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I'm afraid to ask how much money the govt has spent looking into "phasers", I'm sure it's a damn sight beyond $25K.
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If one were to lump "phasers" in with energy weapons then it is probably more valid research since various energy weapons are within our technological grasp currently.
Conversion of matter (transporters), faster than light travel, and anti-matter power are more of a stretch since they would rely on technologies and laws of physics we don't currently have access to (assuming they would ever be more than Sci Fi fantasies).
I find it fascinating that they gave a contract to a company with "Warp Drive" in the name. That would already seem to be a dead give away. Maybe "Federation Technologies" or "Romulan Inc" were already working on the Phaser project
Incidently, I am surprised it took them 47 pages to explain why it wasn't possible (talk about padding). Since the laws of physics standing in their way are fundamental laws you could explain it in a page