| Schedule of contractual commitments |
| Schedule of contractual commitments |
|
|
|
|
|
|
|
|
|
|
Year ending
December 31, |
|
|
License
Agreements (1) |
|
|
Compensation
Agreements (2) |
|
|
Total
Obligations |
|
| 2023 |
|
|
|
187,500 |
|
|
|
197,000 |
|
|
|
384,500 |
|
| 2024 |
|
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| 2025 |
|
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| 2026 |
|
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| 2027 |
|
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| Total |
|
|
$ |
937,500 |
|
|
$ |
197,000 |
|
|
$ |
1,134,500 |
|
| |
(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 7).
|
| |
(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, 2022, 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. |
|