Here is the way I see it. Every company needs a respectable home office and, in the case of biotech companies, ideally a flagship clinic as well. Maintaing the two of those can be extremely expensive and burdensome upon the balance sheet of a startup. So the Doc essentially harbored Intellicell at the building of his fancy and popular dermatology practice in NYC. Yes, Intellicell has to pay 40% of the rent, but since the company is not yet generating any significant revenue, the rent is actually being paid out of the Doctor's pocket, and the 60% Intellicell owes back to him gets written down on the balance sheet as debt. Albeit, it is INTERNAL debt, to the Doc himself, and is not dangerous in any way (nobody will come knocking on the door like IR).
Read my thoughts on Intellicell's debt in general in this post: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95507296
That one post that BBW is so proud of about the expenses spent on setting up the clinic with furniture is, in my opinion, a testament to the company being thoughtful and financing a fantastic-looking flagship clinic in the heart of NYC - a place worthy of a company with global ambitions. See pictures of the office below: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=90893527
They smartly created a home office to which it is not embarrassing to invite the investment bankers for negotiations. Perhaps this is exactly where the folks from Eilon were filling out that paperwork? Read more about it here: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=96350468
The only thing that is not optimal about Intellicell's relationship with Regen is that while Intellicell's technology is being used at the clinic, no revenue is actually attributed to Intellicell as of the last filing (keep in mind that it can change as soon as the next filing - changing fiscal year dates in the recent 8-K was an interesting sign). Also, feasible reasons do exist why a company would want to postpone showing revenue in the developmental stage.
I hope that helps.