Item 2. Properties
ITEM
2. PROPERTIES.
We
do not own any real estate or other properties. On October 25, 2019, PCTI executed a non-cancellable lease of office and industrial space
totaling 11,800 square feet in Zelienople, PA., which began December 1, 2019 and expires on November 30, 2022. The lease terms include
monthly rent of $7,000.
On
January 2, 2021, the Company entered into a ten (10) year lease for a 6-bay garage storage facility of approximately 2,500 square feet.
Pursuant to the lease the Company agreed to issue 100,000,000 shares of restricted common stock. The shares were certificated on March
8, 2021, with an effective date of January 2, 2021. The Company valued the shares $0.0063, (the market value of the common stock on the
date of the agreement) and has recorded $630,000 as a prepaid expense. As of the date of this report, the Company has not yet taken possession
of the space, and is in negotiations with the landlord regarding other potential properties.
On
April 14, 2021, the Company entered into a five-year lease which began on June 1, 2021, for approximately 8,100 square feet of office
and warehouse space in Carlsbad, California, expiring May 31, 2026. Initial lease payments of $13,148 begin on June 1, 2021, and increase
by approximately 2.4% annually thereafter.
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