Business Context and Reporting Period
This Form 8-K Current Report was filed by Probe Manufacturing, Inc. (not Clean Energy Technologies, Inc.) on November 18, 2009, regarding an event dated October 14, 2009. The registrant is incorporated in Nevada and maintains its principal executive offices in Lake Forest, California.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial data disclosed relates to a new lease agreement:
- Base Rent (Initial): $5,910.30 per month.
- Common Area Expenses: $3,070.87 per month.
- Lease Term: 5 years and 4 months (December 1, 2009, to March 31, 2015).
- Facility Size: Approximately 19,701 square feet.
- Location: 17475 Gillette, Irvine, California.
Material Changes
The company entered into a material definitive agreement for new office and manufacturing space. The lease includes scheduled base rent increases:
- 2010: $7,880.40
- 2011: $9,850.50
- 2012: $10,835.55
- 2013: $11,820.60
- 2014: $12,805.65
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of risks beyond the commitment to the lease terms. The summary of material terms is qualified by the full lease agreement attached as Exhibit 10.1.
Investor Verification Checklist
- Verify the full terms of the lease agreement in Exhibit 10.1, as the 8-K summary is qualified by reference.
- Confirm the company's ability to service the increasing rent obligations starting in 2010.
- Assess the strategic necessity of the 19,701 square foot facility in Irvine relative to current operations.
- Note the discrepancy between the requested company name (Clean Energy Technologies, Inc.) and the actual registrant (Probe Manufacturing, Inc.).