Contractual Obligations |
The
Company has certain contractual commitments as of March 31, 2016 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 |
|
2016 |
|
$ |
52,470 |
|
|
$ |
140,625 |
|
|
$ |
262,500 |
|
|
$ |
455,595 |
|
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 |
|
$ |
163,240 |
|
|
$ |
890,625 |
|
|
$ |
912,304 |
|
|
$ |
1,966,169 |
|
________________________________
|
(1) |
Consists
of rent for the Companys 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 $60,429. |
|