Item 2. Properties
ITEM
2.
Properties
and Facilities
We
own approximately nine separate buildings covering a total area of approximately 735,745 square feet at No.29, Third Main Avenue, Shigao
Town, Renshou County, Meishan City, Sichuan, China (previously known as 22 Xingan Ave., Section 2, Shigao Town, Sichuan, China) (“Property”)
where we maintain our executive offices, research and development facilities, factories and other facilities. We leased back the Property
for our business operation. See “ITEM 1 Business - Recent Developments” for recent changes to the Property.
We
have completed approximately 80% of the construction work on our new high-standard production facility in Chengdu, for which we expect
to complete the construction work before October 31, 2023. We believe that our new high-standard production facility will be sufficient for our current business.
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