Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'INTERNATIONAL ISOTOPES INC | ' |
Entity Central Index Key | '0001038277 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 369,255,899 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash and cash equivalents | $534,578 | $546,143 |
Accounts receivable | 877,969 | 861,790 |
Inventories | 1,578,686 | 1,284,561 |
Prepaids and other current assets | 669,528 | 751,417 |
Total current assets | 3,660,761 | 3,443,911 |
Long-term assets | ' | ' |
Restricted certificate of deposit | 203,531 | 203,177 |
Property, plant and equipment, net | 2,537,115 | 2,323,262 |
Capitalized lease disposal costs, net | 93,274 | 102,499 |
Investments | 1,371,550 | 1,393,866 |
Patents and other intangibles, net | 4,510,595 | 4,575,190 |
Total long-term assets | 8,716,065 | 8,597,994 |
Total assets | 12,376,826 | 12,041,905 |
Current liabilities | ' | ' |
Accounts payable | 748,027 | 1,328,631 |
Accrued liabilities | 666,579 | 465,020 |
Current installments of notes payable | 205,740 | 100,000 |
Total current liabilities | 1,620,346 | 1,893,651 |
Long-term liabilities | ' | ' |
Convertible debt | 3,777,367 | 2,711,235 |
Obligation for lease disposal costs | 555,264 | 523,238 |
Notes payable | 305,955 | 0 |
Mandatorily redeemable convertible preferred stock | 850,000 | 850,000 |
Total long-term liabilities | 5,488,586 | 4,084,473 |
Total liabilities | 7,108,932 | 5,978,124 |
Stockholders' Equity | ' | ' |
Common stock | 3,692,262 | 3,602,597 |
Additional paid-in capital | 117,236,258 | 116,604,260 |
Accumulated deficit | -115,727,511 | -114,235,302 |
Equity attributable to International Isotopes Inc. stockholders | 5,201,009 | 5,971,555 |
Equity attributable to noncontrolling interest | 66,885 | 92,226 |
Total equity | 5,267,894 | 6,063,781 |
Total liabilities and stockholders' equity | $12,376,826 | $12,041,905 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value in dollars | $0.01 | $0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 369,225,575 | 360,259,221 |
Common stock, shares outstanding | 369,225,575 | 360,259,221 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Sale of product | $1,680,696 | $1,793,483 | $5,153,534 | $5,785,775 |
Cost of product | 1,056,754 | 1,166,976 | 3,161,960 | 3,831,575 |
Gross profit | 623,942 | 626,507 | 1,991,574 | 1,954,200 |
Operating costs and expenses: | ' | ' | ' | ' |
Salaries and contract labor | 404,082 | 477,335 | 1,272,319 | 1,406,626 |
General, administrative and consulting | 435,734 | 494,587 | 1,372,284 | 1,471,704 |
Research and development | 111,636 | 215,632 | 555,305 | 780,487 |
Total operating expenses | 951,452 | 1,187,554 | 3,199,908 | 3,658,817 |
Nrt operating loss | -327,510 | -561,047 | -1,208,334 | -1,704,617 |
Other income (expense): | ' | ' | ' | ' |
Other income (expense) | 11,083 | 22,729 | -17,049 | 47,811 |
Equity in net income of affiliate | 5,044 | 13,943 | 36,677 | 45,925 |
Interest income | 21 | 57 | 447 | 474 |
Interest expense | -119,839 | -80,266 | -329,291 | -111,493 |
Total other income (expense) | -103,691 | -43,537 | -309,216 | -17,283 |
Net loss | -431,201 | -604,584 | -1,517,550 | -1,721,900 |
Loss attributable to non-controlling interest | 7,094 | 13,058 | 25,341 | 24,995 |
Net loss attributable to International Isotopes Inc. | ($424,107) | ($591,526) | ($1,492,209) | ($1,696,905) |
Net loss per common share - basic and diluted | $0 | $0 | $0 | $0 |
Weighted average common shares outstanding - basic and diluted | 363,502,559 | 360,187,745 | 361,989,965 | 359,931,058 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,517,550) | ($1,721,900) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Net income in equity method investment | -36,677 | -45,925 |
Depreciation and amortization | 315,697 | 303,222 |
Loss on disposal of property, plant and equipment | 40,302 | 0 |
Accretion of obligation for lease disposal costs | 32,026 | 29,587 |
Accretion of beneficial conversion feature and debt discount | 81,847 | 14,127 |
Equity based compensation | 179,818 | 222,958 |
Noncash interest expense | 110,732 | 35,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -16,179 | -319,487 |
Prepaids and other assets | 81,889 | -547,440 |
Inventories | -294,125 | 63,877 |
Accounts payable and accrued liabilities | 107,038 | -203,183 |
Net cash used in operating activities | -915,182 | -2,169,164 |
Cash flows from investing activities: | ' | ' |
Restricted certificate of deposit | -354 | 225,709 |
Dividends received from equity method investment | 58,993 | 64,332 |
Proceeds from sale of property, plant and equipment | 3,993 | 0 |
Purchase of property, plant and equipment | -500,025 | -1,818,522 |
Net cash used in investing activities | -437,393 | -1,528,481 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of stock | 466,130 | 60,274 |
Proceeds from issuance of debt | 1,060,000 | 2,969,900 |
Principal payments on notes payable and capital leases | -185,120 | -28,359 |
Net cash provided by financing activities | 1,341,010 | 3,001,815 |
Net decrease in cash and cash equivalents | -11,565 | -695,830 |
Cash and cash equivalents at beginning of period | 546,143 | 2,102,696 |
Cash and cash equivalents at end of period | 534,578 | 1,406,866 |
Supplemental disclosure of cash flow activities: | ' | ' |
Cash paid for interest | 81,051 | 132,849 |
Supplemental disclosure of noncash financing and investing transactions: | ' | ' |
Increase in equity for the beneficial conversion feature associated with the convertible debentures | 75,715 | 25,656 |
Incease in notes payable through conversion of NRC payable | 596,816 | 0 |
Decrease in accrued interest through warrant exercise | 100,732 | 0 |
Increase in equity and prepaid interest for stock issuance in lieu of interest on note | 0 | 40,834 |
Increase in equity and decrease in debt for amount allocated to warrants issued with convertible debentures | 0 | 500,041 |
Partial settlement of note payable through conversion to convertible debentures | $0 | $100,000 |
The_Company_and_Basis_of_Prese
The Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company and Basis of Presentation | ' |
(1) The Company and Basis of Presentation | |
International Isotopes Inc. (the “Company”) was incorporated in Texas in November 1995. The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP) and include all operations and balances of the Company and its wholly-owned subsidiaries, International Isotopes Idaho, Inc., a Texas corporation, International Isotopes Fluorine Products, Inc., and International Isotopes Transportation Services, Inc., both of which are Idaho corporations. The unaudited condensed consolidated financial statements also include the accounts of the Company’s 50% owned joint venture, TI Services, LLC, which is located in Ohio. The Company’s headquarters and all operations, with the exception of TI Services, LLC, are located in Idaho Falls, Idaho. | |
Nature of Operations – The Company’s business consists of six major business segments: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. | |
With the exception of certain unique products, the Company’s normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Company’s operating cycle for those products is considered to be three years. All assets expected to be realized in cash or sold during the normal operating cycle of business are classified as current assets. | |
Principles of Consolidation – The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its 50% owned joint venture, TI Services, LLC. All intercompany accounts and transactions have been eliminated in consolidation. | |
Interim Financial Information – The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. Operating results for the nine-month period ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. The accompanying financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 28, 2013. |
Current_Developments_and_Liqui
Current Developments and Liquidity | 9 Months Ended |
Sep. 30, 2013 | |
Current Developments And Liquidity | ' |
Current Developments and Liquidity | ' |
(2) Current Developments and Liquidity | |
Business Condition – Since inception, the Company has suffered substantial losses. During the nine-month period ended September 30, 2013, the Company reported a net loss of $1,492,209, net of non-controlling interest loss, and net cash used in operating activities of $915,182. During the same period in 2012, the Company reported a net loss of $1,696,905, net of non-controlling interest loss, and net cash used in operating activities of $2,169,164. The Company has made significant investments in, and intends to continue to invest in, the design, planning and construction of a large scale uranium de-conversion and fluorine extraction facility. Development work on this project will continue as funds become available. The Company expects that these de-conversion project expenses may exceed current revenue from sales for the remainder of 2013 and for 2014 as well. As a result, the Company expects to continue to incur significant losses until the planned uranium de-conversion facility commences commercial production, which the Company does not expect to occur until 2015 at the earliest. Current expenditures on that project include design, permitting and related subcontractor project efforts. Management expects to generate sufficient cash flows from the existing business segments to meet operational needs during 2013 and beyond; however, there is no assurance that these cash flows will occur. In addition, the Company will require additional capital to support ongoing efforts for the planned uranium de-conversion and fluorine extraction facility. There can be no assurance that the Company will be able to secure additional capital or financing on terms acceptable to the Company or at all. | |
The Company’s uranium de-conversion project began in 2004 with the acquisition of patents for its Fluorine Extraction Process (FEP). Since that time, the Company has made significant investments to construct the first commercial depleted uranium de-conversion and fluorine extraction facility in the U.S. The Company believes this will provide a commercial opportunity because there are several companies constructing, or planning to construct, new uranium enrichment facilities in the U.S. These facilities are expected to produce large amounts of depleted uranium hexafluoride (UF6) that would require de-conversion prior to disposal. In the process of de-conversion, the Company plans to use the FEP and other processes to produce a range of fluoride products which it intends to sell. Additional planning and design activities for this new facility will continue throughout the remainder of 2013 and through the completion of the project. | |
In April 2010, the Company entered into an agreement with URENCO U.S.A. (UUSA), a wholly-owned subsidiary of URENCO, to provide depleted uranium de-conversion services for its enrichment facility located in Eunice, New Mexico. These services will begin once commercial operations of the Company’s planned de-conversion facility, to be built in Lea County, near Hobbs, New Mexico, are underway. The term of the agreement extends through the first five years of the Company’s operation of the planned uranium de-conversion facility, provided that operations commence no later than January 1, 2014, and commits URENCO to utilize 50% of the planned facility de-conversion processing capacity. Since the start of construction of this new project has been delayed, the Company will not meet this 2014 deadline. Therefore, the agreement with URENCO will have to be modified once a more certain construction start date is identified. It will require significant additional capital and time to design and construct such a uranium de-conversion facility before the Company can recognize revenue under this agreement. It is also likely that the Company will have to contract for additional de-conversion service to fully utilize the processing capacity of the facility before financing can be obtained on reasonable terms. | |
In July 2011, the Company selected Parsons Corporation as the lead design-build contractor for the planned uranium de-conversion facility. The Company plans to execute a design and build contract with Parsons Corporation if and when it secures additional capital to further support the project. | |
In August 2011, the Company completed the acquisition of property for the planned uranium de-conversion facility with Lea County, New Mexico. The property is a 640 acre parcel that was offered to the Company as part of an incentives package prepared by the Economic Development Corporation of Lea County. Pursuant to a project participation agreement and an industrial revenue bond transaction, the property was transferred to the Company in accordance with the Local Economic Development Act of Lea County, New Mexico. Under the project participation agreement, the Company is required to commence construction on the facility no later than December 2014 and to substantially complete Phase 1 of the facility and have hired at least 75 persons by December 2015. If the Company fails to perform either of these obligations, and at the time of such failure has not secured financing for Phase 1 of the facility and expended at least $200,000 in costs of improvement of the property, then the Company must either 1) re-convey the property to Lea County, New Mexico, or 2) purchase the property from Lea County in accordance with the project participation agreement, or 3) renegotiate a modification to extend the term and commitment dates in the agreement with Lea County. In accordance with ASC 360-10-Property, Plant and Equipment, the land was recorded at a zero basis representing the costs incurred by the Company for the acquisition. Should the Company not meet its obligations under the project participation agreement, and therefore decide to purchase the land, the Company would adjust the carrying value of the land to include acquisition costs paid to Lea County to keep the land. | |
In April 2012, the Company received the air permit from the New Mexico Environment Department for the proposed depleted uranium de-conversion facility. Although a state groundwater permit is required prior to the commencement of operations, the air permit will allow the Company to start construction on its planned project. In July 2013, the Company obtained a grant in the amount of $80,000 from the State of New Mexico to install groundwater monitoring wells and initiate water sampling. This action and the subsequent report were the first steps required for the preparation of the groundwater permit with the State of New Mexico. | |
In October 2012, the NRC issued a Part 40 combined construction and operating license for the Company’s planned depleted uranium de-conversion and fluorine extraction processing facility. The Company originally submitted its license application to the NRC in December 2009, and the NRC had been reviewing the application since that time. The planned facility is a first-of-its-kind depleted uranium de-conversion facility and the first source material facility to implement fully-integrated safety analysis consistent with requirements of Part 70, Subpart H of NRC regulations. The facility is the first source material facility to be licensed by the NRC for a forty-year license term. | |
In April 2013, the Company and Advanced Process Technology Systems, LLC (APTS) announced that they have submitted a response to the U.S. Department of Energy’s (DOE) request for an Expression of Interest (EOI) for the operation of the Paducah Gaseous Diffusion Plant (PGDP) facilities and utilization of DOE’s depleted uranium hexafluoride. The Company and APTS have executed an agreement to expand their relationship to form a new joint venture to carry out this opportunity. In the response to the EOI, the Company and APTS have proposed to have the joint venture operate a significant portion of the PGDP facilities utilizing some of the existing inventories of depleted uranium material. In July 2013, the DOE ended the EOI process without a decision but issued a formal Request For Offers (RFO) for the use of the DOE stockpile of depleted uranium and for the use of PGDP facilities. The Company and APTS submitted a response to the RFO similar to the EOI proposal response. The DOE later invited both companies to make an oral presentation on the proposal and participate in a question and answer session in Lexington Kentucky in September 2013. There is no indication that the DOE will accept or respond favorably to this most recent proposal but the DOE expects to announce a decision by the end of 2013. There are a number of factors that could limit the ability of the joint venture to obtain the DOE’s acceptance or operate the PGDP, including, but not limited to, obtaining additional adequate financing to support the proposal. However, the Company believes it has submitted a unique proposal to the DOE that offers considerable advantage to the DOE, to U.S. taxpayers, and would provide a significant financial return to the Company. |
Net_Loss_Per_Common_Share_Basi
Net Loss Per Common Share - Basic and Diluted | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Net Loss Per Common Share - Basic and Diluted | ' |
(3) Net Loss Per Common Share - Basic and Diluted | |
For the nine months ended September 30, 2013, the Company had 16,450,000 stock options outstanding, 19,757,951 warrants outstanding, and 425,000 shares of Series B redeemable convertible preferred stock outstanding that were not included in the computation of diluted loss per common share because they would be anti-dilutive. | |
For the nine months ended September 30, 2012, the Company had 17,700,000 stock options outstanding, 38,059,303 warrants outstanding, 178,525 restricted stock awards outstanding, 425,000 shares of Series B redeemable convertible preferred stock outstanding that were not included in the computation of diluted loss per common share because they would be anti-dilutive. |
Investment
Investment | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investment | ' |
(4) Investment | |
The Company owns a 24.5% interest in RadQual, LLC (RadQual), with which the Company has an exclusive manufacturing agreement for nuclear medicine products. The 24.5% ownership of RadQual has a balance of $1,371,550 and is reported as an asset at September 30, 2013. For the nine months ended September 30, 2013, member distributions from RadQual totaled $58,993 and were recorded as a reduction of the investment, and for the same period in 2012, member distributions totaled $64,322. During the nine months ended September 30, 2013 and 2012, earnings allocated to the Company from RadQual totaled $36,677 and $45,925, respectively. These allocated earnings were recorded as equity in net income of affiliate on the Company’s condensed consolidated statements of operations. | |
At September 30, 2013 and 2012, the Company had receivables from RadQual in the amount of $439,641 and $489,524, respectively, which are recorded as part of accounts receivable on the Company’s condensed consolidated balance sheets. For the nine months ended September 30, 2013 and 2012, the Company had revenues from RadQual in the amount of $2,360,178 and $2,373,210, respectively, which are recorded as sale of product on the Company’s condensed consolidated statements of operations. |
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Inventories | ' | |||||
(5) Inventories | ||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Raw materials | $ | 247,667 | $ | 247,914 | ||
Work in progress | 1,286,671 | 993,343 | ||||
Finished goods | 44,348 | 43,304 | ||||
$ | 1,578,686 | $ | 1,284,561 | |||
Work in progress includes cobalt-60 which is located in the U.S. federal government’s Advanced Test Reactor (ATR) located outside of Idaho Falls, Idaho. The cobalt is at various stages of irradiation with some cobalt near completion and some cobalt requiring several more years to complete. At September 30, 2013 and December 31, 2012, the cobalt had a carrying value of $822,556 and $830,137, respectively, which is based on accumulated costs allocated to cobalt targets based on the length of time the cobalt remains in the ATR. |
Stockholders_Equity_Options_an
Stockholders' Equity, Options and Warrants | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Stockholders' Equity, Options and Warrants | ' | ||||||||||
(6) Stockholders’ Equity, Options and Warrants | |||||||||||
Convertible Debentures | |||||||||||
In July 2012, the Company entered into a securities purchase agreement with certain institutional and private investors pursuant to which it sold convertible debentures for an aggregate of $3,069,900. The debentures bear interest at 8%, mature July 2017 and are unsecured. These debentures are convertible at any time into shares of the Company's common stock at an initial conversion price of $0.225 per share, subject to adjustment under certain conditions. Under certain conditions, the Company may force the conversion of the debentures any time following the one year anniversary of the closing date. In addition, after the second anniversary of the closing date, the Company will have the right to redeem all or part of the debentures at any time prior to the maturity date. The Company also has the right prior to the second anniversary of the closing date to redeem all or part of the debentures if the Company successfully consummates a financing of the proposed Hobbs, New Mexico de-conversion facility in the amount of at least $25 million. Any redemption of the debentures by the Company requires the payment of a redemption fee as set forth in the debentures. | |||||||||||
Each investor also received a common stock purchase warrant to purchase common stock equal to twenty five percent (25%) of the shares issuable upon conversion of the debentures. The Warrants are immediately exercisable at a price of $0.30 per share and have a term of five years. | |||||||||||
In accordance with FASC 470-20, Accounting for Convertible Debt Instruments that May be Settled in Cash Upon Conversion, the Company allocated the proceeds to the debentures and warrants based on their relative fair value resulting in $2,703,144 being allocated to the debentures and $366,756 being allocated to the warrants. Subsequent to the allocation, the Company calculated a beneficial conversion feature of $25,656. The allocated warrant value and the beneficial conversion feature were recorded as debt discount and will be accreted to interest expense over the five-year life of the debentures. | |||||||||||
In connection with this offering, the Company paid a fee and issued to the placement agent a warrant to purchase 1,091,497 shares of the Company’s common stock. The placement warrant had a fair value of $133,285. The value of the placement warrant and the fees are recorded as offering costs and will be amortized to expense over the life of the debentures. | |||||||||||
The fair value of the warrants, determined using the Black-Scholes Option Pricing Model, was calculated using the following assumptions: risk free interest rate of .65%, expected dividend yield of 0%, expected volatility of 88%, and an expected life of 5 years. | |||||||||||
In February 2013, the Company entered into a securities purchase agreement with certain private investors pursuant to which it sold convertible debentures for an aggregate of $1,060,000. The debentures accrue interest at a rate of 10% per annum, compounded annually. The conversion price in effect for these debentures, on any conversion date, is equal to the lesser of $0.14 or the average closing price of the Company’s common stock for the 120 consecutive trading days up to, but not including the maturity date. If at any time prior to the maturity date, the volume weighted average price of the Company’s common stock exceeds $0.50 per share over any consecutive thirty trading days then the Company is required to convert the debentures. At the maturity date all of the outstanding principal of the debentures as well as the accrued interest will be converted into shares of common stock. The fair market value of the Company’s common stock was $0.15 per share on the date of the agreement. Consequently, the difference between the anticipated conversion price of $0.14 and the closing price of $0.15, multiplied by the number of issuable common shares upon conversion, was recorded as a beneficial conversion feature with an increase to equity and a debt discount in the amount of $75,715. This amount will be accreted to interest expense through February 2015. | |||||||||||
Employee Stock Purchase Plan | |||||||||||
During the nine months ended September 30, 2013 and 2012, the Company issued 63,646 and 99,636 shares of common stock, respectively, to employees for proceeds of $8,241 and $10,272, respectively. All of these shares were issued in accordance with the Company’s employee stock purchase plan. | |||||||||||
Stock-Based Compensation Plans | |||||||||||
Employee/Director Grants - The Company accounts for issuances of stock-based compensation to employees by recognizing, as compensation expense, the cost of employee services received in exchange for the equity awards. The compensation expense is based on the grant date fair value of the award. Stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). | |||||||||||
Non-Employee Grants - The Company accounts for its issuances of stock-based compensation to non-employees by measuring the value of any awards that were vested and non-forfeitable at their date of issuance based on the grant date fair value of the award. The non-vested portion of awards that are subject to the future performance of the counterparty are adjusted at each reporting date to their fair values based upon the then current market value of the Company’s stock and other assumptions that management believes are reasonable. | |||||||||||
In January 2013, the Company issued 750,000 nonqualified stock options to certain consultants under the 2006 Equity Incentive Plan. The options have an exercise price of $0.15 per share and vest 25% on the first anniversary of the grant date with 25% vesting after each additional one-year period of continuous service. The options expire 10 years from the date of grant. The options had a fair value of $100,923 or $0.135 per share as estimated on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: risk free interest rate of 1.87%, expected dividend yield rate of 0%, expected volatility of 84.62%, and an expected life of 10 years. | |||||||||||
In April 2013, 2,000,000 nonqualified stock options were exercised under a partial cashless exercise. The Company received proceeds of $30,000 and issued 1,793,104 share of common stock. | |||||||||||
Option awards outstanding as of September 30, 2013, and changes during the nine months ended September 30, 2013, were as follows: | |||||||||||
Fixed Options | Shares | Weighted | Weighted | Aggregate | |||||||
Average | Average | Intrinsic | |||||||||
Exercise | Remaining | Value | |||||||||
Price | Contractual Life | ||||||||||
Outstanding at December 31, 2012 | 17,700,000 | $ | 0.25 | ||||||||
Granted | 750,000 | 0.15 | |||||||||
Exercised | -2,000,000 | 0.03 | $ | 260,000 | |||||||
Forfeited | - | ||||||||||
Outstanding at September 30, 2013 | 16,450,000 | 0.25 | 3.9 | $ | 215,500 | ||||||
Exercisable at September 30, 2013 | 14,200,000 | $ | 0.26 | 4.5 | $ | 148,000 | |||||
The intrinsic value of outstanding and exercisable shares is based on the closing price of the Company’s common stock of $0.09 per share on September 30, 2013, the last trading day of the quarter. The intrinsic value of exercised shares is based on the closing price of the Company’s common stock on the day of exercise with a weighted-average price of $0.16 per share. | |||||||||||
As of September 30, 2013, there was approximately $136,444 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 2 years. | |||||||||||
Pursuant to a board resolution in January 2013, the Company re-priced 600,000 options which had an original exercise price of $0.32 per share and expire in May 2019. The stock options were adjusted to an exercise price of $0.15 per share with the expiration date remaining May 2019. An additional $11,145 of equity compensation will be recognized in future periods. The option re-pricing had a fair value of $11,145 as estimated on the date of re-pricing using the Black-Scholes options pricing model with the following weighted-average assumptions: risk free interest rate of 1.26%, expected dividend yield rate of 0%, expected volatility of 84.20%, and an expected life of 6.29 years. | |||||||||||
Restricted Stock Grants | |||||||||||
Restricted stock awards outstanding at September 30, 2013, and changes during the nine months ended September 30, 2013, were as follows: | |||||||||||
Restricted Stock Awards | Shares | ||||||||||
Non-vested at December 31, 2012 | 151,720 | ||||||||||
Granted | - | ||||||||||
Vested | -151,720 | ||||||||||
Forfeited | - | ||||||||||
Non-vested at September 30, 2013 | - | ||||||||||
Total stock-based compensation expense for the nine months ended September 30, 2013 and 2012 was $179,818 and $222,958, respectively. | |||||||||||
Pursuant to an employment agreement, the Company issued 175,000 in fully vested shares of Company stock in February 2013 under the 2006 Equity Incentive Plan to a member of Company management. The number of shares issued was calculated using the average closing price of common stock for the 20 trading days prior to the issue date. 70,088 shares were retained in a cashless exercise by the Company to satisfy the employee’s payroll tax liabilities. The net shares issued on February 28, 2013 totaled 104,912 shares. | |||||||||||
Warrants | |||||||||||
On September 3, 2013, in an effort to raise capital to support its ongoing planned uranium de-conversion project, the Company authorized an offer to its current warrant holders to encourage them to exercise outstanding warrants. The offer gave warrant holders two options. The first option allowed holders of the Company’s outstanding warrants to exchange one warrant for one share of the Company’s common stock at a discounted warrant exercise price of $0.09 per share until close of business on October 4, 2013. The second option allowed holders of the Company’s outstanding warrants to exchange two Class H or K Warrants, or four Class F or I warrants, for one share of the Company’s common stock at a discounted price of $0.06 per share. The Company discounted the exercise price of (i) its Class F Warrants which were issued on November 7, 2008, from $0.30 to $0.09 under Option 1, and to $0.06 under Option 2, (ii) its Class H Warrants, which were issued August 24, 2011, from $0.22 to $0.09 under Option 1, and to $0.06 under Option 2, (iii) its Class I Warrants, which were issued on October 29, 2010, from $0.40 to $0.09 under Option 1, and to $0.06 under Option 2, and (iv) its Class K Warrants, which were issued on July 27, 2012, from $0.30 to $0.09 under Option 1, and to $0.06 under Option 2. In addition to the reduced exercise price, Class K warrant holders could also apply the accrued interest on their outstanding convertible subordinated notes, due to be paid on September 30, 2013, towards the cash exercise price of either option. As a result of this offer, 557,021 warrants were exercised under Option 1 and the Company issued 557,021 shares of its common stock for proceeds of $50,132. $46,193 of these proceeds was applied to outstanding interest. Under Option 2, 17,744,331 warrants were exercised and the Company issued 6,295,951 shares of its common stock for proceeds of $377,757. $64,540 of these proceeds was applied to outstanding interest. In total, as a result of this offer, 18,301,352 warrants were exercised and the Company issued 6,852,972 shares of its common stock for proceeds of $427,889, and $110,733 of the proceeds was applied to outstanding interest. | |||||||||||
Warrants outstanding at September 30, 2013, and changes during the nine months ended September 30, 2013, were as follows: | |||||||||||
Warrants | |||||||||||
Outstanding at December 31, 2012 | 38,059,303 | ||||||||||
Issued | - | ||||||||||
Exercised | -18,301,352 | ||||||||||
Forfeited | - | ||||||||||
Outstanding at September 30, 2013 | 19,757,951 |
Notes_Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Notes Payable | ' |
(7) Notes Payable | |
Notes Payable | |
During April 2013, the Company negotiated with the NRC to convert amounts owing as a trade payable to a long-term note. The Company converted a total of $596,816 to the note payable which is payable in monthly installments of $17,500 and accrues interest at a rate of 1% annually. The note matures February 15, 2016 and is unsecured. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(8) Commitments and Contingencies | |
Dependence on Third Parties | |
The production of HSA Cobalt is dependent upon the DOE, and its prime operating contractor, which controls the ATR and laboratory operations. In December 2011, the Company was required to change its contracting arrangement with the laboratory and entered into an Isotope and Technical Services Order Form with the DOE, pursuant to which the DOE will provide certain cobalt target fabrication and irradiation services using the ATR at the Idaho National Laboratory (INL) which is operated by Battelle Energy Alliance, LLC (BEA). This change in contract approach by the DOE resulted in a significant increase in costs to the Company in 2012 and impacted communication and coordination on production issues to the point of reducing sales during 2012. Furthermore, in June 2012, a leak of a cobalt target belonging to another commercial business resulted in the curtailment of all further cobalt handling and production activities at the ATR, pending completion of several corrective actions. Since the investigation into the leaking cobalt target, the Company has been working with BEA to resume cobalt target handling, assess the continued irradiation of in-process cobalt targets, and evaluate the design of a new cobalt production target. The Company resumed cobalt target shipments in October 2013 and anticipates resumption of irradiation in early 2014. However, it is not certain that the INL contractor will permit continued irradiation of the in-process cobalt targets currently stored at the reactor site. The Company is working through technical issues with the INL contractor, and, if not resolved, the Company will not be able to resume irradiation of these targets and would be forced to write down the value of the Work in Process assigned to this material and sell or salvage these targets. Because cobalt takes approximately three years to produce, not being able to continue irradiation of these targets would cause about a three year gap in new cobalt production. To mitigate the impact of these delays and interruptions to the Company’s cobalt production activities, the Company is investigating alternative sources of cobalt supply, evaluating possible sales of lower activity cobalt already in process, looking at alternative forms of cobalt that could be substituted in some products, and identifying additional reactors for long term cobalt irradiation. | |
Nuclear Medicine Reference and Calibration Standard manufacturing is conducted under an exclusive contract with RadQual, which in turn has an agreement in place with several companies for distributing the product. The majority of the radiochemical products sold by the Company are provided through a supply agreement with a single entity. A loss of any of these customers or suppliers could adversely affect operating results by causing a delay in production or a possible loss of sales. | |
Contingencies | |
Because all of the Company’s business segments involve radioactive material, the Company is required to have an operating license from the NRC and specially trained staff to handle these materials. The Company has an NRC operating license and has amended this license several times to increase the amount of material permitted within its facility. Additional processing capabilities and license amendments could be implemented that would permit processing of other reactor-produced radioisotopes by the Company. Should this occur, the current license does not restrict the volume of business operation performed or projected to be performed in the upcoming year. Previously, the Company maintained an irrevocable, automatically renewable letter of credit against a Certificate of Deposit at Wells Fargo Bank to provide the financial assurance required by the NRC for the operating license. However, in April 2012, that letter of credit was replaced by a surety bond issued by Argonaut Insurance Company naming the NRC as beneficiary. The surety bond renews annually and requires a letter of credit against a certificate of deposit at Wells Fargo Bank in the amount of 50% of the face value of the surety bond. In April 2012, the Company placed $203,177 into a certificate of deposit for this purpose. At September 30, 2013, the restricted certificate of deposit totaled $203,531. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(9) Subsequent Events | |
In October 2013, in accordance with the Company’s employee stock purchase plan, the Company issued 30,326 shares of common stock to employees in exchange for proceeds of $2,320. | |
On November 11, 2013, the Company’s Compensation Committee approved the re-pricing of 11,850,000 outstanding stock options. The stock options all had a stated exercise price per share that was substantially above the fair market value of the Company’s common stock and members of the Committee concluded that re-pricing would provide incentive for the holders of the options. The Company is currently valuing the re-pricing of the options. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
(10) Segment Information | |||||||||||||
The Company has six reportable segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. Information regarding the operations and assets of these reportable business segments is contained in the following table: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Sale of Product | 2013 | 2012 | 2013 | 2012 | |||||||||
Radiochemical Products | $ | 450,285 | $ | 443,127 | $ | 1,316,909 | $ | 1,230,161 | |||||
Cobalt Products | 332,295 | 202,545 | 777,424 | 1,035,975 | |||||||||
Nuclear Medicine Standards | 736,238 | 1,021,230 | 2,455,987 | 3,223,359 | |||||||||
Radiological Services | 143,380 | 64,006 | 484,416 | 129,889 | |||||||||
Fluorine Products | - | - | - | - | |||||||||
Transportation | 18,498 | 62,575 | 118,798 | 166,392 | |||||||||
Total Segments | 1,680,696 | 1,793,483 | 5,153,534 | 5,785,775 | |||||||||
Corporate revenue | - | - | - | - | |||||||||
Total Consolidated | $ | 1,680,696 | $ | 1,793,483 | $ | 5,153,534 | $ | 5,785,775 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Depreciation and Amortization | 2013 | 2012 | 2013 | 2012 | |||||||||
Radiochemical Products | $ | 9,511 | $ | 9,293 | $ | 28,098 | $ | 27,880 | |||||
Cobalt Products | 18,572 | 24,238 | 62,226 | 71,084 | |||||||||
Nuclear Medicine Standards | 5,213 | 5,360 | 15,642 | 16,080 | |||||||||
Radiological Services | 1,580 | 2,599 | 5,258 | 7,799 | |||||||||
Fluorine Products | 32,794 | 37,883 | 154,936 | 141,186 | |||||||||
Transportation | 3,314 | 3,314 | 9,942 | 10,060 | |||||||||
Total Segments | 70,984 | 82,687 | 276,102 | 274,089 | |||||||||
Corporate depreciation and amortization | 30,456 | 16,944 | 39,595 | 29,133 | |||||||||
Total Consolidated | $ | 101,440 | $ | 99,631 | $ | 315,697 | $ | 303,222 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Segment Income (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||
Radiochemical Products | $ | 75,153 | $ | 18,471 | $ | 198,949 | $ | 36,727 | |||||
Cobalt Products | 109,987 | 40,889 | 179,744 | 292,490 | |||||||||
Nuclear Medicine Standards | 134,699 | 139,092 | 449,366 | 455,731 | |||||||||
Radiological Services | 19,749 | 50,931 | 219,712 | 84,298 | |||||||||
Fluorine Products | -127,989 | -246,259 | -685,134 | -804,737 | |||||||||
Transportation | -5,702 | 2,976 | 338 | -21,726 | |||||||||
Total Segments | 205,897 | 6,099 | 362,974 | 42,783 | |||||||||
Corporate loss | -630,004 | -597,625 | -1,855,183 | -1,739,687 | |||||||||
Net Loss | $ | -424,107 | $ | -591,526 | $ | -1,492,209 | $ | -1,696,905 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Expenditures for Segment Assets | 2013 | 2012 | 2013 | 2012 | |||||||||
Radiochemical Products | $ | 4,356 | $ | - | $ | 4,356 | $ | 2,793 | |||||
Cobalt Products | -6,668 | - | - | 31,742 | |||||||||
Nuclear Medicine Standards | - | 2,012 | 3,540 | 2,835 | |||||||||
Radiological Services | 72,292 | 255,000 | 95,612 | 255,000 | |||||||||
Fluorine Products | 126,983 | 390,982 | 393,580 | 1,522,737 | |||||||||
Transportation | - | - | - | - | |||||||||
Total Segments | 196,963 | 647,994 | 497,088 | 1,815,107 | |||||||||
Corporate purchases | - | - | 2,937 | 3,414 | |||||||||
Total Consolidated | $ | 196,963 | $ | 647,994 | $ | 500,025 | $ | 1,818,522 | |||||
September 30, | December 31, | ||||||||||||
Segment Assets | 2013 | 2012 | |||||||||||
Radiochemical Products | $ | 217,584 | $ | 229,516 | |||||||||
Cobalt Products | 1,350,963 | 1,510,183 | |||||||||||
Nuclear Medicine Standards | 554,980 | 451,252 | |||||||||||
Radiological Services | 397,488 | 267,414 | |||||||||||
Fluorine Products | 6,103,190 | 6,239,235 | |||||||||||
Transportation | 15,796 | 29,734 | |||||||||||
Total Segments | 8,640,001 | 8,727,334 | |||||||||||
Corporate assets | 3,736,825 | 3,314,571 | |||||||||||
Total Consolidated | $ | 12,376,826 | $ | 12,041,905 | |||||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation – The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its 50% owned joint venture, TI Services, LLC. All intercompany accounts and transactions have been eliminated in consolidation. | |
Interim Financial Information | ' |
Interim Financial Information – The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Schedule of Inventory Current | ' | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Raw materials | $ | 247,667 | $ | 247,914 | ||
Work in progress | 1,286,671 | 993,343 | ||||
Finished goods | 44,348 | 43,304 | ||||
$ | 1,578,686 | $ | 1,284,561 |
Stockholders_Equity_Options_an1
Stockholders' Equity, Options and Warrants (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Schedule of Share-Based Compensation Stock Option Activity | ' | ||||||||||
Fixed Options | Shares | Weighted | Weighted | Aggregate | |||||||
Average | Average | Intrinsic | |||||||||
Exercise | Remaining | Value | |||||||||
Price | Contractual Life | ||||||||||
Outstanding at December 31, 2012 | 17,700,000 | $ | 0.25 | ||||||||
Granted | 750,000 | 0.15 | |||||||||
Exercised | -2,000,000 | 0.03 | $ | 260,000 | |||||||
Forfeited | - | ||||||||||
Outstanding at September 30, 2013 | 16,450,000 | 0.25 | 3.9 | $ | 215,500 | ||||||
Exercisable at September 30, 2013 | 14,200,000 | $ | 0.26 | 4.5 | $ | 148,000 | |||||
Schedule of Nonvested Restricted Stock Units Activity | ' | ||||||||||
Restricted Stock Awards | Shares | ||||||||||
Non-vested at December 31, 2012 | 151,720 | ||||||||||
Granted | - | ||||||||||
Vested | -151,720 | ||||||||||
Forfeited | - | ||||||||||
Non-vested at September 30, 2013 | - | ||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights | ' | ||||||||||
Warrants | |||||||||||
Outstanding at December 31, 2012 | 38,059,303 | ||||||||||
Issued | - | ||||||||||
Exercised | -18,301,352 | ||||||||||
Forfeited | - | ||||||||||
Outstanding at September 30, 2013 | 19,757,951 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Sale of Product | 2013 | 2012 | 2013 | 2012 | |||||||||
Radiochemical Products | $ | 450,285 | $ | 443,127 | $ | 1,316,909 | $ | 1,230,161 | |||||
Cobalt Products | 332,295 | 202,545 | 777,424 | 1,035,975 | |||||||||
Nuclear Medicine Standards | 736,238 | 1,021,230 | 2,455,987 | 3,223,359 | |||||||||
Radiological Services | 143,380 | 64,006 | 484,416 | 129,889 | |||||||||
Fluorine Products | - | - | - | - | |||||||||
Transportation | 18,498 | 62,575 | 118,798 | 166,392 | |||||||||
Total Segments | 1,680,696 | 1,793,483 | 5,153,534 | 5,785,775 | |||||||||
Corporate revenue | - | - | - | - | |||||||||
Total Consolidated | $ | 1,680,696 | $ | 1,793,483 | $ | 5,153,534 | $ | 5,785,775 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Depreciation and Amortization | 2013 | 2012 | 2013 | 2012 | |||||||||
Radiochemical Products | $ | 9,511 | $ | 9,293 | $ | 28,098 | $ | 27,880 | |||||
Cobalt Products | 18,572 | 24,238 | 62,226 | 71,084 | |||||||||
Nuclear Medicine Standards | 5,213 | 5,360 | 15,642 | 16,080 | |||||||||
Radiological Services | 1,580 | 2,599 | 5,258 | 7,799 | |||||||||
Fluorine Products | 32,794 | 37,883 | 154,936 | 141,186 | |||||||||
Transportation | 3,314 | 3,314 | 9,942 | 10,060 | |||||||||
Total Segments | 70,984 | 82,687 | 276,102 | 274,089 | |||||||||
Corporate depreciation and amortization | 30,456 | 16,944 | 39,595 | 29,133 | |||||||||
Total Consolidated | $ | 101,440 | $ | 99,631 | $ | 315,697 | $ | 303,222 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Segment Income (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||
Radiochemical Products | $ | 75,153 | $ | 18,471 | $ | 198,949 | $ | 36,727 | |||||
Cobalt Products | 109,987 | 40,889 | 179,744 | 292,490 | |||||||||
Nuclear Medicine Standards | 134,699 | 139,092 | 449,366 | 455,731 | |||||||||
Radiological Services | 19,749 | 50,931 | 219,712 | 84,298 | |||||||||
Fluorine Products | -127,989 | -246,259 | -685,134 | -804,737 | |||||||||
Transportation | -5,702 | 2,976 | 338 | -21,726 | |||||||||
Total Segments | 205,897 | 6,099 | 362,974 | 42,783 | |||||||||
Corporate loss | -630,004 | -597,625 | -1,855,183 | -1,739,687 | |||||||||
Net Loss | $ | -424,107 | $ | -591,526 | $ | -1,492,209 | $ | -1,696,905 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Expenditures for Segment Assets | 2013 | 2012 | 2013 | 2012 | |||||||||
Radiochemical Products | $ | 4,356 | $ | - | $ | 4,356 | $ | 2,793 | |||||
Cobalt Products | -6,668 | - | - | 31,742 | |||||||||
Nuclear Medicine Standards | - | 2,012 | 3,540 | 2,835 | |||||||||
Radiological Services | 72,292 | 255,000 | 95,612 | 255,000 | |||||||||
Fluorine Products | 126,983 | 390,982 | 393,580 | 1,522,737 | |||||||||
Transportation | - | - | - | - | |||||||||
Total Segments | 196,963 | 647,994 | 497,088 | 1,815,107 | |||||||||
Corporate purchases | - | - | 2,937 | 3,414 | |||||||||
Total Consolidated | $ | 196,963 | $ | 647,994 | $ | 500,025 | $ | 1,818,522 | |||||
September 30, | December 31, | ||||||||||||
Segment Assets | 2013 | 2012 | |||||||||||
Radiochemical Products | $ | 217,584 | $ | 229,516 | |||||||||
Cobalt Products | 1,350,963 | 1,510,183 | |||||||||||
Nuclear Medicine Standards | 554,980 | 451,252 | |||||||||||
Radiological Services | 397,488 | 267,414 | |||||||||||
Fluorine Products | 6,103,190 | 6,239,235 | |||||||||||
Transportation | 15,796 | 29,734 | |||||||||||
Total Segments | 8,640,001 | 8,727,334 | |||||||||||
Corporate assets | 3,736,825 | 3,314,571 | |||||||||||
Total Consolidated | $ | 12,376,826 | $ | 12,041,905 |
The_Company_and_Basis_of_Prese1
The Company and Basis of Presentation (Details Narrative) | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Joint venture with TI Services, LLC- percentage ownership | 50.00% |
Current_Developments_and_Liqui1
Current Developments and Liquidity (Details Narrative) (USD $) | 1 Months Ended | |
Jul. 31, 2013 | Aug. 31, 2011 | |
Current Developments And Liquidity | ' | ' |
Property acquisition | ' | 'In August 2011, the Company completed the acquisition of property for the planned uranium de-conversion facility with Lea County, New Mexico. The property is a 640 acre parcel that was offered to the Company as part of an incentives package prepared by the Economic Development Corporation of Lea County. Pursuant to a project participation agreement and an industrial revenue bond transaction, the property was transferred to the Company in accordance with the Local Economic Development Act of Lea County, New Mexico. Under the project participation agreement, the Company is required to commence construction on the facility no later than December 2014 and to substantially complete Phase 1 of the facility and have hired at least 75 persons by December 2015. If the Company fails to perform either of these obligations, and at the time of such failure has not secured financing for Phase 1 of the facility and expended at least $200,000 in costs of improvement of the property, then the Company must either 1) re-convey the property to Lea County, New Mexico, or 2) purchase the property from Lea County in accordance with the project participation agreement, or 3) renegotiate a modification to extend the term and commitment dates in the agreement with Lea County. |
Revenue from grant | $80,000 | ' |
Net_Loss_Per_Common_Share_Basi1
Net Loss Per Common Share - Basic and Diluted (Details Narrative) | 9 Months Ended | ||
Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Stock options outstanding | 17,700,000 | 16,450,000 | ' |
Warrants outstanding | 38,059,303 | 19,757,951 | 38,059,303 |
Restricted stock awards outstanding | 178,525 | ' | ' |
Series B redeemable convertible preferred stock outstanding | 425,000 | 425,000 | ' |
Investment_Details_Narrative
Investment (Details Narrative) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
Ownership interest in RadQual, LLC | 24.50% | ' |
Accounts receivable, RadQual, LLC | $439,641 | $489,524 |
Revenues, RadQual, LLC | $2,360,178 | $2,373,210 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $247,667 | $247,914 |
Work in progress | 1,286,671 | 993,343 |
Finished goods | 44,348 | 43,304 |
Total inventory | $1,578,686 | $1,284,561 |
Inventories_Details_Narrative
Inventories (Details Narrative) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Inventory - cobalt carrying value | $822,556 | $830,137 |
Stockholders_Equity_Options_an2
Stockholders' Equity, Options and Warrants (Details 1) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding [Roll Forward] | ' |
Shares outstanding at beginning of period | 17,700,000 |
Shares granted | 750,000 |
Shares exercised | -2,000,000 |
Shares outstanding at end of period | 16,450,000 |
Shares exercisable at end of period | 14,200,000 |
Weighted average exercise price outstanding at beginning of period | $0.25 |
Weighted average exercise price granted | $0.15 |
Weighted average exercise price exercised | $0.03 |
Weighted average exercise price outstanding at end of period | $0.25 |
Weighted average exercise price exercisable at end of period | $0.26 |
Weighted average remaining contractual life outstanding at end of period | '3 years 11 months |
Weighted average remaining contractual life exercisable at end of period | '4 years 6 months |
Aggregate intrinsic value exercised | $260,000 |
Aggregate intrinsic value outstanding at end of period | 215,500 |
Aggregate intrinsic value exercisable at end of period | $148,000 |
Stockholders_Equity_Options_an3
Stockholders' Equity, Options and Warrants (Details 2) | 9 Months Ended |
Sep. 30, 2013 | |
Share-Based Compensation Arrangement By Share-Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | ' |
Restricted stock awards non-vested at beginning of period | 151,720 |
Restricted stock awards vested (shares) | -151,720 |
Restricted stock awards non-vested at end of period | 0 |
Stockholders_Equity_Options_an4
Stockholders' Equity, Options and Warrants (Details 3) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Class of Warrant or Right [Roll Forward] | ' | ' |
Warrants outstanding, beginning of period | 38,059,303 | 38,059,303 |
Warrants exercised | -18,301,352 | ' |
Warrants outstanding, end of period | 19,757,951 | 38,059,303 |
Stockholders_Equity_Options_an5
Stockholders' Equity, Options and Warrants (Details Narrative) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Feb. 28, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Convertible Debentures | Convertible Debentures | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Stock-Based Compensation Plans | Stock-Based Compensation Plans | Stock-Based Compensation Plans | Restricted Stock Grants | Restricted Stock Grants | Warrant Activity | ||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value | ' | $1,060,000 | $3,069,900 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | 10.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | 31-Jul-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price | ' | $0.14 | $0.23 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued, price per share | ' | ' | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' |
Terms | ' | ' | 'In July 2012, the Company entered into a securities purchase agreement with certain institutional and private investors pursuant to which it sold convertible debentures. These debentures are convertible at any time into shares of the Company's common stock, subject to adjustment in certain conditions. Under certain conditions, the Company may force the conversion of the debentures any time following the one year anniversary of the closing date. After the second anniversary of the closing date, the Company will have the right to redeem all or part of the debentures at any time prior to the maturity date. The Company also has the right prior to the second anniversary of the closing date to redeem all or part of the debentures if the Company successfully consummates a financing of the proposed Hobbs, New Mexico de-conversion facility in the amount of at least $25 million. Any redemption of the debentures by the Company requires the payment of a redemption fee as set forth in the debentures. Each investor also received a common stock purchase warrant to purchase common stock equal to twenty five percent (25%) of the shares issuable upon conversion of the debentures. The warrants have a term of five years. | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | ' | ' | 2,703,144 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, warrants or options | ' | ' | 366,756 | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial conversion feature | ' | 75,715 | 25,656 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued to placement agent | ' | ' | 1,091,497 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued to placement agent, fair value | ' | ' | 133,285 | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate | ' | ' | 0.65% | ' | ' | ' | 1.87% | ' | ' | ' | ' |
Expected volatility | ' | ' | 88.00% | ' | ' | ' | 84.62% | ' | ' | ' | ' |
Expected life | ' | ' | '5 years | ' | ' | ' | '10 years | ' | ' | ' | ' |
Common stock issued to employees, shares | ' | ' | ' | 63,646 | 99,636 | ' | ' | ' | ' | ' | ' |
Common stock issued to employees, value | ' | ' | ' | 8,241 | 10,272 | ' | ' | ' | ' | ' | ' |
2006 Equity Incentive Plan, nonqualified stock options, issued | ' | ' | ' | ' | ' | ' | 750,000 | ' | 175,000 | ' | ' |
2006 Equity Incentive Plan, nonqualified stock options, exercise price | $0.15 | ' | ' | ' | ' | ' | $0.15 | ' | ' | ' | ' |
2006 Equity Incentive Plan, vest | ' | ' | ' | ' | ' | ' | 'Vest 25% on the first anniversay of the grant date with 25% vesting after each additional one-year period of continuous service. | ' | ' | ' | ' |
2006 Equity Incentive Plan, expiration period | ' | ' | ' | ' | ' | ' | 31-Jan-23 | ' | ' | ' | ' |
2006 Equity Incentive Plan, fair value, per share | ' | ' | ' | ' | ' | ' | $0.14 | ' | ' | ' | ' |
Unrecognized compensation expense related to stock options | ' | ' | ' | ' | ' | ' | ' | 136,444 | ' | ' | ' |
Re-price stock options, description | ' | ' | ' | ' | ' | ' | 'The Company re-priced 600,000 options which had an original exercise price of $0.32 per share and expire in May 2019. The stock options were adjusted to an exercise price of $0.15 per share with the expiration date remaining May 2019. | ' | ' | ' | ' |
Re-price stock options, additional equity compensation recognized | ' | ' | ' | ' | ' | ' | 11,145 | ' | ' | ' | ' |
Re-price stock options, risk free interest rate | ' | ' | ' | ' | ' | ' | 1.26% | ' | ' | ' | ' |
Re-price stock options, expected volatility | ' | ' | ' | ' | ' | ' | 84.20% | ' | ' | ' | ' |
Re-price stock options, expected life | ' | ' | ' | ' | ' | ' | '6 years 11 months | ' | ' | ' | ' |
Total stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 179,818 | 222,958 | ' |
Proceeds received from issuance of stock | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | 427,889 |
Common stock issued | ' | ' | ' | ' | ' | 1,793,104 | ' | ' | ' | ' | 6,852,972 |
Proceeds applied to outstanding interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $110,733 |
Notes_Payable_Details_Narrativ
Notes Payable (Details Narrative) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Apr. 30, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Long term note payable | ' | $596,816 |
Long term note payable, periodic payments | $17,500 | ' |
Long term note payable, frequency of payments | 'Monthly | ' |
Long term note payable, accrued interest rate | 1.00% | ' |
Long term note payable, maturity date | 15-Feb-16 | ' |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (Subsequent Event, Common Stock, USD $) | 1 Months Ended |
Nov. 11, 2013 | |
Subsequent Event | Common Stock | ' |
Subsequent Event [Line Items] | ' |
Common stock issued to employees, shares | 30,326 |
Common stock issued to employees, value | $2,320 |
Stock options repriced, number | 11,850,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | $1,680,696 | $1,793,483 | $5,153,534 | $5,785,775 | ' |
Depreciation and Amortization | ' | ' | 315,697 | 303,222 | ' |
Segment Income (Loss) | -424,107 | -591,526 | -1,492,209 | -1,696,905 | ' |
Segment Assets | 12,376,826 | ' | 12,376,826 | ' | 12,041,905 |
Radiochemical Products | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 450,285 | 443,127 | 1,316,909 | 1,230,161 | ' |
Depreciation and Amortization | 9,511 | 9,293 | 28,098 | 27,880 | ' |
Segment Income (Loss) | 75,153 | 18,471 | 198,949 | 36,727 | ' |
Expenditures for Segment Assets | 4,356 | 0 | 4,356 | 2,793 | ' |
Segment Assets | 217,584 | ' | 217,584 | ' | 229,516 |
Cobalt Products | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 332,295 | 202,545 | 777,424 | 1,035,975 | ' |
Depreciation and Amortization | 18,572 | 24,238 | 62,226 | 71,084 | ' |
Segment Income (Loss) | 109,987 | 40,889 | 179,744 | 292,490 | ' |
Expenditures for Segment Assets | -6,668 | 0 | 0 | 31,742 | ' |
Segment Assets | 1,350,963 | ' | 1,350,963 | ' | 1,510,183 |
Nuclear Medicine Standards | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 736,238 | 1,021,230 | 2,455,987 | 3,223,359 | ' |
Depreciation and Amortization | 5,213 | 5,360 | 15,642 | 16,080 | ' |
Segment Income (Loss) | 134,699 | 139,092 | 449,366 | 455,731 | ' |
Expenditures for Segment Assets | 0 | 2,012 | 3,540 | 2,835 | ' |
Segment Assets | 554,980 | ' | 554,980 | ' | 451,252 |
Radiological Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 143,380 | 64,006 | 484,416 | 129,889 | ' |
Depreciation and Amortization | 1,580 | 2,599 | 5,258 | 7,799 | ' |
Segment Income (Loss) | 19,749 | 50,931 | 219,712 | 84,298 | ' |
Expenditures for Segment Assets | 72,292 | 255,000 | 95,612 | 255,000 | ' |
Segment Assets | 397,488 | ' | 397,488 | ' | 267,414 |
Fluorine Products | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 0 | 0 | 0 | 0 | ' |
Depreciation and Amortization | 32,794 | 37,883 | 154,936 | 141,186 | ' |
Segment Income (Loss) | -127,989 | -246,259 | -685,134 | -804,737 | ' |
Expenditures for Segment Assets | 126,983 | 390,982 | 393,580 | 1,522,737 | ' |
Segment Assets | 6,103,190 | ' | 6,103,190 | ' | 6,239,235 |
Transportation | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 18,498 | 62,575 | 118,798 | 166,392 | ' |
Depreciation and Amortization | 3,314 | 3,314 | 9,942 | 10,060 | ' |
Segment Income (Loss) | -5,702 | 2,976 | 338 | -21,726 | ' |
Expenditures for Segment Assets | 0 | 0 | 0 | 0 | ' |
Segment Assets | 15,796 | ' | 15,796 | ' | 29,734 |
Segments Total | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 1,680,696 | 1,793,483 | 5,153,534 | 5,785,775 | ' |
Depreciation and Amortization | 70,984 | 82,687 | 276,102 | 274,089 | ' |
Segment Income (Loss) | 205,897 | 6,099 | 362,974 | 42,783 | ' |
Expenditures for Segment Assets | 196,963 | 647,994 | 497,088 | 1,815,107 | ' |
Segment Assets | 8,640,001 | ' | 8,640,001 | ' | 8,727,334 |
Corporate Allocation | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 0 | 0 | 0 | 0 | ' |
Depreciation and Amortization | 30,456 | 16,944 | 39,595 | 29,133 | ' |
Segment Income (Loss) | -630,004 | -597,625 | -1,855,183 | -1,739,687 | ' |
Expenditures for Segment Assets | 0 | 0 | 2,937 | 3,414 | ' |
Segment Assets | 3,736,825 | ' | 3,736,825 | ' | 3,314,571 |
Consolidated Total | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 1,680,696 | 1,793,483 | 5,153,534 | 5,785,775 | ' |
Depreciation and Amortization | 101,440 | 99,631 | 315,697 | 303,222 | ' |
Segment Income (Loss) | -424,107 | -591,526 | -1,492,209 | -1,696,905 | ' |
Expenditures for Segment Assets | 196,963 | 647,994 | 500,025 | 1,818,522 | ' |
Segment Assets | $12,376,826 | ' | $12,376,826 | ' | $12,041,905 |