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. had entered into a lease for the Rhode Island
Project at 1600 Division Road, West Warwick, RI, 02893 with certain guaranteed by the Company. The lease was 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 was approximately
48,000 square feet. The Lease has been discharged.
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