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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2014
Commitments and Contingencies  
Commitments and Contingencies
9. Commitments and Contingencies

 

General

 

Please refer to Note 3 — Significant Contracts for further discussion of certain of the Company’s commitments and contingencies.

 

Leases

 

The following is a summary of the Company’s contractual obligations and commitments relating to its facilities leases as at December 31, 2014 (in $000s):

 

   

Operating

Lease

Obligations

  
       
2015   $ 560  
2016     560  
2017     432  
2018     405  
2019     397  
Thereafter     2,304  
Total   $ 4,658  

 

Rent expense, which includes lease payments related to the Company’s research and development facilities and corporate headquarters and other rent related expenses was $0.8 million and $0.5 million for each of the years ended December 31, 2013 and 2014, respectively.

 

In October 2000, the Company entered into a twenty-five year lease for its research and development facility in Dundee, Scotland. In November 2013, the Company entered into a one year commitment to sublease the aforementioned research and development facility in Dundee, Scotland and recognized approximately $23,000 and $0.1 million in sublease income for the years ended December 31, 2013 and 2014, respectively. In May 2011, the Company extended its lease for office space at its headquarters in Berkeley Heights, New Jersey, through February 2017.

 

Preferred Dividends

 

The Company’s Board of Directors considers numerous factors in determining whether to declare the quarterly dividend pursuant to the certificate of designations governing the terms of the Company’s outstanding 6% Convertible Exchangeable (“Preferred Stock”), including the requisite financial analysis and determination of a surplus. Accrued and unpaid dividends in arrears on preferred stock were $0.6 million, or $1.90 per share, of preferred stock, as of December 31, 2013 and 2014.