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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies |
11. | Commitments and Contingencies
We are involved in certain legal proceedings that arise from time to time in the ordinary course of our business. Except for income tax contingencies, we record accruals for contingencies to the extent that our management concludes that the occurrence is probable and that the related amounts of loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. There is no current or pending litigation of any significance with the exception of the matters that have arisen under, and are being handled in, the normal course of business. Contractual Commitments The Company’s contractual commitments for future periods, licensing agreements and minimum guaranteed compensation payments as described in the following table and associated footnotes:
Schedule of contractual commitments |  |  |  |  |  |  |  |  |  |  |  |
Year ending December 31, |  | License Agreements (1) |  |  | Compensation Agreements (2) |  |  | Total Obligations |
2024 |  | $ | 187,500 |  |  | $ | 197,000 |  |  | $ | 384,500 |
2025 |  |  | 187,500 |  |  |  | – |  |  |  | 187,500 |
2026 |  |  | 187,500 |  |  |  | – |  |  |  | 187,500 |
2027 |  |  | 187,500 |  |  |  | – |  |  |  | 187,500 |
2028 |  |  | 187,500 |  |  |  | – |  |  |  | 187,500 |
Total |  | $ | 937,500 |  |  | $ | 197,000 |  |  | $ | 1,134,500 |
| (1) | 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 (see Note 6).
| (2) | Consists of certain contractually provided benefits to a former executive officer pursuant to a severance agreement and amendments thereto. The balance due as of December 31, 2023, of $197,000 is included as part of Accounts payable and accrued expenses in the accompanying consolidated balance sheets, of which the total amount is in arrears. The former executive officer disputes the amount identified in the above table, claiming the above amount is less than the amount to which he believes he is owed. Absent an agreement to settle the dispute, and in the event the former executive officer elects to initiate litigation regarding the dispute, including claims for interest and penalties to which the former executive officer believes he is entitled, the Company has reserved, and if necessary and appropriate will assert, all factual and legal defenses, counter-claims, rights, and remedies it may have in any such suit.

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