Item 2. Properties
Item 2. Properties.
Prior to October 10, 2022, the Company’s corporate administrative offices and one of two laboratory facilities were located at 1951 NW 7th Ave., Suite 300, Miami, Florida 33136. Such space was occupied pursuant to a services agreement with a non-affiliated third party at a monthly rental of approximately $11,000. The services agreement expired in December 2022.
Effective October 10, 2022, the Company relocated its Florida facilities to 1,156 square feet of administrative and laboratory at the Nova Southeastern University Center for Collaborative Research, 3321 College Avenue, Suite 246, Davie, Florida 33314. This space is occupied pursuant to one year license agreement with the University for an annual base license fee of $20,230.
The Company also leases a 2,452 square foot commercial space located in Basalt, Colorado (the “Basalt Lab Lease”), which provides additional laboratory processing, product distribution and administrative office capacity. The term of the Basalt Lab Lease is for three years expiring on the last day of February 2024, and may be renewed for an additional (3) three-year term provided the Company is not in default. Rental expense is $6,800 per month and provides for annual increases of 3% or the Denver Aurora Metropolitan CPI index, whichever is greater. In connection with the Basalt Lab Lease, the Company posted a security deposit of $13,600.
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