Mosaic Biosciences Receives National Agri-Marketing Award
TAMPA, FL / ACCESS Newswire / April 14, 2025 / The Mosaic Company (NYSE:MOS) is making great strides in its strategy to redefine growth and is pleased to announce that Mosaic Biosciences' Frontier Fields series (Season 1) took home the top national award in the Digital Content category at the National Agri-Marketing Association (NAMA) Awards. The Frontier Fields series follows six Midwest farmers using BioPath® and PowerCoat™ and shares their authentic experience through the crop season. Mosaic was up against many of the largest names in the agricultural sector for this competitive award.
'The National Agri-Marketing Association (NAMA) Awards are the most prestigious recognition of excellence in agriculture marketing, and I am incredibly proud of this accomplishment - it was no small feat.' said Jenny Wang, Executive Vice President, Commercial. 'With over 1.7 million views and 5.9 million minutes of total watch time, this award validates our effort in addressing the barriers to biological adoption among growers and our commitment to transparency. Farmers trust other farmers - and that insight is what sparked this project.'
With MicroEssentials ranked #1 in earned media, Mosaic has already established itself as a trusted name among growers. The company will continue investing in marketing and go-to-market channels to build on that success and strengthen the Mosaic Biosciences brand.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Through its Mosaic Biosciences platform, the company is also advancing the next generation biological solutions to help farmers improve nutrient use efficiency and crop performance sustainably. Mosaic provides a single-source supply of phosphate, potash, and biological products for the global agriculture industry. More information on the company is available at www.mosaicco.com.
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SOURCE: The Mosaic Company
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Interest Expense Interest expense for the first quarter decreased $4.2 million, or 100%, as compared to the same period in the prior year. The decrease in interest expense was due to the Recapitalization Transactions mentioned above, whereby TPHGreenwich is recording the interest expense and the amortization of deferred finance costs as of February 14, 2024. Interest expense during the three months ended March 31, 2025 was related to interest expense incurred on the Steel Promissory Note. All Other (Expense) Income, Net During the three months ended March 31, 2025, the Company recognized: (1) $2.6 million non-cash pension settlement charge as a result of the purchase of annuity contracts in connection with the termination of the Company's legacy pension plan and (2) $0.5 million excise tax on the estimated reversion of pension plan assets. During the three months ended March 31, 2024, the Company recorded a $21.0 million gain on contributions to joint ventures, which represented the gain in the value of the Company relating to the Recapitalization Transactions that closed on February 14, 2024. The Company also recorded $6.8 million in equity in net loss from unconsolidated joint ventures during the three months ended March 31, 2024, which represented the Company's 95% share of TPHGreenwich's net loss. Tax (Benefit) Expense The Company realized a tax benefit of $0.2 million during the first quarter as compared to tax expense of $0.1 million during the same period in the prior year. The favorable change was due to lower franchise tax expense. Net (Loss) Income The Company recognized a net loss of $3.7 million during the first quarter as compared to net income of $8.1 million during the same period in the prior year. This is a result of the changes discussed above, principally due to the gain on contributions to joint ventures recognized during the prior year period not repeated in the current year period, as well as the non-cash pension settlement charge and related estimated excise tax recognized during the current year period. This is partially offset by equity in net loss from unconsolidated joint ventures recognized in the prior year period not repeated in the current year period, as well as lower operating expenses and interest expense. Forward-Looking Statements Certain information in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated. Such forward-looking statements do not guaranty future performance and are subject to various factors that could cause actual results to differ materially. Undue reliance should not be placed on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to provide updates on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements. (Financial Tables on Following Pages) TRINITY PLACE HOLDINGS INC. (in thousands, except par value and share amounts) December 31, 2024 (unaudited) ASSETS Cash and cash equivalents $ 450 $ 277 Restricted cash 110 126 Prepaid expenses and other assets, net 359 267 Pension asset 463 2,802 Accounts receivable, net — 146 Right-of-use asset — 109 Total assets $ 1,382 $ 3,727 LIABILITIES Steel Promissory Note payable $ 1,008 $ — Accounts payable and accrued expenses 374 454 Accrued professional fees 183 954 Lease liability — 118 Total liabilities 1,565 1,526 Commitments and Contingencies STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding at March 31, 2025 and December 31, 2024 — — Preferred stock, $0.01 par value; 2 shares authorized; no shares issued and outstanding at March 31, 2025 and December 31, 2024 — — Special stock, $0.01 par value; 1 share authorized, issued and outstanding at March 31, 2025 and December 31, 2024 — — Common stock, $0.01 par value; 79,999,997 shares authorized; 73,447,413 and 72,487,481 shares issued at March 31, 2025, and December 31, 2024, respectively; 66,247,266 and 65,314,726 shares outstanding at March 31, 2025, and December 31, 2024, respectively 735 725 Additional paid-in capital 150,713 150,183 Treasury stock (7,200,147 and 7,172,755 shares at March 31, 2025, and December 31, 2024, respectively) (57,678 ) (57,676 ) Accumulated other comprehensive loss — (729 ) Accumulated deficit (93,953 ) (90,302 ) Total stockholders' equity (183 ) 2,201 Total liabilities and stockholders' equity $ 1,382 $ 3,727 Expand TRINITY PLACE HOLDINGS INC. AND COMPREHENSIVE INCOME (LOSS) (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2025 2024 Revenues Rental revenues $ — $ 798 Other income 239 120 Sales of residential condominium units — 1,439 Total revenues 239 2,357 Operating expenses Property operating expenses 24 415 Real estate taxes — 365 General and administrative 983 1,106 Pension related costs — 130 Cost of sales - residential condominium units — 1,437 Depreciation and amortization 1 762 Total operating expenses 1,008 4,215 Operating loss (769 ) (1,858 ) Non-cash pension settlement expense and estimated excise tax on plan asset reversion (3,068 ) — Gain on contribution to joint venture — 20,976 Equity in net loss from unconsolidated joint ventures — (6,754 ) Interest expense, net (8 ) (3,883 ) Interest expense - amortization of deferred finance costs — (334 ) (Loss) income before taxes $ (3,845 ) $ 8,147 Income tax benefit (expense) 194 (86 ) Net (loss) income attributable to common stockholders $ (3,651 ) $ 8,061 Other comprehensive (loss) income: Reclassification of loss on pension settlement 729 — Unrealized gain on pension liability — 120 Comprehensive (loss) income attributable to common stockholders $ (2,922 ) $ 8,181 (Loss) income per common unit - basic and diluted $ (0.06 ) $ 0.15 Weighted average common shares outstanding - basic and diluted 66,269 52,856 Expand TRINITY PLACE HOLDINGS INC. (in thousands) (unaudited) Common Stock Additional Paid-In Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Amount Shares Amount Balance at December 31, 2024 72,487 $ 725 $ 150,183 (7,173 ) $ (57,676 ) $ (90,302 ) $ (729 ) $ 2,201 Net income attributable to common stockholders — — — — — (3,651 ) — (3,651 ) Settlement of stock awards 960 10 537 (27 ) (2 ) — — 545 Other comprehensive loss — — — — — — 729 729 Stock-based compensation — — (7 ) — — — — (7 ) Balance at March 31, 2025 73,447 $ 735 $ 150,713 (7,200 ) $ (57,678 ) $ (93,953 ) $ — $ (183 ) Expand Common Stock Additional Paid-In Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Amount Shares Amount Balance at December 31, 2023 44,965 $ 450 $ 145,301 (6,766 ) $ (57,637 ) $ (95,905 ) $ (2,257 ) $ (10,048 ) Net income attributable to common stockholders — — — — — 8,061 — 8,061 Sale of common stock 25,112 251 4,235 — — — — 4,486 Settlement of stock awards 659 7 — (177 ) (28 ) — — (21 ) Other comprehensive income — — — — — — 120 120 Stock-based compensation — — 60 — — — — 60 Balance at March 31, 2024 70,736 $ 708 $ 149,596 (6,943 ) $ (57,665 ) $ (87,844 ) $ (2,137 ) $ 2,658 Expand TRINITY PLACE HOLDINGS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net (loss) income attributable to common stockholders $ (3,651 ) $ 8,061 Adjustments to reconcile net (loss) income attributable to common stockholders to net cash used in operating activities: Depreciation and amortization and amortization of deferred finance costs 1 1,096 Other non-cash adjustment - paid-in-kind interest — 1,466 Settlement of stock awards and stock-based compensation expense 530 60 Gain on contribution to joint venture — (20,976 ) Deferred rents receivable — 12 Non-cash pension settlement expense 2,605 — Other non-cash adjustments - pension expense — 120 Equity in net loss from unconsolidated joint ventures — 6,754 Net change in operating assets and liabilities: Residential condominium units for sale — 2,201 Receivables 146 (173 ) Prepaid expenses and other assets, net 479 60 Accounts payable and accrued expenses (961 ) (3,135 ) Net cash used in operating activities (851 ) (4,454 ) Cash flows from investing activities: Transfer of restricted cash — (6,904 ) Net cash used in investing activities — (6,904 ) Cash flows from financing activities: Proceeds from loans and corporate credit facility — 2,526 Proceeds from Steel Promissory Note 1,000 — Settlement of stock awards 8 (21 ) Sale of common stock, net — 4,486 Net cash provided by financing activities 1,008 6,991 Net increase (decrease) in cash and cash equivalents and restricted cash 157 (4,367 ) Cash and cash equivalents and restricted cash, beginning of period 403 8,345 Cash and cash equivalents and restricted cash, end of period $ 560 $ 3,978 Cash and cash equivalents, beginning of period 277 264 Restricted cash, beginning of period 126 8,081 Cash and cash equivalents and restricted cash, beginning of period $ 403 $ 8,345 Cash and cash equivalents, end of period 450 285 Restricted cash, end of period 110 3,693 Cash and cash equivalents and restricted cash, end of period $ 560 $ 3,978 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ — $ 915 Cash paid during the period for taxes $ 12 $ 117 Supplemental disclosure of non-cash investing and financing activities: Transfer of real estate and condominium assets $ — $ 244,477 Transfer of loans, credit facility and line of credit $ — $ (251,325 ) Transfer of operating assets and liabilities, net $ — $ (14,797 ) Expand
