Timothy W. Burns

“I will review the first quarter 2024 financial results. We recorded $79,000 in commercial revenue for the first quarter. Looking at the balance of 2024, we expect modest commercial revenue from both product sales and development agreements.”

“I will review the second quarter 2023 financial results. In the second quarter, we recorded development revenue of $98,000 and grant revenue of $37,000. We completed our work on the subcontract with DTI and will not recognize any additional grant revenue for the NAVSEA program.”

“I will review first quarter 2023 financial results. We recorded minimal current revenue for the first quarter. At March 31, current revenue of $36,724 remains to be recognized under the Navy-funded NAVSEA program.”

“I will review third quarter 2021 financial results. In the third quarter, we recorded $121,000 in grant revenue, offsetting the cost of grant revenue as we continued our work on the Navy funded NAVSEA demonstration under the DTI subcontract, which began in mid-2020.”

“I will review second quarter 2021 financial results. In the second quarter, we recorded approximately $85,000 in grant revenue with offsetting costs of grant revenue, as we continued our work on the Navy funded NAVSEA demonstration under the DTI sub-contract which began in mid-2020.”