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. |
|