Item 2. Properties
Item
2. Properties .
Our
principal executive office is located at 27 Castilian Dr., Goleta, CA. We pay an annual rent of $161,070.
Effective
February 22, 2021, we entered into a triple-net lease agreement with SBR Associates LP for the commercial building at 27 Castilian Dr.
Goleta, CA for a term of five years, that began on April 1, 2021. The base rent for this property is $13,013.75 per month, with a CPI
escalation over the initial base rent over the term of the lease. The lease expires on March 31, 2026 with the option to renew the lease
with reasonable notice.
On
March 15, 2021, we entered into a month-to-month agreement to sublease a portion of this property to the previous tenant at a base rental
rate of $13,013.75 per month. The sublease was amended on May 17, 2021 to sublease a smaller portion of the property at a base rental
rate of $8,400 per month effective June 1, 2021. The sublease was amended again on February 7, 2022 to sublease a smaller portion of
the property at a base rental rate of $6,930 per month effective March 1, 2022. The sublease was amended again on May 17, 2022 to sublease
a smaller portion of the property at a base rental rate of $5,200 per month effective June 1, 2022.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.