Deferred Income

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Deferred Income

NOTE 8. DEFERRED INCOME

Deferred income consists of amounts received for commitments not yet fulfilled. If we anticipate that the income will not be earned within the following twelve months, the amount is reported as long-term deferred income. A summary of the balances as of March 31, 2015 and December 31, 2014 follows (in thousands): 

Deferred Income (in thousands)
	March 31, 2015		December 31, 2014
Fisher agreement	$	13	$	13
Total current deferred income	$	13	$	13
Arizona Commerce Authority Grant (see Note 7)	$	1,000	$	1,000
Fisher agreement		14		14
Total long-term deferred income	$	1,014	$	1,014

Deferred income includes a $40,000 payment received from Fisher Scientific in July 2013, of which $13,000 was recognized as an offset against research and development expenses in the year ended December 31, 2014. We anticipate earning $13,000 of the remaining amount in the next twelve months and the final $14,000 in future years.

Through December 31, 2014, $1,000,000 in milestone payments from the Arizona Commerce Authority were received of which none has been recognized in income and we do not anticipate earning any of it in the next fiscal year. Further details regarding the Arizona Commerce Authority agreement are included in Note 7, License Agreements and Grants.