Audit 348413

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of the federal award programs administered by the Cytocybernetics, Inc. (the Entity), which is aware and has been informed that such funds require separate audit procedures. Federal awards received directly from federal agencies are included on the SEFA. Basis of Accounting The Entity uses the income tax basis of accounting for the Program. Indirect Costs The Entity does not use the de minimis indirect cost rate permitted by the Uniform Guidance. Rather, the Entity applies an indirect rate as permitted per grant agreements. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Entity does not use the de minimis indirect cost rate permitted by the Uniform Guidance. Rather, the Entity applies an indirect rate as permitted per grant agreements. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of the federal award programs administered by the Cytocybernetics, Inc. (the Entity), which is aware and has been informed that such funds require separate audit procedures. Federal awards received directly from federal agencies are included on the SEFA. Basis of Accounting The Entity uses the income tax basis of accounting for the Program. Indirect Costs The Entity does not use the de minimis indirect cost rate permitted by the Uniform Guidance. Rather, the Entity applies an indirect rate as permitted per grant agreements.