Item 2. Properties
Item 2. Properties.
We currently operate a facility near Princeton, New Jersey with approximately 20,820 sq. ft., housing research laboratories, manufacturing operations and clinical and administrative offices, under a lease agreement which expires in May 2021, and contains a provision allowing us to renew the lease for another year. We expect to secure new, expanded facilities in the future. In the opinion of management, the leased properties are adequately insured, are in good condition and suitable for the conduct of our business. We also collaborate with numerous institutions, universities and commercial entities who conduct research and testing of our products at their facilities. Our monthly base rent as of February 2021 is approximately $33,600 and additionally we reimburse the landlord for monthly operating expenses of approximately $29,700.
We also operate a facility in Berlin, Germany housing our sales and administrative offices and warehouse space. We entered into a lease for this office on September 1, 2016. The lease expires on August 31, 2021. We rent this space for approximately $9,000 per month. In January 2021, we entered to a lease for additional warehouse space in Germany. The lease commences on April 1, 2021, requires monthly payments of base rent of approximately $7,900 and has a term of five years. The lease also has an option to extend the lease term for an additional five years.
Item 3. Legal Proceedings.
We are from time to time subject to claims and litigation arising in the ordinary course of business. We intend to defend vigorously against any future claims and litigation. We are not currently a party to any legal proceedings.
Item 4. Mine Safety Disclosures.
Not applicable.
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Table of Contents
PART II
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