Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS

v2.4.1.9
COMMITMENTS
3 Months Ended
Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
NOTE H - Commitments
 
Security Deposit
 
The Company was obligated to provide a security deposit of $300,000 to obtain lease space. Starting June 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. 
 
Lease Space
 
On November 1, 2013, the Company entered into 7 year lease for office space in Bedminster, New Jersey which started 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.
 
In December of 2014, the Company entered into an 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 March 31, 2015:
 
 
 
Lease
 
 
 
Commitments
 
2015
 
 
135,792
 
2016
 
 
157,321
 
2017
 
 
160,257
 
2018
 
 
163,193
 
2019 and beyond
 
 
406147
 
Total future minimum lease payments
 
$
1,022,710