+Added: At the beginning of fiscal year 2021, Astrotech had two existing facility leases and several small equipment leases.
Astrotech leased office space consisting of 5,219 square feet in Austin, Texas that housed executive management, finance and accounting, sales, and marketing and communications.
The lease began in November 2016 and originally expired in December 2023.
−Removed: On August 11, 2020, the Company terminated this lease;
−Removed: see Note 16 Subsequent Events for more information.
−Removed: In May 2013, 1 st Detect completed build-out of a new 16,540 square foot leased research and development and production facility in Webster, Texas.
−Removed: This new facility is equipped with state-of-the-art laboratories, a clean room, a production shop, and offices for staff.
−Removed: The term of the lease was 62 months and included options to extend for two additional five-year periods.
−Removed: In February 2015, 1 st Detect exercised its right of first refusal on the adjoining space of 9,138 square feet.
−Removed: The original lease began in May 2013 and was to expire in June 2018;
−Removed: these dates were amended in October 2014 with the amended lease beginning February 1, 2015, and expiring April 30, 2020, with provisions to renew and extend the lease for the entire premises, but not less than the entire premises, for two renewal terms of five years each.
−Removed: On June 1, 2018, the Company entered into its third amendment of the original lease removing 8,118 square feet from its leased space, leaving leased premises with a total square footage of 17,560.
−Removed: On January 21, 2020, the Company entered into its fourth amendment of the original lease, with the amended lease beginning May 1, 2020 and expiring April 30, 2021, with the option to renew and extend the lease for one renewal term of one year.
+Added: On August 3, 2020, the Company decided to terminate the lease.
+Added: The lease termination is part of an overall plan to optimize the Company’s cash flows in the COVID-19 era.
+Added: The Company anticipates that the termination of this lease will save the Company an estimated $1.2 million over the original lease term.
+Added: In May 2013, 1 st Detect completed build-out of a 16,540 square foot leased research and development and production facility in Webster, Texas.
+Added: On March 30, 2021, we announced that we engaged Sanmina to manufacture our products.
+Added: As we transitioned to contract manufacturing, we allowed the Webster lease to expire on its expiration date of April 30, 2021 and consolidated our entire operations in Austin, Texas.
+Added: On April 27, 2021, Astrotech entered into a new lease for a research and development facility of approximately 5,960 square feet in Austin, Texas that includes a laboratory, a small production shop, and offices for staff, although many of our employees continue to work remotely.
+Added: The lease commenced on June 1, 2021 and has a lease term of 36 months.
We believe that our current facility and equipment are well maintained, in good condition, and are adequate for our present and foreseeable needs.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.