Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 605, Revenue Recognition . Accordingly, revenue is recognized for each unit of accounting when all of the following criteria are met:  persuasive evidence of an arrangement exists;  delivery has occurred or services have been rendered;  the sellers price to the buyer is fixed or determinable; and  collectability is reasonably assured. The Company recognizes revenue in accordance with the milestone method of revenue recognition for arrangements involving research or development or other performance obligations whereby a portion or all of the consideration is contingent upon achievement of milestone events. Under these provisions, arrangement consideration contingent upon achievement of a milestone is recognized by the Company in the period the milestone is met when the Company concludes that the milestone is substantive. At the inception of each applicable arrangement, the Company assesses each milestone and the consideration payable upon achievement of each milestone and concludes that the milestone is substantive if all of the following criteria are met: (i)the consideration is commensurate with the Companys performance or the enhanced value of a delivered item which is a direct result of the Companys performance to achieve the milestone, (ii)the consideration relates to past performance and there are no refund rights or other penalties related to the consideration based on completion of future performance and (iii)the consideration is reasonable relative to all the deliverables and payment terms within the arrangement. The related consideration for milestones that are considered substantive is recognized in its entirety in the period which the milestone is met. The milestone method of revenue recognition was applicable to two research agreements executed during 2013 and 2011. The agreement executed during 2013 includes payments upon the achi