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Other Income
3 Months Ended
Dec. 31, 2020
Other Income  
Other Income

Note 3      Other Income

 

Grant Income

 

During the year ended September 30, 2017, the Company was awarded grant funding in the amount of $597,886. The grant was received in equal quarterly installments over a period of two years ending during the year ended September 30, 2020, in exchange for a commitment to complete clinical testing for a therapeutic drug candidate for the treatment of Rett syndrome.

 

The grant income was deferred when received and amortized to other income as the related research and development expenditures were incurred. The Company recognized $74,944 of this grant on its statement of operations within grant income during the three-month period ended December 31, 2019.

 

Research and development incentive income

 

Research and development incentive income represents the receipt by the Company’s Australian subsidiary, of the Australian research and development incentive credit, (the “ATO R&D Credit”).

 

During the three months ended December 31, 2020, the Company recorded research and development incentive income of $1,269,316 (AUD 1,735,962) (2019: $943,215 (AUD 1,345,000)) in respect of the ATO R&D Credit for eligible research and development expenses incurred during the period.