Quarterly report pursuant to Section 13 or 15(d)

Operating Lease

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Operating Lease
9 Months Ended
Jun. 30, 2019
Leases [Abstract]  
OPERATING LEASE

7. OPERATING LEASE

 

LMB leased office space from Akrimax (see Note 6) in Cranford, New Jersey at a monthly rental rate of $2,167 pursuant to an agreement which expired on April 30, 2019. Rent expense for the nine months ended June 30, 2019 and 2018 was $56,063 and $19,500, respectively.

 

Effective July 1, 2019, Citius entered into a 76-month lease for office space in Cranford, NJ. Annual base rent for the years ending June 30, 2020, 2021, 2022, 2023, 2024, 2025 and 2026 is $152,249, $233,232, $238,091, $242,950, $247,809, $252,668 and $85,842, respectively. Citius will also pay its proportionate share of real estate taxes and operating expenses in excess of the base year expenses.