Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS

v2.4.0.8
COMMITMENTS
6 Months Ended
Jun. 30, 2014
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 to start approximately 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 2013, the Company entered into an agreement to lease laboratory space for one year starting January 1, 2014 in Monmouth Junction, New Jersey at a monthly rent of $2,072.
 
Listed below is a summary of future lease rental payments as of June 30, 2014:
 
 
 
Lease
 
 
 
Commitments
 
2014
 
$
88,770
 
2015
 
 
154,140
 
2016
 
 
157,076
 
2017
 
 
160,014
 
2018 & Beyond
 
 
582,797
 
Total future minimum lease payments
 
$
1,142,797