For the three months ended June 30, 2011 we recognized a net income before income taxes of $731,237 compared to a net loss before income taxes of $350,192 for the comparable period of the prior fiscal year. Our revenues were $2,181,815 for the first three months of fiscal 2012 with $2,025,000 of patent license revenue. This compares to $512,398 for the prior year’s first three months with $25,264 of patent license revenue reported. We reported reduced operating expenses totaling $438,132 in the three months ended June 30, 2011 compared to $524,796 in the comparable period prior primarily due to reduced staffing costs and non-cash stock compensation expenses.
