Goldgroup Mining Inc 10-Q, filed Nov 7, 2023

Goldgroup Mining Inc. (GORO)

10-Q 2023-11-07 For: 2023-09-30

Added on August 02, 2026

About this 10-Q

Goldgroup Mining Inc filed this 10-Q on November 7, 2023, covering the quarter ended September 30, 2023.

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $20.55M; down 13.9% from $23.87M a year earlier
Net loss: $7.34M; compared with a net loss of $9.73M a year earlier
Diluted EPS: -$0.08; compared with -$0.11 a year earlier

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a
Title of each class	Trading Symbol	Name of each exchange where registered
Common Stock	GORO	NYSE American



Large accelerated filer	◻	Accelerated filer	☒

Non-accelerated filer	◻	Smaller reporting company	☒

		Emerging growth company	☐

		Page
	Third Quarter 2023 Highlights	2

	Part I - FINANCIAL INFORMATION	3
Item 1.	Condensed Consolidated Interim Financial Statements and Notes	3
	Ø Condensed Consolidated Interim Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022	3
	Ø Condensed Consolidated Interim Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (unaudited)	4
	Ø Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)	5
	Ø Condensed Consolidated Interim Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)	7
	Ø Notes to the Condensed Consolidated Interim Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	51

	Part II - OTHER INFORMATION	51
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	52
Signatures		53


		As of		As of
		September 30,		December 31,
	Note	2023		2022
ASSETS
Current assets:
Cash and cash equivalents		$	6,706	$	23,675
Accounts receivable, net			4,714		5,085
Inventories, net	4		10,442		13,500
Prepaid expenses and other current assets	6		7,038		3,839
Total current assets			28,900		46,099
Property, plant, and mine development, net	7		144,194		152,563
Deferred tax assets, net	5		11,589		5,927
Other non-current assets	8		5,009		5,509
Total assets		$	189,692	$	210,098
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	10,240	$	13,329
Mining royalty taxes payable, net			1,015		3,945
Contingent consideration	12		2,209		2,211
Accrued expenses and other current liabilities	9		1,637		5,197
Total current liabilities			15,101		24,682
Reclamation and remediation liabilities	11		12,349		10,366
Gold and silver stream agreements liability	10		44,703		43,466
Deferred tax liabilities, net	5		14,269		15,151
Contingent consideration	12		2,138		2,179
Other non-current liabilities	9		1,618		2,490
Total liabilities			90,178		98,334
Shareholders' equity:
Common stock - $0.001 par value, 200,000,000 shares authorized:
88,628,365 and 88,398,109 shares outstanding at September 30, 2023 and December 31, 2022, respectively			89		89
Additional paid-in capital			111,734		111,024
(Accumulated deficit) retained earnings			(5,254)		7,706
Treasury stock at cost, 336,398 shares			(5,884)		(5,884)
Accumulated other comprehensive loss			(1,171)		(1,171)
Total shareholders' equity			99,514		111,764
Total liabilities and shareholders' equity		$	189,692	$	210,098


		For the three months ended				For the nine months ended
		September 30,				September 30,
	Note	2023		2022		2023		2022

Sales, net	3	$	20,552	$	23,869	$	76,587	$	106,350
Cost of sales:
Production costs			18,957		19,380		59,109		61,176
Depreciation and amortization			5,790		6,609		19,518		19,829
Reclamation and remediation			216		58		611		181
Total cost of sales			24,963		26,047		79,238		81,186
Mine gross (loss) profit			(4,411)		(2,178)		(2,651)		25,164
Costs and expenses:
General and administrative expenses			1,764		1,799		5,087		5,618
Mexico exploration expenses			1,540		1,143		3,974		3,190
Michigan Back Forty Project expenses			420		3,830		1,265		6,925
Stock-based compensation	16		(102)		450		502		1,617
Realized and unrealized (gain) loss on zinc zero cost collar	17		-		(218)		-		120
Other expense, net	18		1,967		765		4,147		1,817
Total costs and expenses			5,589		7,769		14,975		19,287
(Loss) income before income taxes			(10,000)		(9,947)		(17,626)		5,877
(Benefit) provision for income taxes	5		(2,659)		(217)		(4,666)		8,915
Net loss		$	(7,341)	$	(9,730)	$	(12,960)	$	(3,038)
Net loss per common share:
Basic and diluted net loss per common share	19	$	(0.08)	$	(0.11)	$	(0.15)	$	(0.03)

Weighted average shares outstanding:
Basic and diluted	19		88,499,327		88,391,220		88,458,276		88,358,188


	For the three months ended September 30, 2023 and 2022
	Number of Common Shares	Par Value of Common Shares		Additional Paid- in Capital		Retained Earnings (accumulated deficit)		Treasury Stock		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
Balance, June 30, 2022	88,709,090	$	89	$	110,480	$	22,488	$	(5,884)	$	(1,171)	$	126,002
Stock-based compensation	-		-		285		-		-		-		285
Common stock issued for vested restricted stock units	41,666		-		-		-		-		-		-
Dividends declared ⁽¹⁾	-		-		-		(884)		-		-		(884)
Unclaimed shares related to the Aquila acquisition	(16,249)		-		(29)		-		-		-		(29)
Net loss	-		-		-		(9,730)		-		-		(9,730)
Balance, September 30, 2022	88,734,507	$	89	$	110,736	$	11,874	$	(5,884)	$	(1,171)	$	115,644

Balance, June 30, 2023	88,804,940	$	89	$	111,580	$	2,087	$	(5,884)	$	(1,171)	$	106,701
Stock-based compensation	-		-		105		-		-		-		105
Common stock issued for vested restricted stock units	41,668		-		-		-		-		-		-
Issuance of stock, net of issuance costs ⁽²⁾	130,199		-		56		-		-		-		56
Surrender of stock for taxes due on vesting	(12,044)		-		(7)		-		-		-		(7)
Net loss	-		-		-		(7,341)		-		-		(7,341)
Balance, September 30, 2023	88,964,763	$	89	$	111,734	$	(5,254)	$	(5,884)	$	(1,171)	$	99,514


	For the nine months ended September 30, 2023 and 2022
	Number of Common Shares	Par Value of Common Shares		Additional Paid- in Capital		Retained Earnings (accumulated deficit)		Treasury Stock		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
Balance, December 31, 2021	88,675,172	$	89	$	110,153	$	17,563	$	(5,884)	$	(1,171)	$	120,750
Stock-based compensation	-		-		952		-		-		-		952
Net stock options exercised	-		-		(331)		-		-		-		(331)
Common stock issued for vested restricted stock units	80,169		-		-		-		-		-		-
Dividends declared ⁽¹⁾	-		-		-		(2,651)		-		-		(2,651)
Unclaimed shares related to the Aquila acquisition	(16,249)		-		(29)		-		-		-		(29)
Surrender of stock for taxes due on vesting	(4,585)		-		(9)		-		-		-		(9)
Net loss	-		-		-		(3,038)		-		-		(3,038)
Balance, September 30, 2022	88,734,507	$	89	$	110,736	$	11,874	$	(5,884)	$	(1,171)	$	115,644

Balance, December 31, 2022	88,734,507	$	89	$	111,024	$	7,706	$	(5,884)	$	(1,171)	$	111,764
Stock-based compensation	-		-		672		-		-		-		672
Common stock issued for vested restricted stock units	130,238		-		-		-		-		-		-
Issuance of stock, net of issuance costs ⁽²⁾	130,199		-		56		-		-		-		56
Surrender of stock for taxes due on vesting	(30,181)		-		(18)		-		-		-		(18)
Net loss	-		-		-		(12,960)		-		-		(12,960)
Balance, September 30, 2023	88,964,763	$	89	$	111,734	$	(5,254)	$	(5,884)	$	(1,171)	$	99,514


	As filed as of				Revised as of
	December 31,		Adjustments		December 31,
	2022				2022
ASSETS
Current assets:
Total current assets	$	46,099	$	-	$	46,099
Property, plant, and mine development, net		152,563		-		152,563
Deferred tax assets, net		-		5,927		5,927
Other non-current assets		5,509		-		5,509
Total assets	$	204,171	$	5,927	$	210,098
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Total current liabilities	$	24,682	$	-	$	24,682
Reclamation and remediation liabilities		10,366		-		10,366
Gold and silver stream agreements liability		43,466		-		43,466
Deferred tax liabilities, net		9,224		5,927		15,151
Contingent consideration		2,179		-		2,179
Other non-current liabilities		2,490		-		2,490
Total liabilities		92,407		5,927		98,334
Shareholders' equity:
Total shareholders' equity		111,764		-		111,764
Total liabilities and shareholders' equity	$	204,171	$	5,927	$	210,098


	As filed as of				Revised as of
	March 31,		Adjustments		March 31,
	2023				2023
Deferred tax assets, net	$	-	$	7,300	$	7,300
Total assets	$	195,201	$	7,300	$	202,501
Deferred tax liabilities, net	$	7,719	$	7,300	$	15,019
Total liabilities	$	84,210	$	7,300	$	91,510
Total liabilities and shareholders' equity	$	195,201	$	7,300	$	202,501


	As filed as of				Revised as of
	June 30,		Adjustments		June 30,
	2023				2023
Deferred tax assets, net	$	-	$	9,951	$	9,951
Total assets	$	191,072	$	9,951	$	201,023
Deferred tax liabilities, net	$	4,674	$	9,951	$	14,625
Total liabilities	$	84,371	$	9,951	$	94,322
Total liabilities and shareholders' equity	$	191,072	$	9,951	$	201,023


	2023		2022

	(in thousands)
Reclamation liabilities – balance at beginning of period	$	1,949	$	1,833
Foreign currency exchange loss		192		116
Reclamation liabilities – balance at end of period		2,141		1,949

Asset retirement obligation – balance at beginning of period ⁽¹⁾		8,417		1,279
Changes in estimate ⁽¹⁾		-		6,384
Liability for Aquila drillhole capping ⁽²⁾		404		-
Accretion		547		668
Foreign currency exchange loss		840		86
Asset retirement obligation – balance at end of period		10,208		8,417
Total period end balance	$	12,349	$	10,366


	Gold		Silver		Copper		Lead		Zinc			Total
	(ounces)		(ounces)		(tonnes)		(tonnes)		(tonnes)
Under contract		3,361		274,538		165		2,278		2,106
Average forward price (per ounce or tonne)	$	1,934		23.63		8,256		2,138		2,445
Unsettled sales contracts value (in thousands)	$	6,500	$	6,487	$	1,362	$	4,870	$	5,149	$	24,368


		For the three months ended September 30,				For the nine months ended September 30,				Statements of Operations Classification
		2023		2022		2023		2022

	Note	(in thousands)
Realized and unrealized derivative gain (loss), net	14	$	339	$	(934)	$	(205)	$	(1,064)	Sales, net
Realized gain (loss) on zinc zero cost collar	17	$	-	$	61	$	-	$	(2,396)	Realized and unrealized (gain) loss on zinc zero cost collar
Unrealized gain on zinc zero cost collar	17	$	-	$	157	$	-	$	2,276	Realized and unrealized (gain) loss on zinc zero cost collar


	Oaxaca, Mexico		Michigan, USA		Corporate and Other		Consolidated
As of September 30, 2023
Total current assets	$	26,547	$	130	$	2,223	$	28,900
Total non-current assets		66,199		93,224		1,369		160,792
Total assets	$	92,746	$	93,354	$	3,592	$	189,692
Total current liabilities	$	11,042		2,520		1,539	$	15,101
Total non-current liabilities		13,178		61,368		531		75,077
Total shareholders' equity		68,526		29,466		1,522		99,514
Total liabilities and shareholders' equity	$	92,746	$	93,354	$	3,592	$	189,692

As of December 31, 2022
Total current assets	$	38,032	$	272	$	7,795	$	46,099
Total non-current assets		69,269		92,927		1,803		163,999
Total assets	$	107,301	$	93,199	$	9,598	$	210,098
Total current liabilities	$	20,035	$	3,352	$	1,295	$	24,682
Total non-current liabilities		11,460		60,648		1,544		73,652
Total shareholders' equity		75,806		29,199		6,759		111,764
Total liabilities and shareholders' equity	$	107,301	$	93,199	$	9,598	$	210,098


		For the nine months ended September 30, 2023		2023 full year guidance
		(in thousands)
Sustaining Investments:
Underground Development	Capital	$	3,464
Infill Drilling	Capitalized Exploration		3,315
Other Sustaining Capital	Capital		1,485
Surface and Underground Exploration Development & Other	Capitalized Exploration		1,131
Subtotal of Sustaining Investments:			9,395	$	9 - 11 million
Growth Investments:
DDGM growth:
Surface Exploration / Other	Exploration		2,058
Underground Exploration Drilling	Exploration		1,916
Underground Exploration Development	Capitalized Exploration		356
Back Forty growth:
Back Forty Project Optimization & Permitting	Exploration		1,265
Subtotal of Growth Investments:			5,595	$	6 - 7 million
Total Capital and Exploration:		$	14,990	$	15 - 18 million


		For the nine months ended September 30,
	Note	2023		2022
Cash flows from operating activities:
Net loss		$	(12,960)	$	(3,038)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Deferred income tax benefit			(5,520)		(1,101)
Depreciation and amortization, including accretion in reclamation			19,586		19,936
Stock-based compensation			502		1,617
Other operating adjustments	21		1,210		(1,294)
Changes in operating assets and liabilities:
Accounts receivable			371		4,931
Inventories			1,580		(2,339)
Prepaid expenses and other current assets			300		(1,404)
Accounts payable and other accrued liabilities			(5,619)		(3,032)
Mining royalty and income taxes payable, net			(6,452)		(6,362)
Net cash (used in) provided by operating activities			(7,002)		7,914

Cash flows from investing activities:
Capital expenditures			(9,751)		(14,123)
Equity investment			-		(1,743)
Proceeds from the sale of gold and silver rounds			-		533
Net cash used in investing activities			(9,751)		(15,333)

Cash flows from financing activities:
Cash settlement of options exercise			-		(376)
Dividends paid			-		(2,651)
Proceeds from the ATM sales			56		-
Other financing activities			(23)		-
Net cash provided by (used in) financing activities			33		(3,027)
Effect of exchange rate changes on cash and cash equivalents			(249)		(735)

Net decrease in cash and cash equivalents			(16,969)		(11,181)
Cash and cash equivalents at beginning of period			23,675		33,712
Cash and cash equivalents at end of period		$	6,706	$	22,531


Supplemental Cash Flow Information
Income and mining taxes paid		$	7,064	$	16,411
Non-cash investing or financing activities


	For the three months ended September 30,				For the nine months ended September 30,
	2023		2022		2023		2022

	(in thousands)				(in thousands)
Doré sales, net
Gold	$	417	$	1,517	$	2,685	$	5,245
Silver		19		46		120		123
Less: Refining charges		(3)		(18)		(45)		(35)
Total doré sales, net		433		1,545		2,760		5,333
Concentrate sales
Gold		7,273		7,592		25,844		35,983
Silver		4,900		4,266		18,082		15,497
Copper		2,049		2,164		7,792		8,969
Lead		2,060		2,075		7,807		9,670
Zinc		6,283		10,003		23,762		40,672
Less: Treatment and refining charges		(2,785)		(2,842)		(9,255)		(8,710)
Total concentrate sales, net		19,780		23,258		74,032		102,081
Realized (loss) gain - embedded derivative, net ⁽¹⁾		(633)		(1,212)		249		814
Unrealized gain (loss) - embedded derivative, net		972		278		(454)		(1,878)
Total sales, net	$	20,552	$	23,869	$	76,587	$	106,350


	As of		As of
	September 30,		December 31,
	2023		2022

	(in thousands)
Asset retirement costs	$	7,449	$	7,449
Construction-in-progress		440		351
Furniture and office equipment		1,782		1,732
Land		9,033		9,033
Mineral interest		79,543		79,543
Light vehicles and other mobile equipment		2,126		2,327
Machinery and equipment		42,770		41,343
Mill facilities and infrastructure		36,394		35,917
Mine Development		113,519		105,263
Software and licenses		1,554		1,552
Subtotal ⁽¹⁾		294,610		284,510
Accumulated depreciation and amortization		(150,416)		(131,947)
Total	$	144,194	$	152,563



	2022				2023
	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Operating Data
Total tonnes milled	136,844	129,099	110,682	116,616	117,781	113,510	116,626
Average Grade					-
Gold (g/t)	3.00	2.63	1.98	2.51	2.33	1.59	1.52
Silver (g/t)	81	64	80	109	94	86	73
Copper (%)	0.41	0.32	0.37	0.45	0.37	0.37	0.32
Lead (%)	1.97	1.99	1.59	1.58	1.73	1.64	1.29
Zinc (%)	4.89	4.00	4.21	4.27	3.88	3.72	3.24
Metal production (before payable metal deductions)
Gold (ozs.)	11,187	9,317	5,851	7,767	7,171	4,637	4,443
Silver (ozs.)	332,292	249,088	261,256	370,768	322,676	289,816	247,159
Copper (tonnes)	431	303	296	406	336	334	276
Lead (tonnes)	2,073	2,020	1,249	1,323	1,559	1,389	1,048
Zinc (tonnes)	5,562	4,282	3,901	4,198	3,837	3,569	3,223
Metal produced and sold
Gold (ozs.)	8,381	8,746	5,478	7,514	6,508	4,287	3,982
Silver (ozs.)	265,407	231,622	225,012	335,168	294,815	274,257	208,905
Copper (tonnes)	408	286	282	372	332	327	245
Lead (tonnes)	1,639	1,755	1,056	941	1,417	1,317	947
Zinc (tonnes)	4,359	3,590	2,943	3,265	3,060	3,141	2,571
Average metal prices realized
Gold ($ per oz.)	$ 1,898	$ 1,874	$ 1,627	$ 1,734	$ 1,915	$ 2,010	$ 1,934
Silver ($ per oz.)	$ 23.94	$ 22.05	$ 18.54	$ 21.25	$ 23.04	$ 24.93	$ 23.61
Copper ($ per tonne)	$ 10,144	$ 9,275	$ 7,115	$ 8,221	$ 9,172	$ 8,397	$ 8,185
Lead ($ per tonne)	$ 2,347	$ 2,168	$ 1,882	$ 1,954	$ 2,158	$ 2,153	$ 2,196
Zinc ($ per tonne)	$ 3,842	$ 4,338	$ 3,186	$ 2,577	$ 3,195	$ 2,485	$ 2,195
Gold equivalent ounces sold
Gold Ounces	8,381	8,746	5,478	7,514	6,508	4,287	3,982
Gold Equivalent Ounces from Silver	3,348	2,729	2,564	4,107	3,547	3,402	2,550
Total AuEq oz	11,729	11,475	8,042	11,621	10,055	7,689	6,532
Financial Data
Total sales, net (in thousands)	$ 45,417	$ 37,064	$ 23,869	$ 32,374	$ 31,228	$ 24,807	$ 20,552
Production Costs (in thousands)	$ 20,074	$ 21,722	$ 19,380	$ 19,773	$ 19,850	$ 20,302	$ 18,957
Production Costs/Tonnes Milled	$ 147	$ 168	$ 175	$ 170	$ 169	$ 179	$ 163
Operating Cash Flows (in thousands)	$ 4,230	$ 7,976	($ 4,292)	$ 6,243	$ 1,024	($ 551)	($ 7,475)
Net income (loss) (in thousands)	$ 4,019	$ 2,673	($ 9,730)	($ 3,283)	($ 1,035)	($ 4,584)	($ 7,341)
Earnings (loss) per share - basic	$ 0.05	$ 0.03	($ 0.11)	($ 0.04)	($ 0.01)	($ 0.05)	($ 0.08)


	2022				2023
	Q1	Q2	Q3	Q4	Q1	Q2	Q3

	(in thousands, except per oz)
Gold equivalent ounces sold (oz)	11,729	11,475	8,042	11,621	10,055	7,689	6,532
Total production costs	$ 20,074	$ 21,722	$ 19,380	$ 19,773	$ 19,850	$ 20,302	$ 18,957
Treatment and refining charges	2,748	3,137	2,860	3,327	3,184	3,328	2,788
Co-product credits ⁽¹⁾	(24,732)	(22,027)	(13,369)	(13,314)	(15,881)	(13,384)	(9,733)
Total cash cost after co-product credits	($ 1,910)	$ 2,832	$ 8,871	$ 9,786	$ 7,153	$ 10,246	$ 12,012
Total cash cost after co-product credits per AuEq oz sold	($ 163)	$ 247	$ 1,103	$ 842	$ 711	$ 1,333	$ 1,839
Sustaining - capitalized expenditure	$ 4,596	$ 4,028	$ 3,605	$ 4,110	$ 2,588	$ 2,187	$ 3,489
Sustaining - Exploration Expenditure	-	-	-	-	548	531	52
Reclamation and remediation ⁽²⁾	62	61	58	620	195	200	216
Subtotal of DDGM sustaining costs	$ 4,658	$ 4,089	$ 3,663	$ 4,730	$ 3,331	$ 2,918	$ 3,757
DDGM all-in sustaining cost after co-product credits per AuEq oz sold	$ 234	$ 603	$ 1,559	$ 1,249	$ 1,043	$ 1,712	$ 2,414
Sustaining - general and administrative, including stock-based compensation expenses	$ 2,673	$ 2,313	$ 2,249	$ 2,768	$ 1,790	$ 2,137	$ 1,662
Consolidated all-in sustaining cost after co-product credits	$ 5,421	$ 9,234	$ 14,783	$ 17,284	$ 12,274	$ 15,301	$ 17,431
Total consolidated all-in sustaining cost after co-product credits per AuEq oz sold	$ 462	$ 805	$ 1,838	$ 1,487	$ 1,221	$ 1,990	$ 2,669
Non-sustaining cost- capital expenditure	$ 1,353	$ 541	$ -	$ -	$ -	$ 147	$ 209
Non-sustaining cost- exploration expenditure	2,305	2,837	4,973	2,934	1,839	1,440	1,960
Subtotal of non-sustaining costs	$ 3,658	$ 3,378	$ 4,973	$ 2,934	$ 1,839	$ 1,587	$ 2,169
Total all-in cost after co-product credits	$ 9,079	$ 12,612	$ 19,756	$ 20,218	$ 14,113	$ 16,888	$ 19,600
Total all-in cost after co-product credits per AuEq oz sold	$ 774	$ 1,099	$ 2,457	$ 1,740	$ 1,404	$ 2,196	$ 3,001


Exhibit Number		Descriptions
31.1		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Allen Palmiere.
31.2		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Chet Holyoak.
32*		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Allen Palmiere and Chet Holyoak.
101		Financial statements from the Quarterly Report on Form 10-Q of Gold Resource Corporation as of or for the three and nine months ended September 30, 2023, formatted in inline XBRL: (i) the Condensed Consolidated Interim Balance Sheets, (ii) the Condensed Consolidated Interim Statements of Operations, (iii) the Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity, (iv) the Condensed Consolidated Interim Statements of Cash Flows, and (v) the Notes to the Condensed Consolidated Interim Financial Statements.
104		Cover Page Interactive Data File (embedded within the XBRL document)


	GOLD RESOURCE CORPORATION

Dated: November 6, 2023		/s/ Allen Palmiere
	By:	Allen Palmiere,
		Chief Executive Officer, President and Director




Dated: November 6, 2023		/s/ Chet Holyoak
	By:	Chet Holyoak,
		Chief Financial Officer