Company: BNBX
Filing Date: 2025-10-30
Form Type: S-1
Source: 0001104659-25-103871
Chunk: 174

Company: BNB PLUS CORP.
Filing Date: 2025-10-30
Form: S-1
Chunk 174
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 to capitalize and amortize them over five or fifteen years beginning in 2022. The Company included the impact of the research and development expenditures in its tax expense for the fiscal year ended September 30, 2024. The Company will continue to monitor the possible future impact of changes in tax legislation.

F-23

NOTE J – COMMITMENTS AND CONTINGENCIES

Operating leases

The Company leases office space under an operating lease in Stony Brook, New York for its corporate headquarters. The lease is for a square foot building. The Company entered into an amended lease agreement on February 1, 2023. The initial term is for and expires on February 1, 2026. The lease for the corporate headquarters requires monthly payments of $, which is adjusted annually based on the US Consumer Price Index (“CPI”). In lieu of a security deposit, the Company provided a standby letter of credit of $. In addition, the Company also has square feet of laboratory space, which it entered into an amended lease agreement on February 1, 2023. The initial lease term for the laboratory space is from the commencement date and was extended until January 31, 2025. The lease requires monthly payments of $. The Company also has a satellite testing facility in Ahmedabad, India which occupies square feet for a term beginning November 1, 2017. During August 2023, the Company renewed this lease with a new expiration date of July 31, 2024. The base rent is approximately $ per annum. The laboratory lease, as well as the testing facility in Ahmedabad are both considered short-term lease obligations. The Company has ceased operations of its testing facility in India and vacated this lease on August 31, 2024. The total rent expense for the fiscal years ended September 30, 2024 and 2023 were $ and $, respectively.

The components of lease expense are as follows:

| ​                     
 ​                     | ​ 
 ​ |                 ​ 
 Fiscal year ended |       ​ | ​ |    ​ |       ​ |
|:----------------------|:--|------------------:|--------:|:--|-----:|--------:|
| ​                     | ​ |     September 30, |         |   |      |         |
| Lease Cost            |   |              2024 |         |   | 2023 |         |
| Operating lease cost  |   |                 $ | 597,670 |   |    $ | 560,841 |