NOTE 10 – GRANT INCOME

In September 2024, the Company was awarded a Small Business Innovation Research (“SBIR”) grant by the U.S. Department of Energy (DOE) in the amount of $1.15 million to be received subject to meeting certain terms and conditions. The purpose of the grant is to support the further development of the Company’s patented CTS process and to bring it to the point of being commercially ready. Accounting for this DOE grant does not fall under Accounting Standard Codification 606, Revenue from Contracts with Customers, as the DOE does not meet the definition of a customer under this standard.

During the three and nine month periods ended September 30, 2025, $420,030 and $865,000 was recognized as grant income for this grant, versus $100,000 and $100,000 respectively for the three and nine month periods ended September 30, 2024.