| Schedule of contractual commitments |
The Company’s contractual
commitments for future periods, licensing agreements and minimum guaranteed compensation payments as described in the following table
and associated footnotes:
Year
ending
December 31, |
|
License
Agreements (1) |
|
|
Compensation
Agreements (2) |
|
|
Total
Obligations |
|
| 2021 |
|
$ |
187,500 |
|
|
$ |
197,000 |
|
|
$ |
384,500 |
|
| 2022 |
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| 2023 |
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| 2024 |
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| 2025 |
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| Total |
|
$ |
937,500 |
|
|
$ |
197,000 |
|
|
$ |
1,134,500 |
|
___________________
| |
(1) |
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. For details of the Temple Licensing Agreements, see Note 6 of the Financial Statements, attached hereto. |
| |
(2) |
Consists of certain contractually
provided benefits to a former executive officer pursuant to a severance agreement and amendments thereto. As of December 31, 2020,
$197,000 was the balance due under this agreement and was included as part of Accounts payable and accrued expenses in the accompanying
consolidated balance sheet. The Company is in arrears in payments due under the severance agreement and amendments thereto. The former
executive officer disputes the amount identified in the above chart, claiming the above amount is less than the amount to which he
believes he is owed. Absent an agreement to settle the dispute, and in the event the former executive officer elects to initiate
litigation regarding the dispute, including claims for interest and penalties to which the former executive officer believes he is
entitled, the Company has reserved, and if necessary and appropriate will assert, all factual and legal defenses, counter-claims,
rights, and remedies it may have in any such suit. |
|