LICENSING AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Licensing Agreements Tables

Schedule of milestone payments

The Company is obligated to make the following milestone payments to the entity based on commencement of various clinical trials and submissions of an application to the FDA for regulatory approval:

Amount		Date due
$	50,000	Within 30 days of commencement of Phase I/II clinical trial.
$	50,000	Within 30 days of commencement of a separate Phase II trial as required by the FDA.
$	300,000	Within 30 days of commencement of a Phase III trial.
$	500,000	Within 30 days of submission of a biological license application or a new drug application with the FDA.

Schedule of the fair values of the identifiable assets acquired

The following table summarizes the fair values of the identifiable assets acquired on December 27, 2013:

Description
Taper DPI Intellectual Property	$	9,708,700
Equipment		97,100
3M Transition Services Agreement		194,200
	$	10,000,000