Item 2. Properties
Item 2. Properties
 
As of December 31, 2022, all of our manufacturing, engineering, sales and administrative operations were located in leased facilities in Norton, Massachusetts.
 
In February 2021, the Company extended the lease for the Norton facility through February 2026. The leased facilities comprise approximately 38 thousand square feet. The lease is a triple net lease wherein the Company is responsible for payment of all real estate taxes, operating costs and utilities.  The Company also has an option to buy the property and a first right of refusal during the term of the lease.  Annual rental payments for 2022 were $160 thousand.
 
While adequate for current business volumes, continued expected growth of our business may result in the need to move to a larger location, open a second location or expand our footprint at our current location.
 
Item 3. Legal Proceedings
 
We are not a party to any litigation which could have a material adverse effect on us or on our business.
 
Item 4. Mine Safety Disclosures
 
Not applicable
 
 
Part II
 
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.