−Removed: Our principal executive office and production
−Removed: facility is located in Lake Forest, California, USA, where we lease approximately 7237 square feet of office space.
−Removed: We lease an aggregate
−Removed: of 7237 square feet of property from an unrelated third party pursuant to the terms of a lease agreement.
−Removed: The term of the lease is from
−Removed: June 1, 2021 to May 31, 2027, with monthly rental expenses of $20,000.
+Added: Our principal executive office
+Added: and production facility is located in Lake Forest, California, USA, where we lease approximately 7,237 square feet of office space from
+Added: a related party.
+Added: The term of the lease is from June 1, 2022 to May 31, 2027, with monthly rental expenses of $20,000.
+Added: On March 1, 2024,
+Added: the Company modified the office lease arrangement, pursuant to which the remaining lease term was modified from 38 months to 24 months
+Added: which will expire on February 28, 2026, and the office space is reduced from 7,237 square feet to 1,555 square feet.
+Added: The monthly rental
+Added: expense was reduced to $3,000.
addition, we also lease an office space in Irvine, California, for approximately 4,182 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.
−Removed: As of August 25, 2022, we have subleased this
−Removed: office space to an unrelated third party company from August 25, 2022 to March 1, 2024.
+Added: As of August 25, 2022, we have subleased
+Added: this office space to an unrelated third party company from August 25, 2022 to March 1, 2024.
Our total rent expense was approximately
$0.2 million and $0.5 million for the years ended July 31, 2024 and 2023, respectively.
−Removed: We believe that our current leased property is
−Removed: in good condition and suitable for the conduct of our business.
+Added: The Company did not extend the lease term
+Added: upon maturity.
+Added: We believe that our current
+Added: leased property is in good condition and suitable for the conduct of our business.
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.