Quarterly report pursuant to sections 13 or 15(d)

OCAST Grant

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OCAST Grant
6 Months Ended
Jun. 30, 2012
OCAST Grant

Note 3 – OCAST Grant

 

The Oklahoma Center for the Advancement of Science and Technology approved the Company’s application for funding of a matching grant titled 800 Million Voxels Volumetric Display, on November 19, 2008.  The two-year matching grant, totaling $299,984, had a start date of January 1, 2009.  The Company received approval for our no cost extension request for the first year of the contract. With the new modification, the first year ended on August 31, 2010.  The award is for a maximum of $149,940 for 2009 and the remainder for 2011.  The Company earned $63,668 and $54,889 from the grant during the six-month periods ended June 30, 2012 and 2011, respectively and $281,492 from inception to date.  The Company received approval for our no cost extension request for the second year of the contract and, with the new modification, the second year ends on August 31, 2012. There remains $13,029 of grant funds to be provided through the end of the grant period, August 31, 2012.  

 

During the six-month periods ended June 30, 2012 and 2011, the Company charged operations $9,780 and $14,028, respectively, pursuant to the direct costs incurred and for the use of the OU lab facilities in regard to the OCAST grant. At June 30, 2012, the Company owed the University $3,260 in direct costs.