QS Energy Inc (QSEP)

[DCorleone]

QSEP Research Requested...

(b) Effective April 15, 2020, Gary Buchler voluntarily resigned as a member of the Board of Directors (the “Board”) of QS Energy, Inc. (the “Company”) and member of the Audit Committee of the Company. Mr. Buchler’s resignation was not the result of any dispute or disagreement with the Company or any matter related to the Company’s operations, policies or practices, the Company’s management or the Board.

Effective April 15, 2020, Jason Lane voluntarily resigned as the Company’s chief executive officer (“CEO”). Mr. Lane’s resignation was not the result of any dispute or disagreement with the Company or any matter related to the Company’s operations, policies or practices, the Company’s management or the Board. Notwithstanding Mr. Lane’s resignation as CEO of the Company, Mr. Lane will continue to serve as a member of the Company’s Board and as Chairman of the Company’s Board.

Total rent expense under this lease in effect during the years ended December 31, 2019, and 2018 was $49,500 and $18,000

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Leases with Related Parties



The Company’s executive offices are located at 23902 FM 2978, Tomball, Texas 77375 (“Tomball Facility”). The Tomball Facility is leased from JBL Energy Partners, an entity solely owned by Jason Lane, Company CEO. The Tomball Facility is under a month-to-month lease initiated in April 2017 (“Tomball Lease”) at lease rate of $1,500 per month. Subsequent to the addition of a laboratory facility and outdoor storage facility for large equipment, the Tomball Lease was amended effective April 2019 increasing the lease rate to $5,000 per month. Total rent expense under this lease during the years ended December 31, 2019, and 2018 was $49,500 and $18,000, respectively which are included as part of Operating Expenses in the attached consolidated statements of operations.