Electrovaya Inc T.ELVA

Good business they rent to themselves for $300K per year

[Tdcpigc]

In May 2021 Electrovaya entered a month to month Facility Usage Agreement for the use of space and allocated staff of a third party research firm providing access to laboratory facilities, primarily for research associated with its Electrovaya Labs segment. The term of the agreement was for six months and could be terminated by either party upon 90 days notice. The first payment under the agreement for $25,000 was paid for June 2021.

Subsequent to the quarter end the facility was acquired by an investor group controlled by Dr. Sankar Das Gupta, Electrovaya's CEO and controlling shareholder, and which group includes its COO, Rajshekar Das Gupta. The Facility Usage Agreement was not changed on the change of ownership and remains in effect between the Company and the owner, such that the monthly payment of $25,000 is now with a related party of Electrovaya.