Item 2. Properties
ITEM
2. PROPERTIES
Our
corporate headquarters are located in Carmel, Indiana, where we lease office space for employees. 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 Batesville, Indiana, pursuant to an agreement that commenced August 1, 2025 for an inital term of three years
with automatic one year renewal options subject to an annual 4% rent escalation, unless 60 day notice of vacating is given. The Company
prepaid $25,200 of rent on June 13, 2025 which will be amortized over the initial lease term and thereby reduced the monthly base rent
to $1,300.
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