Quarterly report pursuant to Section 13 or 15(d)

7. Deferred Revenue

7. Deferred Revenue
9 Months Ended
Sep. 30, 2016
Deferred Revenue Disclosure [Abstract]  
Deferred Revenue

As of September 30, 2016 and December 31, 2015, the Company had total deferred revenue of $3,118,730 and 958,539, respectively. Deferred revenue includes both (i) variable fee contracts with licensees and customers in which the Company had collected advances and minimum guarantees against future royalties and (ii) fixed fee contracts. The Company recognizes revenue related to these contracts when all revenue recognition criteria have been met.