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EXCEL - IDEA: XBRL DOCUMENT - NEW ENERGY TECHNOLOGIES, INC.Financial_Report.xls
10-K - FORM 10-K - NEW ENERGY TECHNOLOGIES, INC.v329104_10k.htm
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v2.4.0.6
MotionPower™ Technology
12 Months Ended
Aug. 31, 2012
Notes to Financial Statements  
Note 5. MotionPower Technology

Veryst Agreement

 

Through KEC, the Company was party to certain agreements with Veryst Engineering LLC, a Boston area engineering and consulting firm with experience in product development and energy harvesting; one dated November 4, 2008, two dated September 9, 2009 and one dated July 6, 2010 (collectively, the “Veryst Agreements”), all relating to the development of the Company’s MotionPowerTM technologies. As of August 31, 2012, Veryst Engineering LLC has successfully completed its contracted services associated with the Veryst Agreements.

 

During the years ended August 31, 2012 and 2011, the Company recorded $2,564 and $48,225, respectively, as research and development expense pursuant to these agreements. From inception (May 5, 1998) to August 31, 2012, the Company recorded $560,880 as research and development expense pursuant to these agreements.

 

Sigma Design Agreement

 

Through KEC, the Company continues to be a party to certain consulting agreements with Sigma Design Company, a Middlesex, New Jersey based engineering and design firm, pursuant to which Sigma Design provides ongoing engineering, product development and testing services primarily relating to the development of the MotionPower™ technology. On January 12, 2012, Sigma Design proposed, and the Company agreed, to have Sigma design, fabricate and perform initial testing of the MotionPower™ technology. The estimated cost to perform this work was $185,000 to $205,000 with a 20%, or $37,000 down payment and monthly billings. During the year ended August 31, 2012, the Company expensed $210,918 related to this work.

 

Including the January 12, 2012 agreement, during the years ended August 31, 2012 and 2011, the Company recorded $314,205 and $147,423, respectively, as research and development expense pursuant to these agreements. From inception (May 5, 1998) to August 31, 2012, the Company recorded $727,898 as research and development expense pursuant to these agreements. The Company continues to utilize Sigma Design Company on a consulting basis to further test, calibrate, and develop the MotionPower™ technology.