v3.20.1
COMMITMENT AND CONTINGENCIES
3 Months Ended
Mar. 31, 2020
COMMITMENT AND CONTINGENCIES  
NOTE 8 - COMMITMENT AND CONTINGENCIES

Office Lease

 

In April 2018, the Company started to rent space on a month-to-month basis in a Class 1 office in Lafayette, LA. The monthly rent is $3,000. In June 2019, the Company ceased to rent the space. For the three months ended March 31, 2020 and 2019, the Company incurred $0 and $9,000 in rent expense, respectively.

 

Laboratory Lease

 

During 2017, the Company executed a 5-year lease for a laboratory located at NOVA Southeastern University to be used by NuLife for conducting bench research. The lease calls for monthly payments of base rent of $1,925 along with applicable taxes and shared operating expenses. The lease required a security deposit in the amount of $4,871 and requires a 4% increase in base rent annually. During the year ended December 31, 2018, the agreement was terminated, with rent declared due and payable immediately in the amount of $142,944, including $46,052 past due rent, $92,850 estimated future rent payments, and $4,042 brokerage fees. These liabilities have been incorporated into liabilities from discontinued operations.

 

Litigation

 

From time to time the Company may become a party to litigation in the normal course of business. Management believes that there are no current legal matters that would have a material effect on the Company’s financial position or results of operations.