Quarterly report pursuant to Section 13 or 15(d)

10. Contractual Obligations

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10. Contractual Obligations
3 Months Ended
Mar. 31, 2016
Contractual Obligations  
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  

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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.
(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.