Item 2. Properties
Item
2. Properties.
On
October 27, 2025, the Company entered into a Lease Agreement (the “ Lease ”) with SVHQ, LLC (the “ Landlord ”)
to lease and occupy approximately 2,467 square feet of office space located at 17130 Dallas Parkway, Suite 245, Dallas, Texas 75248 (the
“ Premises ”). The Lease also includes the non-exclusive right, in common with the Landlord, to use and occupy an adjacent
shared space consisting of approximately 1,253 square feet (the “S hared Space ”). The Lease has a term of sixty (60)
months, commencing on November 1, 2025 and expiring on October 31, 2030, and has a monthly base rent of $4,852, including $3,803 for
the Premises and $966 for the Shared Space (the “ Base Rent ”). In addition to the Base Rent, the Company is required
to reimburse the Landlord for its pro-rata share of all real estate taxes and assessments, insurance, and common area maintenance costs
for the building at the rate of 14.81%, consisting of 11.81% for the Premises and 3.00% for the Shared Space (the “ Additional
Rent ”). Upon the execution of the Lease, the Company agreed to prepay the first full month’s Base Rent and Additional
Rent, consisting of $6,141, along with a security deposit equal to $14,557. The Lease includes a right of first refusal to purchase the
Premises, but not the Shared Space, on the same terms and conditions as those offered by the Landlord to any bona fide third-party purchaser
during the term. The Lease includes customary representations of the Company and the Landlord.
We
believe our facilities are sufficient to meet our current needs and that suitable space will be available as and when needed. We do not
own any real property.
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