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Subsequent Events
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9 Months Ended | ||
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Sep. 30, 2014
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| Subsequent Events [Abstract] | |||
| Subsequent Events |
Common Stock Issuance to Individual Investors
In October 2014, the Company issued 1,110,000 common shares with no par value to eighteen individual investors that had participated in a prior entity founded by Nemus' then current president. Such entity has been insolvent and not operating since the inception date of Nemus. The issuance of these shares was in exchange for the signing of a release of claims against the Company, its President, and the former entity. The Company will record the settlement expense in the fourth quarter of 2014.
Corporate Headquarters Lease
In October, 2014, we signed a lease agreement for our corporate office headquarters that consists of approximately 3,684 square feet located at 650 Town Center Drive, Suite 620, Costa Mesa, CA 92626. The lease expires on October 31, 2016 and our annual rent is $64,470, payable in equal monthly installments with annual escalations.
University of Mississippi Option Agreement.
On October 15, 2014, we signed a renewable option agreement for the rights to explore other routes of delivery of UM5050 not yet agreed upon and/or in combination with other cannabinoids or other compatible compounds. There is a one-time up-front option payment of $10,000 due on November 15, 2014 and the option period is for six months expiring on March 31, 2015. At the end of the option period, the Company has the right to renew for an additional six months under the same financial terms and conditions.
Stock Incentive Plans
On October 31, 2014, after the closing of the Merger, our Board of Directors approved the Nemus Bioscience, Inc. 2014 Omnibus Incentive Plan (the "2014 Plan") and granted 1,080,000 options to purchase shares of its common stock pursuant to the 2014 Plan, with the exercise price for such options to be determined based on the fair value of a share of the Company's common stock on the date of grant, as determined by the Company's next available independent third-party valuation.
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