Item 2. Properties
ITEM
2. PROPERTIES
We
do not own any property.
We
have leases on the following properties:
On
December 18, 2020, we entered into a lease of an office suite in Plano, TX, which commenced on January 25, 2021. Lease payments were
deferred until May 1, 2021. Beginning on May 1, 2021, lease payments are $3,650 per month for the twelve (12) month period ended April
30, 2022; $3,735 per month for the twelve (12) month period ended April 30, 2023; $3,819 per month for the twelve (12) month period ending
April 30, 2024, and $3,904 per month for the twelve (12) month period ended April 30, 2025. The lease term is for five (5) years. This
lease is set to expire on March 31, 2026, and will not be renewed.
Through
our 51% previously owned subsidiary, IM Telecom, we have leases on the following properties:
Our
Tulsa, Oklahoma distribution center, consisting of approximately 2,466 square feet, is under a three (3) year lease that commenced on
August 1, 2022. Monthly lease payments for this property are $2,356 per month for the twelve (12) month period ended July 31, 2023; $2,415
per month for the twelve (12) month period ending July 31, 2024, and $2,475 per month for the twelve (12) month period ending July 31,
2025. This lease expired on July 31, 2025, and was not renewed.
Our
customer service center is in Atmore, Alabama, and consists of approximately 1,766 square feet. This lease commenced on June 1, 2022,
and terminated on June 1, 2025. Monthly lease payments for this property are $2,121 per month. As of December 31, 2025, the lease expense
is incurred on a month to month basis.
Through
our wholly owned subsidiary, Apeiron Systems, we have a lease at the following property:
Our
Johnstown, Pennsylvania office, consisting of approximately 6,900 square feet, is under a lease that commenced on September 1, 2022,
and expires on August 31, 2030. Monthly lease payments for this property are $4,500 per month.
ITEM
3: LEGAL PROCEEDINGS
We
are not party to any material legal proceedings.
ITEM
4: MINE SAFETY DISCLOSURES
None;
not applicable.
20
PART
II
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