| Contractual Obligations |
The
Company has certain contractual commitments for future periods, including office leases, minimum guaranteed compensation payments
and other agreements as described in the following table and associated footnotes:
| Year ending |
|
|
Office |
|
|
Research and License |
|
|
Compensation |
|
|
Total |
|
| December 31, |
|
|
Lease (1) |
|
|
Agreements (2) |
|
|
Agreements (3) |
|
|
Obligations |
|
| |
2016 |
|
|
$ |
69,960 |
|
|
$ |
187,500 |
|
|
$ |
350,000 |
|
|
$ |
607,460 |
|
| |
2017 |
|
|
|
69,960 |
|
|
|
187,500 |
|
|
|
305,429 |
|
|
|
562,889 |
|
| |
2018 |
|
|
|
40,810 |
|
|
|
187,500 |
|
|
|
290,000 |
|
|
|
518,310 |
|
| |
2019 |
|
|
|
– |
|
|
|
187,500 |
|
|
|
54,375 |
|
|
|
241,875 |
|
| |
2020 |
|
|
|
– |
|
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| |
Total |
|
|
$ |
180,730 |
|
|
$ |
937,500 |
|
|
$ |
999,804 |
|
|
$ |
2,118,034 |
|
___________________
| |
(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. |
|
(3) |
Consists
of base salary and certain contractually-provided benefits, to i) an executive officer,
pursuant to an employment agreement at a base salary of $290,000 per year and, as amended
by the Board on March 10, 2016, expires on March 8, 2019; and ii) and a severance agreement
of a former officer in the amount of $75,429. |
|