Item 1. Legal Proceedings
ITEM 1.
LEGAL PROCEEDINGS
On August 21, 2020, IPS was
named a third-party defendant in a patent dispute claim currently pending in the U.S. District Court for the Eastern District of New York.
The complaint, which contains no specific amount of claimed monetary damages, asserts that certain intellectual property was misappropriated
by IPS and one of its former employees. IPS denies the allegations, believes the action is without merit and intends to vigorously defend
it. The Company filed a motion to dismiss the complaint on December 14, 2020. The court has not yet ruled on the Company’s
motion.
From time to time, the Company
may become a party to other legal actions or proceedings in the ordinary course of its business. At March 31, 2021, there were no such
actions or proceedings, either individually or in the aggregate, that, if decided adversely to the Company’s interests, the Company
believes would be material to its business.
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