Note 10 - Commitments

Operating leases

The Company leases a facility in Woburn, Massachusetts under an operating lease that expires January 30, 2022.

During the second quarter of 2015, the Company extended the term of its Gaithersburg, Maryland office lease, effective May 7, 2015, through January 31, 2021, with one additional five-year renewal at the Company’s election. The Company is responsible for all utilities, repairs, insurance, and taxes under this operating lease. Effective July 1, 2015, the Company further modified its lease agreement to add additional leased space to its headquarters. Additionally, the Company leases office space in Denmark; this lease is currently on a month-to-month basis.

Rent expense under the Company’s facility operating leases for the year ended December 31, 2016 and 2015 was $1,000,726 and $683,519, respectively.

Capital leases

The Company leases computer equipment, office furniture, and equipment under various capital leases. The leases expire at various dates through 2021. The leases require monthly principal and interest payments. Following is a schedule by year of the estimated future minimum payments under all operating and capital leases as of December 31, 2016:

Year ending December 31,	Capital Leases			Operating Leases		Total
2017	$	204,354		$	1,072,448	$	1,276,802
2018		113,337			1,205,263		1,318,600
2019		21,266			427,769		449,035
2020		21,266			427,769		449,035
2021 and thereafter		1,773			463,416		465,189
Total	$	361,996		$	3,596,665	$	3,958,661
Less: amount representing interest		(31,054	)
Net present value of future minimum lease payments	$	330,942
Current maturities		(184,399	)
Long-term maturities	$	146,543

Assets under capital leases were included in the following balance sheet categories as of December 31:

	2016			2015
Laboratory and manufacturing equipment	$	560,829		$	803,500
Office furniture and equipment		64,790			89,140
Computers and network equipment		24,350			153,693
Less accumulated amortization		(270,808	)		(402,066	)
Capital lease assets, net	$	379,161		$	644,267

Amortization expense associated with equipment under capital leases for the years ended December 31, 2016 and 2015 was $161,606 and $157,036, respectively, and is included within depreciation and amortization expense in the consolidated statements of operations.

Registration and other stockholder rights

In connection with the various investment transactions, the Company entered into registration rights agreements with stockholders, pursuant to which the investors were granted certain demand registration rights and/or piggyback and/or resale registration rights in connection with subsequent registered offerings of the Company’s common stock.