NOTES  TO CONSOLIDATED FINANCIAL STATEMENTS over eight years beginning in 2014. The Company has received funding of $473,573 to date under this program. A maximum funding amount of $197,495 is anticipated to be received in 2013. i) During the year ended December 31, 2011, the Company commenced a research and development project agreement. Under this project the Company paid cash of $56,177 in 2011 and made additional payments of $28,236 in 2012. The other party to the research and development project agreement made an in-kind contribution to the project of $42,262. The agreement was completed in 2012. j) During the year ended December 31, 2011, the Company entered into a contribution agreement with Alberta Innovates Bio-Solutions (AI-Bio Solutions) for a non-repayable grant contribution totaling up to $1,600,000 towards the construction of a new bio-processing facility and subject to compliance with all terms and conditions of the agreement. In accordance with the agreement, the Company received $750,000 in 2011 classified as restricted cash and cash equivalents and deferred revenue, and anticipates additional amounts will be received as follows – $690,000 in 2013 and $160,000 in 2014. The amount of $41,223 was recorded as a reduction of capitalized expenditures. k) During the year ended December 31, 2012, the Company entered into a contribution agreement with an agency of the federal government to provide funding of up to $253,000 for certain research activities. During the year ended December 31, 2012, the Company received or recorded as receivable the amount of $42,091. The Company estimates it will receive a further amount of $177,659 in 2013 and $33,250 in 2014. This contribution agreement was amended to increase the potential non-repayable contribution amount to $345,000 from $253,000 subsequent to December 31, 2012. 24. (LOSS) INCOME PER COMMON SHARE For the year ended December 31, 2011, of the Company’s 3,170,000 options outstanding, 2,600,000 stock options have not been included in the diluted income per share calculation because the options’ exercise prices were greater than the average market price of the common shares during the year. Year Ended December 31 2012 2011 Net (loss) income for the year for basic and diluted earnings per share calculation $(538,353) $577,573 Weighted average number of shares outstanding 60,278,948 56,561,513 Potential shares to be issued for options exercisable – 78,621 Diluted shares outstanding 60,278,948 56,640,134 (Loss) income per share – basic $(0.01) $0.01 (Loss) income per share – diluted $(0.01) $0.01 CEAPRO Annual Report 2012 55