Confused about Energy Budget

Hi! I’m new to the app (was using Carb Manager before) and I’m a little overwhelmed by the abundance of information. I want to make sure I’m tracking correctly, eating correctly to lose weight, and that my exercise is being recorded properly. My biggest question, is what does it mean when my Energy Budget is “over” a certain amount. While using Carb Manager, I’ve been trying to keep my consumed calories around 1200 for the day, exercising 5 days a week with C25K. But after entering my first day in the diary, I’m a little lost. Does “over” mean that I went over my allotted calories? Am I overeating by the burned calorie calculation? (See the screenshot below where it shows my consumed calories as 1037, but then it says “over” on the right side.) It seems simple but I don’t think I’m understanding it! lol

Note: I have my energy level set to sedentary because I use an Apple Watch to track my steps and exercise, which I see is imported on the burned ring.