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16. Contractual Obligations | 12 Months Ended
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Dec. 31, 2014
Contractual Obligations |
16. Contractual Obligations | 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 |
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 |
2019 |  |  | – |  |  |  | 187,500 |  |  |  | – |  |  |  | 187,500 |
Total |  | $ | 250,690 |  |  | $ | 1,002,148 |  |  | $ | 159,596 |  |  | $ | 1,412,434 |
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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, 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 $24,167 and a severance agreement of a former officer in the amount of $135,429.

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