Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
Smaller reporting company
|
Emerging growth company
|
PART I. FINANCIAL INFORMATION
|
|||
Item 1.
|
Financial Statements
|
Page
|
|
3
|
|||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
Item 2.
|
14
|
||
Item 3.
|
20
|
||
Item 4.
|
20
|
||
PART II. OTHER INFORMATION
|
|||
Item 1.
|
21
|
||
Item 1A.
|
21 | ||
Item 2.
|
21 | ||
Item 3.
|
21
|
||
Item 4.
|
21
|
||
Item 5.
|
21 | ||
Item 6.
|
22
|
||
23
|
Three Months Ended
|
||||||||
September 29,
2024
|
September 24,
2023
|
|||||||
REVENUES
|
$
|
|
$
|
|
||||
COSTS AND EXPENSES
|
||||||||
General and administrative expenses
|
|
|
||||||
Franchise expenses
|
|
|
||||||
Provision (recovery) for credit losses
|
(
|
)
|
|
|||||
Interest income
|
(
|
)
|
(
|
)
|
||||
Depreciation and amortization expense
|
|
|
||||||
Total costs and expenses
|
|
|
||||||
INCOME BEFORE TAXES
|
|
|
||||||
Income tax expense
|
|
|
||||||
NET INCOME
|
$ |
|
$ |
|
||||
INCOME PER SHARE OF COMMON STOCK | ||||||||
Basic
|
$
|
|
$
|
|
||||
Diluted
|
$
|
|
$
|
|
||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
||||||||
Basic
|
|
|||||||
Diluted
|
|
|
September 29,
2024
|
June 30,
2024
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term investments
|
||||||||
Accounts receivable, less allowance for credit losses of $
|
|
|
||||||
Notes receivable, current
|
|
|
||||||
Assets held for sale
|
||||||||
Deferred contract charges, current
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
LONG-TERM ASSETS
|
||||||||
Property and equipment, net
|
|
|
||||||
Operating lease right-of-use assets, net
|
|
|
||||||
Intangible assets definite-lived, net
|
|
|
||||||
Notes receivable, net of current portion
|
|
|
||||||
Deferred tax asset, net
|
||||||||
Deferred contract charges, net of current portion
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable - trade
|
$
|
|
$
|
|
||||
Accrued expenses
|
||||||||
Operating lease liabilities, current
|
|
|
||||||
Deferred revenues, current
|
|
|
||||||
Total current liabilities
|
|
|
||||||
LONG-TERM LIABILITIES
|
||||||||
Operating lease liabilities, net of current portion
|
|
|
||||||
Deferred revenues, net of current portion
|
|
|
||||||
Total liabilities
|
|
|
||||||
COMMITMENTS AND CONTINGENCIES (SEE NOTE C)
|
||||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Common stock, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Treasury stock, at cost
|
||||||||
Shares in treasury:
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
Common Stock
|
Additional
Paid-in
|
Retained |
Treasury Stock
|
|||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Shares
|
Amount
|
Total
|
||||||||||||||||||||||
Balance, June 25, 2023
|
|
$
|
|
$
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||||||
Stock-based compensation expense
|
— | — | ||||||||||||||||||||||||||
Net income
|
—
|
|
|
|
—
|
|
|
|||||||||||||||||||||
Balance, September 24, 2023
|
|
$
|
|
$
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Common Stock
|
Additional
Paid-in
|
Retained |
Treasury Stock
|
|||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Shares
|
Amount
|
Total
|
||||||||||||||||||||||
Balance, June 30, 2024
|
|
$
|
|
$
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||||||
Stock-based compensation expense
|
—
|
|
|
|
—
|
|
|
|||||||||||||||||||||
Net income
|
—
|
|
|
|
—
|
|
|
|||||||||||||||||||||
Balance, September 29, 2024
|
|
$
|
|
$
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Three months ended
|
||||||||
September 29,
2024
|
September 24,
2023
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||
Amortization of discount on short-term investment
|
( |
) | ||||||
Stock-based compensation expense
|
|
|
||||||
Depreciation and amortization
|
|
|
||||||
Amortization of operating right-of-use assets
|
|
|
||||||
Amortization of definite-lived intangible assets
|
||||||||
Non-cash lease expense
|
||||||||
Provision (recovery) for credit losses
|
( |
) | ||||||
Deferred income tax
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
|
|
||||||
Notes receivable
|
|
(
|
)
|
|||||
Deferred contract charges
|
(
|
)
|
|
|||||
Prepaid expenses and other current assets
|
(
|
)
|
(
|
)
|
||||
Accounts payable - trade
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Operating lease liabilities
|
(
|
)
|
(
|
)
|
||||
Deferred revenues
|
( |
) | ( |
) | ||||
Cash provided by operating activities
|
|
|||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of short-term investments
|
( |
) | ||||||
Maturities of short-term investments
|
||||||||
Payments received on notes receivable
|
|
|
||||||
Proceeds from sale of assets
|
||||||||
Purchase of definite-lived intangible assets
|
( |
) | ||||||
Purchase of property and equipment
|
|
(
|
)
|
|||||
Cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Net (decrease)/increase in cash and cash equivalents |
(
|
)
|
|
|||||
Cash and cash equivalents, beginning of period
|
|
|
||||||
Cash and cash equivalents, end of period
|
$
|
|
$
|
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
CASH PAID FOR: | ||||||||
Income taxes (net of refunds)
|
$
|
|
$
|
|
Level 1: |
Inputs are unadjusted quoted market prices in active markets for identical assets or liabilities at the measurement date.
|
Level 2: |
Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date for the
duration of the instrument’s anticipated life.
|
Level 3: |
Inputs are unobservable and therefore reflect management’s best estimate of the assumptions that market participants would use in pricing the asset or liability.
|
Fair Value Measurements
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
U.S. Treasury bills
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
$
|
|
$
|
|
$
|
|
$
|
|
|
September 29, 2024
|
September 24, 2023
|
||||||
Beginning balance
|
$
|
|
$
|
|
||||
Provision (recovery) for credit losses
|
(
|
)
|
|
|||||
Amounts written off
|
|
(
|
)
|
|||||
Ending balance
|
$
|
|
$
|
|
Three Months Ended
|
||||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Franchise royalties
|
$
|
|
$
|
|
||||
Supplier and distributor incentive revenues
|
|
|
||||||
Franchise license fees
|
|
|
||||||
Area development exclusivity fees and foreign master license fees |
|
|
||||||
Advertising fund contributions | ||||||||
Supplier convention funds |
||||||||
Rental income
|
|
|
||||||
Other |
||||||||
$
|
|
$
|
|
Three Months Ended
|
Three Months Ended
|
|||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Operating lease cost
|
$
|
|
$
|
|
||||
Sublease income
|
(
|
)
|
(
|
)
|
||||
Total lease expense, net of sublease income
|
$
|
|
$
|
|
September 29,
2024
|
September 24, 2023
|
|||||||
Weighted average remaining lease term
|
|
|
||||||
Weighted average discount rate
|
|
%
|
|
%
|
Operating Leases
|
||||
2025 |
$ | |||
2026
|
||||
2027
|
||||
Total operating lease payments
|
$ | |||
Less: imputed interest
|
( |
) | ||
Total operating lease liability
|
$ |
Three months ended
|
||||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Shares
|
Shares
|
|||||||
Outstanding at beginning of year
|
|
|
||||||
Granted
|
|
|
||||||
Exercised
|
|
|
||||||
Forfeited/Canceled/Expired
|
|
(
|
)
|
|||||
Outstanding at end of period
|
|
|
||||||
Exercisable at end of period
|
|
|
Three months ended
|
||||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Shares |
Shares |
|||||||
Unvested at beginning of year
|
|
|
||||||
Performance adjustment |
( |
) | ||||||
Granted
|
|
|
||||||
Issued
|
|
|
||||||
Forfeited
|
|
|
||||||
Unvested at September 29, 2024
|
|
|
Three Months Ended
|
||||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Net income available to common shareholders
|
$
|
|
$
|
|
||||
BASIC:
|
||||||||
Weighted average common shares
|
|
|
||||||
Net income per common share
|
$
|
|
$
|
|
||||
DILUTED:
|
||||||||
Weighted average common shares
|
|
|
||||||
Dilutive stock options and restricted stock units
|
|
|
||||||
Weighted average common shares outstanding
|
|
|
||||||
Net income per common share
|
$
|
|
$
|
|
Three months ended
|
||||||||
September 29,
2024
|
September 24,
2023
|
|||||||
Federal tax expense
|
$
|
|
$
|
|
||||
State tax expense
|
|
|
||||||
Total income tax expense
|
$
|
|
$
|
|
The Company continually reviews the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. In assessing the need for the valuation allowance, the Company considers both positive and negative evidence related to the likelihood of realization of deferred tax assets.
Three Months Ended
|
||||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Net sales and operating revenues:
|
||||||||
Pizza Inn Franchising
|
$
|
|
$
|
|
||||
Pie Five Franchising
|
|
|
||||||
Corporate administration and other
|
|
|
||||||
Consolidated revenues
|
$
|
|
$
|
|
||||
Depreciation and amortization:
|
||||||||
Corporate administration and other
|
$ |
|
$ |
|
||||
Depreciation and amortization
|
$
|
|
$
|
|
||||
Income before taxes: | ||||||||
Pizza Inn Franchising
|
$
|
|
$
|
|
||||
Pie Five Franchising
|
|
|
||||||
Combined
|
|
|
||||||
Corporate administration and other
|
(
|
)
|
(
|
)
|
||||
Income before taxes
|
$
|
|
$
|
|
||||
Geographic information (revenues): | ||||||||
United States
|
$
|
|
$
|
|
||||
Foreign countries
|
|
|
||||||
Consolidated revenues
|
$
|
|
$
|
|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
Pizza Inn
|
Pie Five
|
All Concepts
|
||||||||||||||||||||||
Ending
Units
|
Retail
Sales
|
Ending
Units
|
Retail
Sales
|
Ending
Units
|
Retail
Sales
|
|||||||||||||||||||
Domestic Franchised/Licensed
|
102
|
$
|
25,370
|
20
|
$
|
2,978
|
122
|
$
|
28,348
|
|||||||||||||||
International Franchised
|
26
|
$
|
1,774
|
—
|
$
|
—
|
26
|
$
|
1,774
|
● |
“EBITDA” represents earnings before interest, taxes, depreciation and amortization.
|
● |
“Adjusted EBITDA” represents earnings before interest, taxes, depreciation and amortization, stock-based compensation expense, severance, gain/loss on sale of assets, costs related to impairment and other lease
charges, franchisee default and closed store revenue/expense, and closed and non-operating store costs.
|
● |
“Retail sales” represents the restaurant sales reported by our franchisees, which may be segmented by brand or domestic/international locations.
|
● |
“Comparable store retail sales” includes the retail sales for restaurants that have been open for at least 18 months as of the end of the reporting period. The sales results for a restaurant that was closed
temporarily for remodeling or relocation within the same trade area are included in the calculation only for the days that the restaurant was open in both periods being compared.
|
● |
“Average units open” reflects the number of restaurants open during a reporting period weighted by the percentage of the days in a reporting period that each restaurant was open.
|
● |
“Non-operating store costs” represent gain or loss on asset disposal, store closure expenses, lease termination expenses and expenses related to abandoned store sites.
|
● |
“Franchisee default and closed store revenue/expense” represents the net of accelerated revenues and costs attributable to defaulted area development agreements and closed franchised stores.
|
Three Months Ended
|
||||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Net income
|
$
|
526
|
$
|
386
|
||||
Interest income
|
(82
|
)
|
(2
|
)
|
||||
Income taxes
|
169
|
132
|
||||||
Depreciation and amortization
|
43
|
55
|
||||||
EBITDA
|
$
|
656
|
$
|
571
|
||||
Stock-based compensation expense
|
73
|
79
|
||||||
Franchisee default and closed store revenue
|
(9
|
)
|
(64
|
)
|
||||
Adjusted EBITDA
|
$
|
720
|
$
|
586
|
Three Months Ended
|
||||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Pizza Inn Retail Sales - Total Domestic Units
|
(in thousands, except unit data)
|
|||||||
Buffet Units - Franchised
|
$
|
24,499
|
$
|
25,011
|
||||
Delco/Express Units - Franchised
|
859
|
999
|
||||||
PIE Units - Licensed
|
10
|
20
|
||||||
Pizza Inn Ghost Kitchen Units - Franchised
|
2
|
—
|
||||||
Total Domestic Retail Sales
|
$
|
25,370
|
$
|
26,030
|
||||
Pizza Inn Comparable Store Retail Sales - Total Domestic
|
24,004
|
24,524
|
||||||
Pizza Inn Average Units Open in Period
|
||||||||
Buffet Units - Franchised
|
78
|
75
|
||||||
Delco/Express Units - Franchised
|
23
|
37
|
||||||
PIE Units - Licensed
|
2
|
4
|
||||||
Pizza Inn Ghost Kitchen
|
1
|
—
|
||||||
Total Domestic Units
|
104
|
116
|
Three Months Ended September 29, 2024
|
||||||||||||||||||||||||
Beginning
Units
|
Opened
|
Concept
Change
|
Transfer
|
Closed
|
Ending
Units
|
|||||||||||||||||||
Buffet Units - Franchised
|
78
|
—
|
—
|
—
|
1
|
77
|
||||||||||||||||||
Delco/Express Units - Franchised
|
23
|
—
|
—
|
—
|
—
|
23
|
||||||||||||||||||
PIE Units - Licensed
|
3
|
—
|
—
|
—
|
2
|
1
|
||||||||||||||||||
Pizza Inn Ghost Kitchen Units - Franchised
|
1
|
—
|
—
|
—
|
—
|
1
|
||||||||||||||||||
Total Domestic Units
|
105
|
—
|
—
|
—
|
3
|
102
|
||||||||||||||||||
International Units (all types)
|
24
|
2
|
—
|
—
|
—
|
26
|
||||||||||||||||||
Total Units
|
129
|
2
|
—
|
—
|
3
|
128
|
Three Months Ended
|
||||||||
September 29,
2024
|
September 24,
2023
|
|||||||
Pie Five Retail Sales - Total Units |
(in thousands, except unit data)
|
|||||||
|
||||||||
Pie Five Units - Franchised
|
$
|
2,885
|
$
|
4,767
|
||||
Pie Five Ghost Kitchen Units - Franchised
|
93
|
—
|
||||||
Total Domestic Retail Sales
|
$
|
2,978
|
$
|
4,767
|
||||
Pie Five Comparable Store Retail Sales - Total
|
$
|
2,883
|
$
|
3,156
|
||||
Pie Five Average Units Open in Period
|
||||||||
Pie Five Units - Franchised
|
18
|
27
|
||||||
Pie Five Ghost Kitchen Units - Franchised
|
2
|
—
|
||||||
Total Domestic Units
|
20
|
27
|
Three Months Ended September 29, 2024
|
||||||||||||||||||||||||
Beginning
Units
|
Opened
|
Concept Change
|
Transfer
|
Closed
|
Ending
Units
|
|||||||||||||||||||
Pie Five Units - Franchised
|
18
|
—
|
—
|
—
|
—
|
18
|
||||||||||||||||||
Pie Five Ghost Kitchen Units - Franchised
|
2
|
—
|
—
|
—
|
—
|
2
|
||||||||||||||||||
Total Domestic Units
|
20
|
—
|
—
|
—
|
—
|
20
|
Pizza Inn
Franchising
|
Pie Five
Franchising
|
Corporate
|
Total
|
|||||||||||||||||||||||||||||
Fiscal Quarter Ended
|
Fiscal Quarter Ended
|
Fiscal Quarter Ended
|
Fiscal Quarter Ended
|
|||||||||||||||||||||||||||||
September 29,
2024
|
September 24,
2023
|
September 29,
2024
|
September 24,
2023
|
September 29,
2024
|
September 24,
2023
|
September 29,
2024
|
September 24,
2023
|
|||||||||||||||||||||||||
REVENUES:
|
||||||||||||||||||||||||||||||||
Franchise and license revenues
|
$
|
2,720
|
$
|
2,604
|
$
|
306
|
$
|
435
|
$
|
—
|
$
|
—
|
$
|
3,026
|
$
|
3,039
|
||||||||||||||||
Rental income
|
—
|
—
|
—
|
—
|
23
|
47
|
23
|
47
|
||||||||||||||||||||||||
Other income
|
—
|
—
|
1
|
1
|
—
|
—
|
1
|
1
|
||||||||||||||||||||||||
Total revenues
|
2,720
|
2,604
|
307
|
436
|
23
|
47
|
3,050
|
3,087
|
||||||||||||||||||||||||
COSTS AND EXPENSES:
|
||||||||||||||||||||||||||||||||
General and administrative expenses
|
—
|
—
|
—
|
—
|
1,416
|
1,319
|
1,416
|
1,319
|
||||||||||||||||||||||||
Franchise expenses
|
889
|
943
|
106
|
229
|
—
|
—
|
995
|
1,172
|
||||||||||||||||||||||||
Provision (recovery) for credit losses
|
—
|
—
|
—
|
—
|
(17
|
)
|
25
|
(17
|
)
|
25
|
||||||||||||||||||||||
Interest income
|
—
|
—
|
—
|
(2
|
)
|
(82
|
)
|
—
|
(82
|
)
|
(2
|
)
|
||||||||||||||||||||
Depreciation and amortization expense
|
—
|
—
|
—
|
—
|
43
|
55
|
43
|
55
|
||||||||||||||||||||||||
Total costs and expenses
|
889
|
943
|
106
|
227
|
1,360
|
1,399
|
2,355
|
2,569
|
||||||||||||||||||||||||
INCOME/(LOSS) BEFORE TAXES
|
$
|
1,831
|
$
|
1,661
|
$
|
201
|
$
|
209
|
$
|
(1,337
|
)
|
$
|
(1,352
|
)
|
$
|
695
|
$
|
518
|
Three months ended
|
||||||||
September 29, 2024
|
September 24, 2023
|
|||||||
Federal tax expense
|
$
|
143
|
$
|
108
|
||||
State tax expense
|
26
|
24
|
||||||
Total income tax expense
|
$
|
169
|
$
|
132
|
1. |
The financial statements filed as part of this report are listed in the Index to Consolidated Financial Statements and Supplementary Data appearing on page F-1 of this report on Form 10-K.
|
2. |
Any financial statement schedule filed as part of this report is listed in the Index to Consolidated Financial Statements and Supplementary Data appearing on page F-1 of this report on Form 10-K.
|
3. |
Exhibits:
|
Amended and Restated Articles of Incorporation of Rave Restaurant Group, Inc. (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed January 8, 2015).
|
|
Amended and Restated Bylaws of Rave Restaurant Group, Inc. (incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed January 8, 2015).
|
|
2015 Long Term Incentive Plan of the Company (filed as Exhibit 10.1 to Form 8-K filed November 20, 2014 and incorporated herein by reference).*
|
|
Form of Stock Option Grant Agreement under the Company’s 2015 Long Term Incentive Plan (filed as Exhibit 10.2 to Form 8-K filed November 20, 2014 and incorporated herein by reference).*
|
|
Form of Restricted Stock Unit Award Agreement under the Company’s 2015 Long-Term Incentive Plan (filed as Exhibit 10.3 to Form 10-K/A filed on September 30, 2019 and incorporated herein by
reference).*
|
|
Lease Agreement dated November 1, 2016, between A&H Properties Partnership and Rave Restaurant Group, Inc. (filed as Exhibit 10.4 to Form 10-K for the year ended June 30, 2019 and
incorporated herein by reference).*
|
|
First Amendment to Lease and Expansion dated July 1, 2017, between A&H Properties Partnership and Rave Restaurant Group, Inc. (filed as Exhibit 10.5 to Form 10-K for the year ended June
30, 2019 and incorporated herein by reference).*
|
|
Second Amendment to Lease Agreement effective June 1, 2020, between A&H Properties Partnership and Rave Restaurant Group, Inc. (filed as Exhibit 10.6 to Form 10-K for
the fiscal year ended June 27, 2021 and incorporated herein by reference).
|
|
Letter agreement dated October 18, 2019, between Rave Restaurant Group, Inc. and Brandon Solano (filed as Exhibit 10.1 to Form 8-K filed October 21, 2019 and incorporated herein by
reference).*
|
|
Letter agreement dated March 25, 2024, between Rave Restaurant Group, Inc. and Jay Rooney (filed as Exhibit 10.1 to Form 8-K filed March 26, 2024 and incorporated herein by reference).*
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
|
|
Section 1350 Certification of Principal Executive Officer.
|
|
Section 1350 Certification of Principal Financial Officer.
|
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T.
|
104 |
Cover Page Interactive Data File (formatted as Inline XBRL). |
RAVE RESTAURANT GROUP, INC.
|
|||
(Registrant)
|
|||
By:
|
/s/ Brandon L. Solano
|
||
Brandon L. Solano
|
|||
Chief Executive Officer
|
|||
(principal executive officer)
|
|||
By:
|
/s/ Jay D. Rooney
|
||
Jay D. Rooney
|
|||
Chief Financial Officer
|
|||
(principal financial officer)
|
|||
Dated: November 7, 2024
|