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Research and Development Grant
6 Months Ended
Jun. 30, 2016
Research and Development Grant  
Research and Development Grant

10. Research and Development Grant

 

During the six months ended June 30, 2016 and 2015, the Company received a $744 and $5,863, respectively, Research & Development (“R&D”) Tax Incentive refund, net of costs to prepare and file, paid under the Australian Government’s R&D Tax Incentive Program, a program designed to encourage industry to engage in R&D activities that benefit Australia.  This refund is related to costs we incurred during the 2014 and 2012 fiscal years, respectively, for qualifying R&D programs. The R&D tax incentive program is a self-assessment process, and as such, the Australian Government has the right to audit the qualifying programs and expenditures for a period of four years.