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Commitments and Contingencies | 9 Months Ended
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Mar. 31, 2018
Commitments and Contingencies [Abstract] |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Commitments and contingencies are described below and summarized by the following as of March 31, 2018:
|  |  |  |  | Remaining |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Total |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | Thereafter |
Prescription Database |  | $ | 923,000 |  |  | $ | 350,000 |  |  | $ | 573,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Natesto |  |  | 15,000,000 |  |  |  | - |  |  |  | - |  |  |  | 2,500,000 |  |  |  | 5,000,000 |  |  |  | - |  |  |  | 7,500,000 |
Office Lease |  |  | 282,000 |  |  |  | 36,000 |  |  |  | 111,000 |  |  |  | 108,000 |  |  |  | 27,000 |  |  |  | - |  |  |  | - |
|  | $ | 16,205,000 |  |  | $ | 386,000 |  |  | $ | 684,000 |  |  | $ | 2,608,000 |  |  | $ | 5,027,000 |  |  | $ | - |  |  | $ | 7,500,000 |
Prescription Database In May 2016, Aytu entered into an agreement with a vendor that will provide Aytu with prescription information. Aytu agreed to pay approximately $1.9 million over three years for access to the database of prescriptions written for Natesto. The payments have been broken down into quarterly payments. Natesto In April 2016, the Company entered into an agreement with Acerus, whereby Aytu agreed to pay $8.0 million for the exclusive U.S. rights to Natesto (see Note 1). We made the first payment totaling $2.0 million in April 2016, and we made the second installment payment in October 2016. We made the final payment totaling $4.0 million in January 2017. Additionally, Aytu is required to make milestone payments to Acerus. The first milestone payment of $2.5 million must be paid even if the milestone is not reached. As of the date of this report, Aytu anticipates making the second milestone payment of $5.0 million, along with the third milestone payment of $7.5 million upon reaching the milestones. Office Lease In June 2015, Aytu entered into a 37-month operating lease for office space in Raleigh, North Carolina. This lease has initial base rent of $3,000 a month, with total base rent over the term of the lease of approximately $112,000. In September 2015, the Company entered into a 37-month operating lease in Englewood, Colorado. This lease has an initial base rent of $9,000 a month with a total base rent over the term of the lease of approximately $318,000. In October 2017, the Company signed an amendment to the 37-month operating lease in Englewood, Colorado. The amendment extended the lease for an additional 24 months beginning October 1, 2018. The base rent will remain at $9,000 a month. The Company recognizes rent expense on a straight-line basis over the term of each lease. Differences between the straight-line net expenses on rent payments are classified as liabilities between current deferred rent and long-term deferred rent. Rent expense for the respective periods was as follows:
|  | Three Months Ended March 31, |  |  | Nine Months Ended March 31, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Rent expense |  | $ | 35,000 |  |  | $ | 35,000 |  |  | $ | 105,000 |  |  | $ | 105,000

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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