Item 3. Quantitative and Qualitative Disclosures About Market Risk
ITEM 3 - Quantitative and Qualitative Disclosures
about Market Risk
The Company does not issue or invest in financial instruments or derivatives for
trading or speculative purposes. Substantially all of the operations of the Company are conducted in the United States, and, as
such, are not subject to material foreign currency exchange rate risk. All of our sales transactions are completed in US dollars.
Although the Company's assets included $6,014,000 in cash and $3,226,000 in marketable
securities, the market rate risk associated with changing interest rates in the United States is not material.
19
ITEM 4 – Controls and Procedures
The Company has established and maintains “disclosure controls and
procedures” (as those terms are defined in Rules 13a –15(e) and 15d-15(e) under the Securities and Exchange Act of
1934 (the “Exchange Act”). Christopher L. Coccio, Chief Executive Officer (principal executive) and Stephen J. Bagley,
Chief Financial Officer (principal accounting officer) of the Company, have evaluated the Company’s disclosure controls and
procedures as of November 30, 2020. Based on this evaluation, they have concluded that the Company’s disclosure controls
and procedures were effective to ensure that information required to be disclosed by the Company in reports that it files or submits
under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in Securities and
Exchange Commission rules and forms, and (2) accumulated and communicated to Management, including our Chief Executive Officer
and Chief Financial Officer, to allow timely decisions regarding timely disclosure.
In addition, there were no changes in the Company’s internal controls
over financial reporting during the third fiscal quarter of 2021 that have materially affected, or are reasonably likely to materially
affect, internal controls over financial reporting.
PART II - OTHER INFORMATION
Item 1.
Legal Proceedings
None
Item 1A.
Risk Factors
Not Required for Smaller Reporting Companies
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 3.
Defaults Upon Senior Securities
None
Item 4.
Mine Safety Disclosures
Not Applicable
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.