What changed in this filing

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Item 2. Properties

2026-09-28 compared with 2025-09-29 · 30 added, 29 removed, 41 unchanged (59% of the section changed)

We conduct our domestic operations at four facilities

in Gardner, Massachusetts, one facility in El Paso, Texas, and one facility in Windham, Maine.

The facilities in El Paso and Windham are

leased from unrelated parties.

The Company leases its primary facility in Gardner, Massachusetts from Equity Assets, Inc.

an entity formerly owned by the Company’s founder Richard E.

Forkey and then later owned by a trust controlled by his step-daughter,

established for the benefit of the step-daughter and four siblings (including Joseph N.

Forkey, who is Chief Executive Officer, President,

Treasurer and a Director of the Company).

The original lease for the principal facility in Gardner expired in 1999, and the Company has

since been a tenant-at-will, paying rent to EAI of $9,000 per month for that facility.

On July 19, 2023, the trust distributed the EAI

shares equally among the five beneficiaries (20% each).

Those shareholders then entered into a shareholder agreement under which all five

were elected as directors of EAI and under which Joseph N.

Forkey has been elected as president.

The shareholder agreement provides that

Forkey will be recused from any matters involving negotiations with the Company, including without limitation any lease negotiations.

Forkey is not compensated by EAI for his services as president or a director, and his present 20% interest in rents being received

from the Company is $21,600 per year.

We conduct our domestic operations at three facilities

in Gardner, Massachusetts, one facility in Littleton, Massachusetts, one facility in El Paso, Texas, and one facility in South Portland,

The facilities in El Paso, Littleton and South Portland are leased from unrelated parties.

The Company rents a manufacturing facility

in Gardner, Massachusetts from Equity Assets, Inc.

(“EAI”), an entity formerly owned by the Company’s founder Richard

Forkey and then later owned by a trust controlled by his step-daughter, established for the benefit of the step-daughter and four siblings

(including Joseph N.

Forkey, who is Chief Executive Officer, President, Treasurer and a Director of the Company).

The original lease for

the principal facility in Gardner expired in 1999, and the Company has since been a tenant-at-will, paying rent to EAI of $9,000 per month

for that facility.

On July 19, 2023, the trust distributed the EAI shares equally among the five beneficiaries (20% each).

Those shareholders

then entered into a shareholder agreement under which all five were elected as directors of EAI and under which Joseph N.

Forkey has been

elected as president.

The shareholder agreement provides that Dr.

Forkey will be recused from any matters involving negotiations with

the Company, including without limitation any lease negotiations.

Forkey is not compensated by EAI for his services as president or

a director, and his present 20% interest in rents being received from the Company is $21,600 per year.

On May 13, 2025, the Company entered into a First

5 unchanged sentences

In addition to base rent, the Company is responsible for taxes, insurance and common area maintenance (“CAM”).

Beginning June 1, 2025, the total estimated monthly rental payment including CAM is $5,773.

Beginning June 1, 2025, the total monthly rental payment including CAM is $6,601.

On May 14, 2025, the Company entered into a Lease

6 unchanged sentences

Base rent for the initial term is abated for the first five months

following the commencement date, after which annual base rent payable is $131,250 (or $10,937.50 per month), with annual increases of

Base rent for any extension term will be as agreed by the parties or, if not agreed, at 95% of the then-current fair market base rental

rate for similar space in South Portland, as determined by appraisal, with annual increases of 3% during each extension term.

following the commencement date, after which the annual base rent payable is $131,250 (or $10,937.50 per month), with annual increases

Base rent for any extension term will be as agreed by the parties or, if not agreed, at 95% of the then-current fair market base

rental rate for similar space in South Portland, as determined by appraisal, with annual increases of 3% during each extension term.

In addition to base rent, the Company is responsible

10 unchanged sentences

19,590 rentable square feet of commercial space located at 550 King Street, Building A, Suite 100, Littleton, Massachusetts (the “Premises”).

The Lease provides for an initial term of seven and one half (7.5) years, commencing upon substantial completion of tenant improvements

and receipt of a certificate of occupancy (the “Term Commencement Date”).

The Term Commencement Date was September 10, 2025.

The Lease provides for an initial term of seven (7.0) years, commencing upon substantial completion of tenant improvements and receipt

of a certificate of occupancy (the “Term Commencement Date”).

The Term Commencement Date was October 1, 2025.

The Lease includes two options to extend the term

12 unchanged sentences

The extensions associated with the leases discussed

above have been accounted for with the assumption that they will not be extended.

above have been accounted with the assumption that they will not be extended.

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.

What changed 10-K

Item 2. Properties