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1.b. The new facility is rented, allowing us to expand into 4500 square feet. The space has required <br />power and volume capacity. Both current and upcoming properties are leased. The buildout of the new <br />space is estimated at under $10,000. The lease payment will be going from $1795/month to <br />$4800/month. Letter of intent has been sent requesting a 3-year lease, contingent on MIF funding. <br />The following statement has been included in our lease proposal: <br />“This lease will be contingent upon the Tenant receiving funding through the State of Minnesota Job <br />Creation and Investment Funds.” <br /> <br /> <br />1c. Maxwell Labs Inc will lease the property for 3 years, with option to expand to 5 years and take on <br />additional space if required by tenant. <br />The owner is Murray Properties 3080 LLC, located at 6 Long Lake Road, Mahtomedi, MN 55115 <br /> <br />1d. MIF funding is necessary for this project to move forward as contracts are in negotiation stage, and <br />production capabilities need to be in place and demonstrated to fulfil and sign contracts. Lease and <br />essential manufacturing equipment are subject to MIF funds. One note on equipment: Leads times are <br />extensive, so we have rented a smaller centrifugal planetary mixer. The larger equipment must be <br />ordered within 30 days to receive significant rental cost credits applied to purchase price. <br /> <br />Financial Need for MIF funds: Tech development is extremely costly. Maxwell Labs has completed <br />Friends & Family Round in 2020, followed with participation in various incubators and accelerators. The <br />company completed a Seed-Series funding round of for $1M in 2022, but this funding is not sufficient to <br />meet the requirements to ramp up production. Our current budget allows us 12 months of runway if <br />there were no sales. MIF is an essential piece for Maxwell Labs to fulfil sales, continue on trajectory of <br />project development and expand employee base in 2022. It is estimated we need 5 new employees to <br />fulfill just one of the current contracts in negotiations, and there are 4 companies testing just one of our <br />current products. Our projected growth for the coming two year is substantial, pending the required <br />manufacturing capabilities are in place. <br /> <br />Potential for Non-MN locations: Wisconsin Iowa County (Bloomfield) has offered Maxwell Labs two <br />extensive buildings free of charge (worth in excess of $10M) on a 12-acre parcel in Iowa County for the <br />appraised land value of $120,000. Local technical colleges maintain support and training certification <br />programs intended to work with Maxwell Labs to provide high-tech equipment training and college <br />credits for new employees enrolled in tech programs requiring work experience or apprenticeship <br />training. It was announced 9/26/22 in the Dodgeville Chronicle that Maxwell Labs turned down the offer <br />to move to Wisconsin. <br />The state of the art technology that Maxwell Labs has developed in thermal compounds, radiative <br />heatsinks, AI-driven materials science, and spray-on thermal coatings will make us an industry leader in <br />reducing energy costs across multiple industries. MIF funds are an essential part of this growth.