Health Discovery Corp (HDVY)

[Chance To See]

Re 510(k) Timeline

According to the latest 10Q (for Q3, submitted in mid-November):

“In February 2009, Abbott paid to us a one-time initial signing fee of $100,000. On August 7, 2009, Abbott reimbursed us $100,000 in development costs as required by the license agreement. In addition, with respect to the products subject to the license (the “Products”), Abbott will pay milestone payments to us upon achievement of the following events: $250,000 upon completion of Phases 1 and 2 as described in the FDA Submission Plan; $250,000 upon completion of Phases 3 and 4 as described in the FDA Submission Plan; $500,000 upon submission of either a 510(k) or Pre Market Approval (“PMA”) submission to the FDA; and $500,000 upon the receipt of a written notification by the FDA of the approval of the applicable 510(k) or PMA submission.”

I don't see any indication that we’ve received the $250,000 for the completion of Phases 1 and 2 (let alone Phases 3 and 4) so I wonder why we are expecting the 510(k) anytime soon. Am I missing something?