Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

The table below summarizes the components of rent expense for the fiscal year ended December 31, as follows:


	2014		2013			2012
Rent expense	$	1,955,747	$	2,612,899		$	2,932,104
Sublease income		—		(53,726	)		(411,885	)

Rent expense, net	$	1,955,747	$	2,559,173		$	2,520,219

Future Minimum Payments Under All Leases and Loan Payable

Future minimum payments under all leases and loan payable at December 31, 2014 are as follows:


	Loan¹ Payable CIRM		Loan Payable SVB		Capital Leases		Operating Leases
2015	$	679,166	$	4,322,035	$	21,591	$	1,981,461
2016				1,440,678		9,454		1,968,459
2017				—		—		2,014,706
2018				—		—		2,061,260
2019				—		—		2,108,130
Thereafter				—		—		6,088,780

Total minimum lease and loan payments		679,166		5,762,713		31,045	$	16,222,796

Less amounts representing interest				240,899		1,624

Principal amounts of bond payable, loan payable and capital lease obligations		679,166		5,521,814		29,421
Less current maturities		679,166		4,099,319		20,191

Bond payable, loan payable and capital lease obligations, less current maturities	$	—	$	1,422,495	$	9,230

An aggregate of approximately $9.2 million of principal and accrued interest under the CIRM Loan Agreement is not included. In April 2013, we entered into an agreement with the CIRM under which CIRM will provide up to approximately $19.3 million as a forgivable loan, in accordance with mutually agreed upon terms and conditions and CIRM regulations. The CIRM loan was to help fund preclinical development of our HuCNS-SC cells for Alzheimer’s disease. Between July 2013 and August 2014, we received in aggregate, approximately $9.6 million as disbursements of the loan provided under the CIRM Loan Agreement. However in December 2014, as findings under this pre-clinical study in Alzheimer’s disease did not meet pre-determined criteria for ongoing funding for this program by CIRM, we decided to wind down this pre-clinical study which had been funded in part by the CIRM loan agreement. Under the terms of the CIRM loan agreement, principal amount of approximately $8,917,000 and accrued interest of approximately $243,000 were forgiven. However, authoritative accounting guidance requires certain conditions (which includes a legal release from the creditor) to be met before a liability can be extinguished and derecognized. In February 2015, we repaid CIRM approximately $679,000 of the aggregate loan proceeds received.