Expansion of their leased spaceDid you notice in the MD&A that the company is will be leasing a second building beginning in June 2015? The second building is more expensive than their current space, so it looks like this could be a significant expansion.
18.COMMITMENTS The Company signed an offer to lease for its premises at 405 Britannia Rd, Mississauga which commenced December 1, 2009 and expires November 30, 2014 when the rent becomes payable on a month-to-month basis. The annual rental payment for fiscal 2014 through termination is $91,627. On December 5, 2014 the Company negotiateda lease renewal for this location. The revised lease has a term of five years commencing January 1, 2015 and expires December 31, 2019. The annual rent will be: $94,354 (2015); $96,863 (2016); $99,481 (2017); $102,208 (2018); and $104,935 (2019).
On November 17, 2014 the Company signed an offer to lease for its premises at 1660 Tech Avenue, Mississauga which will commence June 1, 2015. The lease agreement is for a period of 10 years and will expire May 31, 2025. The minimum lease payments for the first five years will be $159,250 annually and increase to $202,125 for years six to ten.