or cause production and delivery disruptions that could negatively impact our net sales and financial condition.

 We
may also suffer losses if our products or operations violate applicable laws or regulations, or if our products cause injury, illness,
or death. In addition, our marketing could face claims of false or deceptive advertising or other criticism. A significant product liability
or other legal judgment or a related regulatory enforcement action against us, or a significant product recall, may materially and adversely
affect our reputation and profitability. Moreover, even if a product liability or fraud claim is unsuccessful, has no merit, or is not
pursued to conclusion, the negative publicity surrounding assertions against our products or processes could materially and adversely
affect our product sales, financial condition, and operating results.

 In
the past, we have expanded our business internationally. This expansion subjects us to increased operational, regulatory, financial and
other risks.

 We
face increased operational, regulatory, financial, compliance, reputational and foreign exchange rate risks as a result of our international
expansion. The failure of our compliance and internal control systems to properly mitigate such additional risks, or of our operating
infrastructure to support such expansion, could result in operational failures and regulatory fines or sanctions. If our international
products and operations experience any negative consequences or are perceived negatively in non-U.S. markets, it may also harm our reputation
in other markets, including the U.S. market.

 Our
risk management policies and procedures, and those of our third-party vendors upon which we rely, may not be fully effective in identifying
or mitigating risk exposure, including employee misconduct. If our policies and procedures do not adequately protect us from exposure
to these risks, we may incur losses that would adversely affect our financial condition, reputation and market share.

 We
have developed risk management policies and procedures and we continue to refine them as we conduct our business. Many of our procedures
involve oversight of third-party vendors that provide us with critical services. Our policies and procedures to identify, monitor and
manage risks may not be fully effective in mitigating our risk exposure.

 These
risks are difficult to detect in advance and deter, and could harm our business, results of operations or financial condition. If our
policies and procedures do not adequately protect us from exposure and our exposure is not adequately covered by insurance or other risk-shifting
tools, we may incur losses that would adversely affect our financial condition and could cause a reduction in our revenues as investors
in our products shift their investments to the products of our competitors.

 We
rely on trademarks, trade secrets, and other forms of intellectual property protections, which may not be adequate to protect us from
misappropriation or infringement of our intellectual property.

 We
rely on a combination of trademark, trade secret and other intellectual property laws in the U.S. and foreign jurisdictions in which
we operate our businesses. We have applied for registration of a limited number of trademarks in the U.S. and in certain other countries,
some of which have been registered or issued. We cannot guarantee that our applications will be approved by the applicable governmental
authorities, or that third parties will not seek to oppose or otherwise challenge our registrations or applications. We also rely on
unregistered proprietary rights, including common law trademark protection. Third parties may use trademarks identical or confusingly
similar to ours, or independently develop trade secrets or know-how similar or equivalent to ours. If our proprietary information is
divulged to third parties, including our competitors, or our intellectual property rights are otherwise misappropriated or infringed,
our business could be harmed or adversely affected.

 Our
financial condition and results of operations could suffer if there is an impairment of goodwill or intangible assets.

 We
are required to test intangible assets with indefinite lives, including goodwill, annually or, in certain instances, more frequently,
and may be required to record impairment charges, which would reduce any earnings or increase any loss for the period in which the impairment
was determined to have occurred. Our goodwill impairment analysis is sensitive to changes in key assumptions used in our analysis. If
the assumptions used in our analysis are not realized, it is possible that an impairment charge may need to be recorded in the future.
We cannot accurately predict the amount and timing of any impairment of goodwill or other intangible assets. However, any such impairment
would have an adverse effect on our results of operations.

 As
of June 30, 2025, the total recorded value of our goodwill and intangible assets was $3.5 million. During fiscal year 2024, we recorded
an impairment loss of $1.4 million related to goodwill and other intangible assets in our beauty products business segment which had
been suffering from increased losses resulting from pandemic-related changes in its distribution channels and increased costs. The impairment
loss of $1.4 million included goodwill of $0.4 million and indefinite and finite lived intangible assets totaling $1.0 million relating
to brand name, formulas and customer relations. We determined the fair value of the reporting unit using multiple methods including discounted
cash flows and pricing of comparable companies.

 We may face double taxation on certain income earned by our non-U.S.
subsidiaries.

 Under the Internal Revenue
Code of 1986, as amended ("Code"), provisions governing the taxation of income earned by "controlled foreign corporations,"
most or all of the income earned by our non-U.S. subsidiaries will be subject to U.S. federal income tax in the year earned, even if
not distributed to Marygold and even if fully taxed in the foreign countries in which those subsidiaries are organized or operate.
Although the Code provides for foreign tax credit relief with respect to the foreign income taxes imposed on such income, that
relief is limited in several respects that could have the effect of subjecting the same income to both U.S. and foreign income
taxation.

 Legal,
Compliance and Regulatory Risks

 Our
business is subject to extensive government regulation and oversight. Our failure to comply with extensive, complex, overlapping, and
frequently changing rules, regulations, and legal interpretations could materially harm our business.

 Our
business is subject to complex and changing laws, rules, regulations, policies, and legal interpretations in the markets in which we
operate, including, but not limited to, those governing and enforcing: banking, credit, deposit taking, cross-border and domestic money
transmission, prepaid access, foreign currency exchange, privacy and data protection, data governance, cybersecurity, banking secrecy,
digital payments and cryptocurrency, payment services (including payment processing and settlement services), fraud detection, consumer
protection, antitrust and competition, economic and trade sanctions, anti-money laundering, and counter-terrorist financing. As we, through
our subsidiaries, introduce new products and services and expand into new markets, including through acquisitions, we may become subject
to additional regulations, restrictions, and licensing requirements.

 Any
failure or perceived failure to comply with existing or new laws, regulations, or orders of any government authority (including changes
to or expansion of their interpretation) may subject us to significant fines, penalties, criminal and civil lawsuits, forfeiture of significant
assets, and enforcement actions in one or more jurisdictions; result in additional compliance and licensure requirements; cause us to
lose existing licenses or prevent or delay us from obtaining additional licenses that may be required for our business; increase regulatory
scrutiny of our business; divert management's time and attention from our business; restrict our operations; lead to increased
friction for customers; force us to make changes to our business practices, products or operations; require us to engage in remediation
activities; or delay planned transactions, product launches or improvements. Any of the foregoing could, individually or in the aggregate,
harm our reputation, damage our brands and business, and adversely affect our results of operations and financial condition.

 We
have implemented policies and procedures designed to help ensure compliance with applicable laws and regulations, but there can be no
assurance that our employees, contractors, and agents will not violate such laws and regulations.

 We are subject to the rules and regulation of
the NYSE American stock exchange and are required to comply with certain continued exchange listing standards and requirements or be subject
to delisting.

 Our common stock is currently listed on and subject
to the rules and regulations of, the NYSE American, LLC stock exchange ("NYSE American"). As a result, the Company is required
to comply with certain continuing listing standards to continue to trade its stock on the NYSE American. For example, in the event our
shares of common stock trade at a low price and for a substantial period of time determined by NYSE American,
the Company may be notified to take certain action to regain compliance with such listing requirement, which may include effecting a reverse
stock split within a reasonable time or face the possibility of having its stock delisted by NYSE American. Also, we must be current in
our SEC reporting obligations. If the Company fails to meet one or a combination of such continued listing standards, the NYSE American
may seek to delist the Company's shares. Action taken by the NYSE American to delist our stock may adversely impact the trading
price and trading volume of our shares and adversely affect the Company's ability raise additional equity or equity linked financing.
There can be no assurance we will continue to meet all of the NYSE American's continued listing requirements.

 We
incur substantial costs to operate as a public reporting company as required by the Securities Exchange Commission.

 We
incur substantial legal, financial, accounting and other costs and expenses to operate as a public reporting company. We believe
that these costs are a disproportionately larger percentage of our revenues than they are for larger companies. In addition, the
rules and regulations of the SEC impose significant requirements on public reporting companies,
including ongoing disclosure obligations and mandatory corporate governance practices. Our senior management and other personnel need
to devote a substantial amount of time and resources to ensure ongoing compliance with SEC requirements to maintain its status as a public
reporting company. There can be no assurance that the Company will continue to have sufficient resources in the future to maintain its
public company status.

 As
a public reporting company, we are subject to rules and regulations established from time to time by the SEC and Public Company Accounting
Oversight Board ("PCAOB") regarding our internal control over financial reporting. If we fail to establish and maintain effective
internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial
results or report them in a timely manner. Investor confidence in the price of our stock may be adversely affected if we are unable to
comply with such rules and regulations.

 As
a public reporting company under the Securities Exchange Act, we are subject to the rules and regulations established from time to time
by the SEC and the PCAOB. These rules and regulations require, among other things, that we establish and periodically evaluate procedures
with respect to our internal control over financial reporting. In addition, as a public company we are required to document and test
our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act")
so that our management can certify as to the effectiveness of our internal control over financial reporting, which requires us to document
and test our internal control over financial reporting.

 Our
Chief Executive Officer and Chief Accounting Officer ("certifying officers") are responsible for establishing and maintaining
our disclosure controls and procedures (as defined in Securities Exchange Act Rule 13a-15(e) and Rule 15d-15(e)).

 Our
certifying officers designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under their supervision, to ensure that information required to be disclosed by us in the reports we file or submit under the Securities
Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC's rules and forms, and
is made known to management (including the certifying officers) by others within the company, including our subsidiaries. We regularly
evaluate the effectiveness of our disclosure controls and procedures and report our conclusions about the effectiveness of the disclosure
controls quarterly in our Quarterly Reports on Form 10-Q and annually in our Annual Reports on Form 10-K. In completing such reporting,
we disclose, as appropriate, any significant change in our internal control over financial reporting that occurred during our most recent
fiscal period that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 Also,
as a public company, we are subject to rules adopted by the SEC pursuant to Section 404 of the Sarbanes-Oxley Act, which require us to
include in our annual report on Form 10-K our management's report on, and assessment of the effectiveness of, our internal control
over financial reporting ("management's report"). If we fail to achieve and maintain the adequacy of our disclosure
control or internal control over financial reporting, there is a risk that we will not comply with all of the requirements imposed by
Section 404. Moreover, effective internal control over financial reporting, particularly that relate to revenue recognition, is necessary
for us to produce reliable financial reports and is important in helping to prevent financial fraud. Any of these possible outcomes could
result in an adverse reaction in the financial marketplace due to a loss in investor confidence in the reliability of our financial statements,
which ultimately could harm our business and could negatively impact on the market price of our common stock. Investor confidence and
the price of our common stock may be adversely affected if we are unable to comply with Section 404 of the Sarbanes-Oxley Act.

 We
are a "smaller reporting company" within the meaning of the Securities Act and Securities Exchange Act and we intend to take
advantage of certain exemptions from disclosure requirements available to smaller reporting companies which could make our securities
less attractive to investors and may make it more difficult to compare our performance with that of other public companies.

 We
are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage
of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We
will remain a smaller reporting company until the last day of the fiscal year in which (i) the market value of the shares of common stock
held by non-affiliates exceeds $250 million as of the prior December 31, and (ii) our annual revenue exceeded $100 million during such
completed fiscal year or the market value of the shares of common stock held by non-affiliates exceeds $700 million as of the prior December
31. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with
other public companies difficult or impossible.

 Losses
or unauthorized access to or releases of confidential information, including personal information, could subject us to significant reputational,
financial, legal and operational consequences.

 Our
businesses require us to use and store confidential information, including personal information, with respect to our customers and employees
and also requires us to share confidential information with suppliers and other third parties. We rely on suppliers that are also exposed
to ransomware and other malicious attacks that can disrupt business operations. Although we take steps to secure confidential information
that is provided to or accessible by third parties working on our behalf, such measures may not always be effective and losses or unauthorized
access to or releases of confidential information may occur. Such incidents and other malicious attacks could materially adversely affect
our business, reputation, results of operations and financial condition.

 We
have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss
of sensitive data, and mitigate the impact of unauthorized access, including through the use of encryption and authentication technologies
and we continue to undertake regular reviews of our IT infrastructure and have investigated improved software and hardware cyber threat
protection solutions. These measures cannot provide absolute security, and losses or unauthorized access to or releases of confidential
information may occur and could materially adversely affect our business, reputation, results of operations and financial condition.

 Risks
Related to Our Controlled Company Election and Status

 We
are a " controlled company " within the meaning of the NYSE American rules and rely on exemptions
from various corporate governance requirements that provide protection to stockholders of other companies.

 We
are a "controlled company" as defined in section 801(a) of the NYSE American Company Guide because more than 50% of the combined
voting power of all of our voting stock is beneficially owned or controlled by Messrs. Gerber and Schoenberger. Under the
NYSE American rules, a company of which more than 50% of the voting power is held by another person or group of persons acting together
is a controlled company and may elect not to comply with certain NYSE American corporate governance requirements, including the requirements
that:

 a
 majority of a listed company's board of directors consist of independent directors;

 board
 of directors' nominations must be selected by either a nominating committee comprised of independent directors or by a majority
 of independent directors and that a listed company adopt a written charter or board resolutions addressing the nomination process;

 the
 compensation of a listed company's chief executive officer and other executive officers be determined, or recommended to the
 board for determination, either by a compensation committee that is composed entirely of independent directors or by a majority of
 the independent directors on its board with a written charter addressing the committee's purpose and responsibilities.

 These
independence standards are intended to ensure that directors who meet those standards are free of any conflicting interest that could
influence their actions as directors.

 The
Company may elect in the future to use certain of these controlled company exemptions and the Company may continue to use all or some
of these exemptions in the future for so long as the Company is a controlled company. Although we may rely on NYSE American's controlled
company exemptions in the future, we currently have a board comprised of a majority of independent directors, our audit committee, nomination and governance committee and compensation committees are comprised
solely of independent directors. If the makeup of one or more of our board, audit, nomination and governance committee
or compensation committee changes such that we no longer comply with the independence standard of the NYSE American guidelines, then
our stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance
requirements of the NYSE American rules.

 The
Company's CEO, through family trusts, controls a significant percentage of our common stock, and may exert significant control
over matters subject to stockholder approval as well as heightened voting power at the board level, preventing other stockholders and
new investors from influencing significant corporate decisions.

 Mr.
Nicholas D. Gerber, the President and Chief Executive Officer of the Company and Chairman of the Board of the Company, is the
beneficial owner of 18,690,773 shares of our common stock, par value $0.001 per share (the "Common Stock"), representing
approximately 43.4% of our total issued and outstanding Common Stock (giving effect to the conversion of all shares of our Series B
Preferred Stock). Mr. Gerber's Common Stock is held by the Nicholas and Melinda Gerber Living Trust (the "Gerber
Trust"), of which Nicholas Gerber and Melinda Gerber are the trustees. As such, the Gerber Trust and
Mr. Gerber share power to vote or to direct the voting of the shares and share power to dispose or to direct the disposition of Common
Stock beneficially owned or controlled by Mr. Gerber.

 Mr.
Scott Schoenberger is a member of the Board of Directors of the Company. Mr. Schoenberger's shares of Common Stock are held by
the Schoenberger Family Trust (the "Schoenberger Trust"). Mr. Schoenberger serves as the sole trustee of the Schoenberger
Trust. As such, the Schoenberger Trust and Mr. Schoenberger share power to vote or to direct the vote of the shares and share power to
dispose or to direct the disposition of these shares. Shares of our Common Stock held by Schoenberger Trust total 4,697,993 shares, representing
10.9% of the outstanding shares of Common Stock (giving effect to the conversion of all Series B Preferred Stock).

 Additionally,
pursuant to a voting agreement ("Voting Agreement"), the Gerber Trust and Schoenberger Trust will continue to vote all
shares of our voting stock owned by them to elect each of Messrs. Gerber and Schoenberger to the Board along with other designees
mutually agreed upon. By virtue of the Voting Agreement, Messrs. Gerber and Schoenberger are entitled to an aggregate of 23,388,766
votes or 54.3% of all votes for the election of directors submitted to our stockholders for their
approval.

 In
addition, pursuant to the Company's Bylaws, Directors have voting power equivalent to their percentage of total share
ownership, multiplied by the number of directors then on the Board of Directors, rounded to the nearest whole number, with no
director holding less than one vote. As a result of Messrs. Gerber and Schoenberger's ownership of Company shares, Messrs.
Gerber and Schoenberger have a relatively higher number of votes relative to other directors, in proportion to their
ownership interests in the Company.

 General
Business Risks

 Our
business and financial performance may be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions
which could have a material adverse effect on our business and results from operations.

 We
depend upon information technology, infrastructure, including network, hardware and software systems to conduct our businesses. Despite
our implementation of security measures, there are numerous and evolving risks to cybersecurity and privacy, including risks originating
from intentional acts of criminal hackers, nation states and competitors, intentional and unintentional acts or omissions of customers,
vendors, contractors, employees and other third parties that may result in damage, breakdown, or interruption from computer viruses,
ransomware, malware, phishing, social engineering, fraudulent inducement, electronic fraud, wire fraud, human error or malfeasance, unauthorized
access, natural disasters, and telecommunications and electrical failures. Each of our businesses directly or indirectly store, collect
and transmit sensitive data, including intellectual property, confidential information, proprietary business information, customer or
personal data. The secure processing of such data, maintenance, and transmission of such data is important to our operations. We face
increased cybersecurity risks due to our reliance on internet technology. We may not be able to anticipate all types of security threats
or be able to implement security measures effective against all such threats or implement preventive measures effective against all such
threats. The techniques used by cybercriminals change frequently and may not be recognized until launched and can originate from a wide
variety of sources, as discussed above. Even if identified, we may not be able to adequately investigate or remediate incidents or breaches
due to attacks increasingly using tools and techniques that are designed to circumvent controls, to avoid detection, and to remove or
obfuscate forensic evidence. Accordingly, our data protection efforts and related security measures may not be adequate to protect against
highly targeted sophisticated cyber-attacks, or other improper disclosures of confidential and/or sensitive information. Additionally,
we may have access to confidential or other sensitive information of our customers. suppliers, or services providers which despite our
efforts to protect, may be vulnerable to security breaches, theft, or improper disclosure any of which could have a material adverse
effect on our competitive position, results of operations, cash flows or financial condition. The increase in personnel working remotely
during and after the recent pandemic has increased the risk for our and our vendors and suppliers' security breaches and incidents.
If a security breach or other incident results in the unauthorized access to or use, disclosure, release, or other processing of confidential
or proprietary information, we could incur liability and it may be necessary to notify persons, governmental authorities, supervisory
bodies, the media and other parties pursuant to privacy and security laws. Any such access, disclosure or other loss of information could
result in legal claims, proceedings, liability under laws that protect the privacy of personal information of our employees or others,
and any such event could disrupt our operations, damage our reputation, and cause loss of confidence in us. Our contracts with our customers,
suppliers, or services providers may not contain limitation of liability and there can be no assurance that limitations of liability
in our contracts are sufficient to protect us from liabilities, damages, or claims related to privacy, data protection, or data security.
Further, we can give no assurance that our insurance coverage will be adequate or sufficient to cover the financial, legal, business
or reputational losses that may result from an interruption or breach of our systems, that such coverage will continue to be available
on commercially reasonable terms or at all, or that such coverage will pay future claims. Any of these risks could materially affect
our consolidated results of operations and financial condition.

 Future
acquisitions or business opportunities could involve unknown risks that could harm our business and adversely affect our financial condition
and results of operations.

 We are a holding company that owns interests in a number of different businesses.
We have in the past, and may in the future, acquire businesses that involve unknown risks, some of which may be particular to the industry
in which the investment or acquisition targets operate, including risks in industries with which we are not familiar or experienced. There
can be no assurance our due diligence investigations will identify every matter that could have a material adverse effect on us or the
entities that we may acquire. We may be unable to adequately address the financial, legal and operational risks raised by such investments
or acquisitions, especially if we are unfamiliar with the relevant industry, which can lead to significant losses on material investments.
The realization of any unknown risks could expose us to unanticipated costs and liabilities and prevent or limit us from realizing the
projected benefits of the investments or acquisitions, which could adversely affect our financial condition and liquidity. In addition,
our financial condition, results of operations and the ability to service our debt may be adversely impacted depending on the specific
risks applicable to any business we invest in or acquire and our ability to address those risks.

 We
could consume resources in researching acquisitions and dispositions, business opportunities or financings and capital market transactions that are
not consummated, which could materially adversely affect subsequent attempts to locate and acquire or invest in another
business.

 We
are a holding company in the business of owning and operating profitable businesses. Our business model also encompasses researching
and investigating new acquisitions and business opportunities which may include disposal of subsidiaries to support the growth of
our Company. With each new contemplated acquisition or business opportunity, there are resources that must be allocated towards
acquisition or engaging in a new business opportunity such as, the negotiation, drafting and execution of relevant agreements,
disclosure documents and other instruments with respect to such transaction and may require substantial management time and
attention and substantial costs for financial advisors, accountants, attorneys and other advisors. If a decision is made not to
consummate a specific acquisition, business opportunity or financing and capital market transaction, the costs incurred up to that
point for the proposed transaction likely would not be recoverable. Furthermore, even if an agreement is reached relating to a
specific acquisition, investment target or financing, we may fail to consummate the investment or acquisition for any number of
reasons, including those beyond our control. Any such event could consume significant management time and result in a loss to us of
the related costs incurred, which could adversely affect our financial position and our ability to consummate other acquisitions and
investments.

 We
may not accurately predict revenue streams while we consume capital resources in acquiring new business opportunities or financings and
capital market transactions or maintaining current capital investments which could materially and adversely impact our ability to meet
operating expenses and capital requirements.

 We
are a holding company with a business focus on the investment management and financial technology industries. Our entry into
financial technology through our Marygold U.S. subsidiary which launched its Fintech app in June 2023 and subsequently paused its
operations and offering of its app to the public as of March 31, 2025. Likewise, our Marygold UK subsidiary is in the early stages
of introducing a narrower version of our Fintech app in the U.K. which is not a mature business and has no track record. The Fintech
industry is heavily occupied with well financed competition with extensive capital resources to fund extensive marketing campaigns
of competing Fintech apps. Our resources to fund our business objectives and ongoing operations are dependent on those of our
subsidiaries. If a decision is made to finance and continue to make capital investments in our Fintech subsidiary there is no
guarantee of success and revenue generation. Our ability to predict revenue generation from our subsidiaries may not be accurate
from time to time. Our efforts to continue to make capital investments in our Fintech subsidiary could have a detrimental effect on
our operations and negatively impact our financial condition or results of operations of our businesses where our ability to
accurately predict future revenue generation occurs and this could hinder the ability of our business and our other subsidiaries to
effectively compete in the various industries in which we operate.

 We
may fail to effectively integrate the businesses we acquire.

 Historically,
a portion of our growth has come through acquisitions. If we are unable to integrate acquired businesses successfully or realize anticipated
synergies in a timely manner, our business and results of operations may be adversely affected. Integrating acquired businesses may be
more difficult in a region or market where we have limited expertise. A significant expansion of our business and operations, in terms
of geography or magnitude, could strain our administrative and/or operational resources. Significant acquisitions may also require incurring
debt. This could increase our interest expense and make it difficult for us to obtain financing for other significant acquisitions or
capital investments in the future.

 COVID-19
Risk

 The
Company may be impacted by certain continuing aftereffects from the economic disruption imposed by the COVID-19 pandemic. COVID-19 has
resulted in numerous deaths, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere,
disruption of and delays in healthcare service preparation and delivery, prolonged quarantines and the imposition of both local and more
widespread "work from home" measures, cancellations, supply chain disruptions, and lower consumer demand, as well as general
concern and uncertainty. The extent to which COVID-19 will continue to affect the Company and its' service providers will depend
on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the
severity of COVID-19 and the actions taken to contain COVID-19. Given the significant economic and financial market disruptions associated
with the COVID-19 pandemic, the Company's results of operations could be adversely impacted.

 Additional
risks and uncertainties that are presently unknown or are currently deemed immaterial may also impair our business operations. These
risk factors should be read in connection with the other information included in this Annual Report on Form 10-K, including Management's
Discussion and Analysis of Financial Condition and Results of Operations and our financial statements and the related notes.

 Our
business may be impacted by political events, new tariffs, war, terrorism, public health issues, natural disasters and other
circumstances that are not within our control.

 War,
terrorism, geopolitical uncertainties, imposition of tariffs on our suppliers or our products, public health issues, and other
business interruptions have caused and could cause damage or disruption to international commerce and the global economy, and thus
could have a material adverse effect on us, our suppliers, and manufacturing vendors. Our business operations are subject to
interruption by natural disasters, fire, power shortages, nuclear power plant accidents, terrorist attacks, and other hostile acts,
labor disputes, public health issues, and other events beyond our control. Such events could decrease demand for our products, make our products more expensive for our customers or more expensive to
produce, make
it difficult or impossible for us to make and deliver products or services to our customers, or to receive products from our
suppliers, and create delays and inefficiencies in our supply chain. If major public health issues, including pandemics, arise, we
could be adversely affected by more stringent employee travel restrictions, additional limitations in freight services, governmental
actions limiting the movement of products between regions, delays in production ramps of new products, and disruptions in the
operations of our vendors and suppliers. In the event of a natural disaster, we could incur significant losses, require substantial
recovery time and experience significant expenditures in order to resume operations.

 Our
intellectual property may not be adequately protected.

 We
seek to protect our intellectual property rights through patents, trademarks, copyrights, trade secret laws, confidentiality agreements,
and licensing arrangements, but we cannot ensure that we will be able to adequately protect our technology from misappropriation or infringement.
We cannot ensure that our existing intellectual property rights will not be invalidated, circumvented, challenged, or rendered unenforceable.

 Our
competitors may successfully challenge the validity of our patents, design non-infringing products, or deliberately infringe our patents.
There can be no assurance that other companies are not investigating or developing other similar technologies. In addition, our intellectual
property rights may not provide a competitive advantage to us or ensure that our products and technology will be adequately covered by
our patents and other intellectual property. Any of these factors or the expiration, termination, or invalidity of one or more of our
patents may have a material adverse effect on our business.

 Risks
Related to Ownership of Our Shares

 Our
stock price may change significantly, and you may not be able to sell your shares of our common stock at or above the price you paid
or at all, and you could lose all or part of your investment as a result.

 The
stock market may routinely experience periods of large or extreme volatility. In some instances, this volatility is unrelated or disproportionate
to the operating performance of particular companies. The market price of our shares of common stock could be subject to wide fluctuations
in response to many risk factors and many beyond our control, including:

 results
 of operations that vary from the expectations of securities analysts and investors

 changes
 in expectations as to our or our industries future financial performance, including financial estimates and investment recommendations
 by securities analysts and investors, and

 the
 publication of new or updated research reports by securities analysts;

 the
 public's response to press releases or other public announcements by us or third parties, including our filings with the SEC;

 changes
 in our senior management or other key personnel;

 results
 and timing of our product development, including related to our Fintech app;

 share
 price and volume fluctuations attributable to inconsistent trading volume levels of our shares;

 litigation
 or regulatory action regarding our products or services, including litigation related to our investment advisory services and ETFs;

 disputes
or other developments related to our proprietary rights, including patents, litigation matters, and our ability to obtain, maintain,
defend or enforce proprietary rights relating to our products or technologies;

 sales
 of our shares by us, our insiders, or other stockholders, including sales of our shares from time to time pursuant to our Equity
Distribution Agreement with Maxim;

 actual
 or anticipated fluctuations in our competitors' operating results or changes in their growth rates;

 in
 the event our cash flows are insufficient to fund our operations, our ability to raise additional financing, including in connection
 with the development of our Fintech product or the acquisition of additional businesses;

 changes
 in general economic or market conditions or trends in our industries or markets; future issuances or sales or purchases of our common
 stock or other securities.

 Furthermore,
the U.S. stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices
of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance
of those companies. These broad market and industry fluctuations, as well as general economic, political, and market conditions such
as recessions, interest rate changes, or international currency fluctuations, may negatively impact the market price of shares of our
common stock. In addition, such fluctuations could subject us to securities class action litigation, which could result in substantial
costs and divert our management's attention from other business concerns, which could potentially harm our business. Also, because
we are a controlled company, there is a limited market for our common stock, and we cannot assure our stockholders that a trading market
will develop or persist.

 Additionally,
selling short is a technique used by a stockholder to take advantage of an anticipated decline in the price of a security. A significant
number of short sales or a large volume of other sales within a relatively short period of time can create downward pressure on the market
price of a security. Holders of our securities could, therefore, experience a decline in the value of their investment as a result of
short sales of our common stock.

 If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price
and trading volume could decline.

 The trading market for our shares depends, in part, on the research and
reports that securities or industry analysts publish about us or our business. There can be no assurance that analysts will cover us or
provide favorable coverage. If one or more analysts downgrade our shares or change their opinion of our share price our share price may
decline. In addition, if one or more analysts cease coverage of us or fails to regularly publish reports on us, we could lose visibility
in the financial markets, which could cause our share price or trading volume to decline.

 Current
stock holdings may be diluted if we make future equity issuances or if outstanding options are exercised for shares of our common stock.

 "Dilution"
refers to the reduction in the voting effect and proportionate ownership interest of a given number of shares of common stock as the
total number of shares increases. Our issuance of additional stock, convertible preferred stock, or convertible debt may result in dilution
to the interests of shareholders and may also result in the reduction of your stock price. The sale of a substantial number of shares
into the market, or even the perception that sales could occur, could depress the price of our common stock. Also, the exercise of options
or other rights may result in additional dilution.

 The
holders of outstanding options, warrants and convertible securities or derivatives, if any, have the opportunity to profit from a rise
in the market price of our shares, if any, without assuming the risk of ownership, with a resulting dilution in the interests of other
stockholders. We may find it more difficult to raise additional equity capital if it should be needed for our business while the options,
warrants and convertible securities are outstanding.

 Future
sales, or the potential for future sales, of our shares, including pursuant to our Equity Distribution Agreement with Maxim, could adversely
affect the market price of our common stock.

 We
reserve the right to make future offers and sales, either public or private, of our securities including shares of common stock or preferred
stock, or securities convertible into, or exercisable for, our common stock. There can be no assurance that we will be able to successfully complete any such future offerings; however,
in the event that any such future sales of securities are effected, your pro rata ownership interest may be reduced to the extent of
any such issuances and, to the extent any such sales are effected at consideration which is less than that paid by you, you may experience
dilution. Moreover, to the extent we issue shares of restricted stock, stock appreciation rights, options or warrants to purchase our
common stock in the future and those shares of restricted stock, options or warrants are exercised or as the shares of restricted stock
vest, our stockholders may experience further dilution. Holders of shares of our common stock have no preemptive rights that entitle
such holders to purchase their pro rata share of any offering of shares of any class or series and, therefore, such sales or offerings
could result in increased dilution to our stockholders.

to be issued in future equity offerings could cause the market price of our common stock to decline and could have an adverse effect
on our earnings per share. In addition, future sales of our common stock or other securities in the public markets, or the perception
that these sales may occur, could cause the market price of our common stock to decline, and could materially impair our ability to raise
capital through the sale of additional securities.

 The
market price of our common stock could decline due to sales, or the announcements of proposed sales, of a large number of common stock
in the market, including sales of common stock by our large stockholders, or the perception that these sales could occur. These sales
or the perception that these sales could occur could also depress the market price of our common stock and impair our ability to raise
capital through the sale of additional equity securities or make it more difficult or impossible for us to sell equity securities in
the future at a time and price that we deem appropriate. We cannot predict the effect that future sales of common stock or other equity-related
securities would have on the market price of our common stock.

 On
March 7, 2025, we entered into an Equity Distribution Agreement with Maxim pursuant to which we may offer and sell shares of our common
stock to or through Maxim, as sales agent or principal, and will be sold in "at the market offerings." Although we have not
sold any shares pursuant to such agreement as of the date of the filing of this Form 10-K, we may do so in the future subject to certain
limitations in the Equity Distribution Agreement and compliance with applicable law. We may sell up to 4.6 million shares from time to
time pursuant to the Equity Distribution Agreement. The issuance from time to time of shares pursuant to this agreement could have the
effect of depressing the market price, increasing the volatility of our shares, and result in dilution to existing stockholders.

 Our
board of directors may issue shares of preferred stock without stockholder approval.

 Our
articles of incorporation authorize the issuance of up to 50,000,000 shares of preferred stock, of which 13,302 shares of Series
B Preferred Stock are issued and outstanding. Our board of directors may, without shareholder approval, issue one or more new series
of preferred stock with rights which could adversely affect the voting power or other rights of the holders of outstanding shares of
our common stock. In addition, the issuance of shares of preferred stock may have the effect of rendering more difficult or discouraging,
an acquisition or change of control of the company. Although we do not have any current plans to issue any additional shares of preferred
stock, we may do so in the future.

 Future
sales of our shares by our existing stockholders may cause our stock price to fall.

 The
market price of our shares could decline as a result of sales by our existing stockholders of our shares in the market or the perception
that these sales could occur. These sales might also make it more difficult for us to conduct an equity or equity-based financing at
a time and price that we deem appropriate and thus inhibit our ability to raise additional capital when it is needed.

 Because
we have not and do not intend to pay cash dividends, our stockholders receive no current income from holding our stock.

 We
have paid no cash dividends on our capital stock to date and we currently intend to retain our future earnings, if any, to fund the development
and growth of our business. We currently expect to retain earnings for use in the operation and expansion of our business, and therefore
do not anticipate paying any cash dividends in the foreseeable future. As a result, capital appreciation, if any, of our Common Stock
could be the sole source of gain for our stockholders for the foreseeable future.

 Risks Related to our Recent Note Financing

 In addition to the net proceeds we received
from our recent equity and debt financings, we may need to raise additional equity or debt financing to continue the development and marketing
of our Fintech app, to fund ongoing operations, invest in acquisitions, and for working capital purposes. Our inability to raise such
additional financing may limit our ability to continue the development of our Fintech app.

 In 2019, through our wholly owned
subsidiary, Marygold & Co., we began development of our peer-to-peer Fintech digital money app. As of June 30, 2025, we have
invested $19.1 million in the development of our Fintech app. However, our Fintech app is not a mature business and has
generated minimal revenue to date. Because of a slower than forecasted adoption rate, and the limited funds we could apply towards
marketing efforts, we were unable to achieve the projected revenues or number of subscribers we deemed necessary to continue
offering the Fintech app service in the U.S. Accordingly, effective March 31, 2025, we paused further development of the U.S.
Fintech app, and as of June 30, 2025, all employees had been terminated and all client accounts on the U.S. Fintech app had been closed. Our Marygold
UK subsidiary introduced a slimmed-down version of the app tailored specifically for the U.K. market during April 2025. It is uncertain
at this time if the U.K. Fintech app will be more widely adopted by users in the U.K., or if significant revenues will be realized as
a result. We continue to invest in Marygold UK, and those funds are used to provide technical support and marketing efforts in the UK
for the UK Fintech app. Although expenses have been curtailed significantly by the closure of the U.S. Fintech app, there may be a need
for continuing expenses in the U.K. beyond our ability to fund from consolidated operating income.

 The financial technology industry is
occupied by certain well-financed competitors with capital resources to fund marketing campaigns and the continued development and enhancement
of such services. We received $1.8 million in net proceeds from our recent equity financing which closed on January 28, 2025,
and intended to use such net proceeds to retire or repay outstanding indebtedness, make further capital contributions to our Marygold
& Co. subsidiaries in the U.K., and for general working capital and corporate purposes. In addition to the net proceeds we received
from our recent equity financing, and in view of our commitment to pay down indebtedness, we may need to raise additional equity or debt
financing to continue supporting the continued development and marketing of our financial technology business in the U.K., our ongoing
operations, and in order to make any future acquisitions. If a decision is made to continue to make capital investments in our financial
technology division there can be no assurance our Fintech business will be successful or generate sufficient or any significant revenues,
and our ability to predict revenue generation from our other contributing subsidiaries may not be accurate from time to time. Continued
investment in our Fintech app could have a material adverse effect on our operations, our financial condition, and results of operations,
and the market for our shares, including if our revenues from operations, financial condition, and market for our shares are negatively
impacted by events outside of our control. Further, negative economic events could hinder the ability of our businesses to effectively
compete in the various industries in which we operate which may create a need to raise additional financing in the future. There can
be no assurance we will be able to raise such additional financing or upon terms that are acceptable to us. Any failure to raise additional
financing as and when needed could have a negative impact on our financial condition and on our ability to further support our current
and future business plans and strategies and on our ability to continue further development of our Fintech app and may require us to
suspend, temporarily or otherwise, its future development.

 Also, if we issue additional shares in a financing,
any such issuance could be dilutive to our existing shareholders. See "Liquidity and Capital Resources – Recent Note Financing"
 and "- Recent Equity Financing."

 We may decide to promote our Fintech app to
third party financial institutions or other payment providers as a license, fee-based service, or otherwise, in the event, in addition
to the net proceeds we received from our recent equity financing, financing is not available on terms acceptable to us or at all, and
in sufficient amounts to continue to fund our Fintech app development.

 In the event we are unable to raise additional financing
to further develop our Fintech app business discussed above, management may, as an alternative, seek to enter arrangements to license
or otherwise offer our Fintech app to third parties, including financial institutions and other payment providers in the U.S. and abroad.
Although management believes there are several financial institutions and other payment providers in the U.S. and abroad who may be interested
in a consumer faced mobile app such as ours, there can be no assurance we will be successful in monetizing our app in its current state
of development to these third parties through license, fee-based user, or other arrangement.

 ITEM
1B. UNRESOLVED STAFF COMMENTS

 None

 ITEM
1C. CYBERSECURITY

 The
Company recognizes that cybersecurity threats may pose significant business risks and has developed processes for identifying, assessing,
and managing these threats. The Company has implemented a plan for cybersecurity and cyber-related management across its varied business
units. This plan allows each business unit to tailor solutions to identify, manage, and mitigate risks based on their own assessment
of their unique cybersecurity risks in conjunction with each business unit's overall risk management process. Having each business unit implement its own plan helps enable appropriate compliance in reporting material cyber events and risks across the Company.

 Each
business unit's Chief Information Security Officer ("CISO") on at least an annual basis is to provide a report to the
Company's senior management, regarding the state of their cybersecurity program and its material cyber risks. These reports are
then shared with the Company's cybersecurity oversight committee to inform and augment the Company's risk management processes.
Additionally, each business unit is required to maintain an incident reporting process to report significant cybersecurity events to
the Company. The Company and its business units discuss and partner with third parties to assess, mitigate, audit, educate, implement,
operate, protect, and remediate various cybersecurity related elements.

 The
Company and its business units rely on third-party service providers for its products and services to run their information systems.
This dependence exposes us, along with others who use these service providers, of a cyber breach on their service providers. It's
possible that a cyber-attack at a third-party service provider may have a material financial, operational or reputational impact to the
Company. The Company and its business units will continuously monitor these risks associated with its service providers.

 Currently,
 the Corporate Governance & Nominating Committee ("CGNC") has oversight of the Company's cybersecurity risk management
program. The CGNC will receive reports regarding a cybersecurity breach and impact incidents through the Company's cybersecurity
incident reporting process. Moreover, the CGNC is updated on cybersecurity trends and common deficiencies.

 In
addition to the CGNC's oversight, senior management of the Company's business units are responsible for the day-to-day operations
of protecting their businesses' information systems. Each business unit is required to report material cybersecurity events to
the Company. The Company's senior management reviews incident reports to determine whether a cyber incident report should be filed
with the SEC.

 For
the fiscal year ending June 30, 2025, the Company had no cyber events requiring disclosure on Form 8-K, Item 1.05 as required under the
Securities Exchange Act, Regulation S-K, Item 106.

 ITEM
2. PROPERTIES

 In
2019, Brigadier purchased its office facility and land located in Saskatoon for $0.6 million through cash and a loan. The bank loan matured
and was paid off in July 2024. The Company does not own any other plants or real property.

 Facilities

 The
Company's administrative offices are located in the facility leased by Original Sprout, whose mailing address is 120
Calle Iglesia, San Clemente, California 92672.

owns its land and buildings in Saskatoon and rents facilities in Regina, Canada.

Foods rents facilities in Tauranga and in Napier, New Zealand.

 USCF
Investments leases office space in Walnut Creek, California.

 Marygold US shares office space with USCF Investments
in Walnut Creek, California.

UK rents office space in London and Staffordshire, England.

 Brigadier was sold to a related party on July
1, 2025 (see "Certain Recent Developments – Sale of Brigadier" and Note 16. Subsequent Events to the audited consolidated
financial statements in this Form 10-K).

 We
believe that the facilities described herein are adequate for our current and immediately foreseeable operating needs.

 ITEM
3. LEGAL PROCEEDINGS

 Refer
to "Note 14. Commitments and Contingencies – Litigation" to the consolidated financial statements included in this
Annual Report on Form 10-K.

 ITEM
4. MINE SAFETY DISCLOSURES

 Not
applicable.

 PART
II

 ITEM
5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

 Market
for our Shares

 Our
common trades on the NYSE American, LLC, stock exchange ("NYSE American") under the symbol "MGLD."

 Holders

 On
September 11, 2025, there were 360 holders of record of our shares of common stock. In addition, we have an aggregate
of 13,302 shares of Series B Preferred Stock held by two persons that entitle such holders to convert each share of Series B Preferred
Stock into 20 shares of common stock and to vote such shares on an "as if converted" basis.

 Dividends

 We
have never declared or paid a cash dividend on our common stock or preferred stock and do not anticipate paying cash dividends on our
common stock in the foreseeable future. Payment of future cash dividends, if any, will be at the discretion of our board of directors
and will depend on our financial condition, results of operations, contractual restrictions and covenants included under any bank or
other indebtedness that we may enter into, capital requirements, business prospects and other factors that our board of directors considers
relevant.

 Our
ability to pay dividends is subject to limitations under Nevada law. Under Nevada law, dividends may be paid to the extent that a corporation's
assets exceed its liabilities and it is able to pay its debts as they become due in the usual course of business. Under Nevada law, a
company can pay dividends only:

 from
 retained earnings, and

 no
 distribution can be made, if after giving it effect, the corporation would not be able to pay its debts as they become due in the
 usual course of business; or

 except
 as otherwise specifically allowed by the articles of incorporation, the corporation's total assets would be less than the sum
 of its total liabilities plus the amount that would be needed, if the corporation were to be dissolved at the time of distribution,
 to satisfy the preferential rights upon dissolution of stockholders whose preferential rights are superior to those receiving the
 distribution.

 Our
strategy on dividends is to declare and pay dividends only from retained earnings and only when our board of directors deems it prudent
and in the best interests of the Company to declare and pay dividends.

Sales of Unregistered Securities; Shares Issued for Services; Outstanding Stock Options

 On
February 17, 2025, the Schoenberger Family Trust converted 36,058 shares of Series B Preferred Stock into 721,160 shares of
restricted shares of our common stock. No other unregistered shares of any class of stock were issued during the year ended June 30,
2025.

 ITEM
6. [RESERVED]

 ITEM
7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The
following discussion and analysis should be read in conjunction with our consolidated financial statements and the accompanying notes
thereto included in this Form 10-K and is qualified in its entirety by the foregoing and by more detailed financial information appearing
elsewhere in this Form 10-K. See "Consolidated Financial Statements." In addition to historical financial information, the
following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Some of the
numbers included herein have been rounded for the convenience of presentation. Our actual results may differ materially from those anticipated
in these forward-looking statements as a result of many factors, including those discussed in the "Special Note Regarding Forward
Looking Statements" above.

 Our
audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted
Accounting Principles.

 Introduction

 The
Marygold Companies, Inc., a Nevada corporation (together with its subsidiaries, "we," "us," "our,"
"Company," or "The Marygold Companies") is a holding company which operates through its wholly owned subsidiaries
on a multinational scale that is focused upon financial services, exchange traded funds management and certain other business activities
listed below:

 U.S.
 Fund Management - USCF Investments, Inc., a Delaware corporation ("USCF Investments"), with corporate headquarters in
 Walnut Creek, California and its wholly owned subsidiaries, which provide fund management services to exchange traded fund and exchange traded products ("ETFs"):

 States Commodity Funds, LLC, a Delaware limited liability company ("USCF LLC"), and

 USCF
 Advisers, LLC, a Delaware limited liability company ("USCF Advisers"). The principal place of business for each of USCF
 LLC and USCF Advisers is in Walnut Creek, California.

 Food
 Products – Gourmet Foods, Ltd., a registered New Zealand company located in Tauranga, New Zealand and its wholly owned subsidiary,
 Printstock Products Limited, a registered New Zealand company, with is principal manufacturing facility in Napier, New Zealand.

 Systems – Brigadier Security Systems (2000) Ltd., a Canadian registered corporation, with locations in Regina and Saskatoon,
 Saskatchewan, Canada. This business was sold in July 2025 as further described below in the Certain Recent Developments – Sale of
Brigadier, and in Note 16. Subsequent Events to the audited consolidated financial statements included in this Form 10-K.

 Products - Kahnalytics, Inc., a California corporation, doing business as "Original Sprout," located in San Clemente,
 California.

 U.S.
 and U.K. Financial Services:

& Co., a Delaware corporation and its wholly owned subsidiary, Marygold & Co. Advisory Services, LLC, a Delaware limited liability
company, whose principal business offices are located in Walnut Creek, California;

 & Co., (UK) Limited, a private limited company incorporated and registered in England and Wales, whose registered office is in
 London, England, and its wholly owned subsidiaries:

& Co. Limited f/k/a Tiger Financial & Asset Management Limited, a company incorporated and registered in England and Wales, whose
registered office is in Northampton, England; and

 Step-By-Step
 Financial Planners Limited, a company incorporated and registered in England and Wales, whose registered office is in Staffordshire,
 England.

 Certain Recent Developments

 See "Item 1. Business – Certain Recent Developments"
above.

 Critical
Accounting Policies

 We
have chosen accounting policies that we believe are appropriate to report accurately and fairly our operating results and financial position,
and we apply those accounting policies in a consistent manner. Our significant policies are summarized in Note 2 to the Consolidated
Financial Statements.

 The
preparation of financial statements in conformity with U.S. generally accepted accounting principles ("US GAAP" or "GAAP")
requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and related
disclosures of contingent assets and liabilities. We base our estimates on historical experience and other factors we believe to be reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may vary from those estimates.

 We
believe the following accounting policies are the most critical in the preparation of our financial statements because they involve the
most difficult, subjective or complex judgments about the effect of matters that are inherently uncertain.

 Business
Combinations - Valuation of Intangible Assets

 We
are a holding company whose activities involve the acquisition of operating companies through stock purchase or asset purchase
transactions. We account for business combinations using the acquisition method of accounting. All the assets acquired, liabilities assumed
and amounts attributable to intangible assets, including goodwill, are recorded at their respective fair values at the date of acquisition.
Determination of fair value involves estimates and assumptions which can be complex, most notably with respect to intangible assets.
Critical estimates used in the valuation of intangible assets include, but are not limited to, the amount and timing of projected cash
flows, useful lives, and discount rates. While management's estimates of fair value are based on assumptions that are believed
to be reasonable, these assumptions are inherently uncertain as they pertain to forward-looking views of our business and market conditions.
The judgments made in this valuation process could materially impact our consolidated financial statements.

Recognition

 Our
operating subsidiaries derive revenues from a number of sources including sales of hardware, services, food items, printing, financial
services, and consumer products. The company recognizes the revenue when the product or service is delivered, or the ownership of the
product is deemed to have been transferred to the buyer. We carefully monitor the outgoings of product shipments and service completions
to ensure revenues are properly recorded. In the case of continued support services, such as warranty or extended contracts, the company
makes an assessment at each reporting period as to the significance of the cost of such support or warranty. This estimate is based on
historical experience and careful monitoring of costs throughout the reporting period to determine if any reserve should be recorded
for estimated expenses. We believe we have made careful and reasonable estimates, however adjustments may be required in the future if
actual results vary from our estimates.

 Impairments

and other intangible assets are tested for impairment at the reporting unit level on an annual basis and between annual tests if an event
occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These
events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators,
competition, or sale or disposition of a significant portion of a reporting unit. Application of the goodwill and other intangible assets
impairment test requires judgment in the determination of the fair value of each reporting unit. The fair value of each reporting unit
is estimated primarily through the use of a discounted cash flow methodology. This analysis requires significant judgments, including
estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business,
estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. Changes in
these estimates and assumptions could materially affect the determination of fair value and impairment for each reporting unit.

 Legal
and Other Contingencies

 The
outcomes of legal proceedings and claims brought against us are subject to significant uncertainty. We evaluate developments in these
matters on a regular basis and a contingency loss is accrued by a charge to income when we believe it is both probable that a loss has
been incurred and the amount can be reasonably estimated. In determining whether a loss should be accrued, we evaluate among other factors
the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these
factors could materially impact our consolidated financial statements.

Taxes

 The
objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, and deferred
tax liabilities and assets for the future tax consequences of events that have been recognized in an entity's financial statements
or tax returns. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position
will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized
in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of
being realized upon ultimate settlement. Accounting literature also provides guidance on derecognition of income tax assets and liabilities,
classification of deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and
income tax disclosures. Judgment is required to assess the future tax consequences of events that have been recognized in our consolidated
financial statements or tax returns. Variations in the actual outcome of these future tax consequences could materially impact our consolidated
financial statements.

 SUMMARY
RESULTS OF OPERATIONS

 (in thousands, except percentages)

 Fiscal 2025

 Fiscal 2024

 Percentage Change

 $
 30,154

 $
 32,836

 -8
 %

 Cost of revenue

 8,282

 8,720

 -5
 %

 Gross profit

 21,872

 24,116

 -9
 %

 Operating expenses

 28,562

 30,372

 -6
 %

 Loss from operations

 (6,690
)

 (6,256
)

 %

 Other (expense) income, net

 (692
)

 -186
 %

 Loss before income taxes

 (7,382
)

 (5,448
)

 %

 Benefit from income taxes

 1,562

 1,379

 %

 Net loss

 $
 (5,820
)

 $
 (4,069
)

 %

 Fiscal
Year 2025 Compared with Fiscal Year 2024

decreased by $2.7 million or 8% for fiscal 2025 driven by reduced revenue of $1.8 million at our fund management segment, $0.6
million at our food products segment and $0.3 million at our beauty products segment. Average Assets Under Management
("AUM") in our fund management business for fiscal 2025 was $2.9 billion compared to $3.3 billion for fiscal 2024. The
reduction in AUM in fiscal 2025 was due to commodity price fluctuations, energy demand as well as geopolitical and economic
uncertainty. The decreased revenue in food products was driven by changing our product mix and refocusing production capacity to
higher profit margin customers. The decreased revenue in beauty products was driven by the efforts to control the discounted price
of products sold online by unauthorized resellers.

 Gross
profit decreased by $2.2 million or 9% for the reasons described above for the reduced revenue as the gross profit margin remained consistent from fiscal 2024 to fiscal 2025.

 Operating expenses decreased by $1.8 million or 6% as a result of the following. During fiscal 2024, we recorded
a $1.4 million impairment charge relating to the goodwill and other intangible assets in our beauty products unit as a result of increased
losses resulting from pandemic-related changes in its distribution channels and increased costs from the introduction of new product lines.
Our marketing expenses decreased by $0.7 million during fiscal 2025 by putting our US fintech app on pause and reducing the marketing
costs at our beauty products segment. Partially offsetting the decreased operating expenses were an increase in stock-based compensation
expenses of $0.4 million.

 Other
(expense) income, net went from a $0.8 million of other income in fiscal year 2024 to a $0.7 million other expense in fiscal year 2025.
The $1.5 million or 186% change was driven by the $1.2 million of interest expense incurred on the $4.4 million loan payable that we took out in September 2024.

 Benefit
from income taxes increased by $0.2 million or 13% from fiscal 2024 to fiscal 2025 as a result of the increased loss before income taxes
as described above.

 Net
loss of $5.8 million in fiscal 2025 increased by $1.8 million or 43% compared to $4.1 million in fiscal 2024. The increase in net
loss was driven by the decreased profits from our fund management business due to lower average AUM, decreased other income as
described above and offset by improved net overall profits from our other operating segments.

 SEGMENT
RESULTS OF OPERATIONS

 (in thousands, except percentages)

 Fiscal 2025

 Fiscal 2024

 Percentage Change

 $
 17,135

 $
 18,965

 -10
 %

 6,720

 7,271

 -8
 %

 2,974

 3,296

 -10
 %

 2,471

 2,655

 -7
 %

 %

 Total revenue

 $
 30,154

 $
 32,836

 -8
 %

 Operating Income (Loss)

 $
 3,274

 $
 4,773

 -31
 %

 -55
 %

 (395
)

 (2,138
)

 -82
 %

 -23
 %

 (5,621
)

 (5,943
)

 -5
 %

 Corporate headquarters

 (4,343
)

 (3,594
)

 %

 Total operating loss

 $
 (6,690
)

 $
 (6,256
)

 %

 Reportable
Segments

 Fiscal
Year 2025 Compared with Fiscal Year 2024

 U.S.
Fund Management - USCF Investments

decreased by $1.8 million or 10% driven by reduced average Assets Under Management ("AUM") in our fund management
business. Average AUM for fiscal 2025 was $2.9 billion compared to $3.3 billion for fiscal 2024, a decrease of $0.4 billion or
12%. The decrease in average AUM in fiscal 2025 was due to commodity price fluctuations, energy demand as well as geopolitical and
economic uncertainty.

 Operating
income decreased by $1.5 million or 31% driven by the decrease in average AUM as described above and partially offset by decreased
operating expenses of $0.3 million or 2% as a result of lower license fees, and variable fund accounting and administration costs due
to lower AUM for funds overall.

 Food
Products - Gourmet Foods

decreased from $7.3 million in fiscal 2024 to $6.7 million in fiscal 2025 which was a decrease of $0.6 million or 8%. The decrease
in revenue was in our bakery business and was due to a temporary cancellation of certain product categories sold to national
grocery chains during fiscal 2025.

 Operating
income decreased by $0.2 million or 55% which was driven by a non-recurring cost of goods sold adjustment coupled with a depreciation charge taken for its
solar electricity system and partially offset by increased profits from the sale of higher margin products at our bakery business.

Products – Original Sprout

products revenue decreased by $0.3 million or 10% driven by the efforts to control the discounted price of products sold online by unauthorized
resellers. For the past year Original Sprout has been reducing the number of unauthorized Internet sales channels, recovering control over
its price points, and repositioning its products for a larger presence on store shelves.

 Operating loss decreased
by $1.7 million or 82% driven by a $1.4 million impairment charge taken in fiscal 2024 relating to the goodwill and other intangible
assets in our beauty products unit as a result of increased losses resulting from pandemic-related changes in its distribution channels
and increased costs from the introduction of new product lines. After the impairment charge taken in fiscal 2024, Original Sprout no
longer has any amortization charges from the intangible assets that were written down. Original Sprout also reduced its marketing expense
by $0.3 million from fiscal 2024 to fiscal 2025.

Systems - Brigadier

decreased by $0.2 million or 7% and operating income decreased by $0.1 million or 23% driven by market timing and weather patterns. Revenues
from monitoring residual fees remained relatively static while sales and installations of larger commercial installations decreased for
fiscal 2025 as compared to 2024. The larger commercial accounts generate more revenue and profit but take longer to complete, thus may
produce spikes or declines in revenue and profits for specific reporting periods. Brigadier was sold to a related party on July
1, 2025 (see "Certain Recent Developments – Sale of Brigadier" and Note 16, Subsequent Events to the audited consolidated
financial statements included in this Form 10-K).

 U.S.
and U.K. Financial Services – Marygold US and Marygold UK

 Marygold US incurred an operating loss of $4.7 million
in fiscal 2025 compared to an operating loss of $5.7 million in fiscal 2024. Since the Marygold US app earned only de minimis revenues
since its launch in June 2023, Marygold US decided to pause operations of the app in the U.S. effective March 31, 2025. As such,
the losses and negative cash flows from Marygold US are expected to be reduced going forward as the Company assesses whether it will continue further development of the app for the U.S. market; discontinue development of the app other
than for the U.K market; or license or sell the app to a third party, of which there can be no assurance. In order to further develop
the app for the U.S. market, the Company anticipates it would need to raise additional debt or equity financing. There can be no assurance
the Company will be able to raise such additional financing or upon terms acceptable to it.

 The overall financial services revenue driven by Marygold
UK increased by $0.2 million or 32% driven by having a full year of revenue in fiscal 2025 from Step-By-Step which was acquired in April
2024. Marygold UK released a narrower version of the mobile Fintech app in the UK during the fourth quarter of fiscal 2025. The development,
marketing and support of the UK Fintech app negatively impacted the financial performance of Marygold UK during fiscal 2025 but was offset
due to reduced expenses of Marygold US. The overall financial services operating loss decreased by $0.3 million, or 5%, as a result.

 Corporate Headquarters

 Operating loss for the corporate headquarters increased
by $0.7 million or 21% driven by higher stock-based compensation expenses of $0.4 million and the transition of certain employees from
the financial services segment to the parent company.

 Liquidity
and Capital Resources

 The
Marygold Companies is a holding company that conducts its individual business operations through its subsidiaries. At the holding-company
level, its liquidity needs relate to operational expenses, the funding of additional business acquisitions and new investment opportunities.
Our operating subsidiaries' principal liquidity requirements arise from cash used in operating activities, debt service, and capital
expenditures, including purchases of equipment and services, operating costs and expenses, and income taxes. Cash is managed at the holding
company and the subsidiary level. There are no limitations or constraints on the movement of funds between the entities.

 As of June 30, 2025, we had $5.0
million of cash and cash equivalents on a consolidated basis as compared to $5.5 million as of June 30, 2024, a decrease of $0.5
million or 8%. Our cash used in operating activities for fiscal 2025 was $3.3 million. For fiscal 2025, we made additional
expenditures of $3.3 million through Marygold US for the development of the mobile Fintech app in the United States. We have
invested a total of $19.1 million in the Fintech app through Marygold US since inception. Despite these cash investments and
expenses, our working capital position remains strong at $12.4 million as of June 30, 2025.

 As
described below, in September 2024 we entered into a financing arrangement under which we borrowed $4.4 million and have the potential
to borrow an additional $2.2 million. The financing arrangement also gives the lender the right but not the obligation to provide an
additional $10.0 million in financing to us on the same terms as the initial loans. Also as described below, on January 28, 2025, we received $1.8 million in net proceeds from the sale of our shares in
a firm commitment underwritten offering. Also, on July 1, 2025, the Company sold Brigadier to a related party. As of June 30, 2025, $0.7 million had been
received as a deposit, and the Company received the remaining proceeds of $1.6 million in accordance with the schedule described in Note
16, Subsequent Events to the Consolidated Financial Statements included in this Form 10-K.

Equity Financing

 On
January 28, 2025, we closed on the sale of an aggregate of 2,050,000 shares of our common stock, $0.001 par value per share ("Common
Stock") at a price to the public of $1.10 per share (before deduction of underwriting discounts and commissions) in a firm commitment
underwritten public offering ("Offering") pursuant to an underwriting agreement, dated January 26, 2025 ("Underwriting
Agreement"), between us and the Maxim Group LLC ("Maxim"), as sole underwriter and book-running manager for the Offering.
Pursuant to the Underwriting Agreement, we granted Maxim a 45-day option to purchase up to an additional 307,500 shares of Common Stock
at the public offering price before deduction of underwriting discounts and commissions ("Overallotment Option"). Maxim did
not exercise its Overallotment Option.

 The
net proceeds of the Offering to us, after deducting underwriting discounts and commissions and estimated offering expenses, were $1.8
million. We intend to use the net proceeds from the Offering to retire or reduce debt, make additional investments in our financial services
operations, and for other general working capital and corporate purposes.

 At-the-Market
Securities Offering

 On
March 7, 2025, we entered into an Equity Distribution Agreement ("EDA") with Maxim pursuant to which we may sell from time-to-time
shares of our common stock having an aggregate offering price of up to $4.65 million through or to Maxim, as sales agent or principal.
We have agreed to pay Maxim a commission equal to three percent (3%) of the aggregate gross proceeds from the sale of any shares through
Maxim under the EDA, reimburse Maxim for certain legal fees and disbursements, and have agreed to indemnify Maxim against certain liabilities
under the Securities Act. The EDA requires that, until May 28, 2025, the date of the expiration of the standstill period in our Underwriting
Agreement with Maxim for the Offering described above, sales of our shares of common stock be made at a minimum price per share of $1.50
unless, at any time, Maxim and the Company mutually agree upon a lower minimum price per share. During the fiscal year ended June 30, 2025,
we did not sell any shares pursuant to the EDA. The offer and sale, if any, of our shares of common stock under the EDA will be made
pursuant to our shelf registration statement on Form S-3 which was filed with the SEC on December 18, 2024, and became effective on December
27, 2024, the base prospectus included therein, and a prospectus supplement that was filed by the Company with the SEC on March 7, 2025.

 The
Company believes that its cash and cash equivalents along with the cash generated from ongoing operations will be sufficient to fund
its cash requirements over the next 12 months. However, based on our current operating plan which we expect may include continued additional
investments in our mobile Fintech app for the U.K. market, we may need to raise additional funds through one or more debt, equity or
equity linked financings to meet our operating and cash needs. There can be no assurance we will be able to raise such additional financing
upon terms acceptable to us or at all. In the event we are unable to obtain additional financing in an amount or upon terms acceptable
to us, we expect to further reduce or curtail our investment in the development of our Fintech app.

 Lease
Liability

 The
Company has various operating leases for offices, warehouses and manufacturing facilities. The total amount due under these obligations
was $1.0 million as of June 30, 2025. The obligations will reduce over the passage of time through periodic lease payments. See Note
14 to our Financial Statements for further analysis of this obligation.

 In
addition, Gourmet Foods has a finance lease liability of $0.1 million related to a solar energy system which is included under Lease liabilities on our consolidated balance sheets.

Note Financing

 On
September 19, 2024, we entered into a note purchase agreement ("Purchase Agreement") with Streeterville Capital, LLC, a Utah
limited liability company ("Holder"), pursuant to which we agreed to issue and sell to Holder a secured promissory note in
an initial principal amount of $4,380,000 ("Initial Note") payable on or before 24 months from the issuance date ("Maturity
Date") and, upon the satisfaction of certain conditions in the Purchase Agreement, up to one additional secured promissory note
("Subsequent Note," Initial Note and Subsequent Note, "Notes"). The initial principal amount of the Notes includes
an original issue discount of 9% and expenses the Company agreed to pay to the Holder to cover the Holder's transaction costs.
The original issue discount of the Initial Note was $360,000. Interest on the principal amount of the Notes accrues at a rate of 9% per
annum. The Company may pay all or any portion of the amount owed under the Notes earlier than it is due. All payments made under the
Notes, including any repayments, are subject to an additional amount payable equal to 6% of the portion of the outstanding balance being
repaid. The Subsequent Note would have a principal amount of $2,180,000, which will have terms substantially similar to the terms of
the Initial Note. The original issue discount on the Subsequent Note, if issued, will be $180,000.

 The
Purchase Agreement contains certain covenants and agreements, including that we will not pledge or grant any lien or security interest
in our or our subsidiaries' assets without the Holder's prior written consent and that we will file reports under the Securities
Exchange Act timely, and that our shares will continue to be listed or quoted on the NYSE American or Nasdaq. Also, without the Holder's
prior written consent, we may not: issue, incur or guarantee any debt obligations other than trade payables in the ordinary course; issue
any security that has conversion rights in which the number of shares varies with the market price of our shares; issue any securities
convertible into our shares with a conversion price that varies with the market price of our shares; issue any securities that have a
conversion or exercise price subject to a reset due to a change in the market price of our shares or upon the occurrence of certain events
related to our business (but excluding certain standard antidilution protection for any reorganization, recapitalization, noncash dividend,
stock split or similar transaction); issue and securities pursuant to an equity line of credit, standby equity purchase agreement or
similar arrangement. The Purchase Agreement also contains a most favored nations provision that provides we will grant to the Holder
the same terms as we offer any subsequent investor in our debt securities and certain arbitration provisions in the event of a claim
arising under the Purchase Agreement and other transaction documents.

 The
Notes contain certain trigger events, including in the event that: (a) we fail to pay any amount when due; (b) a receiver or trustee
is appointed with respect to our assets; (c) we become insolvent; (d) we make an assignment for the benefit of creditors; (e) we file
a petition under bankruptcy, insolvency or similar laws; (f) an involuntary bankruptcy proceeding is filed against us; (g) a "fundamental
transaction" occurs without Holder's prior written consent: (h) we, USCF Investments or any of the USCF Investments subsidiaries,
fail to observe covenants in our agreements with the Holder; (i) we default in observing or performing any covenant in the transaction
documents; (j) any representation in the transaction documents is or becomes false or incorrect; (i) we effect a reverse stock split
without 20 trading days' prior written notice to the Holder; (k) any judgment is entered against us for more than $500,000 which
remains unstayed for more than 20 days unless consented to by the Holder; (m) our shares cease to be DTC (Depositary Trust Company) eligible;
or (n) we breach any covenant or agreement in any other agreement with Holder or in any financing or other agreement that affects our
ongoing business operations. A "fundamental transaction" occurs if: we merge with another entity; we dispose of all or substantially
all of our assets, we allow more than 50% of our voting shares to be acquired by another person; we enter into a share purchase agreement
with a third party that acquires more than 50% of our shares; we recapitalize or reclassify our shares; we transfer a material asset
to a subsidiary; we pay a dividend to our shareholders; or any person or group becomes the beneficial owner of 50% of the ordinary voting
power of our shares. Upon the occurrence of a trigger event, the Holder may increase the amount outstanding under a Note by 10% for an
event described in (a) through (h) above or 5% for an event described in (i) through (n) above (a "default amount"). Alternatively,
the Holder may treat the trigger event as an event of default and demand repayment of the Note, subject to a five-day cure period, together
with any applicable default amount.

 The
Company's obligations under the Note are secured by: (i) a pledge of all the common stock the Company owns in USCF Investments,
Inc. and (ii) a security interest in all of the assets of the Company. Further, the Company's Chief Executive Officer's trust,
the Nicholas and Melinda Gerber Living Trust ("Gerber Trust"), provided: (i) a guaranty of the Company's obligations
to the Holder under the Note and (ii) a pledge of all of the common stock of the Company owned by the Gerber Trust.

 Beginning
on the date that is six months from the issuance date until the applicable Note is paid in full, each month the Holder has the right
to require the Company to redeem up to an aggregate of $400,000 with respect to the Initial Note and $200,000 with respect to the Subsequent
Note plus any interest accrued thereunder and an additional amount payable equal to 6% of the principal amount and accrued interest redeemed.
The Company has the right to defer such redemption payments that Holder could otherwise elect to make three times by providing advance
written notice to Holder. If Company exercises its deferral right, the outstanding balance automatically increases by 0.85% for each
instance that the deferral right is exercised by Company, which cannot be exercised more than once every ninety calendar days.

to the terms of the Purchase Agreement, beginning on the date of the issuance and sale of the Note and ending 24 months later, Holder
will have the right, but not the obligation, with Company's prior written consent, to reinvest up to an additional $10,000,000
in the Company on the same terms and conditions as the Notes (structured as two tranches of $5,000,000 each).

 The
Company engaged Maxim Group LLC to serve as placement agent for the transaction between the Company and Holder in exchange for an aggregate
commission equal to 7% of the gross cash proceeds received from the sale of the Notes.

 As
of June 30, 2025, the note payable balance outstanding, net of the original issue discount and fees paid, was $1.3 million, all of which
is due within 12 months from June 30, 2025 assuming no deferral rights are exercised. The effective interest rate for this note is 41.3%.

 In
July 2024, Brigadier repaid its mortgage loan of $0.3 million in full that was secured with the land and building in Canada.

 Investments

 USCF
Investments, from time to time, provides initial investments in the creation of ETF funds that USCF Investments manages. USCF
Investments classifies these investments as current assets as these investments are generally sold within one year from the balance
sheet date. As of June 30, 2025, USCF Investments held investment positions in four of its exchange traded funds registered under
the Investment Company Act of 1940, as amended, USG (ticker changed from GLDX in March 2024), ZSB, USE and ZSC of $0.5 million, $0.2
million, $0.8 million, and $2.1 million, respectively. These investment positions along with other investments, as applicable, are
described further in Note 5 to our Consolidated Financial Statements.

 Dividends

 Our
strategy on dividends is to declare and pay dividends only from retained earnings and only when our Board of Directors deems it prudent
and in the best interests of the Company to declare and pay dividends. We paid no dividends during fiscal 2025 and 2024.

 Off-Balance
Sheet Arrangements

 At
June 30, 2025, and through September 19, 2025, the filing date of this Annual Report on Form 10-K, we have not entered into any
transaction, agreement or other contractual arrangement with an entity unconsolidated with us under which we have:

 An
 obligation under a guarantee contract,

 A
 retained or contingent interest in assets transferred to the unconsolidated entity or similar arrangement that serves as credit,
 liquidity or market risk support to such entity for such assets,

 An
 obligation, including a contingent obligation, arising out of a variable interest in an unconsolidated entity that is held by, and
 material to, us where such entity provides financing, liquidity, market risk or credit risk support to, or engages in leasing, hedging,
 or research and development services with us.

 ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 As
a "smaller reporting company", we are not required to provide the information required by this Item.

 ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Our
financial statements appear as follows:

 Report of Independent Registered Public Accounting Firm. BPM San Francisco, CA. (Firm ID No. 207)

 Consolidated Balance Sheets

 Consolidated Statements of Operations

 Consolidated Statements of Comprehensive Loss

 Consolidated Statements of Stockholders' Equity

 Consolidated Statements of Cash Flows

 Notes to Consolidated Financial Statements

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To
the Board of Directors and Stockholders of The Marygold Companies, Inc. and Subsidiaries

 Opinion
on the Consolidated Financial Statements

 We
have audited the accompanying consolidated balance sheets of The Marygold Companies, Inc. (the "Company") as of June 30,
2025 and 2024, and the related consolidated statements of operations, comprehensive loss, stockholders' equity, and cash
flows for each of the years in the two-year period ended June 30, 2025, and the related notes (collectively referred to as "the
consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects,
the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of
the years in the two-year period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States
of America.

 Basis
of opinion

 These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.

 Critical
Audit Matter

 The
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that
was communicated or required to be communicated to the audit committee of the Board of Directors and that: (1) relates to accounts or
disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex
judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements,
taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit
matter or on the accounts or disclosures to which it relates.

 Description
of the Matter

 As
described in Note 14, Commitments and Contingencies, of the consolidated financial statements, the Company is party to various legal
proceedings and regulatory inquiries. The Company discloses the legal proceedings and that no accrual has been recorded with respect
to them as of June 30, 2025. The Company further discloses that it is currently unable to predict the timing or outcome of, or reasonably
estimate the possible losses or range of possible losses resulting from these matters, and that it is reasonably possible that this estimate
will change in the near term. The Company discloses that an adverse outcome regarding these matters could materially adversely affect
the Company's financial condition, results of operations and cash flows. Auditing the Company's accounting for, and disclosure
of, loss contingencies related to the various legal proceedings was especially challenging due to the significant judgement required
to evaluate management's assessment of the likelihood of a loss, and of the potential amount or range of such loss.

 How
We Addressed the Matter in Our Audit

 To
test the Company's assessment of the probability of incurrence of a loss, whether the loss was reasonably estimable, and the conclusion
and disclosures regarding any range of possible losses, including when the Company believes such a range cannot be reasonably estimated
at this time, we read the minutes or a summary of the meetings of the Board of Directors, requested and received internal and external
legal counsel confirmations letters, discussed with legal counsel the nature of the various matters and obtained representations from
management. We also evaluated the appropriateness of the related disclosures included in Note 14, Commitments and Contingencies, to the
consolidated financial statements.

 /s/ BPM LLP

 We have served as the Company's auditor since 2017.

 San
Francisco, California

 F- 1

 THE

BALANCE SHEETS

 (in
thousands, except per share data)

 ASSETS

 CURRENT ASSETS

 Cash and cash equivalents

 $
 5,005

 $
 5,461

 Accounts receivable, net (of which $ 1,281 and $ 1,455, respectively, due from related parties)

 2,361

 2,678

 2,001

 2,191

 Prepaid income tax and tax receivable

 1,338

 Investments, at fair value

 7,829

 9,551

 Other current assets

 1,067

 3,034

 Total current assets

 19,046

 24,253

 Restricted cash

 Property and equipment, net

 1,038

 1,166

 Operating lease right-of-use asset

 2,481

 2,481

 Intangible assets, net

 1,029

 1,375

 Deferred tax assets, net

 3,440

 1,969

 Other assets

 2,339

 Total assets

 $
 30,420

 $
 32,899

 LIABILITIES AND STOCKHOLDERS' EQUITY

 CURRENT LIABILITIES

 Accounts payable and accrued expenses

 $
 3,831

 $
 4,021

 Lease liabilities, current portion

 Advance from buyer of Brigadier Security Systems (Note 16)

 -

 Purchase consideration payable

 Loans payable, current portion

 1,268

 Total current liabilities

 6,632

 5,233

 Purchase consideration payable, net of current portion

 -

 Lease liabilities, net of current portion

 Deferred tax liabilities, net

 Total long-term liabilities

 1,052

 Total liabilities

 7,433

 6,285

 STOCKHOLDERS' EQUITY

 Preferred stock, $ 0.001 par value; 50,000 shares authorized; Series B: 13 and 49 shares issued and outstanding at June 30, 2025 and 2024, respectively

 -

 -

 Common stock, $ 0.001 par value; 900,000 shares authorized; 42,818 and 40,096 shares issued and outstanding at June 30, 2025 and 2024, respectively

 Additional paid-in capital

 15,167

 12,825

 Accumulated other comprehensive loss

 ( 420
)

 ( 269
)

 Retained earnings

 8,198

 14,018

 Total stockholders' equity

 22,987

 26,614

 Total liabilities and stockholders' equity

 $
 30,420

 $
 32,899

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 2

 THE

STATEMENTS OF OPERATIONS

 (in
thousands, except per share data)

 2025

 2024

 2025

 2024

 $
 17,135

 $
 18,965

 6,720

 7,271

 2,974

 3,296

 2,471

 2,655

 30,154

 32,836

 Cost of revenue

 8,282

 8,720

 Gross profit

 21,872

 24,116

 Operating expense

 Salaries and compensation

 11,366

 11,150

 General and administrative expense

 8,891

 8,942

 Fund operations

 5,222

 5,154

 Marketing and advertising

 2,493

 3,152

 Impairment loss

 -

 1,389

 Depreciation and amortization

 Total operating expenses

 28,562

 30,372

 Loss from operations

 ( 6,690
)

 ( 6,256
)

 Other (expense) income:

 Interest and dividend income

 1,399

 Interest expense

 ( 1,172
)

 ( 16
)

 Other (expense) income, net

 ( 919
)

 Total other (expense) income, net

 ( 692
)

 Loss before income taxes

 ( 7,382
)

 ( 5,448
)

 Benefit from income taxes

 1,562

 1,379

 Net loss

 $
)

 $
)

 Weighted average shares of common stock

 Basic

 41,701

 40,396

 Diluted

 41,701

 40,396

 Net loss per common share

 Basic

 $
)

 $
)

 Diluted

 $
)

 $
)

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 3

 THE

STATEMENTS OF COMPREHENSIVE LOSS

 (in
thousands)

 2025

 2024

 2025

 2024

 Net loss

 $
)

 $
)

 Foreign currency translation loss

 ( 151
)

 ( 124
)

 Comprehensive loss

 $
 ( 5,971
)

 $
 ( 4,193
)

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 4

 THE

STATEMENTS OF STOCKHOLDERS' EQUITY

 (in
thousands, except per share data)

 Number of

 Amount

 Number of

 Par

 Value

 Paid-in
 Capital

 Comprehensive
 (Loss)

 Retained
 Earnings

 Stockholders'
 Equity

 Preferred
 Stock (Series B)

 Common
 Stock

 Additional

 Accumulated
 Other

 Total

 Number of

 Amount

 Number of

 Par

 Value

 Paid-in
 Capital

 Comprehensive
 (Loss)

 Retained
 Earnings

 Stockholders'
 Equity

 at July 1, 2023

 $
 -

 39,383

 $

 $
 12,397

 $
 ( 145
)

 $
 18,087

 $
 30,378

 Issuance
 of restricted stock awards

 -

 -

 -

 -

 -

 compensation

 -

 -

 -

 -

 -

 -

 Loss
 on currency translation

 -

 -

 -

 -

 -

 ( 124
)

 -

 ( 124
)

 Net
 loss

 -

 -

 -

 -

 -

 -

)

)

 at June 30, 2024

 -

 40,096

 12,825

 ( 269
)

 14,018

 26,614

 -

 40,096

 12,825

 ( 269
)

 14,018

 26,614

 Sale
 of common stock less offering costs

 -

 -

 2,050

 1,806

 -

 -

 1,808

 Issuance
 of restricted stock awards

 -

 -

 -

 -

 -

 -

 -

 Loss
 on currency translation

 -

 -

 -

 -

 -

 ( 151
)

 -

 ( 151
)

 Cancellation
 of stock awards

 -

 -

 ( 85
)

 -

 -

 -

 -

 -

 compensation

 -

 -

 -

 -

 -

 -

 Conversion
 of Series B Preferred Stock into Common Stock

 ( 36
)

 -

 -

 -

 -

 -

 -

 repurchased to cover employee payroll taxes in connection with restricted stock awards

 -

 -

 ( 229
)

 -

 ( 289
)

 -

 -

 ( 289
)

 Net
 loss

 -

 -

 -

 -

 -

 -

)

)

 at June 30, 2025

 $
 -

 42,818

 $

 $
 15,167

 $
 ( 420
)

 $
 8,198

 $
 22,987

 $
 -

 42,818

 $

 $
 15,167

 $
 ( 420
)

 $
 8,198

 $
 22,987

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 5

 THE

STATEMENTS OF CASH FLOWS

 (in
thousands)

 2025

 2024

 2025

 2024

 CASH FLOWS FROM OPERATING ACTIVITIES:

 Net loss

 $
)

 $
)

 Adjustments to reconcile net loss to net cash used in operating activities:

 Impairment loss

 -

 1,389

 Depreciation and amortization

 Stock-based compensation

 Loss (gain) on investments

 ( 30
)

 Non-cash interest expense

 Non-cash lease expense

 Deferred income taxes

 ( 1,610
)

 ( 1,196
)

 Changes in operating assets and liabilities:

 Accounts receivable

 Prepaid income taxes and tax receivable

 ( 346
)

 Other assets

 ( 329
)

 Accounts payable and accrued expenses

 ( 190
)

 1,260

 Lease liabilities

 ( 653
)

 ( 696
)

 Net cash used in operating activities

 ( 3,319
)

 ( 1,911
)

 CASH FLOWS FROM INVESTING ACTIVITIES:

 Proceeds from sale of investments

 7,857

 13,610

 Purchase of investments

 ( 7,043
)

 ( 11,650
)

 Cash advance received from buyer for sale of Brigadier Security Systems (Note 16)

 -

 Cash paid for acquisition of business, net

 -

 ( 403
)

 Deposit related to investment

 -

 ( 1,800
)

 Purchase of property and equipment

 ( 54
)

 ( 54
)

 Payment of purchase consideration payable

 ( 277
)

 ( 629
)

 Net cash provided by (used in) investing activities

 1,203

 ( 926
)

 CASH FLOWS FROM FINANCING ACTIVITIES:

 Net proceeds from note payable

 3,690

 -

 Principal repayment on note payable

 ( 3,064
)

 ( 30
)

 Principal repayment of mortgage loan payable

 ( 315
)

 -

 Sale of common stock less offering costs

 1,808

 -

 Repurchase of shares to satisfy tax withholding for restricted stock

 ( 289
)

 -

 Net cash provided by (used in) financing activities

 1,830

 ( 30
)

 Effect of exchange rate change on cash and cash equivalents

 ( 169
)

 ( 196
)

 NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 ( 455
)

 ( 3,063
)

 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE

 5,523

 8,586

 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE

 $
 5,068

 $
 5,523

 Cash and cash equivalents

 $
 5,005

 $
 5,461

 Restricted cash

 Total cash, cash equivalents and restricted cash shown in statement of cash flows

 $
 5,068

 $
 5,523

 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 Cash paid during the period for:

 Interest

 $

 $

 Income taxes (net of refunds received)

 $

 $

 NON-CASH INVESTING AND FINANCING ACTIVITIES:

 Original issue discount and loan fee added to note payable balance

 $

 $
 -

 Acquisition of operating right-of-use assets through operating lease liability

 $

 $

 Purchase consideration payable

 $
 -

 $

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 6

 NOTE
1. ORGANIZATION AND DESCRIPTION OF BUSINESS

 The Marygold Companies, Inc., a Nevada corporation (together with its subsidiaries, "we," "us,"
"our," "Company," or "The Marygold Companies") is a holding company which operates through its wholly
owned subsidiaries on a multinational scale that is focused upon financial services, exchange traded funds management and certain other
business activities listed below:

 U.S. Fund Management - USCF Investments, Inc., a Delaware corporation ("USCF Investments"), with corporate
headquarters in Walnut Creek, California and its wholly owned subsidiaries, which provide fund management services to exchange traded
fund and exchange traded products ("ETFs"):

 States Commodity Funds, LLC, a Delaware limited liability company ("USCF LLC"), and

 USCF
 Advisers, LLC, a Delaware limited liability company ("USCF Advisers"). The principal place of business for each of USCF
 LLC and USCF Advisers is in Walnut Creek, California.

 Food
 Products – Gourmet Foods, Ltd., a registered New Zealand company located in Tauranga, New Zealand and its wholly owned subsidiary,
 Printstock Products Limited, a registered New Zealand company, with is principal manufacturing facility in Napier, New Zealand.

 Systems – Brigadier Security Systems (2000) Ltd., a Canadian registered corporation, with locations in Regina and Saskatoon,
 Saskatchewan, Canada. Brigadier was sold to a related party on July 1, 2025 (see Note 16. Subsequent Events).

 Products - Kahnalytics, Inc., a California corporation, doing business as "Original Sprout," located in San Clemente,
 California.

 U.S.
 and U.K. Financial Services:

 Marygold & Co., a Delaware corporation, and its wholly owned subsidiary,
Marygold & Co. Advisory Services, LLC, a Delaware limited liability company, whose principal business offices are located in Walnut
Creek, California;

 & Co., (UK) Limited, a private limited company incorporated and registered in England and Wales, whose registered office is in
 London, England, and its wholly owned subsidiaries:

& Co. Limited f/k/a Tiger Financial & Asset Management Limited, a company incorporated and registered in England and Wales, whose
registered office is in Northampton, England; and

 Step-By-Step
 Financial Planners Limited, a company incorporated and registered in England and Wales, whose registered office is in Staffordshire,
 England.

 The
Company manages its operating businesses on a decentralized basis. There are no centralized or integrated operational functions such
as marketing, sales, legal or other professional services and there is little involvement by The Marygold Companies' management
in the day-to-day business affairs of its operating subsidiary businesses apart from oversight. The Company's corporate management
is responsible for capital allocation decisions, investment activities and selection and retention of the Chief Executive to head each
of the operating subsidiaries. The Company's corporate management is also responsible for corporate governance practices, monitoring
regulatory affairs, including those of its operating businesses and involvement in governance-related issues of its subsidiaries as needed.

 NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 Basis
of Presentation and Accounting Principles

 The
Company has prepared the accompanying financial statements on a consolidated basis. In the opinion of management, the accompanying consolidated
balance sheets and related consolidated statements of operations, comprehensive loss, stockholders' equity, and cash flows include
all adjustments, consisting only of normal recurring items, necessary for their fair presentation, prepared on an accrual basis, in conformity
with generally accepted accounting principles in the United States of America ("U.S. GAAP").

 Principles
of Consolidation

 The
accompanying consolidated financial statements, which are referred herein as the "Financial Statements", include the accounts
of The Marygold Companies and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

 Use
of Estimates

 The
preparation of the Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Currencies

 We
record foreign currency translation adjustments and transaction gains and losses in accordance with Accounting Standards Codification
("ASC") 830, Foreign Currency Matters. Assets and liabilities are translated at the exchange rate on the balance sheet date,
and operating results are translated at the average exchange rates throughout the prevailing period. Translation adjustments resulting
from this process are recorded to other comprehensive income (loss).

 F- 7

 Cash
and Cash Equivalents

 Cash
and cash equivalents includes all cash and highly liquid debt instruments with original maturities of three months or less on the date
of purchase. The Company maintains its cash and cash equivalents in financial institutions in the United States, United Kingdom, Canada,
and New Zealand. Accounts in the United States are insured by the Federal Deposit Insurance Corporation. Accounts in New Zealand are
uninsured. The Company has, at times, held deposits in excess of insured amounts, but the Company does not expect any losses in such
accounts.

 Accounts
Receivable

 Management
regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, customer concentrations, current economic
trends, changes in customer payment patterns and reasonable and supportable forecasts about the future to determine whether or not an
account should be deemed uncollectible. Account balances are charged off against the allowance after all means of collection have been
exhausted and the potential for recovery is considered remote. As of June 30, 2025 and 2024, the Company had immaterial amounts reserved
for credit losses.

 Accounts
receivable due from related parties consist of fund asset management fees receivable from the USCF Investments business. Management fees
receivable generally consist of one month of management fees which are collected in the month after they are earned.

 Concentration
of Credit Risk

 Our
subsidiary USCF relies on the revenues generated through the funds it manages. The concentration of fund management revenue and related
receivables were (dollars in thousands):

 SCHEDULE OF CONCENTRATION RISK

 2025

 2024

 2025

 2024

 % of Total

 % of Total

 Accounts Receivable

 % of Total

 Accounts Receivable

 % of Total

 Fund

 USO

 $
 5,091

 %

 $
 6,553

 %

 $

 %

 $

 %

 UNG

 3,931

 %

 5,662

 %

 %

 %

 UMI

 2,948

 %

 1,967

 %

 %

 %

 All Others

 5,165

 %

 4,783

 %

 %

 %

 Total

 $
 17,135

 %

 $
 18,965

 %

 $
 1,281

 %

 $
 1,455

 %

 There
are no significant concentrations for the other operating subsidiaries on a consolidated basis.

which consist of (i) food products, printing supplies, and packaging in New Zealand; (ii) hair and skin care finished products and components
in the US; (iii) security system hardware in Canada and (iv) printed debit cards and wearables in the US and all are valued at the lower
of cost or net realizable value. Inventories in Canada and New Zealand are maintained on the first-in, first-out method, while inventory
in the U.S is maintained using the average cost method. Inventories include product cost, inbound freight and warehousing costs where
applicable. An assessment is made at the end of each fiscal quarter to determine what slow-moving inventory items, if any, should be
deemed obsolete and written down to their estimated net realizable value. For the years ended June 30, 2025 and 2024, the expense
for slow moving or obsolete inventory was not material.

 F- 8

and Equipment

and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as
incurred; additions, renewals and leasehold improvements are capitalized. Office furniture and equipment include office fixtures, computers,
printers and other office equipment plus software and applicable packaging designs. Leasehold improvements are depreciated over the shorter
of the useful life of the improvement and the length of the lease. When property and equipment are retired or otherwise disposed of,
the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations.
Depreciation is computed using the straight-line method over the estimated useful life of the asset as described below.

 SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIFE

 Category

 Estimated Useful Life
 (in years)

 Building

 Manufacturing equipment

 5 to 10

 Other equipment

 3 to 5

 Leases

 The
Company's most significant operating leases are real estate leases of office, warehouse and production facilities. Operating leases
are included in operating lease right-of-use assets and operating lease liabilities in the Consolidated Balance Sheets. Right-of-use
assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's
obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease
commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments,
the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating lease
right-of-use assets also include any lease payments made at or before the commencement date and are reduced by any lease incentives received.
The Company's lease terms may include options to extend the lease when it is reasonably certain that it will exercise
any such options. For the majority of its leases, the Company concluded that it is not reasonably certain that any renewal options would
be exercised, and, therefore, the amounts are not recognized as part of operating lease right-of-use assets nor operating lease liabilities.
Leases with an initial term of 12 months or less are not recorded on the balance sheet and expensed as incurred and included within rent
expense under general and administrative expense. Lease expense is recognized on a straight-line basis over the expected lease term.

 The
Company has one finance lease wherein ownership of the underlying asset will be transferred to the Company at the end of the lease term.
The underlying asset of the finance lease is a solar energy system at Gourmet Foods that is included with Property and equipment on the
Consolidated Balance Sheets.

 Intangible
Assets

 Intangible
assets consist of brand names, recipes, customer relationships and the internally developed software for the Fintech app developed
by Marygold. Intangible assets with finite lives are amortized over the estimated useful life. Intangible assets including those
with indefinite lives are evaluated for impairment at least on an annual basis and whenever events or changes in circumstances
indicate that the carrying value may not be recoverable. When it is determined that an intangible asset is impaired, the Company
recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. The Company recorded an
impairment loss of $ 1.0 million
during fiscal 2024 relating to intangible assets in its beauty products segment and there was no
impairment recorded during fiscal 2025.

represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a business combination transaction.
Goodwill is tested for impairment on an annual basis during the fourth quarter of the Company's fiscal year, or more frequently
if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The Company first performs a qualitative
test to determine if goodwill is impaired at a reporting unit. In performing this test, the Company evaluates macroeconomic factors,
industry and market considerations, cost factors such as the increase in the cost of materials or labor or other costs, overall financial
performance, changes in key personnel or customers or strategy, and other entity-specific events or trends that could indicate impairment,
among other items. If the results of this test indicate that it is more likely than not that the fair value of the reporting unit is
below its carrying value, a quantitative test is then performed to determine the amount of the impairment. When impaired, the carrying
value of goodwill is written down to fair value. The Company recorded a goodwill impairment loss of $ 0.4 million during fiscal 2024 relating
to its beauty products segment and there was no impairment recorded during fiscal 2024.

 F- 9

 Impairment
of Long-Lived Assets

 The
Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the
assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds
the fair value. Other than as described in the intangible assets section, there was no impairment recorded for the years ended June 30,
2025 and 2024.

 Investments
and Fair Value of Financial Instruments

 Equity
securities included in short-term investments have readily determinable fair values and are carried at fair value. Debt securities included
in short-term investments are acquired with the intent to sell in the near term, are accounted for as trading securities, and are carried at fair value. Any changes in the fair
value of trading debt securities and equity securities are reflected as a component of other income (expense) in the consolidated statement
of operations. The Company measures the investments at fair value at period end with any changes in fair value reflected as unrealized
gains (losses) which is included as part of other income (expense) in the Consolidated Statements of Operations. The Company values
its investments in accordance with ASC 820 – Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 defines fair
value, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurement. ASC 820 establishes
a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources
independent of the Company (observable inputs) and (2) the Company's own assumptions about market participant assumptions developed
based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy
are as follows:

 Level
1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability
to access at the measurement date.

 Level
2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. Level 2 assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for
identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the
asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means
(market-corroborated inputs).

 Level
3 – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure
fair value to the extent that observable inputs are not available.

 In
some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the
fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level
that is significant to the fair value measurement in its entirety.

 F- 10

Recognition

consists of fees earned through management of investment funds in the United States and in the United Kingdom primarily based on assets
under management ("AUM"), sales of gourmet meat pies and printing of food wrappers in New Zealand, sales of security alarm
system installation and maintenance services in Canada, and sales of hair and skin care products in the United States and internationally.
Revenue is accounted for net of sales taxes, sales returns, and trade discounts. The performance obligation is satisfied when the product
has been shipped and title, risk of loss and rewards of ownership have been transferred. For most of the Company's product sales
or services, the revenue recognition criteria described below are met at the time the product is shipped, the subscription period commences,
or the management services are provided. For our Brigadier subsidiary in Canada, the Company operates under contract with an alarm monitoring
company that pays a percentage of its recurring monitoring fee to Brigadier in exchange for continued customer service and support functions
with respect to each customer maintained under contract by the monitoring company. The Company has no costs of contracts which require
capitalization. The Company's only contract assets are accounts receivable. The Company has no contract liabilities other than
deposits received periodically which are insignificant to the consolidated financial statements. The Company generates revenue, in part,
through contractual monthly recurring fees received for providing ongoing customer support services to monitoring company clientele.

 The
five-step process governing contract revenue reporting includes:

 1.
Identifying the contract(s) with customers

 2.
Identifying the performance obligations in the contract

 3.
Determining the transaction price

 4.
Allocating the transaction price to the performance obligations in the contract

 5.
Recognizing revenue when or as the performance obligation is satisfied

 For
Brigadier, transactions involve security systems that are sold outright to the customer where the Company's performance obligations
include customer support services and the sale and installation of the security systems. For such arrangements, the Company allocates
a portion of the transaction price to each performance obligation based on a relative stand-alone selling price. Revenue associated with
the sale and installation of security systems is recognized once installation is complete and is reflected as security system revenue
in the Consolidated Statements of Operations. Revenue associated with customer support services is recognized as those services are provided,
and is included as a component of security system revenue in the Consolidated Statements of Operations. None of the other subsidiaries
of the Company generate revenue from long-term contracts.

 F- 11

Taxes

taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the
Company is able to realize their benefits or if future deductibility is uncertain.

 When
tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities,
while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately
sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available
evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution
of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that
meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely
of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken
that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheets along
with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and
penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations.

 Advertising
Costs

 The
Company expenses the cost of advertising as incurred. Marketing and advertising costs for the years ended June 30, 2025 and 2024
were $ 2.5 million and $ 3.2 million, respectively.

 Segment
Reporting

 The
Company defines operating segments as components about which separate financial information is available that is evaluated regularly
by the chief operating decision maker, which is our Chief Executive Officer, in deciding how to allocate resources and in assessing performances.

 Stock-Based Compensation

 We
use the fair value method of accounting for our stock options and restricted stock awards ("RSAs") granted to employees and
directors to measure the cost of employee and director services received in exchange for the stock-based awards. The fair value of stock
option awards with only service conditions is estimated on the grant date using the Black-Scholes option-pricing model. The Black-Scholes
option-pricing model requires inputs such as the risk-free interest rate, expected term and expected volatility. These inputs are subjective
and generally require significant judgment. The fair value of RSAs is measured on the grant date based on the closing fair market value
of our common stock. The resulting cost is recognized over the period during which an employee or director is required to provide service
in exchange for the awards, usually the vesting period, which is generally from one to four years for stock options and RSAs. Stock-based
compensation expense is recognized on a straight-line basis, net of actual forfeitures in the period.

 Business
Combinations

 We
allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired
based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable
assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially
with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future
expected cash flows from acquired customers, acquired trade names from a market participant perspective, useful lives and discount rates.
Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and
unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition
date, we may record adjustments to the assets acquired and liabilities assumed.

 F- 12

Accounting Pronouncements

 In
November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU")
No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). The guidance expands the disclosures required for
reportable segments in our annual and interim consolidated financial statements, primarily through enhanced disclosures about
significant segment expenses. The standard became effective for us beginning with our annual reporting for fiscal year 2025 and
interim periods thereafter. The adoption of the new standard did not have a material impact on our segment reporting disclosures.

 In
December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The guidance requires disclosure
of disaggregated income taxes paid, prescribes standardized categories for the components of the effective tax rate reconciliation, and
modifies other income tax-related disclosures. The standard will be effective for us beginning with our annual reporting for fiscal year
2026, with early adoption permitted. We are currently evaluating the impact of this standard on our income tax disclosures.

 NOTE
3. NET LOSS PER SHARE

 Basic
net loss per share is based upon the weighted average number of common shares outstanding. This calculation includes the weighted average
number of Series B Convertible Preferred shares outstanding also as they are deemed to be substantially similar to the common shares
and shareholders are entitled to the same liquidation and dividend rights. Diluted net loss per share is based on the assumption that
all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method.
Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later),
and as if funds obtained thereby were used to purchase common stock at the average market price during the period. For the year ended
June 30, 2025, the Company excluded 343,667 shares related to outstanding stock options, 193,857 shares related to outstanding restricted stock awards
and 82,500 shares related to outstanding warrants, and for the year ended June 30, 2024, the Company excluded 540,881 shares related to
outstanding stock options, 681,315 shares related to outstanding restricted stock awards and 82,500 shares related to outstanding warrants,
respectively, from the diluted net loss per share calculation as their effect would be anti-dilutive. Since the Company generated a net
loss in both fiscal 2025 and 2024, basic and diluted net loss per share were the same.

 The
components of basic and diluted net loss per share were as follows (in thousands, except per share data):

 SCHEDULE OF COMPONENTS OF BASIC AND DILUTED EARNINGS PER SHARE

 Year Ended

 Year Ended

 Net Loss

 Per Share

 Net Loss

 Per Share

 Basic and diluted net loss per share:

 Net loss available to common shareholders

 $
 ( 5,719
)

 40,977

 $
)

 $
 ( 3,970
)

 39,409

 $
)

 Net loss available to preferred shareholders

 ( 101
)

 $
)

 ( 99
)

 $
)

 Basic and diluted net loss per share

 $
)

 41,701

 $
)

 $
)

 40,396

 $
)

 F- 13

 NOTE
4. CERTAIN BALANCE SHEET DETAILS

 The
components of certain balance sheet line items are as follows (in thousands).

 SCHEDULE OF COMPONENTS OF CERTAIN BALANCE SHEET

 Restricted cash

 2025

 2024

 Deposit restricted relating to account for Fintech app

 Deposit for securing a lease bond

 Total restricted cash

 $

 $

 Other current assets

 2025

 2024

 Deposit for potential 9.9 % equity interest in financial institution

 $
 -

 $
 1,800

 Prepaid expenses and other current assets

 1,067

 1,234

 Total other current assets

 $
 1,067

 $
 3,034

 Included
in the other current assets balance as of June 30, 2024 was a deposit of $ 1.8 million
made in connection with the potential acquisition of a less than 10 %
equity interest in a US domestic financial institution that was seeking certain regulatory approval. This was accounted for as a
deposit in other current assets until regulatory approval was obtained in September 2024. Following approval, and the deposit was
converted into an equity interest in the financial institution and has since been presented in other assets, non-current in the
consolidated balance sheet as shown in the table "Other assets, non-current" below.

 SCHEDULE OF INVENTORY

 2025

 2024

 Raw materials and supplies

 $
 1,211

 $
 1,417

 Finished goods

 Total inventories

 $
 2,001

 $
 2,191

 SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT

 Property and equipment, net

 2025

 2024

 Manufacturing equipment

 $
 1,935

 $
 1,935

 Land and building

 Other equipment

 Total property and equipment, gross

 3,364

 3,337

 Accumulated depreciation

 ( 2,326

)

 ( 2,171
)

 Total property and equipment, net

 $
 1,038

 $
 1,166

 F- 14

 For
the years ended June 30, 2025 and 2024, depreciation expense for property and equipment totaled $ 0.2 million and $ 0.1 million, respectively.

 SCHEDULE OF OTHER ASSETS NON-CURRENT

 Other assets, non-current

 2025

 2024

 Equity investment in a financial institution

 $
 1,800

 $
 -

 Equity investment in a registered investment advisor

 Deposits and other assets

 Total other assets, non-current

 $
 2,339

 $

 The $ 1.8 million investment represents an equity interest of less than 10 % in a domestic financial institution and the $ 0.5 million investment
represents a 10 % equity interest in a registered investment advisor. These equity interests do not have readily determinable fair values
and are measured at cost minus impairment. There have been no impairments, downwards adjustments, nor upward adjustments during the periods
presented nor cumulatively.

 SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

 Accounts payable and accrued expenses

 2025

 2024

 Accounts payable

 $
 2,083

 $
 1,955

 Accrued operating expenses

 1,151

 1,185

 Accrued payroll, vacation and bonus payable

 Taxes payable

 -

 Total

 $
 3,831

 $
 4,021

 NOTE
5. INVESTMENTS

 USCF
Investments, from time to time, provides initial seed capital in connection with the creation of ETPs or ETFs that are managed by
USCF or USCF Advisers. USCF Investments classifies these investments as current assets as these investments are generally sold
within one year of the balance sheet date. Investments in which no controlling financial interest or significant influence exists
are recorded at fair value with the change included in earnings on the Consolidated Statements of Operations. As of June 30, 2025
and 2024, the Company has investments totaling $ 3.6
million and $ 7.5
million, respectively, of funds managed by USCF Advisers which are related parties and are included in other equities in the below
table. The Company elected the fair value option related to this investment as the shares were purchased and will be sold on the
market and this accounting treatment is deemed to be most informative. In addition to the holdings in these funds, the Company also
invests in marketable securities. The Company recognized unrealized losses of $ 0.8
million and unrealized gains of $ 0.1
million for the years ended June 30, 2025 and 2024, respectively.

 All
of the Company's short-term investments are classified as Level 1 assets as of June 30, 2025 and 2024. Investments measured at
estimated fair value consist of the following as of June 30, 2025 and 2024 (in thousands):

 SCHEDULE OF AVAILABLE-FOR-SALE SECURITIES RECONCILIATION

 Cost

 Gross Unrealized Gains

 Gross Unrealized Losses

 Estimated Fair Value

 Money market funds

 $
 3,877

 $
 -

 $
 -

 $
 3,877

 Other short-term investments

 -

 Other equities - related parties

 4,374

 -

 ( 734
)

 3,640

 Total short-term investments

 $
 8,561

 $

 $
 ( 734
)

 $
 7,829

 F- 15

 Cost

 Gross Unrealized Gains

 Gross Unrealized Losses

 Estimated Fair Value

 Money market funds

 $
 1,788

 $
 -

 $
 -

 $
 1,788

 Other short-term investments

 -

 Other equities - related parties

 7,394

 -

 7,467

 Total short-term investments

 $
 9,477

 $

 $
 -

 $
 9,551

the years ended June 30, 2025 and 2024, there were no transfers between Level 1 and Level 2.

 NOTE
6. BUSINESS COMBINATIONS

 On
January 31, 2024, Marygold UK entered into a Share Purchase Agreement ("SPA") to acquire all the issued and outstanding shares
of Step-By-Step Financial Planners Limited ("Step-By-Step"), subject to certain closing conditions and regulatory approval.
The transaction closed on April 30, 2024 with an agreed purchase price of $ 1.2 million, subject to adjustment as provided for in the
SPA. Marygold UK paid $ 0.7 million upon the closing, $ 0.3 million during fiscal year 2025 and the remaining $ 0.2 million will be paid
in the quarter ended December 31, 2025 as provided in the SPA. In connection with the acquisition, the Company recorded goodwill of $ 0.6
million. Step-By-Step is an asset manager and investment advisor based in Staffordshire, England with assets under management of $ 42.4
million and $ 36.6 million as of June 30, 2025 and 2024, respectively. Step-By-Step will be operated as a subsidiary of Marygold UK. In
addition to growing the business through increasing assets under management, Marygold UK has expanded the fintech mobile app services
developed in the U.S. into the U.K. through the established contacts and certifications held by Step-By-Step.

 F- 16

 NOTE
7. IMPAIRMENT LOSS

fiscal 2024, the Company recorded an impairment loss of $ 1.4 million related to the goodwill and other intangible assets in its beauty
products business unit. The business unit has been suffering from increased losses resulting from pandemic-related changes in its distribution
channels and increased costs. The impairment loss of $ 1.4 million included goodwill of $ 0.4 million and indefinite and finite lived intangible
assets totaling $ 1.0 million relating to brand name, formulas and customer relations. The Company determined the fair value of the reporting
unit using multiple methods including discounted cash flows and pricing of comparable companies.

 NOTE
8. GOODWILL

 Changes
in the carrying amount of goodwill were as follows (in thousands):

OF GOODWILL

 June 30, 2023

 Acquisitions

 Impairments

 Beauty products - Original Sprout

 $

 $
 -

 $
 ( 417
)

 $
 -

 $
 -

 Food products - Gourmet Foods

 -

 -

 Security systems - Brigadier

 -

 -

 Financial services - Marygold & Co. (UK) (1)

 1,264

 -

 1,855

 1,855

 Total

 $
 2,307

 $

 $
 ( 417
)

 $
 2,481

 $
 2,481

 (1)

 Refer
 to Note 6, Business Combinations, regarding increase in goodwill during the years ended June 30, 2024.

 The
Company tests for goodwill impairment at each reporting unit annually on June 30. Refer to Note 7, Impairment Loss, regarding the goodwill
impairment recorded during 2024.

 NOTE
9. INTANGIBLE ASSETS

 The Company's intangible assets consisted of the following.

 SCHEDULE OF INTANGIBLE ASSETS

 Intangible Assets

 Weighted Average Remaining Life (in years)

 Intangible Assets (Gross)

 Accumulated Amortization

 Intangible Asset (Net)

 (dollars in thousands)

 Customer relationships

 4.6

 $
 1,540

 $
 ( 821
)

 $

 Brand name

 0.9

 ( 408
)

 Brand name – indefinite lived

 N/A

 -

 Internally developed software

 1.0

 ( 145
)

 Total

 $
 $ 2,403

 $
 ( 1,374
)

 $
 $ 1,029

 Intangible Assets

 Weighted
 Average
 Remaining
 Life
 (in years)

 Intangible Assets (Gross)

 Accumulated Amortization

 Intangible Asset (Net)

 Intangible Assets

 Weighted
 Average
 Remaining
 Life
 (in years)

 Intangible
 Assets
 (Gross)

 Accumulated
 Amortization

 Intangible
 Asset (Net)

 (dollars in thousands)

 Customer relationships

 5.4

 $
 1,540

 $
 ( 624
)

 $

 Brand name

 1.7

 ( 332
)

 Brand name – indefinite lived

 N/A

 -

 Internally developed software

 2.0

 ( 72
)

 Total

 $
 2,403

 $
 ( 1,028
)

 $
 1,375

 Total
amortization expense for intangible assets was $ 0.3 million and $ 0.4 million for the years ended June 30, 2025 and 2024, respectively. Refer to
Note 7, Impairment Loss, regarding the intangible asset impairment recorded during fiscal 2025.

 Estimated
remaining amortization expenses of intangible assets for the next five fiscal years and thereafter are as follows (in thousands):

 SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE

 Years Ending June 30,

 Expense

 2026

 $

 2027

 2028

 2029

 2030

 Thereafter

 Total

 $
 1,029

 F- 17

 NOTE
10. RELATED PARTY TRANSACTIONS

 USCF
Investments - Related Party Transactions

 The
Funds managed by USCF and USCF Advisers are considered to be related parties. The Company's fund management revenue, totaling
$ 17.1
million and $ 19.0
million for the years ended June 30, 2025 and 2024, respectively, were earned from these related parties. Accounts receivable,
totaling $ 1.3
million and $ 1.5
million as of June 30, 2025 and 2024, respectively, were owed from the Funds that are related parties. USCF Investments, from time
to time, provides initial investments in the creation of ETP and ETF funds that USCF manages. As of June 30, 2025 and 2024, the
Company has investments totaling $ 3.6
million and $ 7.5
million, respectively, of funds managed by USCF Advisers. The Company owns approximately 21 %
and 45 %
of the outstanding shares of these investments as of June 30, 2025 and 2024, respectively.

 USCF Advisers was contractually obligated to pay license fees to an affiliated entity for fiscal years 2025 and 2024.
In February 2025, the license fee agreement was amended to reduce all remaining 2025 and future license fees to zero. As of June 30, 2025,
all obligations had been paid. Total fees paid were $ 0.3 million and $ 0.1 million for the years ending June 30, 2025 and 2024, respectively.

 Brigadier Security Systems - Related Party Transactions

 On June 19, 2025, the Company entered
into a stock purchase agreement with SKCAL LLC, an Arizona limited liability company, pursuant to which the Company has
agreed to sell to SKCAL LLC all of the shares of stock it owns in its wholly owned subsidiary, Brigadier Security Systems (2000)
Ltd., a Canadian registered corporation for $ 2.2 million. Scott Schoenberger, a director and 10.9 %
shareholder of the Company, is the sole member of SKCAL LLC making this transaction between related parties (see Note 16. Subsequent Events for more details).

 NOTE
11. NOTES PAYABLE

 On
September 19, 2024, we entered into a note purchase agreement the ("Purchase Agreement") with Streeterville Capital, LLC
("Holder"), pursuant to which we agreed to issue and sell to Holder a secured promissory note in an initial principal
amount of $ 4,380,000
("Initial Note") payable on or before 24
months from the issuance date ("Maturity Date") and, upon the satisfaction of certain conditions in the Purchase
Agreement, up to one additional secured promissory note ("Subsequent Note," Initial Note and Subsequent Note collectively referred to as
"Notes"). The initial principal amount of the Notes includes an original issue discount of 9 %
and expenses that the Company agreed to pay to the Holder to cover the Holder's transaction costs. The original issue discount
of the Initial Note was $ 360,000.
Interest on the principal amount of the Notes accrues at a rate of 9 %
per annum. The Company may pay all or any portion of the amount owed under the Notes earlier than it is due. All payments made under
the Notes, including any repayments, are subject to an additional payment amount equal to 6% of the portion of the outstanding
balance being repaid. The Subsequent Note would have a principal amount of $ 2,180,000,
which will have terms substantially similar to the terms of the Initial Note. The original issue discount of the Subsequent Note, if
issued, would be $ 180,000.

 The
Purchase Agreement contains certain covenants and agreements, including that we will not pledge or grant any lien or security interest
in our or our subsidiaries' assets without the Holder's prior written consent and that we will file reports under the Securities
Exchange Act timely, and that our shares will continue to be listed or quoted on the NYSE American or Nasdaq. Also, without the Holder's
prior written consent, we may not: issue, incur or guarantee any debt obligations other than trade payables in the ordinary course; issue
any security that has conversion rights in which the number of shares varies with the market price of our shares; issue any securities
convertible into our shares with a conversion price that varies with the market price of our shares; issue any securities that have a
conversion or exercise price subject to a reset due to a change in the market price of our shares or upon the occurrence of certain events
related to our business (but excluding certain standard antidilution protection for any reorganization, recapitalization, noncash dividend,
stock split or similar transaction); issue any securities pursuant to an equity line of credit, standby equity purchase agreement or
similar arrangement. The Purchase Agreement also contains a most favored nations provision that provides we will grant to the Holder
the same terms as we offer any subsequent investor in our debt securities and certain arbitration provisions in the event of a claim
arising under the Purchase Agreement and other transaction documents.

 The
Company's obligations under the Note are secured by: (i) a pledge of all the common stock the Company owns in USCF Investments,
Inc. and (ii) a security interest in all of the assets of the Company. Further, the Company's Chief Executive Officer's trust,
the Nicholas and Melinda Gerber Living Trust ("Gerber Trust"), provided: (i) a guaranty of the Company's obligations
to the Holder under the Note and (ii) a pledge of all of the common stock of the Company owned by the Gerber Trust.

 Beginning
on the date that is six months from the issuance date until the applicable Note is paid in full, each month the Holder has the right
to require the Company to redeem up to an aggregate of $ 400,000 with respect to the Initial Note and $ 200,000 with respect to the Subsequent
Note plus any interest accrued thereunder and an additional payment amount equal to 6% of the principal amount. The Company has the right
to defer such redemption payments that Holder could otherwise elect to make three times by providing advance written notice to Holder.
 If the Company exercises its deferral right, the outstanding balance is automatically increased by 0.85% for each instance that the deferral
right is exercised by Company, which cannot be exercised more than once every ninety calendar days.

to the terms of the Purchase Agreement, beginning on the date of the issuance and sale of the Note and ending 24 months later, Holder
will have the right, but not the obligation, with Company's prior written consent, to reinvest up to an additional $ 10,000,000
in the Company on the same terms and conditions as the Notes (structured as two tranches of $ 5,000,000 each).

 The
Company engaged Maxim Group LLC to serve as placement agent for the transaction between the Company and Holder in exchange for an aggregate
commission equal to 7% of the gross cash proceeds received from the sale of the Notes.

 As
of June 30, 2025, the note payable balance outstanding, net of the original issue discount and fees paid, was $ 1.3
million, all of which is due within 12 months from June 30, 2025 assuming no deferral rights are exercised. The effective interest
rate for this note is 41.3 %. Interest expense for this note payable during fiscal year 2025 was $ 1.2 million which included $ 0.6 million of amortization
of debt issuance costs.

 As
of June 30, 2024, Brigadier had an outstanding principal balance of $ 0.3 million due related to the purchase of its Saskatoon office
land and building. The bank loan matured and was paid off in full in July 2024.

 NOTE
12. STOCKHOLDERS' EQUITY

 Warrants
to Purchase Common Stock

 In
connection with the Company's underwritten public offering in fiscal 2022, the Company issued the underwriter's warrants
to purchase up to an aggregate of 82,500
shares of Common Stock as compensation for their services related to this issuance. The warrants may be exercised until March 14,
2027. The exercise price of each warrant is $ 2.40
per share. As of June 30, 2025, no warrants were exercised.

 F- 18

 Convertible
Preferred Stock

 The
Company has 50,000,000 shares authorized to issue as Preferred Stock. The Preferred Stock is designated into two series: 5,000,000 shares
designated as Series A and 45,000,000 shares designated as Series B. As of June 30, 2025 there are no issued or outstanding shares of
Series A stock.

 Each
issued Series B Convertible Preferred Stock is convertible into 20
shares of common stock and carries a vote of 20 shares of common stock in all matters brought before the shareholders for a vote.
During fiscal year 2025, 36,058 shares of Series B Preferred Stock were converted into 721,160 shares of common stock. There are 13,302
and 49,360
shares of Series B Convertible Preferred Stock outstanding as of June 30, 2025 and 2024, respectively.

Compensation

 In
2021, the Company adopted the 2021 Omnibus Equity Incentive Plan ("Equity Plan") which provides for the grant of stock-based
awards, including stock options, restricted stock awards ("RSAs") and restricted stock units ("RSUs"), to employees
and non-employees. A total of 5,000,000 shares of common stock are authorized for issuance under the Plan, of which 3,772,485 are available
for future grants as of June 30, 2025.

 The
fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model and recognized as compensation
on a straight-line basis between the date of grant and the date the options become fully vested. Stock options issued have a term of
ten years. The fair value of the options granted were estimated using the following assumptions:

 SCHEDULE OF SHARE BASED COMPENSATION

 2025

 2024

 Expected volatility

 %

 %

 Expected term

 6.1 years

 6.1 years

 Risk-free interest rate

 4.5
 %

 4.2
 %

 Expected dividend yield

 %

 %

 The
fair value of RSAs is estimated on the grant date based on the closing quoted market price of the Company's stock and the RSAs
generally vest over a four-year period following issuance date, subject to continued service. The fair value of RSAs is recognized
as compensation on a straight-line basis between the date of grant and the date the RSAs become fully vested.

fiscal 2025 and 2024, the following activity occurred under the Company's Equity Plan.

 SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTIONS

 Stock Options

 Restricted Stock

 Number of Shares

 Weighted Average

 Exercise Price

 Number of Shares

 Weighted
Average

 Grant Date
Fair Value

 Balance at June 30, 2023

 270,000

 $
 1.61

 288,733

 $
 1.36

 Granted

 315,881

 $
 1.15

 447,543

 $
 1.03

 Released

 -

 $
 -

 ( 31,678
)

 $
 1.39

 Expired

 ( 6,250
)

 $
 1.64

 -

 $
 -

 Forfeited

 ( 38,750
)

 $
 1.64

 ( 23,585
)

 $
 1.06

 Outstanding at June 30, 2024

 540,881

 $
 1.34

 681,013

 $
 1.15

 Granted

 100,000

 $
 1.45

 264,890

 $
 1.45

 Released

 -

 $
 -

 ( 667,414
)

 $
 1.22

 Expired

 ( 123,993
)

 $
 1.43

 -

 $
 -

 Forfeited

 ( 173,221
)

 $
 1.37

 ( 84,632
)

 $
 1.14

 Outstanding at June 30, 2025

 343,667

 $
 1.32

 193,857

 $
 1.33

 Exercisable at June 30, 2025

 120,422

 $
 1.30

 The
total fair value of the stock option grants, calculated using the Black-Scholes option-pricing model using the assumptions noted above,
was determined to be $ 0.1 million and $ 0.3 million for fiscal 2025 and 2024, respectively. The weighted average remaining contractual
term of the stock options outstanding as of June 30, 2025 was 8.3 years. The aggregate intrinsic value of stock options outstanding as
of June 30, 2025 was zero.

compensation relating to RSAs totaled $ 0.7 million and $ 0.3 million for the years ended June 30, 2025 and 2024, respectively,
and are included in salaries and compensation in the Consolidated Statements of Operations. Holders of RSAs generally have the rights
and privileges of a stockholder with respect to the shares of common stock granted to the holder, including the right to vote such shares
and the right to receive dividends with respect to such shares. However, all cash and stock dividends and distributions shall be held
back by the Company for the holder's account until such time as the related portion of the restricted stock award vests (at which
time such dividends or distributions, as applicable, shall be released and paid).

 F- 19

compensation expense relating to stock options and RSAs totaled $ 0.8
million and $ 0.4
million for the years ending June 30, 2025 and 2024, respectively, and are included in the Consolidated Statements of Operations. As
of June 30, 2025, there was $ 0.2
million of unrecognized compensation expense related to outstanding stock options that will be recognized over a remaining weighted
average period of 2.4
years and there was $ 0.2
million of unrecognized compensation expense related to outstanding RSAs that will be recognized over a remaining weighted average
period of 1.0
year. The aggregate expected stock-based compensation expense remaining to be recognized reflects only awards as of June 30, 2025
and assumes no forfeiture activity.

 There
were no shares issued for vendor services during the years ending June 30, 2025 and 2024.

 NOTE
13. INCOME TAXES

 The
following table summarizes loss before income taxes (in thousands):

 SUMMARY
OF (LOSS) INCOME BEFORE INCOME TAXES

 2025

 2024

 United States

 $
 ( 6,327
)

 $
 ( 5,420
)

 ( 1,055
)

 ( 28
)

 Loss before income taxes

 $
 ( 7,382
)

 $
 ( 5,448
)

Tax Provision

 The
composition of the benefit from income taxes consisted of the following (in thousands):

OF BENEFIT FROM (PROVISION FOR) INCOME TAXES

 2025

 2024

 United States

 $
 1,302

 $
 1,408

 ( 29
)

 Total benefit from income taxes

 $
 1,562

 $
 1,379

 F- 20

 2025

 2024

 Current:

 Federal

 $
 ( 39
)

 $

 ( 16
)

 ( 43
)

 ( 74
)

 Total current

 ( 48
)

 Deferred:

 Federal

 1,356

 1,071

 Total deferred

 1,610

 1,197

 Total benefit from income taxes

 $
 1,562

 $
 1,379

 Tax
effects of temporary differences that give rise to significant portions of the Company's deferred tax assets for the years ended
June 30, 2025 and 2024 are presented below (in thousands):

OF DEFERRED TAX ASSETS

 2025

 2024

 Deferred tax assets:

 Intangible assets - U.S.

 $

 $

 Net operating loss

 2,222

 Capital loss carryover

 Accruals, reserves and other - U.S.

 Total deferred tax assets - U.S.

 $
 3,440

 $
 1,969

 Deferred tax liabilities:

 Intangible assets - foreign

 $
 ( 195
)

 $
 ( 313
)

 Accruals, reserves and other - foreign

 ( 26
)

 ( 47
)

 Total deferred tax liabilities - foreign

 $
 ( 221
)

 $
 ( 360
)

 Total net deferred tax assets

 $
 3,219

 $
 1,609

 F- 21

 The
Company's accounting for deferred taxes involves the evaluation of several factors concerning the realizability of the Company's
net deferred tax assets. The Company primarily considered such factors as the Company's history of operating losses, the nature
of the Company's deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods
in which those temporary differences and carryforwards become deductible. The Company does not have a valuation allowance as of June
30, 2025 and 2024 as the Company believes that it is more likely than not that the net deferred tax assets will be realized.

 The
benefit from income taxes for the years ended June 30, 2025 and 2024 differed from the amounts computed by applying the statutory federal
income tax rate of 21.0 % to pretax loss as a result of the following (in thousands):

OF INCOME TAX BENEFIT EXPENSE

 2025

 2024

 Federal tax benefit at statutory rate

 $
 1,550

 $
 1,144

 State income taxes

 ( 12
)

 Permanent differences

 ( 14
)

 Foreign rate differential

 ( 52
)

 Total tax benefit

 $
 1,562

 $
 1,379

 2025

 2024

 Federal tax benefit at statutory rate

 21.0
 %

 21.0
 %

 State income taxes

 ( 0.2
)%

 0.9
 %

 Permanent differences

 ( 0.1
)%

 4.1
 %

 Foreign rate differential

 0.5
 %

 ( 0.7
)%

 Total tax benefit

 21.2
 %

 25.3
 %

 F- 22

 Tax
positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a tax position will
be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine
the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is
greater than 50% likely of being realized upon ultimate settlement. During the year ended June 30, 2024, the Company reduced the balance
of gross unrecognized tax benefits, which included interest and penalties, by $ 0.3 million to zero and the balance remained zero during
the year ended June 30, 2025.

 As
of June 30, 2025 and 2024, the Company has federal net operating loss carryforwards of $ 9.4
million and $ 3.3 million,
respectively, and state net operating loss carryforwards of $ 6.9 million
and $ 3.4 million,
respectively. These state operating loss carryforwards begin to expire in 2045. The federal net operating loss carryforward will carryforward
indefinitely, but is subject to the 80% taxable income limitation.

 The
Company files income tax returns in the United States, and various state and foreign jurisdictions. The federal, state and foreign income
tax returns are subject to tax examinations for the tax years 2020 through 2024 as of year ended June 30, 2025. To the extent
the Company has tax attribute carry forwards, the tax years in which the attribute was generated may still be adjusted upon examination
by the U.S. Internal Revenue Service, state or foreign tax authorities to the extent utilized in a future period. There were no ongoing
examinations by taxing authorities as of June 30, 2025.

 The
Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2025 and 2024, the
Company accrued and recognized as a liability zero and $ 0.1 million, respectively, of interest and related penalties to uncertain tax
positions.

 Congress enacted the One Big Beautiful Bill Act
("OBBBA"), which was signed into law on July 4, 2025. This law changes or makes permanent certain tax laws for corporations,
including provisions relating to domestic research and development costs, bonus depreciation and foreign derived intangible income. Management
is currently evaluating the potential impact of these provisions on deferred taxes and future tax obligations.

 NOTE
14. COMMITMENTS AND CONTINGENCIES

 Lease
Commitments

 F- 23

 The
Company leases various facilities and offices in the US, UK, Canada and New Zealand with varying lease terms.

 For
each of the years ended June 30, 2025 and 2024, the combined operating lease costs of the Company totaled $ 0.9 million and are recorded
in general and administrative expense in the Consolidated Statements of Operations.

 Future
minimum consolidated lease payments for the Company are as follows (in thousands):

 SCHEDULE OF FUTURE MINIMUM CONSOLIDATED LEASE PAYMENTS

 Lease Amount

 Finance Lease

 2026

 $

 $

 2027

 2028

 2029

 -

 2030

 -

 Thereafter

 -

 Total minimum lease payments

 1,075

 Less: present value discount

 ( 41
)

 ( 22
)

 Total lease liabilities

 $
 1,034

 $

 The
weighted average remaining lease term for the Company's operating leases was 2.0 years as of June 30, 2025 and a weighted-average
discount rate of 5.8 % was used to determine the total operating lease liabilities. The remaining lease term for the Company's finance
lease was 6.3 years as of June 30, 2025 with an annual interest rate of 7.0 %.

 Other
Agreements and Commitments

 As
Marygold US built out its Fintech app, it entered into agreements with various service providers, some of which required long-term
contracts. As of June 30, 2025, Marygold US has future payment commitments with some former primary service vendors totaling $ 0.7
million including $ 0.2
million due in fiscal 2026. It is uncertain what amount of this contractual commitment may be reduced by the vendors as services are no longer
required.

 F- 24

 Litigation

 From
time to time, the Company may be involved in legal proceedings arising primarily from the ordinary course of their respective businesses.
Except as described below, there are no pending legal proceedings against the Company. The Company's policy is to expense legal
costs relating to litigation as the costs are incurred. USCF is an indirect wholly owned subsidiary of the Company. USCF LLC, as the
general partner of the United States Oil Fund, LP ("USO") and the general partner and sponsor of the related public funds
may, from time to time, be involved in litigation arising out of its operations in the ordinary course of business. Except as described
herein, USO and USCF are not currently party to any material legal proceedings.

 In
re: United States Oil Fund, LP Securities Litigation

 On
June 19, 2020, USCF LLC, USO, John P. Love, and Stuart P. Crumbaugh were named as defendants in a putative class action filed by purported
shareholder Robert Lucas (the "Lucas Class Action"). The Court thereafter consolidated the Lucas Class Action with two related
putative class actions filed on July 31, 2020 and August 13, 2020, and appointed a lead plaintiff. The consolidated class action is pending
in the U.S. District Court for the Southern District of New York under the caption In re: United States Oil Fund, LP Securities Litigation,
Civil Action No. 1:20-cv-04740.

 On
November 30, 2020, the lead plaintiff filed an amended complaint (the "Amended Lucas Class Complaint"). The Amended Lucas
Class Complaint asserts claims under the 1933 Act, the Exchange Act, and Rule 10b-5. The Amended Lucas Class Complaint challenges
statements in registration statements that became effective on February 25, 2020 and March 23, 2020 as well as subsequent public statements
through April 2020 concerning certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall
precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The Amended Lucas Class Complaint purports
to have been brought by an investor in USO on behalf of a class of similarly-situated shareholders who purchased USO securities between
February 25, 2020 and April 28, 2020 and pursuant to the challenged registration statements. The Amended Lucas Class Complaint seeks
to certify a class and to award the class compensatory damages at an amount to be determined at trial as well as costs and attorney's
fees. The Amended Lucas Class Complaint named as defendants USCF, USO, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew
F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R. Fobes III, as well as the marketing agent, ALPS Distributors,
Inc., and the Authorized Participants: ABN Amro, BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets,
Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, J.P. Morgan Securities Inc., Merrill
Lynch Professional Clearing Corporation, Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets
LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC.

 F- 25

 The
lead plaintiff has filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities
LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc.,
Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC.

 USCF,
USO, and the individual defendants in In re: United States Oil Fund, LP Securities Litigation intend to vigorously contest such claims
and have moved for their dismissal.

 Mehan
Action

 On
August 10, 2020, purported shareholder Darshan Mehan filed a derivative action on behalf of nominal defendant USO, against defendants
USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and
Malcolm R. Fobes, III (the "Mehan Action"). The action is pending in the Superior Court of the State of California for the
County of Alameda as Case No. RG20070732.

 The
Mehan Action alleges that the defendants breached their fiduciary duties to USO and failed to act in good faith in connection with a
March 19, 2020 registration statement and offering and disclosures regarding certain extraordinary market conditions that caused demand
for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint seeks,
on behalf of USO, compensatory damages, restitution, equitable relief, attorney's fees, and costs. All proceedings in the Mehan
Action are stayed pending disposition of the motion(s) to dismiss in In re: United States Oil Fund, LP Securities Litigation.

 USCF,
USO, and the other defendants intend to vigorously contest such claims.

 In
re United States Oil Fund, LP Derivative Litigation

 On
August 27, 2020, purported shareholders Michael Cantrell and AML Pharm. Inc. DBA Golden International filed two separate derivative actions
on behalf of nominal defendant USO, against defendants USCF, John P. Love, Stuart P. Crumbaugh, Andrew F Ngim, Gordon L. Ellis, Malcolm
R. Fobes, III, Nicholas D. Gerber, Robert L. Nguyen, and Peter M. Robinson in the U.S. District Court for the Southern District of New
York at Civil Action No. 1:20-cv-06974 (the "Cantrell Action") and Civil Action No. 1:20-cv-06981 (the "AML Action"),
respectively.

 The
complaints in the Cantrell and AML Actions are nearly identical. They each allege violations of Sections 10(b), 20(a) and 21D of the
Exchange Act, Rule 10b-5 thereunder, and common law claims of breach of fiduciary duties, unjust enrichment, abuse of control, gross
mismanagement, and waste of corporate assets. These allegations stem from USO's disclosures and defendants' alleged actions
in light of the extraordinary market conditions in 2020 that caused demand for oil to fall precipitously, including the COVID-19 global
pandemic and the Saudi Arabia-Russia oil price war. The complaints seek, on behalf of USO, compensatory damages, restitution, equitable
relief, attorney's fees, and costs. The plaintiffs in the Cantrell and AML Actions have marked their actions as related to the
Lucas Class Action.

 F- 26

 The
Court consolidated the Cantrell and AML Actions under the caption In re United States Oil Fund, LP Derivative Litigation, Civil Action
No. 1:20-cv-06974 and appointed co-lead counsel. All proceedings in In re United States Oil Fund, LP Derivative Litigation are stayed
pending disposition of the motion(s) to dismiss in In re: United States Oil Fund, LP Securities Litigation.

 USCF,
USO, and the other defendants intend to vigorously contest the claims in In re United States Oil Fund, LP Derivative Litigation.

 No
accrual has been recorded with respect to the above legal matters as of June 30, 2025 and 2024. We are currently unable to predict the
timing or outcome of, or reasonably estimate the possible losses or range of, possible losses resulting from these matters. It is reasonably
possible that this estimate will change in the near term. An adverse outcome regarding these matters could materially adversely affect
the Company's financial condition, results of operations and cash flows.

 Retirement
Plan

 The
Company has a 401(k) Profit Sharing Plan ("401K Plan") covering U.S. employees who are over 21 years of age and who have
completed a minimum of 1,000 hours of service and have worked for the Company for at least three months. Participants may contribute
a portion of their salary into the 401K Plan subject to certain limitations. In addition, the Company makes a safe harbor matching contribution.
Company paid matching contributions of $ 0.3 million and $ 0.2 million for the years ended June 30, 2025 and 2024, respectively.

 NOTE
15. SEGMENT REPORTING

 In
its operation of the business, our chief operating decision maker ("CODM"), who is our Chief Executive Officer, reviews
revenues and profits in assessing segment performance and deciding how to allocate resources. Our CODM does not evaluate operating
expenses by segment. During the periods presented, the Company reported its financial performance based on the following
segments.

 Segment

 Entities

 Location

 Description

 Fund
 Management

 USCF
 Investments, Inc.

 Manages,
 operates and is a commodity pool operator or an investment advisor to exchange traded funds organized as limited partnerships or
 investment trusts that issue shares which trade on the NYSE Arca stock exchange.

 Food
 Products

 Foods, Ltd. and Printstock Products Limited

 New
 Zealand

 Manufactures
 and distributes meat pies on a commercial scale in and prints specialty wrappers for the food industry in New Zealand and Australia.

 Systems

 Security Systems (2000) Ltd.

 Canada

 Sells
 and installs commercial and residential alarm monitoring systems.

 Products

 Kahnalytics,
 Inc. doing business as Original Sprout

 Engaged
 in the wholesale distribution of hair and skin care products on a global scale.

 Financial
 Services

 & Co.; Marygold & Co. Advisory Services, LLC; Marygold & Co. (UK) Limited, Marygold & Co. Limited
 and Step-By-Step Financial Planners Limited

 States and United Kingdom

 & Co. developed a Fintech app that was launched in June 2023 in the US and in March 2025 in the UK; and Marygold UK through its
 subsidiaries is an asset manager and registered investment advisor in the UK.

 Corporate
 Headquarters

 The
 Marygold Companies, Inc.

 Holding
 company responsible for organizational accountability, capital raising and allocation, corporate governance, regulatory compliance,
 etc.

 F- 27

 The
following table presents a summary of operating information (in thousands):

OF REVENUES FROM EXTERNAL CUSTOMERS

 2025

 2024

 Revenue from external customers:

 $
 17,135

 $
 18,965

 6,720

 7,271

 2,974

 3,296

 2,471

 2,655

 Total revenue

 $
 30,154

 $
 32,836

OF OPERATING (LOSS) INCOME FROM EXTERNAL CUSTOMERS

 2025

 2024

 Operating income (loss):

 $
 3,274

 $
 4,773

 ( 395
)

 ( 2,138
)

 ( 5,621
)

 ( 5,943
)

 Corporate headquarters

 ( 4,343
)

 ( 3,594
)

 Total operating loss

 $
 ( 6,690
)

 $
 ( 6,256
)

 The
following table presents a summary of identifiable assets by geographical location (in thousands):

OF IDENTIFIABLE ASSETS BY GEOGRAPHICAL LOCATION

 2025

 2024

 Identifiable assets:

 United States

 $
 22,025

 $
 22,319

 New Zealand

 3,457

 3,898

 United Kingdom

 3,210

 3,586

 Canada

 1,728

 3,096

 Consolidated total

 $
 30,420

 $
 32,899

 NOTE
16. SUBSEQUENT EVENTS

 On
June 19, 2025, TMC entered into a stock purchase agreement ("Agreement") with
SKCAL LLC, an Arizona limited liability company ("SKCAL"), pursuant to which The Marygold Companies has agreed to sell to SKCAL
all of the shares stock that it owns in its wholly owned subsidiary, Brigadier Security Systems (2000) Ltd., a Canadian registered corporation
 ("Brigadier"). Scott Schoenberger, a director and a 10.9 % shareholder of The Marygold Companies, is the sole member of SKCAL. The closing
 ("Closing") of the sale of the Shares took place on July 1, 2025, (" Closing Date ").

to the Agreement, the purchase price for the Shares to be acquired by SKCAL at Closing will be $ 2.2
million subject to certain adjustments thereto. An initial payment of $ 0.2
million was paid within a few days of the execution and delivery of the Agreement by the parties. An additional $ 1.0
million was paid on or about the Closing Date, of which $ 0.5
million was received as of June 30, 2025. A final payment of $ 1.0 million
was payable on September 1, 2025, subject to adjustment upward or downward thereto in the event of a difference between the Closing
Date schedule of Brigadier's current assets and liabilities as of June 30, 2025, ( " Target Balance
Sheet ") and the schedule of Brigadier's audited current assets and liabilities as of June 30, 2025,
(" Final Balance Sheet ") including adjustments in the event accounts receivable become uncollectable, cash
balances increase or decrease, and/or any liabilities arise prior to Closing but which were not set forth on such Target Balance
Sheet. After a comparison of the Final Balance Sheet and the Target Balance Sheet, it was determined and agreed that an upwards
adjustment of $ 0.1
million be added to the purchase price resulting in the final payment amount being $ 1.1
million.

 On June
17, 2025, the independent members of the board of directors of the Company completed their review of an independent valuation of the
fair market value of Brigadier and based upon such valuation and their review of the terms of the proposed transaction, approved the
transaction. The audit committee of the Company continued to have oversight of the transaction through the Closing Date of July 1,
2025, and the final payment adjustment procedures concluding on September 1, 2025. While the Chief Operating Decision Maker
evaluated the security systems segment for operational purposes through June 30, 2025, this was not considered a significant
operation to the Company during the years ended June 30, 2025 and 2024, respectively. As of June 30, 2025, Brigadier had total assets of $ 1.7 million and total liabilities of $ 0.3 million.

 F- 28

 ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 None.

 ITEM
9A. CONTROLS AND PROCEDURES

 Evaluation
of Disclosure Controls and Procedures

 The
Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the
Company's Chief Executive Officer and Chief Accounting Officer, of the effectiveness of the design and operation of the Company's
disclosure controls and procedures, as required by Securities Exchange Act Rule 13a-15, as of the end of the period covered by this report.
Based upon that evaluation, the Chief Executive Officer and Chief Accounting Officer concluded that the Company's disclosure controls
and procedures were effective as of June 30, 2025 (the end of the period covered by this annual report) and provided reasonable assurances
that the information the Company is required to disclose in the reports it files or submits under the Securities Exchange Act of 1934
is recorded, processed, summarized and reported within the time period required by the Commission's rules and forms. Further, the
Company's management, including the Company's Chief Executive Officer and Chief Accounting Officer, concluded that its disclosure
controls and procedures are also effective to ensure that information required to be disclosed in the reports that it files or submits
under the Exchange Act is accumulated and communicated to its management, including its chief executive officer and chief accounting
officer, to allow timely decisions regarding required disclosure.

 Internal
Control Over Financial Reporting

 Management ' s
report on internal control over financial reporting. Our management recognizes its responsibility for establishing and maintaining
adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended.
Currently, the primary responsibility of the registrant is providing oversight control over its subsidiary operations which, in turn,
are managed by their respective boards of directors who are appointed by the registrant for each of the subsidiaries. All debit and credit
transactions with the company's bank accounts, including those of the subsidiary companies, are reviewed by the officers as well
as all communications with the company's creditors. The directors of the subsidiary companies, which include representatives of
the Company, meet frequently – as often as weekly – to discuss and review the financial status of the company and all developments.
All filings of reports with the Commission are reviewed before filing by all directors.

 Our
internal control over financial reporting is a process designed by, or under the supervision of, our chief executive officer and chief
accounting officer, or persons performing similar functions, and effected by our board of directors, management and other personnel,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Our internal
control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and disposition of the assets of the Company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and that receipts and
expenditures of the Company are being made only in accordance with authorization of management and directors of the Company; and (iii)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's
assets that could have a material effect on the financial statements.

 Management
assessed the effectiveness of the Company's internal control over financial reporting at the end of its most recent fiscal year,
June 30, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the
Treadway Commission in the 2013 Internal Control-Integrated Framework. Based on its evaluation, management has concluded that
the Company's internal control over financial reporting was effective as of June 30, 2025.

to Regulation S-K Item 308(b), this Annual Report on Form 10-K does not include an attestation report of our Company's registered
public accounting firm regarding internal control over financial reporting.

 Changes
in Internal Control and Financial Reporting

 There
have been no changes in our internal control over financial reporting during the fiscal year ended June 30, 2025 which were identified
in connection with our management's evaluation required by paragraph (d) of rules 13a-15 and 15d-15 under the Securities Exchange
Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 ITEM
9B. OTHER INFORMATION

 Securities
Trading Plans of Directors and Executive Officers

the fiscal quarter ended June 30, 2025, none of the Company's directors or officers, as defined in Section 16 of the Securities
Exchange Act of 1934, 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) or any "non-Rule 10b5-1 trading arrangement"
as defined under Item 408(a) of Regulation S-K.

 ITEM 9C. DISCLOSURE REGARDING JURISDICTIONS THAT PREVENT INSPECTIONS

 Not
applicable.

 PART
III

 ITEM
10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

 The
information required by this Item is incorporated by reference to our 2025 definitive proxy statement to be filed with the SEC within

 ITEM 11. EXECUTIVE COMPENSATION

 The
information required by this Item is incorporated by reference to our 2025 definitive proxy statement to be filed with the SEC within

 ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 The
information required by this Item is incorporated by reference to our 2025 definitive proxy statement to be filed with the SEC within

 ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 The
information required by this Item is incorporated by reference to our 2025 definitive proxy statement to be filed with the SEC within

 ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 The
information required by this Item is incorporated by reference to our 2025 definitive proxy statement to be filed with the SEC within

 PART
IV

 ITEM
15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 EXHIBIT

 The
following exhibits are filed or incorporated by reference into this Form 10-K:

 3.1

 Amended Articles of Incorporation of Concierge Technologies, Inc. (incorporated by reference to Exhibit A to the Definitive Proxy Materials on Schedule 14C filed on February 28, 2017)

 3.2

 Certificate of Designation (Series of Preferred Stock) (incorporated by reference to Exhibit 3.9 to the Company's Annual Report on Form 10-K filed on October 8, 2010).

 3.3

 Amendment to Certificate of Designation filed with the Secretary of State of the State of Nevada on January 31, 2013 (incorporated by reference to Exhibit 3.3 of the Company's Quarterly Report on Form 10-Q filed on November 15, 2021).

 3.4

 Amendment to Certificate of Designation filed with the Secretary of State of the State of Nevada on January 5, 2015 (incorporated by reference to Exhibit 3.4 of the Company's Quarterly Report on Form 10-Q filed on November 15, 2021).

 3.5

 Amended Bylaws of Concierge Technologies, Inc. effective on March 20, 2017 (incorporated by reference to Exhibit B of the Definitive Proxy Materials on Schedule 14C filed on February 28, 2017)

 3.6

 Certificate of Amendment, dated March 7, 2022(incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on March 7, 2022).

 10.1

 Concierge Technologies, Inc. 2021 Omnibus Equity Incentive Plan (incorporated by reference to Appendix C of the Information Statement filed pursuant to Section 14C on September 13, 2021)

 10.2*

 Employment Agreement between the Company and Stuart Crumbaugh (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on April 19, 2022)

 10.3*

 Employment Agreement between the Company and David Neibert (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on April 19, 2022)

 10.4*

 Employment Agreement between the Company and Carolyn Yu (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on April 19, 2022)

 10.5*

 One-Time Transaction Bonus Agreement by and between the Company, Wainwright Holdings, Inc., and John Love (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed with the SEC on April 19, 2022)

 10.6

 Variation Agreement entered into on June 20, 2022 between Marygold UK and Keith Halford to complete the closing of the Share Purchase Agreement entered into on August 13, 2021 (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K/A filed with the SEC on June 21, 2022).

 10.7

 Equity Distribution Agreement, dated March 7, 2025, by and between the Company and Maxim Group LLC (incorporated by reference to Exhibit 1.1 to the Company's Form 8-K filed with the SEC on March 10, 2025).

 10.8

 Common Stock Purchase Warrant, dated March 14, 2022, by and between the Company and Maxim Partners LLC (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed with the SEC on March 15, 2022).

 10.9

 Stock Purchase Agreement, dated June 19, 2025, by and between the Company and SKCAL LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed with the SEC on June 20, 2025).

 21.1

 List of Subsidiaries. **

 23.1

 Consent of BPM LLP. **

 24.1

 Power of Attorney (included on Signature page of this Form 10-K).

 31.1

 Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. **

 31.2

 Certification of Chief Accounting Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. **

 32.1

 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. **

 32.2

 Certification of Chief Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. **

 *

 Indicates
 management contract or any compensatory plan, contract or arrangement.

 **

 Filed
 herewith.

 101.INS

 101.SCH

 101.CAL

 101.LAB

 101.PRE

 101.DEF

 Cover

 ITEM 16. FORM 10-K SUMMARY

 The
Company has determined not to include a summary of the information permitted by Item 16 of the Form 10-K.

 SIGNATURES

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

 THE

 (Registrant)

 Date:

 /s/
 Nicholas D. Gerber

 Nicholas
 D. Gerber, Chief Executive Officer

 (Principal Executive Officer)

 KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Carolyn M. Yu, with the power
of substitution and re-substitution, as his or her attorney-in-fact and agent, for him or her and in his or her name, place and stead,
in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K for the year ended June 30, 2025, and to
file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorney-in-fact and agent, and each of them, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

 Date:

 /s/
 Nicholas D. Gerber

 Nicholas
 D. Gerber, CEO, Chairman of the Board of Directors

 Date:

 /s/
 Scott A. West

 Scott A. West, Chief Accounting Officer

 (Principal Accounting Officer)

 Date:

 /s/
 David W. Neibert

 David
 W. Neibert, C.O.O., Secretary and Director

 Date:

 /s/
 Scott Schoenberger

 Scott
 Schoenberger, Director

 Date:

 /s/
 Matt Gonzalez

 Matt
 Gonzalez, Director

 Date:

 /s/
 Derek Mullins

 Derek
 Mullins, Director

 Date:

 /s/
 James Alexander

 James
 Alexander, Director

 Date:

 /s/
 Erin Grogan

 Erin
 Grogan, Director

 Date:

 /s/
 Joya Delgado Harris

 Joya
 Delgado Harris, Director