Quarterly report pursuant to Section 13 or 15(d)

Deferred Revenue

v3.2.0.727
Deferred Revenue
6 Months Ended
Jun. 30, 2015
Deferred Revenue Disclosure [Abstract]  
Deferred Revenue
7.

DEFERRED REVENUE

During the three months ended June 30, 2015, the Company received $1,250,000 upon signing the CFFT award agreement (see Notes 3 and 13). The Company recorded the $1,250,000 as deferred revenue. The Company is amortizing the deferred revenue and recognizing revenue on a straight-line basis over the performance period for the development program which is expected to conclude during the first quarter of 2017. The Company recorded $113,636 of revenue for both the three and six months ended June 30, 2015. Deferred revenue consists of the following:

 

     June 30,      December 31,  
     2015      2014  

Deferred revenue

   $ 1,136,364       $ —     

Less: current portion

     681,616         —     
  

 

 

    

 

 

 

Long term portion

   $ 454,748       $ —