Annual report pursuant to Section 13 and 15(d)

Research and Development Costs

Research and Development Costs
12 Months Ended
Dec. 31, 2013
Research and Development Costs [Text Block]

Note 10. Research and Development Costs

Research and Development Costs

Research and development costs, included in the accompanying consolidated statements of operations amounted to approximately $2.0 million and $2.1 million for the years ended December 31, 2013 and 2012, respectively.

On August 15, 2013, Lightbridge entered into a Professional Services Agreement with Prof. Jean Ragusa to continue the neutronic modeling work that was completed by Prof. Ragusa under Task Order No. 1 issued under our Master Research Services Agreement with Texas A&M University. The initial statement of work (SOW-1) under the Professional Services Agreement with Prof. Ragusa has a fixed price of $40,000 and is expected to be completed by February 15, 2014. The results of this work will be used to enhance our neutronic modeling capability using industry standard computer codes.

In addition, we have consulting agreements with several consultants working on various projects for us, which total approximately $10,000 per month.