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Commitments

12 Months Ended

Dec. 31, 2012

5. Commitments

As of December 31, 2012, there were no material operating leases, 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.

The Company leases certain properties under operating leases expiring at various dates through 2018. Future minimum annual lease payments under these existing lease agreements are as follows as of March 22, 2013:


Year Ended December 31,	Operating Lease
2013	$	42,208
2014		65,418
2015		68,406
2016		71,454
2017		74,682
Thereafter		18,876

Total minimum payments	$	341,044

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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