2025-11-17T10:44:22-06:00 2024-12-31 473535842 DAVIS FARR LLP 18201 VON KARMAN AVE SUITE 1100 IRVINE CA 92612 990 2024-01-01 314394320 MOTORCYCLE INDUSTRY COUNCIL INC MOTO 9497274211 15635 ALTON PARKWAY 390 IRVINE CA 926187333 CHRISTY LACURELLE PRESIDENT & CEO 9497274211 2025-11-14 1 1 TRITIA FOSTER P02164134 9494742020 2024 2025-03-06 01:10:19Z CHRISTY LACURELLE 15635 ALTON PARKWAY 390 IRVINE CA 926187333 7094630 0 X WWW.MIC.ORG X 1914 NY MOTORCYCLE INDUSTRY TRADE ASSOCIATION 15 15 42 15 0 0 0 0 6452906 6618320 102248 145170 186237 331140 6741391 7094630 150800 0 0 0 2915159 3270314 0 0 0 3284085 3298756 6350044 6569070 391347 525560 9431253 9579555 4271953 3894695 5159300 5684860 X THE MOTORCYCLE INDUSTRY COUNCIL EXISTS TO PRESERVE, PROTECT AND PROMOTE MOTORCYCLING THROUGH GOVERNMENT RELATIONS, COMMUNICATIONS AND MEDIA RELATIONS, STATISTICS AND RESEARCH, AFTERMARKET PROGRAMS, DEVELOPMENT OF DATA COMMUNICATIONS STANDARDS, AND ACTIVITIES SURROUNDING TECHNICAL AND REGULATORY ISSUES. AS A NOT-FOR-PROFIT, NATIONAL INDUSTRY ASSOCIATION, THE MIC SEEKS TO SUPPORT MOTORCYCLISTS BY REPRESENTING MANUFACTURERS, DISTRIBUTORS, DEALERS AND RETAILERS OF MOTORCYCLES, SCOOTERS, ATVS, ROVS, MOTORCYCLE/ATV/ROV PARTS, ACCESSORIES AND RELATED GOODS AND SERVICES, AND MEMBERS OF ALLIED TRADES SUCH AS INSURANCE, FINANCE AND INVESTMENT COMPANIES, MEDIA COMPANIES AND CONSULTANTS. 0 0 GOVERNMENT RELATIONS PROGRAM - THE OBJECTIVE OF THE GOVERNMENT RELATIONS PROGRAM IS TO MONITOR AND RESPOND TO LEGISLATIVE AND REGULATORY MATTERS. STATISTICS PROGRAM - THE OBJECTIVE OF THE PROGRAM IS TO PROVIDE RESEARCH AND STATISTICS TO SUPPORT MOTORCYCLE INDUSTRY COUNCIL OBJECTIVES AND INDUSTRY INFORMATION AND DATA COMMUNICATION NEEDS. 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 58 0 42 1 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X ANN VISAN 9497274211 15635 ALTON PARKWAY SUITE 390 IRVINE CA 926187333 X DEREK BROOKS CHAIR OF THE BOARD 1.00 X X 0 0 0 JOHN HINZ VICE CHAIR 1.00 X X 0 0 0 JIM WOODRUFF SECRETARY/TREASURER 1.00 1.00 X X 0 0 0 DAVID BAKER DIRECTOR 1.00 X 0 0 0 TIM CALHOUN DIRECTOR 1.00 X 0 0 0 KERRY GRAEBER DIRECTOR 1.00 X 0 0 0 JEFF BROWN DIRECTOR 1.00 X 0 0 0 ROBIN HARTFIEL DIRECTOR 1.00 X 0 0 0 ERIK LARSON DIRECTOR 1.00 X 0 0 0 JOEY LINDAHL DIRECTOR 1.00 X 0 0 0 ROD LOPUSNAK DIRECTOR 1.00 1.00 X 0 0 0 MARC MCALLISTER DIRECTOR 1.00 X 0 0 0 SHAWN MCLEAN DIRECTOR 1.00 1.00 X 0 0 0 BILL SAVINO DIRECTOR 1.00 X 0 0 0 ERIC SIEVERS DIRECTOR 1.00 X 0 0 0 CHRISTY LACURELLE PRESIDENT & CEO (SEP-DEC 2024) 9.38 28.12 X 112500 0 10184 ERIK PRITCHARD PRESIDENT & CEO (JAN-MARCH 2024) 8.38 29.12 X 312759 0 33115 VIRIDIANA SANCHEZ COO 9.38 28.12 X 312269 0 50529 SCOTT SCHLOEGEL SR. VP, GOVT'T RELATIONS 13.13 24.37 X 502973 0 56071 ALEXANDER BERGER ASSOCIATE GENERAL COUNSEL & VP, COMPLIANCE 8.88 28.62 X 331971 0 24809 ELI RALSTON DIRECTOR, IT 9.38 28.12 X 227480 0 39193 CINNAMON KERNES VP, MARKETING EXPANSION & EVENTS 28.12 9.38 X 223226 0 27123 RAY OCHS VP, TRAINING SYSTEMS 1.00 37.50 X 0 183899 37820 JACQUELINE PETERSON VP, COMMUNICATIONS 9.38 28.13 X 215071 0 25394 2238249 183899 304238 8 0 1 0 ADAM SHELOR ECHO RIDGE PO BOX 80687 RANCHO SANTA MARGARITA CA 92688 SOCIAL MEDIA WORK, BOOTH SALES, AND SPON 142574 COMPETITIVE ANALYTICS 620 NEWPORT CENTER DRIVE SUITE 110 NEWPORT BEACH CA 92660 DATA, ANALYTICS, AND BUSINESS INTELLIGEN 106456 2 MEMBERSHIP DUES 900099 4026208 4026208 MIC CONVENTION/SHOW EV 900099 2361301 2361301 RSRS PROGRAM 900099 144299 144299 PARTNER PROGRAMS 900099 73912 73912 MIC CONSUMER EXPERIENC 900099 12000 12000 600 600 6618320 145170 145170 BANKCARD PROCESSING IN 900099 315160 315160 STATISTICAL ANNUAL 900099 12480 12480 LAW AND REGULATIONS PU 900099 2000 2000 1500 1500 331140 7094630 6949460 0 145170 X 1483301 1197961 37959 365230 185863 21815 33992 673679 652754 84082 267686 286678 171161 705846 34227 165939 82560 DUES & SUBSCRIPTIONS 71214 MEDIA 18772 BAD DEBT EXPENSE 8800 LICENSES & TAXES 6842 12709 6569070 5043254 5131041 243013 258932 220112 292073 1489150 1195648 516099 293502 152696 158562 2774340 2773672 481739 671773 9431253 9579555 642699 501497 1820880 2167806 1808374 1225392 4271953 3894695 X 5159300 5684860 5159300 5684860 9431253 9579555 525560 0 X X 0 1 X 1 0 0 0 0 4026208 23807 23807 23807 82633 82633 0 539356 489729 49627 867161 623286 243875 293502 REFUNDABLE DEPOSITS 37576 DUE FROM AFFILIATES 634197 671773 LOANS FROM RELATED THIRD PARTIES (SVIA, ROHVA) 1000000 LEASE LIABLITY 225392 1225392 X PART X, LINE 2: MIC IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND SIMILAR STATE CODES. HOWEVER, MIC IS SUBJECT TO THE PROXY TAX ON LOBBYING AND POLITICAL EXPENDITURES. FOR THE YEAR ENDED DECEMBER 31, 2024, MIC INCURRED $4,999 IN PROXY TAX EXPENSE. MIC'S WHOLLY OWNED SUBSIDIARY, TRANSTAND, IS A FOR-PROFIT ENTITY AND IS THEREFORE SUBJECT TO INCOME TAXES. MIC ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH THE INCOME TAXES TOPIC OF THE ACCOUNTING STANDARDS CODIFICATION (ASC 740). DEFERRED TAXES ON INCOME RESULT FROM TEMPORARY DIFFERENCES BETWEEN THE REPORTING OF INCOME FOR FINANCIAL STATEMENT AND TAX REPORTING PURPOSES. A VALUATION ALLOWANCE RELATED TO A DEFERRED TAX ASSET IS RECORDED WHEN IT IS MORE LIKELY THAN NOT THAT SOME OR ALL OF THE DEFERRED TAX ASSET WILL NOT BE REALIZED. TRANSTAND HAS FEDERAL AND STATE NET OPERATING LOSS CARRYFORWARDS AT DECEMBER 31, 2024 OF $411,341 AND $0. THESE NET OPERATING LOSS CARRYFORWARDS BEGAN TO EXPIRE IN 2016 AND WILL CONTINUE TO EXPIRE THROUGH 2033. AS OF DECEMBER 31, 2024, TRANSTAND HAS PROVIDED A FULL VALUATION ALLOWANCE BASED ON MIC'S ASSESSMENT OF THE FUTURE REALIZABILITY OF DEFERRED TAX ASSETS FOR WHICH IT HAS CONCLUDED IT IS MORE LIKELY THAN NOT THAT THESE ITEMS WILL NOT BE REALIZED IN THE ORDINARY COURSE OF OPERATIONS. MIC'S INCOME TAX RETURNS MAY BE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. BECAUSE APPLICATION OF TAX LAWS AND REGULATIONS FOR MANY TYPES OF TRANSACTIONS IS SUSCEPTIBLE TO VARYING INTERPRETATIONS, AMOUNTS REPORTED IN MIC'S CONSOLIDATED FINANCIAL STATEMENTS COULD BE CHANGED AT A LATER DATE UPON FINAL DETERMINATION BY TAXING AUTHORITIES. MANAGEMENT BELIEVES THAT APPROPRIATE PROVISIONS FOR ALL OUTSTANDING ISSUES HAVE BEEN MADE FOR ALL YEARS UNDER EXAMINATION AND DOES NOT BELIEVE IT HAS ANY UNCERTAIN INCOME TAX POSITIONS THAT COULD MATERIALLY AFFECT ITS FINANCIAL STATEMENTS AT BOTH THE FEDERAL AND STATE JURISDICTION LEVELS. MIC DOES NOT ANTICIPATE A SIGNIFICANT CHANGE IN UNRECOGNIZED TAX BENEFITS WITHIN THE COMING YEAR. 1 PART I, LINE 2: FOLLOW UP REPORTS ON THE USE OF FUNDING AND ACCOMPLISHMENTS DERIVED THEREFROM PROVIDED EITHER VERBALLY OR VIA WRITTEN SUMMARY BY GRANT RECIPIENTS. X X X X X 0 1 0 SCOTT SCHLOEGEL SR. VP, GOVT'T RELATIONS 414106 0 88867 0 0 0 25875 0 30196 0 559044 0 0 0 VIRIDIANA SANCHEZ COO 275269 0 37000 0 0 0 20800 0 29729 0 362798 0 0 0 ALEXANDER BERGER ASSOCIATE GENERAL COUNSEL & VP, COMP 311971 0 20000 0 0 0 24784 0 25 0 356780 0 0 0 ERIK PRITCHARD PRESIDENT & CEO (JAN-MARCH 2024) 194746 0 118013 0 0 0 23457 0 9658 0 345874 0 0 0 ELI RALSTON DIRECTOR, IT 222480 0 5000 0 0 0 17061 0 22132 0 266673 0 0 0 CINNAMON KERNES VP, MARKETING EXPANSION & EVENTS 213226 0 10000 0 0 0 15992 0 11131 0 250349 0 0 0 JACQUELINE PETERSON VP, COMMUNICATIONS 215071 0 0 0 0 0 15312 0 10082 0 240465 0 0 0 RAY OCHS VP, TRAINING SYSTEMS 0 178899 0 5000 0 0 0 13792 0 24028 0 221719 0 0 PART I, LINE 4B MIC HAS ADOPTED A NONQUALIFIED, DEFERRED COMPENSATION SAVINGS PLAN FOR CERTAIN KEY EMPLOYEES. UNDER THIS ARRANGEMENT, SELECTED EMPLOYEES CONTRIBUTE A PORTION OF THEIR ANNUAL COMPENSATION TO THE DEFERRED COMPENSATION SAVINGS PLAN HELD BY MIC IN AN INVESTMENT ACCOUNT FOR THE BENEFIT OF PLAN PARTICIPANTS. THE INVESTMENT ACCOUNTS ARE TYPICALLY HELD IN MUTUAL FUNDS. FUNDS IN THIS PLAN MAY BE DISTRIBUTED TO EACH PLAN BENEFICIARY WHEN THEY RETIRE FROM SERVICE WITH MIC. UNDER THE TERMS OF THE PLAN, PARTICIPANTS' ACCOUNTS REPRESENT UNSECURED CLAIMS AGAINST MIC. THE PARTICIPANTS' INVESTMENT ACCOUNT HAS BEEN PRESENTED AS DEFERRED COMPENSATION INVESTMENTS, WITH A CORRESPONDING LIABILITY FOR BENEFIT PAYMENTS PRESENTED AS DEFERRED COMPENSATION PAYABLES ON THE ACCOMPANYING FINANCIAL STATEMENTS. THERE WERE NO EMPLOYER CONTRIBUTIONS TO THE PLAN IN 2024. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS COMPRISED OF DUES PAYING MEMBERS FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD IS ELECTED BY A MAJORITY OF VOTES CAST BY ALL MEMBERS OF THE COUNCIL. MEMBERS, IN GOOD STANDING, WHO PAY MAXIMUM DUES EACH YEAR, MAY DESIGNATE ONE FULL-TIME EMPLOYEE AS A TRUSTEE. THE BALANCE OF THE DIRECTORS ARE ELECTED BY THE MEMBERS WITH MORE THAN ONE-HALF OF THE BOARD CONSISTING OF PERSONS EMPLOYED BY OR OTHERWISE ASSOCIATED WITH VEHICLE MANUFACTURERS, IMPORTERS AND/OR DISTRIBUTORS AND THE REMAINING DIRECTORS EMPLOYED OR OTHERWISE ASSOCIATED WITH MEMBERS WHO ARE NOT SUCH MANUFACTURERS, IMPORTERS, AND/OR DISTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 7B ALL AMENDMENTS TO THE BYLAWS ARE PRESENTED TO AND MUST BE APPROVED BY THE COUNCIL'S MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT COPY OF FORM 990 IS PROVIDED TO MANAGEMENT AND THE AUDIT COMMITTEE FOR REVIEW AND COMMENT; THE ENTIRE BOARD RECEIVES A DRAFT PRIOR TO FILING OF THE TAX RETURN. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: YOU ARE EXPECTED TO AVOID ANY ACTIVITY, AGREEMENT, BUSINESS INVESTMENT OR INTEREST, OR OTHER SITUATION WHICH COULD APPEAR THAT YOU ARE IMPROPERLY BENEFITTING FROM YOUR EMPLOYMENT WITH THE ASSOCIATIONS. THIS INCLUDES THE USE OF YOUR RELATIONSHIP WITH THE ASSOCIATIONS FOR PERSONAL PROFIT OR ADVANTAGE, EITHER DIRECTLY OR INDIRECTLY, SUCH AS THE TAKING OF MONEY, MERCHANDISE OR SERVICES FROM A VENDOR OR MEMBER FOR PERSONAL GAIN. GOOD JUDGMENT WILL PREVENT THE POSSIBILITY OF A CONFLICT OF INTEREST FROM ARISING. HOWEVER, IF YOU ENGAGE OR PLAN TO ENGAGE IN ANY ACTIVITY OR TRANSACTION WHICH MIGHT CAUSE AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST, YOU MUST DISCLOSE THE SITUATION IN ADVANCE TO YOUR SUPERVISOR. PLEASE CONSULT HUMAN RESOURCES IF YOU HAVE ANY QUESTIONS REGARDING THIS POLICY. THE PRESIDENT, A VICE PRESIDENT OR THE BOARD MUST BE CONSULTED BEFORE THE HIRING OF ASSOCIATES, CONTRACTING FOR SERVICES, OR PURCHASING FROM SUPPLIERS THAT ARE RELATED TO, OR FINANCIALLY ASSOCIATED WITH, AN ASSOCIATE. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY, THE COMPENSATION COMMITTEE (COMPRISED OF THREE OR MORE ELECTED BOARD MEMBERS) MEETS TO REVIEW, APPROVE, AND DOCUMENT THE PRESIDENT'S COMPENSATION. THE REVIEW PROCESS INCLUDES, BUT IS NOT LIMITED TO, ANALYSIS OF COMPENSATION LEVELS FOR OTHER INDUSTRY LEADERS, AMERICAN RESEARCH CORPORATION SURVEYS AND ANALYSIS OF CEO COMPENSATION, FINANCIAL RESULTS AND STEWARDSHIP, AND ACCOMPLISHMENTS RELATED TO THE ORGANIZATION'S STRATEGIC PLANS. IN ADDITION, THE COMPENSATION COMMITTEE REVIEWS THE COMPENSATION OF THE OTHER OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 THE COUNCIL MAKES AVAILABLE FOR PUBLIC INSPECTION A COPY OF ITS EXEMPTION APPLICATION AND ITS ANNUAL RETURNS FOR THE PRECEDING THREE YEARS FOR ANYONE WHO REQUESTS TO SEE THEM IN PERSON OR IN WRITING. THE DOCUMENTS ARE AVAILABLE DURING REGULAR BUSINESS HOURS AT THE ORGANIZATION'S OFFICE. A COPY IS GENERALLY FURNISHED ON THE SAME DAY WHEN THE REQUEST IS MADE IN PERSON, OR WITHIN 30 DAYS OF RECEIVING A WRITTEN REQUEST. FORM 990 PART VII SECTION A COMPENSATION MOTORCYCLE INDUSTRY COUNCIL, INC. SHARES COMMON PERSONNEL WITH THE FOLLOWING ORGANIZATIONS EXEMPT UNDER IRS CODE SECTION 501(C): SPECIALTY VEHICLE INSTITUTE OF AMERICA MOTORCYCLE SAFETY FOUNDATION, INC. NATIONAL MOTORCYCLE SAFETY FUND, INC. RECREATIONAL OFF-HIGHWAY VEHICLE ASSOCIATION THE RIGHT RIDER ACCESS FUND, INC. TO MINIMIZE OVERHEAD AND ADMINISTRATIVE EXPENSES FOR THE ORGANIZATIONS, SHARED PERSONNEL ARE REQUIRED TO PERFORM CERTAIN ADMINISTRATIVE FUNCTIONS FOR ALL OF THE ORGANIZATIONS. THE DUTIES AND RESPONSIBILITIES ARE SET FORTH IN SEPARATE AGREEMENTS BETWEEN THE ORGANIZATIONS. TO THE EXTENT NECESSARY OR REQUIRED BY THE AGREEMENTS, THE COUNCIL IS REIMBURSED FOR THE COSTS ASSOCIATED WITH THE SERVICES PROVIDED ON BEHALF OF THE OTHER OTHER ORGANIZATIONS. FORM 990, PART IX, LINE 11G CONSULTANTS 153,808. CONTRACTORS 495,067. ALL OTHER FEES FOR SERVICE 24,804. FORM 990 PART XII LINE 2C THE AUDIT OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. SPECIALTY VEHICLE INSTITUTE OF AMERICA 15635 ALTON PARKWAY SUITE 390 IRVINE CA 92618 330044256 TRADE ASSOCIATION DC 501(C)(6) 0 RECREATIONAL OFF-HIGHWAY VEHICLE ASSOCIATION 15635 ALTON PARKWAY SUITE 390 IRVINE CA 92618 261703128 TRADE ASSOCIATION CA 501(C)(6) 0 NATIONAL MOTORCYCLE SAFETY FUND INC 15635 ALTON PARKWAY SUITE 390 IRVINE CA 92618 521228981 MOTORCYCLE SAFETY EDUCATION DC 501(C)(3) LINE 7 MOTORCYCLE SAFETY FOUNDATION INC 0 MOTORCYCLE SAFETY FOUNDATION INC 15635 ALTON PARKWAY SUITE 390 IRVINE CA 92618 520963363 TRADE ASSOCIATION DC 501(C)(6) 0 RIGHT RIDER ACCESS FUND INC 15635 ALTON PARKWAY SUITE 390 IRVINE CA 92618 452038902 OFF-HIGHWAY VEHICLE SAFETY DC 501(C)(3) LINE 7 0 TRANSTAND INC 15635 ALTON PARKWAY SUITE 390 IRVINE CA 92618 204898937 SOFTWARE DEVELOPMENT CA MOTORCYCLE INDUSTRY COUNCIL INC C 1.00000 0 0 1 1 1 1 0 0 0 0 1 0 0 1 1 1 1 1 1 0 MOTORCYCLE SAFETY FOUNDATION Q 238523 COST RECREATIONAL OFF-HIGHWAY VEHICLE ASSOCIATION Q 221171 COST SPECIALTY VEHICLE INSTITUTE OF AMERICA J 144581 COST SPECIALTY VEHICLE INSTITUTE OF AMERICA E 523000 PER AGREEMENT SPECIALTY VEHICLE INSTITUTE OF AMERICA Q 174518 COST SPECIALTY VEHICLE INSTITUTE OF AMERICA R 22500 COST SPECIALTY VEHICLE INSTITUTE OF AMERICA E 266000 PER AGREEMENT RECREATIONAL OFF-HIGHWAY VEHICLE ASSOCIATION E 211000 PER AGREEMENT RECREATIONAL OFF-HIGHWAY VEHICLE ASSOCIATION R 9000 COST RIGHT RIDER ACCESS FUND Q 15 COST SPECIALTY VEHICLE INSTITUTE OF AMERICA R 11250 COST RECREATIONAL OFF-HIGHWAY VEHICLE ASSOCIATION J 115353 COST MOTORCYCLE SAFETY FOUNDATION J 224600 COST SCHEDULE R PART V MIC INCURS CERTAIN PROGRAM COSTS SHARED WITH MSF, SVIA AND ROHVA, SUCH AS PAYROLL AND RELATED COSTS, UTILITIES, AND OCCUPANCY EXPENSE. DURING THE YEAR ENDED DECEMBER 31, 2024, MIC INCURRED SHARED COSTS WITH AFFILIATED ENTITIES OF $990,429. THESE COSTS ARE REIMBURSED BY THE AFFILIATED ENTITIES THROUGHOUT THE YEAR. AS OF DECEMBER 31, 2024, MIC HAS AN AMOUNT DUE FROM AFFILIATES OF $634,212 FOR THESE SHARED COSTS. ADDITIONAL RELATED PARTY TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 2024 ARE AS FOLLOWS: SPECIALTY VEHICLE INSTITUTE OF AMERICA ON SEPTEMBER 8, 2015, MIC ENTERED INTO AN UNSECURED PROMISSORY NOTE WITH SVIA IN THE AMOUNT OF $1,000,000, WHICH BEARS INTEREST ON THE UNPAID PRINCIPAL AT A RATE OF 2.25% ANNUALLY UNTIL PAID IN FULL. THERE IS NO MATURITY DATE FOR THE NOTE. FOR THE YEAR ENDED DECEMBER 31, 2024, $22,500 IN INTEREST WAS PAID TO SVIA AND THE PRINCIPAL AMOUNT OUTSTANDING UNDER THE NOTE WAS $523,000. ON DECEMBER 5, 2019, MIC ENTERED INTO AN UNSECURED PROMISSORY NOTE WITH SVIA IN THE AMOUNT OF $500,000, WHICH BEARS INTEREST ON THE UNPAID PRINCIPAL AT A RATE OF 2.25% ANNUALLY UNTIL PAID IN FULL. THERE IS NO MATURITY DATE FOR THE NOTE. FOR THE YEAR ENDED DECEMBER 31, 2024, $11,250 IN INTEREST WAS PAID TO SVIA AND THE PRINCIPAL AMOUNT OUTSTANDING UNDER THE NOTE WAS $266,000. RECREATIONAL OFF-HIGHWAY VEHICLE ASSOCIATION ON DECEMBER 5, 2019, MIC ENTERED INTO AN UNSECURED PROMISSORY NOTE WITH ROHVA IN THE AMOUNT OF $400,000, WHICH BEARS INTEREST ON THE UNPAID PRINCIPAL AT A RATE OF 2.25% ANNUALLY UNTIL PAID IN FULL. THERE IS NO MATURITY DATE FOR THE NOTE. FOR THE YEAR ENDED DECEMBER 31, 2024, $9,000 IN INTEREST WAS PAID TO ROHVA AND THE PRINCIPAL AMOUNT OUTSTANDING UNDER THE NOTE WAS $211,000. SCHEDULE R PART V MIC LEASES OFFICE SPACE IN IRVINE, CALIFORNIA, UNDER A NONCANCELABLE OPERATING LEASE AGREEMENT, WHICH IS SCHEDULED TO EXPIRE ON AUGUST 31, 2025. THE LEASE REQUIRES MINIMUM MONTHLY PAYMENTS OF APPROXIMATELY $29,000. MIC SHARES THE OFFICE SPACE AND RELATED EXPENSES WITH MSF, SVIA AND ROHVA. MIC'S PRO RATA SHARE OF THE MONTHLY LEASE PAYMENTS IS APPROXIMATELY $10,000. MIC ALSO LEASES OFFICE SPACE IN ARLINGTON, VIRGINIA, UNDER A NONCANCELABLE OPERATING LEASE AGREEMENT WHICH EXPIRES ON JULY 31, 2029. THE LEASE REQUIRES MONTHLY PAYMENTS OF APPROXIMATELY $7,500. IN ADDITION TO THE MINIMUM MONTHLY PAYMENTS, MIC IS RESPONSIBLE FOR ITS PRO RATA SHARE OF REAL ESTATE TAXES AND OPERATING EXPENSES UNDER THE CALIFORNIA AND THE VIRGINIA LEASE AGREEMENTS. THE LEASE AGREEMENTS CONTAIN PROVISIONS FOR BASE RENT INCREASES OVER THE TERMS OF THE LEASES, AS WELL AS, INCREASES BASED ON MIC'S PRO RATA SHARE OF INCREASES IN REAL ESTATE TAXES AND OPERATING EXPENSES.