Item 2. Properties
ITEM
2. PROPERTIES
O ur corporate
headquarters are located in Carmel, Indiana, where we lease office space for employees, pursuant to a lease agreement with SePRO
Development Company II, LLC. The term of this lease commenced on March 1, 2021 and ended on February, 28, 2024. Over the term of the
lease, monthly base rent was $1,676 through March 1, 2023 and $1,717 thereafter. Prior to the end of the lease term, the Company
moved its corporate headquarters to another location in Carmel, Indiana, pursuant to a lease agreement with Zeller-Carmel Property,
LLC. The term of this lease commenced on January 1, 2024 and is scheduled to end on May 31, 2029. Over the term of the lease, the
monthly base rent is $6,721 with an annual 2.5% escalator. We received a 50% reduction in our monthly rent for the first 10 months
of the lease.
We also lease office space in Versailles,
Indiana, pursuant to two lease agreements with Hashbo Properties, LLC. The original lease term of each agreement commenced January
1, 2022 for a period of one year with automatic one year renewals unless termination notice is provided 60 days in advance. The
monthly base rent is $2,308 with an annual 4% escalator upon renewal.
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