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Research and Development Costs
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3 Months Ended |
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Mar. 31, 2012
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| Research and Development Costs [Text Block] |
Note 7. Research and Development Costs Research and Development Costs Research and development costs, included in the accompanying consolidated statement of operations amounted to approximately $0.5 million for the three months ended March 31, 2012 and 2011, respectively. Total cumulative research and development expenses amounted to approximately $12.2 million from January 8, 1992 (our date of inception) to March 31, 2012. Research Agreements In October 2009 we entered into an umbrella agreement, or the SOSNY Agreement, with Russian Limited Liability Research and Development Company, or SOSNY, to manage certain of our research and development activities in Russia for Russian designed VVER-1000 reactors. Specific work was carried out under individual task orders and issued under the SOSNY Agreement. The scope, deliverables, and costs were agreed to between the parties for each individual task order. On June 17, 2010, Thorium Power Inc. (TPI, wholly-owned subsidiary of Lightbridge Corporation) entered into Task Order No. 1 with SOSNY whereby TPI was obligated to pay to SOSNY a total of approximately $234,000 for certain R&D work. As of March 31, 2012, all of the work under Task Order No. 1 was completed by SOSNY and its subcontractors, with all deliverables submitted to Lightbridge, and the entire amount of $234,000 was paid to SOSNY. As of the date hereof, the parties have fulfilled in full their respective obligations under Task Order No. 1. In addition to the above agreements, there are consulting agreements with several consultants working on various projects for us, which total approximately $10,000 per month. |