Polar Power, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS. In January 2015, the Company began leasing a manufacturing facility located in Gardena, CA, under a non-cancellable operating lease with initial term of 4 years through February 2019. In February 2019, the lease was amended to extend the lease term for another 4 years through February 2023 (“First Amendment to Lease”). On January 31, 2023, the lease was amended to extend the lease for another 3 years through February 2026 (“Second Amendment to Lease”). The base rent of the for Second Amendment to Lease will be $58,096 per month in the first year, $74,122 per month in the second year, and $84,139 per month in the third year, resulting in aggregate monthly lease payments over the lease term of approximately $2.6 million. The extension agreement is a “Net Lease” requiring the Company to pay real property taxes associated to this facility.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

NOTE 14 – SUBSEQUENT EVENTS.

In January 2015, the Company began leasing a manufacturing facility located in Gardena, CA, under a non-cancellable operating lease with initial term of 4 years through February 2019. In February 2019, the lease was amended to extend the lease term for another 4 years through February 2023 (“First Amendment to Lease”). On January 31, 2023, the lease was amended to extend the lease for another 3 years through February 2026 (“Second Amendment to Lease”). The base rent of the for Second Amendment to Lease will be $58,096 per month in the first year, $74,122 per month in the second year, and $84,139 per month in the third year, resulting in aggregate monthly lease payments over the lease term of approximately $2.6 million. The extension agreement is a “Net Lease” requiring the Company to pay real property taxes associated to this facility.