Item 2. Properties
Item 2. Properties .
Our principal executive offices are located at 8707 Research Drive, Irvine, California. We lease this office from an independent third party, Zina Development, LLC. The office space is approximately 15,000 square feet, with the lease spanning from July 23, 2024, to July 31, 2027. The monthly base rent ranges from $42,000 to $45,427, increasing gradually over the lease term. We have posted a security deposit of $100,000, which the lessor may use under certain circumstances as specified in the lease. The lease also includes customary provisions regarding termination, renewal, and expense arrangements.
We also lease an office located at 6201 Fairview Road, Suite 225, Charlotte, North Carolina, from an independent third party, GT Real Estate USA, LLC, with an area of approximately 2,514 square feet. On April 28, 2023, we entered into an amendment to our current lease, extending its term to February 28, 2027, with a monthly rent of approximately $6,639. On July 25, 2023, GT Real Estate USA, LLC transferred all of its lease rights to two Delaware LLCs, WILVI 6201 SPE LLC and BILA 6201 SPE LLC. On January 10, 2025 and January 31, 2025, we sent two letters to the lessor requesting to terminate the lease, as we had vacated the property. Starting from February 2025, we ceased to pay rent per the Company’s legal counsel advice. The Company reviewed the landlord’s internal tenant management system and confirmed that the Company had been removed as an active tenant from the landlord’s system in December 2025, and all the outstanding invoices from February to December 2025 had also been reversed. As of December 31, 2025, based on these developments, the Company believes that its remaining obligations under the lease have been effectively terminated.
Allen-Boy, one of our subsidiaries, leases office space for its business operations in Charlotte, North Carolina, from an independent third party, Sounder Properties Inc., with an area of approximately 225 square feet. The current lease term is from October 1, 2025, to September 30, 2026, with a monthly rent of $565. This office is the address for our dealer license.
Edward, which became one of our subsidiaries on February 2, 2024, had previously been in a collaborative partnership with us as providers for vehicle storage and logistics services throughout the year ended December 31, 2023. Following our acquisition of Edward in 2024, we assumed responsibility for a lease agreement for its warehousing facility located in Gardena, California, covering approximately 8,800 square feet. The current lease is set to expire on August 31, 2028, with a monthly rent ranging from $13,500 to $16,425, increasing gradually over the lease term. The leased warehousing facility enhances our logistics capabilities and operational efficiency.
We believe that the offices and warehouses we currently lease are adequate to meet our needs for the foreseeable future.