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16. Contractual Obligations

12 Months Ended

Dec. 31, 2014

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.