Item 2. Properties
Item 2. Properties
Our principal executive office and principal research and development offices are located in Lake Forest, California and consist of approximately 41,000 square feet, of which the Company utilizes approximately 8,000 square feet. We purchased the facility in February of 2017.
On January 23, 2020, we entered into a lease agreement pursuant to which we leased an approximately 32,534 square foot portion of the Lake Forest facility to a commercial tenant. The lease term is for 5 years and 2 months commencing on March 1, 2020. The base rent payable under the Lease Agreement is $32,534 per month initially and is subject to periodic increases up to a maximum of approximately $54,000 per month. The tenant will pay approximately 79% of common operating expresses.
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