Note 13 - Subsequent Event

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

13. Subsequent Events

The Company evaluates subsequent events through September 22, 2023, which is the date the financial statements were issued or available to be issued.

In March 2023, the Company ("Sublessee") entered into an agreement with  Berthaphil, Inc. ("Sublessor") to sublease approximately 3,600 square yards of a warehouse building based in the Clark Freeport Zone in the Philippines. The term of the lease is two years and two months with a turnover date of July 1, 2023 ("turnover date") and a rental commencement date of September 1, 2023. There is a grace period of two months for rental payments, starting from the turnover date. The monthly rent for the first year is $15,000, escalating to $15,750 for the second year and $16,530 for the remaining term. The sublease may be renewed for an additional period that is mutually agreed upon subject to certain terms and conditions. The Company intends to use the leased space as a production facility as it seeks to expand its business presence both in the region and the United States of America.

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