Item 2. Properties
ITEM 2. PROPERTIES
We lease all properties where
our business is operated. We believe that these properties are adequate for the purposes for which they are used. All leases are with
unaffiliated third parties. We believe that the loss of any lease would not have a material adverse effect on our operations, as we believe
that we could identify and lease comparable facilities upon approximately equivalent terms. The following properties which are material
to the Company’s business are described below:
We lease 14,000 square feet in
Hauppauge, New York for our executive offices and IPS, which we rent under a lease agreement scheduled to expire in 2027. The lease has
annual escalations and rent payments were approximately $30,000 per month during Fiscal 2022.
We lease 11,000 square feet in
Coon Rapids, Minnesota for Kablooe, which we rent under a lease agreement scheduled to expire in June 2026. The lease has annual escalations
and rent payments were approximately $10,000 per month during Fiscal 2022.
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