Item 2. Properties
Item 2. Properties
We operate from a fully remote environment. We have a lease in Boca
Raton, Florida that includes 62,748 rentable square feet, or the full premises, of which the lease of 7,561 square feet commenced in 2018
and the lease of 55,187 square feet commenced in August of 2019, or the full premises commencement date. In June 2019, we entered into
an agreement with the same lessors to lease an additional 6,536 square feet of administrative office space in the same location, pursuant
to an addendum to such lease, which commenced in May 2020. The lease will expire 11 years after the full premises commencement date, unless
terminated earlier in accordance with the terms of the lease. We have the option to extend the term of the lease for two additional consecutive
periods of five years. The extension option is not included in the determination of the lease term as it is not reasonably certain to
be exercised. The term of the lease includes escalating rent and free rent periods. We are also responsible for certain other operating
costs under the lease, including electricity and utility expenses. We have sublet all of our leased property in Boca Raton as a result
of shifting our business to become a pharmaceutical royalty company and terminating our employees.
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