Note 18 – Subsequent events

Subsequent to quarter end, on June 11, 2024, our investment in account receivable was fully impaired. The impairment was applied because the Company has yet to receive an annual $117,000 payout due in or around January 2024 and the Company’s ongoing collection efforts have been unsuccessful. The Company has retained its prior impairment reserves and previously recorded losses on investment due to a history of uncertain payments, as further discussed in Note 4. The original investment purchase price was $547,353 and $819,400 out an expected $1,287,000, which would be paid on or before January 2026, has been already paid to Company. The Company’s recognition of an impairment loss due to the uncertainty of collection does not diminish its contractual rights to collect the full amounts due pursuant to the contract. The Company intends to continue to vigorously pursue the payment of the amounts owed to it by available legal means.

Subsequent to quarter end, on April 24, 2024, the Board of Directors appointed Director Lori Stansfield, CPA, to the Audit Committee and David Carlile resigned from the Audit Committee and the Board of Directors. Ms. Stansfield has been our Treasurer and a Director of the Board since April 9, 2015. She has taught, written about, managed, audited, and prepared financial statements during the past thirty years. Prior to becoming Treasurer and Audit Committee Chair, Ms. Stansfield worked as the Director of Audit Services at Robert R. Rediwitz & Co. in La Jolla, California, and as the Senior Audit Manager at Spicer Jeffries, LLP in Denver, Colorado, where she specialized in supporting securities broker-dealers, hedge funds, commodity pools, and private equity funds. She graduated Magna cum Laude in accounting from the University of Colorado in Denver and where she also received a Master’s Degree in marketing. She is certified as a public accountant in both Colorado and California. Ms. Stansfield has no affiliated or conflicting outside business interests.

Subsequent to quarter end, on April 17, 2024, the Company announced the commencement of its second stock repurchase program by which the Company may repurchase up to 3,000,000 shares of the Company’s common stock at a total repurchase amount not to exceed $200,000.