Research & Development
During fiscal 2016, 2015 and 2014, we incurred research and development expenditures of $2.3 million, $2.4 million and $2.2 million, respectively.
These expenditures consist primarily of the salaries of our software engineers and developers. Our research and development activities relate primarily to the continual revision and improvement of our core UEPS and UEPS/EMV software and its functionality as well as the design and development of our MVC concept and mobile payment applications.
For example, we continually improve our security protocols and algorithms as well as develop new UEPS features that we believe will enhance the attractiveness of our product and service offerings.
Our research and development efforts also focus on taking advantage of improvements in hardware platforms that are not proprietary to us but form part of our system.