iPower Inc. 10-K

ITEM 2. PROPERTIES Our principal offices, which also serve as a fulfillment center, are located at 8798 9 th Street, Rancho Cucamonga, California. There we lease approximately 99,347 square feet of space, which is used for the storage and distribution of hydroponic equipment, lighting and garden accessories, home products, pet products, other consumer products and other ancillary uses. The term of the Rancho Cucamonga lease is for 74 months. The lease commenced on February 10, 2022, with rent payments commencing after the first three months, and the expiration date is May 31, 2028. The base rental fee is $114,249 to $140,079 per month through the expiration date, May 31, 2028. In addition, we lease a fulfilment center at 2397 Bateman Avenue, Duarte, CA 91010, which consists of approximately 49,500 square feet of space, with a base rental fee of $56,000 to $59,410 per month. The term of this lease runs from May 1, 2022 through April 30, 2025. We previously leased 48,867 square feet of property at 2399 Bateman Avenue, Duarte, CA 91010, which was leased at the rate of approximately $42,000 per month. This property previously served as both our principal offices as well as our primary fulfillment center. This lease expired on December 31, 2023 and we did not renew it. 28 In addition to our primary fulfillment centers in Rancho Cucamonga and Duarte, we maintained a 22,700 square foot fulfillment center located at 14750 E. Nelson Avenue, Unit #I, Industry City, CA 91744, which we had leased at the rate of approximately $28,000 per month since September 2020. This lease expired on October 31, 2023 and we did not renew it. On February 15, 2022, upon completion of the acquisition of Anivia, the Company assumed an operating lease of offices in the PRC. The office space in the PRC is located in Shenzhen and the term of this lease expires in July of 2026.