Item 1.01 Entry into a Material Definitive Agreement.
New Office Lease
On November 21, 2022, TREES Corporation (the "Company") entered into an Office
Building Lease ("Lease") with Victex Colorado LLC ("Landlord"), pursuant to
which the Company agreed to lease from Landlord, and Landlord agreed to lease to
the Company, approximately 3,776 square feet of office space located at 215
Union Boulevard, Lakewood, Colorado 80228 ("Building"). The Lease is for the
Company's new principal executive offices. The term of the Lease commences on
January 1, 2023 and continues through March 31, 2026. Rent is payable beginning
in the month April 2023 (first three months are rent free) in the amount of
$8,496 per month; beginning in April 2024 monthly rent is $8,653.33; and
beginning in April 2025 monthly rent is $8,810.66. The Company must also pay its
pro rata share, or 5.17%, of the operating expenses of the Building, which
include real property taxes, supplies, energy, water, janitorial services,
maintenance and repairs, insurance, labor, legal, certain capital improvements
and certain other costs and expenses.
The Company has an option to renew the Lease for one three-year term upon not
less than 180 days notice in advance of the end of the initial term.
The foregoing description of the Lease does not purport to be complete and is
qualified in its entirety by reference to the full text of the Lease, annexed
hereto as Exhibit 10.1, and is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(b)Exhibits.
Exhibit No. Description
10.1 Office Building Lease entered into on November 21, 2022 by and
between TREES Corporation and Victex Colorado LLC.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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