Material Event - Form 8-K

Item 8.01 Other Events.

On April 25, 2024, the Company was notified that settlement accounting was triggered on its defined benefit pension plan. Under Financial Accounting Standards Board Accounting Standards Codification 715, settlement accounting is triggered when the lump sum payments during the year exceed the sum of the plan's service cost and interest cost. The impact of settlement accounting is that a percentage of any outstanding gains or losses the plan is currently amortizing must be recognized immediately. As a result, the Company recognized a gain of $547,345 in the second quarter of 2024. On May 8, 2024, the gain was increased to $577,305 due to an additional lump sum distribution.

The Company intends to terminate the pension plan on June 1, 2024.