Item 2. Properties
ITEM
2. PROPERTIES.
Our
company currently operates out of three strategically located facilities, which cater to different aspects of our business:
Sydney,
Australia: We rent an office/warehouse space of approximately 2,080 Sq foot. Our office/warehouse facility serves three fundamental
purposes and is used in connection with operations falling under both our IFPG and BPT segments. First, it provides dedicated office
space for our administrative staff, who are responsible for managing and overseeing the Company’s operations. Second, the facility
houses our new Australian sales and marketing team, offering them both office and warehouse space. Third, the location functions as a
distribution hub for expanding sales across the Asia-Pacific market, optimizing our logistics and reach in the region.
Cambridge,
England: We rent a multifunctional facility in the UK consisting of approximately 11,500 Sq foot, which is integral to our global
operations falling under our IFPG segment. It houses office space, a warehouse, research and development (R&D), and manufacturing
capabilities, catering to the UK market and our global supply needs. Currently, our manufacturing facility can produce up to 90,000 cartridges
per month. Our production rate stands at approximately 12,000 cartridges per month, providing ample room for growth in the coming years.
New
York City, United States: We have a small, shared office space in New York that accommodates our two US employees, fostering closer
collaboration and communication. This location provides a focal point for all our global operations and solidifies our presence and commitment
to the US market.
We
have no immediate plans to upgrade or expand our facilities, given that they are currently adequately meeting our needs. However, we
are open to establishing permanent offices for regional heads as required in the future, ensuring that we are well positioned to adapt
and grow as our business evolves.
49
ITEM
3. LEGAL PROCEEDINGS.
From
time to time, we may be subject to legal proceedings and claims arising in the ordinary course of business. We are not currently engaged
in any material legal proceedings.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
PART
II
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