RELMADA THERAPEUTICS, INC. 10-K

ITEM 2. PROPERTIES We do not own any property. On August 1, 2021, the Company changed its corporate headquarters to 2222 Ponce de Leon Blvd., Floor 3, Coral Gables, Florida 33134. Pursuant to a lease agreement, dated August 1, 2021, and renewed in 2022, the Company leased the space for a total average monthly cost of $11,000. For 2022, the lease agreement was renewed at an average monthly rent rate of approximately $6,400. Effective July 31, 2021, the Company terminated its prior lease agreement, dated January 1, 2021 for space at 880 Third Avenue, 12 th Floor, New York, NY 10022, its former corporate headquarters. On June 8, 2017, the Company entered into an Amended and Restated License Agreement (the Actinium License) with Actinium Pharmaceuticals, Inc. (Actinium) for office space located at 275 Madison Avenue, 7th Floor, New York, New York 10016, our former corporate headquarters. This agreement amends and restates the license agreement entered into between the parties on March 10, 2016 (the Lease Agreement). Pursuant to the terms of the Actinium License, Actinium will continue to license the furniture, fixtures, equipment and tenant improvements located in its office (the FFE) for a license fee of $7,529 per month until December 8, 2022. Actinium shall have at any time during the term of this Lease Agreement the right to purchase the FFE for $496,914, less any previously paid license fees. The license of FFE qualifies as a sales-type lease. At inception, the Company derecognized the underlying assets of $493,452, recognized discounted lease payments receivable of $397,049 using the discount rate of 8.38% and recognized loss on sales-type lease of fixed assets of $96,403. The term of the Actinium License is contemporaneous with the Lease Agreement.