Item 2. Properties
ITEM 2.
PROPERTIES
On December 17, 2013, and subsequent
amendment on January 22, 2019, we entered into a lease (the “ Lease ”) with 257 Simarano Drive, LLC, Brighton
Properties, LLC, Robert Stubblebine 1, LLC and Robert Stubblebine 2, LLC to lease office and laboratory space in the building known
as the “Main Building” located at 257 Simarano Drive, Marlborough, Massachusetts, covering approximately 7,581 square
feet. The premises are used by the Company for office and laboratory space. The term of the Lease commenced on April 1, 2014
and expires on March 31, 2024, for a total of a ten year lease term. The base rent for the premises is $124,865 per annum,
payable on a monthly basis. Each year thereafter, the base rent shall increase by approximately 3% over the base rent from the
prior year. With six months’ advance notice, either party may terminate the lease on March 31, 2021, paying the non-terminating
party six months’ rent as a penalty or on March 31, 2022, paying the non-terminating party three months’ rent as a
penalty.
We believe that our facilities are suitable
for our current needs.
ITEM 3.
LEGAL PROCEEDINGS
From time to time, we may become a party
to various legal proceedings and complaints arising in the ordinary course of business. There are none deemed to be material at
this time.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.
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PART II.
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