<SEC-DOCUMENT>0001072613-22-000278.txt : 20220214
<SEC-HEADER>0001072613-22-000278.hdr.sgml : 20220214
<ACCEPTANCE-DATETIME>20220214163301
ACCESSION NUMBER:		0001072613-22-000278
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220214
DATE AS OF CHANGE:		20220214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARGAN INC
		CENTRAL INDEX KEY:			0000100591
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
		IRS NUMBER:				131947195
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-30642
		FILM NUMBER:		22633066

	BUSINESS ADDRESS:	
		STREET 1:		ONE CHURCH STREET SUITE 201
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301 315-0027

	MAIL ADDRESS:	
		STREET 1:		ONE CHURCH STREET SUITE 201
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUROFLOW INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ULTRA DYNAMICS CORP
		DATE OF NAME CHANGE:	19830522

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHFORD CAPITAL MANAGEMENT INC
		CENTRAL INDEX KEY:			0000897070
		IRS NUMBER:				510243208
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		1 WALKER'S MILL ROAD
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19807
		BUSINESS PHONE:		3026551750

	MAIL ADDRESS:	
		STREET 1:		1 WALKER'S MILL ROAD
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19807
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>ashford-sch13g_18592.htm
<DESCRIPTION>ASHFORD CAPITAL MANAGEMENT, INC. -- SCH 13GA(#1E)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="margin-top: 0; padding-bottom: 0; margin-bottom: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="margin-top: 0; padding-bottom: 0; margin-bottom: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="margin-top: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; text-transform: uppercase"><B>Washington,
D.C. 20549</B></FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>&nbsp;</P>

<P></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P>&nbsp;</P>

<P STYLE="margin-top: 9; margin-bottom: 0; text-align: center; font: 12pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SCHEDULE
13G/A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 9; margin-bottom: 0; text-align: center; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; margin-bottom: 6; text-align: center; padding-top: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Under
the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;&nbsp;(Amendment
No. 1)*</B></FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center"></P>

<P STYLE="margin-top: 0; margin-bottom: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 20pt; font-style: normal; text-transform: none; letter-spacing: normal; word-spacing: 0px; background-color: rgb(255, 255, 255)"><B>Argan,
Inc.</B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Name
of Issuer)</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: none; letter-spacing: normal; word-spacing: 0px; background-color: rgb(255, 255, 255)"><B>Common Stock, $0.15 Par Value Per Share</B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Title
of Class of Securities)</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255)"><B>04010E109</B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(CUSIP
Number)</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0"><B>December
31, 2021</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Date
of Event Which Requires Filing of This Statement)</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Check
the appropriate box to designate the rule pursuant to which this Schedule is filed:</B></FONT></P>

<P STYLE="margin-left: 20pt; margin-top: 0; padding-bottom: 0; margin-bottom: 12pt; padding-top: 0"><FONT STYLE="background-color: Silver"><B>&#9746;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&#160;Rule
13d-1(b)</FONT></B></P>

<P STYLE="margin-left: 20pt; margin-top: 0; padding-bottom: 0; margin-bottom: 12pt; padding-top: 0"><FONT STYLE="background-color: Silver"><B>&#9744;</B></FONT><B>&#160;&nbsp;&nbsp;Rule
13d-1(c)</B></P>

<P STYLE="margin-left: 20pt; margin-bottom: 12pt; margin-top: 0; padding-bottom: 0; padding-top: 0"><FONT STYLE="background-color: Silver"><B>&#9744;</B></FONT><B>&#160;&nbsp;&nbsp;Rule
13d-1(d)</B></P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 12pt; margin-left: 20pt">*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.</P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 12pt; margin-left: 20pt">The information required in the remainder
of this cover page shall not be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of
1934 (&quot;Act&quot;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).</P>



<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0"></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P><TABLE CELLPADDING="5" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border: Black 1pt solid; text-align: left; vertical-align: middle; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CUSIP
                                         No.&#9;&nbsp;04010E109</B></FONT></B></B></B></FONT></P>



</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Schedule
    13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-indent: 0pt; padding-left: 0pt; text-align: right; vertical-align: middle; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page
    2 of 5 Pages&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="text-align: center"></P>

<div><DIV STYLE="text-align: left"></DIV>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="3" BORDER="0" STYLE="width: 100%; font-size: 9pt">
<TR VALIGN="TOP">
    <TD STYLE="border-top: #000000 1px solid; border-bottom: Black 1px solid; border-left: Black 1pt solid; text-align: right; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>1</B></FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; border-right: Black 1pt solid; border-bottom: Black 1px solid; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; text-indent: 5pt; width: 88%"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME
                                         OF REPORTING PERSON:</FONT></P>
                                                                                <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                                <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; letter-spacing: normal; word-spacing: 0px; background-color: rgb(255, 255, 255)"><B>Ashford
                                         Capital Management, Inc.</B></FONT></P>
                                                                                <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; border-right: Black 1pt solid; border-bottom: Black 1px solid; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>2</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1px solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5pt; vertical-align: top"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CHECK
                                         THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></P>
                                                              <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</FONT></P>
                                                              <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</FONT></P>
                                                              <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</FONT></P>
                                                              <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"></P>
                                                              <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="border-bottom: #000000 1px solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; margin-top: 0pt; margin-bottom: 0pt; vertical-align: top"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
                                         <FONT STYLE="background-color: Silver">&#9744;</FONT></FONT></P>
                                                                                                                                                          <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
                                         <FONT STYLE="background-color: Silver">&#9744;</FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,213,213)">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>3</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SEC
                                         USE ONLY</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>4</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CITIZENSHIP
                                         OR PLACE OF ORGANIZATION</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware&nbsp;</B></FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B>&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="3" BORDER="0" STYLE="width: 100%; font-size: 9pt">
<TR>
    <TD STYLE="border-left: Black 1pt solid; width: 14%"></TD>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="border-left: Black 1pt solid; width: 3%"></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 2%"></TD>
    <TD STYLE="border-right: Black 1pt solid; text-indent: 5pt; width: 78%"></TD></TR>
<TR VALIGN="TOP">
    <TD ROWSPAN="4" STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NUMBER
    OF <BR>
SHARES <BR>
BENEFICIALLY<BR>
OWNED BY EACH<BR>
 REPORTING<BR>
PERSON WITH</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;<FONT STYLE="font-size: 16pt">5</FONT></B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SOLE
                                         VOTING POWER</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>460,043 shares</FONT></B></FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SHARED
                                         VOTING POWER</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0
                                         Shares</B></FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SOLE
                                         DISPOSITIVE POWER</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>460,043 shares</B></FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SHARED
                                         DISPOSITIVE POWER</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0
                                         Shares</B></FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="3" BORDER="0" STYLE="width: 100%; font-size: 9pt">
<TR VALIGN="BOTTOM">
    <TD STYLE="border-left: Black 1pt solid; width: 3%"></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 2%"></TD>
    <TD STYLE="text-indent: 5pt; width: 88%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 6%"></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>9</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AGGREGATE
                                         AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>460,043 shares</B></FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CHECK
                                         BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES</FONT></P>
                                                 <P STYLE="text-indent: 10pt; text-align: right; margin-top: 0; margin-bottom: 0"></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<FONT STYLE="background-color: Silver">&#9744;</FONT></FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>11</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PERCENT
                                         OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.93%</B></FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="border-bottom: #000000 1px solid; border-left: Black 1pt solid; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;<FONT STYLE="font-size: 16pt">12</FONT></B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5pt"><P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TYPE
                                         OF REPORTING PERSON</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IA</B></FONT></P>
                                                 <P STYLE="text-indent: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>




</B></FONT></P></TD></TR></B></FONT></P></TD></TR></DIV>


<P><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P><TABLE CELLPADDING="5" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border: Black 1pt solid; text-align: left; vertical-align: middle; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CUSIP
                                         No.&#9;&nbsp;<FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px"><B>04010E109</B></FONT></B></B></B></FONT></P>



</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Schedule
    13G</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-indent: 0pt; padding-left: 0pt; text-align: right; vertical-align: middle; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page
    3 of 5 Pages&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0pt; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0pt; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Name of Issuer:</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 1in; text-indent: 0in">Argan, Inc.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Address of Issuer&rsquo;s Principal Executive Offices:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in; text-indent: 0.5in">One Church Street, Suite 201, Rockville,
MD 20850</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Name of Person Filing:</TD>
</TR></TABLE>

<P STYLE="padding-bottom: 0; font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 1in">Ashford Capital Management, Inc.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0 0 1in; padding-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Address of Principal Business Office or, if none, Residence:</TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 1in">One Walker&rsquo;s Mill Road, Wilmington, DE 19807</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5007in"></TD><TD STYLE="width: 0.4993in">(c)</TD><TD>Citizenship: &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A Delaware Corporation</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5007in; text-align: right"></TD><TD STYLE="width: 0.4993in">(d)</TD><TD STYLE="text-align: justify">Title of Class of Securities:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Common Stock, $0.15 Par Value Per Share</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5007in; text-align: right"></TD><TD STYLE="width: 0.4993in">(e)</TD><TD STYLE="text-align: justify">CUSIP Number:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;04010E109</TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>If
                                         this statement is filed pursuant to &sect;&sect;240.13d-1(b) or 240.13d-2(b) or (c),
                                         check whether the person filing is a: </B></FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Broker or dealer registered under
section 15 of the Act</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Bank as defined in section 3(a)(6)
of the Act</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Insurance company as defined in section
3(a)(19) of the Act</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Investment company registered under section 8 of the Investment Company Act
of 1940</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Wingdings; font-size: 9pt">x</FONT><FONT STYLE="font-size: 10pt">&#9;An investment adviser in accordance
with &#167;240.13d-1(b)(1(ii)(E)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD><FONT STYLE="font-family: Wingdings">o</FONT>&#9;An employee benefit plan or endowment fund in accordance with &#167;240.13d-1(b)(1)(ii)(F)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(g)</TD><TD><FONT STYLE="font-family: Wingdings">o</FONT>&#9;A parent holding company or control person in accordance with &#167;240.13d-1(b)(1)(ii)(G)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(h)</TD><TD><FONT STYLE="font-family: Wingdings">o</FONT>&#9;A savings association as defined in section 3(b) of the Federal Deposit Insurance
Act</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD><FONT STYLE="font-family: Wingdings">o</FONT>&#9;A church plan that is excluded from the definition of an investment company
under section 3(c)(14) of the Investment Company Act of 1940</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(j)</TD><TD><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Group, in accordance with &#167;240.13d-1(b)-1(ii)(J)</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="margin: 0; text-indent: 0pt; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin: 0; text-indent: 0pt; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P><TABLE CELLPADDING="5" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border: Black 1pt solid; text-align: left; vertical-align: middle; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CUSIP
                                         No.&#9;&nbsp;<FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px"><B>04010E109</B></FONT></B></B></B></FONT></P>



</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Schedule
    13G</B></FONT></B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-indent: 0pt; padding-left: 0pt; text-align: right; vertical-align: middle; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page
    4 of 5 Pages&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4.</B></TD><TD><B>Ownership</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 36pt">Provide the following information
regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">Amount Beneficially Owned:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;460,043 shares</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">Percent of Class:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;2.93%</TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0 70pt">The foregoing percentage is calculated based on 15,714,745 shares of Common
Stock reported to be outstanding as of December 7, 2021 in the Issuer&rsquo;s October 31, 2021 Quarterly Report filed on Form 10-Q.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: right"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">Number of shares as to which such person has:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: right"></TD><TD STYLE="width: 40pt">(i)</TD><TD STYLE="text-align: justify">Sole power to vote or to direct the vote:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;460,043 shares</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: right"></TD><TD STYLE="width: 40pt">(ii)</TD><TD STYLE="text-align: justify">Shared power to vote or to direct the vote:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;0 shares</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: right"></TD><TD STYLE="width: 40pt">(iii)</TD><TD STYLE="text-align: justify">Sole power to dispose or to direct the disposition of:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;460,043 shares</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt; text-align: right"></TD><TD STYLE="width: 40pt">(iv)</TD><TD STYLE="text-align: justify">Shared power to dispose or to direct the disposition of:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;0 shares</TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.</B></TD><TD><B>Ownership of Five Percent or Less of a Class</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; text-indent: 72pt; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt">If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following</FONT>&#8239;&#9746;. </P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 6.</B></TD><TD><B>Ownership of More than Five Percent on Behalf of Another Person</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; text-indent: 72pt; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt">N/A</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 7.</B></TD><TD><B>Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding
Company</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; text-indent: 72pt; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt">N/A</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.</B></TD><TD><B>Identification and Classification of Members of the Group</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; text-indent: 72pt; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt">N/A</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.</B></TD><TD><B>Notice of Dissolution of Group</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; text-indent: 72pt; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt">N/A</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 10.</B></TD><TD><B>Certification</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; text-indent: 72pt; margin-top: 6pt; margin-right: 0; margin-bottom: 6pt">By
signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in
the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction
having that purpose or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt; padding-top: 0; padding-bottom: 0"></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="5" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border: Black 1pt solid; text-align: left; vertical-align: middle; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CUSIP
                                         No.&#9;&nbsp;<FONT STYLE="text-transform: none; letter-spacing: normal; word-spacing: 0px"><B>04010E109</B></FONT></B></FONT></B></B></B></FONT></P>



</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Schedule
    13G</B></FONT></B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-indent: 0pt; padding-left: 0pt; text-align: right; vertical-align: middle; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page
    5 of 5 Pages&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>SIGNATURE</U></B></FONT></P>

<P STYLE="text-indent: 72pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">After reasonable inquiry and to the best of its knowledge and belief,
I certify that the information set forth in this statement is true, complete and correct.</FONT></P>

<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;February
14, 2022</FONT></P>

<P STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P></P>

<TABLE ID="z9aa5f07652ef4f91a0b62375a8108819" BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, serif; width: 100%; border-collapse: separate">
          <TR></FONT><TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD COLSPAN="2" STYLE="vertical-align: top"><div style="font-weight: bold; text-align: left;"><div><FONT STYLE="font-size: 10pt">ASHFORD CAPITAL MANAGEMENT, INC.</FONT></div>
                      <br>
                    </div>
                  </td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                </tr>
                <tr>
                  <TD STYLE="width: 50%; vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="width: 3%; vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="width: 42%; vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="width: 5%; vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                </tr>
                <tr>
                  <TD STYLE="padding-bottom: 2px; text-align: left; vertical-align: top"></td>
                  <TD STYLE="padding-bottom: 2px; vertical-align: top"><div style="TEXT-ALIGN: left"><FONT STYLE="font-size: 10pt">By:</FONT></div>
                  </td>
                  <TD STYLE="border-bottom: #000000 2px solid; text-align: left; white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/&#160;Anthony M. Petrucci</FONT></td>
                  <TD STYLE="padding-bottom: 2px; vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                </tr>
                <tr>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Anthony M. Petrucci</FONT></td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                </tr>
                <tr>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Chief Compliance Officer</FONT></td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                </tr>
                <tr>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                  <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&#160;</FONT></td>
                </tr>

            </table>
<P><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P>&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
