Item 2. Properties
Item 2. Properties.
As of May 15, 2018, our corporate headquarters which houses operations and support personnel, is located
at 202 S Dean Street, Englewood, NJ 07631, an office consisting of a total of 12,000 square feet. The current lease term is effective
from January 8, 2014 through May 1, 2018 (the “Term”) with monthly rent of $8,500 until December 31, 2015 and $14,165
for each subsequent year of the Term thereafter. Because the Term expired May 1, 2018, the Company is currently operating on a
month-to-month basis at the same monthly rent of $14,165.
We will be relocating our corporate headquarters as soon as the construction on
our new office is complete. We recently signed a lease for the new corporate headquarters consisting of a total of 2,300 square
feet. The lease term is effective upon the later of May 1, 2018 or substantial completion of the landlord’s work and ends
five years and one month after the lease commences with monthly rent of $5,612.00 for the first year and increases at a rate of
3% for each subsequent year thereafter.
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