Delaware
|
.
|
13-3115216
|
(State
of incorporation)
|
|
(IRS
Employer Identification Number)
|
|
|
|
3555
Veterans Memorial Highway, Suite C, Ronkonkoma, New
York
|
|
11779
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Title
of each class
|
Trading
Symbol(s)
|
Name of
each exchange on which registered
|
Common
Stock
|
LAKE
|
NASDAQ
|
Large accelerated filer ☐
|
Accelerated filer ☒
|
Non-accelerated
filer ☐
|
Smaller reporting company ☒
|
Emerging
growth company ☐
|
|
Class
|
Outstanding
at June 7, 2019
|
Common
Stock, $0.01 par value per share
|
8,013,840
shares
|
|
Three Months
Ended
April
30,
|
|
|
2019
|
2018
|
Net
sales
|
$
24,684
|
$
24,344
|
Cost of goods
sold
|
17,130
|
14,840
|
Gross
profit
|
7,554
|
9,504
|
Operating
expenses
|
7,869
|
7,088
|
Operating profit
(loss)
|
(315
)
|
2,416
|
Other income
(expense), net
|
(27
)
|
(1
)
|
Interest
expense
|
(34
)
|
(31
)
|
Income (loss)
before taxes
|
(376
)
|
2,384
|
Income tax
expense
|
89
|
517
|
Net income
(loss)
|
$
(465
)
|
$
1,867
|
Net income (loss)
per common share:
|
|
|
Basic
|
$
(0.06
)
|
$
0.23
|
Diluted
|
$
(0.06
)
|
$
0.23
|
Weighted average
common shares outstanding:
|
|
|
Basic
|
8,013,840
|
8,116,199
|
Diluted
|
8,013,840
|
8,160,380
|
|
Three Months
Ended
April
30,
|
|
|
2019
|
2018
|
|
|
|
Net income
(loss)
|
$
(465
)
|
$
1,867
|
Other comprehensive
loss:
|
|
|
Foreign currency
translation adjustments
|
(69
)
|
(203
)
|
Comprehensive
income (loss)
|
$
(534
)
|
$
1,664
|
ASSETS
|
April
30,
|
January
31,
|
|
2019
|
2019
|
Current
assets
|
|
|
Cash and cash
equivalents
|
$
14,282
|
$
12,831
|
Accounts
receivable, net of allowance for doubtful accounts of $539 and $434
at April 30, 2019 and January 31, 2019, respectively
|
15,167
|
16,477
|
Inventories
|
46,761
|
42,365
|
Prepaid VAT and
other taxes
|
1,351
|
1,478
|
Other current
assets
|
2,558
|
2,319
|
Total current
assets
|
80,119
|
75,470
|
Property and
equipment, net
|
10,596
|
10,781
|
Operating leases
right-of-use assets
|
2,234
|
-----
|
Deferred tax
assets
|
7,425
|
7,267
|
Prepaid VAT and
other taxes
|
176
|
176
|
Other
assets
|
144
|
158
|
Goodwill
|
871
|
871
|
Total
assets
|
$
101,565
|
$
94,723
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$
10,440
|
$
6,214
|
Accrued
compensation and benefits
|
1,655
|
1,137
|
Other accrued
expenses
|
3,061
|
2,825
|
Current maturity of
long-term debt
|
158
|
158
|
Current portion of
operating lease liabilities
|
676
|
-----
|
Total current
liabilities
|
15,990
|
10,334
|
Long-term
portion of debt
|
1,121
|
1,161
|
Long-term
portion of operating lease liabilities
|
1,559
|
-----
|
Total noncurrent
liabilities
|
2,680
|
1,161
|
Total
liabilities
|
18,670
|
11,495
|
Commitments and
contingencies
|
|
|
Stockholders’
equity
|
|
|
Preferred stock,
$0.01 par; authorized 1,500,000 shares (none issued)
|
-----
|
-----
|
Common stock, $0.01
par; authorized 20,000,000 shares
Issued
8,475,929 shares; outstanding 8,013,840 shares at April 30, 2019
and January 31, 2019, respectively
|
85
|
85
|
Treasury stock, at
cost; 462,089 shares
|
(4,517
)
|
(4,517
)
|
Additional paid-in
capital
|
75,813
|
75,612
|
Retained
earnings
|
13,835
|
14,300
|
Accumulated other
comprehensive loss
|
(2,321
)
|
(2,252
)
|
Total stockholders'
equity
|
82,895
|
83,228
|
Total liabilities
and stockholders' equity
|
$
101,565
|
$
94,723
|
|
Common
Stock
|
Treasury
Stock
|
Additional
Paid-in
|
Retained
Earnings
|
Accumulated Other
Comprehensive
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Earnings
|
Loss
|
Total
|
|
|
($000’s)
|
|
($000’s)
|
($000’s)
|
($000’s)
|
($000’s)
|
($000’s)
|
Balance, January
31, 2018
|
8,472,640
|
$
85
|
(356,441
)
|
$
(3,352
)
|
$
74,917
|
$
12,841
|
$
(1,651
)
|
$
82,840
|
|
|
|
|
|
|
|
|
|
Net
income
|
-----
|
-----
|
-----
|
-----
|
-----
|
1,867
|
-----
|
1,867
|
Other comprehensive
loss
|
-----
|
-----
|
-----
|
-----
|
-----
|
-----
|
(203
)
|
(203
)
|
Stock-based
compensation:
|
|
|
|
|
|
|
|
|
Restricted Stock
Plan
|
-----
|
-----
|
-----
|
-----
|
121
|
-----
|
-----
|
121
|
Balance, April 30,
2018
|
8,472,640
|
$
85
|
(356,441
)
|
$
(3,352
)
|
$
75,038
|
$
14,708
|
$
(1,854
)
|
$
84,625
|
|
|
|
|
|
|
|
|
|
Balance, January
31, 2019
|
8,475,929
|
$
85
|
(462,089
)
|
$
(4,517
)
|
$
75,612
|
$
14,300
|
$
(2,252
)
|
$
83,228
|
Net
loss
|
-----
|
-----
|
-----
|
-----
|
-----
|
(465
)
|
-----
|
(465
)
|
Other comprehensive
loss
|
-----
|
-----
|
-----
|
-----
|
-----
|
-----
|
(69
)
|
(69
)
|
Stock-based
compensation:
|
|
|
|
|
|
|
|
|
Restricted Stock
Plan
|
-----
|
-----
|
-----
|
-----
|
201
|
-----
|
-----
|
201
|
Balance, April 30,
2019
|
8,475,929
|
$
85
|
(462,089
)
|
$
(4,517
)
|
$
75,813
|
$
13,835
|
$
(2,321
)
|
$
82,895
|
|
Three Months
Ended
April
30,
|
|
|
2019
|
2018
|
Cash flows from
operating activities:
|
|
|
Net income
(loss)
|
$
(465
)
|
$
1,867
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities
|
|
|
Provision for
(recovery of) of doubtful accounts
|
105
|
(40
)
|
Deferred income
taxes
|
(158
)
|
188
|
Depreciation and
amortization
|
383
|
187
|
Stock based and
restricted stock compensation
|
201
|
119
|
Loss on disposal of
property and equipment
|
-----
|
5
|
Non-cash operating
lease expense
|
251
|
-----
|
(Increase) decrease
in operating assets
|
|
|
Accounts
receivable
|
1,144
|
(499
)
|
Inventories
|
(4,414
)
|
(1,580
)
|
Prepaid VAT and
other taxes
|
127
|
216
|
Other current
assets
|
(247
)
|
(699
)
|
Increase in
operating liabilities
|
|
|
Accounts
payable
|
4,242
|
1,086
|
Accrued expenses
and other liabilities
|
596
|
31
|
Operating lease
liabilities
|
(251
)
|
-----
|
Net cash provided
by operating activities
|
1,514
|
881
|
Cash flows from
investing activities:
|
|
|
Purchases of
property and equipment
|
(168
)
|
(272
)
|
Cash flows from
financing activities:
|
|
|
Loan repayments,
short-term
|
-----
|
(61
)
|
Loan borrowings,
short-term
|
-----
|
207
|
Loan repayments,
long-term
|
(40
)
|
(39
)
|
UK borrowings
(repayments) under line of credit facility, net
|
156
|
(179
)
|
Net cash provided
by (used in) financing activities
|
116
|
(72
)
|
Effect of exchange
rate changes on cash and cash equivalents
|
(11
)
|
(40
)
|
Net increase in
cash and cash equivalents
|
1,451
|
497
|
Cash and cash
equivalents at beginning of period
|
12,831
|
15,788
|
Cash and cash
equivalents at end of period
|
$
14,282
|
$
16,285
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
Cash paid for
interest
|
$
34
|
$
31
|
Cash paid for
taxes
|
$
276
|
$
303
|
|
|
|
Noncash
investing and financing
activities
|
|
|
Leased assets
obtained in exchange for operating lease
liabilities
|
$
2,486
|
$
-----
|
|
|
|
|
Three
Months Ended
April
30,
(in
millions of dollars)
|
|
|
2019
|
2018
|
External
Sales by region:
|
|
|
USA
|
$
12.87
|
$
12.35
|
Other
foreign
|
0.78
|
0.84
|
Europe
(UK)
|
2.39
|
2.57
|
Mexico
|
0.60
|
1.11
|
Asia
|
3.83
|
3.95
|
Canada
|
2.49
|
2.20
|
Latin
America
|
1.72
|
1.32
|
Consolidated
external sales
|
$
24.68
|
$
24.34
|
|
Three
Months Ended
April 30
,
(in
millions of dollars)
|
|
|
2019
|
2018
|
External
Sales by product lines:
|
|
|
Disposables
|
$
12.36
|
$
13.08
|
Chemical
|
5.06
|
4.43
|
Fire
|
1.40
|
1.47
|
Gloves
|
0.75
|
0.79
|
Hi-Vis
|
2.12
|
1.72
|
Wovens
|
2.99
|
2.85
|
Consolidated
external sales
|
$
24.68
|
$
24.34
|
|
April
30,
2019
|
January
31,
2019
|
|
|
|
Raw
materials
|
$
18,070
|
$
14,986
|
Work-in-process
|
1,694
|
987
|
Finished
goods
|
26,997
|
26,392
|
|
$
46,761
|
$
42,365
|
|
Classification
|
Three Months
Ended
April 30,
2019
|
Operating lease
cost
|
Cost of goods
sold
|
$
145
|
|
Operating
expenses
|
$
119
|
Short-term lease
cost
|
|
$
36
|
Year ending January
31,
|
Operating
Leases
(a)
|
Remainder of fiscal
year 2020
|
$
675
|
2021
|
697
|
2022
|
567
|
2023
|
486
|
2024
|
14
|
Thereafter
|
81
|
Total lease
payments
|
$
2,520
|
Less:
Interest
|
285
|
Present value of
lease liability
|
$
2,235
|
Weighted-average
remaining lease term (years)
|
April 30,
2019
|
Operating
leases
|
3.4
|
|
|
Weighted-average
discount rate
|
|
Operating
leases
|
6.0
%
|
Cash paid for
amounts included in the measurement of lease
liabilities;
|
Three Months
Ended
April 30,
2019
|
Operating cash flows from operating leases
|
$
264
|
Leased assets
obtained in exchange for new operating lease
liabilities
|
$
2,486
|
Year ended January
31,
|
Gross
rental
|
|
|
2019
|
$
1,022,162
|
2018
|
$
841,235
|
Year ending January
31,
|
|
|
|
2020
|
$
761,350
|
2021
|
446,494
|
2022
|
435,310
|
2023
|
313,633
|
2024
|
8,418
|
and
thereafter
|
8,944
|
Total
|
$
1,974,149
|
|
Short-Term
|
Long-term
|
Current
Maturity of
Long-term
|
|||
|
April
30,
|
January
31,
|
April
30,
|
January
31,
|
April
30,
|
January
31,
|
|
2019
|
2019
|
2019
|
2019
|
2019
|
2019
|
|
|
|
|
|
|
|
USA
|
$
-----
|
$
-----
|
$
1,121
|
$
1,161
|
$
158
|
$
158
|
UK
|
160
|
-----
|
-----
|
-----
|
-----
|
-----
|
Totals
|
$
160
|
$
-----
|
$
1,121
|
$
1,161
|
$
158
|
$
158
|
|
Total
|
1
Year
or
less
|
2
Years
|
3
Years
|
4
Years
|
5
Years
|
After 5
Years
|
|
|
|
|
|
|
|
|
Borrowings in
USA
|
$
1,279
|
$
158
|
$
1,121
|
$
-----
|
$
-----
|
$
-----
|
$
-----
|
Borrowing in the
UK
|
160
|
160
|
-----
|
-----
|
-----
|
-----
|
-----
|
Total
|
$
1,439
|
$
318
|
$
1,121
|
$
-----
|
$
-----
|
$
-----
|
$
-----
|
|
Number of shares
awarded total
|
|||
|
Minimum
|
Target
|
Maximum
|
Cap
|
Employees
|
42,061
|
63,095
|
84,126
|
101,001
|
Non-employee
Directors
|
14,414
|
21,622
|
28,829
|
34,595
|
Total
|
56,475
|
84,717
|
112,955
|
135,596
|
|
Three Months
Ended
|
|
|
April
30,
|
|
|
2019
|
2018
|
2017
Plan
|
$
201,829
|
$
121,153
|
Stock appreciation
rights (2017 Plan)
|
(121
)
|
(1,913
)
|
Total stock-based
compensation
|
$
201,708
|
$
119,240
|
Shares issued
under
2017 Stock
Plan
|
Outstanding Unvested
Grants at Maximum at Beginning of FY20
|
Granted
during
FY20
|
Becoming Vested
during FY20
|
Forfeited
during
FY20
|
Outstanding Unvested
Grants at Maximum at End of
April 30,
2019
|
Restricted stock
grants – employees
|
84,126
|
-----
|
-----
|
-----
|
84,126
|
Restricted stock
grants – non-employee directors
|
28,829
|
-----
|
-----
|
-----
|
28,829
|
Retainer in stock
– non-employee directors
|
25,044
|
3,341
|
-----
|
-----
|
28,385
|
Total
restricted stock
|
137,999
|
3,341
|
-----
|
-----
|
141,340
|
|
|
|
|
|
|
Weighted average
grant date fair value
|
$
13.77
|
$
12.69
|
$
-----
|
$
-----
|
$
13.75
|
|
Three Months
Ended
April
30,
|
|
|
(in
$000s except share and per share information)
|
|
|
2019
|
2018
|
Numerator:
|
|
|
Net income
(loss)
|
$
(465
)
|
$
1,867
|
Denominator:
|
|
|
Denominator for
basic earnings (loss) per share (weighted-average shares which
reflect shares in the treasury, 462,089 and 356,441 for April 30,
2019 and 2018, respectively)
|
8,013,840
|
8,116,199
|
Effect of dilutive
securities from restricted stock plan and from dilutive effect of
warrants
|
-----
|
44,181
|
Denominator for
diluted earnings (loss) per share (adjusted weighted average
shares)
|
8,013,840
|
8,160,380
|
Basic earnings
(loss) per share
|
$
(0.06
)
|
$
0.23
|
Diluted earnings
(loss) per share
|
$
(0.06
)
|
$
0.23
|
Warrants and
restricted stock awards excluded from the computation of diluted
loss per share because the effect of inclusion would have been
anti-dilutive.
|
196,340
|
-----
|
|
Three Months
Ended
April
30,
|
|||
|
2019
|
2018
|
||
|
|
|
|
|
Domestic
|
$
12.87
|
52.12
%
|
$
12.35
|
50.75
%
|
International
|
11.81
|
47.88
%
|
11.99
|
49.25
%
|
Total
|
$
24.68
|
100.00
%
|
$
24.34
|
100.00
%
|
|
|
|
|
|
|
Three Months
Ended
April
30,
(in
millions of dollars)
|
|
|
2019
|
2018
|
Net
Sales:
|
|
|
USA
|
$
13.90
|
$
13.31
|
Other
foreign
|
1.36
|
1.49
|
Europe
(UK)
|
2.39
|
2.57
|
Mexico
|
0.90
|
1.47
|
Asia
|
13.18
|
13.83
|
Canada
|
2.50
|
2.21
|
Latin
America
|
1.74
|
1.42
|
Corporate
|
-----
|
0.36
|
Less intersegment
sales
|
(11.29
)
|
(12.32
)
|
Consolidated
sales
|
$
24.68
|
$
24.34
|
External
Sales:
|
|
|
USA
|
$
12.87
|
$
12.35
|
Other
foreign
|
0.78
|
0.84
|
Europe
(UK)
|
2.39
|
2.57
|
Mexico
|
0.60
|
1.11
|
Asia
|
3.83
|
3.95
|
Canada
|
2.49
|
2.19
|
Latin
America
|
1.72
|
1.33
|
Consolidated
external sales
|
$
24.68
|
$
24.34
|
Intersegment
Sales:
|
|
|
USA
|
$
1.03
|
$
0.96
|
Other
foreign
|
0.58
|
0.65
|
Mexico
|
0.30
|
0.36
|
Asia
|
9.35
|
9.88
|
Canada
|
0.01
|
0.02
|
Latin
America
|
0.02
|
0.09
|
Corporate
|
-----
|
0.36
|
Consolidated
intersegment sales
|
$
11.29
|
$
12.32
|
|
Three Months
Ended
April
30,
(in
millions of dollars)
|
|
|
2019
|
2018
|
Operating Profit
(Loss):
|
|
|
USA
|
$
0.82
|
$
2.63
|
Other
foreign
|
0.14
|
0.06
|
Europe
(UK)
|
0.01
|
0.09
|
Mexico
|
(0.18
)
|
0.13
|
Asia
|
0.23
|
0.58
|
Canada
|
0.25
|
0.37
|
Latin
America
|
0.24
|
0.14
|
Corporate
|
(1.94
)
|
(1.79
)
|
Less intersegment
profit
|
0.11
|
0.21
|
Consolidated
operating profit (loss)
|
$
(0.32
)
|
$
2.42
|
Depreciation and
Amortization Expense:
|
|
|
USA
|
$
0.13
|
$
0.03
|
Other
foreign
|
(0.01
)
|
0.01
|
Europe
(UK)
|
-----
|
-----
|
Mexico
|
0.04
|
0.03
|
Asia
|
0.14
|
0.05
|
Canada
|
-----
|
0.02
|
Latin
America
|
0.01
|
0.01
|
Corporate
|
0.08
|
0.05
|
Less
intersegment
|
(0.01
)
|
(0.01
)
|
Consolidated
depreciation & amortization expense
|
$
0.38
|
$
0.19
|
Interest
Expense:
|
|
|
Latin
America
|
$
0.02
|
$
0.02
|
Corporate
|
0.01
|
0.01
|
Consolidated
interest expense
|
$
0.03
|
$
0.03
|
Income Tax
Expense:
|
|
|
Europe
(UK)
|
$
-----
|
$
0.02
|
Asia
|
0.15
|
0.16
|
Canada
|
0.04
|
0.08
|
Latin
America
|
0.01
|
0.01
|
Corporate
|
(0.13
)
|
0.19
|
Less
intersegment
|
0.02
|
0.06
|
Consolidated income
tax expense
|
$
0.09
|
$
0.52
|
Capital
Expenditures:
|
|
|
USA (including
Corporate)
|
$
0.07
|
$
(0.03
)
|
Other
foreign
|
-----
|
0.04
|
Mexico
|
0.06
|
0.08
|
Asia
|
0.04
|
0.18
|
Consolidated
capital expenditure
|
$
0.17
|
$
0.27
|
|
April
30,
2019
(in
millions of dollars)
|
January 31,
2019
(in
millions of dollars)
|
Total Assets:
*
|
|
|
USA
Operations
|
$
68.71
|
$
67.26
|
Other
foreign
|
1.68
|
1.54
|
Europe
(UK)
|
4.49
|
4.37
|
Mexico
|
4.99
|
5.00
|
Asia
|
41.09
|
39.52
|
Canada
|
7.20
|
7.47
|
Latin
America
|
7.12
|
7.42
|
Corporate
|
24.02
|
25.07
|
Less
intersegment
|
(57.73
)
|
(62.93
)
|
Consolidated
assets
|
$
101.57
|
$
94.72
|
Total Assets Less
Intersegment:*
|
|
|
USA
Operations
|
$
31.04
|
$
29.76
|
Other
foreign
|
3.13
|
2.85
|
Europe
(UK)
|
4.49
|
4.36
|
Mexico
|
4.95
|
5.13
|
Asia
|
26.49
|
20.97
|
Canada
|
6.38
|
6.64
|
Latin
America
|
5.35
|
5.27
|
Corporate
|
19.74
|
19.74
|
Consolidated
assets
|
$
101.57
|
$
94.72
|
Property and
Equipment
|
|
|
USA (including
Corporate)
|
$
3.74
|
$
3.87
|
Other
foreign
|
0.20
|
0.19
|
Europe
(UK)
|
0.01
|
0.01
|
Mexico
|
2.15
|
2.14
|
Asia
|
3.10
|
3.17
|
Canada
|
1.26
|
1.26
|
Latin
America
|
0.06
|
0.07
|
Less
intersegment
|
0.07
|
0.07
|
Consolidated
long-lived assets
|
$
10.59
|
$
10.78
|
Goodwill:
|
|
|
USA
Operations
|
$
0.87
|
$
0.87
|
Consolidated
goodwill
|
$
0.87
|
$
0.87
|
|
Three
Months Ended
April
30,
(in
millions of dollars)
|
|
|
2019
|
2018
|
External
Sales by geographic region:
|
|
|
USA
|
$
12.87
|
$
12.35
|
Other
foreign
|
0.78
|
0.84
|
Europe
(UK)
|
2.39
|
2.57
|
Mexico
|
0.60
|
1.11
|
Asia
|
3.83
|
3.95
|
Canada
|
2.49
|
2.20
|
Latin
America
|
1.72
|
1.32
|
Consolidated
external sales
|
$
24.68
|
$
24.34
|
|
Three
Months Ended
April
30,
(in
millions of dollars)
|
|
|
2019
|
2018
|
External
Sales by product lines:
|
|
|
Disposables
|
$
12.36
|
$
13.08
|
Chemical
|
5.06
|
4.43
|
Fire
|
1.40
|
1.47
|
Gloves
|
0.75
|
0.79
|
Hi-Vis
|
2.12
|
1.72
|
Wovens
|
2.99
|
2.85
|
Consolidated
external sales
|
$
24.68
|
$
24.34
|
10.1
*
|
Amended Bank
Covenant, dated June 7, 2019, by and between Lakeland Industries,
Inc. and SunTrust Bank
|
31.1
*
|
Certification
of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
31.2
*
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
*
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
*
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
101.INS
|
XBRL
instance Document
|
101.SCH
|
XBRL
Taxonomy Extension Schema Document
|
101.CAL
|
XBRL
Taxonomy Extension Definitions Document
|
101.DEF
|
XBRL
Taxonomy Extension Labels Document
|
101.LAB
|
XBRL
Taxonomy Extension Labels Document
|
101.PRE
|
XBRL
Taxonomy Extension Presentations Document
|
|
LAKELAND INDUSTRIES, INC.
(Registrant)
|
|
|
|
|
Date:
June 10, 2019
|
/s/ Christopher J. Ryan
|
|
Christopher
J. Ryan,
Chief
Executive Officer, President and Secretary (Principal Executive
Officer and Authorized Signatory)
|
|
|
|
|
Date:
June 10, 2019
|
/s/ Christopher J. Ryan
|
|
Christopher
J. Ryan,
(Principal
Financial Officer and Authorized Signatory)
|
June
10, 2019
|
/s/Christopher J. Ryan
|
|
Christopher
J. Ryan
|
|
Chief
Executive Officer, President and Secretary
|
June
10, 2019
|
/s/Christopher J. Ryan
|
|
Christopher
J. Ryan
|
|
Principal
Financial Officer and Authorized Signatory
|
June
10, 2019
|
/s/Christopher J. Ryan
|
|
Christopher
J. Ryan
|
|
Chief
Executive Officer, President and Secretary
|
June
10, 2019
|
/s/Christopher J.
Ryan
Christopher J. Ryan
Principal Financial Officer and Authorized Signatory
|