Company: ANIX
Filing Date: 2025-09-10
Form Type: 10-Q
Source: 0001493152-25-013000
Chunk: 56

Company: Anixa Biosciences Inc
Filing Date: 2025-09-10
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 principal executive offices)
from an unrelated party pursuant to an operating lease that, as amended, will expire on September 30, 2027, with an option to extend
the lease an additional two years. The base rent is approximately $5,000 per month and the lease provides for annual increases of approximately
3% and an escalation clause for increases in certain operating costs. The lease, as amended, resulted in a right-of-use asset and lease
liability of approximately $250,000 with a discount rate of 12%. Rent expense was approximately $16,000 and $16,000, respectively, for
the three months ended July 31, 2025 and 2024, and approximately $47,000 and $49,000, respectively, for the nine months ended July 31,
2025 and 2024.

For
operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. The remaining
50-month lease term as of July 31, 2025 for the Company’s lease includes the noncancelable period of the lease and the additional
two-year option period that the Company is reasonably certain to exercise. All right-of-use assets are reviewed for impairment when indications
of impairment are present.

As
of July 31, 2025, the annual minimum future lease payments of our operating lease liability were as follows (in thousands):

 SCHEDULE OF MINIMUM LEASE PAYMENTS

    For
    Years Ended October 31, 
    Operating
     Leases 
  
    2025
    (remaining) 
    $15 
  
    2026 
     63 
  
    2027 
     64 
  
    2028 
     66 
  
    2029 
     63 
  
    Total
    future minimum lease payments, undiscounted 
     271 
  
    Less:
    Imputed interest 
     58 
  
    Present
    value of future minimum lease payments 
    $213 

    Balance as of July
    31, 2025: 

    Operating
    lease liability, current 
    $39 
  
    Operating
    lease liability, non-current 
     174 
  
    Total 
    $213 

    15

10.
COMMITMENTS AND CONTINGENCES

Litigation
Matters

Other
than lawsuits related to the enforcement of our patent rights, we are not a party