Item 2. Properties
ITEM 2.
PROPERTIES
Our executive offices and manufacturing facility are located at 2361 McGaw Avenue, Irvine, California 92614. We lease the 28,000 square foot facility from an unrelated third party at a current base monthly lease rate of $38,716 with 3% annual escalations through the expiration of the lease in September 2027. The building is a one-story, stand-alone structure of concrete tilt-up construction, approximately 35 years old and in good condition.
While we believe our Irvine facility to be adequate for our current needs and is in full compliance with applicable state, EPA and other agency environmental standards, we do anticipate continued growth and therefore we are actively seeking an additional commercial facility to satisfy our expected future growth. (See Note 13 of Notes to Financial Statements contained elsewhere in this report.)
ITEM 3.
LEGAL PROCEEDINGS
See Note 8 of Notes to Financial Statements contained elsewhere in this report.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.
12
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.