Annual report pursuant to Section 13 and 15(d)

Deferred Revenue

v3.3.1.900
Deferred Revenue
12 Months Ended
Dec. 31, 2015
Deferred Revenue Disclosure [Abstract]  
Deferred Revenue

9.

DEFERRED REVENUE

In May 2015, the Company received $1,250,000 upon signing the CFFT award agreement and in the fourth quarter of 2015, the Company received $1,250,000 from CFFT upon the achievement of a milestone for dosing the first patient (See Note 3 and Note 17).  The Company recorded these amounts as deferred revenue and is amortizing the deferred revenue and recognizing revenue on a straight-line basis over the performance period of the development program, which is expected to conclude during the first quarter of 2017. The Company recorded $648,382 of revenue during the year ended December 31, 2015. Deferred revenue consists of the following:

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Deferred revenue

 

$

1,851,618

 

 

$

 

Less: current portion

 

 

(1,591,358

)

 

 

 

Long term portion

 

 

260,260