Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Statements

The information in this report contains forward-looking statements. All statements other than statements of historical fact made in this report are forward-looking. In particular, the statements herein regarding industry prospects and future results of operations or financial position are forward-looking statements. These forward-looking statements can be identified by the use of words such as "believes," "estimates," "could," "possibly," "probably," anticipates," "projects," "expects," "may," "will," or "should" or other variations or similar words. No assurances can be given that the future results anticipated by the forward-looking statements will be achieved. Forward-looking statements reflect management's current expectations and are inherently uncertain. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, our actual results may differ significantly from management's expectations. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those anticipated in these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or, in the case of documents referred to or incorporated by reference, the date of those documents.

The following discussion and analysis should be read in conjunction with our unaudited financial statements, included herewith. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussion represents only the best present assessment of our management.

Overview

Nordicus Partners Corporation is a U.S. publicly listed business accelerator and holding company dedicated to helping Nordic life sciences companies succeed in the American market. By combining Nordic innovation with U.S. operational expertise, Nordicus Partners Corporation creates a distinct advantage in identifying, scaling, and exiting high-potential companies in fast-growing markets with unmet medical needs. Current portfolio companies include the two promising preclinical biotechnology companies Orocidin A/S and Bio-Convert A/S.

Organizational History

We were founded in 1993 and in 2007 were reincorporated from a Massachusetts corporation to a Delaware corporation. We changed our name from CardioTech International, Inc. to AdvanSource Biomaterials Corporation, effective October 15, 2008. On March 3, 2020, we changed our name to EKIMAS Corporation.

On October 12, 2021, we entered into a Stock Purchase Agreement (the "SPA") with Reddington Partners LLC, a California limited liability company("Reddington") providing for the purchase of a total of 5,114,475 shares of our common stock, on a post-split basis, or approximately 90% of our total shares of common stock outstanding for total cash consideration of $400,000. Reddington purchased the common stock in two tranches on October 12, 2021 (the "First Closing") and March 15, 2022.

Pursuant to the SPA, the Company effectuated a 1-for-50 reverse stock split on March 11, 2022 (the "Reverse Split"). Accordingly, on a post-split basis, the shares purchased in connection with the First Closing resulted in Reddington owning 42,273 shares of our common stock. As set forth in the SPA, Reddington then purchased from us on March 15, 2022, an additional 469,175 shares of our common stock, on a post-split basis (the "Second Closing"). After the issuance thereof Reddington owned 511,448 shares of our common stock, or approximately 90% of our total shares of common stock outstanding.

On February 23, 2023, the Company and NP Bioinnovation A/S (formerly Nordicus Partners A/S and Managementselskabet af 12.08.2020 A/S), a Danish stock corporation, consummated the transactions contemplated by a certain contribution agreement (the "Contribution Agreement") by and among the Company, NP Bioinnovation A/S, GK Partners ApS ("GK Partners"), Henrik Rouf and Life Science Power House ApS ("LSPH") (GK Partners, Rouf and LSPH are collectively referred to herein as the "Sellers", and each individually as a "Seller"). Pursuant to the Contribution Agreement the Sellers contributed, transferred, assigned and conveyed to the Company all right, title and interest in and to one hundred percent (100%) of the issued and outstanding capital stock of NP Bioinnovation A/S for an aggregate of 250,000 shares of the Company's Common Stock, par value $0.001 per share. As a result of this transaction, NP Bioinnovation A/S became a 100% wholly owned subsidiary of the Company.

On February 23, 2023, Tom Glaesner Larsen and Christian Hill-Madsen were appointed directors of the Company.

On May 17, 2023, the Company changed its name to Nordicus Partners Corporation and its ticker symbol to NORD.

On June 1, 2023, the Company acquired a 4.99% interest in Mag Mile Capital, Inc., a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes nationwide, including hotels, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties, offering access to structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs.

On June 9, 2023, Mr. Tom Glaesner Larsen resigned as a director of the Company and Henrik Keller was appointed as his replacement.

On November 29, 2023, the Company's subsidiary, Nordicus Partners A/S, changed its name to Managementselskabet af 12.08.2020 A/S. Subsequently on March 10, 2025, Managementselskabet af 12.08.2020 A/S changed its name to NP Bioinnovation A/S.

On May 13, 2024, the Company and certain shareholders of Orocidin A/S (the "Orocidin Sellers"), a Danish stock corporation ("Orocidin") entered into a Stock Purchase and Sale Agreement (the "Agreement"), under which the Orocidin Sellers sold to the Company 525,597 shares of the capital stock of Orocidin (the "Orocidin Shares"), representing 95.0% of Orocidin's outstanding shares of capital stock. In exchange, the Company issued 3,800,000 restricted shares of its common stock to the Orocidin Sellers. The transaction was consummated on May 13, 2024. Orocidin A/S, is a preclinical-stage biotechnology company which is advancing the next generation of periodontitis therapies.

On June 3, 2024, Mr. Christian Hill-Madsen resigned as a director of the Company and Peter Severin was appointed as his replacement.

On November 8, 2024, the Company effectuated a 1-for-10 reverse stock split of its issued and outstanding common stock, rounding up to account for any fractional shares (the "Reverse Stock Split"). The Reverse Stock Split had no effect on the Company's authorized shares of common stock or preferred stock and the par value will remain unchanged at $0.001, respectively. All common stock share, option, warrant and per share amounts (except our authorized but unissued shares) have been retroactively adjusted in these unaudited consolidated financial statements and related disclosures.

On November 11, 2024, the Company announced that it entered into an agreement with Bio-Convert A/S ("Bio-Convert") to acquire 100% of the outstanding shares of Bio-Convert in exchange for 12,000,000 restricted shares of the Company's common stock. Bio-Convert is a Denmark-based preclinical-stage biotechnology company aiming to revolutionize the treatment of oral leukoplakia by minimizing or removing oral leukoplakia lesions in order to further reduce the risk of such lesions resulting in the development of oral cancer in patients.

On November 12, 2024, the Company entered into an agreement with Orocidin A/S to acquire the remaining 29,663 outstanding shares, or approximately 5%, of Orocidin A/S. In exchange, the Company issued 200,000 shares of restricted common stock to the selling shareholders of Orocidin. Upon closing of the acquisition, Orocidin A/S became a 100% wholly owned subsidiary of the Company.

On August 7, 2025, (1) Henrik Keller resigned from the Board of Directors of the Company, (2) the Board increased its size from three to five members and (3) appointed Torben S. Jensen, Kim T. Mücke and Andrew J. Ritter to fill the resulting vacancies. On August 7, 2025, the Company executed a Directors Agreement with each of Messrs. Jensen, Mücke and Ritter. Under the Director's Agreements, each will receive an annual cash retainer of $10,000, payable in two installments per calendar year, in accordance with the Company's standard compensation plan for Board members. Messrs. Jensen and Mücke will also each receive options to purchase 25,000 shares of the Company's common stock at $1.90 per share, and Mr. Ritter will receive options to purchase 50,000 shares of the Company's common stock at $1.90 per share. All such options will be fully vested on the date of grant and be issued as Incentive Stock Options under and be subject to the terms and conditions of, the Company's 2024 Stock Incentive Plan.

In October 2005, the Company formed a new subsidiary named NoviThera ApS, with the objective to research and develop a novel and unique Monoclonal antibody (MaB) as a novel innovative therapy for the treatment of psoriasis. The invention was made by Alteral Therapeutics in Denmark and the drug development acquired by NoviThera. Mr. Allan Wehnert, who controls Alteral Therapeutics, was appointed CEO of NoviThera.

Our Business

Since the current leadership assumed control of Nordicus Partners Corporation ("Nordicus" or the "Company"), the Company has evolved into a leading U.S. publicly listed business accelerator and holding company dedicated to helping Nordic life sciences companies succeed in the American market. By combining Nordic innovation with U.S. operational expertise, Nordicus Partners Corporation creates a distinct advantage in identifying, scaling, and exiting high-potential companies in fast-growing markets with unmet medical needs.

Nordicus' mission is to back high-growth ventures and transformative innovations in the life sciences sector. By providing capital, strategic guidance, and operational resources, we unlock each company's potential to generate significant value and drive robust financial returns. Our hands-on approach-engaging, empowering, and capitalizing our portfolio companies-actively propels their success.

Our approach blends strategic counsel, operational know-how, and the cultivation of meaningful partnerships. This integrated support strengthens our companies' market positions and helps them achieve their growth ambitions. Drawing on the combined expertise of our skilled Nordic and U.S. teams, we deliver a unique perspective that advances each portfolio company toward its full potential.

Nordicus' portfolio diversification strategy positions us as a stable and resilient company, mitigating risk with significant upside potential.

Our Approach and Value Creation Process

Nordicus employs a 4-step value creation process:

	-	Scout and Accelerate: Nordicus targets high-impact potential companies, providing capital, resources and expertise to drive critical milestones such as patent filings and clinical trials.
	-	Acquire and Exit: Nordicus acquires controlling stakes to maximize value creation and exit at premium multiples.

We scout the Nordic region looking for early-stage life sciences companies developing drugs or treatments for diseases in high growth markets with significant unmet medical needs, all in potential multibillion USD markets.

After a vigorous due diligence process, the chosen companies will be offered to join Nordicus' accelerator program. Once the chosen companies have become accelerator clients, Nordicus takes an active role in advising the management team, assisting with strengthening the companies' Board of Directors and establishing Advisory Boards including making introductions to strategic partners and talent.

Once the milestones - set by Nordicus - are met, Nordicus will typically offer to acquire the companies outright. The first three acquisitions will be all-stock transactions, with the first two acquisitions (Orocidin A/S and Bio-Convert A/S) having already been completed, fitting Nordicus' criteria of inclusion.

Nordicus aims to take all portfolio companies' drug developments through Phase I. Upon completion of Phase I, the following options will be considered:

	1.	Sale or merger of the portfolio company.
	2.	Further development through the next clinical phases.
	3.	Strategic partnership with a large pharmaceutical company that will invest in Nordicus for further drug development.
	4.	Stand-alone Initial Public Offering (IPO).

Nordicus' current life sciences portfolio consists of three promising preclinical biotechnology companies in Orocidin A/S, Bio-Convert A/S, and NoviThera ApS, all of which are led by the accomplished pharmacologist, Allan Wehnert, who serves as CEO of both companies. Orocidin A/S and Bio-Convert A/S were acquired during the fiscal year ended March 31, 2025, and NoviThera ApS was formed in October 2025.

Orocidin A/S is developing a proprietary first-of-its-kind medical treatment for aggressive periodontitis. Bio-Convert A/S is focused on a treatment against oral leukoplakia (OLK) - an oral potentially malignant disorder - by developing a novel proprietary mucoadhesive oral topical formulation designed to treat and reduce dysplasia levels, potentially offering a curative solution for oral leukoplakia.

The companies' innovative breakthroughs are further strengthened by their oral formulations ensuring prolonged adhesion for 12-24 hours and controlled release of the active ingredient, enhancing drug efficacy and patients' outcomes - a major advancement over normal gels and creams.

NoviThera ApS was formed with the objective to research and develop a novel and unique Monoclonal antibody for the treatment of psoriasis.

Orocidin A/S latest development

Orocidin A/S has successfully completed a 14-day toxicology study in hamsters and a test of effectiveness in a Beagle Dog Study, respectively.

In the 14-days toxicology study, all animals exhibited high tolerance to the drug, with no adverse reactions and irritation at the buccal application site. No significant side effects were observed and more importantly, the necroscopic cross examination showed no changes in tissues. The successful completion of this study marks an important milestone for Orocidin A/S, providing the foundation for the upcoming pivotal 8-week toxicity study.

The Beagle Dog Study is the first study that shows Orocidin A/S drug, QR-01, having a direct effect on periodontitis diagnosed beagle dogs. The 13-day small efficacy study was conducted on beagle dogs with clinically confirmed periodontitis. The dogs demonstrated consistent improvements across key clinical endpoints, including the Gingival Index, the Plaque Index and overall periodontal Disease.

Moreover, QR-01 was well tolerated, with no adverse side effects reported throughout the treatment period. This represents a significant milestone for Orocidin's lead product, QR-01, and strengthens Nordicus' and Orocidin's confidence as Orocidin prepare for the upcoming human pilot efficacy study.

Bio-Convert A/S latest development

Bio-Convert has received positive and constructive scientific advice from the Danish Medicines Agency (DKMA) regarding QR-02 as a treatment for oral leukoplakia. DKMA's feedback paves the way toward a First in Human trial, with a high likelihood of animal studies rendered dispensable for the proposed formulation and route of application.

NoviThera ApS latest development

Formed in October 2025 with intellectual property invented by Alteral Therapeutics, NoviThera ApS is developing a novel anti Monoclonal antibody treatment to cure or prevent the occurrence of psoriasis, an immune-medicated inflammatory disease that causes keratinocyte hyperproliferation and inflammation. The key focus is to develop a human rat model that selectively will express the endogenous pathological peptides and to test this in other relevant animal disease models.

Results of Operations

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

Operating Expenses

During the three months ended September 30, 2025, we had officer compensation expense of $285,398 compared to $49,104 for the three months ended September 30, 2024, an increase of $236,294 or 481%. This increase was primarily due to an increase in salaries for the Company's chief executive officer and chief financial officer as well as stock-based compensation for board members added within the quarter. See Note 5 and 9 to our accompanying unaudited condensed consolidated financial statements for more information on these transactions.

For the three months ended September 30, 2025, we had professional fees of $119,192 compared to $46,428 for the three months ended September 30, 2024, an increase of $72,764 or 157%. The increase is largely due to increased legal and accounting expenses related to the acquisitions of Orocidin and Bio-Convert.

For the three months ended September 30, 2025, we had consulting expense of $3,160 compared to no expense for the three months ended September 30, 2024, a increase of $3,160 or 100%. The increase is due to fees paid to a board member of Nordicus for consulting services rendered during the three months ended September 30, 2025 that did not occur during the three months ended September 30, 2024.

For the three months ended September 30, 2025, we had general and administrative expenses ("G&A") of $349,027 compared to $71,154 for the three months ended September 30, 2024, an increase of $277,873 or 391%. The increase in G&A expense is attributable to increased travel expenses as well as increased investor relation expenses. In addition, there was an increase in costs related to directors and officers insurance resulting from the expansion of the business.

For the three months ended September 30, 2025, we had research and development expense of $454,701 compared to $343,209 for the three months ended September 30, 2024, a decrease of $111,492 or 32%. The decrease is due to reduced research and development costs incurred by Orocidin.

Other (Expense) Income

For the three months ended September 30, 2025, we recorded a loss of $299,996 compared to $1 for the three months ended September 30, 2024 due to changes in fair value of investments for the three months ended September 30, 2024.

Other Comprehensive Income (Loss)

For the three months ended September 30, 2025, we recorded a loss of $228,975 on foreign currency translation adjustments compared to a gain of $16,771 for the three months ended September 30, 2024. The decrease is primarily driven by a higher volume of intangible assets denominated in Danish Krone and fluctuations in foreign exchange rates.

Six Months Ended September 30, 2025 Compared to the Six Months Ended September 30, 2024

Operating Expenses

During the six months ended September 30, 2025, we had officer compensation expense of $350,752 compared to $98,546 for the six months ended September 30, 2024, an increase of $252,206 or 256%. This increase was primarily due to an increase in salaries for the Company's chief executive officer, chief financial officer, and board of directors fees. See Note 5 to our accompanying unaudited condensed consolidated financial statements for more information on these transactions.

For the six months ended September 30, 2025, we had professional fees of $396,963 compared to $72,210 for the six months ended September 30, 2024, an increase of $324,753 or 450%. The increase is largely due to increased legal and accounting expenses related to the acquisitions of Orocidin and Bio-Convert.

For the six months ended September 30, 2025, we had $3,160 of consulting expense compared to $150,000 for the six months ended September 30, 2024, a decrease of $146,840 or 98%. The decrease is due to fees paid to new members of Orocidin's advisory board as well as the issuance of Common Stock to third parties as compensation for consulting services rendered during the six months ended September 30, 2024 that did not occur during the six months ended September 30, 2025.

For the six months ended September 30, 2025, we had G&A expense of $414,139 compared to $104,099 for the six months ended September 30, 2024, an increase of $310,040 or 298%. The increase in G&A expense is attributable to increased travel expenses as well as increased investor relation expenses. In addition, there was an increase in costs related to directors and officers insurance resulting from the expansion of the business.

For the six months ended September 30, 2025, we had research and development expense of $878,350 compared to $343,209 for the six months ended September 30, 2024, an increase of $535,141 or 156%.The increase is primarily due to research and development costs incurred by Bio-Convert which was not acquired until November 2024.

Other (Expense) Income

For the six months ended September 30, 2025, we recorded a loss of $674,996 of other expense compared to $1 for the six months ended September 30, 2024 due to changes in fair value of investments for the six months ended September 30, 2024.

Other Comprehensive Income (Loss)

For the six months ended September 30, 2025, we recorded a gain of $4,963,655 on foreign currency translation adjustments compared to a gain of $16,541 for the six months ended September 30, 2024. The increase is primarily driven by a higher volume of intangible assets denominated in Danish Krone and fluctuations in foreign exchange rates.

Liquidity and Capital Resources

In August 2025, our Board of Directors authorized a share repurchase program which permits us to repurchase up to an aggregate of 200,000 shares of our Common Stock from existing shareholders only, solely in privately negotiated transactions, at a purchase price per share not greater than the then-current market price as determined based on the last reported sale price of our Common Stock on our principal trading market. We are not obligated to repurchase any shares and may suspend or terminate the program at any time. Repurchased shares may be held as treasury stock or retired, as determined by management. The repurchase program will remain in effect until the earliest of (i) the repurchase of 200,000 shares, (ii) 12 months from the date the program was authorized, or (iii) revocation by further Board action. As of September 30, 2025, no share repurchases had closed.

During the six months ended September 30, 2025, we used $2,188,401 in operating activities compared to $599,871 used in operating activities during the six months ended September 30, 2024. This increase is primarily due to the significant increase in operating expenses incurred, as detailed in the preceding section, partially offset by net noncash operating activity of $812,759 and increases in prepaid expenses and other current assets of $374,059.

During the six months ended September 30, 2025, we had net cash used in investing activities of $10,844 compared to $132,198 provided by investing activities during the six months ended September 30, 2024. The cash used in investing activities during the six months ended September 30, 2025 was used to purchase plant, property, and equipment. This cash provided by investing activities during the six months ended September 30, 2024 resulted from cash acquired in the acquisitions of Orocidin.

During the six months ended September 30, 2025, we received $2,419,220 from financing activities primarily related to issuance of common stock. During the six months ended September 30, 2024, we received $447,330 from financing activities from proceeds from the issuance of common stock and the exercise of warrants.

Critical Accounting Estimates

Our management's discussion and analysis of our financial condition and results of our operations is based on our unaudited condensed consolidated financial statements and accompanying notes, which have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Certain amounts included in or affecting the unaudited condensed consolidated financial statements presented in this Form 10-Q and related disclosure must be estimated, requiring management to make assumptions with respect to values or conditions which cannot be known with certainty at the time the unaudited condensed consolidated financial statements are prepared. Management believes that the accounting policies set forth below comprise the most important "critical accounting estimates" for the Company. Management evaluates such estimates on an ongoing basis, based upon historical results and experience, consultation with experts and other methods that management considers reasonable in the particular circumstances under which the judgments and estimates are made, as well as management's forecasts as to the manner in which such circumstances may change in the future.

Indefinite-lived Intangible Assets

We account for indefinite-lived intangible assets in accordance with ASC Topic 350, Intangibles - Goodwill and Other ("ASC 350"). Indefinite-lived intangible assets (e.g. IPR&D), are not amortized but instead are reviewed for impairment annually, or more frequently if an event occurs or circumstances change which indicate that an asset might be impaired. Pursuant to ASC 350, we test indefinite-lived intangible assets for impairment by comparing their fair values to their carrying values. An impairment charge is recorded if the estimated fair value of such assets has decreased below their carrying values.

Fair Value of Financial Instruments

We follow paragraph 825-10-50-10 of the FASB ASC for disclosures about fair value of our financial instruments and paragraph 820-10-35-37 of the FASB ASC ("Paragraph 820-10-35-37") to measure the fair value of our financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

Level 1:	Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
Level 2:	Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
Level 3:	Pricing inputs that are generally unobservable inputs and not corroborated by market data.

Business Combinations

We account for business combinations under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs, including advisory, legal, accounting, valuation, and other costs, are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the unaudited condensed consolidated financial statements from the acquisition date.

Goodwill

We assess goodwill for impairment on an annual basis or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. We regularly monitor current business conditions and other factors including, but not limited to, adverse industry or economic trends and lower projections of profitability that may impact future operating results. The process of evaluating the potential impairment of goodwill requires significant judgment. In performing our annual goodwill impairment test, we are permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, including goodwill. In performing the qualitative assessment, we consider certain events and circumstances specific to the reporting unit and the entity as a whole, such as macroeconomic conditions, industry and market considerations, overall financial performance and cost factors when evaluating whether it is more likely than not that the fair value of any of the reporting units is less than its carrying amount. We are also permitted to bypass the qualitative assessment and proceed directly to the quantitative test. If we choose to undertake the qualitative assessment and conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we would then proceed to the quantitative impairment test. In the quantitative assessment, we compare the fair value of the reporting unit to its carrying amount, which includes goodwill. If the fair value exceeds the carrying value, no impairment loss exists. If the fair value is less than the carrying amount, a goodwill impairment loss is measured and recorded. We assess goodwill for impairment on an annual basis as of March 31 or more frequently when events and circumstances occur indicating that recorded goodwill may be impaired.

Off-Balance Sheet Arrangements

As of September 30, 2025, we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.