ITEM 5. OTHER INFORMATION

On August 11, 2024, the Company entered into a new employment agreement with David Phipps, the Company's President and Chief Executive Officer of Global Operations. The employment agreement has an initial term of three year and thereafter automatically renews for additional terms of one year each. Pursuant to the new employment agreement, Mr. Phipps's annual base salary is set at $350,000 per year and Mr. Phipps is entitled to receive an automobile allowance of $1,000 per month, a monthly bonus payment of $3,000, which is renewable on a quarterly basis until terminated by the Board, and an annual cash bonus if the Company exceeds criteria adopted by the Compensation Committee of the Board.    

Rule 10b5-1 Trading Arrangement

During the three months ended June 30, 2024, no director or officer of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.