−Removed: Our principal administrative offices are
−Removed: located at 8560 Main Street, Suite 4, Williamsville, New York 14221.
−Removed: On October 4, 2017, we entered a lease for such office space
−Removed: in Williamsville, New York with an initial three-year term and with a monthly lease payment of $6,375.
−Removed: The office space lease contains
−Removed: three (3) additional extensions;
−Removed: with each lease extension being for an additional one (1) year in duration, exercisable at our
−Removed: Future minimum annual lease payments under the lease will be approximately $76,000 and $80,000 for each of the years ended
−Removed: December 31, 2020, and 2021, respectively.
−Removed: On January 15, 2020 the Company entered
−Removed: a new lease agreement for its current laboratory space in Buffalo, New York.
−Removed: The lease commenced on February 1, 2020 with an initial
−Removed: one-year term, a monthly lease payment of $8,408 and an option to renew for an additional 12 months with a 3% increase in the
−Removed: monthly lease payments.
−Removed: The lease expense for the laboratory space was approximately $68,700, $62,600 and $30,483 for the years
−Removed: ended December 31, 2019, 2018, and 2017, respectively.
−Removed: Future minimum annual lease payments under the laboratory space lease will
−Removed: be approximately $100,000, $104,000 and $8,700 for the years ended December 31, 2020, 2021 and 2022, respectively.
−Removed: We lease a manufacturing facility and warehouse
−Removed: located in North Carolina on a triple net lease basis.
−Removed: The manufacturing facility lease commenced on January 14, 2014 and had an
−Removed: initial term of twelve (12) months.
−Removed: The manufacturing facility lease contains four (4) additional extensions;
−Removed: with one lease extension
−Removed: being for an additional one (1) year and with the other three (3) lease extensions each being for an additional two (2) years in
−Removed: duration, exercisable at our option.
−Removed: We are currently in the third two-year lease extension term that will expire on October 31,
−Removed: The lease expense for our manufacturing facility for the years ended December 31, 2019, 2018, and 2017 amounted to approximately
−Removed: $169,000, $169,000 and $156,000, respectively.
−Removed: The future minimum annual lease payments if we exercise each of the additional extensions
−Removed: are approximately as follows:
−Removed: Year ended December 31, 2020 -
−Removed: Year ended December 31, 2021 -
−Removed: On August 14, 2017, we entered into a lease
−Removed: for warehouse space in North Carolina to store and operate tobacco leaf processing equipment, to store our proprietary tobacco
−Removed: leaf and to store inventory used in our contract manufacturing business.
−Removed: On August 14, 2019, we entered into a second amendment
−Removed: to the lease.
−Removed: The amended lease calls for a monthly payment of $4,665, on a month to month basis with a 30 day written termination
−Removed: Future minimum annual lease payments will be approximately $56,000 per year for each subsequent year the warehouse
−Removed: space is leased by us.
+Added: As of December 31, 2020, we had four leases located in the following locations:
+Added: Corporate Headquarters
+Added: Williamsville
+Added: Research and Development Laboratory
+Added: Manufacturing Facility and Warehouse
+Added: Tobacco Storage Warehouse
+Added: In January 2021, we announced that our corporate headquarters will be relocated to downtown Buffalo, NY.
+Added: The new leased office space is in a state-of-the-art facility where we will join other multinational technology and professional services companies.
+Added: The facility will accommodate all current Williamsville, NY employees and will provide significant room for expansion and we are expecting to move in during March 2021.
+Added: Refer to Note 4 and Note 17 to our consolidated financial statements for additional information.
+Added: We believe that all facilities are adequate for our current needs.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.