Here is the part of the 3q report you are looking for:
On December 8, 2009 Ferris Properties, LLC. (owed by Bob Ferris, CEO of VirTra and Nichieli Ferris) signed a promissory
note for the purchase of approximately 2.2 acres of improved land in Chandler, Arizona from McClintock and Galveston, LLC.
The intention is to eliminate the IRS debt and, in the future, obtain a building loan to begin construction of a VirTra
headquarter building on this land.
The purchase price for the land is $695,000, approximately $160,000 has already been invested. The remaining amount owed
is in the form of a $535,000 loan from the seller to Ferris Properties, LLC which is now to pay interest-only payments at a rate
of 4% per annum ($1,783.33 per month) starting on December 8, 2009 until November 30, 2010. If the building loan has not
begun by November 30th, 2010, then Ferris Properties would pay $10,000 per month plus 5.5% per annum until June 1, 2011
at which time the note is due unless renegotiated.
The transaction is a straight pass-through, whereby Ferris Properties, LLC charges no fees and no expenses to VirTra Systems.
All costs and payments imposed by the seller (McClintock and Galveston, LLC) are paid by VirTra Systems, Inc. As soon as
permitted, the liability, deed and ownership interest in the land will be transferred to VirTra Systems at no profit to Ferris
Properties, LLC. VirTra is currently working on selling this land or renegotiating the purchase.
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