16. 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 |
|
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 |
|
2019 |
|
|
|
|
|
|
187,500 |
|
|
|
|
|
|
|
187,500 |
|
Total |
|
$ |
250,690 |
|
|
$ |
1,002,148 |
|
|
$ |
159,596 |
|
|
$ |
1,412,434 |
|
________________________________
|
(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,
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
$24,167 and a severance agreement of a former officer in the amount of $135,429. |
|