Item 2. Properties
ITEM 2: PROPERTIES.
Our principal office is located at 8023 East 63rd Place, Suite 101 Tulsa, Oklahoma with satellite offices located in Seattle and Beijing, China. The Board of Directors unanimously approved moving the principal office from Seattle to Tulsa as of January 1, 2022. At our principal office in Tulsa, we lease 3,922 square feet of office space, under a lease which expires in September 2027. Monthly minimum rent is approximately $5 thousand with an annual 2.0% increase. The Company also leases 9,200 square feet of office space located in Seattle, Washington and 1,019 square feet in Beijing, China. The minimum monthly rent for our Seattle location is approximately $14 thousand with an annual 2.5% increase. The term of the Seattle lease is set to expire in May 2023, and the company does not intend to renew this lease. The term of the Beijing lease began in November 2018 and expired in November 2020. It was renewed for an additional 18 months through May 2022, and is being treated as a short term lease. The monthly minimum rent for our Beijing location is approximately $5 thousand (30,000RMB).
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