Item 2. Properties
Item 2. Properties
Our corporate and executive
offices that we own are located in 136-40 39 th Avenue, Suite 202, Flushing, NY 11354, encumbered by debt. In addition, we lease
a warehouse in Maspeth, New York, where we assemble all of our vehicles. The warehouse, which is approximately 52,264 square feet, is
under one lease that is due to expire on April 30, 2029, at a current annual rent of approximately $1.2 million.
We believe our facilities
are sufficient to meet our needs in the near term, as we expand our operations, we may require additional space in which to assemble our
vehicles and we do not have any commitments for such space. All of our retail stores are leased. For the year ended March 31, 2026 and
2025, we paid an aggregate of $1.6 million and $2.9 million, respectively, for the spaces used for retail stores.
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