Sec Form 13D Filing - DOUGLAS KEVIN filing for IMAX CORP (IMAX) - 2024-06-17

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

 

 

IMAX Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

45245E109

(CUSIP Number)

Ryan J. York

Accretive Legal, PLLC

34522 N. Scottsdale Rd. STE 120-113

Scottsdale, AZ 85266

(425) 786-9256

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

June 13, 2024

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f), or 240.13d-1(g), check the following box. ☐

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Kevin Douglas

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

0

    8   

SHARED VOTING POWER:

 

7,516,870 (1)(2)(3)(4)

    9   

SOLE DISPOSITIVE POWER:

 

0

   10   

SHARED DISPOSITIVE POWER:

 

8,880,515 (1)(2)(3)(4)(5)(6)

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

8,880,515 (1)(2)(3)(4)(5)(6)

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

16.9% (7)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

(1)

Kevin Douglas and his wife, Michelle Douglas, hold 3,857,788 shares jointly as the beneficiaries and co-trustees of the K&M Douglas Trust. In addition, Kevin Douglas and Michelle Douglas are co-trustees of the Irrevocable Descendant’s Trust FBO Alexander James Douglas which holds 646,111 shares, the Irrevocable Descendant’s Trust FBO Amanda Anne Douglas which holds 646,110 shares, the Irrevocable Descendant’s Trust FBO Jake Edward Douglas which holds 646,110 shares, and the Irrevocable Descendant’s Trust FBO Summer Jean Douglas which holds 646,110 shares.

(2)

Kevin Douglas holds 440,000 shares as the trustee and beneficiary of the Nonexempt Trust FBO Kevin G. Douglas.

(3)

Kevin Douglas is the Manager of Celtic Financial LLC, which holds 571,989 shares.

(4)

Includes 62,652 shares held by an intentionally defective grantor trust (the “KGD IDGT”). Kevin Douglas, as the settlor of the KGD IDGT, has the right to substitute property of equivalent value in return for the shares held by the KGD IDGT and may be deemed to have shared voting and dispositive power over the shares held by the KGD IDGT.

(5)

Kevin Douglas shares dispositive power with respect to 440,000 shares held by the Nonexempt Trust FBO James E. Douglas, III.

(6)

Kevin Douglas also has dispositive power with respect to 923,645 shares held by James E. Douglas, III.

(7)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Michelle Douglas

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

0

    8   

SHARED VOTING POWER:

 

6,504,881 (1)(2)

    9   

SOLE DISPOSITIVE POWER:

 

0

   10   

SHARED DISPOSITIVE POWER:

 

6,504,881 (1)(2)

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

6,504,881 (1)(2)

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

12.4% (3)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

(1)

Kevin Douglas and his wife, Michelle Douglas, hold 3,857,788 shares jointly as the beneficiaries and co-trustees of the K&M Douglas Trust. In addition, Kevin Douglas and Michelle Douglas are co-trustees of the Irrevocable Descendant’s Trust FBO Alexander James Douglas which holds 646,111 shares, the Irrevocable Descendant’s Trust FBO Amanda Anne Douglas which holds 646,110 shares, the Irrevocable Descendant’s Trust FBO Jake Edward Douglas which holds 646,110 shares, and the Irrevocable Descendant’s Trust FBO Summer Jean Douglas which holds 646,110 shares.

(2)

Includes 62,652 shares held by an intentionally defective grantor trust (the “MMD IDGT”). Michelle Douglas, as the settlor of the MMD IDGT, has the right to substitute property of equivalent value in return for the shares held by the MMD IDGT and may be deemed to have shared voting and dispositive power over the shares held by the MMD IDGT.

(3)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

James E. Douglas, III

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

1,363,645 (1)

    8   

SHARED VOTING POWER:

 

0

    9   

SOLE DISPOSITIVE POWER:

 

0

   10   

SHARED DISPOSITIVE POWER:

 

1,363,645 (1)(2)

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,363,645 (1)(2)

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

2.6% (3)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

(1)

James E. Douglas, III holds 440,000 shares as the trustee and beneficiary of the Nonexempt Trust FBO James E. Douglas, III.

(2)

Kevin Douglas shares dispositive power with respect to 923,645 shares held by James E. Douglas, III and 440,000 shares held by the Nonexempt Trust FBO James E. Douglas, III.

(3)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

K&M Douglas Trust (1)

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

California

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

0

    8   

SHARED VOTING POWER:

 

3,857,788 (2)

    9   

SOLE DISPOSITIVE POWER:

 

0

   10   

SHARED DISPOSITIVE POWER:

 

3,857,788 (2)

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

3,857,788 (2)

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

7.3% (3)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Kevin Douglas and Michelle Douglas, husband and wife, are beneficiaries and co-trustees.

(2)

Kevin Douglas and his wife, Michelle Douglas, hold 3,857,788 shares jointly as the beneficiaries of the K&M Douglas Trust.

(3)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Irrevocable Descendant’s Trust FBO Alexander James Douglas (1)

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

California

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

646,111

    8   

SHARED VOTING POWER:

 

0

    9   

SOLE DISPOSITIVE POWER:

 

646,111

   10   

SHARED DISPOSITIVE POWER:

 

0

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

646,111

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

1.2% (2)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Kevin Douglas and Michelle Douglas, husband and wife, are co-trustees.

(2)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Irrevocable Descendant’s Trust FBO Amanda Anne Douglas (1)

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

California

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

646,110

    8   

SHARED VOTING POWER:

 

0

    9   

SOLE DISPOSITIVE POWER:

 

646,110

   10   

SHARED DISPOSITIVE POWER:

 

0

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

646,110

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

1.2% (2)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Kevin Douglas and Michelle Douglas, husband and wife, are co-trustees.

(2)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Irrevocable Descendant’s Trust FBO Jake Edward Douglas (1)

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

California

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

646,110

    8   

SHARED VOTING POWER:

 

0

    9   

SOLE DISPOSITIVE POWER:

 

646,110

   10   

SHARED DISPOSITIVE POWER:

 

0

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

646,110

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

1.2% (2)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Kevin Douglas and Michelle Douglas, husband and wife, are co-trustees.

(2)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Irrevocable Descendant’s Trust FBO Summer Jean Douglas (1)

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

California

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

646,110

    8   

SHARED VOTING POWER:

 

0

    9   

SOLE DISPOSITIVE POWER:

 

646,110

   10   

SHARED DISPOSITIVE POWER:

 

0

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

646,110

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

1.2% (2)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Kevin Douglas and Michelle Douglas, husband and wife, are co-trustees.

(2)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Nonexempt Trust FBO Kevin G. Douglas (1)

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

California

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

440,000

    8   

SHARED VOTING POWER:

 

0

    9   

SOLE DISPOSITIVE POWER:

 

440,000

   10   

SHARED DISPOSITIVE POWER:

 

0

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

440,000

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

* (2)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

*

Less than one percent.

(1)

Kevin Douglas is the trustee and beneficiary with respect to 440,000 shares held by the Nonexempt Trust FBO Kevin G. Douglas.

(2)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Nonexempt Trust FBO James E. Douglas, III (1)

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

California

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

440,000

    8   

SHARED VOTING POWER:

 

0

    9   

SOLE DISPOSITIVE POWER:

 

0

   10   

SHARED DISPOSITIVE POWER:

 

440,000 (2)

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

440,000 (2)

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

* (3)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

*

Less than one percent.

(1)

James E. Douglas III is the trustee and beneficiary with respect to 440,000 shares held by the Nonexempt Trust FBO James E. Douglas, III.

(2)

Kevin Douglas shares dispositive power with respect to 440,000 shares held by the Nonexempt Trust FBO James E. Douglas, III.

(3)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


CUSIP No. 45245E109

 

 1   

NAMES OF REPORTING PERSONS

 

Celtic Financial LLC (1)

 2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a) ☐  (b) ☒

 

 3   

SEC USE ONLY

 

 4   

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

PF

 5   

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

 6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY  OWNED BY EACH REPORTING PERSON

WITH

    7   

SOLE VOTING POWER:

 

0

    8   

SHARED VOTING POWER:

 

571,989 (2)

    9   

SOLE DISPOSITIVE POWER:

 

0

   10   

SHARED DISPOSITIVE POWER:

 

571,989 (2)

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

571,989 (2)

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

1.1% (3)

14   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Kevin Douglas is the Manager of Celtic Financial LLC.

(2)

Kevin Douglas, as the Manager, also has voting and dispositive power with respect to 571,989 shares held by Celtic Financial LLC.

(3)

Based on 52,622,200 shares of the Issuer’s common stock outstanding as of March 31, 2024, as reported on the Issuer’s 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 25, 2024.


Schedule 13D

This Amendment No. 9 (“Amendment”) amends and supplements the Schedule 13D filed with the SEC on October 20, 2016, as previously amended by the Schedule 13D/A filed with the SEC on January 27, 2017, the Schedule 13D/A filed with the SEC on January 12, 2018, the Schedule 13D/A filed with the SEC on February 5, 2019, the Schedule 13D/A filed with the SEC on January 27, 2020, the Schedule 13D/A filed with the SEC on January 25, 2021, the Schedule 13D/A filed with the SEC on January 27, 2022, the Schedule 13D/A filed with the SEC on January 31, 2023, and the Schedule 13D/A filed with the SEC on January 25, 2024 (the “Schedule 13D”). Except as set forth in this Amendment, the Schedule 13D remains unchanged. Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meaning as set forth in the Schedule 13D.

The Filers (as defined in Item 2 below) are filing this Amendment to report the June 13, 2024 distribution (the “Distribution”) of certain shares of Common Stock from the Douglas Survivors Trust Dated 1-29-1990, Kevin Douglas, Trustee (which was established under the agreement for the Douglas Family Trust) to the Nonexempt Trust FBO Kevin G. Douglas and to the Nonexempt Trust FBO James E. Douglas, III, which trusts were established under the agreement for the Douglas Survivors Trust Dated 1-29-1990, Kevin Douglas, Trustee. The Distribution was made pursuant to the terms of the Douglas Survivors Trust Dated 1-29-1990, Kevin Douglas, Trustee. No funds or other consideration was paid in exchange for the Distribution.

The following items of the Schedule 13D are hereby amended as follows:

 

ITEM 2.

IDENTITY AND BACKGROUND

The following amends and restates the information set forth in Item 2 of the Schedule 13D in its entirety.

 

  (a)

Kevin Douglas, Michelle Douglas, James E. Douglas, III, K&M Douglas Trust, Irrevocable Descendant’s Trust FBO Alexander James Douglas, Irrevocable Descendant’s Trust FBO Amanda Anne Douglas, Irrevocable Descendant’s Trust FBO Jake Edward Douglas, Irrevocable Descendant’s Trust FBO Summer Jean Douglas, Nonexempt Trust FBO Kevin G. Douglas, Nonexempt Trust FBO James E. Douglas, III, and Celtic Financial LLC (collectively, the “Filers”).

 

  (b)

The business address of the Filers is:

300A Drakes Landing Road, Suite 200, Greenbrae, CA 94904.

 

  (c)

Present principal occupation or employment of the Filers and the name, principal business and address of any corporation or other organization in which such employment is conducted:

Kevin Douglas is an active securities and commodities investor, the Manager of Celtic Financial LLC, and is employed by Douglas Telecommunications, Inc., which has the same business address as the Filers. Michelle Douglas participates in nonprofit fund raising and in assisting Kevin Douglas in his investment activities. James E. Douglas, III is a high school teacher and has the same business address as the Filers.


  (d)

During the last five years, none of the Filers has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

 

  (e)

During the last five years, none of the Filers was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

  (f)

U.S.A.

 

ITEM 3.

SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Item 3 is hereby amended and supplemented to add the following:

The information provided or incorporated by reference in Item 4 below is hereby incorporated by reference herein.

 

ITEM 4.

PURPOSE OF THE TRANSACTION

Item 4 is hereby amended and supplemented to add the following:

On June 13, 2024, the Douglas Survivors Trust Dated 1-29-1990, Kevin Douglas, Trustee, distributed, pursuant to the terms of such trust, 440,000 shares of Common Stock to the Nonexempt Trust FBO Kevin G. Douglas and 440,000 shares of Common Stock to the Nonexempt Trust FBO James E. Douglas, III, which trusts were established under the agreement for the Douglas Survivors Trust Dated 1-29-1990, Kevin Douglas, Trustee. No funds or other consideration was paid in exchange for the above distributions.

Additionally, on June 7, 2024, Kevin Douglas received a grant of 7,856 shares of restricted Common Stock units as compensation for services as a Director of the Issuer, which restricted Common Stock units are held by the K&M Douglas Trust. No funds or other consideration was paid in exchange for grant of restricted Common Stock units.

Other than as described in this Amendment, the Filers do not have any plan or proposal that relates to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

 

ITEM 5.

INTEREST IN SECURITIES OF THE ISSUER

The beneficial ownership of the Common Stock by each Filer at the date hereof is reflected on that Filer’s cover page.

Other than as described in this Amendment, there were no transactions effected by the Filers in the Common Stock within the past sixty (60) days.


ITEM 6.

CONTRACTS, AGREEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

The Files hereby add the following disclosure to this Item 6:

Other than the relationships mention ed above and except for the Joint Filing Agreement, dated June 14, 2024, and the Limited Power of Attorney, dated June 14, 2024, each of which is filed as an exhibit to this Schedule 13D, to the knowledge of the Filers, none of the Filers is party to any other contracts, arrangements, understandings or relationships with respect to any securities of the Issuer, including but not limited to the transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option agreements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

 

ITEM 7.

MATERIALS TO BE FILED AS EXHIBITS

 

7.1

Agreement Regarding Joint Filing of Statement on Schedule 13D, dated June 14, 2024.

 

7.2

Limited Power of Attorney, dated June 14, 2024.


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Date: June 17, 2024      

*Kevin Douglas

      KEVIN DOUGLAS
Date: June 17, 2024      

*Michelle Douglas

      MICHELLE DOUGLAS
Date: June 17, 2024      

*James E. Douglas, III

      JAMES E. DOUGLAS, III
      K&M DOUGLAS TRUST
Date: June 17, 2024      

*Kevin Douglas

      By:  Kevin Douglas
      Title:  Trustee
Date: June 17, 2024      

*Michelle Douglas

      By:  Michelle Douglas
      Title:  Trustee
      IRREVOCABLE DESCENDANTS TRUST
      FBO ALEXANDER JAMES DOUGLAS
Date: June 17, 2024      

*Kevin Douglas

      By:  Kevin Douglas
      Title:  Trustee
Date: June 17, 2024      

*Michelle Douglas

      By:  Michelle Douglas
      Title:  Trustee
      IRREVOCABLE DESCENDANTS TRUST
      FBO AMANDA ANNE DOUGLAS
Date: June 17, 2024      

*Kevin Douglas

      By:  Kevin Douglas
      Title:  Trustee
Date: June 17, 2024      

*Michelle Douglas

      By:  Michelle Douglas
      Title:  Trustee


      IRREVOCABLE DESCENDANTS TRUST
      FBO JAKE EDWARD DOUGLAS
Date: June 17, 2024      

*Kevin Douglas

      By:  Kevin Douglas
      Title:  Trustee
Date: June 17, 2024      

*Michelle Douglas

      By:  Michelle Douglas
      Title:  Trustee
      IRREVOCABLE DESCENDANTS TRUST
      FBO SUMMER JEAN DOUGLAS
Date: June 17, 2024      

*Kevin Douglas

      By:  Kevin Douglas
      Title:  Trustee
Date: June 17, 2024      

*Michelle Douglas

      By:  Michelle Douglas
      Title:  Trustee
      NONEXEMPT TRUST FBO KEVIN G.
      DOUGLAS
Date: June 17, 2024      

*Kevin Douglas

      By:  Kevin Douglas
      Title:  Trustee
      NONEXEMPT TRUST FBO JAMES E.
      DOUGLAS, III
Date: June 17, 2024      

*James E. Douglas, III

      By:  James E. Douglas, III
      Title:  Trustee
      CELTIC FINANCIAL LLC
Date: June 17, 2024      

*Kevin Douglas

      By:  Kevin Douglas
      Title:  Manager

 

*Eileen Wheatman
/s/ Eileen Wheatman
By: Eileen Wheatman
Attorney-in-Fact