The Lease Agreement with Cook Biotech, Inc. for a portion of the Company’s headquarters facility is recorded as an operating lease with the escalating rents being recognized on a straight-line basis once the Tenant took full possession of the space on May 1, 2015 through the end of the lease on December 31, 2024. The straight line rents of $53 per month are recorded as a reduction to general and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss) and other accounts receivable on the Consolidated Balance Sheets. The cash rent received is recorded in lease rent receivable on the Consolidated Balance Sheets. The variance between the straight line rents recognized and the actual cash rents received will net to zero by the end of the agreement on December 31, 2024.
Richard A. Johnson, Ph.D. was elected as a director of the Company on May 9, 2012. Dr. Johnson is currently an executive scientific consultant. From 1990 to 2008, he served as Founder and President of AvTech Laboratories. Prior to founding AvTech Laboratories, he served in various positions with The Upjohn Company, including Senior Research Scientist, Manager of Product Control, Manager of Quality Assurance Product Support and Director of Strategic Planning. Dr. Johnson received his Bachelor of Science in Chemistry from the Illinois Institute of Technology and his Ph.D. in Chemical Physics from Michigan State University. Dr. Johnson brings to the Board of Directors knowledge and insight on scientific matters, stemming from his extensive experience in the pharmaceutical industry.
Accordingly, the Company’s income tax provision as of September 30, 2018 reflects the current year impacts of the U.S. Tax Act on the estimated annual effective tax rate. The Tax Act reduces the U.S. federal corporate tax rate from 35% to 21%. The impact from the permanent reduction to the U.S. federal corporate income tax rate from 35% to 21% is effective January 1, 2018 (the “Effective Date”). When a U.S. federal tax rate change occurs during a fiscal year, taxpayers are required to compute a weighted daily average rate for the fiscal year of enactment and as a result the Company calculated a U.S. federal statutory income tax rate of 24.5% for the current fiscal year end September 30, 2018. However, we have adjusted the statutory income tax rate to 21% as this is the rate when the deferred balances are expected to reverse.
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The aggregate intrinsic value is the product of the total options outstanding and the net positive difference of our common share price on September 30, 2018 and the options’ exercise price.
Bambino’s Cafe & Bake Shop, 2810 E Battlefield Rd. 12/17/2018 – Inspection; Result: Permit Active. Priority Violations Found: 2. Observed: Oatmeal in cold holding above 41 degrees Fahrenheit. Required: Potentially hazardous foods when cold holding shall be at 41F or less. (Corrected during inspection by voluntarily discarding product) Nonpriority Violations Found: 0.
31. Invalidity of Particular Provisions. If any covenant, agreement or condition of this Lease or the application thereof to any person, firm or corporation or to any circumstance shall to any extent be invalid or unenforceable, the remainder of this Lease, or the application of such covenant, agreement or condition to persons, firms or corporations or to circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby. Each covenant, agreement or condition of this Lease shall be valid and enforceable to the fullest extent permitted by law.
We lease a portion of our headquarters’ building in West Lafayette, Indiana to Cook Biotech, Inc. (Tenant) as part of the Lease Agreement signed in January 2015. The Lease Agreement has an initial term ending December 31, 2024 with escalating rents each year. The Tenant took full possession of the space on May 1, 2015. We recognize the escalating rents on a straight-line basis as a reduction to general and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss) and lease rent receivable on the Consolidated Balance Sheets. The cash rent received is recorded to the customer account and as a reduction to the other accounts receivable on the Consolidated Balance Sheets. The variance between the straight line rents recognized and the actual cash rents received will net to zero in other accounts receivable by the end of the agreement on December 31, 2024. As of September 30, 2018, the rents recognized amounted to $2,172 and cash rent received amounted to $2,057. Future rental income recognized and cash rents received for the next five years are as follows:
3-501.17; Priority Foundation; Many potentially hazardous food items in refrigeration equipment were not dated with a preparation date or when they were taken from the freezer (including sliced deli meats, chili, cooked noodles, rice, etc.). Per manager, some food items were dated with an incorrect date. Refrigerated, READY-TO-EAT, POTENTIALLY HAZARDOUS FOOD (TIME/TEMPERATURE CONTROL FOR SAFETY FOOD) prepared and held in a FOOD ESTABLISHMENT for more than 24 hours shall be marked to indicate the date or day by which the FOOD shall be consumed on the PREMISES, sold, or discarded, based on the temperature and time combinations specified below. The day of preparation shall be counted as Day 1. (1) 5 C (41 F) or less for a maximum of 7 days; Pf or (2) 7 C (45 F) or between 5 C (41 F) and 7 C (45 F) for a maximum of 4 days in existing refrigeration EQUIPMENT that is not capable of maintaining the FOOD at 5 C (41 F) or less. Per manager, all food items had been made or taken from the freezer on 12/8 or 12/11. All food items were marked with the correct dates of preparation during the inspection.
The information included under the caption “Selection of Independent Registered Accounting Firm” in the Proxy Statement for the 2019 Annual Meeting is incorporated herein by reference in response to this item.
Section 6.02. Non-Solicitation. During the Restricted Period, Employee shall not, directly or indirectly:
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