−Removed: On August 1, 2020, we began leasing
−Removed: office space consisting of 1,595 square feet as our main corporate office in Grant, Florida for $1,000 per month.
−Removed: The five-year lease
−Removed: agreement is with a related party, Just Pick, LLC (“Just Pick”).
−Removed: Nirajkumar Patel, our Chief Science and Regulatory Officer
−Removed: and director, is also an officer of Just Pick.
−Removed: We believe our office space is sufficient to meet our current needs.
−Removed: On June 10, 2022, we entered into a Lease Agreement (the “2022 Lease”)
−Removed: with Just Pick, LLC (a related party) for approximately 21,332 rentable square feet combined in the office building and warehouse located
−Removed: at 4460 Old Dixie Highway, Grant-Valkaria, Florida 32949 (the “Premises”), together with all improvements thereon.
−Removed: LLC is considered a related party as it is owned by our Chief Science and Regulatory Officer and director, Nirajkumar Patel.
−Removed: our office space is sufficient to meet our current needs.
−Removed: We must pay the Just Pick lease base rent equal to $17,777 per month during
−Removed: the first year of the lease term.
−Removed: Thereafter, the monthly base rent will be increased annually with a monthly base rent of $18,666 in
−Removed: the second year, $19,554 in the third year, $20,443 in the fourth year, $22,221 in the fifth year, $23,999 in the sixth year, and one
−Removed: twelfth (1/12 th ) of the market annual rent for the seventh through eleventh years, if appliable.
−Removed: In addition to the base rent,
−Removed: we must pay Just Pick one hundred percent (100%) of operating expenses, insurance costs, and taxes for each calendar year during the lease
+Added: On June 10, 2022, we entered into a Lease Agreement
+Added: (the “2022 Lease”) with Just Pick, LLC (a related party) for approximately 21,332 rentable square feet combined in the office
+Added: building and warehouse located at 4460 Old Dixie Highway, Grant-Valkaria, Florida 32949 (the “Premises”), together with all
+Added: improvements thereon.
+Added: Just Pick, LLC is considered a related party as it is owned and controlled by KDMM Trust I, which is also the sole
+Added: voting member of Kaival Holdings.
+Added: Kaival Holdings is the largest shareholder of Kaival.
+Added: We believe our office space is sufficient to meet
+Added: our current needs.
+Added: We must pay the Just Pick lease base rent equal to $17,777 per month during the first year of the lease term.
+Added: the monthly base rent will be increased annually with a monthly base rent of $18,666 in the second year, $19,554 in the third year, $20,443
+Added: in the fourth year, $22,221 in the fifth year, $23,999 in the sixth year, and one twelfth (1/12 th ) of the market annual rent
+Added: for the seventh through eleventh years, if appliable.
+Added: In addition to the base rent, we must pay Just Pick one hundred percent (100%) of
+Added: operating expenses, insurance costs, and taxes for each calendar year during the lease term.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.