UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _________

Commission File No. 1-31785

MEXCO ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

Colorado		84-0627918
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification Number)

415 West Wall Street, Suite 475
Midland, Texas		79701
(Address of principal executive offices)		(Zip code)

(432) 682-1119

(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, par value $0.50 per share		MXC		NYSE American

Indicate 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 and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate 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 (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company as defined in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

The number of shares outstanding of the registrant’s common stock, $0.50 par value, as of August 12, 2026 was 2,046,000.

MEXCO ENERGY CORPORATION

Table of Contents

			Page
PART I. FINANCIAL INFORMATION

	Item 1.	Financial Statements	3

		Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and March 31, 2026	3

		Consolidated Statements of Operations (Unaudited) for the three months ended June 30, 2026 and June 30, 2025	4

		Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the three months ended June 30, 2026 and June 30, 2025	5

		Consolidated Statements of Cash Flows (Unaudited) for the three months ended June 30, 2026 and June 30, 2025	6

		Notes to Consolidated Financial Statements (Unaudited)	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16

	Item 4.	Controls and Procedures	17

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	18

	Item 1A.	Risk Factors	18

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18

	Item 6.	Exhibits	19

SIGNATURES			20

CERTIFICATIONS			19

Page 2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Mexco Energy Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

	June 30,			March 31,
	2026			2026
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	1,292,873		$	2,775,976
Accounts receivable:
Oil and natural gas sales		1,222,282			1,287,841
Trade		55,790			111,494
Prepaid drilling		622,132			204,218
Prepaid costs and expenses		55,540			68,846
Total current assets		3,248,617			4,448,375

Property and equipment, at cost
Oil and gas properties, using the full cost method		55,991,042			53,664,668
Other		125,501			125,501
Accumulated depreciation, depletion and amortization		(39,767,879	)		(39,161,357	)
Property and equipment, net		16,348,664			14,628,812
Investments – cost basis		2,527,429			2,527,429
Operating lease, right-of-use asset		62,041			75,522
Other noncurrent assets		11,294			12,325
Total assets	$	22,198,045		$	21,692,463

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	469,973		$	379,929
Income tax payable		-			17,203
Operating lease liability, current		57,052			55,787
Total current liabilities		527,025			452,919
Long-term liabilities
Operating lease liability, long-term		4,989			19,735
Asset retirement obligations		707,665			699,317
Deferred income tax liabilities		635,202			533,673
Total long-term liabilities		1,347,856			1,252,725
Total liabilities		1,874,881			1,705,644

Commitments and contingencies		-			-

Stockholders’ equity
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding		-			-
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,239,283 shares issued; and, 2,046,000 shares outstanding as of June 30, 2026 and March 31, 2026, respectively		1,119,641			1,119,641
Additional paid-in capital		9,058,833			9,018,953
Retained earnings		12,023,436			11,726,971
Treasury stock, at cost (193,283 shares)		(1,878,746	)		(1,878,746	)
Total stockholders’ equity		20,323,164			19,986,819
Total liabilities and stockholders’ equity	$	22,198,045		$	21,692,463

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

Page 3

Mexco Energy Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended June 30,

(Unaudited)

	2026			2025

Operating revenues:
Oil sales	$	1,811,183		$	1,395,937
Natural gas sales		166,975			358,797
Other		5,011			2,206
Total operating revenues		1,983,169			1,756,940

Operating expenses:
Production		411,006			404,770
Accretion of asset retirement obligations		8,513			7,973
Depreciation, depletion and amortization		606,521			675,270
General and administrative		389,829			394,437
Total operating expenses		1,415,869			1,482,450

Operating income		567,300			274,490

Other income (expense):
Interest from investments in LLCs		115,254			57,236
Interest income		14,852			14,531
Interest expense		(1,031	)		(1,075	)
Net other income		129,075			70,692

Income before provision for income taxes		696,375			345,182

Provision for income taxes		195,310			103,231

Net income	$	501,065		$	241,951

Income per common share:
Basic:	$	0.24		$	0.12
Diluted:	$	0.24		$	0.12

Weighted average common shares outstanding:
Basic:		2,046,000			2,046,000
Diluted:		2,079,484			2,073,309

Dividends declared per share	$	0.10		$	0.10

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

Page 4

Mexco Energy Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

	Common Stock Par Value		Additional Paid-In Capital		Retained Earnings			Treasury Stock			Total Stockholders’ Equity

Balance at April 1, 2026	$	1,119,641	$	9,018,953	$	11,726,971		$	(1,878,746	)	$	19,986,819
Net income		-		-		501,065			-			501,065
Dividends paid		-		-		(204,600	)		-			(204,600	)
Stock based compensation		-		39,880		-			-			39,880
Balance at June 30, 2026	$	1,119,641	$	9,058,833	$	12,023,436		$	(1,878,746	)	$	20,323,164

	Common Stock Par Value		Additional Paid-In Capital			Retained Earnings			Treasury Stock			Total Stockholders’ Equity

Balance at April 1, 2025	$	1,119,641	$	8,844,953		$	10,625,849		$	(1,878,746	)	$	18,711,697
Balance	$	1,119,641	$	8,844,953		$	10,625,849		$	(1,878,746	)	$	18,711,697
Net income		-		-			241,951			-			241,951
Dividends paid		-		-			(204,600	)		-			(204,600	)
Stock based compensation		-		51,208			-			-			51,208
Balance at June 30, 2025	$	1,119,641	$	8,896,161		$	10,663,200		$	(1,878,746	)	$	18,800,256
Balance	$	1,119,641	$	8,896,161		$	10,663,200		$	(1,878,746	)	$	18,800,256

SHARE ACTIVITY

Common stock shares, issued:
Balance at April 1, 2026				2,239,283
Issued				-
Balance at June 30, 2026				2,239,283

Common stock shares, held in treasury:
Balance at April 1, 2026				(193,283	)
Acquisitions				-
Balance at June 30, 2026				(193,283	)

Common stock shares, outstanding at June 30, 2026				2,046,000

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

Page 5

Mexco Energy Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended June 30,

(Unaudited)

	2026			2025
Cash flows from operating activities:
Net income	$	501,065		$	241,951
Adjustments to reconcile net income to net cash provided
by operating activities:
Deferred income tax expense (benefit)		101,530			(38,685	)
Stock-based compensation		39,880			51,208
Depreciation, depletion and amortization		606,521			675,270
Accretion of asset retirement obligations		8,513			7,973
Amortization of debt issuance costs		1,031			1,075
Changes in operating assets and liabilities
Decrease in accounts receivable		121,264			256,816
Decrease in prepaid expenses		13,307			8,176
Decrease in right-of-use asset		13,481			12,325
Increase in accounts payable and accrued expenses		77,596			51,461
Settlement of asset retirement obligations		(2,257	)		(7,284	)
(Decrease) increase in income taxes payable		(17,203	)		115,316
Decrease in operating lease liability		(13,481	)		(12,325	)
Net cash provided by operating activities		1,451,247			1,363,277

Cash flows from investing activities:
Additions to oil and gas properties		(2,741,044	)		(372,300	)
Drilling refunds		11,294			-
Proceeds from sale of oil and gas properties and equipment		-			6,390
Net cash used in investing activities		(2,729,750	)		(365,910	)

Cash flows from financing activities:
Dividends paid		(204,600	)		(204,600	)
Net cash used in financing activities		(204,600	)		(204,600	)

Net (decrease) increase in cash and cash equivalents		(1,483,103	)		792,767

Cash and cash equivalents at beginning of period		2,775,976			1,753,955

Cash and cash equivalents at end of period	$	1,292,873		$	2,546,722

Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	17,203		$	-
Accrued capital expenditures included in accounts payable	$	156,493		$	55,949

Non-cash investing and financing activities:
Asset retirement obligations	$	2,511		$	862

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

Page 6

Mexco Energy Corporation and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Nature of Operations

Mexco Energy Corporation (a Colorado corporation) and its wholly owned subsidiaries, Forman Energy Corporation (a New York corporation), Southwest Texas Disposal Corporation (a Texas corporation), and TBO Oil & Gas, LLC (a Texas limited liability company) (collectively, the “Company”) are engaged in the acquisition, exploration, development, and production of crude oil, natural gas, condensate, and natural gas liquids (“NGLs”). Most of the Company’s oil and gas interests are centered in West Texas and Southeastern New Mexico; however, the Company owns producing properties and undeveloped acreage in fourteen states. All of Company’s oil and gas interests are operated by others.

2. Basis of Presentation and Significant Accounting Policies

Principles of Consolidation. The consolidated financial statements include the accounts of Mexco Energy Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions associated with the consolidated operations have been eliminated.

Estimates and Assumptions. In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make informed judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and affect the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates are used in determining proved oil and gas reserves. Although management believes its estimates and assumptions are reasonable, actual results may differ materially from those estimates. The estimate of the Company’s oil and natural gas reserves, which is used to compute depreciation, depletion, amortization, and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these reported results.

Interim Financial Statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position of the Company as of June 30, 2026, and the results of its operations and cash flows for the interim periods ended June 30, 2026 and 2025. The consolidated financial statements as of June 30, 2026 and for the three-month periods ended June 30, 2026 and 2025 are unaudited. The consolidated balance sheet as of March 31, 2026 was derived from the audited balance sheet filed in the Company’s 2026 annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). The results of operations for the periods presented are not necessarily indicative of the results to be expected for a full year. The accounting policies followed by the Company are set forth in more detail in Note 2 of the “Notes to Consolidated Financial Statements” in the Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC. However, the disclosures herein are adequate to make the information presented not misleading. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Form 10-K.

Oil and Gas Properties. The Company accounts for its oil and natural gas properties using the full cost method of accounting. Under this method, all costs incurred in the acquisition, exploration, and development of oil and natural gas properties are capitalized and amortized using the unit-of-production method based on proved reserves. Costs directly related to exploration and development activities are capitalized, while production costs, general corporate overhead, and similar activities are expensed as incurred.

The carrying value of oil and natural gas properties includes asset retirement costs associated with the fair value of asset retirement obligations (“ARO”) when incurred.

Sales or other dispositions of oil and natural gas properties, whether or not currently being amortized, are generally accounted for as adjustments to capitalized costs, with no gain or loss recognized unless the disposition significantly alters the relationship between capitalized costs and proved reserves. This treatment includes transactions involving Term Assignments and Assignments, Bills of Sale and Conveyances.

Page 7

Depletion of evaluated oil and natural gas properties is calculated using the unit-of-production method, whereby capitalized costs plus estimated future development costs are amortized over total proved reserves.

In addition, capitalized costs less accumulated depletion and related deferred income taxes are not allowed to exceed an amount (the full cost ceiling) equal to the sum of: 1) the present value of estimated future net revenues discounted at ten percent computed in compliance with SEC guidelines; 2) plus the cost of properties not being amortized; 3) plus the lower of cost or estimated fair value of unproven properties included in the costs being amortized; 4) less income tax effects related to differences between the book and tax basis of the properties.

No impairments on oil and natural gas properties as a result of the ceiling test were recorded for the three months ended June 30, 2026 and 2025.

Accounts Receivable. Accounts receivable includes trade receivables from joint interest owners and oil and gas purchasers. Credit is extended based on an evaluation of a customer’s financial condition and is generally uncollateralized. The collectibility of receivables is assessed, and an allowance is made for any credit losses. The allowance for credit losses is determined based on a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the debtor’s current ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. The Company has not experienced any significant credit losses. For the three months ended June 30, 2026 and 2025, no allowance has been made for any credit losses.

Investments. The Company utilizes the measurement alternative to account for investments when it does not possess the ability to exercise significant influence or control and the investment does not have a readily determinable fair value. Under this method, investments are initially recognized at cost and subsequently measured at cost, adjusted for any observable changes in the fair value of the investment. In addition, the Company reviews the carrying value of investments measured under the measurement alternative for impairment on a regular basis. If there is an indication of impairment, the Company assesses whether the carrying value of the investment exceeds its recoverable amount. Any impairment losses are recognized in the consolidated statements of operations. Income from these investments is recognized as Income from investments in LLCs in the consolidated statements of operations.

Reclassifications. Certain amounts in prior periods’ consolidated financial statements have been reclassified to conform with the current period’s presentation. These reclassifications had no effect on previously reported results of operations, retained earnings or net cash flows.

Segments. The Company’s chief operating decision maker (“CODM”), comprised of the Chairman of the Board and the President, evaluates operating results and allocates capital resources on a consolidated basis. Accordingly, the Company has one reportable segment: crude oil and natural gas development, exploration, and production.

Recently Issued Accounting Standards. The Financial Accounting Standards Board (“FASB”) periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements and concluded that the following standards are applicable:

In November 2024, FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (“Subtopic 220-40”), which expands disclosures around a public entity’s costs and expenses of specific items (i.e. employee compensation and depreciation, depletion and amortization (“DD&A”)), requires the inclusion of amounts that are required to be disclosed under US GAAP in the same disclosure as other disaggregation requirements, requires qualitative descriptions of amounts remaining in expense captions that are not separately disaggregated quantitatively, and requires disclosure of total selling expenses, and in annual periods, the definition of selling expenses. The amendment does not change or remove existing disclosure requirements. The amendment is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027. Early adoption is permitted, and the amendment can be adopted prospectively or retrospectively to any or all periods presented in the financial statements. The Company is currently assessing the impact of adopting this standard which is expected to only affect financial statement disclosures.

In December 2025, FASB issued ASU 2025-12, Codification Improvements. ASU 2025-12 is the latest in a series of updates that the FASB made to the existing GAAP literature to amend or supplement that literature related to minor change and corrections that have been identified and made amendments to thirty-three ASC topics. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosure.

Page 8

3. Asset Retirement Obligations

The Company’s asset retirement obligations (“ARO”) relate to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. The ARO is included on the consolidated balance sheets, with the current portion being included in the accounts payable and accrued expenses.

The following table provides a rollforward of the AROs for the first three months of fiscal 2027:


Carrying amount of asset retirement obligations as of April 1, 2026	$	729,317
Liabilities incurred		2,511
Liabilities settled		(2,676	)
Accretion expense		8,513
Carrying amount of asset retirement obligations as of June 30, 2026		737,665
Less: Current portion		30,000
Non-Current asset retirement obligation	$	707,665

4. Long Term Debt

On December 28, 2018, the Company entered into a loan agreement (the “Agreement”) with West Texas National Bank (“WTNB”), which originally provided for a credit facility of $1,000,000 with a maturity date of December 28, 2021. The Agreement has no monthly commitment reduction and a borrowing base to be evaluated annually. On February 28, 2020, the Agreement was amended to increase the credit facility to $2,500,000, extend the maturity date to March 28, 2023, and increase the borrowing base to $1,500,000. On March 28, 2023, the Agreement was amended to extend the maturity date to March 28, 2026. On September 17, 2025, WTNB reaffirmed the borrowing base at $1,500,000. On March 28, 2026, the Agreement was amended to extend the maturity date to March 28, 2029.

Under the Agreement, interest on the facility accrues at a rate equal to the prime rate as quoted in the Wall Street Journal plus one-half of one percent (0.5%) floating daily. Interest on the outstanding amount under the Agreement is payable monthly. In addition, the Company will pay an unused commitment fee in an amount equal to one-half of one percent (0.5%) times the daily average of the unadvanced amount of the commitment. The unused commitment fee is payable quarterly in arrears on the last day of each calendar quarter. As of June 30, 2026, the Company had $1,500,000 available to borrow under the facility.

No principal payments are anticipated to be required through the maturity date of the credit facility, March 28, 2029. Upon closing the third amendment to the Agreement, the Company paid a loan origination fee of $9,000 plus legal expenses totaling $12,200, which are amortized over the life of the credit facility.

Amounts borrowed under the Agreement are collateralized by the common stock of the Company’s wholly owned subsidiaries and substantially all of the Company’s oil and gas properties.

The Agreement contains customary covenants for credit facilities of this type, including limitations on changes in control, disposition of assets, mergers, and reorganizations. The Company is also obligated to meet certain financial covenants under the Agreement including requirements that senior debt to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) ratios (Senior Debt/EBITDA) is less than or equal to 3.00 to 1.00 measured with respect to the four trailing quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter.

In addition, this Agreement prohibits the Company from paying cash dividends on its common stock without prior written permission of WTNB. The Company obtained written permission from WTNB prior to declaring the regular annual dividend on June 4, 2026, as discussed in Note 10. The Agreement does not permit the Company to enter into hedge agreements covering crude oil and natural gas prices without prior WTNB approval.

There was no balance outstanding on the credit facility as of June 30, 2026 and 2025.

5. Stock-based Compensation

The Company recognized compensation expense of $39,880 and $51,208 related to vesting stock options in general and administrative expense in the Consolidated Statements of Operations for the first quarter of fiscal 2027 and 2026, respectively. The total cost related to non-vested awards not yet recognized at June 30, 2026 totals $66,293, which is expected to be recognized over a weighted average of .57 years.

During the three months ended June 30, 2026 and 2025, no stock options were granted or exercised.

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history for these types of awards. During the three months ended June 30, 2026 and 2025, there were no stock options forfeited or expired.

Page 9

The following table is a summary of stock options activity for the three months ended June 30, 2026:

Schedule of Activity of Stock Options

	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Aggregate Average Remaining Contract Life in Years		Intrinsic Value
Outstanding at April 1, 2026		150,883	$	9.52		4.98	$	-
Granted		-		-
Exercised		-		-
Forfeited or Expired		-		-
Outstanding at June 30, 2026		150,883	$	9.52		4.73	$	-

Vested at June 30, 2026		128,133	$	8.64		4.40	$	-
Exercisable at June 30, 2026		128,133	$	8.64		4.40	$	-

Outstanding options at June 30, 2026 expire between September 2028 and April 2033 and have exercise prices ranging from $3.34 to $18.05.

6. Leases

The Company leases approximately 4,160 rentable square feet of office space from an unaffiliated third party for the corporate office located in Midland, Texas. This includes 702 square feet of office space shared with and paid by our principal shareholder. In June 2024, the Company agreed to extend its lease at a flat (unescalated) rate for another 36 months. The amended lease expires on July 31, 2027.

The Company determines an arrangement is a lease at inception. Operating leases are recorded as operating lease right-of-use asset, operating lease liability, current, and operating lease liability, long-term on the consolidated balance sheets.

Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s lease does not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used at adoption was 9%. Significant judgement is required when determining the incremental borrowing rate. Rent expense for lease payments is recognized on a straight-line basis over the lease term.

The balance sheets classification of lease assets and liabilities was as follows:

	June 30, 2026
Assets
Operating lease right-of-use asset, beginning balance	$	75,522
Current period amortization		(13,481	)
Lease extension		-
Total operating lease right-of-use asset	$	62,041

Liabilities
Operating lease liability, current	$	57,052
Operating lease liability, long term		4,989
Total lease liabilities	$	62,041

Page 10

Future minimum lease payments as of June 30, 2026 under non-cancellable operating leases are as follows:

	Lease Obligation
Fiscal Year Ended March 31, 2027		45,240
Fiscal Year Ended March 31, 2028		20,107
Total lease payments	$	65,347
Less: imputed interest		(3,306	)
Operating lease liability		62,041
Less: operating lease liability, current		(57,052	)
Operating lease liability, long term	$	4,989

Net cash paid for our operating lease for the three months ended June 30, 2026 and 2025 was $12,536. Rent expense, less sublease income of $2,544 is included in general and administrative expenses.

7. Income Taxes

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) was enacted, making significant changes to U.S. federal tax law. The Company has evaluated the impact of the OBBB and concluded that it did not have a material impact on the Company’s consolidated financial statements.

The income tax provision consists of the following for the three months ended June 30, 2026 and 2025:

Schedule of Income Tax Provision

	2026		2025
	Three Months Ended
	June 30
	2026		2025
Current income tax expense:
Federal	$	55,150	$	115,316
State		38,630		26,600
Total current income tax expense		93,780		141,916
Deferred income tax (benefit) expense:
Federal		93,882		(37,536	)
State		7,648		(1,149	)
Total deferred income tax (benefit) expense		101,530		(38,685	)
Total income tax expense:	$	195,310	$	103,231

The Company’s effective tax rate will typically differ from the U.S. federal statutory rate primarily as a result of state income taxes, particularly in New Mexico, percentage depletion in excess of basis, and other permanent differences. The effective income tax rate was 28% and 30% for the three months ended June 30, 2026 and 2025, respectively.

8. Related Party Transactions

Related party transactions for the Company consist of shared office expenditures, as well as administrative and operating expenses paid on behalf of the principal stockholder. The total amount billed to and reimbursed by the principal stockholder for the quarters ended June 30, 2026 and 2025 was $10,000 and $10,770, respectively. The principal stockholder pays for his share of the lease amount for the shared office space directly to the lessor. Amounts paid by the principal stockholder directly to the lessor for the three months ended June 30, 2026 and 2025 were $2,544.

Page 11

9. Income Per Common Share

The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three-month periods ended June 30, 2026 and 2025.

	2026		2025
Net income	$	501,065	$	241,951

Shares outstanding:
Weighted average common shares outstanding – basic		2,046,000		2,046,000
Effect of the assumed exercise of dilutive stock options		33,484		27,309
Weighted average common shares outstanding – dilutive		2,079,484		2,073,309
Income per common share:
Basic	$	0.24	$	0.12
Diluted	$	0.24	$	0.12

For the three months ended June 30, 2026, 60,500 shares relating to stock options were excluded from the computation of diluted net income because their inclusion would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $15.34 at June 30, 2026. For the three months ended June 30, 2025, 90,206 shares relating to stock options were excluded from the computation of diluted net income because their inclusion would be anti-dilutive. Anti-dilutive stock options have a weighted average exercise price of $13.09 at June 30, 2025.

10. Stockholders’ Equity

In April 2024, the Board of Directors (the “Board”) authorized the use of up to $1,000,000 to repurchase shares of the Company’s common stock, par value $0.50, for the treasury account. In June 2026, the Board authorized the use of an additional $250,000 to repurchase shares of the Company’s common stock for the treasury account. The Company’s repurchase program does not have an expiration date and may be modified, suspended or terminated at any time by the Board. Under the repurchase program, shares of common stock may be purchased from time to time through open market purchases or other transactions. The amount and timing of repurchases will be subject to the availability of stock, prevailing market conditions, the trading price of the stock, our financial performance, and other conditions. Repurchases may also be made from time-to-time in connection with the settlement of our share-based compensation awards. Repurchases will be funded from cash flow. As of June 30, 2026, the Company’s repurchase program has $546,784 in remaining funds.

During the three months ended June 30, 2026 and 2025, there were no shares of common stock repurchased for the treasury account.

On June 4, 2026, the Board declared a regular annual dividend of $0.10 per common share. The Company paid the dividend of $204,600 on June 30, 2026 to the stockholders of record at the close of business on June 15, 2026. On May 13, 2025, the Board declared a regular annual dividend of $0.10 per common share. The Company paid the regular annual dividend of $204,600 on June 16, 2025 to the stockholders of record at the close of business on June 2, 2025. The Company can provide no assurance that dividends will be declared in the future or as to the amount of any future dividend.

Dividends declared by the Board during the period are presented in the Company’s consolidated statements of changes in stockholders’ equity as dividends paid. Dividends paid during the period are presented as cash used in financing activities in the Company’s consolidated statements of cash flows.

11. Acquisitions

In April 2026, the Company acquired royalty interests in 144 producing wells in Weld County, Colorado and Atascosa, Howard, LaSalle, Martin, and Yoakum Counties, Texas, and additional royalty interests in 3 properties in which we already owned an interest in Howard County, Texas for an aggregate purchase price of $1,028,600. These acquisitions were effective May 1, 2026.

In June 2026, the Company acquired royalty interests in 256 producing wells in Adams and Larimer Counties, Colorado; Caddo and DeSoto Parishes, Louisiana; Karnes, McMullen, Panola, and Winkler Counties, Texas; and Ashtabula County, Ohio for an aggregate purchase price of $1,066,600. These acquisitions were effective July 1, 2026.

12. Subsequent Events

In July 2026, Mexco expended approximately $70,000 to drill and complete three horizontal wells in the Bone Spring formation of the Delaware Basin in Lea County, New Mexico.

In July 2026, the Company entered into an agreement to make a capital commitment of $1,000,000 to a limited liability company formed to acquire non-cost bearing mineral and royalty interests in the Utica Shale play in the state of Ohio.

The Company completed a review and analysis of all events that occurred after the consolidated balance sheet date to determine if any such events must be reported and has determined that there are no other subsequent events to be disclosed.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless the context otherwise requires, references to the “Company”, “Mexco”, “we”, “us” or “our” mean Mexco Energy Corporation and its consolidated subsidiaries.

Cautionary Statements Regarding Forward-Looking Statements. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are based on management’s current expectations, assumptions and beliefs and may be identified by words such as “could”, “should”, “expect”, “project”, “estimate”, “believe”, “anticipate”, “intend”, “plan”, “forecast”, “predict”, and similar expressions.

Forward-looking statements in this Form 10-Q include, among other things, statements regarding profitability, planned capital expenditures, estimated oil and gas production and reserves, future project dates, future oil and gas prices; future financial condition or results of operations, business strategy, and other plans and objectives for future operations. These statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

Although we believe the expectations and assumptions reflected in these forward-looking statements are reasonable, they are inherently subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Except as required by the Exchange Act and Securities Act, we undertake no obligation to update or revise any forward-looking statements. Readers should review the consolidated financial statements and related notes, as well as the risk factors, included in our Annual Report on Form 10-K.

Liquidity and Capital Resources. Historically, we have funded our operations, acquisitions, exploration, and development expenditures from cash generated by operating activities, bank borrowings, sales of non-core properties, and issuance of common stock. Our primary financial resource is our base of oil and gas reserves. We have pledged our producing oil and gas properties to secure our credit facility. We do not have any delivery commitments to provide a fixed and determinable quantity of our oil and gas under any existing contract or agreement.

Our long-term strategy is on increasing profit margins while concentrating on obtaining reserves with low-cost operations by acquiring and developing oil and gas properties with potential for long-lived production. We focus our efforts on the acquisition of royalty and working interests and non-operated properties in areas with significant development potential.

Cash Flows

Changes in the net funds provided by or (used in) each of our operating, investing, and financing activities are set forth in the table below:

	For the Three Months Ended June 30,
	2026			2025			Change
Net cash provided by operating activities	$	1,451,247		$	1,363,277		$	87,970
Net cash used in investing activities	$	(2,729,750	)	$	(365,910	)	$	(2,363,840	)
Net cash used in financing activities	$	(204,600	)	$	(204,600	)	$	-

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Cash Flow Provided by Operating Activities. Cash flow from operating activities is primarily derived from the production of our crude oil and natural gas reserves and changes in the balances of non-cash accounts, receivables, payables, or other non-energy property asset account balances. Net cash provided by operating activities was $1,451,247 for the three months ended June 30, 2026 compared to $1,363,277 for the three months ended June 30, 2025, an increase of $87,970. The increase was primarily attributable to a $259,114 increase in net income, a $60,634 increase in net non-cash adjustments, and a $26,135 increase in accounts payables and accrued expenses. These increases were partially offset by a decrease in our accounts receivable of $135,552 and income tax payable of $132,519. Variations in cash flow from operating activities may affect our level of exploration and development expenditures.

Our expenditures in operating activities consist primarily of drilling expenses, production expenses and engineering services. Our expenses also include employee compensation, accounting, insurance, and other general and administrative expenses incurred to support the normal and necessary business activities of a public company in the crude oil and natural gas production industry.

Cash Flow Used in Investing Activities. Cash flow from investing activities is derived from changes in oil and gas property balances. For the three months ended June 30, 2026, net cash used for additions to oil and gas properties, net of drilling refunds was $2,729,750 compared to net cash for additions to oil and gas properties net of proceeds from property sales of $365,910 for the three months ended June 30, 2025. The increase in capital expenditures reflects our strategy of acquiring royalty interests and participating in drilling opportunities that management believes will enhance long-term reserves and production.

Cash Flow Used in Financing Activities. Cash flow from financing activities is derived from changes in long-term debt and in equity account balances. Net cash flow used in our financing activities was $204,600 for the three months ended June 30, 2026 and 2025 to pay the annual dividend.

Accordingly, net cash decreased $1,483,103, leaving cash and cash equivalents on hand of $1,292,873 as of June 30, 2026.

We had working capital of $2,721,592 as of June 30, 2026 compared to $3,995,456 at March 31, 2026, a decrease of $1,273,864 for the reasons set forth below.

Oil and Natural Gas Property Development

New Participations in Fiscal 2027. The Company currently plans to participate in the drilling and completion of 53 horizontal wells at an estimated cost of approximately $1,300,000 for the fiscal year ending March 31, 2027. Forty-eight of these wells are in the Delaware Basin located in the western portion of the Permian Basin in Lea County, New Mexico. The remaining wells are in Reeves County, Texas.

In May 2026, Mexco expended approximately $400,000 to participate in the drilling and completion of five horizontal wells in the Wolfcamp A formation of the Delaware Basin in Reeves County, Texas. Mexco’s working interest in these wells is .8%.

Completion of Wells Drilled in Fiscal 2026. The Company also expects to expend approximately $500,000 for the completion of 20 horizontal wells in which the Company participated during fiscal 2026.

The Company expended approximately $100,000 for additional drilling and completion costs of five horizontal wells in the Wolfcamp B formation in the Spraberry trend area of the Midland Basin in Midland and Glasscock Counties, Texas that the Company participated in drilling during fiscal 2026. Mexco’s working interest in these wells is 1.9%.

Two horizontal wells in the Wolfcamp XY formation of the Delaware Basin in Eddy County, New Mexico in which the Company participated during fiscal 2026 were completed in April 2026 with initial average production rates of 607 barrels of oil, 1,295 barrels of water, and 2,170,000 cubic feet of gas per day, or 969 BOE per day. Mexco’s working interest in these wells is approximately 2.1%.

Subsequently, in July 2026, the Company expended approximately $70,000 to drill and complete three horizontal wells in the Bone Spring formation of the Delaware Basin in Lea County, New Mexico.

Investments. In October 2022, the Company made an approximately 2% equity investment commitment in a limited liability company amounting to $2,000,000, which was fully funded as of July 2025. The limited liability company is capitalized at approximately $100 million to acquire mineral interests in the Utica and Marcellus formations in the state of Ohio. In October 2025, the Company expended $200,000 to exercise its option to participate in a voluntary optional cash call to increase its capitalized investment. In December 2025, the Company expended an additional $27,429 to exercise its option to acquire its share of the non-consenting interests from the October cash call. As of June 30, 2026, this LLC has returned $668,364, or 30% of the total investment.

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Subsequently, in July 2026, the Company entered into an agreement to make a capital commitment of $1,000,000 to another limited liability company formed to acquire non-cost bearing mineral and royalty interests in the Utica Shale play in the state of Ohio.

Acquisitions. In April 2026, the Company acquired royalty interests in 82 producing wells in Weld County, Colorado for an aggregate purchase price of $690,900. These acquisitions were effective May 1, 2026.

In April 2026, the Company acquired royalty interests in 62 producing wells in Atascosa, Howard, LaSalle, Martin, and Yoakum Counties, Texas, and additional royalty interests in 3 properties in which we already owned an interest in Howard County, Texas for an aggregate purchase price of $337,700. These acquisitions were effective May 1, 2026.

In June 2026, the Company acquired royalty interests in 32 producing wells in Adams and Larimer Counties, Colorado for an aggregate purchase price of $377,600. These acquisitions are effective July 1, 2026.

In June 2026, the Company acquired royalty interests in 30 producing wells in Karnes, McMullen, Panola, and Winkler Counties, Texas for an aggregate purchase price of $408,700. These acquisitions are effective July 1, 2026.

In June 2026, the Company acquired royalty interests in 9 producing wells and additional royalty interests in 8 properties in which we already owned an interest in Caddo and DeSoto Parishes, Louisiana for an aggregate purchase price of $266,200. These acquisitions are effective July 1, 2026.

In June 2026, the Company acquired royalty interests in 185 producing wells in Ashtabula County, Ohio for a purchase price of $14,100. These acquisitions are effective July 1, 2026.

All of our acquisitions were funded from existing cash resources.

Other Projects. We are participating in other projects and are reviewing projects in which we may participate. The cost of such projects would be funded, to the extent possible, from existing cash balances and cash flow from operations. The remainder may be funded through borrowings on the credit facility and, if appropriate, sales of non-core properties.

Pricing. Crude oil and natural gas prices remained volatile during the last year. The volatility of the energy markets makes it extremely difficult to predict future oil and natural gas price movements with any certainty. For example, in the last twelve months, the NYMEX West Texas Intermediate (“WTI”) posted price for crude oil has ranged from a low of $51.25 per bbl in December 2025 to a high of $108.93 per bbl in April 2026. The Henry Hub Spot Market Price (“Henry Hub”) for natural gas has ranged from a low of $2.54 per MMBtu in April 2026 to a high of $30.72 per MMBtu in January 2026, reflecting a temporary price spike during a period of severe weather and significant market volatility.

On June 30, 2026, the WTI posted price for crude oil was $65.48 and the Henry Hub spot price for natural gas was $3.34 per MMBtu. See Results of Operations below for realized prices. Pipeline capacity constraints and maintenance in the Permian Basin area have contributed to a wider difference between the WaHa Hub and the Henry Hub, and at times prices were negative.

Contractual Obligations. We have no off-balance sheet debt or unrecorded obligations and have not guaranteed the debt of any other party. The following table summarizes our future payments we are obligated to make based on agreements in place as of June 30, 2026:

	Payments due in:
	Total		less than 1 year		1 - 3 years		over 3 years
Contractual obligations:
Leases (1)	$	65,347	$	60,320	$	5,027	$	-

(1)

The lease amount represents the monthly rent amount for our principal office space in Midland, Texas under a 36-month lease agreement expiring July 31, 2027. Of this total obligation for the remainder of the lease, our majority shareholder will pay $10,175 within 1 year and $848 in years 1-3 for his portion of the shared office space.

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Results of Operations – Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025. For the quarter ended June 30, 2026, net income was $501,065 compared to net income of $241,951 for the quarter ended June 30, 2025. This was the result of an increase in operating revenues and a decrease in operating expenses, which is further explained below.

Oil and gas sales. Revenue from oil and gas sales was $1,978,158 for the quarter ended June 30, 2026, a 13% increase from $1,754,734 for the quarter ended June 30, 2025. This primarily resulted from an increase in oil prices partially offset by a decrease in gas prices and a decrease in oil and gas production volumes. The following table sets forth our oil and natural gas revenues, production quantities and average prices received during the three months ended June 30:

	2026		2025		% Difference
Oil:
Revenue	$	1,811,183	$	1,395,937		29.7	%
Volume (bbls)		18,802		22,010		(14.6	)%
Average Price (per bbl)	$	96.33	$	63.42		51.9	%

Gas:
Revenue	$	166,975	$	358,797		(53.5	)%
Volume (mcf)		155,426		169,905		(8.5	)%
Average Price (per mcf)	$	1.07	$	2.11		(49.1	)%

Income from investments in LLCs. Income from investments in LLCs increased 101% to $115,254 for the quarter ended June 30, 2026 from $57,236 for the quarter ended June 30, 2025. This increase resulted primarily from higher earnings from one of the Company’s limited liability companies.

Interest income. Interest income on corporate funds increased 2% to $14,852 for the quarter ended June 30, 2026 from $14,531 for the quarter ended June 30, 2025. This increase resulted from a change in our average cash balances.

Production and exploration. Production costs were $411,006 for the three months ended June 30, 2026, a 1.5% increase from $404,770 for the three months ended June 30, 2025. This was primarily due to an increase in lease operating expenses on wells in which we own a working interest.

Depreciation, depletion and amortization. DD&A expense was $606,521 for the first quarter of fiscal 2027, a 10% decrease from $675,270 for the first quarter of fiscal 2026, primarily due to a decrease in oil and gas production volumes and an increase in natural gas reserves partially offset by a decrease in oil reserves and an increase in the full cost pool amortization base.

General and administrative expenses. General and administrative expenses were $389,829 for the three months ended June 30, 2026, a 1% decrease from $394,437 for the three months ended June 30, 2025. This was primarily due to a decrease in stock option compensation and salaries partially offset by an increase in engineering, accounting, and legal fees.

Income taxes. Income tax for the three months ended June 30, 2026 was $195,310 compared to $103,231 for the three months ended June 30, 2025. The combined federal and state effective tax rate for the three months ended June 30, 2026 and 2025 was 28% and 30%, respectively. See Note 7 – Income Taxes to the Notes to Consolidated Financial Statements for additional information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The primary source of market risk for us includes fluctuations in commodity prices and interest rates. All of our financial instruments are for purposes other than trading.

Credit Risk. Credit risk is the risk of loss as a result of nonperformance by other parties of their contractual obligations. Our primary credit risk relates to oil and gas production sold to various purchasers and the receivables are generally not collateralized. At June 30, 2026, our two largest purchasers accounted for approximately 38% and 20%, respectively, of our total oil and gas receivables. We have not experienced any significant credit losses.

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Energy Price Risk. Our most significant market risk is the pricing applicable to our crude oil and natural gas production. Our financial condition, results of operations, and capital resources are highly dependent on the prevailing market prices of, and demand for, oil and natural gas. Prices for oil and natural gas production have been volatile and unpredictable for several years, and we expect this volatility to continue in the future.

Factors that can cause price fluctuations include the level of global demand for petroleum products, foreign and domestic supply of oil and gas, the establishment of and compliance with production quotas by oil-exporting countries, weather conditions, the price and availability of alternative fuels, and overall political and economic conditions in oil producing and consuming countries.

For example, in the last twelve months, the NYMEX West Texas Intermediate (“WTI”) posted price for crude oil has ranged from a low of $51.25 per bbl in December 2025 to a high of $108.93 per bbl in April 2026. The Henry Hub Spot Market Price (“Henry Hub”) for natural gas has ranged from a low of $2.54 per MMBtu in April 2026 to a high of $30.72 per MMBtu in January 2026, reflecting a temporary price spike during a period of severe weather and significant market volatility.

On June 30, 2026, the WTI posted price for crude oil was $65.48 and the Henry Hub spot price for natural gas was $3.34 per MMBtu. See Results of Operations above for realized prices.

Pipeline capacity constraints and maintenance in the Permian Basin area have contributed to a wider difference between the Waha Hub and the Henry Hub, and at times realized prices were negative.

Declines in oil and natural gas prices will materially adversely affect our financial condition, liquidity, ability to obtain financing, and operating results. Changes in oil and gas prices affect both estimated future net revenues and the estimated quantity of proved reserves. Any reduction in reserves, including reductions due to price fluctuations, can reduce the borrowing base under our credit facility and adversely affect the amount of cash flow available for capital expenditures and our ability to obtain additional capital for our acquisition, exploration, and development activities. In addition, a noncash write-down of our oil and gas properties could be required under full cost accounting rules if prices declined significantly, even if it is only for a short period of time. Lower prices may also reduce the amount of crude oil and natural gas that can be produced economically. Thus, we may experience material increases or decreases in reserve quantities solely as a result of price changes, not drilling or well performance.

Similarly, any improvements in oil and gas prices can have a favorable impact on our financial condition, results of operations, and capital resources. Oil and natural gas prices do not necessarily fluctuate in direct relationship to each other. If the average oil price had increased or decreased by ten dollars per barrel for the quarter ended June 30, 2026, our oil sales would have changed by $188,020. If the average gas price had increased or decreased by one dollar per mcf for the quarter ended June 30, 2026, our natural gas sales would have increased or decreased by $155,426.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures to ensure that the information we must disclose in our filings with the SEC is recorded, processed, summarized, and reported on a timely basis. At the end of the period covered by this report, our principal executive officer and principal financial officer reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e). Based on such evaluation, such officers concluded that, as of June 30, 2026, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting. No changes in the Company’s internal control over financial reporting occurred during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We may, from time to time, be a party to legal proceedings and claims arising in the ordinary course of business. As of June 30, 2026, the Company is not involved in any legal proceedings that management believes would have a material adverse effect on its financial condition, results of operations, or liquidity.

Item 1A. Risk Factors

There have been no material changes to the information previously disclosed in Item 1A. “Risk Factors” in our 2026 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

c. Issuer Purchases of Equity Securities

The following table provides information related to repurchases of our common stock for the treasury account during the three months ended June 30, 2026:

	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
April 1-30, 2026		-		-		-	$	296,784
May 1-31, 2026		-		-		-	$	296,784
June 1-30, 2026 ⁽¹⁾		-		-		-	$	546,784

⁽¹⁾

In June 2026, the Board authorized an additional $250,000 for the repurchase of shares of the Company’s common stock under the Company’s existing share repurchase program.

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Item 6. Exhibits

31.1	Certification of the Chief Executive Officer of Mexco Energy Corporation

31.2	Certification of the Chief Financial Officer of Mexco Energy Corporation

32.1	Certification of the Chief Executive Officer and Chief Financial Officer of Mexco Energy Corporation pursuant to 18 U.S.C. §1350

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema Document

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	XBRL Taxonomy Extension Label Linkbase Document

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

104	Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements 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.

	MEXCO ENERGY CORPORATION
	(Registrant)

Dated: August 12, 2026	/s/ Nicholas C. Taylor
	Nicholas C. Taylor
	Chairman of the Board and Chief Executive Officer

Dated: August 12, 2026	/s/ Tamala L. McComic
	Tamala L. McComic
	President, Chief Financial Officer, Treasurer and Assistant Secretary

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