BSD Med Corp. (fka PRSNQ)

[mightymoe]

On May 15, 2015 the Company entered into a commercial real estate purchase contract wherein it agreed to sell its primary headquarters and manufacturing facilities located in Salt Lake City, Utah. Per the terms of the contract the closing date of the sale will take place in early August 2015. The sale will result in proceeds to the Company of approximately $975,000 after commissions and closing costs. The Company will be required to pay off the $750,000 principal balance plus accrued interest and early payment penalty on the promissory note from the sale proceeds. After paying off the promissory note, the net proceeds from the sale of the facilities will be approximately $200,000.

Following the closing date, the purchaser of the facilities will lease the building back to the Company rent free through October 23, 2015. The Company has also entered into a sub-lease agreement to rent new facilities in Salt Lake City and plans to take occupancy of the leased facilities in October 2015. This sub-lease agreement provides for the Company to lease approximately 10,057 square feet of space that will house our office, production and research operations. The term of this sub-lease is through December 31, 2019, and requires monthly payments for base rent in the first year of $16,762, with a provision for escalation of 3% per year for subsequent years.

they are growing..moving to a larger place