<SEC-DOCUMENT>0001654954-22-002407.txt : 20220302
<SEC-HEADER>0001654954-22-002407.hdr.sgml : 20220302
<ACCEPTANCE-DATETIME>20220302160659
ACCESSION NUMBER:		0001654954-22-002407
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220302
DATE AS OF CHANGE:		20220302

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			cbdMD, Inc.
		CENTRAL INDEX KEY:			0001644903
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				473414576
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90179
		FILM NUMBER:		22703454

	BUSINESS ADDRESS:	
		STREET 1:		8845 RED OAK BOULEVARD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28217
		BUSINESS PHONE:		704-445-3060

	MAIL ADDRESS:	
		STREET 1:		8845 RED OAK BOULEVARD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Level Brands, Inc.
		DATE OF NAME CHANGE:	20170202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEVEL BEAUTY GROUP, INC.
		DATE OF NAME CHANGE:	20150611

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Coffman Raymond Scott
		CENTRAL INDEX KEY:			0001761772

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		230 S. TRYON ST., #1302
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>ycbd_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
<html><head><title>ycbd_sc13da.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <table style="font-size:1px;width:100%"> <tr > <td style="BORDER-BOTTOM: 5px solid;"></td></tr> <tr > <td style="BORDER-BOTTOM: 2px solid;"></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Washington, D.C.&nbsp;&nbsp;20549</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>&nbsp;</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><font style="font-size:18pt">SCHEDULE 13D/A</font></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Under the Securities Exchange Act of 1934 (Amendment No. 7)*</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:50%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><font style="font-size:18pt">cbdMD, Inc.</font></strong></p></td></tr> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(Name of Issuer)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><u><strong>common stock</strong></u></p></td></tr> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(Title of Class of Securities)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><u><strong>12482W101</strong></u></p></td></tr> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(CUSIP Number)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Mr. R. Scott Coffman</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>c/o 8845 Red Oak Boulevard</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Charlotte, NC&nbsp; 28217</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><u><strong>(704) 445-3060</strong></u></p></td></tr> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><u><strong>February 28, 2022</strong></u></p></td></tr> <tr style="height:15px"> <td style="width:80%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(Date of Event Which Requires Filing of This Statement)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is subject to this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. &#9744;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosure provided in a prior cover page.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="font-size:1px;width:100%"> <tr > <td style="BORDER-BOTTOM: 2px solid;"></td></tr> <tr > <td style="BORDER-BOTTOM: 5px solid;"></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or other 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-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(1)</p></td> <td style="width:74%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">NAMES OF REPORTING PERSONS</p></td></tr> <tr style="height:15px"> <td></td> <td style="width:80%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">R. Scott Coffman</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(2)</p></td> <td style="width:74%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(see instructions)</p></td></tr> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(a)</p></td> <td style="width:74%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&#9744;</p></td></tr> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(b)</p></td> <td style="width:74%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&#9744;</p></td></tr> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">(3)</p></td> <td style="width:74%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">SEC USE ONLY</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="margin:0px">(4)</p></td> <td style="width:74%;vertical-align:top;"> <p style="margin:0px">SOURCE OF FUNDS</p> <p style="margin:0px">(see instructions)</p></td></tr> <tr style="height:15px"> <td></td> <td style="width:80%;vertical-align:top;"> <p style="margin:0px">WC</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="margin:0px">(5)</p></td> <td style="width:74%;vertical-align:top;"> <p style="margin:0px">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="margin:0px">(6)</p></td> <td style="width:74%;vertical-align:top;"> <p style="margin:0px">CITIZENSHIP OR PLACE OF ORGANIZATION</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="margin:0px">United States</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp; </p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td rowspan="11" style="width:27%;"> <p style="MARGIN: 0px; text-align:center;">NUMBER OF SHARES </p> <p style="MARGIN: 0px; text-align:center;">BENEFICIALLY </p> <p style="MARGIN: 0px; text-align:center;">OWNED BY EACH REPORTING </p> <p style="MARGIN: 0px; text-align:center;">PERSON WITH</p></td> <td style="width:6%;vertical-align:top;"> <p style="margin:0px">(7)</p></td> <td style="width:47%;vertical-align:top;"> <p style="margin:0px">SOLE VOTING POWER</p></td></tr> <tr style="height:15px"> <td style="width:6%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:47%;vertical-align:top;"> <p style="margin:0px">13,418,465 shares</p></td></tr> <tr style="height:15px"> <td style="width:6%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:47%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="width:6%;vertical-align:top;"> <p style="margin:0px">(8)</p></td> <td style="width:47%;vertical-align:top;"> <p style="margin:0px">SHARED VOTING POWER</p></td></tr> <tr style="height:15px"> <td style="width:6%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:47%;vertical-align:top;"> <p style="margin:0px">0 shares</p></td></tr> <tr style="height:15px"> <td style="width:6%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:47%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="width:6%;vertical-align:top;"> <p style="margin:0px">(9)</p></td> <td style="width:47%;vertical-align:top;"> <p style="margin:0px">SOLE DISPOSITIVE POWER</p></td></tr> <tr style="height:15px"> <td style="width:6%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:47%;vertical-align:top;"> <p style="margin:0px">16,290,653 shares</p></td></tr> <tr style="height:15px"> <td style="width:6%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:47%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="width:6%;vertical-align:top;"> <p style="margin:0px">(10)</p></td> <td style="width:47%;vertical-align:top;"> <p style="margin:0px">SHARED DISPOSITIVE POWER</p></td></tr> <tr style="height:15px"> <td style="width:6%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:47%;vertical-align:top;"> <p style="margin:0px">0 shares</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="margin:0px">(11)</p></td> <td style="width:74%;vertical-align:top;"> <p style="margin:0px">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</p></td></tr> <tr style="height:15px"> <td></td> <td style="width:80%;vertical-align:top;"> <p style="margin:0px">16,383,987 shares <sup>(1)</sup></p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="margin:0px">(12)</p></td> <td style="width:74%;vertical-align:top;"> <p style="margin:0px">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</p> <p style="margin:0px">(See Instructions)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="margin:0px">(13)</p></td> <td style="width:74%;vertical-align:top;"> <p style="margin:0px">PERCENTAGE OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</p></td></tr> <tr style="height:15px"> <td></td> <td style="width:80%;vertical-align:top;"> <p style="margin:0px">27.6% <sup>(2)</sup></p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:5%;vertical-align:top;"> <p style="margin:0px">(14)</p></td> <td style="width:74%;vertical-align:top;"> <p style="margin:0px">TYPE OF REPORTING PERSON</p> <p style="margin:0px">(See Instructions)</p></td></tr> <tr style="height:15px"> <td></td> <td style="width:80%;vertical-align:top;"> <p style="margin:0px">IN</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">(1) Represents (a) outstanding shares of the Issuer&#8217;s common stock over which the Reporting Person has dispositive control, and (b) 93,334 shares of the Issuer&#8217;s common stock underlying vested stock options. See Item 5.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">(2) Based on 59,347,213 shares of common stock outstanding as of February 28, 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">2</p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Item 1.&nbsp;Security and Issuer</strong>.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">This Schedule 13D relates to the common stock, par value $0.001 per share, of cbdMD, Inc., a North Carolina corporation (the &#8220;Issuer&#8221;).&nbsp;&nbsp;The Issuer's principal executive offices are located at 8845 Red Oak Boulevard, Charlotte, NC 28217.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Item 2.&nbsp;Identity and Background.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Reporting Person is R. Scott Coffman.&nbsp;&nbsp;The Reporting Person's business address is 8845 Red Oak Boulevard, Charlotte, NC 28217.&nbsp;&nbsp;The Reporting Person is a member of the Board of Directors and co-Chief Executive Officer and President of the Issuer.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the past five years the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) nor was the Reporting Person a party to a civil proceeding or a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoying 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-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Reporting Person is a U.S. citizen.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Item 3. Source and Amount of Funds or Other Consideration</strong>.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Working capital of the Reporting Person.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Item 4.&nbsp;Purpose of Transaction.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">All of the Issuer&#8217;s securities owned by the Reporting Person were acquired for investment purposes only and are being held as a long-term investments.&nbsp; The Reporting Person does not have any current plans or proposals which relate to or would result in any matters set forth in Items 4(a) through 4(j) of Schedule 13D.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Item 5.&nbsp;Interest in Securities of the Issuer.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The number of outstanding shares of the Issuer's common stock beneficially owned by the Reporting Person includes:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:3%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:3%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">3,684,000 shares held of record by Edge of Business, LLC (&#8220;Edge of Business&#8221;);</td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">12,606,653 shares held of record by the Coffman Family Office, LLC (&#8220;Coffman Family Office&#8221;); and</td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">93,334 shares underlying vested stock options with an exercise price of $3.15 per share.</td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">3</p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Reporting Person has voting and dispositive control over securities owned of record by Edge of Business.&nbsp; Coffman Management, LLC (&#8220;Coffman Management&#8221;) is the Manager of Coffman Family Office and the Reporting Person is the Manager of Coffman Management.&nbsp; Except as set forth in this Item 5, the Reporting Person has voting and dispositive control over securities owned of record by Coffman Family Office.&nbsp; The Reporting Person disclaims beneficial ownership of the securities held of record by each of these entities except to the extent of his pecuniary interest therein.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Of the 12,606,653 shares of common stock held of record by Coffman Family Office, the Reporting Person has the sole power to vote 9,734,465 shares.&nbsp;&nbsp;The balance of 2,872,188 shares are subject to the terms of a Voting Trust Agreement dated February 26, 2020 between the Issuer and Coffman Family Office pursuant to which until such time as the unrestricted voting rights to these shares have vested, the voting rights to such shares are held by the independent chairman of the Audit Committee of the Issuer&#8217;s board of directors who will vote such shares on any matter brought before the Issuer&#8217;s shareholders in accordance with the recommendation of its board of directors.&nbsp; The voting rights to the 2,872,188 shares vest in equal amounts on each of June 20, 2022 and December 20, 2023.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The number of outstanding shares of the Issuer&#8217;s common stock beneficially owned by the Reporting Person excludes:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:3%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:3%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">46,666 shares of common stock underlying unvested stock options; and</td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Earnout Rights to up to an additional 3,149,348 shares of the Issuer&#8217;s common stock.</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Included in the total number of shares of the Issuer&#8217;s common stock beneficially owned by the Reporting Person are 291,646 shares of common stock acquired on February 28, 2022.&nbsp;&nbsp;For additional information on this transaction and the Earnout Rights, please see the Form 4 filed by the Reporting Person with the Securities and Exchange Commission on March 2, 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Item 6.&nbsp; Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The information appearing in Item 5 is incorporated by reference into this Item 6.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Item 7.&nbsp;&nbsp;Material to be Filed as Exhibits.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">None.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">4</p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>SIGNATURES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:50%;vertical-align:top;"> <p style="margin:0px"><strong>&nbsp;</strong>Date: March 2, 2022</p></td> <td style="BORDER-BOTTOM: 1px solid;width:35%;vertical-align:top;"> <p style="margin:0px"><em>/s/ R. Scott Coffman</em></p></td> <td style="width:12%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">R. Scott Coffman</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">5</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p><body>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
