To continue onto what I posted on Sunday. Between April and May of this year, basically 3 months ago, VERB decided to extend their lease for another 24 months from 5 1/2 years to 7 1/2 years. Probably could have done it later.
What changed?
If that isn't bullish, I don't know what is. Guess VERB found a home they really like, but more coming this week. Sit tight.
From the 424B4 on 2019-04-08:
"The Lease is for a term of sixty-five (65) months, with the Company’s option to extend the Lease for either an additional twelve (12) or twenty-four (24) month term, upon written notice to the landlord."
From the 10-Q on 2019-05-15:
"In February 2019, the Company signed a new lease agreement to move and expand the Company’s corporate headquarters. This lease is for approximately 4,900 square feet of new construction space, located at 2210 Newport Boulevard, Suite 200, Newport Beach, California 92663, on the Balboa Peninsula (the “Lease”). The Lease is for a term of 89 months, as a result of the Company having exercised its option to extend the Lease for an additional 24 months. The Company currently anticipates that the Lease will commence in July 2019. The average monthly base rent for the first 12 months of the Lease is approximately $12,000 after rent abatement. For the next 53 months of the Lease, the average monthly base rent will be approximately $27,000 and, for the final 24 months, will be approximately $30,000. Pursuant to ASU 2016-02, the Company expects to record approximately $1.7 million as a right-of-use asset and corresponding liability once the Company takes possession and control of the leased premises."
What changed?
If that isn't bullish, I don't know what is. Guess VERB found a home they really like, but more coming this week. Sit tight.
From the 424B4 on 2019-04-08:
"The Lease is for a term of sixty-five (65) months, with the Company’s option to extend the Lease for either an additional twelve (12) or twenty-four (24) month term, upon written notice to the landlord."
From the 10-Q on 2019-05-15:
"In February 2019, the Company signed a new lease agreement to move and expand the Company’s corporate headquarters. This lease is for approximately 4,900 square feet of new construction space, located at 2210 Newport Boulevard, Suite 200, Newport Beach, California 92663, on the Balboa Peninsula (the “Lease”). The Lease is for a term of 89 months, as a result of the Company having exercised its option to extend the Lease for an additional 24 months. The Company currently anticipates that the Lease will commence in July 2019. The average monthly base rent for the first 12 months of the Lease is approximately $12,000 after rent abatement. For the next 53 months of the Lease, the average monthly base rent will be approximately $27,000 and, for the final 24 months, will be approximately $30,000. Pursuant to ASU 2016-02, the Company expects to record approximately $1.7 million as a right-of-use asset and corresponding liability once the Company takes possession and control of the leased premises."
21
