ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2013

ACCOUNTING POLICIES

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions were eliminated. Telles, LLC (“Telles”), the Company’s former joint venture with Archer Daniels Midland Company (“ADM”) that terminated in early 2012, was not consolidated by the Company.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents and short-term investments. The Company primarily invests its excess cash and cash equivalents in money market funds, corporate debt, federal agency notes and U.S. treasury notes. Investments are acquired in accordance with the Company’s investment policy which establishes a concentration limit per issuer.

The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary. At September 30, 2013, the Company’s accounts and unbilled receivables include $571 or 66% from U.S. and Canadian government grants and $140 or 16% from customer product sales. At December 31, 2012, the Company’s accounts and unbilled receivables included $561 or 46% from U.S. and Canadian government grants and $535 or 44% from customer product sales. At September 30, 2013, no customer had accounts receivable due from product sales representing 10% or more of our total accounts receivable.  At December 31, 2012, one customer had accounts receivable due from product sales representing 41% of our total accounts receivable.