Item 2. Properties
Item
2. Properties
We
formerly leased 2,510 square feet at 215 Gordons Corner Road, Manalapan, NJ, 07726 under a five (5) year lease that commenced
on March 15, 2017 for approximately $43,000 per annum with 2.5% annual scheduled rent increases that has been terminated in June
of 2020. We believe we can obtain additional facilities required to accommodate projected needs without difficulty and at commercially
reasonable prices, although no assurance can be given that we will be able to do so. MedRecycler-RI, Inc. has entered into a lease
for the Rhode Island Project at 1600 Division Road, West Warwick, RI, 02893. The lease is for ten (10) years, commencing on March
1, 2019 for approximately $192,668.00 per annum, increasing annual at a rate of five percent (5%). The space leased is approximately
48,000 square feet.
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