Finance Lease Obligation - Lease with Second Eastern Affiliate (Details) - USD ($) |
3 Months Ended | ||
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Sep. 30, 2020 |
Mar. 31, 2020 |
Mar. 31, 2019 |
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Finance Lease Obligation | |||
Sub Lease Expiration Period | 34 years | ||
Renewal term | 10 years | ||
Annual base rent | $ 2,100,000 | ||
Financial Lease Obligation Description | the base rent, iBio CDMO is required to pay, for each calendar year during the term, a portion of the total gross sales for products manufactured or processed at the facility, equal to 7% of the first $5,000,000 of gross sales, 6% of gross sales between $5,000,001 and $25,000,000, 5% of gross sales between $25,000,001 and $50,000,000, 4% of gross sales between $50,000,001 and $100,000,000, and 3% of gross sales between $100,000,001 and $500,000,000. However, if for any calendar year period from January 1, 2018 through December 31, 2019, iBio CDMO's applicable gross sales are less than $5,000,000, or for any calendar year period from and after January 1, 2020, its applicable gross sales are less than $10,000,000, then iBio CDMO is required to pay the amount that would have been payable if it had achieved such minimum gross sales and shall pay no less than the applicable percentage for the minimum gross sales for each subsequent calendar year. As the Company accounts for leases under ASC 842, the minimum percentage rent is included in the finance lease obligation. | ||
Percentage rent expense | $ 42,000 | $ 32,000 |
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- Definition Description about the financial lease obligations. No definition available.
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- Definition The amount of base rent payable annually by the lessee under the finance lease. No definition available.
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- Definition A duration within which sub Lease are subject to expiry. No definition available.
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- References No definition available.
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- Definition Term of lessee's finance lease renewal, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of variable lease cost, excluded from lease liability, recognized when obligation for payment is incurred for finance and operating leases. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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