ITEX Corporation and its subsidiaries operate a retail trade exchange in the United States, and has licensees who operate trade exchanges in international markets in Mexico, Kuwait and Turkey. The ITEX retail trade exchange headquartered in Sacramento, California, has approximately 15,308 members (or clients) who, collectively, make up the trade exchange, which operates as an unincorporated association. The trade exchange contracts with the Company to administer the exchange and to act as a third-party recordkeeper for transactions entered into by the members. ITEX works through approximately 72 independent brokers and seven Companies owned and operated regional offices to service existing ITEX clients and enroll new clients.