12:48 And as far as the lab-to-fab transition goes, we are on plan to complete this activity by the end of this year. In place are signed MoUs with two epitaxial wafer vendors who are among the world’s premier providers of epitaxial wafers. We expect to start receiving six-inch epitaxial wafers from these vendors starting October. The initial results are in and we expect to be able to complete the first phase of the transfer over the next month. The transfer is also underway of our proprietary VCSEL fabrication process to our commercial foundry partner, with first VCSEL and transistor results expected in Q1 2016 and integrated VCSEL and detector components in the second quarter of 2016.

So the only real clarification I was able to get was around “the initial results”. This is a reference to epi growth and optical quality of the wafers (photoluminescence) of what is being supplied back to POET.

But this leads to a bigger question. Why two epitaxial wafer vendors (both stated as the world’s premier suppliers)? Wouldn’t one premier supplier be enough to guarantee an adequate supply? Also the news release by Anadigics today to move away from mobile RF applications points to expected increased demand in Datacom. POET’s first target market.

Does this not sound like there are two different Foundries?