a) Capital Lease Obligations

In 2015, the Company entered into an equipment capital lease to purchase three Tecan machines (automated liquid handling robots) for €550,454 Euros. As of December 31, 2018, the balance payable was $137,514.

In 2016, the Company entered into a real estate capital lease with ING Asset Finance Belgium S.A. (“ING”) to purchase a property located in Belgium for €1.12 million Euros. As of December 31, 2018, the balance payable was $698,845.

On August 20, 2018, the Company entered into a capital lease with BNP Paribas leasing solutions to purchase a freezer for the Belgium facility for €25,000 Euros. The leased equipment is amortized on a straight line basis over 5 years. As of December 31, 2018, the balance payable was $28,804.

The following is a schedule showing the future minimum lease payments under capital leases by years and the present value of the minimum payments as of December 31, 2018.

b) Operating Lease Obligations

The Company also leases premises and facilities under operating leases with terms ranging from 12 to 36 months. As of December 31, 2018, the annual non-cancelable operating lease payments on these leases are as follows:

c) Grants Repayable

In 2010, the Company entered into an agreement with the Walloon Region government in Belgium for a colorectal cancer research grant for €1.05 million Euros. Per the terms of the agreement, €314,406 Euros of the grant is to be repaid by installments over the period from June 30, 2014 to June 30, 2023. The Company has recorded the balance of €733,614 Euros to other income in previous years as there is no obligation to repay this amount. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €314,406 Euros and the 6% royalty on revenue, is twice the amount of funding received. As of December 31, 2018, the grant balance repayable was $180,316.

On July 2, 2018, the Company entered into an agreement with the Walloon Region government in Belgium for a colorectal cancer research grant for €605,000 Euros. Per the terms of the agreement, €181,500 Euros of the grant is to be repaid by installments over 12 years commencing in 2020. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €181,500 Euros and the 3.53% royalty on revenue, is equal to the amount of funding received. As of December 31, 2018, the grant balance repayable was $170,819.

As of December 31, 2018, the balance repayable was $351,136 and the annual payments remaining were as follows:

d) Long-Term Debt

In 2016, the Company entered into a 7-year loan agreement with Namur Invest for €440,000 Euros with a fixed interest rate of 4.85%. As of December 31, 2018, the principal balance payable was $401,382.

In 2016, the Company entered into a 15-year loan agreement with ING for €270,000 Euros with a fixed interest rate of 2.62%. As of December 31, 2018, the principal balance payable was $275,450.

In 2017, the Company entered into a 4-year loan agreement with Namur Invest for €350,000 Euros with a fixed interest rate of 4.00%. As of December 31, 2018, the principal balance payable was $292,046.

In 2017, the Company entered into a 7-year loan agreement with SOFINEX for up to €1 million Euros with a fixed interest rate of 4.50%. As of December 31, 2018, €750,000 Euros has been drawn down under this agreement and the principal balance payable was $859,162.

On June 27, 2018, the Company entered into a 4 year loan agreement with Namur Innovation and Growth for €500,000 Euros with fixed interest rate of 4%. As of December 31, 2018, the principal balance payable was $572,775.

As of December 31, 2018, the total balance for long-term debt payable was $2,400,815 and the payments remaining were as follows:

 e) Collaborative Agreement Obligations

In 2015, the Company entered into a research sponsorship agreement with DKFZ, in Germany for a 3-year period for €338,984 Euros. As of December 31, 2018, $85,916 is still to be paid by the Company under this agreement.

In 2016, the Company entered into a research co-operation agreement with DKFZ, in Germany for a 5-year period for €400,000 Euros. As of December 31, 2018, $229,110 is still to be paid by the Company under this agreement.

In 2016, the Company entered into a collaborative research agreement with Munich University, in Germany for a 3-year period for €476,000 Euros. As of December 31, 2018, $304,715 is still to be paid by the Company under this agreement.

In 2017, the Company entered into a clinical study research agreement with the Regents of the University of Michigan for a 3-year period for $3.0 million. As of December 31, 2018, $1.75 million is still to be paid by the Company under this agreement.

On July 9, 2018, the Company entered into a research collaboration agreement with the University of Taiwan for a 3-year period for a cost to the Company of $2.55 million payable over such period. As of December 31, 2018, 2018, approximately $2.42 million is still to be paid by the Company under this agreement.

As of December 31, 2018, the total amount to be paid for future research and collaboration commitments was $4.79 million and the annual payments remaining were as follows:

f) Legal Proceedings

There are no legal proceedings which the Company believes will have a material adverse effect on its financial position.