Item 2. Properties
Item 2. Properties.
We lease office space for our corporate headquarters located in Chandler, Arizona and for our design facility located in Austin, Texas. We also lease fabrication, lab, and office space for our manufacturing operations in Chandler, Arizona.
The Chandler, Arizona corporate headquarters lease is for 18,815 square feet of office and laboratory space. The prior lease for the Chandler, Arizona corporate headquarters facility expired in January 2022, upon which a new lease was entered into, with an initial term that ends on January 31, 2029, and an option to renew the lease through January 31, 2034. The Austin, Texas lease is for 6,171 square feet of space for our design facility. The prior lease for the Austin, Texas facility expired in January 2022, upon which a new lease was entered into with an initial term that ends on April 15, 2027, and an option to renew the lease through April 15, 2030. The Chandler, Arizona manufacturing operations lease is for 11,496 square feet of fabrication, lab, and office space. The prior Chandler, Arizona manufacturing operations lease was initially set to expire in January 2023 but was renewed and amended in 2022 to extend the lease through January 2028.
We believe our existing facilities are well maintained and in good operating condition and they are adequate for our foreseeable business needs.
Item 3. Legal Proceedings.
From time to time, we may become involved in legal proceedings arising from the ordinary course of our business. Management is currently not aware of any matters that will have a material adverse effect on our financial position, results of operations or cash flows.
Item 4. Mine Safety Disclosures.
Not applicable.
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Table of Contents
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.