Manitex Worldwide : RABERN RENTALS, LP FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REPORT – Kind 8-Okay/A

RABERN RENTALS, LP

FINANCIAL STATEMENTS

AND INDEPENDENT AUDITORS’ REPORT

DECEMBER 31, 2021

RABERN RENTALS, LP

DECEMBER 31, 2021

CONTENTS

Unbiased Auditors’ Report

To the Companions

Rabern Leases, LP

Opinion

We now have audited the accompanying monetary statements of Rabern Leases, LP (a Texas Restricted Partnership), which comprise the stability sheet as of December 31, 2021, and the associated statements of earnings, adjustments in companions’ fairness, and money flows for the 12 months then ended, and the associated notes to the monetary statements.

In our opinion, the monetary statements referred to above current pretty, in all materials respects, the monetary place of Rabern Leases, LP as of December 31, 2021, and the outcomes of its operations and its money flows for the 12 months then resulted in accordance with accounting ideas usually accepted in the US of America.

Foundation for Opinion

We carried out our audit in accordance with auditing requirements usually accepted in the US of America. Our tasks underneath these requirements are additional described within the Auditors’ Obligations for the Audit of the Monetary Statements part of our report. We’re required to be unbiased of Rabern Leases, LP and to satisfy our different moral tasks in accordance with the related moral necessities referring to our audit. We consider that the audit proof we’ve obtained is ample and acceptable to offer a foundation for our audit opinion.

Obligations of Administration for the Monetary Statements

Administration is chargeable for the preparation and honest presentation of the monetary statements in accordance with accounting ideas usually accepted in the US of America, and for the design, implementation, and upkeep of inner management related to the preparation and honest presentation of monetary statements which are free from materials misstatement, whether or not as a result of fraud or error.

In making ready the monetary statements, administration is required to guage whether or not there are circumstances or occasions, thought of within the mixture, that increase substantial doubt about Rabern Leases, LP’s means to proceed as a going concern inside one 12 months after the date that the monetary statements can be found to be issued.

Auditors’ Obligations for the Audit of the Monetary Statements

Our aims are to acquire cheap assurance about whether or not the monetary statements as a complete are free from materials misstatement, whether or not as a result of fraud or error, and to subject an auditors’ report that features our opinion. Affordable assurance is a excessive stage of assurance however just isn’t absolute assurance and subsequently just isn’t a assure that an audit carried out in accordance with usually accepted auditing requirements will at all times detect a fabric misstatement when it exists. The chance of not detecting a fabric misstatement ensuing from fraud is larger than for one ensuing from error, as fraud could contain collusion, forgery, intentional omissions, misrepresentations, or the override of inner management. Misstatements are thought of materials if there’s a substantial probability that, individually or within the mixture, they might affect the judgment made by an inexpensive consumer based mostly on the monetary statements.

Auditors’ Obligations for the Audit of the Monetary Statements (Continued)

In performing an audit in accordance with usually accepted auditing requirements, we:

We’re required to speak with these charged with governance concerning, amongst different issues, the deliberate scope and timing of the audit, vital audit findings, and sure inner management associated issues that we recognized in the course of the audit.

Dallas, Texas

April 8, 2022

2

Rabern Leases, LP

(A Texas Restricted Partnership)

BALANCE SHEET

December 31, 2021

3

Rabern Leases, LP

(A Texas Restricted Partnership)

STATEMENT OF INCOME

Yr Ended December 31, 2021

4

Rabern Leases, LP

(A Texas Restricted Partnership)

STATEMENT OF CHANGES IN PARTNERS’ EQUITY

Yr Ended December 31, 2021

5

Rabern Leases, LP

(A Texas Restricted Partnership)

STATEMENT OF CASH FLOWS

Yr Ended December 31, 2021

6

Rabern Leases, LP

NOTES TO FINANCIAL STATEMENTS

BUSINESS ACTIVITY

Rabern Leases, LP (the “Partnership”) is a Texas restricted partnership shaped on June 4, 2000. It’s engaged within the rental, sale and repair of business and industrial gear. The Partnership has three areas within the Texas panhandle. The Partnership’s operations are ruled by the Settlement of Restricted Partnership (the “Settlement”). Companions ought to consult with the Settlement for an in depth description of its phrases and provisions.

The Partnership will proceed in existence till the Partnership is terminated pursuant to the Texas Enterprise Organizations Code or till dissolved as offered within the Settlement. Upon dissolution of the Partnership, the Basic Associate will promptly wind up the affairs of the Partnership and make closing distributions as offered by the Settlement.

A abstract of the numerous accounting insurance policies persistently utilized within the preparation of the accompanying monetary statements in accordance with accounting ideas usually accepted in the US of America (“GAAP”) is as follows:

Companions’ Fairness

Restricted Associate Legal responsibility

A restricted accomplice just isn’t personally liable or sure for the bills, liabilities, or obligations of the Partnership past the quantity of such accomplice’s capital contributions as outlined within the Settlement.

Extra Capital Contributions

If the overall accomplice requires, every Associate could once in a while be required, upon demand by the overall accomplice to make an extra capital contributions pursuant to the Settlement. Extra capital contributions by a restricted accomplice are topic to the consent of the overall accomplice. Extra capital contributions by a common accomplice are topic to the consent of fifty-one p.c of the then excellent possession curiosity of the restricted companions.

Allocations of Earnings and Losses

Earnings and losses are allotted to the Companions in accordance with the Settlement.

Return of Capital

No Associate has the appropriate to withdraw, demand a return or cut back his capital contribution to the Partnership. Within the occasion a return of or discount within the capital account of a Associate is made, any quantities paid to such Associate shall be decreased by all prices, charges and different bills incurred by the Partnership in facilitating such return of or discount in capital.

Capital Accounts

A Partnership capital account is established and maintained for every Associate all through the existence of the Partnership. The quantity in a Associate’s capital account is the quantity of such Associate’s preliminary capital contribution plus further capital contribution, and every other voluntary capital contribution made by such Associate and such Associate’s share of the Partnership’s earnings. A Associate’s capital account is decreased by the amount of cash and the honest market worth of property distributed to such Associate (internet of liabilities securing such distributed property that the Associate is taken into account to imagine or take topic to underneath Part 752 of the Code) and by the quantity of losses allotted to such Associate, and by different gadgets of deduction specifically allotted to such Associate. The capital accounts don’t bear curiosity.

Tendencies and Transfers of Partnership Pursuits

Besides as set forth within the Settlement, no restricted accomplice could switch nor encumber all or any portion of such accomplice’s curiosity within the Partnership with out the prior consent of the overall accomplice, which consent could also be granted or withheld within the sole discretion of the overall accomplice.

Besides as set forth within the Settlement, further common companions is probably not admitted to the Partnership with out the consent of all the companions.

7

Rabern Leases, LP

NOTES TO FINANCIAL STATEMENTS

Money and Money Equivalents

Within the regular course of enterprise, the Partnership maintains money and money equal balances at monetary establishments situated in Texas which at instances could exceed federally insured limits. The Partnership has not skilled any losses in such accounts and believes it isn’t uncovered to any vital credit score danger. The Partnership considers extremely liquid investments bought with unique maturities of three months or much less to be money equivalents.

Accounts Receivable

Within the regular course of enterprise, the Partnership grants credit score to enterprise clients situated all through Texas. Cost is often due inside 30 days of the bill date. Due to credit score danger concerned, an allowance for uncertain accounts is maintained at a stage which the Partnership’s administration believes is satisfactory to cowl potential losses. Administration determines the allowance for uncertain accounts by figuring out troubled accounts and by utilizing historic expertise utilized to an getting old of accounts. Administration additionally determines the allowance for uncertain accounts by usually evaluating particular person buyer receivables and contemplating a buyer’s monetary situation, credit score historical past, and present financial circumstances. The Partnership writes off accounts receivable once they turn into uncollectible. Recoveries of commerce receivables beforehand written off are recorded when obtained. The allowance for uncertain accounts was $215,731 at December 31, 2021.

Stock

Stock is acknowledged on the decrease of value and internet realizable worth. Web realizable worth is the estimated promoting value within the extraordinary course of enterprise, much less moderately predictable prices of completion, disposal, and transportation. Price is set on the weighted common foundation. The Partnership usually evaluates and offers stock valuation allowances for any non-saleable, extra or out of date inventories. If the online realizable worth of the product is lower than value, the Partnership will set up an allowance to put in writing down the associated stock to estimated internet realizable worth. The allowance for stock reserve was $229,432 at December 31, 2021.

Rental Tools

Rental gear is acknowledged at value, much less collected depreciation and amortization. Depreciation is offered in quantities ample to narrate the price of depreciable belongings to operations over their estimated service lives. Depreciation expense is included within the accompanying statements of earnings in value of gross sales. Rental gear is depreciated whether or not or not it’s out on lease. Straight-line strategies are adopted for monetary reporting and modified accelerated value restoration strategies are used for tax functions. Depreciation charges are reviewed based mostly on administration’s ongoing evaluation of current and future market circumstances, their impact on residual values on the anticipated time of disposal and the estimated holding interval. Positive factors and losses on the sale of rental gear, together with the prices related to disposals are included within the accompanying assertion of earnings. The Partnership evaluates rental gear to find out whether or not occasions or adjustments in circumstances have occurred that will warrant revisions of the estimated service lives.

Property and Tools

Property and gear are acknowledged at value, much less collected depreciation and amortization. Depreciation is offered in quantities ample to narrate the price of depreciable belongings to operations over their estimated service lives. Depreciation expense is included within the accompanying statements of earnings in value of gross sales and working bills. Leasehold enhancements are amortized over the lifetime of the respective lease or the service lifetime of the development, whichever is shorter. Straight-line strategies are adopted for monetary reporting and modified accelerated value restoration strategies are used for tax functions.

8

Rabern Leases, LP

NOTES TO FINANCIAL STATEMENTS

Property and Tools (Continued)

Upkeep and repairs are charged to operations as incurred; main repairs and replacements are capitalized. When gadgets of property or gear are offered or retired, the associated value and collected depreciation are faraway from the accounts and any achieve or loss is included in operations.

Money Give up Worth of Life Insurance coverage

The Partnership has bought life insurance coverage insurance policies with a face worth of roughly $4,000,000 to cowl the longer term legal responsibility and the Partnership for 4 key staff. The Partnership has recorded the money give up worth of sure life insurance coverage insurance policies during which the Partnership is the beneficiary.

Income Recognition

Gross sales of Tools and Elements

The Partnership sells gear and components to clients within the development business. Gross sales costs are decided by the Partnership’s customary phrases and circumstances, or in sure circumstances, are the results of particular negotiations with a buyer. Efficiency obligations are outlined as the duty to switch every unit of kit or components ordered to the client. The Partnership acknowledges income for merchandise transferred to the client on the time limit during which the efficiency obligation is glad, which is taken into account to be the time limit during which the client obtains management of the great, which is usually no sooner than when the client has bodily possession of the products promised within the contract and when collectability is possible. The obtainment of bodily possession of promised items by the client is taken into account to be the time limit during which the client can direct the use and procure considerably all the remaining advantages of the asset.

Tools Servicing

The Partnership offers providers for repairing giant gear to clients with gross sales costs decided based mostly on the standalone promoting value of the providers carried out, that are fastened on the time of sale. Efficiency obligations are outlined as the duty to carry out the providers requested by the client. The Partnership acknowledges income for providers carried out for the client on the time during which the efficiency obligation is glad, which is taken into account to be the time limit during which the requested service is rendered full and assortment is possible. The completion of the requested service is taken into account to be the time limit during which the client can direct using and procure considerably all the remaining advantages of the service offered.

Tools Rental

The Partnership rents gear to clients, for sometimes 3 months or much less, based mostly on the standalone rental value of the gear to be rented. The Partnership usually doesn’t present an possibility for the lessee to buy the rented gear on the finish of the lease. Efficiency obligations are outlined as the duty to offer every unit of kit detailed within the rental settlement for the outlined interval. Rental contracts are in a position to be modified by the client with out penalty. The Partnership acknowledges income when persuasive proof of a contract exists, the efficiency obligations have been glad, that transaction value is fastened or determinable and assortment within reason assured. Efficiency obligations are glad over the rental interval during which the client has bodily possession of the rental gear. Funds are due from clients on the completion of the rental, besides for patrons with negotiated fee phrases, usually 30 days or much less, that are invoiced and stay as accounts receivable till collected.

Ancillary Income

Efficiency of obligations related to rental associated actions, equivalent to charging the client for the fueling of kit, gear supply and pick-up, and value-added providers equivalent to loss injury waivers and different consumables, are glad over the rental interval or recorded on the time limit when the Partnership sells the product or offers the service to the client

9

Rabern Leases, LP

NOTES TO FINANCIAL STATEMENTS

Contracts

The Partnership has elected a sensible expedient to acknowledge incremental prices incurred to acquire contracts, which primarily signify gross sales fee the place the amortization interval could be lower than one 12 months, as an expense when incurred within the monetary statements.

The Partnership acknowledges receivables and liabilities ensuing from its contracts with clients. Contract receivables primarily include receivables from clients for gear leases. Contract liabilities primarily include obligations to clients for pay as you go gear leases and buyer deposits.

Delivery and Dealing with Prices

The Partnership information transport and dealing with prices as a part of value of gross sales. Billings for third-party transport and dealing with prices are included in gross sales. Postage paid by clients is excluded from income and price of gross sales.

Earnings Taxes

For Federal earnings tax functions the companions are taxed on their proportionate share of the Partnership’s taxable earnings. Due to this fact, no provision or legal responsibility for Federal earnings tax has been included in these monetary statements.

The Firm’s Federal earnings tax returns are topic to examination by the Inside Income Service (“IRS”). Since many forms of transactions are vulnerable to various interpretations underneath Federal earnings tax legal guidelines and rules, quantities reported within the accompanying monetary statements could also be topic to vary if efficiently challenged by the IRS.

The Monetary Accounting Requirements Board issued steering on accounting for uncertainty in earnings taxes. Administration evaluated the Partnership’s tax positions and concluded that the Partnership had taken no unsure tax positions that require adjustment to the monetary statements to adjust to the provisions of this steering. Nevertheless, the conclusions concerning accounting for uncertainty in earnings taxes are topic to overview and could also be adjusted at a later date based mostly on components together with, however not restricted to, ongoing evaluation of tax legal guidelines, rules, and interpretations thereof.

Texas franchise tax is assessed on 0.375% of taxable margin apportioned to Texas. Because the tax base for computing Texas franchise tax is derived from an income-based measure, administration has decided that the franchise tax is an earnings tax.

Promoting Prices

Promoting prices are expensed within the interval incurred as a part of common and administrative bills within the accompanying assertion of earnings. Promoting expense for the 12 months ended December 31, 2021 was $136,958.

Use of Estimates

In making ready monetary statements in conformity with GAAP, administration is required to make estimates and assumptions that have an effect on the reported quantities of belongings and liabilities, the disclosure of contingent belongings and liabilities on the date of the monetary statements, and the reported quantities of revenues and bills in the course of the reporting interval. Precise outcomes might differ from these estimates.

Latest Accounting Pronouncements

In February 2016, the Monetary Accounting Requirements Board (“FASB”) issued Accounting Requirements Replace (“ASU”) No. 2016-02,Leases (Matter 842) (“ASU No. 2016-02”), which would require a lessee to acknowledge belongings and liabilities for leases with lease phrases of greater than twelve months. Per present GAAP, the popularity, measurement, and presentation of bills and money flows arising from a lease by a lessee primarily will depend upon its classification as a capital or working lease. Nevertheless, in contrast to present GAAP – which requires solely capital leases to be acknowledged on the stability sheet – ASU No. 2016-02 would require each capital and working leases to be acknowledged on the stability sheet.

10

Rabern Leases, LP

NOTES TO FINANCIAL STATEMENTS

Latest Accounting Pronouncements (Continued)

Varied subsequent accounting requirements have been issued by the FASB that make clear, modify, or increase the steering for ASU No. 2016-02, which has been codified as Matter 842. In November 2019, the FASB issued ASU No. 2019-10,Monetary Devices-Credit score Losses (Matter 326), Derivatives and Hedging (Matter 815), and Leases (Matter 842): Efficient Dates, which deferred the efficient date of Matter 842, as amended, by one 12 months. In June 2020, in response to issues concerning the implementation of Matter 842 within the midst of the COVID-19 pandemic, the FASB issued ASU No. 2020-05,Income from Contracts with Clients (Matter 606) and Leases (Matter 842): Efficient Dates for Sure Entities, which offered sure entities that had not but issued their monetary statements (or made monetary statements accessible for issuance) reflecting the adoption of Matter 842 with an extra one-year deferral of the implementation of Matter 842, which was adopted by the Firm in the course of the 12 months ended December 31, 2020. The steering set forth in Matter 842 is now efficient for personal corporations for fiscal years starting after December 15, 2021, and interim intervals inside fiscal years starting after December 15, 2022. Early software is permitted.

In June 2016, the FASB issued ASU No. 2016-13,Monetary Devices-Credit score Losses (Matter 326): Measurement of Credit score Losses on Monetary Devices. The amendments on this ASU have an effect on entities holding monetary belongings and internet funding in leases that aren’t accounted for at honest worth by internet earnings. The amendments have an effect on loans, debt securities, commerce receivables, internet investments in leases, off-balance-sheet credit score exposures, reinsurance receivables, and every other monetary belongings not excluded from the scope which have the contractual proper to obtain money. The amendments on this ASU have an effect on an entity to various levels relying on the credit score high quality of the belongings held by the entity, their length, and the way the entity applies present GAAP. The amendments on this ASU require a monetary asset (or a gaggle of monetary belongings) measured at amortized value foundation to be offered on the internet quantity anticipated to be collected. The allowance for credit score losses is a valuation account that’s deducted from the amortized value foundation of the monetary asset(s) to current the online carrying worth on the quantity anticipated to be collected on the monetary asset. The earnings assertion will mirror the measurement of credit score losses for newly acknowledged monetary belongings, in addition to the anticipated will increase or decreases of anticipated credit score losses in the course of the interval. The measurement of anticipated credit score losses is predicated on related details about previous occasions, together with historic expertise, present circumstances, and cheap and supportable forecasts that have an effect on the collectability of the reported quantity. An entity should use judgment in figuring out the related data and estimation strategies which are acceptable in its circumstances. The allowance for credit score losses and associated credit score loss expense will change the beforehand used allowance for uncertain accounts and associated unhealthy debt expense, respectively, because it pertains to commerce receivables.

Varied subsequent accounting requirements have been issued by the FASB that make clear, modify, or increase the steering for ASU No. 2016-13, which has been codified as Matter 326. In November 2019, the FASB issued ASU No. 2019-10,Monetary Devices-Credit score Losses (Matter 326), Derivatives and Hedging (Matter 815), and Leases (Matter 842): Efficient Dates, which deferred the efficient date of Matter 326, as amended, by one 12 months. The amendments on this ASU at the moment are efficient for personal corporations for fiscal years starting after December 15, 2022, together with interim intervals inside these fiscal years. All entities could undertake the amendments on this ASU earlier as of the fiscal years starting after December 15, 2018, together with interim intervals inside these fiscal years. An entity will apply the amendments on this ASU by a cumulative-effect adjustment to retained earnings as of the start of the primary reporting interval during which the steering is efficient (that’s, a modified-retrospective strategy).

The Partnership is at present assessing the impression these current accounting pronouncements can have on its monetary statements.

11

Rabern Leases, LP

NOTES TO FINANCIAL STATEMENTS

Property and gear include the next at December 31, 2021:

Depreciation expense for the 12 months ending December 31, 2021 was $4,249,692. Depreciation expense of $3,966,297 associated to rental gear is included in value of gross sales within the assertion of earnings. Depreciation expense of $283,395 associated to non-rental property and gear is included in working bills within the assertion of earnings.

Notes payable consists of the next at December 31, 2021:

Credit score and Safety Settlement

Accrued bills include the next at December 31, 2021:

12

Rabern Leases, LP

NOTES TO FINANCIAL STATEMENTS

Hazardous Supplies

The Partnership’s services are topic to federal, state, and native rules referring to the discharge of supplies into the atmosphere. Compliance with these provisions has not had, nor does the Partnership count on such compliance to have, any materials impact upon the capital expenditures, internet earnings, monetary situation, or aggressive place of the Partnership. Administration believes that its present practices and procedures for the management and disposition of such wastes adjust to relevant federal and state necessities.

Working Leases

The Partnership has working lease agreements with associated events for its workplace house, and three retail shops. Lease expense underneath these working leases was $301,500 for the 12 months ended December 31, 2021 and is included typically and administrative bills within the accompanying assertion of earnings. Lease expense is recorded as incurred. Every lease is underneath a month to month association and as such there are not any future minimal commitments for any of the leases. Administration expects that within the regular course of enterprise, leases that expire can be renewed or changed by different leases; thus it’s anticipated that future minimal lease commitments won’t be lower than the quantity proven for the 12 months ended December 31, 2021.

Monetary devices that probably topic the Partnership to a focus of credit score danger principally consist of money, accounts receivables, and notes payable.

The Partnership rents, sells and providers industrial and industrial gear and extends credit score to its clients within the Texas panhandle, with fee phrases usually on the prevailing market charges and phrases.

Within the regular course of enterprise, the Partnership maintains money balances at monetary establishments situated within the Texas panhandle. At instances, the money balances could exceed federally insured limits. The Partnership has not skilled any losses in such accounts and believes it isn’t uncovered to vital credit score danger on money.

Operations are vulnerable to international occasions, together with acts or threats of struggle or terrorism, worldwide conflicts, political instability, pandemics and pure disasters. The prevalence of any of those occasions might have an opposed impact on our enterprise outcomes and monetary situation.

The Partnership has three facility leases with HTS Administration, LLC, which is owned by one of many Companions. The leases expired on December 31, 2021 and at the moment are thought of month-to-month. Lease expense to HTS Administration, LLC was $208,000 for the 12 months finish December 31, 2021.

The Partnership rents retail house from Rahll Heart, LLC, which is owned by an worker of the Partnership. The lease is taken into account month-to-month. Lease expense to Rahll Heart, LLC was $93,500 for the 12 months finish December 31, 2021.

Deferred Compensation Plan

The Partnership has a deferred compensation plan accessible to 5 key staff. The Plan is an unfunded, nonqualified, key worker plan. Contributions to the Plan are made on the discretion of the Companions. The Plan requires advantages payable to these individuals attaining the conventional retirement age of 65 years outdated. The Plan requires $25,000 per 12 months over a interval of 20 years and a dying good thing about $100,000. The Partnership can, at its discretion, change the advantages underneath the plan.

13

Rabern Leases, LP

NOTES TO FINANCIAL STATEMENTS

Deferred Compensation Plan (Continued)

As famous in Observe 10, subsequent to 12 months finish the Partnership terminated the deferred compensation plan. As of December 31, 2021 and on the time of termination, not one of the individuals certified for the advantages underneath the phrases of the Plan. The Partnership has no accountability to fund the Plan and the individuals don’t have any declare to advantages. Administration elected to not file any legal responsibility for the plan as of December 31, 2021.

Easy IRA Plan

The Firm has a Easy IRA plan overlaying staff who’re anticipated to earn a minimum of $5,000 or extra in compensation for the calendar 12 months. Below the Plan, the Partnership could make a discretionary matching contribution equal to a discretionary share of the individuals’ elective deferrals, to be decided by the Partnership. In 2021, the Partnership matched as much as 3% of the worker’s compensation for the calendar 12 months. Employer contributions totaled $52,647 in the course of the 12 months ended December 31, 2021.

In December 2019, a novel pressure of coronavirus (“COVID-19”) was reported to have surfaced in China. The virus subsequently unfold to different components of the world, together with the U.S. and Europe, and has brought about unprecedented disruptions within the international financial system as efforts to include the unfold of the virus have intensified. In March 2020, the World Well being Group formally declared COVID-19 to represent a “Public Well being Emergency of Worldwide Concern” and characterised the outbreak as a pandemic. Because of this, the U.S. authorities has applied enhanced screenings, quarantine and “shelter-in-place” necessities, numerous enterprise shutdowns, and journey restrictions in reference to the COVID-19 outbreak to assist to mitigate the unfold of the virus. The unfold of this virus has brought about enterprise disruptions to the Partnership starting in February 2020, leading to disruptions within the provide chain, decreased availability of merchandise, delays in cargo of merchandise, and limitations in worker sources. The Partnership’s operational and monetary efficiency will depend upon future developments. The Partnership is rigorously reviewing all guidelines, rules, and orders associated to the COVID-19 pandemic as they’re launched and responding accordingly. Authorities and well being authorities could announce new or lengthen current restrictions, which might require the Partnership to make additional changes to operations to be able to adjust to any such restrictions. The length and severity of any enterprise disruption and associated monetary impression can’t be moderately estimated presently.

Administration has evaluated subsequent occasions by April 8, 2022, which is the date the monetary statements had been accessible to be issued.

In fiscal 12 months 2022, the Companions signed a letter of intent to promote their pursuits within the Partnership to Manitex Worldwide, Inc. Efficient February 18, 2022, as a part of the method to arrange for the sale of the Partnership, the Partnership terminated its deferred compensation plan described in Observe 8. The Plan was supposed to be funded by the life insurance coverage insurance policies reported at their money give up worth of $495,695 within the stability sheet at December 31, 2021. Subsequent to the cancellation of the deferred compensation plan, the Partnership started the method of transferring the life insurance coverage insurance policies to the restricted accomplice. The switch of the life insurance coverage insurance policies in addition to the sale of the Partnership is predicted to be accomplished in April 2022.

Efficient March 2022, the Partnership opened a fourth location in Lubbock, Texas and entered right into a month to month lease for the retail and workplace house for this location. These areas can be owned and leased by HTS administration.

14