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0001091818-12-000195.txt : 20120522 0001091818-12-000195.hdr.sgml : 20120522 20120522080557 ACCESSION NUMBER: 0001091818-12-000195 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120522 DATE AS OF CHANGE: 20120522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHSTAR ELECTRONICS INC CENTRAL INDEX KEY: 0001082027 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 330803434 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-90031 FILM NUMBER: 12860465 BUSINESS ADDRESS: STREET 1: 1455-409 GRANVILLE STREET CITY: VANCOUVER BC CANADA STATE: A1 ZIP: V6C1T2 BUSINESS PHONE: 604-685-0364 MAIL ADDRESS: STREET 1: 1455-409 GRANVILLE STREET CITY: VANCOUVER BC CANADA STATE: A1 ZIP: V6C1T2 FORMER COMPANY: FORMER CONFORMED NAME: SCIENTIFIC TECHNOLOGIES INC /DE/ DATE OF NAME CHANGE: 19990317 10-Q/A 1 neik0522201210q.txt AMENDED QTR. REPORT

EX-31 2 ex311.txt AMENDED CERTIFICATION Exhibit 31.1 CERTIFICATION PURSUANT TO 18 U.S.C. ss.1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Wilson Russell, Chief Executive Officer of Northstar Electronics, Inc., certify that: 1. I have reviewed this amended quarterly report on Form 10-Q/A for the period ended March 31, 2012 of Northstar Electronics, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. May 22, 2012 /s/ Wilson Russell -------------------- Wilson Russell, Chief Executive Officer and Chief Financial Officer EX-32 3 ex321.txt AMENDED CERTIFICATION Exhibit 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. ss.1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Solely for the purposes of complying with, and the extent required by 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned certifies, in his capacity as the Chief Executive Officer and Chief Financial Officer of Northstar Electronics, Inc., that, to his knowledge, the amended quarterly report of the company on Form 10-Q/A for the period ended March 31, 2012, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the report fairly presents, in all material respects, the company's financial condition and results of operations. May 22, 2012 /s/ Wilson Russell --------------------------- Wilson Russell, Chief Executive Officer and Chief Financial Officer EX-101.PRE 4 neik-20120331_pre.xml EX-101.INS 5 neik-20120331.xml false --12-31 Q1 2012 2012-03-31 10-Q 0001082027 57852824 Non-accelerated Filer NORTHSTAR ELECTRONICS INC 8125 0 31000 0 0 105527 0 10900 240000 0 190766 0  <div> <div> 4.    REVENUE                                                    Three      Three                                                  months     months                                                  2012       2011                                              ------------------------- Revenue consists of:  Product sales                                   $   0     $         0 Contract sales                                      0        183,975 Government assistance                               0              0 Other                                               0         12,396 ------------------------------------------------------------------------                                                 $   0     $  196,371 </div> </div> 9204288 2082112 1475000 5947482 921 636079 637000 208 199792 200000 148 595 38977 458232 39125 117400 458827 1500 6818 0 0 54115324 36662616

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<div> <div> 3.    LONG TERM DEBT   Balance owing December 31, 2011                        $2,061,655 Reduction on disposal of subsidiary company            (1,519,183) Effect of foreign exchange on translation to US                 - ------------------------------------------------------------------- Balance due March 31, 2012                                542,472 Less current portion                                     (542,472) -------------------------------------------------------------------                                                       $         0                                                      ==============   The Company is contingently liable for approximately $4,200,000 to repay assistance received under the Atlantic Innovation Fund (see also note 5).   </div> </div>

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<div> <div> 5.    CONTINGENCIES   (i)    The  Company  is contingently liable  to  repay  $2,294,755  in  assistance received under the Atlantic  Innovation Fund. The assistance is repayable annually at the rate of 5% of gross revenues  from  sales  of  products  resulting from the Aquacomm research and development project. Gross revenues are to be calculated for the  fiscal  year  immediately  preceding the due date of the respective  payment. Repayment is to continue until the assistance is repaid in full. At March 31, 2011 the Company has accrued $160,595 as repayable.    (ii)   The Company is also contingently  liable  to repay approximately $1,905,245 in ACOA loans received by its former subsidiary company. </div> </div>

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<div> <div> 1.    NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN   These   consolidated  financial  statements  include  the  accounts  of  Northstar Electronics,  Inc.  ("the  Company")  and  its wholly owned subsidiaries Northstar Technical  Inc.  ("NTI")  and Northstar Network  Ltd.  ("NNL").  The  Company  was incorporated May 11, 1998 in  the  State  of  Delaware and had no operations other than organizational activities prior to the January 2000 merger with NTI described as follows: On January 26, 2000 the Company completed  the  acquisition of 100% of the shares of NTI. The Company, with the former shareholders  of  NTI  receiving a majority  of  the  total  shares  then issued and outstanding, effected the merger through  the issuance of 4,901,481 shares  of  common  stock  from  treasury.  The transaction  has  been  accounted  for  as  a  reverse  takeover  resulting in the consolidated  financial  statements  including  the results of operations  of  the acquired   subsidiary  prior  to  the  merger.  All  intercompany   balances   and transactions are eliminated.   The Company's  business  activities  are conducted principally in Canada but these financial  statements  are  prepared  in  accordance  with  accounting  principles generally accepted in the United States with  all  figures  translated into United States dollars for reporting purposes.   These unaudited consolidated interim financial statements have  been  prepared  by management  in  accordance  with  accounting  principles generally accepted in the United States for interim financial information,  are condensed and do not include all  disclosures required for annual financial statements.  The  organization  and business  of  the  Company,  accounting policies followed by the Company and other information are contained in the  notes  to  the  Company's  audited  consolidated financial  statements  filed as part of the Company's December 31, 2011 Form  10-K and amendments.   In the opinion of the Company's  management,  this  consolidated interim financial information  reflects all adjustments necessary to present  fairly  the  Company's consolidated financial  position at March 31, 2012 and the consolidated results of operations and the consolidated  cash  flows  for the three months then ended. The Company  is  in  the  process  of  the disposition of  its  operating  subsidiary, Northstar Network Ltd, and is restructuring.   The results of operations for the three  months  ended  March  31,  2012  are not necessarily  indicative  of the results to be expected for the entire fiscal year. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a  going  concern  which  contemplates the realization of assets and satisfaction of liabilities in the normal  course  of business. During the three months to March 31, 2012 the Company incurred a net loss of $195,841 and at  March  31,  2012  had  a  working  capital  deficiency (an  excess of current liabilities  over  current assets) of $3,003,953 (December 31, 2011:  $5,998,360), including $542,472 of long term debt due within one year (December31, 2011: $2,061,655). The  Company  is  contingently liable  for  approximately $4,200,000  to repay assistance received under the Atlantic Innovation  Fund  (see also note 5).   Management has  undertaken  initiatives  for  the  Company  to continue as a going concern; for example: the Company is attempting to secure an  equity  financing in the short term . The Company also expects to receive $580,000 in cash and publicly traded  stock  on  or  within  thirty  days  of the closing of the disposition  of Northstar Network Ltd. The Company intends to  complete,  shortly, the acquisition of  a  development  stage sonar company that we believe will develop  and  produce profitable products. Management believes these initiatives can provide the Company with a solid base for  profitable  operations,  positive cash flows and reasonable growth. Management is unable to predict the results  of  its  initiatives  at this time.  Should  management  be  unsuccessful  in  its  initiative  to  finance  its operations  the  Company's  ability to continue as a going concern is not certain. These financial statements do  not  give  effect to any adjustments to the amounts and classifications of assets and liabilities  which might be necessary should the Company be unable to continue its operations as a going concern. </div> </div>

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<div> <div> 2.    SHARE CAPITAL   COMMON STOCK   During the three months ended March 31, 2012 the following shares of common stock were issued:    For services: 1,475,000 shares fairly valued at $39,125 - the market value of those services   PREFERRED STOCK   Issued for cash:    488,586 series A shares of preferred stock for $409,299. The preferred shares bear interest at 10% per annum paid semi annually not in advance and are convertible to shares of common stock of the Company after two  years  from receipt of funds at a 20% discount to the then current market price of the Company's  common  stock. The preferred  shares  may  be  converted  after six months and before two years under similar terms but with a 15% discount to market.    </div> </div>

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LONG TERM DEBT	3 Months Ended
LONG TERM DEBT	Mar. 31, 2012
LONG TERM DEBT [Abstract]
LONG TERM DEBT	3. LONG TERM DEBT Balance owing December 31, 2011 $2,061,655 Reduction on disposal of subsidiary company (1,519,183) Effect of foreign exchange on translation to US - ------------------------------------------------------------------- Balance due March 31, 2012 542,472 Less current portion (542,472) ------------------------------------------------------------------- $ 0 ============== The Company is contingently liable for approximately $4,200,000 to repay assistance received under the Atlantic Innovation Fund (see also note 5).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

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SHARE CAPITAL	3 Months Ended
Mar. 31, 2012
SHARE CAPITAL [Abstract]
SHARE CAPITAL	2. SHARE CAPITAL COMMON STOCK During the three months ended March 31, 2012 the following shares of common stock were issued: For services: 1,475,000 shares fairly valued at $39,125 - the market value of those services PREFERRED STOCK Issued for cash: 488,586 series A shares of preferred stock for $409,299. The preferred shares bear interest at 10% per annum paid semi annually not in advance and are convertible to shares of common stock of the Company after two years from receipt of funds at a 20% discount to the then current market price of the Company's common stock. The preferred shares may be converted after six months and before two years under similar terms but with a 15% discount to market.

Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current
Cash and cash equivalents	$ 238	$ 2,358
Accounts receivable	0	175,361
Due from Empower	240,000	0
Inventory	0	281,830
Prepaid expenses	2,066	24,603
Total current assets	242,304	484,152
DUE FROM NORTHSTAR NETWORK LTD	1,264,866	0
Deferred contract costs	0	36,389
Equipment	0	30,791
Total assets	1,507,170	551,332
Current
Accounts payable and accrued liabilities	1,051,084	2,430,675
Loans payable	503,684	707,207
Repayable government assistance	190,766	0
Due to Cabot Management Limited	54,552	53,593
Due to Directors	903,699	1,088,281
Deferred revenue	0	141,101
Current portion of long-term debt (note 3)	542,472	2,061,655
Total current liabilities	3,246,257	6,482,512
LONG-TERM DEBT (note 3)	0	0
Total liabilities	3,246,257	6,482,512
Stockholders' Deficit
Authorized: 100,000,000 Common shares with a par value of $0.0001 each, Issued and outstanding: 54,852,824 Common shares (53,377,824- December 31, 2011)	5,486	5,338
Authorized: 20,000,000 Preferred shares with a par value of $0.0001 each; Issued and outstanding: 488,586 Preferred series A shares (488,586 - December 31, 2011)	409,299	409,299
Additional Paid-in Capital	7,097,523	7,058,546
Accumulated Other Comprehensive Income (Loss)	(707,003)	(624,233)
Accumulated Deficit	(8,544,392)	(12,780,130)
Total liabilities and stockholders' deficit	$ 1,507,170	$ 551,332

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011
Operating Activities
Net income (loss)	$ (195,841)	$ (581,216)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Amortization	0	2,085
Issuance of common stock for services	39,125	117,400
Changes in operating assets and liabilities	(711,259)	134,247
Gain on disposition of operating subsidiary	864,896	0
Net cash (used) provided by operating activities	(3,079)	(327,484)
Investing Activities
Property and equipment	0	0
Net cash (used) provided by investing activities	0	0
Financing Activities
Issuance of common shares for cash (net of costs)	0	15,000
Loans payable	0	107,370
Increase (repayment) of long term debt	0	59,686
Advances from (repayment to) directors	0	11,841
Net cash (used) provided by financing activities	0	193,897
Effect of foreign exchange on translation	959	8,034
Inflow (outflow) of cash	(2,120)	(125,553)
Cash, beginning of period	2,358	135,311
Cash, end of period	238	9,758
Supplemental information
Interest paid	0	109,079
Shares issued for services	39,125	117,400
Shares issued to settle director's loan	0	200,000
Corporate income taxes paid	$ 0	$ 0

NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN	3 Months Ended
	Mar. 31, 2012
NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN [Abstract]
NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN	1. NATURE OF OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN These consolidated financial statements include the accounts of Northstar Electronics, Inc. ("the Company") and its wholly owned subsidiaries Northstar Technical Inc. ("NTI") and Northstar Network Ltd. ("NNL"). The Company was incorporated May 11, 1998 in the State of Delaware and had no operations other than organizational activities prior to the January 2000 merger with NTI described as follows: On January 26, 2000 the Company completed the acquisition of 100% of the shares of NTI. The Company, with the former shareholders of NTI receiving a majority of the total shares then issued and outstanding, effected the merger through the issuance of 4,901,481 shares of common stock from treasury. The transaction has been accounted for as a reverse takeover resulting in the consolidated financial statements including the results of operations of the acquired subsidiary prior to the merger. All intercompany balances and transactions are eliminated. The Company's business activities are conducted principally in Canada but these financial statements are prepared in accordance with accounting principles generally accepted in the United States with all figures translated into United States dollars for reporting purposes. These unaudited consolidated interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States for interim financial information, are condensed and do not include all disclosures required for annual financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to the Company's audited consolidated financial statements filed as part of the Company's December 31, 2011 Form 10-K and amendments. In the opinion of the Company's management, this consolidated interim financial information reflects all adjustments necessary to present fairly the Company's consolidated financial position at March 31, 2012 and the consolidated results of operations and the consolidated cash flows for the three months then ended. The Company is in the process of the disposition of its operating subsidiary, Northstar Network Ltd, and is restructuring. The results of operations for the three months ended March 31, 2012 are not necessarily indicative of the results to be expected for the entire fiscal year. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months to March 31, 2012 the Company incurred a net loss of $195,841 and at March 31, 2012 had a working capital deficiency (an excess of current liabilities over current assets) of $3,003,953 (December 31, 2011: $5,998,360), including $542,472 of long term debt due within one year (December31, 2011: $2,061,655). The Company is contingently liable for approximately $4,200,000 to repay assistance received under the Atlantic Innovation Fund (see also note 5). Management has undertaken initiatives for the Company to continue as a going concern; for example: the Company is attempting to secure an equity financing in the short term . The Company also expects to receive $580,000 in cash and publicly traded stock on or within thirty days of the closing of the disposition of Northstar Network Ltd. The Company intends to complete, shortly, the acquisition of a development stage sonar company that we believe will develop and produce profitable products. Management believes these initiatives can provide the Company with a solid base for profitable operations, positive cash flows and reasonable growth. Management is unable to predict the results of its initiatives at this time. Should management be unsuccessful in its initiative to finance its operations the Company's ability to continue as a going concern is not certain. These financial statements do not give effect to any adjustments to the amounts and classifications of assets and liabilities which might be necessary should the Company be unable to continue its operations as a going concern.

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
Common shares, shares authorized	100,000,000	100,000,000
Common shares, par value per share	$ 0.0001	$ 0.0001
Common shares, shares issued	54,852,824	53,377,824
Common shares, shares outstanding	54,852,824	53,377,824
Preferred series A shares, shares authorized	20,000,000	20,000,000
Preferred series A shares, par value per share	$ 0.0001	$ 0.0001
Preferred series A shares, shares issued	488,586	488,586
Preferred series A shares, shares outstanding	488,586	488,586

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 20, 2012
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Entity Registrant Name	NORTHSTAR ELECTRONICS INC
Entity Central Index Key	0001082027
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		57,852,824

Consolidated Statements of Operations (USD $)	3 Months Ended
Consolidated Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011
Consolidated Statements of Operations [Abstract]
Revenue - note 4	$ 0	$ 183,975
Cost of goods sold	0	90,844
Gross margin	0	93,131
Other income	0	12,396
Income before expenses	0	105,527
Expenses
Salaries	0	239,306
Financial consulting	31,000	0
Finance fees	8,125	0
Professional fees	0	3,028
Management and administration fees	0	45,000
Stock based compensation	0	102,000
Rent	12,000	34,690
Investor relations	0	10,900
Office	1,064	12,621
Travel and business development	0	0
Interest on debt	33,016	211,079
Telephone and utilities	1,500	6,818
Amortization	0	15,903
Foreign exchange	(255)	534
Bad debts	0	4,864
Total expenses	86,450	686,743
Net from operations before other items	(86,450)	(581,216)
Other Items:
Loss from discontinued operations	109,391	0
Net loss for the period	$ (195,841)	$ (581,216)
Net (loss) per share	$ 0.0	$ (0.02)
Weighted average number of shares outstanding	54,115,324	36,662,616

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Mar. 31, 2012
NEW ACCOUNTING PRONOUNCEMENTS [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	6. NEW ACCOUNTING PRONOUNCEMENTS Management does not believe that any recently issued but not yet effective accounting pronouncements if currently adopted would have a material effect on the accompanying consolidated financial statements.

CONGTINGENCIES	3 Months Ended
CONGTINGENCIES	Mar. 31, 2012
CONTINGENCIES [Abstract]
CONTINGENCIES	5. CONTINGENCIES (i) The Company is contingently liable to repay $2,294,755 in assistance received under the Atlantic Innovation Fund. The assistance is repayable annually at the rate of 5% of gross revenues from sales of products resulting from the Aquacomm research and development project. Gross revenues are to be calculated for the fiscal year immediately preceding the due date of the respective payment. Repayment is to continue until the assistance is repaid in full. At March 31, 2011 the Company has accrued $160,595 as repayable. (ii) The Company is also contingently liable to repay approximately $1,905,245 in ACOA loans received by its former subsidiary company.

Consolidated Statement of Changes in Stockholders' Equity (USD $)	Total	Common Shares [Member]	Preferred Series A Member [Member]	Additional Paid in Capital [Member]	Other Comprehensive Income [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2010	$ (5,853,271)	$ 3,614		$ 5,764,443	$ (649,153)	$ (10,972,175)
Balance, shares at Dec. 31, 2010		36,143,942
Net loss for the period	(1,807,955)					(1,807,955)
Currency translation adjustment	24,920				24,920
Issuance of common stock:
- for loans	200,000	208		199,792
- for loans, shares		2,082,112
- for cash	637,000	921		636,079
- for cash, shares		9,204,288
- for services	458,827	595		458,232
- for services, shares		5,947,482
Balance at Dec. 31, 2011	(6,340,479)	5,338	409,299	7,058,546	(624,233)	(12,780,130)
Balance, shares at Dec. 31, 2011		53,377,824
Net loss for the period	(195,841)					(195,841)
Currency translation adjustment	(82,770)				(82,770)
Gain on disposal of abandoned operations	864,896					864,896
Adjustment to assets and liabilities for abandoned operations	3,566,683					3,566,683
Issuance of common stock:
- for services	39,125	148		38,977
- for services, shares		1,475,000
Series A shares of preferred stock
- converted
- subscribed
Balance at Mar. 31, 2012	$ (1,739,087)	$ 5,486	$ 409,299	$ 7,097,523	$ (707,003)	$ (8,544,392)
Balance, shares at Mar. 31, 2012		54,852,824

REVENUE	3 Months Ended
REVENUE	Mar. 31, 2012
REVENUE [Abstract]
REVENUE	4. REVENUE Three Three months months 2012 2011 ------------------------- Revenue consists of: Product sales $ 0 $ 0 Contract sales 0 183,975 Government assistance 0 0 Other 0 12,396 ------------------------------------------------------------------------ $ 0 $ 196,371