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subsidiary, The Maslow Media Group, Inc.
−Removed: (“Maslow” or “MMG”), provides workforce solutions to its clients consisting
−Removed: primarily of Employer of Record (“EOR”) services, Recruiting and Staffing, and Video and Multimedia Production.
−Removed: focuses on domestic clients but provides services to these clients throughout the world.
−Removed: The Company’s clients are in diverse industries
−Removed: including media, financial services including banking, medical devices, pharmaceuticals, telecommunications, energy, healthcare, and
−Removed: was incorporated under the laws of the State of Texas in 1953.
−Removed: From 1971 to 2007, the Company was principally engaged in the design,
−Removed: manufacture, market, and support of high-performance equipment used to test and condition integrated circuits.
−Removed: This business was shut
−Removed: down in 2007, and the Company was continued as a “shell company” as defined by the Exchange Act, with no operating activities
−Removed: until October 29, 2019, when the Company acquired Maslow.
−Removed: was founded in 1988 by Linda Maslow, whose visionary drive led her to create a single resource dedicated to providing qualified production
−Removed: crews to Washington, D.C.’s television, cable, and multimedia outlets.
−Removed: Maslow was later incorporated in Virginia in 1992 and adopted
−Removed: its current legal name, The Maslow Media Group, Inc.
−Removed: Initially, the company focused on providing “script-to-screen”
−Removed: services, primarily offering production management and support to television, cable, and multimedia outlets.
−Removed: Over time, Maslow broadened
−Removed: its scope by introducing workforce management solutions, including Employer of Record (EOR) services, as well as recruiting and staffing
−Removed: As the company grew, it expanded its geographic presence, securing clients beyond the Washington, D.C.
−Removed: metro area and establishing
−Removed: itself as a trusted partner nationwide.
−Removed: November 9, 2016, Linda Maslow sold the business to Vivos Holdings, LLC (“Vivos Holdings”) owned by Naveen Doki (“Dr.
−Removed: Doki”) and Silvija Valleru (“Ms.
−Removed: 2019, Vivos Holdings collaborated on a share swap of Maslow for other Vivos companies with individuals who included but were not limited
−Removed: Doki, Shirisha Janumpally (“Mrs.
−Removed: Janumpally”), wife of Dr.
−Removed: Doki, Kalyan Pathuri (“Mr.
−Removed: Pathuri”) husband
−Removed: of Silvija Valleru, Igly Trust, and Judos Trust.
−Removed: These parties also have common ownership combinations in a number of other entities
−Removed: [Vivos Holdings, LLC, Vivos Real Estate Holdings, LLC (“VREH”), Vivos Holdings, Inc., Vivos Group, Vivos Acquisitions, LLC,
−Removed: and Federal Systems, LLC], (collectively referred to herein as “Vivos Group”).
−Removed: reverse merger was consummated on October 29, 2019 (the “Merger”).
−Removed: As a result of the Merger, the Vivos Group (Vivos Holdings,
−Removed: LLC, officially) acquired approximately 84% of the issued and outstanding shares of Reliability which were distributed by Vivos Holdings.
−Removed: October 29, 2019, Maslow became a wholly owned subsidiary of Reliability.
−Removed: purchasing MMG and thereafter, the “Vivos Group” began borrowing monies from MMG starting with $1,400 in 2016, and by the
−Removed: end of 2019, the balance had reached $3,418, which included a $3,000 guarantee from Dr.
−Removed: Vivos Holdings, LLC, Vivos Real
−Removed: Estate Holdings, LLC, and Mr.
−Removed: Doki (collectively referred to as “Vivos Debtors”).
−Removed: Additionally,
−Removed: Reliability became aware of debt obligations that included MMG as a borrower or guarantor that the Vivos Group failed to disclose to
−Removed: This and the attempted collection of the guarantee and debt from the Vivos Group set off a chain of legal events culminating
−Removed: in an arbitration hearing and award in 2022.
−Removed: We refer below to the disputes between Reliability and the Vivos Group as the “Vivos
−Removed: series of legal actions and hearings took place starting in March of 2020 through September of 2021.
−Removed: At that time, arbitration was agreed
−Removed: by both the Vivos Group and MMG.
−Removed: The proceedings began in February 2022 and were completed in March 2022.
−Removed: August 31, 2022, the arbitrator issued an award (the “Award”) with the Company and MMG prevailing on their claims.
−Removed: included citing fraud damages.
−Removed: Supplemental awards were subsequently issued on May 17, 2023, October 10, 2023, and finally, on October
−Removed: Summarily, MMG was awarded the totals of all notes the Vivos Group had with MMG for its borrowings, the contracted interest,
−Removed: attorneys’ fees and expenses of $1,209, and a contract damage of $1,000, to be satisfied by the transfer of their shares of the
−Removed: Company common stock to the Company equal in value to $1,000.
−Removed: May 17, 2023 award also appointed a rehabilitative receiver (the “Receiver”) whose primary function is to collect the contract
−Removed: and fraud damages, including costs, expenses, and fees provided in the awards.
−Removed: With respect to the receivership, the Vivos Group owners
−Removed: or holders of all of the shares of common stock of the Company were declared not to be entitled to vote any of those shares at any annual
−Removed: or special meetings of the shareholders of the Company during the period of the receivership.
−Removed: December 29, 2023, the Circuit Court for Montgomery County, Maryland signed orders entering all three arbitration awards as judgments
−Removed: in Reliability’s case against the Vivos Group.
−Removed: These orders became final on January 29, 2024, when the appeal period expired for
−Removed: the defendants.
−Removed: The judgments are good for 12 years and can be enrolled in other states.
−Removed: Reliability has collectible judgments which
−Removed: the Receiver has been eligible to pursue.
−Removed: In March 2025, MMG expects the Receiver to make a recommendation to the arbitrator.
−Removed: of December 31, 2024, the Vivos Debtor balance was $5,847.
−Removed: The Award value in totality currently aggregates $8,177, independent of legal
−Removed: fees and interest.
−Removed: final resolution as to the underlying ownership and rights of certain shareholders, the Company intends to hold an annual meeting of
−Removed: shareholders within a reasonable time thereafter.
−Removed: of December 31, 2024, there were 300,000,000 shares of the Company’s common stock, no par value per share (the “Company Common
−Removed: Stock” or “Common Stock”) outstanding.
−Removed: of January 27, 2025, we had 23 team members (staff employees) at our Clarksburg, MD corporate and remote locations.
−Removed: During the fiscal
−Removed: year ended 2024, we assigned approximately 794 field talent workers of which 111 were deemed full-time equivalent (FTE) throughout the
−Removed: of December 31, 2024, 578 active field talent workers and 23 Maslow staff employees had been employed over the past six months.
+Added: (“Maslow” or “MMG”), provides workforce solutions consisting primarily
+Added: of Employer of Record (“EOR”) services, Staffing Solutions, Managed Services, and Video Production Services.
+Added: serves clients across diverse industries, including media, financial services, healthcare, telecommunications, pharmaceuticals, energy,
+Added: and education, both domestically and internationally.
+Added: was incorporated in Texas in 1953.
+Added: From 1971 to 2007, the Company was engaged in the design, manufacture, and support of high-performance
+Added: semiconductor testing equipment.
+Added: That business was discontinued in 2007, and the Company remained a shell company under the Exchange
+Added: Act until October 29, 2019.
+Added: was founded in 1988 and incorporated in Virginia in 1992.
+Added: Initially focused on production management and media support services in the
+Added: Washington, D.C.
+Added: market, Maslow expanded over time into broader workforce management solutions, including EOR, staffing, and managed
+Added: services, and grew its geographic reach nationwide.
+Added: November 9, 2016, Maslow was acquired by Vivos Holdings, LLC, owned by Naveen Doki and Silvija Valleru.
+Added: connection with the October 29, 2019 reverse merger through which Maslow became a wholly owned subsidiary of Reliability, certain
+Added: former controlling shareholders of the Company, together with entities owned and controlled by them or under common control
+Added: (collectively, the “Vivos Group”) had financial obligations to Maslow and were party to certain undisclosed debt
+Added: arrangements.
+Added: the merger, the Company determined that members of the Vivos Group had borrowed funds from Maslow and had caused Maslow to be a borrower
+Added: or guarantor on certain obligations without full disclosure.
+Added: Disputes arose relating to repayment obligations, guarantees, and related
+Added: matters (the “Vivos Matter”).
+Added: disputes were submitted to binding arbitration in 2022.
+Added: The arbitrator ruled in favor of the Company and Maslow and issued awards in
+Added: 2022 and 2023 providing for recovery of principal amounts, contractual interest, attorneys’ fees, and contract damages.
+Added: The arbitration
+Added: awards were subsequently confirmed by the Circuit Court for Montgomery County, Maryland and became final judgments in January 2024.
+Added: February 2026, the Company entered into a settlement agreement with members of the Vivos Group providing for the transfer of 253,292,210
+Added: shares of the Company’s common stock to the Company in satisfaction of certain claims.
+Added: The Company has filed a motion with the
+Added: court seeking entry of a consent judgment to effectuate the transfer of these shares through the Company’s transfer agent.
+Added: Company intends to hold an annual meeting of shareholders following the resolution of ownership matters related to the settlement.
+Added: of December 31, 2025, the Company employed approximately 589 representing approximately 120 full-time equivalent (“FTE”)
+Added: positions on average throughout the year.
+Added: This includes both corporate personnel and employees placed with clients.
+Added: 2025, the Company reduced corporate staffing levels as part of a cost-management initiative designed to align operating expenses with
+Added: current revenue levels while maintaining the infrastructure necessary to support future growth.
+Added: of December 31, 2025, 428 field talent workers had been active within the preceding six months.
Approximately
−Removed: 15% of our field talent are represented by a labor union.
−Removed: We are not aware of any current labor efforts or plans to formalize or organize
−Removed: any of our other team members or field talent.
−Removed: To date we have not experienced any material labor disruptions.
+Added: 15% of field talent workers are represented by a labor union.
+Added: The Company is not aware of any current efforts to organize additional
+Added: employees or field talent workers and has not experienced any material labor disruptions.
of Record (“EOR”)
Employer of Record (“EOR”) solution offers a unique, outsourced workforce management service.
−Removed: Under this model, Maslow assumes the costs
−Removed: and compliance obligations associated with employing contingent workers, who are classified as Maslow employees.
−Removed: While the client maintains
−Removed: responsibility for their workplace environment, Maslow manages all administrative duties, including employee classification, onboarding,
−Removed: and compliance.
−Removed: arrangement provides clients with robust legal and compliance protection, as Maslow’s expert team ensures workers are accurately
−Removed: classified—whether as employees or independent contractors.
−Removed: Proper classification is critical, as misclassifying an employee as
−Removed: an independent contractor can expose clients to substantial financial and legal risks.
+Added: Under this model, Maslow assumes
+Added: the costs and compliance obligations associated with employing contingent workers, who are classified as Maslow employees or Contractors.
+Added: While the client maintains responsibility for their workplace environment, Maslow manages the employee lifecycle, including but not limited
+Added: to worker classification, onboarding, offboarding, payroll processing and disbursement and compliance.
+Added: arrangement provides clients with robust compliance protection, as Maslow’s expert team ensures workers are accurately classified—whether
+Added: as employees or independent contractors.
+Added: Proper classification is critical, as misclassifying an employee as an independent contractor
+Added: can expose clients to substantial financial and legal risks.
EOR services offered by Maslow consist of the following principal activities:
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claims administration
−Removed: site workforce management.
−Removed: Recruiting/Staffing
+Added: Solutions & Managed Services
over 30 years, Maslow has been a leader in the staffing industry, building and continuously expanding a global network of multimedia
and video production professionals.
−Removed: This network, comprising camera crews, technical experts, and creative talent, allows us to respond
−Removed: rapidly to our media clients’ needs for contingent staffing and direct hires.
−Removed: recent years, we have broadened our focus beyond media roles to include staffing services for IT, Accounting and Finance, and administrative
−Removed: This diversification enables us to meet the evolving needs of our clients across various industries.
+Added: recent years, we have broadened our focus beyond media roles to include staffing services for Creative, Marketing and IT positions.
+Added: diversification enables us to meet the evolving needs of our clients across various industries.
offers a wide range of temporary staffing solutions, including:
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by our clients with little to no notice.
−Removed: 2021, we launched a dedicated practice focused on placing full-time equivalent employees on a contingency fee basis.
−Removed: This high-margin
−Removed: business line has had a positive impact on our overall margins and operating income, as detailed in our Results of Operations .
−Removed: Unlike temporary staffing or EOR services, Direct Hire placements do not incur employee or 1099 vendor costs, with costs limited to an
−Removed: allocated share of recruiting software subscription costs.
−Removed: This line of business, initially branded as “Permanent Placement,”
−Removed: continues to strengthen our profitability.
−Removed: and Multimedia Production
−Removed: remains a trusted provider of multimedia and video production solutions for corporate, government, and broadcast clients.
−Removed: a large, pre-vetted network of highly skilled freelancers worldwide, Maslow is uniquely equipped to respond quickly to client needs.
−Removed: Our network includes:
−Removed: of photography
−Removed: and teleprompter operators
−Removed: support a wide array of video production projects, including branding videos, documentaries, public service announcements (PSAs), training
−Removed: modules, live events, webcasts, animations, and more.
−Removed: Our freelance teams collaborate with our in-house, full-time Video Production Managers,
−Removed: who bring extensive experience to each project.
−Removed: These managers work closely with the team to shape the vision and story, ensuring seamless
−Removed: execution from concept to final delivery.
+Added: 2021, we launched a dedicated practice focused on placing full-time employees on a contingency fee basis.
+Added: This high-margin business line
+Added: has had a positive impact on our overall margins and operating income, as detailed in our Results of Operations .
+Added: Unlike temporary
+Added: staffing or EOR services, Direct Hire placements do not incur employee or 1099 vendor costs, with costs limited to an allocated share
+Added: of recruiting software subscription costs.
+Added: This line of business, initially branded as “Permanent Placement,” continues to
+Added: strengthen our profitability.
+Added: Production Services
+Added: Production Services division supports a wide array of video production projects, including branding videos, documentaries, public service
+Added: announcements (PSAs), training modules, live events, webcasts, animations, and more.
+Added: Our freelance teams collaborate with our in-house,
+Added: full-time Video Production Managers, who bring extensive experience to each project.
+Added: These managers work closely with the team to shape
+Added: the vision and story, ensuring seamless execution from concept to final delivery.
addition to our human resources, Maslow sources state-of-the-art broadcast equipment for use across television, internet, and social
media platforms.
+Added: Staffing Solutions
delivers highly skilled IT professionals to support digital transformation, infrastructure management, and security initiatives.
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Our network includes:
−Removed: Software developers
−Removed: Data managers
−Removed: Network engineers
−Removed: Mobile strategies
−Removed: Systems administrators
−Removed: Cloud architects
−Removed: Cybersecurity specialists
−Removed: IT project managers
−Removed: Data analysts
−Removed: AI, ML, & automation
−Removed: Quality assurance specialists
+Added: administrators
+Added: Cybersecurity
+Added: project managers
+Added: ML, & automation leads
+Added: assurance specialists
system integrations and cloud migrations to cybersecurity enhancements and AI implementation, our IT experts bring technical excellence
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transitions, and compliance requirements.
+Added: Staffing Solutions
connects businesses with top creative talent to execute compelling multimedia productions and digital projects.
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Our network includes:
−Removed: Graphic designers
−Removed: Art directors
−Removed: UX/UI designers
−Removed: Video editors
−Removed: Motion graphics artists
−Removed: Copywriters and content
−Removed: Branding specialists
−Removed: Website developers
+Added: graphics artists
+Added: and content strategists
brand development, interactive media, and digital storytelling, our creative teams collaborate with in-house creative directors to bring
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also sources industry-leading creative tools and software to support high-quality content development across digital, print, and broadcast
+Added: Staffing Solutions
marketing requires both strategy and execution, and Maslow helps organizations scale their marketing efforts with access to top-tier
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Our network includes specialists in:
−Removed: Digital marketing
−Removed: Product marketing
−Removed: Content marketing
−Removed: SEO and website analytics
−Removed: Social media marketing
−Removed: Marketing automation
−Removed: Email marketing
−Removed: Data science & analytics
−Removed: E-commerce & shoppable
+Added: and website analytics
+Added: media marketing
+Added: science & analytics
+Added: & shoppable content
campaign development to performance analytics, our marketing teams work alongside in-house Marketing Managers who ensure strategic consistency
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scope or complexity.
−Removed: operates within the workforce management and production services industry.
−Removed: The services Maslow provides (managed services, employer of
−Removed: record, staffing, recruiting, and video production services) generally fall within the broader category known as “workforce management”
−Removed: temporary staffing portion of the workforce management industry supplies workers to clients.
−Removed: Our core offerings include employer of record
−Removed: (EOR), staffing, recruiting, and video production—fall under the broader category of workforce management solutions.
−Removed: workforce management industry, particularly temporary staffing, plays a crucial role in providing businesses with the flexibility to
−Removed: adjust their workforce in response to changing market conditions.
−Removed: Temporary staffing allows clients to scale their labor needs efficiently,
−Removed: converting fixed labor costs into variable expenses where necessary.
−Removed: With increasing competitive and economic pressures, demand for a
−Removed: flexible workforce continues to rise as businesses seek cost efficiencies, payroll compliance management, and adaptability to shifting
−Removed: market conditions.
−Removed: to the Staffing Industry Analysts (SIA), the U.S.
−Removed: staffing market is expected to grow by 5% in 2025, following a 10% decline in 2024.
−Removed: Several key trends are shaping the industry:
−Removed: Integration Across Staffing Functions:
−Removed: While AI has primarily been used for talent acquisition and candidate assessment, its
−Removed: role is expanding to sales, recruiting, finance, payroll, marketing, IT, and corporate operations.
−Removed: of Outsourced Solutions:
−Removed: Outsourced staffing solutions have gained traction, particularly in highly skilled professional sectors.
−Removed: IT Staffing and Solutions Benchmarking Survey found that outsourcing solutions accounted for 21.6% of aggregate
−Removed: revenue in the first half of 2024.
−Removed: Clients increasingly favor outsourced models to shift responsibility for achieving outcomes to
−Removed: staffing firms, reducing direct management burdens.
−Removed: Reliance on Third-Party Technology for Candidate Sourcing :
−Removed: SIA reports that 98% of staffing firms utilize online job advertisers.
−Removed: In 2025, 29% plan to increase their investment in job advertising, while 55% intend to maintain current spending, and only 6% anticipate
−Removed: reducing usage.
−Removed: AI Regulations:
−Removed: As AI adoption accelerates, regulatory frameworks are evolving.
−Removed: states are implementing consumer
−Removed: privacy laws with AI-related restrictions.
−Removed: For example, California has enacted an AI Act imposing penalties of $5,000 per violation
+Added: OVERVIEW AND TRENDS
+Added: operates within the workforce management and production services industry, a segment of the broader human capital solutions market.
+Added: Company’s core offerings, including employer of record (“EOR”) services, staffing and workforce solutions, managed
+Added: services, and video production support — predominantly fall under temporary staffing and outsourced workforce management solutions.
+Added: workforce management industry, particularly temporary staffing and outsourced workforce solutions, plays an integral role in enabling
+Added: businesses to respond to dynamic labor needs.
+Added: Temporary staffing allows clients to scale labor resources efficiently, convert fixed labor
+Added: costs into variable expenditures, and access specialized talent.
+Added: for outsourced workforce management solutions has grown in recent years as businesses increasingly seek cost efficiencies, payroll compliance
+Added: support, and operational flexibility.
+Added: industry includes a range of service providers, from traditional staffing firms to specialized EOR and managed employment solution providers.
+Added: These services facilitate compliance with employment regulations, streamline contingent workforce oversight, and reduce administrative
+Added: burdens associated with labor management.
+Added: to Staffing Industry Analysts (SIA), as of February 20, 2026, the U.S.
+Added: staffing ranks as the largest staffing market in the world with
+Added: revenue of $184 billion in 2024 .
+Added: key trends are shaping the workforce management industry:
+Added: Dynamics and Market Conditions.
+Added: According to Staffing Industry Analysts (SIA) in their U.S.
+Added: Staffing Industry Forecast, 2025–2026, the U.S.
+Added: staffing market is projected to grow
+Added: modestly in 2026 following a contraction in 2025.
+Added: SIA reports that the staffing industry
+Added: is expected to have cumulative growth of 10% between 2025 and 2030 , Industry performance
+Added: continues to reflect underlying macroeconomic conditions, client demand variability, and
+Added: labor market tightness.
+Added: Adoption of Flexible Workforce Models.
+Added: As organizations seek operational agility, temporary
+Added: and contract workforce solutions remain a strategic lever for managing cost structures and
+Added: scaling project demand without long-term fixed commitments.
+Added: ● Integration
+Added: of Artificial Intelligence and Automation.
+Added: Staffing and workforce solutions providers are
+Added: increasingly integrating artificial intelligence (“AI”) and automation tools
+Added: across recruitment, candidate sourcing, screening, matching, and onboarding workflows.
+Added: industry surveys indicate that a majority of talent acquisition functions now utilize AI-enabled
+Added: tools, with growing deployment of autonomous agents for candidate engagement and qualification
+Added: (SIA / Korn Ferry Talent Acquisition Trends Report, 2025.).
+Added: These technologies are improving
+Added: recruiter productivity, speed to fill, and workforce matching accuracy.
+Added: Demand for Outsourced and Managed Services Solutions.
+Added: Clients are showing rising interest
+Added: in comprehensive outsourced workforce solutions, including managed services programs (“MSP”)
+Added: and EOR arrangements.
+Added: In certain professional and skilled labor segments, outsourced models
+Added: accounted for a meaningful share of total industry revenue in recent periods (SIA U.S.
+Added: Staffing and Solutions Benchmarking Survey, 2025).
+Added: Businesses in highly regulated environments
+Added: have favored third-party workforce partners to manage compliance complexity, payroll administration,
+Added: and tax reporting obligations.
+Added: on Third-Party Digital Platforms for Talent Sourcing.
+Added: Adoption of digital sourcing and online
+Added: advertising channels remains pervasive across staffing firms.
+Added: Industry data suggests widespread
+Added: utilization of online job advertising platforms, with many firms planning to maintain or
+Added: increase investments in digital candidate acquisition tools to support volume hiring and
+Added: specialized talent pipelines (Staffing Industry Analysts Digital Usage Survey, 2025).
+Added: and Compliance Developments Affecting Technology Use.
+Added: As the use of AI accelerates, regulatory
+Added: frameworks at the federal and state levels are emerging.
+Added: Several jurisdictions are considering
+Added: or implementing laws related to AI transparency, data privacy, and algorithmic decision-making.
+Added: Organizations operating in multiple states are increasingly monitoring regulatory developments
+Added: to ensure compliance and mitigate potential liabilities.
temporary staffing industry is large and highly fragmented, comprising thousands of competing firms.
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performance and GDP trends, this projection is significant.
−Removed: However, ASA also reported a 6.1% year-over-year decline in temporary help
−Removed: jobs as of January 2025.
+Added: ASA also reported a 2% year-over-year increase in temporary help jobs as
+Added: of January 2025.
and Regulatory Factors
−Removed: firms face dual challenges of talent acquisition and client retention.
−Removed: Demand for temporary staffing is closely tied to overall labor
−Removed: market strength and evolving workforce flexibility trends.
−Removed: The industry remains highly sensitive to economic cycles—expanding during
−Removed: growth periods and consolidating during downturns due to competitive pressures, bankruptcies, and client usage reductions.
−Removed: factors influencing industry dynamics include:
−Removed: interest rates
−Removed: chain disruptions
−Removed: complexity continues to drive demand for EOR solutions, particularly among employers with multi-state operations.
−Removed: New state laws on paid
−Removed: leaves, discrimination protections, child labor, medical marijuana, and workplace safety are set to take effect on January 1, 2025.
−Removed: kicked off on January 1, employers with thirty or more employees in Minnesota will be required to provide salary ranges and general
−Removed: descriptions of benefits in job postings, and several modifications to the state’s earned sick and safe time (ESST) program.
−Removed: expanded paid sick leave requirements in 2024, and beginning on January 1, 2025, enacted several laws, including expanding protections
−Removed: against unlawful discrimination;
−Removed: prohibiting mandatory workplace meetings to discuss political or religious matters, including union
−Removed: and allowing employers to obtain temporary restraining orders (TROs) against individuals who subject employees to unreasonable
−Removed: covered employers must start contributing payroll deductions to fund the Delaware Paid Family and Medical Leave program, which was
−Removed: established in 2022.
−Removed: The first due date is April 30, 2025.
−Removed: To achieve improved pay transparency Illinois amended the Equal Pay Act of 2003 to require employers with at least fifteen employees
−Removed: to include “pay scale and benefits” in job postings beginning January 1, 2025.
−Removed: In continuing evolution of its sick leave law, in 2025 expanded the requirement of coverage to employers with twenty-five or more
−Removed: employees working in the state.
−Removed: Historically,
−Removed: our business has been dominated by three key clients, and 2024 was no exception as our top three clients accounted for $15,264 representing
−Removed: 63.6% of our total revenue of $23,982.
−Removed: In 2023, the same three clients contributed $10,618 or 49.5% of our total revenue of $21,451.
−Removed: $4,646 increase in revenue from our top three clients significantly outpaced our overall revenue growth of $2,531 in 2024.
−Removed: their share of total revenue rose by 14.1 percentage points, from 49.5% in 2023 to 63.6% in 2024.
−Removed: other client exceeded 10% of revenues in 2024.
−Removed: top five customers represented 74.4% of our revenue in 2024 compared to 61.9% in 2023.
−Removed: a top 10 perspective, revenue from our top 10 clients totaled $21,612 which represents 90.1% of our revenue in 2024 compared with $18,526,
−Removed: representing 86.4% of revenue in the year ending December 31, 2023.
−Removed: of December 31, 2024, three clients each accounted for 10% or more of our A/R, collectively representing 80.7% of the total.
−Removed: an increase from the top three’s 74.4% concentration of A/R on December 31, 2023.
−Removed: growth strategy has remained a three-pronged approach with emphasis on the 1) Media Staffing market, 2) IT Staffing Creative and Marketing
−Removed: Staffing and 3) EOR expansion.
−Removed: margins remain strong, ranging between 17% and 20%, with revenue reaching $3,301 for the 12-month period ending December 31, 2024,
−Removed: compared to $3,098 for the same period in 2023.
−Removed: This reflects 13.8% of MMG’s total revenue in 2024, down from 14.4% in 2023.
−Removed: staffing revenue increased by $203, its percentage of total revenue declined by 0.7% due to a $2,554 (1.9%) rise in EOR revenue.
−Removed: Media Staffing revenue in 2024 was $3,227 compared to $2,751 in 2023.
−Removed: Our IT Staffing declined by $273 from $347 in 2023 to $74 in 2024.
−Removed: In 2024, we were able to add to our Sales Team resources that have IT Staffing experience, and we believe we will see an uptick in this
−Removed: segment in 2025.
−Removed: 2025, we are expanding our focus to include 1) creative and 2) marketing alongside our 3) core media and 4) IT services.
−Removed: We have updated our website and collateral to reflect these two new categories.
−Removed: We are equipped to recruit for these four categories plus
−Removed: human resources (HR), accounting and finance (A&F) and legal.
−Removed: objective in 2025 is to increase these levels at a steady linear pace, with an emphasis on the immediate needs of our existing clients
−Removed: and prospects.
−Removed: We have access to talent across the business spectrum, and we need to market non-media roles to our many clients who have
−Removed: staffing needs in other functional areas of their business.
−Removed: EOR approach is to continue to seek media-based opportunities given the transient, contingent, and part-time nature of corporate media,
−Removed: which is conducive to an EOR solution.
−Removed: We continue to believe, however, that there is an opportunity to leverage this expertise into
−Removed: other industries.
−Removed: The client acquisition challenge outside of media consists principally of educating prospective clients on the merits
−Removed: of the EOR solution over other options, finding unique opportunities in each industry or within a corporate client that lends itself
−Removed: for an EOR solution, and competition from other providers of EOR services.
−Removed: constantly evolving landscape and variability of state labor regulations have underscored the importance of the Employer of Record (EOR)
−Removed: model, particularly for organizations that prioritize compliance.
−Removed: Per the American Staffing Association (ASA), equal pay and benefits
−Removed: litigation in New Jersey and Illinois could influence other states.
−Removed: Regulatory issues to watch include wage and hour, paid leave, data
−Removed: privacy, pay transparency, noncompete agreements, AI, worker classification, I-9, and immigration.
−Removed: January 10, 2024, the U.S.
−Removed: Department of Labor (DOL) published a final rule modifying its Wage and Hour Division regulations to replace
−Removed: its analysis for determining employee or independent contractor classification under the Fair Labor Standards Act (FLSA), with a six-factor
−Removed: “economic reality” test, that went into effect March 11, 2024.
−Removed: rule change was designed to reduce the risk that employees are misclassified as independent contractors, as according to the Department
−Removed: of Labor, the misclassification of employees as independent contractors may deny workers minimum wage, overtime pay, and other protections.
−Removed: An aggressive enforcement of this “final rule” could and should create greater incentive for companies to virtually eliminate
−Removed: their risk of noncompliance by outsourcing their 1099 contractors to an EOR company, such as ours, who hires the 1099s, and then leases
−Removed: their services to those companies.
−Removed: the DOL rule change is more likely than not going to be more restrictive in its classification of a 1099 worker, it creates an opportunity
−Removed: for EOR as a more desirable solution to companies that are looking for more agile ways of changing the headcount and nature of portions
−Removed: if not all their workforce in an expeditious and low risk manner.
−Removed: we expect to explore expanding our EOR segment to enter new industries, particularly those that rely significantly on contractors or
−Removed: freelancers to perform limited time or project-based assignments.
−Removed: To that end, Maslow continues to add industry expertise to our sales,
−Removed: client services, human resources, and recruiting teams for the purpose of managing the complex EOR business.
−Removed: the Company is able to issue additional shares, we plan to tap the capital markets to pursue an aggressive but disciplined acquisition
−Removed: growth strategy, both in terms of using shares for raising capital and as currency to acquire additional businesses as was our intent
−Removed: when we merged with Reliability in October 2019.
−Removed: We believe that, while the staffing/EOR segment is fragmented, and there are several
−Removed: large players in the industry, there are also a sizable number of smaller businesses that would make ideal acquisition targets.
−Removed: businesses are often limited in geographic scope or are specialized within an industry.
−Removed: Meanwhile, we continue to foster organic growth
−Removed: through new sales to new and existing customers.
−Removed: present, the Company does not have any authorized shares that are not issued.
−Removed: No shares are expected to become available to the Company
−Removed: until an amendment to the Company’s Certificate of Formation to increase the number of authorized shares of Common Stock or a stock
−Removed: split of the outstanding shares of Common Stock is approved.
−Removed: Such approval may not likely occur until the Vivos Matter is completely
−Removed: Following the Merger, the Vivos Group, which holds over 80 percent of the issued and outstanding shares of Common Stock, notified
−Removed: the Company that they would not approve an amendment to the Company’s Certificate of Formation to increase the number of authorized,
−Removed: but unissued, shares of Common Stock.
−Removed: As a result, the Company has not been able to execute its business plan.
−Removed: stated above under “Our Industry,” the trend for staffing expertise in the areas of AI, gig, cloud services, and VMS/MSP,
−Removed: plus the expected need in fields like biotech and healthcare, are of interest to Maslow.
−Removed: We will continue to embrace this trend and look
−Removed: to expand our capabilities, which we believe will open new markets for us.
−Removed: Additionally,
−Removed: we will continue to invest in technology and process improvements and resources to grow the staffing side of our business and to ensure
−Removed: that we operate at optimal productivity and performance and are able to quickly adapt if operations scale up.
−Removed: late 2024, we began using ADP as our payroll processor, which brings workforce management cloud services that enable us to better manage
−Removed: our HR benefits, timecards, scheduling, payroll records, and applicant tracking.
−Removed: This new partnership was implemented to help improve
−Removed: both our employee and client experiences, while creating operational efficiencies and improved reporting.
+Added: staffing and workforce management industry is influenced by macroeconomic conditions and regulatory developments.
+Added: Demand for temporary
+Added: staffing and employer of record (“EOR”) services is closely tied to overall labor market strength, workforce participation
+Added: rates, and employer demand for flexibility.
+Added: The industry is cyclical in nature, generally expanding during periods of economic growth
+Added: and contracting during downturns as clients reduce labor utilization and discretionary spending.
+Added: economic factors influencing industry dynamics include:
+Added: rate levels and access to capital
+Added: ● Inflationary
+Added: pressures and wage growth
+Added: ● Unemployment
+Added: and labor force participation rates
+Added: ● Geopolitical
+Added: instability and economic sanctions
+Added: economic growth or recessionary conditions
+Added: complexity continues to drive demand for EOR and managed workforce solutions, particularly among employers operating across multiple
+Added: jurisdictions.
+Added: Federal, state, and local employment laws frequently change and may increase compliance obligations for employers.
+Added: legislative developments include expanded paid family and medical leave programs in several states, enhanced pay transparency and reporting
+Added: requirements, evolving data privacy and artificial intelligence regulations affecting employment decision-making, and changes to wage,
+Added: hour, and workplace safety standards.
+Added: developments increase administrative complexity for employers and may contribute to continued demand for outsourced workforce compliance
+Added: growth strategy is focused on expanding revenue within existing client relationships, broadening its Employer of Record (“EOR”)
+Added: and Staffing Solutions footprint, and improving margin mix through higher-value service offerings.
+Added: Vertical Expansion Within Existing Accounts
+Added: Company seeks to increase share-of-wallet within existing client relationships by introducing IT, creative, marketing, HR, and finance
+Added: staffing solutions to established media and EOR clients.
+Added: This cross-selling approach leverages existing relationships, reduces customer
+Added: acquisition costs, and increases revenue per client.
+Added: Expansion of EOR and Staffing Solution Services
+Added: Company continues to expand its EOR and Staffing model beyond the media sector into industries with meaningful freelance, project-based,
+Added: and multi-state workforce requirements.
+Added: Regulatory developments, including evolving worker classification standards and multi-jurisdictional
+Added: employment compliance obligations, have increased demand for outsourced employer-of-record solutions.
+Added: Company’s target client profile includes:
+Added: ● Multi-state
+Added: ● High-growth
+Added: ● Professional
+Added: services firms
+Added: ● Organizations
+Added: operating hybrid workforce models
+Added: Margin Optimization Through Direct Hire and Managed Services
+Added: Company continues to develop its Direct Hire and Managed Services offerings to enhance margin profile and revenue visibility.
+Added: Hire placements generate fee-based revenue without associated payroll exposure, while Managed Service engagements typically involve longer
+Added: contract durations and greater revenue predictability relative to short-term staffing assignments.
LANDSCAPE AND DIFFERENTIATION
−Removed: staffing services market is highly fragmented and intensely competitive, with relatively low barriers to entry.
−Removed: We compete at national,
−Removed: regional, and local levels against both full-service and specialized staffing firms.
−Removed: Many of our competitors possess significantly greater
−Removed: financial and marketing resources, allowing them to scale operations and invest in technology at a faster pace.
−Removed: The competitive nature
−Removed: of the industry continues to exert downward pressure on pricing, and we anticipate this trend will persist.
−Removed: competitive factors in attracting top-tier candidates for temporary and contract assignments include competitive pay rates, job availability,
−Removed: assignment duration, and responsiveness to placement requests.
−Removed: Additionally, client retention depends on our ability to consistently
−Removed: source and place high-quality candidates who meet specific client needs in a timely manner.
−Removed: While we believe we compete effectively in
−Removed: these areas, increasing competition may further challenge margins across the industry.
−Removed: maintain a sustainable advantage, we recognize the evolving role of digital staffing platforms and the rise of human cloud services.
−Removed: However, we firmly believe that technology alone cannot replace the value of strong personal relationships.
−Removed: MMG’s core strength
−Removed: lies in blending human connection with modern technological advancements.
−Removed: Our ability to integrate emotional intelligence with data-driven
−Removed: staffing solutions positions us uniquely in the marketplace.
−Removed: By continuing to invest in experienced career professionals who understand
−Removed: the nuances of the EOR model and our client needs;
−Removed: while leveraging cutting-edge digital tools, we create a hybrid approach that enhances
−Removed: efficiency without sacrificing the personalized service that defines our brand.
−Removed: fusion of high-tech capabilities and client-centric engagement remains our key differentiator, allowing us to deliver superior workforce
−Removed: solutions while maintaining strong, long-term relationships with both clients and candidates.
+Added: staffing and employer-of-record (“EOR”) market is highly fragmented.
+Added: Competitors range from large publicly traded global
+Added: firms to regional providers and technology-enabled platforms offering digital workforce solutions.
+Added: Company primarily operates within specialized professional segments, including media, production, and project-based workforce environments,
+Added: where client relationships, industry experience, regulatory compliance, and service execution are significant competitive factors.
+Added: Company’s competitive positioning is supported by the following characteristics:
+Added: Experience in Media and Project-Based Environments
+Added: The Company has longstanding experience serving corporate media, broadcast production, and event-driven organizations, which often require
+Added: specialized workforce coordination and rapid deployment capabilities.
+Added: Workforce Solutions Model
+Added: The Company provides staffing solutions including managed services, EOR, and production-related services within a single operating platform.
+Added: This integrated approach allows clients to engage multiple workforce solutions through one provider.
+Added: and Client Service Infrastructure
+Added: In addition to technology-enabled processes, the Company maintains internal compliance oversight and client service resources focused
+Added: on employment risk management, payroll administration, and workforce support.
+Added: Service Structures
+Added: The Company offers customizable workforce solutions designed to address varying client needs across industries and project scopes.
+Added: Company believes this model enables it to compete effectively in relationship-driven and compliance-sensitive market segments.
CYCLICALITY AND REVENUE TRENDS
−Removed: staffing industry has historically been cyclical, often serving as a leading indicator of economic fluctuations.
−Removed: During periods of economic
−Removed: expansion, staffing clients typically rely on temporary staffing to supplement their existing workforce, transitioning to direct hires
−Removed: when long-term demand is anticipated.
−Removed: Conversely, during economic downturns, temporary staffing needs tend to decline rapidly as companies
−Removed: scale back operations and reduce workforce expenses.
−Removed: broader economic trends, our revenue patterns are also influenced by seasonal factors such as recurring annual client, sporting, and
−Removed: political events, election cycles, and sporting seasons, all of which drive demand for short-term staffing solutions.
−Removed: Over the past four
−Removed: years, including 2024, the fourth quarter has consistently been our busiest, contributing an average of 27.9% of our annual revenue.
−Removed: This increase is largely attributed to the fall event schedule and year-end projects initiated by several key clients.
−Removed: a notable shift has emerged in recent years, with December revenues declining as more clients opt to suspend media operations around
+Added: staffing industry has historically been cyclical and is often considered a leading indicator of broader economic conditions.
+Added: During periods
+Added: of economic expansion, clients frequently utilize temporary staffing to supplement their existing workforce and may convert temporary
+Added: placements to permanent hires as long-term demand becomes more certain.
+Added: During economic downturns, demand for temporary staffing can
+Added: decline rapidly as clients reduce operating costs and workforce levels.
+Added: addition to macroeconomic conditions, the Company’s revenue patterns are influenced by seasonal factors, including recurring annual
+Added: client events, political cycles, and sporting seasons that drive demand for short-term staffing and production support.
+Added: Over the past
+Added: seven fiscal years, including 2025, the fourth quarter has been the Company’s highest revenue quarter, contributing an average
+Added: of approximately 27.9 % of annual revenue.
+Added: This concentration has historically been driven by fall event schedules and year-end
+Added: project activity.
+Added: recent periods, the Company has observed reduced revenue in December as certain clients suspend or scale back media operations during
the holiday period.
−Removed: This evolving trend underscores the importance of diversifying our client base and service offerings to mitigate
−Removed: seasonal revenue fluctuations and maintain steady growth throughout the year.
−Removed: continuously monitoring economic conditions and adapting our service model to evolving client needs, we aim to position ourselves for
−Removed: resilience and sustained success in an increasingly dynamic staffing landscape.
+Added: This shift has modestly altered recent intra-quarter revenue patterns, with last four-year average between 2022-2025
+Added: in December average $1,706 versus previous three-year average of $3,000 from 2019-2021.
file electronically with the SEC our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments
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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.