10-K posted this morning www.sec.gov/Archives/edgar/data/1376316/000107878215001112/f10k033115_10k.htm
See Note 7 re: Cannabliss
During the year ended March 31, 2015, the company booked $116,982 in rental income from a tenant on the property. The payment of rent was contingent on the tenant receiving a license from the Washington State Liquor and Cannabis Control Board. However, the tenant was denied a license and agreed to vacate the property before the expiration of his lease for a one-time settlement fee of $14,000.
See Note 11 (labelled 9) re: Fourdub
On April 13, 2015, the company entered a lease agreement with a licensed Tier 3 cannabis producer. The initial term of the lease is 5 years with an optional 5 year renewal period. Under the terms of the agreement, lease revenue has accrued at $52,500 per month commencing May 1, 2015. However, lease payments have been deferred until November 1, 2015.
