Annual report pursuant to Section 13 and 15(d)

9. Commitments and Contingencies (Tables)

v3.19.1
9. Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of contractual commitments

Year ending December 31,   License
Agreements (1)
    Compensation
Agreements (2)
    Total
Obligations
 
  2019     187,500       404,100       591,600  
  2020     187,500             187,500  
  2021     187,500             187,500  
  2022     187,500             187,500  
  2023     187,500             187,500  
  Total   $ 937,500     $ 404,100     $ 1,341,600  

___________________

  (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.
  (2) Consists of base salary and certain contractually-provided benefits, to i) a former executive officer, pursuant to an severance in the amount of $580,000 that will be paid through March 31, 2019 pursuant to a separation agreement effective April 1, 2017 as amended by letter agreements effective August 16, 2018 and March 31, 2019, modifying the payment schedule to a payment of $10,000 per month, continue paying his health insurance premium and extending the term on a month-to-month basis until paid in full or otherwise terminated. As of December 31, 2018, $370,000 was payable under this agreement and was included as part of Accounts payable and accrued expenses in the accompanying consolidated balance sheet.; ii) an executive officer, pursuant to a two-year employment agreement effective April 1, 2017 at a base annual salary of $150,000 per year; and iii) an executive officer, pursuant to a two-year agreement effective April 1, 2017 at a base annual salary of $158,400 per year.