Item 2. Properties
ITEM
2. PROPERTIES
We
currently have three leases for office space, with two offices located in Melville, NY, and one office in Warwick, RI. Our principal
offices are located at 48 South Service Road, Suite 203, Melville, NY 11747. We also maintain offices located at 535 Centerville
Road, Warwick, RI 02886, and data centers in New York, Massachusetts, North Carolina and Texas. Our corporate telephone number
is (212) 564-4922. We believe our current offices and facilities are adequate for the near future.
From
2016 until August 31, 2019, we leased office space in Melville, N.Y. for monthly payments of $8,382. Upon termination of the lease
in August 2019, we entered into a new lease for a technology lab in a smaller space commencing on September 1, 2019. The term
of this lease is for three years and 11 months and runs co-terminus with our existing lease in the same building. The base annual
rent is $10,764 payable in equal monthly installments of $897.
A
second lease for office space in Melville, NY, was entered into on November 20, 2017, which commenced on April 2, 2018. The term
of this lease is five years and three months at $86,268 per year with an escalation of 3% per year with an ending date of July
31, 2023.
The
lease for office space in Warwick, RI, calls for monthly payments of $2,324 beginning February 1, 2015 which escalated to $2,460
on February 1, 2017. This lease commenced on February 1, 2015 and originally expired on January 31, 2019. We extended this lease
until January 31, 2020 and this lease was further extended until January 31, 2021. The annual base rent shall be $31,176 payable
in equal monthly installments of $2,598. We have satisfied the terms of the lease and no longer occupy this premise.
We
also lease rack space in New York, Massachusetts and North Carolina. These leases are month to month and the monthly rent is approximately
$25,000.
In
2020 we entered into a new rack space lease agreement in Dallas, TX. The lease term is 13 months and requires monthly payments
of $1,905.
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