Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.5.0.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2016
Commitments and Contingencies [Abstract]  
Summary of milestone payments
Milestones   Payments  
       
(1) when Company initiates a Phase 1 Clinical Trial of a licensed product   $ 750,000  
(2) when Company initiates a Phase 2 Clinical Trial of a licensed product     750,000  
(3) when Company initiates a Phase 3 Clinical Trial of a licensed product     1,500,000  
(4) Biological License Application filing with U.S. FDA     1,750,000  
(5) First commercial sale     1,500,000  
(6) after the first $10,000,000 in net sales     1,500,000
Schedule of future minimum obligations on the lease
For the year ending June 30, 2017   $ 230,308  
For the year ending June 30, 2018     199,438  
For the year ending June 30, 2019     99,719  
Total   $ 529,465