Quarterly report pursuant to Section 13 or 15(d)

9. Contractual Obligations

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9. Contractual Obligations
3 Months Ended
Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
9. Contractual Obligations

The Company has certain contractual commitments as of March 31, 2015 for future periods, including office leases, minimum guaranteed compensation payments and other agreements as described in the following table and associated footnotes:

 

          Research and              
Year ending   Office     License     Compensation     Total  
December 31,   Lease (1)     Agreements (2)     Agreements (3)     Obligations  
2015   $ 52,470     $ 219,804     $ 262,500     $ 534,774  
2016     69,960       187,500       84,167       341,627  
2017     69,960       187,500       15,429       272,889  
2018     40,810       187,500             228,310  
2019           187,500             187,500  
Total   $ 233,200     $ 969,804     $ 362,096     $ 1,565,100  

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(1) Consists of rent for the Company’s Santa Barbara Facility expiring on July 31, 2018.

 

(2) Consists of license maintenance fees to Temple University in the amount of $187,500 paid annually through the life of the underlying patents or until otherwise terminated by either party, and a final payment under a research agreement to Temple University in the amount of $32,304 due June 1, 2015.

 

(3) Consists of base salary and certain contractually-provided benefits, to an executive officer, pursuant to an employment agreement that expires on January 30, 2016 in the amount of $217,500 and a severance agreement of a former officer in the amount of $120,429.