|9 Months Ended|
Sep. 30, 2018
13. Subsequent Event
On October 26, 2018, the Company entered into an agreement (the “Ashley Avenue Lease”) for the lease of 14,647 square feet of commercial office space on the second floor of the building located at 1000 N. Ashley Drive, Tampa, Florida, 33602 (the “Ashley Avenue Premises”) from Ashley Avenue Associates I, LLC, a Delaware limited liability company (“Ashley”). Pursuant to the Ashley Avenue Lease, the Company will use the Ashley Avenue Premises for general office and meeting purposes on a short-term basis until the Heights Union Premises is completed and ready for occupancy. Under the terms of the Ashley Avenue Lease, the Company will lease the Ashley Avenue Premises for a period of twenty-four (24) months commencing on December 1, 2018; however, the Company has an option to terminate the lease after eighteen (18) months (i.e., as of May 31, 2020) by providing Ashley with four (4) months advance written notice. Annual base rent for the Ashley Avenue Premises will be $380,000 for lease months 1 through 12 and $392,000 for lease months 13 through 24. The Company will also be obligated to pay for its pro rata share of the building’s property taxes, utilities, insurance, administrative costs, common area maintenance and management fees, excluding any capital improvements or any damage due to fire, hurricane or other casualty. In addition, upon execution of the Ashley Avenue Lease, the Company shall pay to Ashley the sum of $67,786 as a security deposit.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef