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15. Contractual Obligations

12 Months Ended

Dec. 31, 2013

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:

			Research and
Year ending	Office		License		Compensation		Total
December 31,	Lease (1)		Agreements (2)		Agreements (3)		Obligations
2014	$	69,960	$	316,796	$	656,250	$	1,043,006
2015		69,960		252,148		84,167		406,275
2016		69,960		187,500		60,000		317,460
2017		69,960		187,500		15,429		272,889
2018		40,810		187,500		–		228,310
Total	$	320,650	$	1,131,444	$	815,846	$	2,267,940

__________

(1)	Consists of rent for the Company’s Santa Barbara Facility expiring on July 31, 2018. (For description of this property, see Part 1, Item 2, “Properties”). Subsequent to the reporting period of this Form 10-K filing, effective as of February 1, 2014, the Company amended this lease, reducing rents to $5,860 per month.
(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, and research fees paid to Temple University in the amount of $32,324 paid quarterly through June 1, 2015.

(3)	Consists of base salary and certain contractually-provided benefits, to an executive officer, pursuant to an employment agreement that expires on January 30, 2015 in the amount of $314,167 and two severance agreements of former officers in the amount of $501,679.