8 unchanged sentences
• 1330 Piccard Drive, Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company conducts operations related to its primary service offerings.
−Removed: The Company executed this lease on January 11, 2017.
+Added: The Company executed this lease (the "Original Premises") on January 11, 2017.
The operating commencement date was August 11, 2017.
−Removed: This lease expires in August 2028 .
−Removed: The Company recognized $604,000 of rental expense for both fiscal 2020 and 2019 .
−Removed: On March 30, 2020, the Company executed the first amendment to this lease to expand the existing premises at 1330 Piccard Drive, Suite 025 ("Expansion Premises") to Suites 050 and 104.
+Added: This lease originally expired in August 2028.
+Added: ◦ On March 30, 2020, the Company executed the first amendment to this lease to expand the existing premises at 1330 Piccard Drive, Suite 025 ("Expansion Premises") to add on Suites 050 and 104.
This amendment also extended the current lease term by six months.
−Removed: The Expansion Premises operating lease commencement date was June 1, 2020 and the lease expires February 28, 2029.
−Removed: In accordance with ASC 842, "Leases", the Company evaluated the first amendment and also performed a reassessment of the existing lease to determine the impact of the six-month term extension.
−Removed: The Company did not recognize rental expense under this amendment during fiscal 2020 as the Expansion Premises operating lease commencement date is during fiscal 2021.
−Removed: Upon the Expansion Premises operating lease commencement date, the Company will recognize an operating ROU asset and related operating lease liability of $3.8 million, each, respectively.
−Removed: The Company will also recognize an operating ROU asset and related operating lease liability of approximately $118,000 and $125,000, respectively, related to the extension of the current lease, as well as interest and amortization expense of $7,000.
−Removed: 910 Clopper Road, Suites 260S and 280S, Gaithersburg, Maryland 20878, which consisted of laboratory and office space where the Company conducted operations related to its primary service offerings.
−Removed: The Company executed this lease on April 1, 2018 .
−Removed: The operating commencement date was May 1, 2018 .
−Removed: The Company transitioned its activities from this location to the New Location, as defined below, and terminated this lease seven days after the commencement date of the New Location.
−Removed: The Company recognized $0 and $41,000 of rental expense for fiscal 2020 and 2019 , respectively.
−Removed: 1405 Research Boulevard, Suite 125, Rockville, Maryland 20850 (“New Location”), which consists of laboratory and office space where the Company conducts operations related to its primary service offerings.
+Added: The Expansion Premises operating lease commencement date was June 1, 2020 and, under the amendment, both leases expire February 28, 2029.
+Added: ◦ In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 842, "Leases", the Company evaluated the first amendment and also performed a reassessment of the existing lease for Suite 025 to determine the impact of the six-month term extension.
+Added: As a result of this assessment, the Company recognized an additional operating right of use ("ROU") asset and related operating lease liability for Suite 025 of $118,000 and $125,000, respectively, as well as an incremental net rent expense of $8,000 during the
+Added: three months ended July 31, 2020.
+Added: The Company did not recognize the incremental rental expense under this amendment during fiscal 2020 as the Expansion Premises lease commencement date was during fiscal 2021.
+Added: ◦ Upon the Expansion Premises operating lease commencement date (June 1, 2020), the Company recognized an operating ROU asset and related operating lease liability for Suites 050 and 104 of $3.8 million, each, respectively.
+Added: ◦ For the leases related to the Original and Expansion Premises at Piccard Drive, the Company recognized $1,113,000 and $604,000 of rental expense for fiscal 2021 and 2020, respectively.
+Added: ◦ On December 22, 2020, the Company executed the second amendment to this lease to expand the existing premises at 1330 Piccard Drive, Suites 025, 050, and 104 ("Additional Expansion Premises") to add on Suite 201.
+Added: The Additional Expansion Premises operating lease commencement date was April 1, 2021 and, under the second amendment, reaffirms that all three leases expire February 28, 2029.
+Added: The Company recognized $43,000 of rental expense under this lease for fiscal 2021.
+Added: ◦ Upon the Additional Expansion Premises operating lease commencement date (April 1, 2021), the Company also recognized an operating ROU asset and related operating lease liability for Suite 201 of $3.3 million, each, respectively.
+Added: • 1405 Research Boulevard, Suite 125, Rockville, Maryland 20850 (“New Location”), which consisted of laboratory and office space where the Company conducted operations related to its primary service offerings.
The Company executed this lease on November 1, 2018.
The operating commencement date was January 17, 2019.
−Removed: This lease expires in April 2024 .
−Removed: The Company recognized $257,000 and $86,000 of rental expense for fiscal 2020 and 2019 , respectively.
−Removed: The Company terminated this lease on June 30, 2020 and transition its activities from this location to the Expansion Premises, as defined above, during the first quarter of fiscal 2021.
−Removed: Upon lease termination, the Company will recognize a decrease in the related operating ROU asset and operating lease liability of approximately $850,000 and 926,000, respectively, as well as a gain on lease termination of $76,000.
+Added: This lease was set to expire in April 2024.
+Added: The Company terminated this lease on June 30, 2020 and transitioned its activities from this location to the Expansion Premises, as defined above, during the first quarter of fiscal 2021.
+Added: Upon lease termination, the Company recognized a decrease in the related operating ROU asset and operating lease liability of approximately $850,000 and $926,000, respectively, as well as a gain on lease termination of $76,000.
+Added: The Company also recognized $43,000 and $257,000 of rental expense for fiscal 2021 and 2020, respectively.
Legal Proceedings
1 unchanged sentence
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.