License Agreements, Research Collaborations and Development Agreements

12 Months Ended

Dec. 31, 2015

License Agreements Research Collaborations And Development Agreements [Abstract]

License Agreements, Research Collaborations and Development Agreements

Note 11 - License Agreements, Research Collaborations and Development Agreements

The Company is a party to three license agreements to acquire certain patent rights and technologies. Royalties are incurred upon the sale of a product or service which utilizes the licensed technology. Certain of the agreements require the Company to pay minimum royalties or license maintenance fees. The Company recognized $205,147 and $97,134 of net royalty expense for the years ended December 31, 2015 and 2014, respectively. In 2016, future minimum royalty fees are $270,000 under these agreements.

In September 2013, the Company entered into a technology development agreement in which the Company would receive fixed milestone payments for meeting development milestones under the agreement. Since the milestones are substantive, the Company recognizes revenue in the periods in which the substantive milestones are achieved. In addition, the Company received an upfront payment of $250,000, which is recognized on a straight-line basis over the term of the technology development agreement. The Company recognized total revenue of $336,102 and $2,411,120 during the years ended December 31, 2015 and 2014, respectively, relating to this arrangement.