UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended ~~September~~December 3031, 2025

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

For the transition period from to

Commission File Number 2-5916

Chase General Corporation

(Exact name of registrant as specified in its charter)

MISSOURI		36-2667734
(State or other jurisdiction of		(IRS Employer Identification No.)
incorporation or organization)

1307 South 59th, St. Joseph, Missouri 64507

(Address of principal executive offices, Zip Code)

(816) 279-1625

(Registrant’s telephone number, including area code)

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


Title of each class	Ticker symbol(s)	Name of each exchange on which registered
None	Not Applicable	Not Applicable

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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

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

Large accelerated filer ◻ Accelerated filer ◻ ~~Non-accelerated~~Nonaccelerated 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. Yes ◻ No ⌧

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ~~Securities~~ Exchange Act ~~of 1934~~) Yes ☐ No ⌧

As of ~~November~~February 612, ~~2025~~2026, there were 969,834 shares of common stock, $1.00 par value, outstanding.

Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

FOR THE ~~THREE~~SIX ~~months~~MONTHS ENDED ~~SEPTEMBER~~December 3031, 2025


PART I	FINANCIAL INFORMATION

	ITEM 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

		CONDENSED CONSOLIDATED BALANCE SHEETS AS OF ~~SEPTEMBER~~December 3031, 2025 AND JUNE 30, 2025 (UNAUDITED)	1

		CONDENSED CONSOLIDATED STATEMENTS OF ~~OPERATIONS~~iNCOME FOR THE THREE MONTHS ENDED ~~SEPTEMBER~~December 3031, 2025 AND 2024 (UNAUDITED)	3

		CONDENSED CONSOLIDATED STATEMENTS OF ~~stockholders’~~INcOME ~~Equity~~ FOR THE ~~Three~~SIX ~~months~~MONTHS ENDED ~~SEPTEMBER~~December 3031, 2025 AND 2024 (UNAUDITED)	4

		CONDENSED CONSOLIDATED STATEMENTS OF ~~Cash~~stockholders’ ~~flows~~Equity FOR THE Three ~~months~~and SIX MONTHS ENDED ~~SEPTEMBER~~December 3031, 2025 AND 2024 (UNAUDITED)	5

		~~NOTES TO~~ CONDENSED CONSOLIDATED ~~FINANCIAL~~ STATEMENTS OF Cash flows FOR THE SIX MONTHS ENDED December 31, 2025 AND 2024 (UNAUDITED)	6

	~~ITEM 2.~~	~~MANAGEMENT’S~~NOTES ~~DISCUSSION~~TO ~~AND~~CONDENSED ~~ANALYSIS~~CONSOLIDATED OF FINANCIAL ~~CONDITION~~STATEMENTS ~~AND RESULTS OF OPERATIONS~~(UNAUDITED)	137

	ITEM 32.	~~QUANTITATIVE~~MANAGEMENT’S DISCUSSION AND ~~QUALITATIVE~~ANALYSIS ~~DISCLOSURES~~OF ~~ABOUT~~FINANCIAL ~~MARKET~~CONDITION ~~RISK~~AND RESULTS OF OPERATIONS	1814

	ITEM 43.	~~CONTROLS~~QUANTITATIVE AND ~~PROCEDURES~~QUALITATIVE DISCLOSURES ABOUT MARKET RISK	1820

	ITEM 4.	CONTROLS AND PROCEDURES	20

PART II	OTHER INFORMATION

	ITEM 1.	LEGAL PROCEEDINGS	1921

	ITEM 1A.	RISK FACTORS	1921

	ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	1921

	ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	1921

	ITEM 4.	MINE SAFETY DISCLOSURES	1921

	ITEM 5.	OTHER INFORMATION	1921

	ITEM 6.	EXHIBITS	2021

	SIGNATURES		2122

Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CHASE GENERAL CORPORATION AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	~~September~~December 3031,		June 30,
	2025		2025

ASSETS

CURRENT ASSETS
Cash and Cash Equivalents	$	61162,~~868~~772	$	47,440
Trade Receivables, Net of Allowance for Credit Losses of $1,896		~~613~~301,~~877~~264		212,015
Inventories:
Finished Goods		~~167~~29,~~095~~751		180,089
Goods in Process		1816,~~952~~185		13,445
Raw Materials		~~119~~50,~~427~~824		128,763
Packaging Materials		~~219~~138,~~939~~022		159,857
Prepaid Expenses		414,~~767~~377		6,640
Total Current Assets		1713,~~205,925~~195		748,249

LONG-TERM ASSETS
Property & Equipment
Land		35,000		35,000
Buildings		77,348		77,348
Machinery and Equipment		1,~~032~~015,~~381~~028		1,032,381
Trucks and Autos		184,200		184,200
Office Equipment		3332,~~025~~325		33,025
Leasehold Improvements		7269,~~068~~843		72,068
Total		1,~~434~~413,~~022~~744		1,434,022
Less: Accumulated Depreciation and Amortization		(1,~~126~~123,~~894~~106)		(1,110,377)
Total Property and Equipment, Net		~~307~~290,~~128~~638		323,645
Right-of-Use Asset		~~393~~374,~~322~~839		411,473
Total Long-Term Assets		~~700~~665,~~450~~477		735,118

Total Assets	$	1,~~906~~378,~~375~~672	$	1,483,367

The accompanying notes are an integral part of the unaudited

condensed consolidated financial statements.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(UNAUDITED)


		December 31,			June 30,
		2025			2025

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts Payable		$	74,718		$	91,169
Current Maturities of Notes Payable			44,510			124,388
Current Maturities of Lease Liability			68,860			74,615
Accrued Expenses			14,803			26,342
Refund Liability Owed to Customers			17,665			16,288
Total Current Liabilities			220,556			332,802

LONG-TERM LIABILITIES
Notes Payable, Less Current Maturities			93,993			115,893
Lease Liability, Less Current Maturities			297,479			336,858
Total Long-Term Liabilities			391,472			452,751

Total Liabilities			612,028			785,553

COMMITMENTS AND CONTINGENCIES (NOTE 8)

STOCKHOLDERS’ EQUITY
Capital Stock Issued and Outstanding:
Prior Cumulative Preferred Stock, $5 Par Value:
Series A (Liquidation Preference $2,535,000 and $2,520,000, Respectively)			500,000			500,000
Series B (Liquidation Preference $2,490,000 and $2,475,000, Respectively)			500,000			500,000
Cumulative Preferred Stock, $20 Par Value:
Series A (Liquidation Preference $5,633,794 and $5,604,527, Respectively)			1,170,660			1,170,660
Series B (Liquidation Preference $918,136 and $913,367, Respectively)			190,780			190,780
Common Stock, $1 Par Value			969,834			969,834
Paid-In Capital in Excess of Par			3,134,722			3,134,722
Accumulated Deficit			(5,699,352)			(5,768,182)
Total Stockholders’ Equity			766,644			697,814

Total Liabilities and Stockholders’ Equity		$	1,378,672		$	1,483,367


	September 30,		June 30,
	2025		2025

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts Payable	$	286,616	$	91,169
Current Maturities of Notes Payable		384,951		124,388
Current Maturities of Lease Liability		75,976		74,615
Accrued Expenses		52,648		26,342
Refund Liability Owed to Customers		26,885		16,288
Total Current Liabilities		827,076		332,802

LONG-TERM LIABILITIES
Notes Payable, Less Current Maturities		104,538		115,893
Lease Liability, Less Current Maturities		317,346		336,858
Total Long-Term Liabilities		421,884		452,751

Total Liabilities		1,248,960		785,553

COMMITMENTS AND CONTINGENCIES (NOTE 8)

STOCKHOLDERS’ EQUITY
Capital Stock Issued and Outstanding:
Prior Cumulative Preferred Stock, $5 Par Value:
Series A (Liquidation Preference $2,527,500 and $2,520,000, Respectively)		500,000		500,000
Series B (Liquidation Preference $2,482,500 and $2,475,000, Respectively)		500,000		500,000
Cumulative Preferred Stock, $20 Par Value:
Series A (Liquidation Preference $5,619,161 and $5,604,527, Respectively)		1,170,660		1,170,660
Series B (Liquidation Preference $915,752 and $913,367, Respectively)		190,780		190,780
Common Stock, $1 Par Value		969,834		969,834
Paid-In Capital in Excess of Par		3,134,722		3,134,722
Accumulated Deficit		(5,808,581)		(5,768,182)
Total Stockholders’ Equity		657,415		697,814

Total Liabilities and Stockholders’ Equity	$	1,906,375	$	1,483,367

The accompanying notes are an integral part of the unaudited

condensed consolidated financial statements.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

~~CONDENSED~~PART I. ~~CONSOLIDATED~~FINANCIAL ~~STATEMENTS OF OPERATIONS~~ INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	Three Months Ended
	~~September~~December 3031,
	2025		2024
SALES	$	~~791~~1,~~137~~089,134		~~989~~1,~~021~~455,512

COST OF SALES		~~529~~718,~~595~~830		~~704~~980,~~078~~269
Gross Profit on Sales		~~261~~370,~~542~~304		~~284~~475,~~943~~243

OPERATING EXPENSES
Selling		76100,~~384~~284		96112,~~791~~733
General and Administrative		~~218~~154,~~295~~665		~~204~~179,~~129~~584
Total Operating Expenses		~~294~~254,~~679~~949		~~300~~292,~~920~~317

Loss from Operations		(33,137)		(15,977)
Income from Operations		115,355		182,926

OTHER INCOME (EXPENSE)
Miscellaneous Income		371,761		~~368~~448
Interest Expense		(75,~~299~~397)		(73,~~614~~764)
Total Other Expenses, net		(7,262)		(7,246)
Total Other Expense, net		(3,636)		(3,316)

Loss before Income Taxes		(40,399)		(23,223)
Income before Income Taxes		111,719		179,610

INCOME TAX BENEFIT		-		5,610
INCOME TAX PROVISION		(2,490)		(43,395)

NET LOSS	$	(40,399)	$	(17,613)
NET INCOME	$	109,229	$	136,215

LOSS PER SHARE
EARNINGS PER SHARE
Basic and Diluted	$	(0.07)	$	(0.05)
Basic	$	0.08	$	0.11

Diluted	$	0.05	$	0.07

The accompanying notes are an integral part of the unaudited

condensed consolidated financial statements.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF ~~STOCKHOLDERS’ EQUITY~~INCOME

(UNAUDITED)


	~~Prior~~Six ~~Cumulative~~Months Ended				~~Cumulative~~
	~~Preferred~~December ~~Stock~~31,				~~Preferred Stock~~				~~Common~~		~~Paid-In~~		~~Accumulated~~
	~~Series A~~2025		~~Series B~~2024		~~Series A~~		~~Series B~~		~~Stock~~		~~Capital~~		~~Deficit~~		~~Total~~
BALANCE, June 30, 2024	$	500,000	$	500,000	$	1,170,660	$	190,780	$	969,834	$	3,134,722	$	(5,661,645)	$	804,351
SALES	$	1,880,271		2,444,533

Net loss, three months ended September 30, 2024		—		—		—		—		—		—		(17,613)		(17,613)
COST OF SALES		1,248,425		1,684,347

Gross Profit on Sales		631,846		760,186
BALANCE, September 30, 2024	$	500,000	$	500,000	$	1,170,660	$	190,780	$	969,834	$	3,134,722	$	(5,679,258)	$	786,738


OPERATING EXPENSES
	Prior Cumulative				Cumulative
Selling		176,668		209,524
	Preferred Stock				Preferred Stock				Common		Paid-In		Accumulated
General and Administrative		372,960		383,713
	Series A		Series B		Series A		Series B		Stock		Capital		Deficit		Total
Total Operating Expenses		549,628		593,237
BALANCE, June 30, 2025	$	500,000	$	500,000	$	1,170,660	$	190,780	$	969,834	$	3,134,722	$	(5,768,182)	$	697,814


Income from Operations		82,218		166,949
Net loss, three months ended September 30, 2025		—		—		—		—		—		—		(40,399)		(40,399)


OTHER INCOME (EXPENSE)
BALANCE, September 30, 2025	$	500,000	$	500,000	$	1,170,660	$	190,780	$	969,834	$	3,134,722	$	(5,808,581)	$	657,415
Miscellaneous Income		1,798		816
Interest Expense		(12,696)		(11,378)
Total Other Expenses, net		(10,898)		(10,562)

Income before Income Taxes		71,320		156,387

INCOME TAX PROVISION		(2,490)		(37,785)

NET INCOME	$	68,830	$	118,602

INCOME PER SHARE
Basic and Diluted	$	0.00	$	0.06

The accompanying notes are an integral part of the unaudited

condensed consolidated financial statements.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)


		Prior Cumulative						Cumulative
		Preferred Stock						Preferred Stock						Common			Paid-In			Accumulated
		Series A			Series B			Series A			Series B			Stock			Capital			Deficit			Total
BALANCE, September 30, 2024		$	500,000		$	500,000		$	1,170,660		$	190,780		$	969,834		$	3,134,722		$	(5,679,258)		$	786,738

Net income, three months ended December 31, 2024			—			—			—			—			—			—			136,215			136,215

BALANCE, December 31, 2024		$	500,000		$	500,000		$	1,170,660		$	190,780		$	969,834		$	3,134,722		$	(5,543,043)		$	922,953

		Prior Cumulative						Cumulative
		Preferred Stock						Preferred Stock						Common			Paid-In			Accumulated
		Series A			Series B			Series A			Series B			Stock			Capital			Deficit			Total
BALANCE, September 30, 2025		$	500,000		$	500,000		$	1,170,660		$	190,780		$	969,834		$	3,134,722		$	(5,808,581)		$	657,415

Net income, three months ended December 31, 2025			—			—			—			—			—			—			109,229			109,229

BALANCE, December 31, 2025		$	500,000		$	500,000		$	1,170,660		$	190,780		$	969,834		$	3,134,722		$	(5,699,352)		$	766,644

		Prior Cumulative						Cumulative
		Preferred Stock						Preferred Stock						Common			Paid-In			Accumulated
		Series A			Series B			Series A			Series B			Stock			Capital			Deficit			Total
BALANCE, June 30, 2024		$	500,000		$	500,000		$	1,170,660		$	190,780		$	969,834		$	3,134,722		$	(5,661,645)		$	804,351

Net income, six months ended December 31, 2024			—			—			—			—			—			—			118,602			118,602

BALANCE, December 31, 2024		$	500,000		$	500,000		$	1,170,660		$	190,780		$	969,834		$	3,134,722		$	(5,543,043)		$	922,953

		Prior Cumulative						Cumulative
		Preferred Stock						Preferred Stock						Common			Paid-In			Accumulated
		Series A			Series B			Series A			Series B			Stock			Capital			Deficit			Total
BALANCE, June 30, 2025		$	500,000		$	500,000		$	1,170,660		$	190,780		$	969,834		$	3,134,722		$	(5,768,182)		$	697,814

Net income, six months ended December 31, 2025			—			—			—			—			—			—			68,830			68,830

BALANCE, December 31, 2025		$	500,000		$	500,000		$	1,170,660		$	190,780		$	969,834		$	3,134,722		$	(5,699,352)		$	766,644

The accompanying notes are an integral part of the unaudited

condensed consolidated financial statements.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	~~Three~~Six Months Ended
	~~September~~December 3031,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$	(40,399)	$	(17,613)
Net Income	$	68,830	$	118,602
Adjustments to Reconcile Net Loss to Net Cash Provided by/(Used in) Operating Activities:
Adjustments to Reconcile Net Income to Net Cash Provided by/(Used in) Operating Activities:
Depreciation and Amortization		1633,~~517~~007		1123,~~682~~362
Deferred Income Amortization		—		(~~324~~648)
Deferred income taxes		—		(529,~~610)~~404
Effects of Changes in Operating Assets and Liabilities:
Trade Receivables		(~~401~~89,~~862~~249)		(~~566~~118,~~153~~148)
Inventories		~~(43~~247,~~259)~~372		81443,~~635~~137
Prepaid Expenses		1(7,~~873~~737)		1(6,~~904~~720)
Accounts Payable		~~195~~(16,~~447~~451)		~~120~~(61,~~719~~047)
Refund Liability Owed to Customers		101,~~597~~377		1713,~~967~~617
Accrued Expenses		26(11,~~306~~539)		33(7,~~444~~183)
Net Cash Used in Operating Activities		(234,780)		(322,349)
Operating Lease Liability		(8,500)		(6,500)

Net Cash Provided by Operating Activities		217,110		427,876
CASH FLOWS FROM FINANCING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Line-of-Credit		260,000		330,000
Principal Payments on Notes Payable		(10,792)		(5,314)
Principal Payments on Line-of-Credit		(340,000)		(470,000)
Net Cash Provided by Financing Activities		249,208		324,686
Principal Payments on Notes Payable		(21,778)		(10,707)

Net Cash Used in Financing Activities		(101,778)		(150,707)
INCREASE IN CASH AND CASH EQUIVALENTS		14,428		2,337


INCREASE IN CASH AND CASH EQUIVALENTS		115,332		277,169

Cash and Cash Equivalents - Beginning of Period		47,440		41,974

CASH AND CASH EQUIVALENTS - END OF PERIOD	$	61162,~~868~~772	$	44319,~~311~~143

The accompanying notes are an integral part of the unaudited

condensed consolidated financial statements.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

NOTE 1 SIGNIFICANT ACCOUNTING POLICIES

General

The condensed consolidated balance sheet of Chase General Corporation (hereinafter referred to as Chase, the Company, we, our, and us) at June 30, 2025, has been taken from audited consolidated financial statements at that date and condensed. The condensed consolidated financial statements as of and for the three and six months ended ~~September~~December 3031, 2025, and for the three and six months ended ~~September~~December 3031, 2024, are unaudited and reflect all normal and recurring accruals and adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, operating results and cash flows for the interim periods presented in this quarterly report. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended June 30, 2025. The results of operations for the three and six months ended ~~September~~December 3031, 2025, and cash flows for the ~~three~~six months ended ~~September~~December 3031, 2025, are not necessarily indicative of the results for the entire fiscal year ending June 30, 2026. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present ~~the~~ financial position, results of operations, and cash flows for the periods have been included.

Revenue Recognition

The majority of our revenue is derived by fulfilling customer orders for the purchase of our ~~product~~products. The Company recognizes revenue at the point in time that control of the ordered product(s) is transferred to the customer, which is typically upon shipment to the customer. Shipping and handling costs incurred to ship product to the customer are recorded within cost of sales. Amounts billed and due from our customers are classified as trade receivables on the consolidated balance sheet and require payment on a short-term basis. Generally, individual orders from customers are accounted for as a single performance obligation.

Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. Sales, value added, and other taxes we collect ~~concurrently~~concurrent with revenue-producing activities are excluded from revenue. The amount of consideration the Company expects to receive and revenue the Company recognizes includes estimates of variable consideration, including costs for trade promotional programs, customer incentives, and allowances and discounts associated with aged or potentially unsaleable products. These estimates are based upon our analysis of the programs offered, historical trends, and expectations regarding customer and consumer participation, sales and payment trends and our experience with payment patterns associated with similar programs offered in the past. The Company reviews and updates these estimates regularly, and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments recognized for the ~~three~~six months ended ~~September~~December 3031, 2025 and 2024, resulting from updated estimates of revenue for prior year product sales were not significant. The Company has elected a practical expedient to recognize incremental costs incurred to obtain contracts, which primarily represent sales commissions where the amortization period would be less than one year, as a selling expense when incurred in the consolidated financial statement.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

NOTE 1 SIGNIFICANT ACCOUNTING POLICIES (cont.)

Revenue Recognition (cont.)

The majority of the Company’s products are confectionery and confectionery-based and, therefore, exhibit similar economic characteristics, such that they are based on similar ingredients and are marketed and sold through the same channels to the same customers. The Company operates two divisions, Chase Candy Products and Seasonal Candy Products. Both divisions share a common labor force and utilize the same basic equipment and raw materials. Management considers these two divisions as one reportable segment. The various divisions of revenue are as follows:

For the three months ended ~~September~~December 3031,


	2025		2024
SALES
Chase Candy	$	~~356~~585,~~867~~400	$	~~319~~720,~~080~~907
Seasonal Candy		~~434~~503,~~270~~734		~~669~~734,~~941~~605
Total	$	~~791~~1,~~137~~089,134	$	~~989~~1,~~021~~455,512

~~Subsequent~~For ~~Events~~the six months ended December 31,

No events have occurred subsequent to September 30, 2025, through the date of filing this form, that would require disclosure in this Form 10-Q or would be required to be recognized in the condensed consolidated financial statements as of or for the three month period ended September 30, 2025.


	2025		2024
SALES
Chase Candy	$	940,142	$	1,037,875
Seasonal Candy		940,129		1,406,658
Total	$	1,880,271	$	2,444,533

Subsequent Events

Other than what is disclosed in Note 2 and Note 4, no events have occurred subsequent to December 31, 2025, through the date of filing this form, that would require disclosure in this Form 10-Q or would be required to be recognized in the condensed consolidated financial statements as of or for the six month period ended December 31, 2025.

NOTE 2 GOING CONCERN AND MANAGEMENT’S PLAN

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date these consolidated financial statements are available. The Company has incurred significant operating losses since its inception. At ~~September~~December 3031, 2025, the Company has an accumulated deficit of $5,~~808~~699,~~581~~352 and cash and cash equivalents of $61162,~~868~~772. Currently there is substantial doubt about the Company’s ability to generate enough cash flow to fund operations for the twelve months following the date these consolidated financial statements are available.

During fiscal year 2026, the Company lost two major customers. Based on historical sales to these customers, management expects a total loss of sales of approximately $575,000 or 17%. The termination of these relationships may negatively impact the Company’s financial condition and operating results. The Company continues to assess its customer concentration risk and is implementing strategic initiatives to broaden its customer base.

In response, management plans to continue its efforts to expand the present market area and increase sales to its existing customers and seek new customer opportunities. Management also intends to continue tight control over all expenditures and an increased emphasis on inventory and production management. Additionally, due to historical volatility in the regions where raw materials are grown and supplied from, management anticipates the prices of these raw materials to continue to fluctuate primarily based on supply and demand. Management plans to make sales price adjustments in the future as necessary to correspond with changes in raw material prices. Management is also pursuing refinancing its debt prior to the maturity date and intends to negotiate an extension of the line of credit agreement with its current lender.(8)

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

NOTE 2 GOING CONCERN AND MANAGEMENT’S PLAN (cont.)

In response, management plans to continue its efforts to expand the present market area and increase sales to its existing customers and seek new customer opportunities. Management also intends to continue tight control over all expenditures with an increased emphasis on inventory and production management. Additionally, due to historical volatility in the regions where raw materials are grown and supplied from, management anticipates the prices of these raw materials to continue to fluctuate primarily based on supply and demand. Management plans to make sales price adjustments in the future as necessary to correspond with changes in raw material prices. Management is also pursuing refinancing its line of credit agreement with its current lender which expired in January 2026. Additionally, the Company is actively evaluating strategic alternatives, including a potential sale of the Company or its assets. There can be no assurance that this process will result in a transaction, or that any transaction will be completed on terms favorable to the Company or within a time frame sufficient to address the Company's liquidity needs.

Management believes that the successful execution of its business plan and debt refinancing would alleviate the substantial doubt about the Company’s ability to continue as a going concern. However, there can be no assurance that these plans will be successful. Because it is unclear whether the Company will be successful in accomplishing these objectives, there is uncertainty about the Company’s circumstances, which creates substantial doubt about its ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

NOTE 3 EARNINGS PER SHARE

The earnings per share was computed on the weighted average of outstanding common shares during the period. Diluted earnings per share are calculated by including contingently issuable shares with the weighted average shares outstanding.

NOTE 3 LOSS PER SHARE


		Three Months Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Net Income		$	109,229		$	136,215		$	68,830		$	118,602

Preferred Dividend Requirements:
6% Prior Cumulative Preferred, $5 Par Value			15,000			15,000			30,000			30,000
5% Convertible Cumulative Preferred, $20 Par Value			17,018			17,018			34,036			34,036
Total Dividend Requirements			32,018			32,018			64,036			64,036

Net Income Attributable to Common Stockholders		$	77,211		$	104,197		$	4,794		$	54,566

Weighted Average Shares - Basic			969,834			969,834			969,834			969,834
Effect of Contingently Issuable Shares, if Dilutive			1,033,334			1,033,334			1,033,334			1,033,334
Weighted Average Shares - Diluted			2,003,168			2,003,168			2,003,168			2,003,168

Basic Earnings per Share		$	0.08		$	0.11		$	0.00		$	0.06

Diluted Earnings per Share		$	0.05		$	0.07		$	0.00		$	0.06

The loss per share was computed on the weighted average of outstanding common shares during the period. Diluted loss per share is calculated by including contingently issuable shares with the weighted average shares outstanding.(9)


	Three Months Ended
	September 30,
	2025		2024
Net Loss	$	(40,399)	$	(17,613)

Preferred Dividend Requirements:
6% Prior Cumulative Preferred, $5 Par Value		15,000		15,000
5% Convertible Cumulative Preferred, $20 Par Value		17,018		17,018
Total Dividend Requirements		32,018		32,018

Net Loss attributable to Common Stockholders	$	(72,417)	$	(49,631)

Weighted Average Shares - Basic		969,834		969,834
Effect of Contingently Issuable Shares, if Dilutive		1,033,334		1,033,334
Weighted Average Shares - Diluted		2,003,168		2,003,168

Basic and Diluted Loss per Share	$	(0.07)	$	(0.05)

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

NOTE 3 LOSS PER SHARE (cont.)

shares of common stock was excluded for the three months ended September 30, 2025 and 2024, respectively, as its conversion would have an anti-dilutive effect. Cumulative Preferred Stock dividends in

arrears at September 30, 2025 and 2024, totaled $9,133,472 and $9,005,400, respectively. Total dividends in arrears, on a per share basis, consist of the following:


	Three Months Ended
	September 30,
	2025		2024
6% Convertible:
Series A	$	20	$	20
Series B	$	20	$	19
5% Convertible:
Series A	$	76	$	75
Series B	$	76	$	75

NOTE 3 EARNINGS PER SHARE (cont.)

The Company excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive. All of the preferred stock, which is convertible into 1,033,334 shares of common stock, was excluded for the six months ended December 31, 2025 and 2024, respectively, as its conversion would have an anti-dilutive effect. Cumulative Preferred Stock dividends in arrears at December 31, 2025 and 2024 totaled $9,165,490 and $9,037,418, respectively. Total dividends in arrears, on a per share basis, consist of the following:


		Six Months Ended
		December 31,
		2025			2024
6% Convertible:
Series A		$	20		$	20
Series B		$	20		$	19
5% Convertible:
Series A		$	76		$	75
Series B		$	76		$	75

The 6% convertible prior cumulative preferred stock may, upon thirty days prior notice, be redeemed by the Corporation at $5.25 per share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. It may be exchanged for common stock at the option of the shareholders in the ratio of four common shares for one share of Series A and 3.75 common shares for one share of Series B.

The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21 per share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20 per share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of preferred.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

NOTE 4 NOTES PAYABLE AND LINE-OF-CREDIT

The Company’s notes payable ~~consists~~consist of:


		~~September~~December 3031,		June 30,
Payee	Terms	2025		2025
Nodaway Valley Bank	$500,000 line-of-credit agreement expiring on January 2, 2026, with a variable interest rate at prime but not less than 5% (76.2575% at ~~September~~December 3031, 2025). The line of credit is collateralized by substantially all assets of the Company. The line-of-credit was not renewed at expiration on January 2, 2026.	$	~~340,000~~-	$	80,000

Nodaway Valley Bank	$885 monthly payments, interest of 7.25%; final payment due April 2027, secured by a vehicle.		1513,~~826~~447		18,159

Ford Motor Credit Company	$1,126 monthly payments, interest of 2.9%; final payment due November 2026, secured by a vehicle.		1512,~~469~~196		18,718

Nodaway Valley Bank	$2,514 monthly payments, interest of 7.5%; final payment due May 2030, secured by equipment.		~~118~~112,~~194~~860		123,404


	Total		~~489~~138,~~489~~503		240,281
	Less Current Portion		~~384~~44,~~951~~510		124,388
	Long-Term Portion	$	~~104~~93,~~538~~993	$	115,893

Future minimum payments for the twelve months ending December 31 are:

Future minimum payments for the twelve months ended September 30 are:


December 31,		Amount
2026		$	44,510
2027			27,600
2028			25,999
2029			28,060
2030			12,334
Total		$	138,503


September 30,	Amount
2026	$	384,951
2027		31,941
2028		25,512
2029		27,535
2030		19,550
Total	$	489,489

NOTE 5 INCOME TAXES

The Company ~~did~~follows ~~not~~the ~~record~~provisions anfor ~~income~~uncertain tax ~~provision~~positions oras ~~benefit~~addressed ~~for~~in ~~the~~Financial ~~three~~Accounting ~~months~~Standards ~~ended~~Board ~~September~~Accounting ~~30,~~Standards ~~2025~~Codification as740-10. aFor ~~full~~both ~~valuation~~the ~~allowance~~three ~~has~~and ~~been~~six ~~recorded~~month ~~against~~periods ~~the~~ended December ~~net~~31, ~~deferred~~2025, ~~tax assets of~~ the Company. ~~The Company~~ recorded an income tax ~~benefit~~provision of $52,~~610 for the three months ended September 30~~490, ~~2024~~which asprimarily ~~additional~~result ~~net~~from ~~operating~~taxable ~~losses~~income ~~were~~ generated during ~~this~~the period ~~prior~~after toutilization ~~recording~~of aavailable ~~full~~federal ~~valuation allowance against the~~ net ~~deferred~~operating ~~tax~~loss ~~assets of the Company~~carryforwards. As ~~of September 30, 2025 and 2024, a valuation allowance of $51,584 and $0, respectively, was established.~~

As of ~~September~~December 3031, 2025, the Company has estimated net operating loss carryovers of ~~approximately~~ $~~296~~207,~~000,~~427 ~~none~~which ofdo ~~which~~not expire but are ~~subject~~limited to an 80% of taxable income ~~utilization~~under ~~limitation~~current tax law. The Company maintains a valuation allowance against its deferred tax assets. As of December 31, 2025 and 2024, a valuation allowance of $27,456 and $0, respectively, was established.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

NOTE 5 INCOME TAXES (cont.)

The Company ~~follows~~has ~~the~~no ~~provisions~~material ~~for uncertain~~ tax positions asat ~~addressed~~December in31, ~~Financial~~2025, ~~Accounting Standards Board Accounting Standards Codification 740-10. The Company has no material tax positions~~ for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility ~~as of September 30, 2025~~. The Company had no accruals for interest or penalties at ~~September~~December 3031, 2025. The Company'’s federal income tax returns for ~~the~~ fiscal years ~~ended~~2022 through 2025, ~~2024,~~remain ~~2023 and 2022 are~~ subject to examination by the Internal Revenue Service taxing authority.

NOTE 6 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION


	~~Three~~Six Months Ended
	~~September~~December 3031,
	2025		2024
Supplemental Cash Flow Information:
Interest paid	$	213,~~782~~129	$	~~717~~11,738

NOTE 7 DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist principally of cash and cash equivalents, trade receivables and payables, and notes payable. There are no significant differences between the carrying value and fair value of any of these financial instruments.

NOTE 8 COMMITMENT, CONCENTRATIONS, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS

The Company leases its office and manufacturing facility, located in St. Joseph, Missouri under an operating lease from an entity that is owned by the son of the Chief Executive Officer of the Company. The original lease term was from February 1, 2005, through March 31, 2025, with an option to extend for an additional term of five years. The required lease payments through this period were $6,500 per month. During the ~~period~~year ended June 30, 2023, the Company determined the exercise of the renewal option to be reasonably assured and remeasured the right-of-use asset and lease liability to include the additional five years at what was the current rate, so that the new term expires on March 31, 2030. During the year ended June 30, 2025, the Company exercised the renewal option and remeasured the right-of-use asset and lease liability to reflect an increase in the required lease payments to $8,500 per month ~~at the new current rate~~.

An operating lease right-of-use asset and lease liability was recognized based on the present value of minimum lease payments over the remaining lease term. The Company’s operating lease has a remaining term of 4.25 years and the present value of the lease payments is calculated using the Company’s estimated incremental borrowing rate of 7.25% as of the remeasurement date. Operating lease expense is recognized on a straight-line basis over the lease term.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

NOTE 8 COMMITMENT, CONCENTRATIONS, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS (cont.)

The Company’s lease agreement does not contain any residual value guarantees. Additionally, any other short-term leases are immaterial. The Company elected the practical expedient to not separate lease and nonlease components and also elected the short-term practical expedient for all leases that qualify. As a result, the Company will not recognize right-of-use assets or liabilities for short-term leases that qualify for the short-term practical expedient but instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. Cash paid for operating lease liabilities and operating lease expense was $59,500 for the six months ended December 31, 2025, of which, $46,792 is included in cost of sales, $4,208 is included in general and administrative expenses, and $8,500 was prepaid and used to offset the lease liability at December 31, 2025.

Minimum annual payments required under existing operating lease liabilities that have initial or remaining noncancelable terms in excess of one year as of December 31, 2025, are as follows:

An operating lease right-of-use asset and liability was recognized based on the present value of minimum lease payments over the remaining lease term. The Company’s operating lease has a remaining term of 4.5 years, and the present value of the lease payments is calculated using the Company’s estimated incremental borrowing rate of 7.25% as of the remeasurement date. Operating lease expense is recognized on a straight-line basis over the lease term.


Twelve Months Ending December 31,		Amount
2026		$	93,500
2027			102,000
2028			102,000
2029			102,000
2030			29,203
Total Lease Payments			428,703
Less: Imputed Interest			(62,364)
Total Lease Liabilities		$	366,339

The Company’s lease agreement does not contain any residual value guarantees. Additionally, any other short-term leases are immaterial. The Company elected the practical expedient to not separate lease and nonlease components and also elected the short-term practical expedient for all leases that qualify. As a result, the Company will not recognize right-of-use assets or liabilities for short-term leases that qualify for the short-term practical expedient but instead will recognize the lease payments as lease cost on a straight-line basis over the lease term. Cash paid for operating lease liabilities and operating lease expense was $25,500 for the three months ended September 30, 2025, of which, $23,396 is included in cost of sales and $2,104 is included in general and administrative expenses.

Minimum annual payments required under the existing operating lease liability that have initial or remaining noncancelable terms in excess of one year as of September 30, 2025 are as follows:


Twelve Months Ending September 30,	Amount
2026	$	102,000
2027		102,000
2028		102,000
2029		102,000
2030		51,000
Total Lease Payments		459,000
Less: Imputed Interest		(65,678)
Total Lease Liabilities	$	393,322

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I Financial information

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I financial INFORMATION

item 2. management’s discussion and analysis of

financial condition and results of operations

OVERVIEW

Chase General Corporation (Chase) is a holding company for its wholly-owned subsidiary, Dye Candy Company. This subsidiary is the main operating company that is engaged in the manufacture of confectionery products which are sold primarily to wholesale houses, grocery accounts, vendors, and repackers. The subsidiary (Company) operates two divisions, Chase Candy division and Seasonal Candy division, which share a common labor force and utilize the same basic equipment and raw materials. Therefore, segment reporting for the two divisions is not maintained by management.

The Company’s business, like that of many other confectionary product manufacturers, is seasonal. Historically, the Company has realized more of its ~~revenue~~sales and earnings in the second fiscal quarter, which includes the majority of the holiday shopping season, than in any other fiscal quarter.

RESULTS OF OPERATIONS - Three Months Ended ~~September~~December 3031, 2025 Compared to Three Months Ended ~~September~~December 3031, 2024, and Six Months Ended December 31, 2025 Compared to Six Months Ended December 31, 2024

The following management comments regarding Chase’s results of operations and outlook should be read in conjunction with the condensed consolidated financial statements included pursuant to Item 1 of the quarterly report.

The following table sets forth certain items as a percentage of sales for the periods presented:


	Three Months Ended				Six Months Ended
	~~September~~December 3031,				December 31,
	2025		2024		2025		2024
Sales	100	%	100	%	100	%	100	%
Cost of Sales	6766	%	7167	%	66	%	69	%
Gross Profit on Sales	3334	%	2933	%	34	%	31	%
Operating Expenses	3723	%	3020	%	29	%	24	%
Loss from Operations	(4)	%	(1)	%
Income from Operations	11	%	13	%	5	%	7	%
Other Expenses, Net	~~(1)~~—	%	(21)	%	(1)	%	—	%
Loss before Income Taxes	(5)	%	(3)	%
Income before Income Taxes	11	%	12	%	4	%	7	%
Income Tax Benefit	—	%	1	%
Income Tax Provision	—	%	(3)	%	—	%	(2)	%
Net Loss	(5)	%	(2)	%
Net Income	11	%	9	%	4	%	5	%

SALES

During fiscal year 2026, the Company lost two major customers. Based on historical sales to these customers, management expects a total loss of sales of approximately $575,000. ~~During~~ ~~the~~Sales ~~three~~decreased ~~months~~$366,378 ~~ended~~or ~~September~~25% ~~30,~~for ~~2025,~~the ~~sales,~~three ~~net~~months ofended ~~returns~~December ~~and allowances~~31, ~~decreased~~2025 to $~~197~~1,~~884~~089,134 ~~or 20% as~~ compared to $1,445,512 for the three months ended ~~September~~December 3031, 2024. Sales for Chase Candy ~~increased~~decreased $37135,~~787~~507 ~~or 12%~~ to $~~356~~585,~~867~~400 for the three months ended ~~September~~December 3031, 2025, as compared to $~~319~~720,~~080~~907 for the three months ended ~~September~~December 3031, 2024. Sales for Seasonal Candy decreased $~~235~~230,~~671~~871 ~~or 35%~~ to $~~434~~503,~~270~~734 for the three months ended ~~September~~December 3031, 2025, as compared to $~~669~~734,~~941~~605 for the three months ended ~~September~~December 3031, 2024.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. ~~financial~~FINANCIAL INFORMATION

~~item~~Item 21. ~~management’s~~Condensed ~~discussion~~Consolidated ~~and~~financial ~~analysis of~~statements

~~financial~~notes ~~condition~~to ~~and~~condensed ~~results~~consolidated offinancial ~~operations~~statements

(unaudited)

SALES (cont.)

Sales for Chase Candy consisted of the following divisions: L276 Cherry Mash Distributor Pack division, L100/L200 Cherry Mash Merchandisers division, L260 Changemaker Jar division, L279/L299 Bulk Mini Mash division, and L278/L212 Mini Mash division. The 1219% ~~increase~~decrease in sales of Chase Candy of $37135,~~787~~507 for the three months ended ~~September~~December 3031, 2025, over the same period ended ~~September~~December 3031, 2024, is primarily due to the effect of the following: 1) ~~increased~~decreased net sales of approximately $28,100 for the Cherry Mash Bar L276/L277 segments due to a decrease in orders to existing customers; 2) decreased sales of the ~~L276~~Mini ~~Cherry~~ Mash ~~Distributors~~L278/L212 ~~Pack~~ segment by approximately $4178,~~000~~100 versus the same period a year ago; 2)primarily ~~increased~~due ~~sales~~ to decreased orders from existing customers; 3) decreased net sales of the L279/L299 Bulk Mini Mash segment by approximately $1614,~~000,~~400 3)versus ~~increased~~the ~~online~~same ~~sales~~period ~~and~~a ~~miscellaneous~~year ~~other~~ago ~~product~~primarily ~~categories~~due byto ~~approximately~~decreased ~~$5,000;~~orders ~~offset~~from byexisting customers; 4) decreased sales of the Changemaker Jar L260 and Mini Mash Keg L264 segments by approximately $167,~~000~~800 ~~for~~due ~~the~~to ~~Mini~~a ~~Mash~~decrease ~~L278/L212~~in ~~segments~~orders to existing customers; and 5) decreased net sales of the L100/L200 Cherry Mash Merchandisers segment by approximately $926,~~000~~400 due to a decrease in orders to existing customers; offset by 6) increased sales of the new L252/L258 Mini Mash Stand Up Bag segment of approximately $11,200 and 7) increased sales revenues attributable to changes in sales allowances and discounts, promotions, billbacks, and miscellaneous sales of approximately $8,000.

~~Sales for Seasonal Candy consisted of the following divisions: bulk seasonal division, clamshell seasonal division, and the generic seasonal division.~~ The 3531% decrease in sales of Seasonal Candy of $~~235~~230,~~671~~871 for the three months ended ~~September~~December 3031, 2025, over the same period ended ~~September~~December 3031, 2024, is primarily due to the effect of ~~the following~~: 1) decreased sales in the ~~generic~~clamshell ~~seasonal~~ division by approximately $~~447~~234,~~000~~600 versus the same period a year ago, primarily due to decreased ~~orders~~sales to existing customers,; ~~offset by~~ 2) ~~increased~~decreased sales in the bulk seasonal division by approximately $50116,~~000~~300 ~~due~~versus tothe ~~increased~~same ~~orders~~period toa ~~existing~~year ~~customers~~ago; ~~and~~offset by 3) increased sales to existing customers in the ~~clamshell~~regular ~~seasonal~~produce ~~division~~category by approximately $~~144~~106,~~000~~400 versus the same period a year ago, ~~primarily due to increased orders to existing customers,~~ and 4) increased sales revenue attributable to changes in sales allowances and discounts, promotions, and billbacks related to these category of products byof approximately $1716,~~000~~600.

~~Despite~~Sales ~~the~~decreased ~~overall~~$564,262 ~~decrease~~or in23% ~~quantities~~for ~~sold~~the ~~for~~six ~~both~~months ~~divisions~~ended December 31, ~~the~~2025 ~~Company~~to ~~was~~$1,880,271 ~~able~~compared to ~~implement~~$2,444,533 afor ~~price~~the ~~increase~~six inmonths ~~July~~ended ~~2025~~December of31, ~~approximately~~2024. 6%Sales for ~~the~~Chase ~~bulk~~Candy ~~and~~decreased ~~clamshell~~$97,733 ~~products~~to $940,142 nofor ~~price~~the ~~increase~~six ~~occurred~~months ~~for~~ended ~~Chase~~December ~~Candy~~31, ~~products~~2025, ~~during~~compared to $1,037,875 for the ~~three~~six months ended ~~September~~December 3031, ~~2025~~2024. ~~The~~ ~~seasonal~~Sales ~~candy~~for ~~price~~Seasonal ~~increase~~Candy ~~has~~decreased ~~helped~~$466,529 to ~~contribute~~$940,129 tofor anthe ~~increase~~six inmonths ~~margins~~ended December 31, 2025, compared to $1,406,658 for the ~~three~~six months ended ~~September~~December 3031, ~~2025~~2024.

The 9% decrease in sales of Chase Candy of $97,733 for the six months ended
December 31, 2025 over the same period ended December 31, 2024, is primarily due to the effect of the following: 1) decreased sales of the Mini Mash L278/L212 segment by approximately $94,500 versus the same period a year ago primarily due to decreased orders from existing customers; 2) decreased sales of the Changemaker Jar L260 and Mini Mash Keg L264 segments by approximately $6,100 due to an decrease in orders to existing customers; 3) decreased net sales of the L100/L200 Cherry Mash Merchandisers segment by approximately $35,000 due to a decrease in orders to existing customers; offset by 4) increased sales of the new L252/L258 Mini Mash Stand Up Bag segment of approximately $11,200; 5) increased sales of the L276/277 Cherry Mash Bar segment of approximately $15,700 due to an increase in sales to existing customers; 6) increased sales of the L279/L299 Bulk Mini Mash segment of approximately $1,500; and 7) increased sales revenue attributable to changes in sales allowances and discounts, promotions, billbacks, and miscellaneous sales of approximately $11,800.

The 33% decrease in sales of Seasonal Candy of $466,529 for the six months ended December 31, 2025 over the same period ended December 31, 2024, is primarily due to decreases in orders in the first and second quarters, including: 1) decreased sales in the clamshell division by approximately $90,600 versus the same period a year ago, primarily due to decreased sales to existing customers; 2) decreased sales in the bulk seasonal division by approximately $66,300 versus the same period a year ago; and 3) decreased sales to existing customers in the regular produce category by approximately $340,600 versus the same period a year ago; offset by 4) increased sales revenue attributable to changes in sales allowances and discounts, promotions, and billbacks related to these category of products of approximately $29,600.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

SALES (cont.)

Despite the overall decrease in quantities sold for both divisions, the Company was able to implement a price increase in July 2025 of approximately 6% for the bulk and clamshell products. No price increase occurred for Chase Candy products during the six months ended December 31, 2025. The Seasonal Candy price increase has helped to contribute to an increase in margins for the six months ended December 31, 2025.

COST OF SALES

~~Cost of sales for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, decreased by 25%.~~ The cost of sales decreased $~~174~~261,~~483~~439 to $~~529~~718,~~595~~830 ~~while~~or ~~decreasing to 67~~66% of related sales for the three months ended ~~September~~December 3031, 2025, compared to $~~704~~980,~~078~~269 or 7167% of related sales for the three months ended ~~September~~December 3031, 2024.

The ~~25% decrease in~~ cost of sales ofdecreased $~~174~~435,~~483~~922 ~~is primarily related~~ to ~~labor efficiencies implemented by management in response to the loss of major customers. Labor costs~~$1, ~~including wages~~248,425 ~~vacation~~or ~~pay~~66% ~~and payroll taxes~~ of ~~$169,649~~related sales for the ~~three~~six months ended ~~September~~December 3031, 2025, ~~decreased 21% or $45,356 as~~ compared to $~~215~~1,~~005 for the three months ended September 30~~684,347 ~~2024,~~or ~~primarily~~69% ~~due to decreased wages as a result~~ of ~~intentional~~related ~~pay~~sales ~~reductions~~ for ~~certain salaried employees as well as decreased production hours compared to~~ the ~~same~~six ~~period~~months ended ~~September~~December 3031, 2024.

The slight decrease in cost of sales as a percentage of sales for both the quarter and the six months ended December 31, 2025, is primarily related to labor efficiencies implemented by management in response to the loss of major customers. Labor costs, including wages, vacation pay, and payroll taxes of $358,790 for the six months ended December 31, 2025, decreased 17% or $74,190 as compared to $432,980 for the six months ended December 31, 2024, primarily due to decreased wages as a result of intentional pay reductions for certain salaried employees as well as decreased production hours compared to the same period ended December 31, 2024.

SELLING EXPENSES

Selling expenses for the three months ended ~~September~~December 3031, 2025, decreased $2012,~~407~~449 to $76100,~~384~~284, which is 109% of sales, compared to $96112,~~791~~733, or 108% of sales for the three months ended ~~September~~December 3031, 2024. This decrease is primarily due to a decrease in commission expense of approximately $15,000, a decrease in sales salaries of approximately $4,000, and a decrease in promotions of approximately $2,000 over the same period ended September 30, 2024, primarily due to decreased sales and intentional efforts by management to control costs.

~~(14)~~Selling expenses for the six months ended December 31, 2025 decreased $32,856 to $176,668, which is 9% of sales, compared to $209,524, or 9% of sales for the six months ended December 31, 2024.

The decrease in selling expenses for both the quarter and the six months ending December 31, 2025, is primarily due to decreases in commission costs, which is attributable to sales negatively being impacted due to loss of major customers. Commission expense of $74,644 for the six months ended December 31, 2025, decreased 27% or $27,783 as compared to $102,427 for the six months ended December 31, 2024. Management continues to make efforts to minimize selling expenses in an attempt to recover costs not passed along with price increases.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses for the three months ended December 31, 2025 decreased $24,919 to $154,665 and 14% of sales, compared to $179,584 or 12% of sales for the three months ended December 31, 2024.

The decrease of $24,919 in general and administrative expenses for the three months ended December 31, 2025 is primarily due to a decrease in professional fees of approximately $16,800 compared to the three months ended December 31, 2024. Additionally, in the three-month period ended December 31, 2025, insurance expense decreased by approximately $3,100 and office salaries decreased by approximately $3,100 from the prior period.

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Table of Contents

CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. ~~financial~~FINANCIAL INFORMATION

~~item~~Item 21. ~~management’s~~Condensed ~~discussion~~Consolidated ~~and~~financial ~~analysis of~~statements

~~financial~~notes ~~condition~~to ~~and~~condensed ~~results~~consolidated offinancial ~~operations~~statements

(unaudited)

GENERAL AND ADMINISTRATIVE EXPENSES (cont.)

General and administrative expenses for the ~~three~~six months ended ~~September~~December 3031, 2025, ~~increased~~decreased $1410,~~166~~753 to $~~218~~372,~~295~~960 orand 2820% of sales, compared to $~~204~~383,~~129~~713 or 2116% of sales for the ~~three~~six months ended ~~September~~December 3031, 2024. The increase is primarily due to increases in professional fees of approximately $24,000, offset by decreases in dues and subscriptions of approximately $7,000 and decreases in insurance expense of approximately $3,000.

OTHER EXPENSE, NET

~~Other~~The ~~expense~~decrease of $10,753 ~~net~~in ~~reflects~~general ~~expense~~and ofadministrative ~~$7,262~~expenses for the ~~three~~six months ended ~~September~~December 3031, 2025, asis ~~compared~~primarily due to decreases in insurance expense of approximately $76,~~246~~400, ~~for~~dues ~~the~~and ~~three~~subscriptions ~~months~~expense ~~ended~~of ~~September~~approximately 30$5,300 ~~2024.~~and ~~Other~~office ~~expenses~~salaries expense by approximately $5,200 ~~which~~compared ~~consists~~to ~~almost~~the ~~entirely~~six ofmonths ~~interest~~ended ~~expense~~December 31, ~~remained~~2024. ~~relatively~~These ~~stable~~decreases ~~for~~are ~~the~~offset ~~three~~by ~~months~~an ~~ended~~increase ~~September~~in ~~30,~~professional ~~2025~~fees of approximately $7,600 ~~compared~~and toincreases ~~the~~in ~~three~~various ~~months~~other ~~ended~~general ~~September~~and ~~30,~~administrative ~~2024~~expense items.

~~BENEFIT~~OTHER ~~(PROVISION) FOR INCOME TAXES~~EXPENSE

~~The~~Other ~~Company~~expense ~~did~~increased ~~not~~by ~~record~~$320 ~~an income tax provision or benefit~~ for the three months ended ~~September~~December 3031, 2025 ~~due~~ to ~~the full valuation allowance applied to net deferred tax assets as of June 30~~$3, ~~2025 and September 30~~636, ~~2025. The~~compared ~~Company~~to ~~recorded an income tax benefit of~~ $53,~~610~~316 for the three months ended ~~September~~December 3031, 2024.

~~NET~~Other ~~LOSS~~expense increased by $336 for the six months ended December 31, 2025 to $10,898 compared to $10,562 for the six months ended December 31, 2024.

The ~~Company~~majority ~~reported~~of athis ~~net~~change ~~loss~~can ~~for~~be ~~the~~attributed ~~three~~to ~~months~~an ~~ended~~increase ~~September~~in ~~30,~~interest ~~2025 of $40~~expense,~~399,~~ ~~compared~~specifically due to ~~net~~larger ~~loss~~line of ~~$17,613~~credit ~~for~~borrowings in the ~~three~~first six months ~~ended~~of ~~September~~the ~~30,~~fiscal ~~2024.~~year ~~This~~compared ~~increase~~to the same six months in ~~loss~~the ofprior ~~$22,786~~period. Interest isexpense also increased due to the ~~result~~financing of ~~those~~the ~~items~~new ~~previously discussed~~machinery.

PROVISION FOR INCOME TAXES

The Company recorded an income tax provision of $2,490 for both the three and six months ended December 31, 2025. The provision reflects federal income tax on taxable income generated during the period after utilization of available net operating loss carryforwards. The income tax expense relates to the establishment of the current federal income tax payable as well as the related deferred tax impacts.

For the three and six months ended December 31, 2024, the Company recorded an income tax provision of approximately $43,000 and $38,000, respectively, due to net income earned.

NET INCOME

The Company reported a net income for the three months ended December 31, 2025 of $109,229, compared to a net income of $136,215 for the three months ended December 31, 2024. This decrease of $26,986 is explained above.

The Company reported net income for the six months ended December 31, 2025 of $68,830, compared to a net income of $118,602 for the six months ended December 31, 2024. This decrease of $49,772 is explained above.

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CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated financial statements

notes to condensed consolidated financial statements

(unaudited)

PREFERRED DIVIDENDS

Preferred dividends were $32,018 for the three months ended ~~September~~December 3031, 2025 and ~~September~~December 3031, 2024, which reflects additional preferred stock dividends in arrears on the Company’s Series A and Series B $5 par value preferred stock and its Series A and Series B $20 par value preferred stock.

~~NET~~Preferred ~~LOSS~~dividends ~~APPLICABLE~~were TO$64,036 ~~COMMON~~for ~~STOCKHOLDERS~~the six months ended December 31, 2025 and December 31, 2024, which reflects additional preferred stock dividends in arrears on the Company’s Series A and Series B $5 par value preferred stock and its Series A and Series B $20 par value preferred stock.

~~Net~~NET ~~loss~~INCOME ~~applicable~~APPLICABLE toTO ~~common~~COMMON stockholders for the three months ended September 30, 2025, was $72,417 which is an increase in loss of $22,786 as compared to net loss applicable to common stockholders for the three months ended September 30, 2024, of $49,631.STOCKHOLDERS

Net income applicable to common stockholders for the three months ended December 31, 2025 was $77,211 which is a decrease of $26,986 as compared to the net income applicable to common stockholders for the three months ended December 31, 2024 of $104,197.

Net income applicable to common stockholders for the six months ended December 31, 2025 was $4,794 which is a decrease of $49,772 as compared to the net income applicable to common stockholders for the six months ended December 31, 2024 of $54,566.

LIQUIDITY AND CAPITAL RESOURCES

The table below presents the summary of cash flows for the fiscal period indicated.


	~~Three~~Six Months Ended
	~~September~~December 3031,
	2025		2024
Net Cash Used in Operating Activities	$	(234,780)	$	(322,349)
Net Cash Provided by Operating Activities	$	217,110	$	427,876
Net Cash Provided by Financing Activities	$	249,208	$	324,686
Net Cash Used In Financing Activities	$	(101,778)	$	(150,707)

Management has made no material commitments for capital expenditures during the remainder of fiscal year 2026. The $217,110 of cash provided by operating activities for the six months ended December 31, 2025 is fully detailed in the condensed consolidated statement of cash flows. The $101,778 of cash used in financing activities for the six months ended December 31, 2025 is fully detailed in the condensed consolidated statement of cash flows.

Overall cash and cash equivalents increased $115,332 to $162,772 at December 31, 2025, from $47,440 at June 30, 2025.

~~(15)~~At December 31, 2025, the Company’s accumulated deficit was $5,699,352, compared to an accumulated deficit of $5,768,182 as of June 30, 2025. Working capital for the six months ended December 31, 2025, increased $77,192 to $492,639 from $415,447 at June 30, 2025.

The Company’s lease on its office and plant facility has a lease term through March 31, 2030. The required lease payments through this period are $8,500 per rmonth. The facility is leased from an entity that is owned by the son of the Chief Executive Officer of the Company.

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CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. ~~financial~~FINANCIAL INFORMATION

~~item~~Item 21. ~~management’s~~Condensed ~~discussion~~Consolidated ~~and~~financial ~~analysis of~~statements

~~financial~~notes ~~condition~~to ~~and~~condensed ~~results~~consolidated offinancial ~~operations~~statements

(unaudited)

LIQUIDITY AND CAPITAL RESOURCES (cont.)

~~Management~~During ~~has~~the ~~made~~six nomonths ~~material~~ended ~~commitments~~December ~~for~~31, ~~capital~~2025, ~~expenditures~~the ~~for~~Company experienced the ~~remainder~~loss of ~~fiscal~~two ~~year~~major ~~2026~~customers, which previously represented a significant portion of consolidated revenues. ~~The~~This change is expected to impact future sales volumes and may reduce operating cash ~~used~~flows in ~~operating~~subsequent ~~activities~~periods. ~~for~~In ~~the~~order ~~three~~to ~~months~~maintain ~~ended~~funds ~~September~~to ~~30,~~finance ~~2025~~operations and meet debt obligations, it is ~~fully~~the ~~detailed~~intention of management to continue its efforts to expand the present market area and increase sales to its customers. Also, the line of credit agreement expired in January 2026 and the ~~consolidated~~Company ~~statement~~is pursuing an extension of ~~cash~~the ~~flows~~line of credit. ~~The~~Additionally, ~~cash~~the ~~provided~~Company byis ~~financing~~actively ~~activities~~evaluating ~~for~~strategic alternatives, including a potential sale of the ~~three~~Company ~~months~~or ~~ended~~its ~~September~~assets. There ~~30,~~can ~~2025,~~be isno ~~fully~~assurance ~~detailed~~that this process will result in a transaction, or that any transaction will be completed on terms favorable to the ~~consolidated~~Company ~~statement~~or ofwithin ~~cash~~a ~~flows~~time frame sufficient to address the Company's liquidity needs.

Overall cash and cash equivalents increased $14,428 to $61,868 at September 30, 2025, from $47,440 at June 30, 2025.

At September 30, 2025, the Company’s accumulated deficit was $5,808,581, compared to an accumulated deficit of $5,768,182 as of June 30, 2025. Working capital for the three months ended September 30, 2025, decreased $36,598 to $378,849 from $415,447 as of June 30, 2025.

The Company’s lease on its office and plant facility has a lease term from through March 31, 2030. The required lease payments through this period are $8,500 per month. The facility is leased from an entity that is owned by the son of the Chief Executive Officer of the Company.

During the quarter ended September 30, 2025, the Company experienced the loss of two major customers, which previously represented a significant portion o consolidated revenues. This change is expected to impact future sales volumes and may reduce operating cash flows in subsequent periods. In order to maintain funds to finance operations and meet debt obligations, it is the intention of management to continue its efforts to expand the present market area and increase sales to its customers. Management also intends to continue tight control over all expenditures. For example, certain salaried employees have agreed to a pay reduction, and management is also scaling back overall production levels. This will lead to decreased labor needs, particularly affecting overtime hours and the use of temporary employees. Due to volatility in the regions where these raw materials are grown, management anticipates the prices of these raw materials to continue to fluctuate primarily based on supply and demand. Management intends to make sales price adjustments in the future to correspond with changes in raw material prices. Management believes that the projected cash flow from operations combined with the Company’s ability to generate positive working capital will be sufficient to meet its funding requirements for the foreseeable future.

~~(16)~~Management will continue tight control over all expenditures. For example, certain salaried employees have agreed to a pay reduction, and management is also scaling back overall production levels. This will lead to decreased labor needs, particularly affecting overtime hours and the use of temporary employees. Due to volatility in the regions where raw materials are grown, management anticipates the prices of raw materials to continue to fluctuate primarily based on supply and demand. Management intends to make sales price adjustments in the future to correspond with changes in raw material prices. Without the successful implementation of management’s plans, there is substantial doubt about the Company’s ability to generate enough cash flow to fund operations for the twelve months following the date these consolidated financial statements are available.

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CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I. ~~financial~~FINANCIAL INFORMATION

~~item~~Item 21. ~~management’s~~Condensed ~~discussion~~Consolidated ~~and~~financial ~~analysis of~~statements

~~financial~~notes ~~condition~~to ~~and~~condensed ~~results~~consolidated offinancial ~~operations~~statements

(unaudited)

CRITICAL ACCOUNTING POLICIES

Forward-Looking Information

This report, as well as our other reports filed with the Securities and Exchange Commission (SEC), contains forward-looking statements made pursuant to the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “anticipate,” “project,” “intend,” “expect,” “plan,” “outlook,” “forecast,” “may,” “will,” “should,” “continue,” “predict,” and similar expressions are intended to identify forward-looking statements. This report contains forward-looking statements regarding, among other topics, our expected financial position, results of operations, cash flows, strategy, and management’s plans and objectives. Accordingly, these forward-looking statements are based on assumptions about a number of important factors. While we believe that our assumptions about such factors are reasonable, such factors involve risks, and uncertainties that could cause actual results to be different from what appear here. These risk factors include: the estimation process for the retail inventory method of accounting, the ability to adequately pass through customers unanticipated future increases in raw material costs, decreased demand for products, expected orders that do not occur, loss of key customers, the impact of competition and price erosion as well as supply and manufacturing constraints, and other risks and uncertainties. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this report will prove accurate, and our actual results may differ materially from these forward-looking statements. We assume no obligation to update any forward-looking statements made herein.

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CHASE GENERAL CORPORATION AND SUBSIDIARY

PART I Financial information

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to a smaller reporting company.

ITEM 4.CONTROLS AND PROCEDURES

(a)Evaluation of Disclosure Controls and Procedures

Chase’s management, with the participation of the Chief Executive Officer, has evaluated the effectiveness of Chase’s disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, such officer has concluded that the Company’s disclosure controls and procedures are not effective as a result of a weakness in the design of internal control over financial reporting identified below.

Disclosure controls and procedures include controls and procedures designed to provide reasonable assurance that information required to be disclosed in periodic filings under the Exchange Act is accumulated and communicated to Management, including those officers, and to members of the board of directors, to allow timely decisions regarding required disclosure.

A material weakness was identified in our internal control over financial reporting due to a lack of accounting personnel with the appropriate level of knowledge, experience and training to perform an assessment of its internal controls. This has also resulted in a failure to maintain appropriate segregation of duties over system access. Management believes that this material weakness did not have an adverse effect on the Company’s financial results reported herein.

(b)Changes in Internal Control over Financial Reporting

There were no significant changes in Chase’s internal control over financial reporting or in other factors that management’s estimates are reasonably likely to materially affect Chase’s internal control over financial reporting subsequent to the date of evaluation.

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CHASE GENERAL CORPORATION AND SUBSIDIARY

PART Ii other information

ITEM 1.LEGAL PROCEEDINGS

None.

ITEM 1A.RISK FACTORS

Not applicable to a smaller reporting company.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

a.None.

b.The total cumulative preferred stock dividends contingency at ~~September~~December 3031, 2025, is $9,~~113~~165,~~472~~490.

ITEM 4.MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.OTHER INFORMATION

~~Clawback Policy Disclosure~~None.

During the quarter ended September 30, 2025, the Company did not identify any accounting restatements that would trigger a recovery of incentive-based compensation under its clawback policy adopted pursuant to Rule 10D-1 of the Securities Exchange Act of 1934. Accordingly, no recoveries were made during the period. The Company has performed a recovery analysis in accordance with its clawback policy and determined that no incentive-based compensation was subject to recovery during the applicable period.

Cybersecurity Incident Disclosure

During the quarter ended September 30, 2025, the Company did not identify any material cybersecurity incidents. The Company continues to monitor and manage cybersecurity risks through its established governance and risk management framework.

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CHASE GENERAL CORPORATION AND SUBSIDIARY

PART Ii other information

ITEM 6.EXHIBITS

a.Exhibits.

Exhibit 31.1

Certification of Chief Executive Officer and Treasurer pursuant to Section 302 of Sarbanes-Oxley Act of 2002.

Exhibit 32.1

Certification of President and Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 101 The following financial statements for the quarter ended ~~September~~December 3031, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of ~~September~~December 3031, 2025 and June 30, 2025, (ii) Condensed Consolidated Statements of ~~Operations~~Income for the Three months Ended ~~September~~December 3031, 2025 and 2024, (iii) Condensed Consolidated Statements of Income for the Six months Ended December 31, 2025 and 2024, (iv) Consolidated Statements of Stockholders’ Equity for the Three and Six months Ended ~~September~~December 3031, 2025 and 2024, (ivv) Condensed Consolidated Statements of Cash Flows for the ~~Three~~Six ~~Months~~months Ended ~~September~~December 3031, 2025 and 2024, and (vvi) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text.

Exhibit 104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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CHASE GENERAL CORPORATION AND SUBSIDIARY

PART Ii other information

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.

		Chase General Corporation and Subsidiary
		(Registrant)

November 6, 2025		/s/ Barry M. Yantis
February 12, 2026		/s/ Barry M. Yantis
Date		Barry M. Yantis
		Chairman of the Board, Chief Executive Officer and
		Chief Financial Officer, President, and Treasurer

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