−Removed: We currently operate a facility near Princeton, New Jersey with approximately 20,820 sq.
−Removed: 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.
−Removed: We expect to secure new, expanded facilities in the future.
+Added: We currently operate two facilities near Princeton, New Jersey and two facilities in Berlin, Germany as follows:
+Added: In March 2021, we entered into a lease agreement for a new 48,511 square foot operating facility at 305 College Road East, Princeton, New Jersey, which contains office, laboratory, manufacturing and warehouse space.
+Added: The lease commenced in April 2021 and expires in March 2037.
+Added: As of February 2022, our monthly base rent is approximately $111,000.
+Added: Our Deer Park Drive facility consists of approximately 20,820 sq.
+Added: ft., housing research laboratories and manufacturing operations under a lease agreement which expires in December 31 2022.
+Added: Our monthly base rent as of February 2022 is approximately $35,300 and we additionally reimburse the landlord for monthly operating expenses of approximately $30,100.
+Added: Our office facility leases in Berlin, Germany require combined base rent payments amounting to approximately $12,100 per month.
+Added: The initial lease term of both leases ends August 31, 2026.
+Added: In addition, the Company is obligated to monthly operating expenses of approximately $3,000 per month.
+Added: Both leases have a five year option to renew that would extend the lease term to August 31, 2031.
+Added: Our warehouse facility lease in Berlin, Germany commenced on April 1, 2021 and requires monthly payments of base rent of approximately $7,800 and other costs of approximately $240 and has a term of five years.
+Added: The lease also has an option to extend the lease term for an additional five-year period through March 31, 2031.
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.
−Removed: 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.
−Removed: We also operate a facility in Berlin, Germany housing our sales and administrative offices and warehouse space.
−Removed: We entered into a lease for this office on September 1, 2016.
−Removed: The lease expires on August 31, 2021.
−Removed: We rent this space for approximately $9,000 per month.
−Removed: In January 2021, we entered to a lease for additional warehouse space in Germany.
−Removed: The lease commences on April 1, 2021, requires monthly payments of base rent of approximately $7,900 and has a term of five years.
−Removed: The lease also has an option to extend the lease term for an additional five years.
Legal Proceedings.
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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.