UNRESOLVED STAFF COMMENTS
−Removed: applicable to a smaller reporting company.
DESCRIPTION OF PROPERTY
−Removed: Company leases its corporate offices at 6400 Congress Avenue, Suite 2050, Boca Raton, Florida 33487 under a long-term non-cancellable
−Removed: lease agreement expiring on October 31, 2021.
−Removed: Our leased facilities are used for operational, sales and administrative purposes in support
−Removed: of our business, and are all currently being utilized as intended.
−Removed: As of the filing of this 10-K, we have extended our lease on a month-to-month
−Removed: basis as we evaluate a longer term strategy for our facility needs.
−Removed: believe that our properties are sufficient to meet our current and projected business needs.
−Removed: We periodically review our facility requirements
−Removed: and may acquire new facilities, or modify, update, consolidate, dispose of or sublet existing facilities, based on evolving business
+Added: The Company leases its corporate offices in Boca Raton, Florida under a long-term non-cancellable lease agreement that expired on October 31, 2021 (as amended, the "Lease").
+Added: On June 14, 2022, the Company signed a second lease addendum (“Second Addendum”) to the Lease with a lease term for five (5) years beginning upon completion of
+Added: improvements to the office space by the landlord, which was completed on September 12, 2022.
+Added: The annual base rent is $100,000, with a provision for a 3% increase on each anniversary of the rent commencement date.
+Added: The Company has the option to renew the Lease for one additional five-year term.
+Added: We believe that our properties are sufficient to meet our current and projected business needs.
+Added: We periodically review our facility requirements and may acquire new facilities, or modify, update, consolidate, dispose of or sublet existing facilities, based on evolving business 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.