Section 8.01 Other Events.
Utah CRO Services, Inc., a Nevadacorporation and a direct subsidiary of the Company ("Utah CRO"), entered into a Stock Purchase Agreement (the "Stock Agreement") with an unrelated third party ("Buyer"), pursuant to which UtahCRO agreed to sell all the outstanding shares of the capital stock of IBEX Preclinical Research, Inc., the subsidiary through which the Company offered research and veterinary sciences services ("IBEX") to Buyer in exchange for an unsecured promissory note in the principal amount of $400,000bearing simple interest at the rate of 10% per annum payable interest only on a quarterly basis and all principal and remaining accrued interest due on the five-year anniversary of the closing of the sale; and ? IBEX Property LLC, a Nevadalimited liability company and wholly owned subsidiary of Utah CRO ("IBEX Property"), entered into a Real Estate Purchase and Sale Agreement (the "Real Estate Agreement") with another unrelated third party ("Purchaser") pursuant to which IBEX Property agreed to sell to Purchaser two unencumbered parcels of real property in Cache County, Utah, consisting of approximately 1.75 combined gross acres of land, together with the buildings, structures, fixtures, and personal property located at 1072 West RSI Drive, Logan, Utah(the "Property"), which was is leased by IBEX Property to IBEX for IBEX to conduct its preclinical research and veterinary sciences business at a gross purchase price of $2.8 millionpayable in cash at closing of the transaction.
As a result of the transactions described above, the Company and its subsidiaries are no longer engaged in the business of providing preclinical research and veterinary services, Utah CRO now holds the promissory note described above in the amount principal of
Item 9.01 Financial statements and supporting documents.
Exhibit No. Description 10.1 Stock Purchase Agreement between
Utah CRO Services, Inc., and JP Lawrence Biomedical, Inc., dated April 14, 2022(incorporated by reference to Exhibit 10.1 to our Form 8-K filed with the SECon April 18, 2022) 10.2 Real Estate Purchase and Sale Agreement between IBEX Property LLC, and JP Lawrence Land and Building LLC, dated April 14, 2022(incorporated by reference to Exhibit 10.2 to our Form 8-K filed with the SECon April 18, 2022) 10.3 Promissory Note in the Principal Amount of $400,000dated April 28, 2022104 Cover Page Interactive Data File, formatted in Inline XBRL
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