| Contractual obligations |
| |
|
|
|
|
Research and |
|
|
|
|
|
|
|
| Year ending |
|
Office |
|
|
License |
|
|
Compensation |
|
|
Total |
|
| December 31, |
|
Lease
(1) |
|
|
Agreements
(2) |
|
|
Agreements
(3) |
|
|
Obligations |
|
| 2015 |
|
$ |
17,490 |
|
|
$ |
46,875 |
|
|
$ |
87,500 |
|
|
$ |
151,865 |
|
| 2016 |
|
|
69,960 |
|
|
|
187,500 |
|
|
|
84,167 |
|
|
|
341,627 |
|
| 2017 |
|
|
69,960 |
|
|
|
187,500 |
|
|
|
15,429 |
|
|
|
272,889 |
|
| 2018 |
|
|
40,810 |
|
|
|
187,500 |
|
|
|
– |
|
|
|
228,310 |
|
| 2019 |
|
|
– |
|
|
|
187,500 |
|
|
|
– |
|
|
|
187,500 |
|
| Total |
|
$ |
198,220 |
|
|
$ |
796,875 |
|
|
$ |
187,096 |
|
|
$ |
1,182,191 |
|
________________________________
|
(1) |
Consists
of rent for the Company’s 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. |
|
(3) |
Consists
of base salary and certain contractually-provided benefits, to an executive officer,
pursuant to an employment agreement that expires on January 30, 2016 in the amount of
$96,667 and a severance agreement of a former officer in the amount of $90,429. |
|