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Note 5 - Related Party Transactions
3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
NOTE
5.
RELATED PARTY TRANSACTIONS
 
BASK (formerly Coastal Compassion, Inc).
 On
April 7, 2016,
we signed agreements with BASK. BASK is
one
of a limited number of organizations that has received a provisional or final registration to cultivate, process and sell medical and adult use cannabis by the Massachusetts Cannabis Control Commission.
 
Pursuant to the agreements, we agreed to provide BASK with financing for construction and working capital required for BASK's approved dispensary and cultivation center in Fairhaven, MA.
 
On
August 15, 2018,
the Company combined the construction and working capital advances of
$129,634
and accrued interest of
$44,517
into a new loan with payments over
5
years with
18%
interest. At
December 31, 2020
and
September 30, 2020,
the outstanding balance on the note receivable was
$111,395
and
119,512,
respectively
 
On
July 26, 2019,
the Company entered into a
15
-Year Triple Net lease of Building
1
of the MCC with BASK. The lease commenced on
September 1, 2019
and includes an annual base rent of
$135,000
and a revenue participation fee equivalent to
15%
of BASK's gross revenues. As of
December 31, 2020,
the BASK tenant receivable balance was
$140,791.
 
Tim Keogh, our Chief Executive Officer, is a Board Member of BASK.