Research and Development Expenses
During the year ended June 30, 2018 the Company incurred $188,274 of research and development expenses (“R&D”), a decrease of $817,940, or 81.3%, from the $1,006,214 recorded for the year ended June 30, 2017. The primary reasons for the decrease are, in fiscal year 2017, the Company incurred i) costs associated with a sponsored research agreement the Company has in place with Texas State University, ii) expenditures for lab equipment, supplies, and other consumables and iii) costs associated with the development of new products. These costs were reduced, awaiting financing of further R&D expenditures.
