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Sir, please go ahead. With me on the call are Bryan McLaren, Chief Executive Officer and Adam Wasserman, Chief Financial Officer. We will begin the call with a Safe Harbor Statement.


All statements made on this call with the exception of historical facts may be considered forward-looking statements. Such forward-looking statements include risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in our filings with the Securities and Exchange Commission.


Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond our control, which could, and likely will, materially affect actual results, levels of activity, performance or payday loans online. Any forward-looking statement reflect our current views with respect to future events and is subject to those and payday loans online risks, uncertainties payday loans online assumptions relating to operations, results of operations, growth strategy and liquidity.


We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results that could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.


For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements see risk payday loans online in our annual reports on Form 10-K, as well as other reports we have filed with time-to-time with SEC. Bryan, please go ahead. Good afternoon everyone and welcome to the Zoned Properties second quarter earnings conference call.


This marks our second consecutive quarter of net income resulting from a continued execution of our business plan. Our portfolio of long-term leases with escalating rental payments combined with our primarily fixed-cost structure has driven profitability over the last two quarters and we expect this trend to continue.


Our profit has been used to further develop our property portfolio in order to increase revenues without incurring additional debt or dilutive financing. Our balance sheet remains strong with sufficient liquidity to fund scheduled projects and further grow the portfolio.


We expect significant expansions at our existing properties particularly our Chino Valley Cultivation Facility and Tempe Medical Marijuana Business Park in Arizona. Currently 47,500 square feet have been leased between these two properties. With plans to complete further development and increased leased base of the two properties up to 75,000 square feet by the end of the year. The company will be utilizing existing capital and positive cash flows for expanded development, which will allow for increased rental revenues without increase in operating expenses or debt payments.


In addition, we continue cash advance loans to explore opportunities to expand our business with properties that are a strategic fit within our existing portfolio and meet our pre-determined economic hurdles for acquisition. We are uniquely positioned within a licensed medical marijuana industry with tangible assets, a proven track record of quality property development in the balance sheet to support expansion and strong growth.


Let me speak specifically to future plans for our Tempe Medical Marijuana Business Park. This tenant has now established their corporate headquarters at Tempe and a newly renovated corporate suite, which includes 2,500 square feet of office and conference space. The office base is conveniently located next to their licensed medical marijuana facilities and will provide a cornerstone for expansion as they establish a comprehensive vertically integrated business operation at our Tempe Medical cash advance loans Marijuana Business Park.


This tenant has established themselves as a premier anchor tenant for this property. Monthly rental payments are scheduled to increase on October 1, 2017. Our Chino Valley Cultivation Facility is another flagship property for us. At this facility construction work continues as we expand the leased based from approximately 35,000 square feet to a total of 45,000 square feet by the end of the year.


In Parachute, Colorado we have identified a perspective operator for the permanent facility and are currently finalizing our due diligence process. The company expects to announce specific plans for the future of the project by the end of the third quarter. During the second quarter, we completed financing transactions that effectively reduced our financial leverage.


First, we sold a non-core property and used the net proceeds to repay a mortgage payable. Second, we issued non-toxic convertible notes reducing our cost of debt and extending our maturity date by eliminating existing convertible notes that were due to mature in August of this year.


The net result was a decrease in debt with extended maturities, lower quarterly debt service payments and additional liquidity to support current and future development and construction projects. As Bryan discussed, this was our second consecutive quarter of profitability, a trend we expect to continue moving forward.


Turning to the six month results. Taking a look at the balance sheet. The positive results of our approach are evidenced by our second consecutive quarter of profitability. While our prospects for increasing that profitability have been solidified with amendments to leased agreements and a proven track record of meeting our project development and construction milestones.


That concludes our prepared remarks. Adam and I will now take any questions you may have. Operator, please open the lines for questions. There seem to be no further questions at this time. That concludes our second quarter earnings conference call.


Thank you for joining the call and look forward to continuing to serve you as our shareholders and interested parties.



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