Business Context and Reporting Period
Company: Optex Systems Holdings Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: January 12, 2010
Event Date: January 7, 2010 (Effective January 4, 2010)
Context: The company filed this report to disclose an amendment to a material definitive agreement regarding its principal executive office lease in Richardson, TX. This filing serves to attach the lease exhibit previously referenced but omitted from Amendment No. 3 to the Form S-1 Registration Statement due to space limitations.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, or liquidity metrics. The only financial data provided relates to the specific terms of the lease amendment:
- Improvement Allowance: $195,352.00
- Base Rent (8/1/2010 – 7/31/2013): $4.70 per square foot
- Base Rent (8/1/2013 – 7/31/2015): $4.95 per square foot
- Base Rent (Until 7/31/2010): $0.00 per square foot
Material Changes
The material change reported is the renewal and extension of the company's lease agreement with Aquiport DFWIP. Key changes include:
- Term Extension: The lease term is extended through July 31, 2015.
- Rent Structure: Implementation of a tiered rent schedule with a rent-free period until July 31, 2010, followed by fixed rates of $4.70 and $4.95 per square foot for subsequent periods.
- Expansion Option: The landlord granted an option to take over additional space at similar terms during the first two years of the extended term.
Guidance, Outlook, and Risks
The filing contains no management guidance, forward-looking financial outlook, or discussion of general business risks. The document is strictly procedural, intended to satisfy the disclosure requirement for the lease amendment exhibit that could not be included in the concurrent Form S-1/A filing.
Investor Verification Checklist
- Verify the total square footage of the leased premises to calculate total annual rent obligations based on the disclosed per-square-foot rates.
- Confirm the status of the Form S-1 Registration Statement and whether the lease amendment impacts the company's capitalization or use of proceeds.
- Review the full text of Exhibit 10.16 (Third Amendment to Lease) for any covenants, termination rights, or additional costs not summarized in the 8-K.
- Assess the impact of the $195,352 improvement allowance on the company's future capital expenditure plans.