Company: MVIS
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022632
Chunk: 32

Company: MICROVISION, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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, Washington which commenced in
November 2021. In addition to base rent, the Company pays additional rent comprised of a proportionate share of any operating expenses,
real estate taxes, and management fees. The lease, which expires in July 2032, includes an option to extend the term for one ten-year
renewal period.

In
September 2021, the Company entered into a lease agreement for office space in Redmond, Washington which commenced in December 2022.
In addition to base rent, the Company will pay additional rent comprised of a proportionate share of any operating expenses, real estate
taxes, and management fees. The lease, which expires in December 2032, contains an option to extend the term for one ten-year renewal
period. On April 21, 2025, the Company signed an agreement with a third party to sublease a portion of this office space. The sublease
commenced on July 15, 2025 and provides monthly rent of $0.1 million. The sublease expires on April 1, 2030 and contains one 32-month
extension option.

In
April 2022, the Company entered into a lease agreement for product testing for engineering and development activities in Nuremberg, Germany
which commenced in May 2022. In June 2024, the Company abandoned the space prior to its expiration of November 2027.

In
September 2022, the Company entered into a lease agreement for office space in Nuremberg, Germany which commenced in November 2022. In
June 2024, the Company entered into an early termination agreement to decrease the expiration from April 2027 to April 2025, resulting
in an insignificant early termination fee.

In
December 2023, the Company entered into a lease agreement for office space in Hamburg, Germany which commenced in November 2024. The
lease, which expires in October 2029, includes an option to extend the term for two three-year renewal periods.

The
components of lease expense are as follows:

 SCHEDULE OF COMPONENTS OF LEASE EXPENSE

    (in thousands) 
    2025  
    2024  
    2025  
    2024 

    Three Months
    Ended  
    Six Months
    Ended 

    June
    30,  
    June
    30, 
  
    (in thousands)