RELIABILITY INC 10-K

ITEM 1. BUSINESS OVERVIEW AND HISTORY Reliability Incorporated (“Reliability” or the “Company”), headquartered in Clarksburg, Maryland, through its wholly owned subsidiary, The Maslow Media Group, Inc. (“Maslow” or “MMG”), provides workforce solutions to its clients consisting primarily of Employer of Record (“EOR”) services, Recruiting and Staffing, and Video and Multimedia Production. The Company focuses on domestic clients but provides services to these clients throughout the world. The Company’s clients are in diverse industries including media, financial services including banking, medical devices, pharmaceuticals, telecommunications, energy, healthcare, and education. Reliability was incorporated under the laws of the State of Texas in 1953. From 1971 to 2007, the Company was principally engaged in the design, manufacture, market, and support of high-performance equipment used to test and condition integrated circuits. This business was shut down in 2007, and the Company was continued as a “shell company” as defined by the Exchange Act, with no operating activities until October 29, 2019, when the Company acquired Maslow. Maslow was founded in 1988 by Linda Maslow, whose visionary drive led her to create a single resource dedicated to providing qualified production crews to Washington, D.C.’s television, cable, and multimedia outlets. Maslow was later incorporated in Virginia in 1992 and adopted its current legal name, The Maslow Media Group, Inc. Initially, the company focused on providing “script-to-screen” services, primarily offering production management and support to television, cable, and multimedia outlets. Over time, Maslow broadened its scope by introducing workforce management solutions, including Employer of Record (EOR) services, as well as recruiting and staffing solutions. As the company grew, it expanded its geographic presence, securing clients beyond the Washington, D.C. metro area and establishing itself as a trusted partner nationwide. On November 9, 2016, Linda Maslow sold the business to Vivos Holdings, LLC (“Vivos Holdings”) owned by Naveen Doki (“Dr. Doki”) and Silvija Valleru (“Ms. Valleru”). In 2019, Vivos Holdings collaborated on a share swap of Maslow for other Vivos companies with individuals who included but were not limited to Dr. Doki, Shirisha Janumpally (“Mrs. Janumpally”), wife of Dr. Doki, Kalyan Pathuri (“Mr. Pathuri”) husband of Silvija Valleru, Igly Trust, and Judos Trust. These parties also have common ownership combinations in a number of other entities [Vivos Holdings, LLC, Vivos Real Estate Holdings, LLC (“VREH”), Vivos Holdings, Inc., Vivos Group, Vivos Acquisitions, LLC, and Federal Systems, LLC], (collectively referred to herein as “Vivos Group”). The reverse merger was consummated on October 29, 2019 (the “Merger”). As a result of the Merger, the Vivos Group (Vivos Holdings, LLC, officially) acquired approximately 84% of the issued and outstanding shares of Reliability which were distributed by Vivos Holdings. On October 29, 2019, Maslow became a wholly owned subsidiary of Reliability. Upon purchasing MMG and thereafter, the “Vivos Group” began borrowing monies from MMG starting with $1,400 in 2016, and by the end of 2019, the balance had reached $3,418, which included a $3,000 guarantee from Dr. Naveen Doki. Vivos Holdings, LLC, Vivos Real Estate Holdings, LLC, and Mr. Doki (collectively referred to as “Vivos Debtors”). Additionally, Reliability became aware of debt obligations that included MMG as a borrower or guarantor that the Vivos Group failed to disclose to Reliability. This and the attempted collection of the guarantee and debt from the Vivos Group set off a chain of legal events culminating in an arbitration hearing and award in 2022. We refer below to the disputes between Reliability and the Vivos Group as the “Vivos Matter.” 4 A series of legal actions and hearings took place starting in March of 2020 through September of 2021. At that time, arbitration was agreed by both the Vivos Group and MMG. The proceedings began in February 2022 and were completed in March 2022. On August 31, 2022, the arbitrator issued an award (the “Award”) with the Company and MMG prevailing on their claims. The awards included citing fraud damages. Supplemental awards were subsequently issued on May 17, 2023, October 10, 2023, and finally, on October 27, 2023. Summarily, MMG was awarded the totals of all notes the Vivos Group had with MMG for its borrowings, the contracted interest, 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 Company common stock to the Company equal in value to $1,000. The May 17, 2023 award also appointed a rehabilitative receiver (the “Receiver”) whose primary function is to collect the contract and fraud damages, including costs, expenses, and fees provided in the awards. With respect to the receivership, the Vivos Group owners 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 or special meetings of the shareholders of the Company during the period of the receivership. On December 29, 2023, the Circuit Court for Montgomery County, Maryland signed orders entering all three arbitration awards as judgments in Reliability’s case against the Vivos Group. These orders became final on January 29, 2024, when the appeal period expired for the defendants. The judgments are good for 12 years and can be enrolled in other states. Reliability has collectible judgments which the Receiver has been eligible to pursue. In March 2025, MMG expects the Receiver to make a recommendation to the arbitrator. As of December 31, 2024, the Vivos Debtor balance was $5,847. The Award value in totality currently aggregates $8,177, independent of legal fees and interest. Upon final resolution as to the underlying ownership and rights of certain shareholders, the Company intends to hold an annual meeting of shareholders within a reasonable time thereafter. As of December 31, 2024, there were 300,000,000 shares of the Company’s common stock, no par value per share (the “Company Common Stock” or “Common Stock”) outstanding. EMPLOYEES As of January 27, 2025, we had 23 team members (staff employees) at our Clarksburg, MD corporate and remote locations. During the fiscal year ended 2024, we assigned approximately 794 field talent workers of which 111 were deemed full-time equivalent (FTE) throughout the year. As of December 31, 2024, 578 active field talent workers and 23 Maslow staff employees had been employed over the past six months. Approximately 15% of our field talent are represented by a labor union. We are not aware of any current labor efforts or plans to formalize or organize any of our other team members or field talent. To date we have not experienced any material labor disruptions. PRODUCTS Employer of Record (“EOR”) Maslow’s Employer of Record (EOR) solution offers a unique, outsourced workforce management service. Under this model, Maslow assumes the costs and compliance obligations associated with employing contingent workers, who are classified as Maslow employees. While the client maintains responsibility for their workplace environment, Maslow manages all administrative duties, including employee classification, onboarding, and compliance. This arrangement provides clients with robust legal and compliance protection, as Maslow’s expert team ensures workers are accurately classified—whether as employees or independent contractors. Proper classification is critical, as misclassifying an employee as an independent contractor can expose clients to substantial financial and legal risks. 5 The EOR services offered by Maslow consist of the following principal activities: ● state employment registration; ● employee onboarding/offboarding; ● payroll processing; ● benefits offerings and administration; ● workers compensation claim management; ● employee relations; ● regulatory compliance; ● manage state-/county-/city-mandated employee benefits, such as paid safe and sick leave; and ● locality mandated training administration ● unemployment claims administration ● on site workforce management. Recruiting/Staffing For 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. This network, comprising camera crews, technical experts, and creative talent, allows us to respond rapidly to our media clients’ needs for contingent staffing and direct hires. In recent years, we have broadened our focus beyond media roles to include staffing services for IT, Accounting and Finance, and administrative positions. This diversification enables us to meet the evolving needs of our clients across various industries. Maslow offers a wide range of temporary staffing solutions, including: ● On-Demand or Short-Term Staffing : Assisting with seasonal needs, demand fluctuations, vacations, illnesses, parental leave, and special projects. ● Contract Staffing : Providing longer-term workforce solutions for ongoing projects or initiatives. ● On-Site Management Administration : Offering managed services, including the deployment of on-site managers to oversee teams, scheduling, and logistics. By leveraging contingent staffing, our clients can convert fixed personnel costs into variable expenses, effectively managing workforce-related expenses without the long-term commitment of recruiting, hiring, and retaining employees. Flexible Staffing Options Our staffing services cover a variety of placements, ranging from one-day assignments to indefinite engagements. We provide flexible solutions, including: ● Freelance / Ad Hoc ● Contract ● Temp-to-Hire ● Direct Hire ● Managed Services Our Managed Services solution includes building or taking over existing teams, with on-site managers ensuring seamless operations and oversight. As is common in the staffing industry, most of our temporary staffing engagements are non-exclusive, short-term in nature, and can be terminated by our clients with little to no notice. In 2021, we launched a dedicated practice focused on placing full-time equivalent employees on a contingency fee basis. This high-margin business line has had a positive impact on our overall margins and operating income, as detailed in our Results of Operations . Unlike temporary staffing or EOR services, Direct Hire placements do not incur employee or 1099 vendor costs, with costs limited to an allocated share of recruiting software subscription costs. This line of business, initially branded as “Permanent Placement,” continues to strengthen our profitability. 6 Video and Multimedia Production Maslow remains a trusted provider of multimedia and video production solutions for corporate, government, and broadcast clients. Leveraging a large, pre-vetted network of highly skilled freelancers worldwide, Maslow is uniquely equipped to respond quickly to client needs. Our network includes: ● Directors of photography ● Audio engineers ● Makeup artists ● Field producers ● Gaffers and grips ● Talent and teleprompter operators ● Drone operators We support a wide array of video production projects, including branding videos, documentaries, public service announcements (PSAs), training modules, live events, webcasts, animations, and more. Our freelance teams collaborate with our in-house, full-time Video Production Managers, who bring extensive experience to each project. These managers work closely with the team to shape the vision and story, ensuring seamless execution from concept to final delivery. In addition to our human resources, Maslow sources state-of-the-art broadcast equipment for use across television, internet, and social media platforms. IT Solutions Maslow delivers highly skilled IT professionals to support digital transformation, infrastructure management, and security initiatives. Whether clients need on-demand specialists or full-scale IT teams, we provide customized workforce solutions that adapt to evolving technology demands. Our network includes: ● Software developers ● Data managers ● Network engineers ● Robotics ● Mobile strategies ● Systems administrators ● Cloud architects ● Cybersecurity specialists ● IT project managers ● Data analysts ● AI, ML, & automation leads ● Quality assurance specialists From system integrations and cloud migrations to cybersecurity enhancements and AI implementation, our IT experts bring technical excellence and industry-specific experience. And we collaborate closely with clients to ensure talent alignment, streamlined execution, and ongoing technical support. Beyond talent, Maslow facilitates access to cutting-edge IT infrastructure and technology solutions to support enterprise operations, return-to-office transitions, and compliance requirements. Creative Solutions Maslow connects businesses with top creative talent to execute compelling multimedia productions and digital projects. Our extensive talent network ensures rapid deployment of experienced creatives across industries. Our network includes: ● Graphic designers ● Art directors ● UX/UI designers ● Video editors ● Motion graphics artists ● Copywriters and content strategists ● Branding specialists ● Website developers Across brand development, interactive media, and digital storytelling, our creative teams collaborate with in-house creative directors to bring concepts to life. These leaders ensure strategic alignment, creative excellence, and seamless production across all project phases. Maslow also sources industry-leading creative tools and software to support high-quality content development across digital, print, and broadcast platforms. Marketing Solutions Effective marketing requires both strategy and execution, and Maslow helps organizations scale their marketing efforts with access to top-tier professionals. Our pre-vetted marketing experts support companies in reaching their target audiences through data-driven strategies and compelling content. Our network includes specialists in: ● Digital marketing ● Product marketing ● Content marketing ● SEO and website analytics ● Social media marketing ● Marketing automation ● Email marketing ● Data science & analytics ● E-commerce & shoppable content 7 From campaign development to performance analytics, our marketing teams work alongside in-house Marketing Managers who ensure strategic consistency and data-driven execution. These managers provide oversight across branding, messaging, and audience targeting to maximize impact. In addition to top-tier talent, Maslow provides access to leading marketing automation tools and analytics platforms to optimize digital campaigns, audience engagement, and ROI measurement. Comprehensive Production Services Maslow provides a wide range of production services, including: ● Pre-Production : o Conceptualization of final video deliverables o Scriptwriting and site scouting o Budget development and management ● Production : o Booking and logistics management for field and studio teams o High-definition camera crews and field support worldwide, including audio-visual teams, makeup artists, field producers, and full equipment rental ● Post-Production : o Non-linear editing and graphic design o Animation, including whiteboard animation o Color correction o Narration and talent sourcing ● Live Broadcast Services : o Satellite and streaming capabilities ● Studio Management : o Fully staffed client studio operations Maslow’s dedication to quality, flexibility, and technical excellence ensures each project meets or exceeds client expectations, no matter the scope or complexity. OUR INDUSTRY Maslow operates within the workforce management and production services industry. The services Maslow provides (managed services, employer of record, staffing, recruiting, and video production services) generally fall within the broader category known as “workforce management” solutions. The temporary staffing portion of the workforce management industry supplies workers to clients. Our core offerings include employer of record (EOR), staffing, recruiting, and video production—fall under the broader category of workforce management solutions. Industry Overview The workforce management industry, particularly temporary staffing, plays a crucial role in providing businesses with the flexibility to adjust their workforce in response to changing market conditions. Temporary staffing allows clients to scale their labor needs efficiently, converting fixed labor costs into variable expenses where necessary. With increasing competitive and economic pressures, demand for a flexible workforce continues to rise as businesses seek cost efficiencies, payroll compliance management, and adaptability to shifting market conditions. Industry Trends According to the Staffing Industry Analysts (SIA), the U.S. staffing market is expected to grow by 5% in 2025, following a 10% decline in 2024. Several key trends are shaping the industry: ● AI Integration Across Staffing Functions: While AI has primarily been used for talent acquisition and candidate assessment, its role is expanding to sales, recruiting, finance, payroll, marketing, IT, and corporate operations. ● Growth of Outsourced Solutions: Outsourced staffing solutions have gained traction, particularly in highly skilled professional sectors. SIA’s U.S. IT Staffing and Solutions Benchmarking Survey found that outsourcing solutions accounted for 21.6% of aggregate revenue in the first half of 2024. Clients increasingly favor outsourced models to shift responsibility for achieving outcomes to staffing firms, reducing direct management burdens. ● Increased Reliance on Third-Party Technology for Candidate Sourcing : SIA reports that 98% of staffing firms utilize online job advertisers. In 2025, 29% plan to increase their investment in job advertising, while 55% intend to maintain current spending, and only 6% anticipate reducing usage. ● Emerging AI Regulations: As AI adoption accelerates, regulatory frameworks are evolving. Various U.S. states are implementing consumer privacy laws with AI-related restrictions. For example, California has enacted an AI Act imposing penalties of $5,000 per violation per day. Competitive Landscape The U.S. temporary staffing industry is large and highly fragmented, comprising thousands of competing firms. In 2025, the industry is projected to reach $217 billion, a 5% increase from 2024. The American Staffing Association (ASA) projects U.S. GDP growth of 1.7% in Q1 2025. Given the strong correlation between staffing industry performance and GDP trends, this projection is significant. However, ASA also reported a 6.1% year-over-year decline in temporary help jobs as of January 2025. Economic and Regulatory Factors Staffing firms face dual challenges of talent acquisition and client retention. Demand for temporary staffing is closely tied to overall labor market strength and evolving workforce flexibility trends. The industry remains highly sensitive to economic cycles—expanding during growth periods and consolidating during downturns due to competitive pressures, bankruptcies, and client usage reductions. Key economic factors influencing industry dynamics include: ● High interest rates ● Supply chain disruptions ● Inflationary pressures ● Economic sanctions ● Unemployment fluctuations 8 Regulatory complexity continues to drive demand for EOR solutions, particularly among employers with multi-state operations. New state laws on paid leaves, discrimination protections, child labor, medical marijuana, and workplace safety are set to take effect on January 1, 2025. For example: ● Minnesota kicked off on January 1, employers with thirty or more employees in Minnesota will be required to provide salary ranges and general descriptions of benefits in job postings, and several modifications to the state’s earned sick and safe time (ESST) program. ● California expanded paid sick leave requirements in 2024, and beginning on January 1, 2025, enacted several laws, including expanding protections against unlawful discrimination; prohibiting mandatory workplace meetings to discuss political or religious matters, including union organizing; and allowing employers to obtain temporary restraining orders (TROs) against individuals who subject employees to unreasonable harassment. ● Delaware covered employers must start contributing payroll deductions to fund the Delaware Paid Family and Medical Leave program, which was established in 2022. The first due date is April 30, 2025. ● Illinois To achieve improved pay transparency Illinois amended the Equal Pay Act of 2003 to require employers with at least fifteen employees to include “pay scale and benefits” in job postings beginning January 1, 2025. ● Connecticut In continuing evolution of its sick leave law, in 2025 expanded the requirement of coverage to employers with twenty-five or more employees working in the state. OUR CLIENTS Historically, our business has been dominated by three key clients, and 2024 was no exception as our top three clients accounted for $15,264 representing 63.6% of our total revenue of $23,982. In 2023, the same three clients contributed $10,618 or 49.5% of our total revenue of $21,451. The $4,646 increase in revenue from our top three clients significantly outpaced our overall revenue growth of $2,531 in 2024. As a result, their share of total revenue rose by 14.1 percentage points, from 49.5% in 2023 to 63.6% in 2024. No other client exceeded 10% of revenues in 2024. Our top five customers represented 74.4% of our revenue in 2024 compared to 61.9% in 2023. From 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, representing 86.4% of revenue in the year ending December 31, 2023. As of December 31, 2024, three clients each accounted for 10% or more of our A/R, collectively representing 80.7% of the total. This is an increase from the top three’s 74.4% concentration of A/R on December 31, 2023. GROWTH STRATEGY Maslow’s growth strategy has remained a three-pronged approach with emphasis on the 1) Media Staffing market, 2) IT Staffing Creative and Marketing Staffing and 3) EOR expansion. Staffing margins remain strong, ranging between 17% and 20%, with revenue reaching $3,301 for the 12-month period ending December 31, 2024, compared to $3,098 for the same period in 2023. This reflects 13.8% of MMG’s total revenue in 2024, down from 14.4% in 2023. While 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. Our Media Staffing revenue in 2024 was $3,227 compared to $2,751 in 2023. Our IT Staffing declined by $273 from $347 in 2023 to $74 in 2024. 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 segment in 2025. 9 In 2025, we are expanding our focus to include 1) creative and 2) marketing alongside our 3) core media and 4) IT services. We have updated our website and collateral to reflect these two new categories. We are equipped to recruit for these four categories plus human resources (HR), accounting and finance (A&F) and legal. The objective in 2025 is to increase these levels at a steady linear pace, with an emphasis on the immediate needs of our existing clients and prospects. We have access to talent across the business spectrum, and we need to market non-media roles to our many clients who have staffing needs in other functional areas of their business. Maslow’s EOR approach is to continue to seek media-based opportunities given the transient, contingent, and part-time nature of corporate media, which is conducive to an EOR solution. We continue to believe, however, that there is an opportunity to leverage this expertise into other industries. The client acquisition challenge outside of media consists principally of educating prospective clients on the merits of the EOR solution over other options, finding unique opportunities in each industry or within a corporate client that lends itself for an EOR solution, and competition from other providers of EOR services. The constantly evolving landscape and variability of state labor regulations have underscored the importance of the Employer of Record (EOR) model, particularly for organizations that prioritize compliance. Per the American Staffing Association (ASA), equal pay and benefits litigation in New Jersey and Illinois could influence other states. Regulatory issues to watch include wage and hour, paid leave, data privacy, pay transparency, noncompete agreements, AI, worker classification, I-9, and immigration. On January 10, 2024, the U.S. Department of Labor (DOL) published a final rule modifying its Wage and Hour Division regulations to replace its analysis for determining employee or independent contractor classification under the Fair Labor Standards Act (FLSA), with a six-factor “economic reality” test, that went into effect March 11, 2024. This rule change was designed to reduce the risk that employees are misclassified as independent contractors, as according to the Department of Labor, the misclassification of employees as independent contractors may deny workers minimum wage, overtime pay, and other protections. An aggressive enforcement of this “final rule” could and should create greater incentive for companies to virtually eliminate their risk of noncompliance by outsourcing their 1099 contractors to an EOR company, such as ours, who hires the 1099s, and then leases their services to those companies. Given 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 for EOR as a more desirable solution to companies that are looking for more agile ways of changing the headcount and nature of portions if not all their workforce in an expeditious and low risk manner. Thus, we expect to explore expanding our EOR segment to enter new industries, particularly those that rely significantly on contractors or freelancers to perform limited time or project-based assignments. To that end, Maslow continues to add industry expertise to our sales, client services, human resources, and recruiting teams for the purpose of managing the complex EOR business. Once the Company is able to issue additional shares, we plan to tap the capital markets to pursue an aggressive but disciplined acquisition growth strategy, both in terms of using shares for raising capital and as currency to acquire additional businesses as was our intent when we merged with Reliability in October 2019. We believe that, while the staffing/EOR segment is fragmented, and there are several large players in the industry, there are also a sizable number of smaller businesses that would make ideal acquisition targets. These businesses are often limited in geographic scope or are specialized within an industry. Meanwhile, we continue to foster organic growth through new sales to new and existing customers. At present, the Company does not have any authorized shares that are not issued. No shares are expected to become available to the Company until an amendment to the Company’s Certificate of Formation to increase the number of authorized shares of Common Stock or a stock split of the outstanding shares of Common Stock is approved. Such approval may not likely occur until the Vivos Matter is completely resolved. Following the Merger, the Vivos Group, which holds over 80 percent of the issued and outstanding shares of Common Stock, notified the Company that they would not approve an amendment to the Company’s Certificate of Formation to increase the number of authorized, but unissued, shares of Common Stock. As a result, the Company has not been able to execute its business plan. 10 As stated above under “Our Industry,” the trend for staffing expertise in the areas of AI, gig, cloud services, and VMS/MSP, plus the expected need in fields like biotech and healthcare, are of interest to Maslow. We will continue to embrace this trend and look to expand our capabilities, which we believe will open new markets for us. Additionally, we will continue to invest in technology and process improvements and resources to grow the staffing side of our business and to ensure that we operate at optimal productivity and performance and are able to quickly adapt if operations scale up. In late 2024, we began using ADP as our payroll processor, which brings workforce management cloud services that enable us to better manage our HR benefits, timecards, scheduling, payroll records, and applicant tracking. This new partnership was implemented to help improve both our employee and client experiences, while creating operational efficiencies and improved reporting. COMPETITIVE LANDSCAPE AND DIFFERENTIATION The staffing services market is highly fragmented and intensely competitive, with relatively low barriers to entry. We compete at national, regional, and local levels against both full-service and specialized staffing firms. Many of our competitors possess significantly greater financial and marketing resources, allowing them to scale operations and invest in technology at a faster pace. The competitive nature of the industry continues to exert downward pressure on pricing, and we anticipate this trend will persist. Key competitive factors in attracting top-tier candidates for temporary and contract assignments include competitive pay rates, job availability, assignment duration, and responsiveness to placement requests. Additionally, client retention depends on our ability to consistently source and place high-quality candidates who meet specific client needs in a timely manner. While we believe we compete effectively in these areas, increasing competition may further challenge margins across the industry. To maintain a sustainable advantage, we recognize the evolving role of digital staffing platforms and the rise of human cloud services. However, we firmly believe that technology alone cannot replace the value of strong personal relationships. MMG’s core strength lies in blending human connection with modern technological advancements. Our ability to integrate emotional intelligence with data-driven staffing solutions positions us uniquely in the marketplace. By continuing to invest in experienced career professionals who understand the nuances of the EOR model and our client needs; while leveraging cutting-edge digital tools, we create a hybrid approach that enhances efficiency without sacrificing the personalized service that defines our brand. This fusion of high-tech capabilities and client-centric engagement remains our key differentiator, allowing us to deliver superior workforce solutions while maintaining strong, long-term relationships with both clients and candidates. INDUSTRY CYCLICALITY AND REVENUE TRENDS The staffing industry has historically been cyclical, often serving as a leading indicator of economic fluctuations. During periods of economic expansion, staffing clients typically rely on temporary staffing to supplement their existing workforce, transitioning to direct hires when long-term demand is anticipated. Conversely, during economic downturns, temporary staffing needs tend to decline rapidly as companies scale back operations and reduce workforce expenses. Beyond broader economic trends, our revenue patterns are also influenced by seasonal factors such as recurring annual client, sporting, and political events, election cycles, and sporting seasons, all of which drive demand for short-term staffing solutions. Over the past four years, including 2024, the fourth quarter has consistently been our busiest, contributing an average of 27.9% of our annual revenue. This increase is largely attributed to the fall event schedule and year-end projects initiated by several key clients. 11 However, a notable shift has emerged in recent years, with December revenues declining as more clients opt to suspend media operations around the holiday period. This evolving trend underscores the importance of diversifying our client base and service offerings to mitigate seasonal revenue fluctuations and maintain steady growth throughout the year. By continuously monitoring economic conditions and adapting our service model to evolving client needs, we aim to position ourselves for resilience and sustained success in an increasingly dynamic staffing landscape. AVAILABLE INFORMATION We 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 to those reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. Our website address is www.maslowmedia.com. The information included on our website is not included as a part of, or incorporated by reference into, this Annual Report on Form 10-K. We will make available free of charge through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we have filed or furnished such material to the SEC. You may read and copy any materials we file with the SEC at the SEC’s Public Reference room at 100 F Street, NW, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains an Internet site that contains reports, proxy and formation statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. Furthermore, we will provide electronic or paper copies of filings free of charge upon written request to our Chief Financial Officer.