Item 2. Properties
ITEM
2. PROPERTIES
We lease substantially all of our facilities
and do not own any material real property. Our principal facilities include: (i) an industrial facility located at 23048 N. 15th Avenue,
Phoenix, Arizona 85027, consisting of approximately 29,353 rentable square feet, used to support U.S. operations and our efforts to expand
our U.S. footprint for advanced drone innovation, including research and development and operational activities , under a 62 month lease
that expires in October 2030; (ii) a leased facility in Soevring, Denmark consisting of approximately 43,185 square feet used by our
Drones segment for office space, manufacturing, and inventory storage; and (iii) leased office space located at 8444 Westpark Drive,
Suite 840, McLean, Virginia 22102, consisting of approximately 2,815 rentable square feet, which serves as our principal executive offices,
under a 65 month lease that expires in March 2031. Management believes these facilities are adequate for our current needs. We may require
additional engineering and manufacturing capacity over time to support the design and production of products in our Electric Air Mobility
and Avionics segments.
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