Annual report pursuant to Section 13 and 15(d)

16. Contractual Obligations (Details)

v3.3.1.900
16. Contractual Obligations (Details)
Dec. 31, 2015
USD ($)
Year ending 2016 $ 607,460
Year ending 2017 562,889
Year ending 2018 518,310
Year ending 2019 241,875
Year ending 2020 187,500
Total obligations 2,118,034
Office lease  
Year ending 2016 69,960 [1]
Year ending 2017 69,960 [1]
Year ending 2018 40,810 [1]
Year ending 2019 0
Year ending 2020 0
Total obligations 180,730 [1]
Research and License Agreements  
Year ending 2016 187,500 [2]
Year ending 2017 187,500 [2]
Year ending 2018 187,500 [2]
Year ending 2019 187,500 [2]
Year ending 2020 187,500 [2]
Total obligations 937,500 [2]
Compensation Agreements  
Year ending 2016 350,000 [3]
Year ending 2017 305,429 [3]
Year ending 2018 290,000 [3]
Year ending 2019 54,375 [3]
Year ending 2020 0
Total obligations $ 999,804 [3]
[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.