Schedule of contractual commitments |
Schedule of contractual commitments |
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Year ending December 31, |
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License Agreements (1) |
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Compensation Agreements (2) |
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Total Obligations |
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2024 |
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$ |
187,500 |
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$ |
197,000 |
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$ |
384,500 |
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2025 |
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187,500 |
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– |
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187,500 |
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2026 |
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|
187,500 |
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– |
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187,500 |
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2027 |
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|
187,500 |
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– |
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187,500 |
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2028 |
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|
187,500 |
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– |
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|
187,500 |
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Total |
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$ |
937,500 |
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$ |
197,000 |
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$ |
1,134,500 |
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(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 (see Note 6).
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(2) |
Consists of certain
contractually provided benefits to a former executive officer pursuant to a severance agreement and amendments thereto. The balance
due as of December 31, 2023, of $197,000
is included as part of Accounts payable and accrued expenses in the accompanying consolidated balance sheets, of which the total
amount is in arrears. The former executive officer disputes the amount identified in the above table, 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. |
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