10. Contractual Obligations

3 Months Ended

Mar. 31, 2016

Contractual Obligations

Contractual Obligations

The Company has certain contractual commitments as of March 31, 2016 for future periods, including office leases, minimum guaranteed compensation payments and other agreements as described in the following table and associated footnotes:

			Research and
Year ending	Office		License		Compensation		Total
December 31,	Lease (1)		Agreements (2)		Agreements (3)		Obligations
2016	$	52,470	$	140,625	$	262,500	$	455,595
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	$	163,240	$	890,625	$	912,304	$	1,966,169

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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 $60,429.