Description of Property
−Removed: Our principal executive offices are located at Unit 100 – 740 McCurdy Road, Kelowna, British Columbia V1X 2P7.
−Removed: Our telephone number is (250) 765 6424.
−Removed: This location is used for our corporate office and R&D lab.
−Removed: Our lease at this location is until November 15, 2023 with an option to extend an additional five years.
−Removed: Base rent is CDN$12.56 per square foot until November 14, 2019, CDN$12.86 per square foot until November 14, 2021 and CDN$13.21 per square foot until November 14, 2023 plus common area maintenance and taxes.
−Removed: We also have storage space at 2226 W Northern Ave STE C140 Phoenix Arizona 85021 at the rate of $17.75 per square foot renewing annually on July 13 at the same rate.
−Removed: Significant Acquisitions and Dispositions
−Removed: In Fiscal 2019 we leased a new head-office location in Kelowna, Canada, that we purchased office equipment, furniture, computers, and communications systems for.
−Removed: We also constructed a Canadian federally licensed laboratory on-premises for our internal R&D purposes, for which a license has been received from Health Canada.
−Removed: Costs incurred for the laboratory are included in Capitalized Assets in the financial statements and notes.
+Added: Our executive offices and research lab are located in a leased facility in Kelowna, British Columbia Canada, consisting of approximately 2,250 square feet of office space to accommodate our finance and administrative functions as well as approximately 1,000 square feet of laboratory space accommodating our in-house research and development.
+Added: The lease for our Kelowna offices commenced in November 2019 and is scheduled to expire November 2023.
+Added: Subject to the terms and conditions of the lease, we may extend the term of the lease for another five years.
+Added: Our facilities are in excellent condition and adequate for their current use.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.