15. Contractual Obligations |
The
Company has certain contractual commitments 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 |
|
2014 |
|
$ |
69,960 |
|
|
$ |
316,796 |
|
|
$ |
656,250 |
|
|
$ |
1,043,006 |
|
2015 |
|
|
69,960 |
|
|
|
252,148 |
|
|
|
84,167 |
|
|
|
406,275 |
|
2016 |
|
|
69,960 |
|
|
|
187,500 |
|
|
|
60,000 |
|
|
|
317,460 |
|
2017 |
|
|
69,960 |
|
|
|
187,500 |
|
|
|
15,429 |
|
|
|
272,889 |
|
2018 |
|
|
40,810 |
|
|
|
187,500 |
|
|
|
|
|
|
|
228,310 |
|
Total |
|
$ |
320,650 |
|
|
$ |
1,131,444 |
|
|
$ |
815,846 |
|
|
$ |
2,267,940 |
|
__________
(1) |
Consists of rent for the Companys Santa Barbara
Facility expiring on July 31, 2018. (For description of this property, see Part 1, Item 2, Properties).
Subsequent to the reporting period of this Form 10-K filing, effective as of February 1, 2014, the Company amended
this lease, reducing rents to $5,860 per month. |
(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, and research fees paid to Temple University
in the amount of $32,324 paid quarterly through June 1, 2015. |
(3) |
Consists of base salary and certain
contractually-provided benefits, to an executive officer, pursuant to an employment agreement
that expires on January 30, 2015 in the amount of $314,167 and two severance agreements of former
officers in the amount of $501,679. |
|