Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

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


	2015		2014		2013
Rent expense	$	1,844,610	$	1,955,747	$	2,612,899
Sublease income		—		—		(53,726	)

Rent expense, net	$	1,844,610	$	1,955,747	$	2,559,173

Future Minimum Payments Under All Leases and Loan Payable

Future minimum payments under all leases and loan payable at December 31, 2015 are as follows:


	Loan Payable SVB		Capital Leases		Operating Leases
2016	$	1,440,679	$	20,670	$	1,968,459
2017		—		11,202		2,014,706
2018		—		4,913		2,061,260
2019		—		—		2,108,130
2020		—		—		2,155,325
Thereafter		—		—		3,933,455

Total minimum lease and loan payments (1)		1,440,679		36,785	$	14,241,335

Less amounts representing interest		18,184		875

Principal amounts of loan payable and capital lease obligations		1,422,495		35,910
Less current maturities		1,422,495		20,032

Loan payable and capital lease obligations, less current maturities	$	—	$	15,878

(1)

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 would have provided 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 have helped 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.