Item 2. Properties
Item 2. Properties
We have an operating lease in Research
Triangle Park, North Carolina utilizing small space within a commercial building. The operating lease has payments of $400 per
month with no scheduled increases. This operating lease is terminable with 30 days’ notice and has no penalties or contingent
payments due.
On January 23, 2020, we entered into an
Office Service Agreement (the “Office Service Agreement”) with Regus to lease office space at in Hoboken,
New Jersey. Per the terms of the Office Service Agreement, the monthly rent payments are $1,150. The Office Service Agreement commenced
on January 27, 2020 and terminated on July 31, 2020, when it automatically renewed for a successive period equal to the
original term. Either party is able to terminate the agreement by providing no less than three months' advance written notice
of termination.
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