<SEC-DOCUMENT>0001010549-22-000186.txt : 20220801
<SEC-HEADER>0001010549-22-000186.hdr.sgml : 20220801
<ACCEPTANCE-DATETIME>20220801163302
ACCESSION NUMBER:		0001010549-22-000186
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220801
DATE AS OF CHANGE:		20220801

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REALTY INVESTORS INC
		CENTRAL INDEX KEY:			0001102238
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
		IRS NUMBER:				752847135
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-59491
		FILM NUMBER:		221125280

	BUSINESS ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4695224200

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILLIPS RYAN T
		CENTRAL INDEX KEY:			0001930027

	FILING VALUES:
		FORM TYPE:		SC 13D

	MAIL ADDRESS:	
		STREET 1:		10543 INWOOD ROAD
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75229
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>americansch13d.htm
<TEXT>
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<P STYLE="text-indent: 20pt; font: 14pt Arial, Helvetica, Sans-Serif; margin: 1.75pt 9.35pt 0 5.95pt; text-align: center"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.55pt; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.05pt 9.35pt 0 5.95pt; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/193% Times New Roman, Times, Serif; margin: 0 2.2in 0 155.55pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">Under
the Securities Exchange Act of 1934 </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3.55pt 9.35pt 0.15pt 6.45pt; text-align: center">AMERICAN REALTY INVESTORS,
INC.</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_003.gif" ALT="" STYLE="width: 626px; height: 2px"></P>

<P STYLE="font: 10pt/1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.3pt; text-align: center">(Name of Issuer)</P>

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

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 180.1pt 0 177.3pt; text-align: center"><FONT STYLE="letter-spacing: -0.3pt">Common
</FONT><FONT STYLE="letter-spacing: -0.25pt">Stock, </FONT><FONT STYLE="letter-spacing: -0.15pt">$0.01 par </FONT><FONT STYLE="letter-spacing: -0.2pt">value</FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_003.gif" ALT="" STYLE="width: 626px; height: 2px"></P>
<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 180.1pt 0 177.3pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt"></FONT></P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 180.1pt 0 177.3pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt"></FONT><FONT STYLE="letter-spacing: -0.15pt">(Title of </FONT><FONT STYLE="letter-spacing: -0.2pt">Class </FONT><FONT STYLE="letter-spacing: -0.15pt">of
</FONT><FONT STYLE="letter-spacing: -0.2pt">Securities)</FONT></P>

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

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.6pt; text-align: center">029174-10-9</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_003.gif" ALT="" STYLE="width: 626px; height: 2px"></P>

<P STYLE="font: 10pt/1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.35pt; text-align: center">(CUSIP Number)</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.5pt; text-align: center">Steven C. Metzger</P>

<P STYLE="font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.4pt; text-align: center">3626 N. Hall Street, Suite 800</P>

<P STYLE="font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.55pt; text-align: center">Dallas, Texas 75219</P>

<P STYLE="font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.65pt; text-align: center">(214) 740-5030</P>

<P STYLE="font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.65pt; text-align: center">(214) 224-7555 (Facsimile)</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_003.gif" ALT="" STYLE="width: 626px; height: 2px"></P>

<P STYLE="font: 10pt/1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.55pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt/96% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.7pt; text-align: center">July 27, 2022</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_003.gif" ALT="" STYLE="width: 626px; height: 2px"></P>

<P STYLE="font: 10pt/1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.35pt 0 6.3pt; text-align: center">(Date of Event which Requires
Filing of this Statement)</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/96% Times New Roman, Times, Serif; margin: 0 8.5pt 0 5pt; text-align: justify">If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rules 13d-1(b)(3) or (4), check the following box [ ].</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/96% Times New Roman, Times, Serif; margin: 0 9pt 0 5pt; text-align: justify">NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.
See Rule 13d-7 for other parties to whom copies are to be sent.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/96% Times New Roman, Times, Serif; margin: 0 8.75pt 0 5pt; text-align: justify">The remainder of this cover page shall be filled out for a reporting persons's initial filing on this form with respect to the subject
class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a
prior cover page.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/96% Times New Roman, Times, Serif; margin: 0 8.45pt 0 5pt; text-align: justify">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 the Act but shall be
subject to all other provisions of the Act (however, see the Notes).</P>


<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 1.75pt 10.4pt 0 7pt; text-align: center"></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0.05pt 10.4pt 0 7pt; text-align: center"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0.05pt">&nbsp;CUSIP No. 029174-10-9</P>

<P STYLE="font: 10pt/1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></FONT></P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (entities <FONT STYLE="letter-spacing: -0.1pt">only)</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">Bradford A. Phillips</P>


<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt">.  . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">2)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11.05pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">(a) . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">(b) . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">3) SEC Use Only . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">PF and OO</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">4) Source of Funds (See Instructions)
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt"><FONT STYLE="letter-spacing: -0.1pt">5) Check if Disclosure
of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) . . . . . . . . . . . . . . . . . . .</FONT> <FONT STYLE="letter-spacing: -0.5pt">.</FONT></P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt">.  . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">USA</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">6) Citizenship or Place of
Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>
<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">7)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power &#9;..............................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Number of&#9;<U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 4in; text-align: justify; text-indent: -4in">Shares&#9;&#9;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Beneficially&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power &#9;..........................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Owned by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: -3.5in">Each Reporting&#9;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Person With&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power &#9;.......................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">___________________________________________________________________________</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>
<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>


<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">10)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power &#9;...................................................................................</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>



<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 365pt">-<FONT STYLE="letter-spacing: -0.25pt">0-</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">11)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Aggregate Amount Beneficially Owned by Each Reporting Person . . . . . . . .
.. . . . . . . . . . . . . . . . . . . .</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">12)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
.. . . . . . . . . . . . . . . . . </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt"> . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">13) Percent of Class Represented
by Amount in Row (11) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">IN</P>
<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt"><FONT STYLE="letter-spacing: -0.2pt">14) Type</FONT>
<FONT STYLE="letter-spacing: -0.15pt">of </FONT><FONT STYLE="letter-spacing: -0.25pt">Reporting Person</FONT> <FONT STYLE="letter-spacing: -0.2pt">(See
Instructions)</FONT> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">. . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0.05pt">&nbsp;CUSIP No. 029174-10-9</P>

<P STYLE="font: 10pt/1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></FONT></P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (entities <FONT STYLE="letter-spacing: -0.1pt">only)</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">Clifton Phillips</P>


<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt">.  . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">2)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11.05pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">(a) . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">(b) . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">3) SEC Use Only . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in"> PF and OO</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">4) Source of Funds (See Instructions)
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt"><FONT STYLE="letter-spacing: -0.1pt">5) Check if Disclosure
of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) . . . . . . . . . . . . . . . . . . .</FONT> <FONT STYLE="letter-spacing: -0.5pt">.</FONT></P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt">.  . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">USA</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">6) Citizenship or Place of
Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>
<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">7)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power &#9;..............................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Number of&#9;<U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 4in; text-align: justify; text-indent: -4in">Shares&#9;&#9;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Beneficially&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power &#9;..........................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Owned by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: -3.5in">Each Reporting&#9;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Person With&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power &#9;.......................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">___________________________________________________________________________</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>
<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>


<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">10)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power &#9;...................................................................................</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>



<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 365pt">-<FONT STYLE="letter-spacing: -0.25pt">0-</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">11)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Aggregate Amount Beneficially Owned by Each Reporting Person . . . . . . . .
.. . . . . . . . . . . . . . . . . . . .</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">12)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
.. . . . . . . . . . . . . . . . . </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt"> . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">13) Percent of Class Represented
by Amount in Row (11) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">IN</P>
<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt"><FONT STYLE="letter-spacing: -0.2pt">14) Type</FONT>
<FONT STYLE="letter-spacing: -0.15pt">of </FONT><FONT STYLE="letter-spacing: -0.25pt">Reporting Person</FONT> <FONT STYLE="letter-spacing: -0.2pt">(See
Instructions)</FONT> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">. . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>



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    <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 STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0.05pt">&nbsp;CUSIP No. 029174-10-9</P>

<P STYLE="font: 10pt/1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></FONT></P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (entities <FONT STYLE="letter-spacing: -0.1pt">only)</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">Ryan Phillips</P>


<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt">.  . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">2)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11.05pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">(a) . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">(b) . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">3) SEC Use Only . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">PF and OO</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">4) Source of Funds (See Instructions)
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt"><FONT STYLE="letter-spacing: -0.1pt">5) Check if Disclosure
of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) . . . . . . . . . . . . . . . . . . .</FONT> <FONT STYLE="letter-spacing: -0.5pt">.</FONT></P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt">.  . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">USA</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">6) Citizenship or Place of
Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>
<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">7)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power &#9;..............................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Number of&#9;<U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 4in; text-align: justify; text-indent: -4in">Shares&#9;&#9;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Beneficially&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power &#9;..........................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Owned by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: -3.5in">Each Reporting&#9;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify">Person With&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power &#9;.......................................................................................</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">___________________________________________________________________________</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>
<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>


<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0; text-align: justify; text-indent: 1in">10)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power &#9;...................................................................................</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

<P STYLE="font: 4.5pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>



<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 365pt">-<FONT STYLE="letter-spacing: -0.25pt">0-</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">11)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Aggregate Amount Beneficially Owned by Each Reporting Person . . . . . . . .
.. . . . . . . . . . . . . . . . . . . .</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: -0.5pt">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11.25pt Arial, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.3pt">12)</FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.2pt">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
.. . . . . . . . . . . . . . . . . </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5pt"> . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_005.gif" ALT="" STYLE="width: 624px; height: 1px"></P>

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

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">-0-</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt">13) Percent of Class Represented
by Amount in Row (11) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Helv,sans-serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">IN</P>
<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 3.35pt 0 0 23pt"><FONT STYLE="letter-spacing: -0.2pt">14) Type</FONT>
<FONT STYLE="letter-spacing: -0.15pt">of </FONT><FONT STYLE="letter-spacing: -0.25pt">Reporting Person</FONT> <FONT STYLE="letter-spacing: -0.2pt">(See
Instructions)</FONT> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41pt">. . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 1. Security and Issuer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Statement on Schedule 13D
(this &ldquo;<U>Statement</U>&rdquo;) relates to shares of Common Stock, par value $0.01 per share (the &ldquo;<U>Shares</U>&rdquo;) of
American Realty Investors, Inc., a Nevada corporation (the &ldquo;<U>Issuer</U>&rdquo; or &ldquo;<U>ARL</U>&rdquo;), and is being filed
in <B>an abundance of caution</B> with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) by the persons described
in Item 2 below, who are indirectly related to and associated with, but not acting in concert with, the present principal stockholder
of the Issuer. The principal executive offices of the Issuer are located at 1603 LBJ Freeway, Suite 800, Dallas, Texas 75234. The Shares
are listed and traded on the New York Stock Exchange (&ldquo;<U>NYSE</U>&rdquo;). The CUSIP number of the Shares is 029174-10-9.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Statement is being filed
in <B>an abundance of caution</B> to disclose that the individuals and/or their respective entities named below <U>may</U>, in the future,
purchase, hold and/or subsequently sell Shares depending upon market circumstances and their collective and individual investment objectives
and desires, independent of Shares acquired, held or sold by any other stockholder, including, but not limited to, entities owned or controlled
by the May Trust, of which two of the individuals listed below are, in addition to their siblings, beneficiaries. Each of the individuals
listed below is an adult son of the late Gene E. Phillips, deceased, one of the settlors of the May Trust and of the Gene E. Phillips
Children&rsquo;s Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2. Identity and Background</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;(a)-(c) and (f)&#9;This Statement is filed on
behalf of (i) Bradford A. Phillips (&ldquo;<U>B. Phillips</U>&rdquo;), who is the Chief Executive Officer and Chairman of LBL Group of
Insurance Companies and whose principal executive offices are located at 1605 LBJ Freeway, Suite 700, Dallas, Texas 75234, (ii) Clifton
Phillips (&ldquo;<U>C. Phillips</U>&rdquo;), who is the President of Roundstone Development, LLC, a Dallas, Texas developer of affordable
housing projects in Arkansas, Florida, Mississippi and Texas, with its principal executive offices located at 1603 LBJ Freeway, Suite
860, Dallas, Texas 75234, and (iii) Ryan Phillips (&ldquo;<U>R. Phillips</U>&rdquo;), President of Signature Asset Management, Inc., a
Dallas, Texas owner and developer of commercial office space, which has its principal executive offices located at 1603 LBJ Freeway, Suite
800, Dallas, Texas 75234. B. Phillips, C. Phillips and R. Phillips are brothers; their three families and C. Phillips and R. Phillips
are among the beneficiaries of the May Trust and are among the owners of shares of May Realty Holdings, Inc. B. Phillips, C. Phillips
and R. Phillips are three of the six beneficiaries of the Gene E. Phillips Children&rsquo;s Trust (the &ldquo;<U>GEP Trust</U>&rdquo;),
which also owns Shares. B. Phillips is also a Director [one of six] (since March 11, 2021) of the Issuer and of Transcontinental Realty
Investors, Inc., a Nevada corporation (&ldquo;<U>TCI</U>&rdquo;), the majority of the shares of Common Stock of which are owned and held
by ARL. B. Phillips, C. Phillips and R. Phillips might be deemed to constitute a &ldquo;person&rdquo; within the meaning of Section 13(d)
of the Act, as amended, because they are brothers who may have similar investments (although not shared by the three), they intend to
trade Shares and may hold together and ultimately sell Shares but not divide the resulting funds among them; that is, they may make similar
investments in Shares, but all purchases and/or sales will be for their own respective individual account. Each of B. Phillips, C. Phillips
and R. Phillips is a citizen of the United States of America.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)-(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the last five years, none of B. Phillips, C. Phillips or R. Phillips (i) has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction,
the result of which was or is subject to a judgment, decree or final order in joining future violations of or prohibiting or mandating
activities subject to federal or state securities laws or finding any violation with respect to such laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 3. Source and Amount of Funds or Other Consideration</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No funds have been utilized as
of the date of this Statement, but all purchases of any securities will be purchased for cash from the personal funds of each of B. Phillips,
C. Phillips and R. Phillips. Purchases are likely to be made through brokerage accounts which have margin availability.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 4. Purpose of Transaction</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purpose or purposes of any
acquisition of securities of the Issuer will be for investment. None of B. Phillips, C. Phillips or R. Phillips has any present plans
or proposals which would result in such person seeking to acquire the entire equity interest in the Issuer. Except as set forth in this
Statement, none of B. Phillips, C. Phillips or R. Phillips has any present plans or proposals which would relate to or would result in:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
acquisition by any person of any additional securities of the Issuer or the disposition of securities of the Issuer, except that any or
all of B. Phillips, C. Phillips and R. Phillips may, if the appropriate opportunity exists, acquire additional securities of the Issuer
or dispose of any portion of any or all of the securities of the Issuer then held by such person; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;
or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the number of term of
directors or fill any existing vacancies on the Board; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
material change in the present capitalization or dividend policy of the Issuer; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other material change in the Issuer&rsquo;s business or corporate structure, including, but not limited to, if the Issuer is a registered
closed-end investment company, any plans or proposals to make any changes in its investment policy for which a vote is required by Section
13 of the Investment Company Act of 1940; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes
in the Issuer&rsquo;s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control
of the Issuer by any person; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;causing
a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an
interdealer quotation system of a registered national securities association; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
actions similar to any of those enumerated above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 5. Interest in Securities of the Issuer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to the latest information available from the Issuer, as of May 13, 2022, the total number of issued and outstanding Shares was 16,152,043.
As of July 27, 2022, no Shares are owned directly and beneficially by any of B. Phillips, C. Phillips or R. Phillips. C. Phillips and
R. Phillips are beneficiaries of the May Trust. The beneficiaries of the May Trust, R. Phillips, and the families of B. Phillips and C.
Phillips own 100% of May Realty Holdings, Inc., a Nevada corporation, which, in turn, owns 100% of Realty Advisors, Inc., a Nevada corporation
(&ldquo;<U>RAI</U>&rdquo;). RAI, together with its wholly owned subsidiaries, owns directly and beneficially approximately 90.82% of the
Shares; however, none of B. Phillips, C. Phillips or R. Phillips holds the present right to require distribution of any of such Shares
to any of such individuals, nor does any of B. Phillips, C. Phillips or R. Phillips have any voting or dispositive power over any Shares
owned by RAI. Each of B. Phillips, C. Phillips and R. Phillips is also a beneficiary of the GEP Trust, which owns Shares; however, none
of B. Phillips, C. Phillips or R. Phillips holds any present right to require distribution of any of such Shares to any of such individuals.
Only the respective trustees of the May Trust and the GEP Trust have the right to direct the voting or disposition of any Share controlled
by such Trusts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of B. Phillips, C. Phillips and R. Phillips will hold any Shares individually and does not intend to share voting and/or dispositive power
over any Shares acquired in the future; Shares purchased will be for each person&rsquo;s own individual account, and while they may be
holding at the same time, any investment decisions on purchase or sale are to be individual decisions; there is no agreement to share
profits or losses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the 60 calendar days ended July 27, 2022, none of B. Phillips, C. Phillips or R. Phillips engaged in any transaction in the Shares or
any other equity interest derivative thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 6. Contracts, Arrangements, Understandings
or Relationships with Respect to Securities of the Issuer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except that the three individuals
may appear at times to be acting on behalf of each other and for each other with respect to securities investments, including any investments
in the Shares, there are no contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect
to any securities of the Issuer, including finder&rsquo;s fees, joint ventures, loan or option arrangements, puts or calls, guaranties
of profits, division of profits or loss, or the giving or withholding of proxies to which any of B. Phillips, C. Phillips or R. Phillips
is a party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 7. Material to be Filed as Exhibits</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None.</P>


<P STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin: 3.1pt 8.05pt 0 5pt; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin: 0 8.05pt 0 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 10.4pt 0 7.65pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">SIGNATURES</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After reasonable inquiry and to
the best of their respective knowledge and belief, the undersigned certify that the information set forth in this Statement on Schedule
13D is true, complete, and correct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dated: July 27, 2022</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ Bradford A. Phillips </P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ Clifton Phillips </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Bradford A. Phillips, individually</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Clifton Phillips, individually</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 34%">/s/ Ryan Phillips</TD>
  <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Ryan Phillips, individually</TD>
  <TD>&nbsp;</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -125.3pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0.5in"></P>



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