Item 2. Properties
ITEM 2. PROPERTIES
The Company currently has three leases for office
space, with two offices located in Melville, NY, and one office in Boca Raton, FL. The Company’s principal offices are located at
48 South Service Road, Suite 203, Melville, NY 11747. We also maintain offices located at 980 North Federal Highway, Suite 302, Boca Raton,
FL 33432. The Company’s data centers are in New York, Massachusetts, North Carolina, Florida, and Texas. The Company believes that
its current offices and facilities are adequate for the near future.
From 2016 until August 31, 2019, we leased office
space in Melville, NY 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 the Company’s existing lease in the same building. The base annual rent is $11,856 payable in equal monthly installments of
$988.
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.
On July 31, 2021, the Company signed a three-year
lease for approximately 2,880 square feet of office space at 980 North Federal Highway, Suite 302, Boca Raton, Florida. The commencement
date of the lease is August 1, 2021. The monthly rent is approximately $4,820.
The lease for office space in Warwick, RI, called
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 was $31,176 payable in equal monthly installments of $2,598. We have satisfied the terms
of the lease and no longer occupy this premise.
The Company leases technical space in New York, Massachusetts,
North Carolina, and Florida. These leases are month to month and the monthly rent is approximately $43,650.
In 2020, the Company entered into a new technical
space lease agreement in Dallas, TX. The lease term is 13 months and requires monthly payments of $1,403 and expires on July 31, 2023.
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