MyMD Pharmaceuticals, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Commitments

Commitments

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Note 16 - Commitments

		The Company leases its facility in West Deptford, New Jersey under an operating lease with annual rentals of $132,000 plus common area maintenance (CAM) charges. The lease, which took effect on January 1, 2008, reduced the CAM charges allowing the Company to reach their own agreements with utilities and other maintenance providers.

		On January 7, 2013, the Company extended its lease agreement for a term of 7 years, expiring December 31, 2019. Under the terms of the lease, The Company will pay $132,000 per year.

		Rent expense, including related CAM charges for the years ended December 31, 2014 and 2013 was $161,245 and $148,593.

		The Company entered into a 60 month operating lease for equipment with annual rentals of $6,156 on September 29, 2014. The lease commenced on October 21, 2014 upon the delivery of the equipment.

		The schedule of lease commitments is as follows:

	Building		Equipment
	Lease		Lease		Total
Next 12 Months	$	132,000	$	6,156	$	138,156
Next 13-24 Months		132,000		6,156		138,156
Next 25-36 Months		132,000		6,156		138,156
Next 37-48 Months		132,000		6,156		138,156
Next 49-60 Months		132,000		5,130		137,130

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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