Item 2. Properties
Item
2. Properties.
In
June 2015, we were accepted into the “New Venture Incubator Program,” which was established by The University of Texas at
San Antonio (“UTSA”) to foster research by assisting technology-based businesses and entrepreneurs. Pursuant to the terms
of a license agreement, UTSA grants us a license for the temporary use of approximately 1,250 square feet of laboratory and office space
in room SRL 1.424 inside the Science Research Laboratories on UTSA’s campus. In exchange, we pay a licensing fee of $3,081
per month. The license agreement has a one-year term that we can extend by requesting a term extension from UTSA. Since 2016,
UTSA has granted each of our annual requests for a license extension.
14
We
rent additional corporate office space from Venture Point (formerly known as WorkHub Elite Business Center) pursuant to a membership
agreement that is renewable on a monthly basis. Currently, we rent several office suites for a monthly fee of approximately $ 5, 000
per month. We do not own any real property.
Management
believes that the combination of our rented and licensed office and laboratory spaces are adequate to meet our current needs and expected
level of operations.
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