YogaSix To Celebrate Second Annual YogaSix Day on June 6
IRVINE, Calif., May 29, 2025--(BUSINESS WIRE)--YogaSix, the largest franchised yoga brand in the U.S. and part of the Xponential Fitness family, today announced the return of its second annual YogaSix Day train place on June 6, 2025. With nearly 200 locations across the country, YogaSix is building on the success of last year's inaugural event, which delivered record-breaking attendance, strong new student turnout, and one of the brand's highest days for class utilization. This year, YogaSix again welcomes members and newcomers alike with a unique opportunity to see all that the modern boutique yoga brand has to offer on its signature brand day.
"YogaSix Day has quickly become a signature celebration for our brand," said Jeff Miller, Chief Marketing Officer of YogaSix. "Last year's success showed just how many people are interested in joining and embracing the YogaSix community. YogaSix Day gives us an opportunity to showcase our brand, our style of yoga, our franchise owners, our teachers, and most importantly, our YogaSix community. This is only our second year, and I can't wait to see what YogaSix Day looks and feels like in its 20th year."
Special Classes, Events and Offers on YogaSix Day
Back by popular demand and only offered once a year, "The Y6 Six" class offers a 60-minute yoga journey through all six signature formats: Y6 101, Y6 Slow Flow, Y6 Signature, Y6 Power Flow, Y6 Sculpt & Flow, and Y6 Restore. This dynamic class blends elements of each to deliver a comprehensive, energizing, 60-minute yoga experience.
"The Y6 Six class gives new students a taste of what YogaSix offers and an opportunity for our loyal members to try out different class types that they may not normally take," said Veronica Najera, Director of Education at YogaSix. "We hope it encourages members who regularly attend our Y6 Signature Hot or Y6 Power Flow class to expand their comfort zone by trying a little of Y6 Restore or Y6 Slow Flow, and vice versa."
This special day will be celebrated with both in-studio and out-of-studio events, with participating studios partnering with local community businesses to offer samples and on site activations. To keep the party going, select studios will also have custom playlists, DJs, and food and drinks going throughout the day. Select YogaSix studios are offering free and discounted classes for newcomers and friends, discounts on YogaSix branded apparel and merchandise, special one day only membership offers, and the return of the "Summer 6-Pack" – which launches nationwide on YogaSix Day.
YogaSix stands out from other yoga concepts by eliminating the exclusive and intimidating vibe that often surrounds yoga, reviving the practice in a modern way that is inclusive, empowering, and fun. For more information about YogaSix Day, class schedules, studio locations and special promotions, visit www.yogasix.com or contact your local YogaSix studio directly.
YOGASIX
Founded in 2012, YogaSix is the largest franchised yoga brand in the United States that offers a broad range of heated and non-heated yoga classes, strength-building and cardio-boosting fitness classes, and restorative yoga classes accessible to all. YogaSix has six Signature class formats, including Y6 101, Y6 Restore, Y6 Slow Flow, Y6 Signature Hot and Warm, Y6 Power Flow, and Y6 Sculpt & Flow, plus three Specialty Classes: Y6 Mix, Y6 TRX, and the new Y6 Mobility. Classes at YogaSix eliminate the intimidation factor that many people feel when trying yoga for the first time, offering a fresh perspective on one of the world's oldest fitness practices. Ranked in Entrepreneur Magazine's Franchise 500 three years running, and Fastest-Growing Franchises and Top New Franchises two years running, YogaSix is headquartered in Irvine, California and backed by Xponential Fitness, one of the leading global franchisors of boutique health and wellness brands. To learn more about YogaSix, visit www.yogasix.com.
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Expand Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO and AFFO, each of which are non-GAAP measures. We believe these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts ('Nareit'). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency transactions, Internalization expenses, structuring and public company readiness costs, extraordinary items, and other specified non-cash items. We believe that such items are not a result of normal operations and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. Our leases typically include cash rents that increase through lease escalations over the term of the lease. Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. We further exclude costs or gains recorded on the extinguishment of debt, non-cash interest expense and gains, the amortization of debt issuance costs, net mortgage premiums, and lease intangibles, realized gains and losses on foreign currency transactions, Internalization expenses, and structuring and public company readiness costs, as these items are not indicative of ongoing operational results. We use AFFO as a measure of our performance when we formulate corporate goals. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by one-time cash and non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO and AFFO with the same or similar measures disclosed by other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of AFFO accordingly. The following is a reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI: Three months ended June 30, (unaudited, in thousands) 2025 Net loss $ (4,530 ) Depreciation and amortization 10,407 Interest expense 4,647 Income taxes 194 EBITDA 10,718 Gain on sale of real estate (1,194 ) Impairment loss on real estate held for investment 2,978 EBITDAre 12,502 Adjustment for current period investment activity (1) 383 Adjustment for current period disposition activity (2) (72 ) Adjustment for non-cash compensation expense (3) 200 Adjustment to exclude non-recurring expenses (4) 1,053 Adjustment to exclude net write-offs of accrued rental income 158 Adjusted EBITDAre 14,224 General and administrative, net of non-recurring 1,962 Adjusted Net Operating Income 16,186 Straight-line rental revenue, net (277 ) Adjusted Cash NOI $ 15,909 Annualized EBITDAre $ 50,008 Annualized Adjusted EBITDAre $ 56,896 Annualized Adjusted NOI $ 64,744 Annualized Adjusted Cash NOI $ 63,636 Expand (1) Reflects an adjustment to give effect to all acquisitions during the period as if they had been acquired as of the beginning of the period. 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Empire Petroleum Reports Results for Second Quarter 2025 and Demonstrates Operational Momentum
TULSA, Okla.--(BUSINESS WIRE)-- Empire Petroleum (NYSE American: EP) ('Empire' or the 'Company'), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, today reported operational and financial results for the second quarter 2025. SECOND QUARTER 2025 HIGHLIGHTS Produced Q2-2025 net production volumes of 2,357 barrels of oil equivalent per day ('Boe/d'), an increase of 15% compared to Q1-2025; Reported 1,493 barrels of oil per day ('Bbls/d'); Boe/d is comprised of 63% oil, 19% natural gas liquids ('NGLs'), and 18% natural gas; As part of Empire's Enhanced Oil Recovery ('EOR') efforts in the Starbuck Drilling Program ('Starbuck') in North Dakota, modified wellhead installations are underway and expected to be completed in Q3-2025, with advanced fabrication work progressing toward completion by year-end; While certain rare alloys and specialized materials for the EOR process remain in fabrication, production has continued to improve and operations are showing increased consistency; Installation of the modified rare alloys for the EOR units is expected to be completed and fully operational in Q4-2025; Empire expects to finalize the patented design specifications for its hydrocarbon vaporization technology by the end of Q4-2025, with the system leveraging elevated temperatures and pressure changes to enhance recovery efficiency; Empire made significant progress in preparing for its inaugural drilling campaign in Texas, completing its first drilling pad and preparing multiple locations for entry as part of its development plan; The Company also advanced critical pre-drill activities during Q2-2025, including surface land work, rig evaluation, and the permitting process, laying the groundwork for horizontal development across multiple prospective pay zones identified in the region; Empire expects drilling operations to commence in Q4-2025; Launched a subscription rights offering ('Rights Offering') with the intention to raise approximately $5.0 million in gross proceeds, including $2.5 million from the anticipated future exercise of the warrants issued as part of the Rights Offering, to provide shareholders the opportunity to increase their equity position; Each shareholder of record as of July 10, 2025, is entitled to purchase one unit at a subscription price equal to $0.07367 per unit, each unit consisting of 0.0139 shares of the Company's common stock and one rights warrant to purchase 0.0136 shares of the Company's common stock equal to $5.46 per whole share; Stockholders who fully exercise their subscription rights are entitled to oversubscribe for additional units, subject to availability and pro-rata allocation of units; As stated in previous filings, Phil E. Mulacek, Chairman of the Board and one of Empire's largest shareholders, has expressed his intent to fully subscribe to the units available through his subscription rights and to fully exercise his over-subscription rights to purchase his pro-rata share of any remaining unsubscribed securities at the offering's expiration; The Rights Offering is set to expire at 5:00 p.m., Eastern Time, on August 18, 2025, and proceeds are expected to be used for balance sheet optimization efforts and general corporate purposes; Reported Q2-2025 total product revenue of $8.7 million, a net loss of $5.1 million, or ($0.15) per diluted share, primarily driven by lower realized commodity prices, which included a 12% decrease in realized oil prices compared to Q1-2025 and a 23% decrease compared to Q2-2024; Despite a 15% increase in equivalent production compared to Q1-2025, the significant decline in realized commodity pricing drove lower financial results for the quarter; Adjusted EBITDA of ($1.2) million for Q2-2025. 2025 OUTLOOK 'While commodity prices were significantly under pressure (NYMEX oil prices down ~10% from Q1-2025 and down ~20% from Q2-2024) in the second quarter due to a mix of global market condition and seasonal factors, I believe this environment is temporary,' said Phil Mulacek, Chairman of the Board. 'Reported North American data shows that the oil well rig count is at post-COVID lows, compared to 2021 levels, while the hydraulic fracturing spread count is even lower at levels not seen since late 2020 through the end of 2021. These material market indicators should result in lower production going forward. Compounding this, U.S. production has already peaked and is approximately 250,000 barrels per day lower than the high earlier in 2025. This supports my strong belief that overall pricing is trending upward over the next four to six quarters. Over the next six to nine months, we anticipate a continued rebound that could increase our production levels. Empire is strategically positioned to benefit from this upswing with focused production increases. The Empire team continues to demonstrate disciplined planning and execution, placing the Company on a stronger path to lasting growth. My decision to fully subscribe and oversubscribe in the Rights Offering reflects my strong confidence in the Company's long-term potential.' Mike Morrisett, President and CEO, added, 'We were pleased to restore and maintain production across key assets during the second quarter, particularly in North Dakota. However, lower-than-expected commodity pricing impacted revenue and margins, offsetting our operational gains. We remain focused on executing our development plans and maintaining cost discipline as we position the Company to capitalize on a potential pricing recovery.' North Dakota – Williston Basin: Empire remains confident in the trajectory of its EOR program in the Starbuck region and expects to reach steady-state production levels by the end of Q4-2025, contingent on continued equipment reliability and seasonal operating stability; and With key infrastructure milestones nearing completion and EOR operations delivering steadily improving performance, the program is expected to support sustained production growth and improved asset performance over the long term. New Mexico – Permian Basin: After four years of expenditures, Empire anticipates receiving a ruling from the New Mexico Oil Conservation Commission ('NMOCD') in Q3-2025, regarding its applications to revoke four existing permits and deny five new applications for what the Company believes is the illegal disposal of wastewater into Eunice Monument South Unit's ('EMSU') Unitized Interval by the largest of the third-party Saltwater Disposal ('SWD') operators; Pending the NMOCD's decision, Empire plans to proceed with Motions to Revoke the existing permits granted to the remaining three SWD Companies disposing wastewater into the EMSU and Arrowhead Grayburg Unit ('AGU') Unitized Interval, while concurrently advancing litigation for trespass and damages; While litigation has limited the scope of development activity in the affected areas, production from the EMSU and AGU units has increased in recent months, reflecting ongoing optimization efforts; and The Company expects final resolution of this matter to result in a meaningful reduction in operating expenses and contribute to improved financial performance going forward. Texas – East Texas Basin: Empire remains on track to initiate drilling operations in Q4-2025, as part of its broader development strategy in the region; The upcoming program is designed to target multiple prospective pay zones identified during technical evaluation, with a focus on horizontal development opportunities that support long-term, capital-efficient production; The Company expects this activity to establish a foundation for scalable development throughout 2026 and beyond; As of the first week of August 2025, the first drilling pad has been completed, and the Company is actively securing materials, equipment, rigs, and other necessary resources to begin and conclude drilling operations on the initial wells in Q4-2025; and The production targets associated with these wells are expected to deliver the most significant impact to Empire's portfolio to date. SECOND QUARTER 2025 FINANCIAL AND OPERATIONAL RESULTS Net sales volumes for Q2-2025 were 2,357 Boe/d, including 1,493 barrels of oil per day; 430 barrels of NGLs per day, and 2,606 thousand cubic feet per day ('Mcf/d') or 434 Boe/d of natural gas. Oil sales volumes decreased approximately 15% compared to Q2-2024 primarily due to redrilling efforts in North Dakota and natural decline. Empire reported Q2-2025 total product revenue of $8.7 million versus $12.8 million in Q2-2024. Contributing to the decrease were lower oil sales volumes and lower realized oil and NGL prices. Realized oil and natural gas liquids prices decreased 23% and 14%, respectively, due to a general decline in overall market pricing. Lease operating expenses in Q2-2025 decreased to $6.4 million versus $7.5 million in Q2-2024 primarily due to lower workover costs. Q2-2025 workover expense decreased to $0.5 million versus $1.6 million in Q2-2024. Higher workover expense in 2024 was primarily in New Mexico as Empire continued work in the region to enhance and maintain production. Production and ad valorem taxes for Q2-2025 were $0.8 million versus $1.1 million in Q2-2024, as a result of lower product revenues. Depreciation, Depletion, and Amortization ('DD&A') and Accretion for Q2-2025 was $3.1 million versus $3.2 million for Q2-2024. The decrease in DD&A is primarily due to lower production volumes partially offset by the acquisition of additional working interest in New Mexico and the impact of the capitalized costs associated with the new drilling as part of Empire's Starbuck Drilling Program in North Dakota. Accretion increased slightly due to the new drilling activity and acquisition of working interest in New Mexico. General and administrative expenses, excluding share-based compensation expense, was $2.9 million, or $13.55 per Boe in Q1-2025 versus $2.4 million, or $9.80 per Boe in Q2-2024. The increase in expenses was primarily due to an increase in salaries and benefits associated with an increase in employee headcount. Interest expense for Q2-2025 slightly decreased, compared to Q2-2024, primarily due to certain non-cash interest expense in Q2-2024 from the convertible promissory note partially offset by a higher average outstanding balance on the Company's credit facility. Empire recorded a net loss of $5.1 million in Q2-2025, or ($0.15) per diluted share, versus a Q2-2024 net loss of $4.4 million, or ($0.15) per diluted share. Adjusted EBITDA was ($1.2) million for Q2-2025 compared to Adjusted EBITDA of $1.7 million in Q2-2024. CAPITAL SPENDING, BALANCE SHEET & LIQUIDITY For the six months ended June 30, 2025, Empire invested approximately $3.3 million in total capital expenditures, primarily from finalizing drilling and completions activity related to the Starbuck Drilling Program in North Dakota and continued return-to-production efforts in Texas. As of June 30, 2025, Empire had approximately $2.3 million in cash on hand and approximately $4.0 million available on its credit facility. Empire is scheduled to complete a subscriptions rights offering in August 2025, which is expected to raise approximately $5.0 million of gross proceeds. UPDATED PRESENTATION An updated Company presentation will be posted to the Company's website under the Investor Relations section. ABOUT EMPIRE PETROLEUM Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with their existing portfolio of wells. More information about Empire can be found at SAFE HARBOR STATEMENT This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company's estimates, strategy, and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the SEC. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, future commodity prices, the Company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, including inflation, tariffs and interest rates, uncertainties associated with legal and regulatory matters, successful completion of the Rights Offering, including future exercise of the warrants issued as part of the Rights Offering, and other risks and uncertainties related to the conduct of business by the Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise. EMPIRE PETROLEUM CORPORATION Condensed Operating Data (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2025 2025 2024 2025 2024 Net Sales Volumes: Oil (Bbl) 135,854 119,635 160,283 255,489 291,043 Natural gas (Mcf) 237,133 199,868 241,242 437,001 453,063 Natural gas liquids (Bbl) 39,091 31,453 39,612 70,544 74,397 Total (Boe) 214,467 184,400 240,102 398,867 440,951 Average daily equivalent sales (Boe/d) 2,357 2,049 2,638 2,204 2,423 Average Price per Unit: Oil ($/Bbl) $ 58.92 $ 67.28 $ 76.66 $ 62.84 $ 74.66 Natural gas ($/Mcf) $ 0.93 $ 2.74 $ (0.48 ) $ 1.76 $ 0.58 Natural gas liquids ($/Bbl) $ 13.33 $ 12.56 $ 15.58 $ 12.98 $ 13.89 Total ($/Boe) $ 40.78 $ 48.76 $ 53.26 $ 44.47 $ 52.21 Operating Costs and Expenses per Boe: Lease operating expense $ 29.78 $ 31.27 $ 31.42 $ 30.47 $ 33.86 Production and ad valorem taxes $ 3.58 $ 3.86 $ 4.44 $ 3.71 $ 4.31 Depreciation, depletion, amortization and accretion $ 14.50 $ 14.92 $ 13.20 $ 14.70 $ 11.67 General & administrative expense: General & administrative expense (excluding stock-based compensation) $ 13.55 $ 17.34 $ 9.80 $ 15.30 $ 11.87 Stock-based compensation $ 2.27 $ 2.88 $ 2.47 $ 2.55 $ 2.95 Total general & administrative expense $ 15.82 $ 20.22 $ 12.27 $ 17.85 $ 14.82 Expand EMPIRE PETROLEUM CORPORATION Condensed Consolidated Balance Sheets (in thousands, except share data) (Unaudited) June 30, December 31, 2025 2024 ASSETS Current Assets: Cash $ 2,293 $ 2,251 Accounts Receivable 10,167 8,155 Inventory 1,303 1,305 Prepaids 756 640 Total Current Assets 14,519 12,351 Property and Equipment: Oil and Natural Gas Properties, Successful Efforts 144,008 140,675 Less: Accumulated Depletion, Amortization and Impairment (36,583 ) (31,974 ) Total Oil and Gas Properties, Net 107,425 108,701 Other Property and Equipment, Net 1,484 1,391 Total Property and Equipment, Net 108,909 110,092 Other Noncurrent Assets 1,231 1,425 TOTAL ASSETS $ 124,659 $ 123,868 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 11,935 $ 10,452 Accrued Expenses 11,402 10,348 Current Portion of Lease Liability 300 400 Current Portion of Note Payable - Related Party 2,000 - Current Portion of Long-Term Debt 530 70 Total Current Liabilities 26,167 21,270 Long-Term Debt 14,627 11,266 Long-Term Lease Liability 39 144 Asset Retirement Obligations 29,321 28,423 Total Liabilities 70,154 61,103 Stockholders' Equity: Series A Preferred Stock - $0.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively - - Common Stock - $0.001 Par Value, 190,000,000 Shares Authorized, 33,756,595 and 33,667,132 Shares Issued and Outstanding, Respectively 93 93 Additional Paid-in-Capital 144,506 143,489 Total Stockholders' Equity 54,505 62,765 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 124,659 $ 123,868 Expand EMPIRE PETROLEUM CORPORATION Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2025 2025 2024 2025 2024 Cash Flows from Operating Activities: Net Loss $ (5,056 ) $ (4,221 ) $ (4,390 ) (9,277 ) $ (8,364 ) Adjustments to Reconcile Net Loss to Net Cash (Used In) Provided By Operating Activities: Stock-Based Compensation 486 531 592 1,017 1,302 Amortization of Right-of-Use Assets 120 121 136 241 271 Depreciation, Depletion and Amortization 2,576 2,226 2,677 4,802 4,167 Accretion of Asset Retirement Obligations 534 526 492 1,060 977 Loss on Commodity Derivatives - - 1 - 859 Settlement on or Purchases of Derivative Instruments - - (253 ) - (263 ) Loss on Financial Derivatives - - 1,736 - 998 Amortization of Debt Discount on Convertible Notes - - 500 - 500 Gain on Extinguishment of Debt - - (17 ) - (17 ) Gain on Sale of Oil and Natural Gas Properties (175 ) - - (175 ) - Gain on Sale of Other Fixed Assets - (32 ) - (32 ) - Change in Operating Assets and Liabilities: Accounts Receivable (2,291 ) 279 (1,694 ) (2,012 ) (630 ) Inventory, Oil in Tanks 200 (199 ) 346 1 (18 ) Prepaids, Current 331 94 463 425 460 Accounts Payable (355 ) 1,676 (2,484 ) 1,321 1,855 Accrued Expenses 455 599 668 1,054 1,030 Other Long Term Assets and Liabilities 37 13 (574 ) 50 (1,021 ) Net Cash (Used In) Provided By Operating Activities (3,138 ) 1,613 (1,801 ) (1,525 ) 2,106 Cash Flows from Investing Activities: Disposal of Oil and Natural Gas Properties 175 - - 175 - Additions to Oil and Natural Gas Properties (491 ) (2,680 ) (13,202 ) (3,171 ) (30,143 ) Disposal of Other Fixed Assets - 49 - 49 - Purchase of Other Fixed Assets (23 ) (18 ) (89 ) (41 ) (120 ) Cash Paid for Right-of-Use Assets (111 ) (113 ) (125 ) (224 ) (251 ) Net Cash Used In Investing Activities (450 ) (2,762 ) (13,416 ) (3,212 ) (30,514 ) Cash Flows from Financing Activities: Borrowings on Credit Facility 3,000 - - 3,000 3,950 Proceeds from Promissory Note - Related Party 2,000 - - 2,000 5,000 Proceeds from Rights Offering, net of transaction costs - - 20,512 - 20,512 Principal Payments of Debt (200 ) (21 ) (157 ) (221 ) (218 ) Net Proceeds from Warrant Exercise - - 629 - 629 Net Cash Provided By (Used In) Financing Activities 4,800 (21 ) 20,984 4,779 29,873 Net Change in Cash 1,212 (1,170 ) 5,767 42 1,465 Cash - Beginning of Period 1,081 2,251 3,491 2,251 7,793 Expand Empire Petroleum Corporation Non-GAAP Information Certain financial information included in Empire's financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures include 'Adjusted Net Loss', 'EBITDA' and 'Adjusted EBITDA'. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Adjusted net loss is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods. The Company defines adjusted EBITDA as net loss plus net interest expense, DD&A, accretion, amortization of right of use assets, income tax provision (benefit), and other adjustments. Company management believes this presentation is relevant and useful because it helps investors understand Empire's operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income (loss), as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. In addition, adjusted EBITDA does not represent funds available for discretionary use.
