Item 2. Properties
ITEM 2. PROPERTIES
Our principal executive office and production
facility is located in Lake Forest, California, USA, where we lease approximately 7237 square feet of office space. We lease an aggregate
of 7237 square feet of property from an unrelated third party pursuant to the terms of a lease agreement. The term of the lease is from
June 1, 2021 to May 31, 2027, with monthly rental expenses of $20,000.
In
addition, we also lease an office space in Irvine, California, for approximately 4182 square feet of office space for a term of three
years from March 1, 2021 to February 29, 2024, and with monthly rental expenses of $20,073. As of August 25, 2022, we have subleased this
office space to an unrelated third party company from August 25, 2022 to March 1, 2024. Our total rent expense was approximately $0.5
million and $0.5 million for the years ended July 31, 2023 and 2022, respectively.
We believe that our current leased property is
in good condition and suitable for the conduct of our business.
30
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.