Replies to post #2139 on Indoor Harvest Corp (INQD)

[elbiatcho1]

Good findings.
Also note that Chad was a penny stock promoter, a conflict of interest I would think.

[ccsykes]

From recent 10Q filing:

NOTE 5 - COMMITMENTS & CONTINGENCIES

On February 20, 2014, the Company signed a 60-month lease on a 10,000 sq. ft. office/warehouse facility and paid a deposit of $12,600. The monthly base rent is $4,200 increasing 6% every two years for the term of the lease. The property is adequate for all of the Company’s currently planned activities. On January 22, 2018, the Company entered into a 6-month sublease agreement for a portion of the 10,000 sq. ft. office/warehouse facility. The term of the sublease is February 1, 2018 through July 31, 2018 at $2,000 per month. The Company records the sublease income as a reduction of rent expense in the Consolidated Statements of Operations within general and administrative expenses.

All R&D has ceased as the HPA prototype was commercialized in the second phase with Tweed. So there was no need for the space, so it was sublet to reduce expenses. Everyone works remotely now, but the Company still maintains an office at the location.