Company: RMIX
Filing Date: 2025-11-12
Form Type: S-4
Source: 0001104659-25-110488
Chunk: 639

Company: Suncrete, Inc.
Filing Date: 2025-11-12
Form: S-4
Chunk 639
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 derived substantially from SRM through the sale of its product. SRM and Sand are co-borrowers on a $3,000,000 line-of-credit facility at December 31, 2024 and 2023. There is subordinated financial support of Sand through loans from common owners totaling $3,000,000 at December 31, 2024

F-104

TABLE OF CONTENTS

SRM, INC. DBA SCHWARZ READY MIX AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2024 and 2023 Note 9. Variable Interest Entities (Continued) and 2023, respectively. Furthermore, there is an implicit agreement that SRM will provide financial support to Sand in order for it to fund operations. Based on these factors SRM has determined Sand meets the definition of a VIE and SRM is its primary beneficiary. Although SRM does not hold equity interests in Leasing or Sand, SRM is required to consolidate Leasing and Sand under ASC 810. Leasing and Sand are organized as limited liability companies. The member’s equity in Leasing and Sand is reflected as non-controlling interests in the consolidated financial statements and the net income of Leasing and Sand is allocated to the non-controlling interests. Summarized financial information for Leasing and its subsidiary and Sand before consolidating entries, as of December 31, 2024, is as follows:

| ​                                     | ​ | ​ | SchwarzSand, LLC |   |           |   | ​ | ​ | SRMLeasing, LLCand Subsidiary |   |            |   | ​ |
|:--------------------------------------|:--|:--|:-----------------|:--|----------:|:--|:--|:--|:------------------------------|:--|-----------:|:--|:--|
| Cash                                  | ​ | ​ | ​                | $ |         — | ​ | ​ | ​ | ​                             | $ |  1,566,665 | ​ | ​ |
| Accounts receivable, net              | ​ | ​ | ​                | ​ |   421,256 | ​ | ​ | ​ | ​                             | ​ |      3,500 | ​ | ​ |
| Other current assets                  | ​ | ​ | ​                | ​ |   384,648 | ​ | ​ | ​ | ​                             | ​ |    103,705