Operating Leases ? The Company has two operating leases for its laboratory facilities at the Burlington County College Science Incubator in Burlington, New Jersey. Each lease is for a term of three years with a monthly rent of $1,650 per laboratory. The term of the leases is from February 1, 2014 through January 31, 2017. The Company has an operating lease for its office facilities in Eatontown, New Jersey. The lease is for a term of three years with a monthly rent of $2,650. The term of the lease is from May 1, 2012 through April 30, 2015. Capital Lease ? The Company has a capital lease for laboratory equipment. The minimum lease payments due on the capital lease are as follows. 2014 5,610 2015 11,220 Total minimum lease payments $ 16,830 Less amounts representing interest (683 ) Present value of net minimum lease payments $ 16,147 Research &amp; Development ? On December 1, 2013, the Company executed two additional agreements (1) the Cooperative Research Agreement and (2) the Research Evaluation and License Option Agreement, with Rutgers University for further collaboration and intellectual property development with Dr. Kibum Lee. The Cooperative Research Agreement calls for the Company to provide Dr. Lee?s laboratory and staff with additional materials to continue their research utilizing the Company?s ATCELL ? and ACSelerate ? products. The Agreement also provides for the Company to have exclusive access to certain identified Rutgers intellectual property and for the joint ownership of any additional intellectual property developed. The Research Evaluation and License Option Agreement provides a platform for the Company to be the exclusive developer and licensor of any new intellectual property and patent rights. The Company will be managing all patent application and prosecution for any technologies developed under the Agreements. The Company has agreed to pay Rutgers University $93,000 for this research project. On October 18, 2013, the Company formed Autogenesis Corporation (?Autogenesis?) as part of its c