Item 2. Properties
Item 2. Properties.
The Company leases its office and production facilities,
located at 3101 S US-1, Fort Pierce, Florida from Visconti Holdings, LLC. Visconti Holdings, LLC is a single member LLC that holds the
ownership of the property, and its sole member is Joseph C Visconti, our CEO. We entered into the lease on January 1, 2020, which, as
amended January 1, 2021, provided for an initial term of five years and one additional five-year term at the option of the Company.
The current base rent payment is $36,465 per month including property taxes and the lease required a $25,000 security deposit. The
base rent increases five percent (5%) on the anniversary of each annual term. We have engaged in several building capacity expansion and
improvement projects during the last year.
53
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.