Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.22.2
Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

NOTE 12 – SUBSEQUENT EVENTS

On July 5, 2022, the Company exercised its option to extend the term for its lease of its principal executive office at 9301 Amberglen Blvd, Building J, Austin TX 78729 (the “Property”) for an additional five-year term beginning August 31, 2023 and ending August 31, 2028 (the “Extension Term”) pursuant to the terms and conditions of that certain lease by and between the Company and NW Austin Office Partners LLC, dated October 1, 2016, as previously amended (the “Lease Agreement”). Pursuant to the terms of the Lease Agreement, the monthly rent for the Property during the Extension Term will be the fair market rent of the Property as agreed by the parties or determined in binding arbitration. It is estimated that the exercise of the option to extend will add lease commitments totaling $5.4 million in aggregate for the Extension Term. The foregoing is a summary only and does not purport to be complete, may not contain all information that is of interest to the reader and is qualified in its entirety by reference to the full text of the Lease Agreement, incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed on May 15, 2017.