Item 2. Properties
ITEM
2. PROPERTIES
Our
principal executive office is currently located at 14269 N. 87th Street, #205, Scottsdale, AZ 85260.
Effective
April 1, 2019, we extended our one-year operating lease for our office space in Scottsdale, Arizona to end on March 31, 2020.
The annual base rent increased from $7,800 to $9,107. On July 16, 2019, we added additional office space and our monthly base
rent increased to $1,325 per month. On March 6, 2020, we extended our lease for twelve months to end on March 31, 2021 at an annual
base rent of $16,695. On March 17, 2021, we extended our lease for twelve months to end on March 31, 2022 at an annual base rent
of $17,583.
We
are in the business of property acquisition, development, and commercial leasing and intend to primarily structure lease agreements
with prospective tenants using a triple-net lease model. The property portfolio currently includes (i) land and real property
constructed in Green Valley, Arizona, (ii) land and real property in Kingman, Arizona, (iii) vacant land in Gilbert, Arizona,
(iv) land and real property in Tempe Arizona, and (v) land and real property of approximately 47 acres in Chino Valley, Arizona.
The properties in Tempe, Green Valley, Kingman, and Chino Valley, Arizona are currently leasing space to tenants that operate
licensed medical cannabis facilities. We lease our vacant land in Gilbert, Arizona to a third party. Each of these leased properties
is generating revenue to date.
ITEM
3. LEGAL PROCEEDINGS
There
are no pending or threatened legal or administrative actions pending or threatened against us that we believe would have a material
effect on our business.
ITEM
4. MINE SAFETY DISCLOSURES
Not applicable.
18
PART
II
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.