Commitments

As of December 31, 2013, there were no notes payable, purchase commitments or capital leases.

On March 15, 2013, the Company entered into a lease (the “Office Lease”), with La Jolla Centre I LLC, to lease office space in the building known as La Jolla Centre I, located at 4660 La Jolla Village Drive, San Diego, California, covering approximately 1,954 square feet. The premises will be used by the Company for office space.

On March 21, 2014 the Company entered into a lease amendment (the "Amended Office Lease"), with La Jolla Centre I LLC, to lease additional office space in the building it currently leases office space covering and additional 1,759 square feet. The additional space will be used by the Company for necessary office space expansion.

The Company leases certain properties under an operating lease expiring on March 31, 2018. Future minimum annual lease payments under these existing lease agreements are as follows as of December 31, 2013:



Year Ended December 31,	Operating Lease
2014	$	106,226
2015	131,679
2016	137,628
2017	143,808
Thereafter	36,342
Total minimum payments	$	555,683