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COMMITMENTS
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Text Block] |
NOTE H – COMMMITMENTS
Lease Space
On November 1, 2013, the Company entered into a 7 year lease for office space in Bedminster, New Jersey which commenced in June, 2014 at a monthly rent of $12,723, increasing to approximately $14,200 per month toward the end of the term. The Company records rent expense on a straight-line basis. Rent expense for the years ended December 31, 2014 and 2013 was $95,500 and $0, respectively. In December of 2014, the Company renewed its agreement to lease laboratory space for one year starting January 1, 2015 in Monmouth Junction, New Jersey at a monthly rent of $2,175.
Listed below is a summary of future lease rental payments as of December 31, 2014:
The Company was obligated to provide a security deposit of $300,000 to obtain lease space. Starting May 1, 2015, this deposit can be reduced by $100,000 on an annual basis, down to $50,000, as long as the Company makes timely rental payments.
On September 26, 2014 the Company entered into an agreement with a clinical research organization (CRO) to perform a Pharmacokinetic and Pharmacodynamic study. The total cost of the study is approximately $ 2 million dollars. To date, approximately $ 700 thousand has been paid towards the study, with the remaining balance due in increments between now and when the study is completed, which is estimated to be the end of May 2015. |
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