0000897101-24-000170.txt : 20240510 0000897101-24-000170.hdr.sgml : 20240510 20240510123051 ACCESSION NUMBER: 0000897101-24-000170 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 42 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240510 DATE AS OF CHANGE: 20240510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELECTRO SENSORS INC CENTRAL INDEX KEY: 0000351789 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 410943459 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-09587 FILM NUMBER: 24933777 BUSINESS ADDRESS: STREET 1: 6111 BLUE CIRCLE DR CITY: MINNETONKA STATE: MN ZIP: 55343-9108 BUSINESS PHONE: 9529300100 MAIL ADDRESS: STREET 1: 6111 BLUE CIRCLE DR CITY: MINNETONKA STATE: MN ZIP: 55343 10-Q 1 else-20240331.htm 10-Q else-20240331.htm
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S

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

Form 10-Q

 

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

 

Or

 

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

Commission File Number 000-09587

 

ELECTRO-SENSORS, INC.

(Exact name of registrant as specified in its charter)

 

Minnesota

41-0943459

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

 

6111 Blue Circle Drive
Minnetonka, Minnesota 55343-9108

(Address of principal executive offices)

 

(952) 930-0100

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:


Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, $0.10 par value ELSE Nasdaq Capital Market


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐

 

1


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  

Accelerated filer ☐

 

Non-accelerated filer

Smaller reporting company 

 

 

 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

 

The number of shares outstanding of the registrant’s common stock, $0.10 par value, on May 9, 2024 was 3,428,021.

 

 

 

2


 

ELECTRO-SENSORS, INC.

Form 10-Q

For the Period Ended March 31, 2024

 

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION 4
    
Item 1. Financial Statements (unaudited): 4
      
Condensed Balance Sheets – As of March 31, 2024 and December 31, 2023 4
Condensed Statements of Comprehensive Income (Loss) – For the Three Months ended March 31, 2024 and March 31, 2023 5
Condensed Statements of Changes in Stockholders' Equity – For the Three Months ended March 31, 2024 and March 31, 2023 6
Condensed Statements of Cash Flows – For the Three Months ended March 31, 2024 and March 31, 2023 7
Notes to Condensed Financial Statements 8
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
Item 4. Controls and Procedures 19
      
PART II – OTHER INFORMATION 20
        
Item 1. Legal Proceedings 20
Item 1A. Risk Factors 20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
Item 3. Defaults Upon Senior Securities 20
Item 4. Mine Safety Disclosures 20
Item 5. Other Information 20
Item 6. Exhibits 20
   
SIGNATURES 21
   

  

3


ELECTRO-SENSORS, INC.

(in thousands except share and per share amounts) 

 

 

March 31,
2024

 

 

December 31,
2023

 

 

 

(unaudited)

 

 

 

 

ASSETS  

 

 

 

 

 

 

Current assets 

 

 

 

 

 

 

 

 

Cash and cash equivalents 

 

$

10,072

 

 

$

9,870

 

Investments

 

 

56

 

 

 

56

 

Trade receivables, less allowance for credit losses of $11 and $11, respectively


1,119

 

 

 

1,283

 

Inventories

 

 

1,811

 

 

 

1,751

 

Other current assets 

 

 

218

 

 

 

179

 

Total current assets

 

 

13,276

 

 

 

13,139

 

Deferred income tax asset, net

 

 

336

 

 

 

355

 

Property and equipment, net

 

 

927

 

 

 

951

 

Total assets

 

$

14,539

 

 

$

14,445

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

189

 

 

$ 

291

 

Accrued expenses

 

 

494

 

 

 

323

 

Accrued income taxes

61


76

Total current liabilities

 

 

744

 

 

 

690

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Common stock par value $0.10 per share; authorized 10,000,000 shares; 3,428,021 shares issued and outstanding

 

 

342

 

 

 

342

 

Additional paid-in capital

 

 

2,259

 

 

 

2,230

 

Retained earnings

 

 

11,194

 

 

 

11,183

 

Total stockholders’ equity

 

 

13,795

 

 

 

13,755

 

Total liabilities and stockholders’ equity 

 

$

14,539

 

 

$

14,445

 

See accompanying notes to unaudited condensed financial statements


4


ELECTRO-SENSORS, INC.

(in thousands except share and per share amounts)  

(unaudited)

     Three Months Ended
March 31,
 
     2024     2023  
                  
Net sales   $ 2,244     $ 2,045
Cost of goods sold      1,164    
1,023  
                  
Gross profit  
1,080    
1,022  
                  
Operating expenses                
Selling and marketing     351       370  
General and administrative     567       522  
Research and development  
262    
268  
                  
Total operating expenses   
1,180    
1,160  
                  
Operating loss     (100 )     (138 )
                  
Non-operating income                
Interest income      116       93  
                  
Total non-operating income, net  
116    
93  
                  
Income (loss) before income tax expense (benefit)     16     (45 )
                  
Income tax expense (benefit)     5  
(1 )
                  
Net income (loss)   $ 11   $
(44 )
                  
Other comprehensive loss                
Change in unrealized value of available-for-sale securities, net of income tax $ 0 $ (4 )
Other comprehensive loss     0     (4 )
                  
Net comprehensive income (loss)   $
11   $ (48 )
                  
Net income (loss) per share data:







                  
Basic                
Net income (loss) per share   $ 0.00   $ (0.01 )
Weighted average shares     3,428,021       3,428,021  
                  
Diluted                
Net income (loss) per share   $
0.00   $
(0.01 )
Weighted average shares     3,428,021       3,428,021  

See accompanying notes to unaudited condensed financial statements


5


ELECTRO-SENSORS, INC.

(in thousands except share and per share amounts)


 

For the three months ended March 31













    

Common Stock Issued

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total
Stockholders’

Equity

 

   

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023
3,428,021


$ 342

$ 2,230

$ 11,183

$ 0

$ 13,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense







29










29
Net income











11





11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2024 (unaudited)  3,428,021

$ 342

$ 2,259

$ 11,194

$ 0
$ 13,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022 3,428,021

$ 342

$ 2,163

$ 10,908

$ 1

$ 13,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss














(4 )

(4 )
Net loss











(44 )





(44 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2023 (unaudited) 3,428,021

$ 342

$ 2,163

$ 10,864

$ (3 )
$ 13,366


See accompanying notes to unaudited condensed financial statements 


6


ELECTRO-SENSORS, INC.

(in thousands)

(unaudited) 

 

 

Three Months Ended
March 31,

 

 

 

2024

 

2023

 

Cash flows from (used in) operating activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

11

 

$

(44

)

Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

24

 

 

 

24

 

Deferred income taxes

 

 

19

 

 

(50

)

Stock-based compensation expense 

 

 

29

 

 

 

0

 

Change in:

 

 



 

 

 

 

Trade receivables

 

 

164

 

 

(211

)

Inventories

 

 

(60

)

 

 

(34

)

Other current assets

 

 

(39 )

 

 

(1

)

Accounts payable

 

 

(102

)

 

 

83

Accrued expenses 

 

 

171

  

 

 

73

Income tax payable

 

 

(15

)

 

 

48

Net cash from (used in) operating activities

 

 

202

 

 

(112

)

 

 

 

 

 

 

 

 

 

Cash flows used in investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

0

(1 )

Net cash used in investing activities

 

 

0

 

 

(1

)

 

 

 

 

 

 

 

 

 

Cash flows used in financing activities

 

 

 

 

 

 

 

 

Payments on financing lease

0

(2 )

Net cash used in financing activities

 

 

0

 

 

(2

)

Net increase (decrease) in cash and cash equivalents

 

 

202

 

 

(115

)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

 

9,870

 

 

 

9,626

 

Cash and cash equivalents, ending

 

$

10,072

 

 

$

9,511

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

0

 

 

$

0

 

 

See accompanying notes to unaudited condensed financial statements


7


ELECTRO-SENSORS, INC.

FOR THE PERIOD ENDED MARCH 31, 2024

(in thousands except share and per share amounts)

(unaudited)

 

Note 1. Basis of Presentatio

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions and regulations of the Securities and Exchange Commission to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

 

This report should be read together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, including the audited financial statements and footnotes therein.

 

Management believes that the unaudited financial statements include all adjustments, consisting of normal recurring accruals, necessary to fairly state the financial position and results of operations as of March 31, 2024 and for the three-month periods ended March 31, 2024 and 2023, in accordance with accounting principles generally accepted in the United States of America. The results of interim periods may not be indicative of results to be expected for the year.

 

Nature of Business

 

Electro-Sensors, Inc. (the "Company") manufactures and markets a complete line of monitoring and control systems for a wide range of industrial machine applications. The Company uses leading-edge technology to continuously improve its products, with the goal of manufacturing the industry-preferred product for each of our served markets. The Company sells these products through an internal sales staff and distributors to a wide range of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United States, Canada, Latin America, Europe, and Asia. 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are invested in commercial paper, money market accounts and may, also, be invested in Treasury Bills with an original maturity of three months or less. Cash equivalents are carried at fair value.

 

The Company maintains its cash and cash equivalents primarily in two bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. The Company believes it is not exposed to significant credit risk on cash.

 

Trade receivables and credit policies

 

Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within 30 days from the invoice date. Trade receivables are stated at the amount billed to the customer. Customer account balances with invoices over 90 days are considered delinquent. The Company does not accrue interest on delinquent trade receivables.

 

Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.

 

8


ELECTRO-SENSORS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2024

(in thousands except share and per share amounts)

(unaudited)

 

The Company maintains an allowance for credit losses on trade receivables, which is recorded as an offset to trade receivables.  Changes in the allowance for credit losses are included as a component of operating expenses in the Statements of Comprehensive Income (Loss). The Company assesses credit losses on its entire balance of trade receivables. 

 

The allowance is based on the credit losses expected to arise over the life of the receivable (contractual term).  The Company considers historical loss rates and current economic conditions when determining the expected credit losses. Receivables are written off against the allowance for credit losses.  The allowance for credit losses was $11 at March 31, 2024 and December 31, 2023.


Revenue Recognition

 

At contract inception, the Company assesses the goods and services to be provided to a customer and identifies a performance obligation for each distinct good or service. We also determine the transaction price for each performance obligation at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is to be provided to the customer. The typical contract life is less than one month and contains a single performance obligation, to provide conforming goods or services to the customer. Certain contracts have a second performance obligation, which typically is the initialization of the HazardPROTM product. For contracts that have multiple performance obligations, we allocate the transaction price to each performance obligation using the relative stand-alone selling price. We generally determine stand-alone selling prices based on the observable stand-alone prices charged to customers. We recognize product revenue at the point in time when control of the product is transferred to the customer, which typically occurs when we ship the products. We recognize service revenue at the point in time when we have provided the service, which typically takes less than a week to provide.


Fair Value Measurements 

 

The carrying value of trade receivables, accounts payable, and other financial working capital items approximates fair value at March 31, 2024 and December 31, 2023, due to the short maturity nature of these instruments.


Stock-Based Compensation

 

The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) option pricing model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life, and the expected forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.   


9


ELECTRO-SENSORS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2024

(in thousands except share and per share amounts)

(unaudited)

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Current significant estimates, including the underlying assumptions, consist of economic lives of long-lived assets, realizability of trade receivables, and valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term

  

Net Income (Loss) per Common Share


Basic income (loss) per share excludes dilution and is determined by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities such as options or restricted stock units were exercised or converted into common stock.


Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential shares would have an anti-dilutive effect. Diluted EPS also excludes the impact of common shares issuable upon the exercise of outstanding stock options in periods in which the option exercise price is greater than the average market price of our common stock during the period.

 

For the three-month periods ended March 31, 2024, and 2023, 175,000 and 300,000 respectively, weighted-average common shares for underlying stock options have been excluded from the calculation because their effect would be anti-dilutive.


In addition, for the three-month period ended March 31, 2024, 105,000 restricted stock units have been excluded from the calculation because their effect would be anti-dilutive. 


Reclassification of Prior Year Presentation


All Treasury Bills have been reclassified to cash equivalents for consistency with the current year presentation.  The reclassification had no effect on the reported results of operations.  The Balance Sheet and Statement of Cash Flows have been adjusted to reflect this reclassification.


10


ELECTRO-SENSORS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2024

(in thousands except share and per share amounts)

(unaudited)

 

Note 2. Investments

 

The Company has investments in common equity securities of two private U.S. companies.  


Equity securities are stated at estimated fair value and unrealized gains and losses, if any, are reported in our Statements of Comprehensive Income (Loss) in non-operating income.

 

The cost and estimated fair value of the Company’s investments are as follows:

 

 

 

Cost

 

 

Gross
unrealized
gain

 

 

Gross
unrealized
loss

 

 

Fair
value

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

54

 

 

$

2

 

 

$  

0

 

$  

56

 

Total Investments, March 31, 2024

 

$

54

 

 

$

2

 

 

$

0

 

$

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$  

54

 

 

$  

2

 

 

$  

0

 

$  

56

 

Total Investments, December 31, 2023

 

$

54

 

 

$

2

 

 

$

0

 

$

56

 

 

11


ELECTRO-SENSORS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2024

(in thousands except share and per share amounts)

(unaudited)

  

Note 3. Fair Value Measurements

 

The following table provides information on those assets and liabilities measured at fair value on a recurring basis.

 

March 31, 2024


 

Carrying amount

 

 

 

 

 

 Fair Value Measurement Using 

 

 

 

in balance sheet

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

$

56

$

56

 

 

$

0

 

 

$

0

 

 

$

56

 

 

December 31, 2023


 

Carrying amount

 

 

 

 

 

 Fair Value Measurement Using 

 


 

in balance sheet

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities


$

56

 

 

$

56

 

 

$

0

 

 

$

0

 

 

$

56

 

 

The equity securities owned by the Company are investments in two non-publicly traded companies.  There is an undeterminable market for each of these two companies and the Company has determined the fair value based on financial and other factors that are considered level 3 inputs in the fair value hierarchy.  


The changes in level 3 assets measured at fair value on a recurring basis are as follows:  


 
Three Months Ended March 31,


2024


2023

 




     
Beginning Balance  
$ 56

$ 56  

Change in Fair Value



0
  0
Ending Balance
$ 56

$ 56  

 

12


ELECTRO-SENSORS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2024

(in thousands except share and per share amounts)

(unaudited)

 

Note 4. Inventories


Inventories used in the determination of cost of goods sold are as follows:


March 31

2024



December 31

2023






Raw Materials $ 1,135

$ 1,172
Work In Process
324


301

Finished Goods


362


288
Reserve for Obsolescence 
(10 )

(10 )
Total Inventories, net $ 1,811

$ 1,751

 

Note 5. Stock-Based Compensation

Stock options
The 2013 Equity Incentive Plan (the “2013 Plan”) authorizes the issuance of nonqualified stock options. Payment for the shares may be made in cash, shares of the Company’s common stock or a combination thereof. Under the terms of the 2013 Plan, non-qualified stock options are granted at a minimum of 100% of fair market value on the date of grant and may be exercised at various times depending upon the terms of the option. All existing options expire 10 years from the date of grant, subject to early termination 12 months after termination of employment or service due to death, disability, or termination other than for cause.  The grants include a provision providing for acceleration of vesting upon a change of control in the Company.

As of March 31, 2024, the total unrecognized compensation expense related to outstanding stock options was $104, which the Company expects to recognize through August 2027. The Company recognized compensation expense in connection with the vesting of stock options of approximately $8 for the three months ended March 31, 2024. There was no stock compensation expense related to stock option grants recognized in the first quarter of 2023.


There were no stock options granted or exercised in the three months ended March 31, 2024 and 2023.


13


ELECTRO-SENSORS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2024

(in thousands except share and per share amounts)

(unaudited)


Restricted stock units

The 2013 Plan authorizes the issuance of restricted stock units. Stock-based compensation expense is determined on the grant date based on the closing market value of our common stock. The amount of expense is calculated based on an estimate of the number of awards expected to vest at the end of each vesting period and is expensed evenly over the vesting period. In connection with the time of vesting and issuance of shares, an eligible recipient of common stock may elect to have some shares withheld by the Company to satisfy any requirement for withholding taxes. The grants include a provision providing for acceleration of vesting upon a change of control in the Company.

As of March 31, 2024, the total unrecognized compensation expenses related to outstanding restricted stock units is $381, which the Company expects to recognize through August 2028. The Company recognized compensation expense in connection with the vesting of restricted stock units of approximately $21 for the three months ended March 31, 2024There was no stock compensation expense related to restricted stock unit grants recognized in the first quarter of 2023.

 

There were no restricted stock units granted or exercised in the three months ended March 31, 2024 and 2023.

 

Note 6. Contingencies

 

The Company at times becomes subject to claims against it in the ordinary course of business.  There are currently no pending or threatened claims against the Company that it believes will have a material adverse effect on its results of operations or liquidity.

 

Note 7. Subsequent Event

 

On April 24, 2024, the board granted 25,000 stock options to one of its board members, with an exercise price of $4.13. The options vest 20% on the date of the grant and 20% annually thereafter.

  

14


 


 

FORWARD-LOOKING STATEMENTS

 

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. We have made, and may continue to make, forward-looking statements with respect to our business and financial matters, including statements contained in this document, other filings with the Securities and Exchange Commission, and reports to shareholders. Forward-looking statements generally include discussion of current expectations or forecasts of future events and can be identified by the use of terminology such as “believe,” “estimate,” “expect,” “intend,” “may,” “could,” “will,” and similar words or expressions. Any statement that does not relate solely to historical fact should be considered forward-looking.

Our forward-looking statements generally relate to our growth strategy, future financial results, product development, and sales efforts. We make forward-looking statements throughout this Form 10-Q, but primarily in this Management’s Discussion and Analysis of Financial Condition and Results of Operations section. These include statements relating to our beliefs and expectations and intentions with respect to (i) our growth and profitability, (ii) our marketing and product development, (iii) our ability to continue to obtain parts and materials for our products from various manufacturers and distributors in a timely manner and at reasonable prices, (iv) the value of our intellectual property, (v) our competitive position in the marketplace, (vi) the effect of governmental regulations on our business, (vii) our employee relations, (viii) the adequacy of our facilities, (ix) our intention to develop new products, (x) the possibility of us acquiring compatible businesses or product lines as part of our growth strategy, and (xi) our future cash requirements and use of cash.

Forward-looking statements cannot be guaranteed and our actual results may vary materially due to the uncertainties and risks, known and unknown, associated with these statements, including our ability to successfully develop new products and manage our cash requirements. We undertake no obligation to update any forward-looking statements. We cannot foresee or identify all factors that could cause actual results to differ from expected or historical results. As such, investors should not consider any list of these factors to be an exhaustive statement of all risks, uncertainties, or potentially inaccurate assumptions.  These forward-looking statements are subject to certain risks and uncertainties that could cause future results to differ materially from our recent results listed under the heading “Forward-Looking Statements” under “Item 1—Business,” in our Annual Report on Form 10-K for the year ended December 31, 2023.

 

CRITICAL ACCOUNTING ESTIMATES


The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make decisions based upon estimates, assumptions, and factors it considers relevant to the circumstances. These decisions include the selection of applicable accounting principles and the use of judgment in their application and affect reported amounts and disclosures. Changes in economic conditions or other business circumstances may affect the outcomes of management’s estimates and assumptions. An in-depth description of our accounting estimates can be found in the interim financial statements included in this report and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023

 

15


 

SELECTED FINANCIAL INFORMATION

 

The following table contains selected financial information, for the periods indicated, from our Condensed Statements of Comprehensive Income (Loss) expressed as a percentage of net sales. 

 

 

Three Months Ended March 31


 

2024



2023


Net sales

100.0 %
100.0 %

Cost of goods sold

51.9

50.0

Gross profit

48.1

50.0
  




Operating expenses






     Selling and marketing

15.6

18.1

     General and administrative

25.3

25.5

     Research and development

11.7

13.1

Total operating expenses

52.6

56.7
  




Operating loss

(4.5 )
(6.7 )
  




Non-operating income






     Interest income

5.2

4.5

Total non-operating income, net

5.2

4.5
  




Income (loss) before income tax expense (benefit)

0.7
(2.2 )
  




Income tax expense (benefit)

0.2
(0.0 )
  




Net income (loss)

0.5 %
(2.2 )%


The following paragraphs discuss the Company’s performance for the three months ended March 31, 2024 and 2023.

 

RESULTS OF OPERATIONS (in thousands) 

 

Net Sales

 

Net sales for the first quarter of 2024 were $2,244an increase of $199, or 9.7%, from $2,045 during the comparable period in 2023.  The increase was primarily driven by several larger orders for facility upgrades and modernization projects.  Additionally, sales increased for both our traditional wired sensors and wireless HazardPRO systems.

 

Gross Profit

 

Gross profit for the first quarter of 2024 was $1,080, an increase of $58, or 5.7%, over the same period in 2023. Gross margin decreased in the first quarter of 2024 to 48.1% from 50.0% during the same period in 2023. The decrease in gross margin was primarily due to an increase in material and labor costs across all product lines.  

 

16


Operating Expenses

 

Total operating expenses increased $20, or 1.7%, to $1,180 for the first quarter of 2024 compared to the same period in 2023 but decreased as a percentage of net sales to 52.6% from 56.7%. The increase in operating expenses for the period was primarily due to stock-based compensation related to the granting of stock options and restricted stock units in the third quarter of 2023.

 

 

Selling and marketing expenses in the first quarter of 2024 decreased $19 to $351, or 5.1%, from the same period in 2023 and decreased as a percentage of net sales to 15.6% from 18.1%. The decrease in the period was primarily due to lower sales headcount.

 

 

General and administrative expenses increased $45 to $567, or 8.6%, in the first quarter of 2024 compared to the same period in 2023 but decreased as a percentage of net sales to 25.3% from 25.5%. The increase in the period was primarily due to an increase in stock-based compensation and additional headcount, partially offset by a decrease in legal and professional fees.

 

 

Research and development expenses decreased $6 to $262, or 2.2%, in the first quarter of 2024 compared to the same period in 2023 and decreased as a percentage of net sales to 11.7% from 13.1%. The decrease for the period was due to lower contract engineering costs related to product development and enhancements.

 

Non-Operating Income

 

Net non-operating income increased by $23, or 24.7%, for the three-month period ended March 31, 2024 compared to the same period in 2023.  The increase for the period is the result of additional interest income earned as a result of higher interest rates on Treasury Bills.

 

Income (Loss) Before Income Tax Expense (Benefit)

 

Income before income tax expense was $16 for the first quarter of 2024, representing an increase of $61 compared to loss before income tax benefit of $45 for the same period in 2023. The increase for the period was primarily due to higher revenues and an increase in interest income, partially offset by lower gross margins, as discussed above.


Income Tax Expense (Benefit)

 

Income tax expense was $5, or 0.0%, of net sales in the first quarter of 2024 compared to an income tax expense of $1, or 0.0%, of net sales in the first quarter of 2023.  The effective tax rate for the first quarter of 2024 was 31% compared to 2.2% in the first quarter of 2023.  The change in the effective tax rate is due to the change in deferred taxes.

 

17


LIQUIDITY AND CAPITAL RESOURCES

Cash and cash equivalents were $10,072 at March 31, 2024 and $9,870 at December 31, 2023. The increase was primarily the result of an increase in cash from operating activities.

 

Cash from operating activities was $202 for the three months ended March 31, 2024 as compared to cash used in operating activities of $112 for the three months ended March 31, 2023. The $314 increase in cash from operating activities was due primarily to an increase in net income and a decrease in trade receivables.  The 2024 net income compared to the 2023 net loss was primarily due to increased net sales and interest income, partially offset by a decrease in gross margin. The decrease in trade receivables is due to the timing of sales and collections. 

Cash used in investing activities was $1 for the three months ended March 31, 2023.  There was no cash flow from investing activities in the three months ended March 31, 2024.

Cash used in financing activities in the three months ended March 31, 2023 was $2.  There was no cash flow from financing activities in the three months ended March 31, 2024.

Subject to the following section, entitled "Supply Chain and Labor Dynamics," the Company believes its ongoing cash requirements will be primarily for capital expenditures, research, and development, working capital, corporate and business development, and other strategic alternatives and that existing cash, cash equivalents, and investments and any cash generated from operations will be sufficient to meet these cash requirements through at least the next 12 months.

Supply Chain and Labor Dynamics

We traditionally have had one or more robust sources for production components and materials. However, we continue to experience disruptions in our supply chain, resulting in difficulty sourcing some components. We are also experiencing price increases for many of the components used in our products. To meet these challenges, we are seeking additional sources for components and modifying product designs to accommodate new components that are more readily available at competitive prices. There is no guarantee that we will continue to be successful in modifying these designs and sourcing alternative components. As a result, we could experience significant delays in receiving certain components needed to make timely customer deliveries, as well as increased costs that erode gross margins. Supply chain dynamics may have an effect on the efficiency of our business operations, our customer base, and the domestic or worldwide economy.  Furthermore, the labor market for qualified employees able to fill our various open positions is challenging and may result in delays in filling these positions. In addition, we may experience changes in transportation and freight availability that may make it difficult to have materials and components shipped to us, or our products shipped to customers, in a timely and cost-effective manner. While we continue to closely manage each of these activities, our actions may not be successful and may result in a negative effect on our sales and profit margins.

Future Corporate and Business Development Activities

We continue to seek growth opportunities, both internally through our existing portfolio of products, technologies, and markets, as well as externally through technology partnerships or related-product or business acquisitions. In addition, we continue to explore other strategic alternatives that we believe present good opportunities for the Company and its shareholders. The Company's Board of Directors has a special committee to explore and pursue business development and other strategic alternatives.

Off-balance Sheet Arrangements

As of March 31, 2024, the Company had no off-balance sheet arrangements or transactions.

 

18


 

 

Not Applicable.

 

 

Evaluation of Disclosure Controls and Procedures

 

Based on an evaluation with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer has concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), were effective as of March 31, 2024.

 

Changes in Internal Control Over Financial Reporting


There were no changes in the Company’s internal control over financial reporting during the first quarter of 2024 that were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. 

 

19


 

 


Exhibit

 

Description




31.1

 

Certification of CEO and CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

 

32.1

 

Certification of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

 

101

 

The following financial information from Electro-Sensors, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, formatted in iXBRL (Inline Extensible Business Reporting Language), (i) Condensed Balance Sheets as of March 31, 2024 and December 31, 2023, (ii) Condensed Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and March 31, 2023, (iii) Condensed Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and March 31, 2023, (iv) Condensed Statements of Cash Flows for the three months ended March 31, 2024 and March 31, 2023, and (v) Notes to Financial Statements. 

  

20


 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

Electro-Sensors, Inc.

 

 

May 10, 2024

/s/ David L. Klenk

 

David L. Klenk

 

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer and Principal Financial Officer)

 

21



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 EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

 

SECTION 302 OF THE SARBANES OXLEY-ACT OF 2002

 

I, David L. Klenk, certify that: 

 


1. I have reviewed this report on Form 10-Q of Electro-Sensors, Inc.;

 


2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)       Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

(b)       Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)       Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)       Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)       All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

May 10, 2024 /s/ David L. Klenk
  David L. Klenk
  Chief Executive Officer and Chief Financial Officer

 

1

EX-32.1 8 ex321_2.htm EXHIBIT 32.1

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Electro-Sensors, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David L. Klenk, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.  

   
May 10, 2024 /s/ David L. Klenk
  David L. Klenk
  Chief Executive Officer and Chief Financial Officer

  

1


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Dec. 31, 2023
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Basis of Presentation
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Basis of Presentation

Note 1. Basis of Presentatio

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions and regulations of the Securities and Exchange Commission to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

 

This report should be read together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, including the audited financial statements and footnotes therein.

 

Management believes that the unaudited financial statements include all adjustments, consisting of normal recurring accruals, necessary to fairly state the financial position and results of operations as of March 31, 2024 and for the three-month periods ended March 31, 2024 and 2023, in accordance with accounting principles generally accepted in the United States of America. The results of interim periods may not be indicative of results to be expected for the year.

 

Nature of Business

 

Electro-Sensors, Inc. (the "Company") manufactures and markets a complete line of monitoring and control systems for a wide range of industrial machine applications. The Company uses leading-edge technology to continuously improve its products, with the goal of manufacturing the industry-preferred product for each of our served markets. The Company sells these products through an internal sales staff and distributors to a wide range of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United States, Canada, Latin America, Europe, and Asia. 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are invested in commercial paper, money market accounts and may, also, be invested in Treasury Bills with an original maturity of three months or less. Cash equivalents are carried at fair value.

 

The Company maintains its cash and cash equivalents primarily in two bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. The Company believes it is not exposed to significant credit risk on cash.

 

Trade receivables and credit policies

 

Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within 30 days from the invoice date. Trade receivables are stated at the amount billed to the customer. Customer account balances with invoices over 90 days are considered delinquent. The Company does not accrue interest on delinquent trade receivables.

 

Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.

 

The Company maintains an allowance for credit losses on trade receivables, which is recorded as an offset to trade receivables.  Changes in the allowance for credit losses are included as a component of operating expenses in the Statements of Comprehensive Income (Loss). The Company assesses credit losses on its entire balance of trade receivables. 

 

The allowance is based on the credit losses expected to arise over the life of the receivable (contractual term).  The Company considers historical loss rates and current economic conditions when determining the expected credit losses. Receivables are written off against the allowance for credit losses.  The allowance for credit losses was $11 at March 31, 2024 and December 31, 2023.


Revenue Recognition

 

At contract inception, the Company assesses the goods and services to be provided to a customer and identifies a performance obligation for each distinct good or service. We also determine the transaction price for each performance obligation at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is to be provided to the customer. The typical contract life is less than one month and contains a single performance obligation, to provide conforming goods or services to the customer. Certain contracts have a second performance obligation, which typically is the initialization of the HazardPROTM product. For contracts that have multiple performance obligations, we allocate the transaction price to each performance obligation using the relative stand-alone selling price. We generally determine stand-alone selling prices based on the observable stand-alone prices charged to customers. We recognize product revenue at the point in time when control of the product is transferred to the customer, which typically occurs when we ship the products. We recognize service revenue at the point in time when we have provided the service, which typically takes less than a week to provide.


Fair Value Measurements 

 

The carrying value of trade receivables, accounts payable, and other financial working capital items approximates fair value at March 31, 2024 and December 31, 2023, due to the short maturity nature of these instruments.


Stock-Based Compensation

 

The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) option pricing model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life, and the expected forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.   

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Current significant estimates, including the underlying assumptions, consist of economic lives of long-lived assets, realizability of trade receivables, and valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term

  

Net Income (Loss) per Common Share


Basic income (loss) per share excludes dilution and is determined by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities such as options or restricted stock units were exercised or converted into common stock.


Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential shares would have an anti-dilutive effect. Diluted EPS also excludes the impact of common shares issuable upon the exercise of outstanding stock options in periods in which the option exercise price is greater than the average market price of our common stock during the period.

 

For the three-month periods ended March 31, 2024, and 2023, 175,000 and 300,000 respectively, weighted-average common shares for underlying stock options have been excluded from the calculation because their effect would be anti-dilutive.


In addition, for the three-month period ended March 31, 2024, 105,000 restricted stock units have been excluded from the calculation because their effect would be anti-dilutive. 


Reclassification of Prior Year Presentation


All Treasury Bills have been reclassified to cash equivalents for consistency with the current year presentation.  The reclassification had no effect on the reported results of operations.  The Balance Sheet and Statement of Cash Flows have been adjusted to reflect this reclassification.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Investments
3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Investments

Note 2. Investments

 

The Company has investments in common equity securities of two private U.S. companies.  


Equity securities are stated at estimated fair value and unrealized gains and losses, if any, are reported in our Statements of Comprehensive Income (Loss) in non-operating income.

 

The cost and estimated fair value of the Company’s investments are as follows:

 

 

 

Cost

 

 

Gross
unrealized
gain

 

 

Gross
unrealized
loss

 

 

Fair
value

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

54

 

 

$

2

 

 

$  

0

 

$  

56

 

Total Investments, March 31, 2024

 

$

54

 

 

$

2

 

 

$

0

 

$

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$  

54

 

 

$  

2

 

 

$  

0

 

$  

56

 

Total Investments, December 31, 2023

 

$

54

 

 

$

2

 

 

$

0

 

$

56

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Fair Value Measurements
3 Months Ended
Mar. 31, 2024
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 3. Fair Value Measurements

 

The following table provides information on those assets and liabilities measured at fair value on a recurring basis.

 

March 31, 2024


 

Carrying amount

 

 

 

 

 

 Fair Value Measurement Using 

 

 

 

in balance sheet

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

$

56

$

56

 

 

$

0

 

 

$

0

 

 

$

56

 

 

December 31, 2023


 

Carrying amount

 

 

 

 

 

 Fair Value Measurement Using 

 


 

in balance sheet

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities


$

56

 

 

$

56

 

 

$

0

 

 

$

0

 

 

$

56

 

 

The equity securities owned by the Company are investments in two non-publicly traded companies.  There is an undeterminable market for each of these two companies and the Company has determined the fair value based on financial and other factors that are considered level 3 inputs in the fair value hierarchy.  


The changes in level 3 assets measured at fair value on a recurring basis are as follows:  


 
Three Months Ended March 31,


2024


2023

 




     
Beginning Balance  
$ 56

$ 56  

Change in Fair Value



0
  0
Ending Balance
$ 56

$ 56  
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Inventories
3 Months Ended
Mar. 31, 2024
Inventories [Abstract]  
Inventories

Note 4. Inventories


Inventories used in the determination of cost of goods sold are as follows:


March 31

2024



December 31

2023






Raw Materials $ 1,135

$ 1,172
Work In Process
324


301

Finished Goods


362


288
Reserve for Obsolescence 
(10 )

(10 )
Total Inventories, net $ 1,811

$ 1,751
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Stock-Based Compensation
3 Months Ended
Mar. 31, 2024
Stock-Based Compensation  
Stock-Based Compensation

Note 5. Stock-Based Compensation

Stock options
The 2013 Equity Incentive Plan (the “2013 Plan”) authorizes the issuance of nonqualified stock options. Payment for the shares may be made in cash, shares of the Company’s common stock or a combination thereof. Under the terms of the 2013 Plan, non-qualified stock options are granted at a minimum of 100% of fair market value on the date of grant and may be exercised at various times depending upon the terms of the option. All existing options expire 10 years from the date of grant, subject to early termination 12 months after termination of employment or service due to death, disability, or termination other than for cause.  The grants include a provision providing for acceleration of vesting upon a change of control in the Company.

As of March 31, 2024, the total unrecognized compensation expense related to outstanding stock options was $104, which the Company expects to recognize through August 2027. The Company recognized compensation expense in connection with the vesting of stock options of approximately $8 for the three months ended March 31, 2024. There was no stock compensation expense related to stock option grants recognized in the first quarter of 2023.


There were no stock options granted or exercised in the three months ended March 31, 2024 and 2023.


Restricted stock units

The 2013 Plan authorizes the issuance of restricted stock units. Stock-based compensation expense is determined on the grant date based on the closing market value of our common stock. The amount of expense is calculated based on an estimate of the number of awards expected to vest at the end of each vesting period and is expensed evenly over the vesting period. In connection with the time of vesting and issuance of shares, an eligible recipient of common stock may elect to have some shares withheld by the Company to satisfy any requirement for withholding taxes. The grants include a provision providing for acceleration of vesting upon a change of control in the Company.

As of March 31, 2024, the total unrecognized compensation expenses related to outstanding restricted stock units is $381, which the Company expects to recognize through August 2028. The Company recognized compensation expense in connection with the vesting of restricted stock units of approximately $21 for the three months ended March 31, 2024There was no stock compensation expense related to restricted stock unit grants recognized in the first quarter of 2023.

 

There were no restricted stock units granted or exercised in the three months ended March 31, 2024 and 2023.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Contingencies
3 Months Ended
Mar. 31, 2024
Contingencies [Abstract]  
Contingencies

Note 6. Contingencies

 

The Company at times becomes subject to claims against it in the ordinary course of business.  There are currently no pending or threatened claims against the Company that it believes will have a material adverse effect on its results of operations or liquidity.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Subsequent Event
3 Months Ended
Mar. 31, 2024
Subsequent Event  
Subsequent Events

Note 7. Subsequent Event

 

On April 24, 2024, the board granted 25,000 stock options to one of its board members, with an exercise price of $4.13. The options vest 20% on the date of the grant and 20% annually thereafter.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual [Table]  
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Basis of Presentation (Policy)
3 Months Ended
Mar. 31, 2024
Basis of Presentation [Abstract]  
Nature of Business

Nature of Business

 

Electro-Sensors, Inc. (the "Company") manufactures and markets a complete line of monitoring and control systems for a wide range of industrial machine applications. The Company uses leading-edge technology to continuously improve its products, with the goal of manufacturing the industry-preferred product for each of our served markets. The Company sells these products through an internal sales staff and distributors to a wide range of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United States, Canada, Latin America, Europe, and Asia. 

Cash and cash equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are invested in commercial paper, money market accounts and may, also, be invested in Treasury Bills with an original maturity of three months or less. Cash equivalents are carried at fair value.

 

The Company maintains its cash and cash equivalents primarily in two bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. The Company believes it is not exposed to significant credit risk on cash.

Trade receivables and credit policies

Trade receivables and credit policies

 

Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within 30 days from the invoice date. Trade receivables are stated at the amount billed to the customer. Customer account balances with invoices over 90 days are considered delinquent. The Company does not accrue interest on delinquent trade receivables.

 

Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.

 

The Company maintains an allowance for credit losses on trade receivables, which is recorded as an offset to trade receivables.  Changes in the allowance for credit losses are included as a component of operating expenses in the Statements of Comprehensive Income (Loss). The Company assesses credit losses on its entire balance of trade receivables. 

 

The allowance is based on the credit losses expected to arise over the life of the receivable (contractual term).  The Company considers historical loss rates and current economic conditions when determining the expected credit losses. Receivables are written off against the allowance for credit losses.  The allowance for credit losses was $11 at March 31, 2024 and December 31, 2023.

Revenue Recognition

Revenue Recognition

 

At contract inception, the Company assesses the goods and services to be provided to a customer and identifies a performance obligation for each distinct good or service. We also determine the transaction price for each performance obligation at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is to be provided to the customer. The typical contract life is less than one month and contains a single performance obligation, to provide conforming goods or services to the customer. Certain contracts have a second performance obligation, which typically is the initialization of the HazardPROTM product. For contracts that have multiple performance obligations, we allocate the transaction price to each performance obligation using the relative stand-alone selling price. We generally determine stand-alone selling prices based on the observable stand-alone prices charged to customers. We recognize product revenue at the point in time when control of the product is transferred to the customer, which typically occurs when we ship the products. We recognize service revenue at the point in time when we have provided the service, which typically takes less than a week to provide.

Fair Value Measurements

Fair Value Measurements 

 

The carrying value of trade receivables, accounts payable, and other financial working capital items approximates fair value at March 31, 2024 and December 31, 2023, due to the short maturity nature of these instruments.

Stock-Based Compensation

Stock-Based Compensation

 

The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) option pricing model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life, and the expected forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.   

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Current significant estimates, including the underlying assumptions, consist of economic lives of long-lived assets, realizability of trade receivables, and valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term

Net Income (Loss) per Common Share

Net Income (Loss) per Common Share


Basic income (loss) per share excludes dilution and is determined by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities such as options or restricted stock units were exercised or converted into common stock.


Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential shares would have an anti-dilutive effect. Diluted EPS also excludes the impact of common shares issuable upon the exercise of outstanding stock options in periods in which the option exercise price is greater than the average market price of our common stock during the period.

 

For the three-month periods ended March 31, 2024, and 2023, 175,000 and 300,000 respectively, weighted-average common shares for underlying stock options have been excluded from the calculation because their effect would be anti-dilutive.


In addition, for the three-month period ended March 31, 2024, 105,000 restricted stock units have been excluded from the calculation because their effect would be anti-dilutive. 

Reclassification of Prior Year Presentation

Reclassification of Prior Year Presentation


All Treasury Bills have been reclassified to cash equivalents for consistency with the current year presentation.  The reclassification had no effect on the reported results of operations.  The Balance Sheet and Statement of Cash Flows have been adjusted to reflect this reclassification.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Investments (Tables)
3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Cost And Estimated Fair Value Of Investments

 

 

Cost

 

 

Gross
unrealized
gain

 

 

Gross
unrealized
loss

 

 

Fair
value

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

54

 

 

$

2

 

 

$  

0

 

$  

56

 

Total Investments, March 31, 2024

 

$

54

 

 

$

2

 

 

$

0

 

$

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$  

54

 

 

$  

2

 

 

$  

0

 

$  

56

 

Total Investments, December 31, 2023

 

$

54

 

 

$

2

 

 

$

0

 

$

56

 

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Measurements [Abstract]  
Schedule of fair value measurement on a recurring basis

March 31, 2024


 

Carrying amount

 

 

 

 

 

 Fair Value Measurement Using 

 

 

 

in balance sheet

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

$

56

$

56

 

 

$

0

 

 

$

0

 

 

$

56

 

 

December 31, 2023


 

Carrying amount

 

 

 

 

 

 Fair Value Measurement Using 

 


 

in balance sheet

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities


$

56

 

 

$

56

 

 

$

0

 

 

$

0

 

 

$

56

 

Summary of change in level 3 assets at fair value on a recurring basis
 
Three Months Ended March 31,


2024


2023

 




     
Beginning Balance  
$ 56

$ 56  

Change in Fair Value



0
  0
Ending Balance
$ 56

$ 56  
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Inventories (Tables)
3 Months Ended
Mar. 31, 2024
Inventories [Abstract]  
Schedule of Inventories used in the determination of cost of goods sold

March 31

2024



December 31

2023






Raw Materials $ 1,135

$ 1,172
Work In Process
324


301

Finished Goods


362


288
Reserve for Obsolescence 
(10 )

(10 )
Total Inventories, net $ 1,811

$ 1,751
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Basis of Presentation (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Basis of Presentation      
Trade receivables, allowance for credit losses $ 11   $ 11
Stock Options [Member]      
Basis of Presentation      
Securities excluded from the computations of diluted weighted-average shares outstanding 175,000 300,000  
Unvested Restricted Stock Units [Member]      
Basis of Presentation      
Securities excluded from the computations of diluted weighted-average shares outstanding 105,000    
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Investments (Narrative) (Details)
3 Months Ended
Mar. 31, 2024
Number
Marketable Securities [Line Items]  
Number of private companies which entity has investments in common equity securities 2
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Investments (Cost And Estimated Fair Value Of Investments) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investments    
Cost $ 54 $ 54
Gross unrealized gain 2 2
Gross unrealized loss 0 0
Fair value, investments 56 56
Equity Securities [Member]    
Investments    
Cost 54 54
Gross unrealized gain 2 2
Gross unrealized loss 0 0
Fair value, investments $ 56 $ 56
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Fair Value Measurements (Fair Value Measurements On A Recurring Basis) (Details) - Equity Securities [Member] - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities, Carrying amount $ 56 $ 56
Equity Securities, Fair Value 56 56
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities, Fair Value 0 0
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities, Fair Value 0 0
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities, Fair Value $ 56 $ 56
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Fair Value Measurements (Fair Value Assets Measured on Recurring Basis Unobservable Inputs Reconciliation) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Assets measured at fair value on a recurring basis    
Beginning Balance $ 56 $ 56
Change in Fair Value 0 0
Ending Balance $ 56 $ 56
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Inventories [Abstract]    
Raw Materials $ 1,135 $ 1,172
Work In Process 324 301
Finished Goods 362 288
Reserve for Obsolescence (10) (10)
Total Inventories, net $ 1,811 $ 1,751
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Stock-Based Compensation (Narrative) (Details 3) - 2013 Equity Incentive Plan [Member] - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Stock Options [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options expiration from date of grant 10 years  
Options expiration from termination of employment or service due to death, disability, or termination other than for cause 12 months  
Number of shares granted during the period (in shares) 0 0
Number of shares exercised during the period (in shares) 0 0
Unrecognized compensation expense related to outstanding stock options $ 104  
Recognized compensation expense $ 8 $ 0
Stock Options [Member] | Minimum [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Stock options fair market value (as a percent) 100.00%  
Unvested Restricted Stock Units [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Number of shares granted during the period (in shares) 0 0
Number of shares exercised during the period (in shares) 0 0
Recognized compensation expense $ 21 $ 0
Unrecognized compensation expense related to outstanding restricted stock units $ 381  
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Subsequent Event (Narrative) (Details) - Subsequent Event [Member] - 2013 Equity Incentive Plan [Member] - Employee Stock Option [Member] - Non-Employee Board of Director, One [Member]
Apr. 24, 2024
$ / shares
shares
Subsequent Event  
Granted, Number of Shares | shares 25,000
Granted, Weighted-Average Exercise Price | $ / shares $ 4.13
Vested on grant date  
Subsequent Event  
Vesting Percentage 20.00%
Vesting on the first four anniversaries of the grant date  
Subsequent Event  
Vesting Percentage 20.00%
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342000 2163000 10864000 -3000 13366000 11000 -44000 24000 24000 19000 -50000 29000 0 -164000 211000 60000 34000 39000 1000 -102000 83000 171000 73000 -15000 48000 202000 -112000 0 1000 0 -1000 0 2000 0 -2000 202000 -115000 9870000 9626000 10072000 9511000 0 0 <div style="border-left: none; border-right: none;"> <p style="margin: 0pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Note <span style="border-left: none; border-right: none; line-height: inherit;">1</span>. B<span style="line-height: inherit;">asi<span style="line-height: inherit;">s</span><span style="line-height: inherit;"> of Pr</span></span><span style="line-height: inherit;">ese</span>nta<span style="line-height: inherit;">tio</span>n </span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 7pt;"><span style="font-family: 'times new roman'; font-size: 7pt;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions and regulations of the Securities and Exchange Commission to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.</span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This report should be read together with the Company’s Annual Report on Form 10-K for the year ended <span>December 31, 2023</span>, including the audited financial statements and footnotes therein.</span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management believes that the unaudited financial statements include all adjustments, consisting of normal recurring accruals, necessary to fairly state the financial position and results of operations as of <span>March 31, 2024</span> and for the <span>three</span>-month periods ended <span>March 31, 2024</span> and <span>2023</span>, in accordance with accounting principles generally accepted in the United States of America. The results of interim periods may not be indicative of results to be expected for the year.</span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Nature of Business </span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 7pt;"><span style="font-family: 'times new roman'; font-size: 7pt;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Electro-Sensors, Inc. (the "Company") manufactures and markets a complete line of monitoring and control systems for a wide range of industrial machine applications. The Company uses leading-edge technology to continuously improve its products, with the goal of manufacturing the industry-preferred product for each of our served markets. The Company sells these products through an internal sales staff and distributors to a wide range of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United<span style="font-family: 'times new roman', times; line-height: inherit;"> States, Canada, Latin America, Europe, and Asia. </span></span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;"> </span></p> <div id="fs_IKM6U5WCWG00000000000000000000B"> <p style="margin: 0pt;"><span style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and Cash Equivalents</span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 7pt;"><span style="font-family: 'times new roman'; font-size: 7pt;"> </span></p> <p style="line-height: 12pt; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are invested in commercial paper, money market accounts and may, also, be invested in Treasury Bills with an</span> original maturity of <span style="line-height: inherit;">three</span> months or less. Cash equivalents are carried at fair value.</span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;"> </span></p> <p style="line-height: 1.2; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; line-height: inherit;">The Company maintains its cash and cash equivalents primarily in <span style="line-height: inherit;">two</span> bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. The Company believes it is not exposed to significant credit risk on cash</span><span style="font-size: 10pt; line-height: inherit;">.</span></p> </div> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;"> </span></p> <div id="fs_JYSCMAXD3K00000000000000000000B"> <div id="fs_S74P5J9KIO00000000000000000000B"> <div> <div id="fs_R2VXOVYILS00000000000000000000B"> <div> <p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;">Trade receivables and credit policies</span></b></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 7pt;"><span style="font-family: 'times new roman'; font-size: 7pt;"> </span></p> <p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;">Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within <span style="line-height: inherit;"><span>30</span></span> days from the invoice date. Trade receivables are stated at the amount billed to the customer. Customer account balances with invoices over <span style="line-height: inherit;"><span>90</span></span> days are considered delinquent. The Company does not accrue interest on delinquent trade receivables.</span></p> <p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;">Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.</span><br/></p> </div> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt;">The Company maintains an allowance for credit losses on trade receivables, which is recorded as an offset to trade receivables.  Changes in the allowance for credit losses are included as a component of operating expenses in the Statements of Comprehensive Income (Loss). The Company assesses credit losses on its entire balance of trade receivables. </span><br/></p> <p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; line-height: inherit;">The allowance is based on the credit losses expected to arise over the life of the receivable (contractual term).  The Company considers historical loss rates and current economic conditions when determining the expected credit losses. Receivables are written off against the allowance for credit losses.  The allowance for credit losses was $11<span style="line-height: inherit;"> </span>at March 31, 2024 and December 31, 2023.</span></p> </div> </div> </div> </div> <p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p> <p style="margin: 0pt;"><strong><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Re<span style="line-height: inherit;">venue Rec</span>ognition</span></strong></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">At contract inception, the Company assesses the goods and services to be provided to a customer and identifies a performance obligation for each distinct good or service. We also determine the transaction price for each performance obligation at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is to be provided to the customer. The typical contract life is less than <span style="border-left: none; border-right: none; line-height: inherit;"><span>one</span></span> month and contains a single performance obligation, to provide conforming goods or services to the customer. Certain contracts have a second performance obligation, which typically is the initialization of the HazardPRO<span style="font-size: 8pt; line-height: inherit;"><sup>TM</sup></span> product. For contracts that have multiple performance obligations, we allocate the transaction price to each performance obligation using the relative stand-alone selling price. We generally determine stand-alone selling prices based on the observable stand-alone prices charged to customers. We recognize product revenue at the point in time when control of the product is transferred to the customer, which typically occurs when we ship the products. We recognize service revenue at the point in time when we have provided the service, which typically takes less than a week to provide.</span></span></p> <p style="margin: 0px !important; line-height: 1.2;"><br/></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair Value Measurements </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The carrying value of trade receivables, accounts payable, and other financial working capital items approximates fair value at <span>March 31, 2024</span> and <span>December 31, 2023</span>, due to the short maturity nature of these instruments.</span></p> <p style="margin: 0px !important; line-height: 1.2;"><br/></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Stock-Based Compensation</span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) option pricing model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life, and the expected forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.   </span><br/></p> <div> <p style="margin: 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman';"><span style="font-family: 'times new roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Use of Estimates</span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Current significant estimates, including the underlying assumptions, consist of economic lives of long-lived assets, realizability of trade receivables, and valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term</span>. </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> </div> </div> <div style="border-left: none; border-right: none;"> <p style="text-align: justify; line-height: 1; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Net Income (Loss) per Common Share</b></span></p> <p style="text-align: justify; line-height: 1; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif; ;margin: 0px !important;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; line-height: inherit; margin: 0pt;"><span style="color: black; line-height: inherit;"><span style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;">Basic income (loss) per share excludes dilution and is determined by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities such as options or restricted stock units were exercised or converted into common stock.</span></span></span></span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;">Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential shares would have an anti-dilutive effect. Diluted EPS also excludes the impact of common shares issuable upon the exercise of outstanding stock options in periods in which the option exercise price is greater than the average market price of our common stock during the period.</p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; line-height: inherit; margin: 0pt;"><span style="color: black; line-height: inherit;"><span style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;">  </span> </span></span></span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the <span>three</span>-month<span style="line-height: inherit;"> period</span>s ended <span>March 31, 2024</span>, and <span>2023</span>, 175,000 and 300,000 respectively, weighted-average common shares for underlying stock options have been excluded from the calculation because their effect would be anti-dilutive.</span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.5;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">In addition, for the<span style="line-height: inherit;"> </span></span><span style="line-height: inherit;"><span>three</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">-month period e<span style="line-height: inherit;">nded </span></span><span>March 31, 2024</span><span style="line-height: inherit;">,</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="line-height: inherit;"> <span style="border-left: none; border-right: none; line-height: inherit;">105,000</span></span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="line-height: inherit;"> restricted stock units</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> have been excluded from the calculation because their effect would be anti-dilutive. </span></span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><span style="font-weight: bold; line-height: inherit;">Reclassification of Prior Year Presentation</span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;">All Treasury Bills have been reclassified to cash equivalents for consistency with the current year presentation.  The reclassification had no effect on the reported results of operations.  The Balance Sheet and Statement of Cash Flows have been adjusted to reflect this reclassification.</p> </div> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Nature of Business </span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 7pt;"><span style="font-family: 'times new roman'; font-size: 7pt;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Electro-Sensors, Inc. (the "Company") manufactures and markets a complete line of monitoring and control systems for a wide range of industrial machine applications. The Company uses leading-edge technology to continuously improve its products, with the goal of manufacturing the industry-preferred product for each of our served markets. The Company sells these products through an internal sales staff and distributors to a wide range of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United<span style="font-family: 'times new roman', times; line-height: inherit;"> States, Canada, Latin America, Europe, and Asia. </span></span></p> <div id="fs_IKM6U5WCWG00000000000000000000B"> <p style="margin: 0pt;"><span style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and Cash Equivalents</span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 7pt;"><span style="font-family: 'times new roman'; font-size: 7pt;"> </span></p> <p style="line-height: 12pt; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are invested in commercial paper, money market accounts and may, also, be invested in Treasury Bills with an</span> original maturity of <span style="line-height: inherit;">three</span> months or less. Cash equivalents are carried at fair value.</span></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;"> </span></p> <p style="line-height: 1.2; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; line-height: inherit;">The Company maintains its cash and cash equivalents primarily in <span style="line-height: inherit;">two</span> bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. The Company believes it is not exposed to significant credit risk on cash</span><span style="font-size: 10pt; line-height: inherit;">.</span></p> </div> <div> <p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;">Trade receivables and credit policies</span></b></p> <p style="margin: 0pt; font-family: 'times new roman'; font-size: 7pt;"><span style="font-family: 'times new roman'; font-size: 7pt;"> </span></p> <p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;">Trade receivables are uncollateralized customer obligations due under normal trade terms generally requiring payment within <span style="line-height: inherit;"><span>30</span></span> days from the invoice date. Trade receivables are stated at the amount billed to the customer. Customer account balances with invoices over <span style="line-height: inherit;"><span>90</span></span> days are considered delinquent. The Company does not accrue interest on delinquent trade receivables.</span></p> <p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;">Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.</span><br/></p> </div> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt;">The Company maintains an allowance for credit losses on trade receivables, which is recorded as an offset to trade receivables.  Changes in the allowance for credit losses are included as a component of operating expenses in the Statements of Comprehensive Income (Loss). The Company assesses credit losses on its entire balance of trade receivables. </span><br/></p> <p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; line-height: inherit;">The allowance is based on the credit losses expected to arise over the life of the receivable (contractual term).  The Company considers historical loss rates and current economic conditions when determining the expected credit losses. Receivables are written off against the allowance for credit losses.  The allowance for credit losses was $11<span style="line-height: inherit;"> </span>at March 31, 2024 and December 31, 2023.</span></p> 11000 11000 <p style="margin: 0pt;"><strong><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Re<span style="line-height: inherit;">venue Rec</span>ognition</span></strong></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">At contract inception, the Company assesses the goods and services to be provided to a customer and identifies a performance obligation for each distinct good or service. We also determine the transaction price for each performance obligation at contract inception. Our contracts, generally in the form of a purchase order, specify the product or service that is to be provided to the customer. The typical contract life is less than <span style="border-left: none; border-right: none; line-height: inherit;"><span>one</span></span> month and contains a single performance obligation, to provide conforming goods or services to the customer. Certain contracts have a second performance obligation, which typically is the initialization of the HazardPRO<span style="font-size: 8pt; line-height: inherit;"><sup>TM</sup></span> product. For contracts that have multiple performance obligations, we allocate the transaction price to each performance obligation using the relative stand-alone selling price. We generally determine stand-alone selling prices based on the observable stand-alone prices charged to customers. We recognize product revenue at the point in time when control of the product is transferred to the customer, which typically occurs when we ship the products. We recognize service revenue at the point in time when we have provided the service, which typically takes less than a week to provide.</span></span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair Value Measurements </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The carrying value of trade receivables, accounts payable, and other financial working capital items approximates fair value at <span>March 31, 2024</span> and <span>December 31, 2023</span>, due to the short maturity nature of these instruments.</span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Stock-Based Compensation</span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) option pricing model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life, and the expected forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.   </span><br/></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Use of Estimates</span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Current significant estimates, including the underlying assumptions, consist of economic lives of long-lived assets, realizability of trade receivables, and valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term</span>. </span></p> <p style="text-align: justify; line-height: 1; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Net Income (Loss) per Common Share</b></span></p> <p style="text-align: justify; line-height: 1; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif; ;margin: 0px !important;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; line-height: inherit; margin: 0pt;"><span style="color: black; line-height: inherit;"><span style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;">Basic income (loss) per share excludes dilution and is determined by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities such as options or restricted stock units were exercised or converted into common stock.</span></span></span></span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;">Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential shares would have an anti-dilutive effect. Diluted EPS also excludes the impact of common shares issuable upon the exercise of outstanding stock options in periods in which the option exercise price is greater than the average market price of our common stock during the period.</p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; line-height: inherit; margin: 0pt;"><span style="color: black; line-height: inherit;"><span style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;">  </span> </span></span></span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the <span>three</span>-month<span style="line-height: inherit;"> period</span>s ended <span>March 31, 2024</span>, and <span>2023</span>, 175,000 and 300,000 respectively, weighted-average common shares for underlying stock options have been excluded from the calculation because their effect would be anti-dilutive.</span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.5;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">In addition, for the<span style="line-height: inherit;"> </span></span><span style="line-height: inherit;"><span>three</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">-month period e<span style="line-height: inherit;">nded </span></span><span>March 31, 2024</span><span style="line-height: inherit;">,</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="line-height: inherit;"> <span style="border-left: none; border-right: none; line-height: inherit;">105,000</span></span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="line-height: inherit;"> restricted stock units</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> have been excluded from the calculation because their effect would be anti-dilutive. </span></span></p> 175000 300000 105000 <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><span style="font-weight: bold; line-height: inherit;">Reclassification of Prior Year Presentation</span></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;"><br/></p> <p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left; line-height: 1.2;">All Treasury Bills have been reclassified to cash equivalents for consistency with the current year presentation.  The reclassification had no effect on the reported results of operations.  The Balance Sheet and Statement of Cash Flows have been adjusted to reflect this reclassification.</p> <p style="margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; line-height: 1.2;"><span style="font-weight: bold; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">N<span style="line-height: inherit;">ote</span> <span style="border-left: none; border-right: none; line-height: inherit;">2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Investments</span></span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span></p> <p style="margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company has investments in common equity securities of two private U.S. companies.  </span></p> <p style="margin: 0pt; line-height: 1.2;"><br/></p> <p style="line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;">Equity securities are stated at estimated fair value and unrealized gains and losses, if any, are reported in our Statements of Comprehensive Income (Loss) in non-operating income.</span></p> <p style="text-indent: 22.5pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> </span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The cost and estimated fair value of the Company’s investments are as follows:</span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 135px;" width="100%"> <tbody> <tr style="height: 10px;"> <td style="vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9%;"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Cost </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9%;"> <p style="margin: 0pt; text-align: center; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Gross</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">unrealized</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">gain</span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9%;"> <p style="margin: 0pt; text-align: center; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Gross</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">u<span style="line-height: inherit;">nrealize</span>d</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">loss</span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9%;"> <p style="margin: 0pt; text-align: center; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">value</span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #d6f3e8; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>March 31, 2024</span> </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> E<span style="line-height: inherit;">q<span style="line-height: inherit;">uity Secu</span>rities </span></span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 54 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span></p> </td> <td style="background-color: #ffffff; padding: 0px; height: 10px; vertical-align: middle; width: 1.47929%;" valign="middle"></td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #d6f3e8; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total Investments, <span>March 31, 2024</span> </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 54 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span></p> </td> <td style="background-color: #d6f3e8; padding: 0px 0px 1px; height: 10px; vertical-align: bottom; width: 1.47929%;" valign="bottom"></td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 18px;"> <td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 18px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; height: 18px; vertical-align: middle; width: 1.47929%;" valign="middle"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 17px;"> <td style="background-color: #d6f3e8; padding: 0px; vertical-align: bottom; height: 17px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>December 31, 2023</span> </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; height: 17px; vertical-align: middle; width: 1.47929%;" valign="middle"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Equity Securities </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 54 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span></p> </td> <td style="background-color: #ffffff; padding: 0px; height: 10px; vertical-align: middle; width: 1.47929%;" valign="middle"></td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #d6f3e8; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total Investments, <span>December 31, 2023</span> </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 54 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span></p> </td> <td style="background-color: #d6f3e8; padding: 0px 0px 1px; height: 10px; vertical-align: bottom; width: 1.47929%;" valign="bottom"></td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> </tbody> </table> 2 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 135px;" width="100%"> <tbody> <tr style="height: 10px;"> <td style="vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9%;"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Cost </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9%;"> <p style="margin: 0pt; text-align: center; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Gross</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">unrealized</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">gain</span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9%;"> <p style="margin: 0pt; text-align: center; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Gross</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">u<span style="line-height: inherit;">nrealize</span>d</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">loss</span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9%;"> <p style="margin: 0pt; text-align: center; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">value</span></p> </td> <td style="padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #d6f3e8; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>March 31, 2024</span> </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> E<span style="line-height: inherit;">q<span style="line-height: inherit;">uity Secu</span>rities </span></span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 54 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span></p> </td> <td style="background-color: #ffffff; padding: 0px; height: 10px; vertical-align: middle; width: 1.47929%;" valign="middle"></td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #d6f3e8; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total Investments, <span>March 31, 2024</span> </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 54 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span></p> </td> <td style="background-color: #d6f3e8; padding: 0px 0px 1px; height: 10px; vertical-align: bottom; width: 1.47929%;" valign="bottom"></td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 18px;"> <td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 18px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; height: 18px; vertical-align: middle; width: 1.47929%;" valign="middle"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 18px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 17px;"> <td style="background-color: #d6f3e8; padding: 0px; vertical-align: bottom; height: 17px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>December 31, 2023</span> </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; height: 17px; vertical-align: middle; width: 1.47929%;" valign="middle"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 17px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Equity Securities </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 54 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span></p> </td> <td style="background-color: #ffffff; padding: 0px; height: 10px; vertical-align: middle; width: 1.47929%;" valign="middle"></td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$  </span></p> </td> <td style="background-color: #ffffff; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="background-color: #ffffff; padding-bottom: 0.75pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="background-color: #d6f3e8; padding: 0px; vertical-align: bottom; height: 10px; width: 55.0296%;"> <p style="margin: 0pt 0pt 0pt 10pt; text-indent: -10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total Investments, <span>December 31, 2023</span> </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 54 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span></p> </td> <td style="background-color: #d6f3e8; padding: 0px 0px 1px; height: 10px; vertical-align: bottom; width: 1.47929%;" valign="bottom"></td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.0355%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 1%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </span></p> </td> <td style="background-color: #d6f3e8; vertical-align: bottom; height: 10px; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important; width: 8%;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="background-color: #d6f3e8; padding-bottom: 2.25pt; vertical-align: bottom; height: 10px; width: 1.47929%;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> </tbody> </table> 54000 2000 0 56000 54000 2000 0 56000 54000 2000 0 56000 54000 2000 0 56000 <div style="border-left: none; border-right: none;"> <p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Note <span style="border-left: none; border-right: none; line-height: inherit;">3</span>. Fair Value Measurements</span></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following ta<span style="line-height: inherit;">ble<span style="line-height: inherit;"> provides info</span></span>rmation on those assets and liabilities measured at fair value on a recurring basis.</span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>March 31, 2024</span></span></p> <table cellpadding="0" cellspacing="0" style="height: 47px; border-collapse: collapse; width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%"> <tbody> <tr style="height: 10px;"> <td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br/></td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="10" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">  Fair Value Measurement Using  </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> in balance sheet </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 17px; background-color: #d6f3e8;"> <td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Assets: </span></p> </td> <td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; vertical-align: bottom; text-indent: 0px; height: 10px; margin: 0px; width: 33%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Equity Securities </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"></td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 12%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"></td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"></td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 0 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 0 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> </tbody> </table> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>December 31, 2023</span></span></p> <table cellpadding="0" cellspacing="0" style="height: 43px; border-collapse: collapse; width: 100%; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%"> <tbody> <tr style="height: 10px;"> <td style="padding: 0px; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="10" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">  Fair Value Measurement Using  </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> in balance sheet </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px;"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 13px; background-color: #d6f3e8;"> <td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Assets: </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"><br/></td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; vertical-align: bottom; height: 10px; width: 33%;"> <p style="margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Equity Securities </span></p> </td> <td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td> <td style="vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt; text-align: left;">$</p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 12%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 0 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 0 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> </tbody> </table> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; text-align: left; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The equity securities owned by the Company are investments in two non-publicly traded companies.  There is an undeterminable market for each of these two companies and the Company has determined the fair value based on financial and other factors that are considered level <span style="border-left: none; border-right: none; line-height: inherit;"><span>3</span></span> inputs in the fair value hierarchy.  </span></p> <p style="margin: 0pt; line-height: 1.2;"><br/></p> <p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The <span style="line-height: inherit;"><span style="line-height: inherit;">changes</span></span> in level <span>3</span> assets<span style="line-height: inherit;"> measured at</span> fair val<span style="line-height: inherit;">ue <span style="line-height: inherit;"><span style="line-height: inherit;">on a recur</span></span></span><span style="line-height: inherit;"><span style="line-height: inherit;">ring</span></span> ba<span style="line-height: inherit;">sis are</span> as follows:  </span></p> <p style="margin: 0pt; line-height: inherit;"><br/></p> <table cellpadding="0" cellspacing="0" style="height: 67px; border-collapse: collapse; width: 50%; margin-right: auto; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; flex: 0 0 auto;" width="50%"> <tbody> <tr style="vertical-align: bottom; height: 10px;"> <td style="font-size: 10pt; text-align: center; height: 10px; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"> </span></td> <td style="font-size: 10pt; text-align: center; height: 10px; border-bottom-width: 1px;"><br/></td> <td colspan="7" style="font-size: 10pt; text-align: center; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;"><span>Three</span> Months Ended </span><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;"><span style="border-right: none; border-left: none; line-height: inherit;"><span>March 31</span>,</span></span></td> </tr> <tr style="height: 17px;"> <td style="font-size: 10pt; height: 17px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 17px; border-bottom-width: 1px;"><br/></td> <td colspan="2" style="font-size: 10pt; height: 17px; text-align: center; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;"><span>2024</span></span><br/></td> <td style="font-size: 10pt; height: 17px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 17px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td colspan="2" style="font-size: 10pt; height: 17px; text-align: center; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;"><span>2023</span></span><br/></td> <td style="font-size: 10pt; height: 17px; padding: 0px;"><br/></td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="font-size: 10pt; height: 10px; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> <td style="font-size: 10pt; height: 10px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> <td style="font-size: 10pt; height: 10px; padding: 0px;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #d6f3e8;"> <td style="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 68%;"><span style="font-family: Times New Roman, Times, Serif;">Beginning Balance  </span></td> <td style="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 1%;"><br/></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; text-align: left; border-bottom-width: 1px; width: 1%;"><span style="font-weight: bold; line-height: inherit;">$</span></td> <td style="font-size: 10pt; text-indent: -10pt; padding: 0px; text-align: right; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 12%;"><span style="font-weight: bold; line-height: inherit;">56</span></td> <td style="font-size: 10pt; text-indent: -10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 3%;"><br/></td> <td style="font-size: 10pt; text-align: left; text-indent: -10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 1%;"><br/></td> <td style="font-size: 10pt; font-weight: bold; height: 10px; text-align: left; background-color: #d6f3e8; padding: 0px; border-bottom-width: 1px; width: 1%;"><span style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</span></td> <td style="font-size: 10pt; text-align: right; height: 10px; background-color: #d6f3e8; padding: 0px; border-bottom-width: 1px; width: 12%;"><span style="font-family: Times New Roman, Times, Serif;">56</span></td> <td style="font-size: 10pt; font-weight: bold; height: 10px; background-color: #d6f3e8; padding: 0px; width: 1%;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; height: 10px; border-bottom-width: 1px;"> <p style="margin: 0px;"><span style="font-family: Times New Roman, Times, Serif;">Change in Fair Value</span></p> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; height: 10px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; text-align: left; padding: 0px; text-indent: -10pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> <td style="font-size: 10pt; padding: 0px; text-indent: -10pt; text-align: right; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">0</span></td> <td style="font-size: 10pt; padding: 0px; height: 10px; border-bottom-width: 1px;"></td> <td style="font-size: 10pt; text-align: left; padding: 0px; text-indent: -10pt; height: 10px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; font-weight: bold; padding: 0px; height: 10px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> <td style="font-size: 10pt; padding: 0px; text-align: right; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: Times New Roman, Times, Serif;">0</span></td> <td style="padding: 0px; font-size: 10pt; text-align: left; height: 10px; vertical-align: middle;" valign="middle"></td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #d6f3e8;"> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif;">E<span style="line-height: inherit;">nding B</span>alance</span></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; text-align: left; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">$</span></td> <td style="font-size: 10pt; padding: 0px; text-align: right; height: 10px; background-color: #d6f3e8; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">56</span></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; font-weight: bold; padding: 0px; height: 10px; text-align: left; background-color: #d6f3e8; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</span></td> <td style="font-size: 10pt; text-align: right; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: Times New Roman, Times, Serif;">56</span></td> <td style="font-size: 10pt; font-weight: bold; padding: 0px; height: 10px; background-color: #d6f3e8;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> </tr> </tbody> </table> </div> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>March 31, 2024</span></span></p> <table cellpadding="0" cellspacing="0" style="height: 47px; border-collapse: collapse; width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%"> <tbody> <tr style="height: 10px;"> <td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br/></td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="10" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">  Fair Value Measurement Using  </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> in balance sheet </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"> <p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 17px; background-color: #d6f3e8;"> <td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Assets: </span></p> </td> <td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; vertical-align: bottom; text-indent: 0px; height: 10px; margin: 0px; width: 33%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Equity Securities </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"></td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 12%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"></td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"></td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 0 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 0 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> </tbody> </table> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>December 31, 2023</span></span></p> <table cellpadding="0" cellspacing="0" style="height: 43px; border-collapse: collapse; width: 100%; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%"> <tbody> <tr style="height: 10px;"> <td style="padding: 0px; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="10" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">  Fair Value Measurement Using  </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; height: 10px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> in balance sheet </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td style="height: 10px; border-bottom-width: 1px; padding: 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding: 0px;"> <p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 13px; background-color: #d6f3e8;"> <td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Assets: </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"><br/></td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td colspan="2" style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 13px; background-color: #d6f3e8;"> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; vertical-align: bottom; height: 10px; width: 33%;"> <p style="margin: 0pt 0pt 0pt 9pt; text-indent: -9pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Equity Securities </span></p> </td> <td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td> <td style="vertical-align: bottom; height: 10px; width: 1%;"> <p style="margin: 0pt; text-align: left;">$</p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 12%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 0 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 0 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%;"> <p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 56 </span></p> </td> <td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">   </span></p> </td> </tr> </tbody> </table> 56000 56000 0 0 56000 56000 56000 0 0 56000 <table cellpadding="0" cellspacing="0" style="height: 67px; border-collapse: collapse; width: 50%; margin-right: auto; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; flex: 0 0 auto;" width="50%"> <tbody> <tr style="vertical-align: bottom; height: 10px;"> <td style="font-size: 10pt; text-align: center; height: 10px; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt;"> </span></td> <td style="font-size: 10pt; text-align: center; height: 10px; border-bottom-width: 1px;"><br/></td> <td colspan="7" style="font-size: 10pt; text-align: center; height: 10px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;"><span>Three</span> Months Ended </span><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;"><span style="border-right: none; border-left: none; line-height: inherit;"><span>March 31</span>,</span></span></td> </tr> <tr style="height: 17px;"> <td style="font-size: 10pt; height: 17px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 17px; border-bottom-width: 1px;"><br/></td> <td colspan="2" style="font-size: 10pt; height: 17px; text-align: center; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;"><span>2024</span></span><br/></td> <td style="font-size: 10pt; height: 17px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 17px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td colspan="2" style="font-size: 10pt; height: 17px; text-align: center; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;"><span>2023</span></span><br/></td> <td style="font-size: 10pt; height: 17px; padding: 0px;"><br/></td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="font-size: 10pt; height: 10px; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> <td style="font-size: 10pt; height: 10px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> <td style="font-size: 10pt; height: 10px; padding: 0px; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> <td style="font-size: 10pt; height: 10px; padding: 0px;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #d6f3e8;"> <td style="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 68%;"><span style="font-family: Times New Roman, Times, Serif;">Beginning Balance  </span></td> <td style="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 1%;"><br/></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; text-align: left; border-bottom-width: 1px; width: 1%;"><span style="font-weight: bold; line-height: inherit;">$</span></td> <td style="font-size: 10pt; text-indent: -10pt; padding: 0px; text-align: right; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 12%;"><span style="font-weight: bold; line-height: inherit;">56</span></td> <td style="font-size: 10pt; text-indent: -10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 3%;"><br/></td> <td style="font-size: 10pt; text-align: left; text-indent: -10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px; width: 1%;"><br/></td> <td style="font-size: 10pt; font-weight: bold; height: 10px; text-align: left; background-color: #d6f3e8; padding: 0px; border-bottom-width: 1px; width: 1%;"><span style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</span></td> <td style="font-size: 10pt; text-align: right; height: 10px; background-color: #d6f3e8; padding: 0px; border-bottom-width: 1px; width: 12%;"><span style="font-family: Times New Roman, Times, Serif;">56</span></td> <td style="font-size: 10pt; font-weight: bold; height: 10px; background-color: #d6f3e8; padding: 0px; width: 1%;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; height: 10px; border-bottom-width: 1px;"> <p style="margin: 0px;"><span style="font-family: Times New Roman, Times, Serif;">Change in Fair Value</span></p> </td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; height: 10px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; text-align: left; padding: 0px; text-indent: -10pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> <td style="font-size: 10pt; padding: 0px; text-indent: -10pt; text-align: right; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">0</span></td> <td style="font-size: 10pt; padding: 0px; height: 10px; border-bottom-width: 1px;"></td> <td style="font-size: 10pt; text-align: left; padding: 0px; text-indent: -10pt; height: 10px; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; font-weight: bold; padding: 0px; height: 10px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> <td style="font-size: 10pt; padding: 0px; text-align: right; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: Times New Roman, Times, Serif;">0</span></td> <td style="padding: 0px; font-size: 10pt; text-align: left; height: 10px; vertical-align: middle;" valign="middle"></td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #d6f3e8;"> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px;"><span style="font-family: Times New Roman, Times, Serif;">E<span style="line-height: inherit;">nding B</span>alance</span></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; text-align: left; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">$</span></td> <td style="font-size: 10pt; padding: 0px; text-align: right; height: 10px; background-color: #d6f3e8; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">56</span></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 1px;"><br/></td> <td style="font-size: 10pt; font-weight: bold; padding: 0px; height: 10px; text-align: left; background-color: #d6f3e8; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</span></td> <td style="font-size: 10pt; text-align: right; padding: 0px; height: 10px; background-color: #d6f3e8; border-bottom-width: 2.5pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: Times New Roman, Times, Serif;">56</span></td> <td style="font-size: 10pt; font-weight: bold; padding: 0px; height: 10px; background-color: #d6f3e8;"><span style="font-family: Times New Roman, Times, Serif;"> </span></td> </tr> </tbody> </table> 56000 56000 0 0 56000 56000 <div style="font-family: 'times new roman', times; font-size: 10pt;"> <p style="margin: 0px; text-align: left; text-indent: 0px; line-height: 1.2;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Note <span style="border-left: none; border-right: none; line-height: inherit;">4</span>. Inventories</span><br/></p> </div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;">Inven<span style="line-height: inherit;">tories use</span>d in the determina<span style="line-height: inherit;">tion of cost of go</span>ods sold are as follows:</div> <div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"><br/></div> <div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"> <table style="height: 70px; width: 70%; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px auto; text-indent: 0px;" width="70%"> <tbody> <tr style="height: 10px; margin: 0px; text-indent: 0px;"> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td colspan="2" rowspan="2" style="height: 20px; text-align: center; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> <p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-weight: bold; line-height: inherit; font-size: 8pt;"><span>March 31</span>, </span></p> <p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-weight: bold; line-height: inherit; font-size: 8pt;"><span>2024</span></span><br/></p> </td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; height: 10px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td colspan="2" rowspan="2" style="height: 20px; text-align: center; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-weight: bold; line-height: inherit; font-size: 8pt;"><span>December 31</span>, </span></p> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-weight: bold; line-height: inherit; font-size: 8pt;"><span>2023</span></span><br/></p> </td> <td style="height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px;"> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; height: 10px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; border-bottom-width: 1px; width: 54%; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">Raw Materials</td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; border-bottom-width: 1px; width: 2%; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">$</span></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; border-bottom-width: 1px; width: 18%; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">1,135</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; border-bottom-width: 1px; width: 2%; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; background-color: #d6f3e8; height: 10px; border-bottom-width: 1px; width: 2%; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; border-bottom-width: 1px; width: 2%; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; border-bottom-width: 1px; width: 18%; vertical-align: bottom;" valign="bottom">1,172</td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px; width: 2%; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px;"> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">Work In Process</td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">324</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; height: 10px; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">301</td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;">Finished Goods<br/></p> </td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">362</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; background-color: #d6f3e8; height: 10px; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">288</td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px;"> <td style="height: 10px; margin: 0px; text-indent: 0px; text-align: left; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">Reserve for Obsolescence </td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">(10</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0.5px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold;">)</span></td> <td style="margin: 0px; text-indent: 0px; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">(10</td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0.5px; vertical-align: bottom;" valign="bottom">)</td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">Total Inventories, net</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">$</span></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">1,811</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; background-color: #d6f3e8; height: 10px; padding: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">$</td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">1,751</td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> </tbody> </table> </div> <table style="height: 70px; width: 70%; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px auto; text-indent: 0px;" width="70%"> <tbody> <tr style="height: 10px; margin: 0px; text-indent: 0px;"> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td colspan="2" rowspan="2" style="height: 20px; text-align: center; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> <p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-weight: bold; line-height: inherit; font-size: 8pt;"><span>March 31</span>, </span></p> <p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-weight: bold; line-height: inherit; font-size: 8pt;"><span>2024</span></span><br/></p> </td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; height: 10px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td colspan="2" rowspan="2" style="height: 20px; text-align: center; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-weight: bold; line-height: inherit; font-size: 8pt;"><span>December 31</span>, </span></p> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-weight: bold; line-height: inherit; font-size: 8pt;"><span>2023</span></span><br/></p> </td> <td style="height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px;"> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; height: 10px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; border-bottom-width: 1px; width: 54%; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">Raw Materials</td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; border-bottom-width: 1px; width: 2%; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">$</span></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; border-bottom-width: 1px; width: 18%; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">1,135</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; border-bottom-width: 1px; width: 2%; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; background-color: #d6f3e8; height: 10px; border-bottom-width: 1px; width: 2%; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; border-bottom-width: 1px; width: 2%; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; border-bottom-width: 1px; width: 18%; vertical-align: bottom;" valign="bottom">1,172</td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px; width: 2%; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px;"> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">Work In Process</td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">324</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; height: 10px; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">301</td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"> <p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;">Finished Goods<br/></p> </td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">362</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; background-color: #d6f3e8; height: 10px; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding-left: 0px; padding-right: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">288</td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 1px 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px;"> <td style="height: 10px; margin: 0px; text-indent: 0px; text-align: left; padding: 1px 0px 0px; vertical-align: bottom;" valign="bottom">Reserve for Obsolescence </td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">(10</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0.5px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold;">)</span></td> <td style="margin: 0px; text-indent: 0px; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; padding: 1px 0px 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">(10</td> <td style="height: 10px; margin: 0px; text-indent: 0px; padding: 0px 0px 0.5px; vertical-align: bottom;" valign="bottom">)</td> </tr> <tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8;"> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">Total Inventories, net</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">$</span></td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold; line-height: inherit;">1,811</span></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="margin: 0px; text-indent: 0px; background-color: #d6f3e8; height: 10px; padding: 0px; vertical-align: bottom;" valign="bottom"><br/></td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">$</td> <td style="height: 10px; text-align: right; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">1,751</td> <td style="height: 10px; margin: 0px; text-indent: 0px; background-color: #d6f3e8; padding: 0px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> </tbody> </table> 1135000 1172000 324000 301000 362000 288000 10000 10000 1811000 1751000 <div style="font-family: 'times new roman', times; font-size: 10pt;"> <p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><span style="font-weight: bold; font-size: 10pt; line-height: inherit;">Note <span>5</span>. Sto</span><span style="font-weight: bold; font-size: 10pt; line-height: inherit;">ck-B</span><span style="font-weight: bold; font-size: 10pt; line-height: inherit;">ased Compensation</span></p> </div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"> <div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt 0pt 10pt;"><span style="font-weight: bold; line-height: inherit;">Stock options</span></div> </div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"><span style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: inherit;"><span style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: inherit;">The <span>2013</span> Equity Incentive Plan (the “<span>2013</span> Plan”) authorizes the issuance of nonqualified stock options. Payment for the shares may be made in cash, shares of the Company’s common stock or a combination thereof. Under the terms of the <span>2013</span> Plan, non-qualified stock options are granted at a minimum of <span style="line-height: inherit;">100</span>% of fair market value on the date of grant and may be exercised at various times depending upon the terms of the option. All existing options expire <span style="line-height: inherit;">10</span> years from the date of grant, subject to early termination 12 months after termination of employment or service due to death, disability, or termination other than for cause.  </span></span><span style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: inherit;">The grants include a provision providing for acceleration of vesting upon a change of control in the Company.</span></div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"><br/></div> <div style="font-family: 'times new roman', times; font-size: 10pt;"> <p style="margin: 0in; font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: 1.2;"><span style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: inherit;">As of <span>March 31, 2024</span>, the total unrecognized compensation expense related to outstanding stock options was $104, which the Company expects to recognize through August 2027. The Company recognized compensation expense in connection with the vesting of stock options of approximately $8 for the <span>three</span> months ended <span>March 31, 2024</span>. There was no stock compensation expense related to stock option grants recognized in the first quarter of 2023.</span></p> <p style="margin: 0in; font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: 1.2;"><br/></p> <p style="margin: 0in; font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: 1.2;"><span style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: inherit;">There were no stock options granted or exercised in the three months ended March 31, 2024 and 2023.</span></p> </div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"><br/></div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"><span style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; font-weight: bold; line-height: inherit;">Restricted stock units</span></div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"><br/></div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"><span style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: inherit;"><span style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: inherit;">The <span>2013</span> Plan authorizes the issuance of restricted stock units. Stock-based compensation expense is determined on the grant date based on the closing market value of our common stock. The amount of expense is calculated based on an estimate of the number of awards expected to vest at the end of each vesting period and is expensed evenly over the vesting period. In connection with the time of vesting and issuance of shares, an eligible recipient of common stock may elect to have some shares withheld by the Company to satisfy any requirement for withholding taxes. </span></span><span style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; line-height: inherit;">The grants include a provision providing for acceleration of vesting upon a change of control in the Company.</span></div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"><br/></div> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;">As of <span>March 31, 2024</span>, the total unrecognized compensation expenses related to outstanding restricted stock units is $381, which the Company expects to recognize through August 2028. <span style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The Company recognized compensation expense in connection with the vesting of restricted stock units of approximately $21 for the <span>three</span> months ended <span>March 31, 2024</span>. </span><span style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">There was no stock compensation expense related to restricted stock unit grants recognized in the first quarter of 2023.</span></span></div> <p style="margin: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: 1.2;"><span style="font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: inherit;"> </span></p> <div style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: 1.2;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">There were no restricted stock units granted or exercised in the three months ended March 31, 2024 and 2023.</span></span></div> 1 P10Y P12M 104000 8000 0 0 0 381000 21000 0 0 0 <div style="font-family: 'times new roman', times; font-size: 10pt;"> <p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-weight: bold; font-size: 10pt; line-height: inherit;">Note 6. Contingencies</span><br/></p> </div> <p style="line-height: 1.2; margin: 0in; font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span></p> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 1.2;">The Company at times becomes subject to claims against it in the ordinary course of business.  There are currently <span>no</span> pending or threatened claims against the Company that it believes will have a material adverse effect on its results of operations or liquidity.</div> <p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-weight: bold; font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: inherit;">Note <span>7</span>. Subsequent Event</span></p> <p style="margin: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: 1.2;"><span style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: 1.2;"><span style="font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: inherit;"><span style="font-family: &quot;times new roman&quot;, times; line-height: inherit;">On Ap<span style="line-height: inherit;">ril <span>24</span>,</span> <span>2024</span>, the board </span>granted 25,000 stock options to <span>one</span> of its board members, with an exercise price of $4.13. The options vest 20% on the date of the grant and 20% annually thereafter.</span></p> 25000 4.13 0.20 0.20