16. Contractual Obligations

12 Months Ended

Dec. 31, 2015

Contractual Obligations

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:

Year ending		Office		Research and License		Compensation		Total
December 31,		Lease (1)		Agreements (2)		Agreements (3)		Obligations
	2016	$	69,960	$	187,500	$	350,000	$	607,460
	2017		69,960		187,500		305,429		562,889
	2018		40,810		187,500		290,000		518,310
	2019		–		187,500		54,375		241,875
	2020		–		187,500		–		187,500
	Total	$	180,730	$	937,500	$	999,804	$	2,118,034

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(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 i) an executive officer, pursuant to an employment agreement at a base salary of $290,000 per year and, as amended by the Board on March 10, 2016, expires on March 8, 2019; and ii) and a severance agreement of a former officer in the amount of $75,429.