Item 2. Properties
ITEM
2. Properties.
Our
principal executive office is located at 2117 SW Highway 484, Ocala FL 34473 and our finance and human resource office is located at
604 Main Street, Riverton, NJ 08077. We currently lease our principal executive office for $2,100 per month and our accounting and human
resource office for about $1,500 per month.
In
March 2018, we sold our property located at 783 Jersey Ave., New Brunswick, NJ. This property houses our development and production facilities.
The purchase price was $4,080,000 and purchaser received 3,225,806 warrants to purchase common stock.
In
May 2021, we exercised our option and re-purchased the New Brunswick facility, pursuant to the terms of the March 16, 2018, sale and
lease-back agreement. We also sold certain equipment and machinery that it determined to be obsolete and no longer needed for current
and future manufacturing.
In
March 2022, we entered into an Agreement of Sale and Purchase with Acellories, Inc. as purchaser pursuant to which we will sell our New
Brunswick property. The purchaser will purchase the property for $3.9 million. Among other things, the purchaser has a 45-day right of
due diligence and has the right to terminate the agreement within that period.
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