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Subsequent Events
 3 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

 

10. Subsequent Events

 

Lease Agreement

 

On November 5, 2021, we entered into a building lease agreement dated November 5, 2021 (the “Lease”) with the Irvine Company, LLC. Pursuant to the Lease, we will lease approximately 13,767 square feet of office space for its corporate headquarters in Irvine, California. The Lease shall commence on the date which is the earlier to occur of: (a) the date we take possession of the premises following the completion of certain tenant improvements to the premises, but not earlier than February 1, 2022, or (b) the date we commence our regular business activities on the premises. 

 

The term of the Lease will be 84 months from the commencement date, with an option to extend the lease for one 60-month extension period at a basic rent to be agreed upon by the parties or determined pursuant to the Lease. The initial basic rent payable under the Lease will be $28,900 per month. The basic rent is subject to customary annual rent increases. The aggregate basic rent payable under the Lease during the 84-month term is $2,700,000 million. We are also obligated to pay as additional rent our proportionate share of operating expenses, including property taxes. The Lease requires us to deliver to the Lessor an irrevocable stand-by letter of credit in the amount of $50,000 as security in the case of default.