PharmaCyte Biotech Inc (PMCB)

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Office Lease. Lot of money for a.,conference.,room

The Company formerly leased office space at 12510 Prosperity Drive, Suite 310, Silver Spring, Maryland 20904. The term of the lease expired on July 31, 2016 and was extended to August 31, 2016 at the same amount of monthly rent.

Effective September 1, 2016, the Company entered an office lease for the Leased Premises. The term of the lease is for 12 months. In May 2017, the Company entered into an additional two-year lease for the Leased Premises, commencing upon the expiration of the term of the first lease. The term of the new lease expires on August 31, 2019.

Rent expense for these offices for the years ended April 30, 2017 and 2016 was $45,892 and $53,225, respectively.

The following table summarizes the Company’s aggregate future minimum lease payments required under the operating lease as of April 30, 2017.

Years Ending April 30, Amount
2018 $ 33,114
2019 33,084
2020 11,028