−Removed: In February 2022, we announced the planned acquisition of a manufacturing facility located in Osceola, Arkansas.
−Removed: The facility, comprising approximately 580,000 square feet, currently serves as our operational base and is intended to become our primary manufacturing site.
−Removed: While we commenced investment in the facility and operations are active under a lease structure, the underlying property transaction remains subject to final closing.
−Removed: We continue to work collaboratively with the City of Osceola to finalize terms related to site development, easements, and purchase conditions.
−Removed: In the first quarter of 2025, we announced the relocation of our corporate headquarters to Houston, Texas.
−Removed: The Osceola facility remains a central asset in our manufacturing strategy.
−Removed: Our previously leased warehouse and production facility in Corona, California was assigned to our former sub-lease tenant effective April 1, 2022.
+Added: At the beginning of 2022, we acquired a 580,000 sq.
+Added: manufacturing facility located in Osceola, Arkansas, which served as our operational base until our relocation to Houston, Texas was announced in the first quarter of 2025.
+Added: Following the completion of our transition to the Houston facility, our Osceola facility will be closed during 2026.
+Added: In the first quarter of 2025, we announced the relocation of our corporate headquarters to Houston, Texas and the establishment of a new 86,000 square foot facility in Houston, Texas.
+Added: Our 86,000 square foot facility in Houston is subleased from Maddox Defense, of which Jason Maddox, our President and Interim Chief Financial Officer, is the sole stockholder, with a three-year term (with renewal options), for approximately $20,000 per month.
We also lease other office and storage space on a month-to-month basis or under agreements with terms expiring within one year.
−Removed: In March 2023, the Company entered into an agreement with Berthaphil, Inc.
−Removed: to sublease approximately 3,600 square yards of a warehouse building based in the Clark Freeport Zone in the Philippines.
−Removed: The term of the lease is two years and two months with a turnover date of July 1, 2023 and a rental commencement of September 1, 2023.
−Removed: While the Company intended to use the leased space as a production facility, an executive decision was made to close this warehouse at December 31, 2024.
−Removed: LEGAL PROCEEDINGS
−Removed: The information set forth under Note 13 to our consolidated financial statements contained in Item 8, Part II of this Annual Report is incorporated herein by reference.
−Removed: MINE SAFETY DISCLOSURES
−Removed: Not applicable
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.