Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 03, 2014 | Jun. 28, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'INTERNATIONAL ISOTOPES INC | ' | ' |
Entity Central Index Key | '0001038277 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-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 Public Float | ' | ' | $26,028,969 |
Entity Common Stock, Shares Outstanding | ' | 369,178,724 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash and cash equivalents | $456,374 | $546,143 |
Accounts receivable | 1,046,403 | 861,790 |
Inventories | 1,478,349 | 1,284,561 |
Prepaids and other current assets | 613,795 | 751,417 |
Total current assets | 3,594,921 | 3,443,911 |
Long-term assets | ' | ' |
Restricted certificate of deposit | 204,222 | 203,177 |
Property, plant and equipment, net | 2,271,153 | 2,323,262 |
Capitalized lease disposal costs, net | 90,199 | 102,499 |
Investment | 1,368,808 | 1,393,866 |
Patents and other intangibles, net | 4,478,711 | 4,575,190 |
Total long-term assets | 8,413,093 | 8,597,994 |
Total assets | 12,008,014 | 12,041,905 |
Current liabilities | ' | ' |
Accounts payable | 732,449 | 1,328,631 |
Accrued liabilities | 610,759 | 465,020 |
Current installments of notes payable net of debt discount | 341,373 | 100,000 |
Total current liabilities | 1,684,581 | 1,893,651 |
Long-term liabilities | ' | ' |
Convertible debt net of debt discount | 3,806,452 | 2,711,235 |
Notes payable net of current portion | 254,198 | 0 |
Obligation for lease disposal costs | 566,369 | 523,238 |
Mandatorily redeemable convertible preferred stock | 850,000 | 850,000 |
Total long-term liabilities | 5,477,019 | 4,084,473 |
Total liabilities | 7,161,600 | 5,978,124 |
Stockholders' Equity | ' | ' |
Common stock | 3,691,314 | 3,602,597 |
Additional paid-in capital | 117,783,738 | 116,604,260 |
Accumulated deficit | -116,697,147 | -114,235,302 |
Equity attributable to International Isotopes Inc. stockholders | 4,777,905 | 5,971,555 |
Equity attributable to noncontrolling interest | 68,509 | 92,226 |
Total equity | 4,846,414 | 6,063,781 |
Total liabilities and stockholders' equity | $12,008,014 | $12,041,905 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 369,130,899 | 360,259,221 |
Common stock, shares outstanding | 369,130,899 | 360,259,221 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ' | ' |
Sale of product | $6,849,150 | $7,621,934 |
Cost of product | 4,313,543 | 4,970,033 |
Gross profit | 2,535,607 | 2,651,901 |
Operating costs and expenses: | ' | ' |
Salaries and contract labor | 1,801,433 | 1,899,225 |
General, administrative and consulting | 2,126,379 | 1,946,105 |
Research and development | 706,048 | 990,021 |
Total operating expenses | 4,633,860 | 4,835,351 |
Operating loss | -2,098,253 | -2,183,450 |
Other income (expense): | ' | ' |
Other income (expense) | 22,929 | 49,982 |
Equity in net income of affiliate | 57,650 | 54,463 |
Interest income | 1,147 | 502 |
Interest expense | -469,035 | -203,596 |
Total other (expense) | -387,309 | -98,649 |
Net loss | -2,485,562 | -2,282,099 |
Loss attributable to non-controlling interest | -23,717 | -41,289 |
Net loss attributable to International Isotopes Inc. | ($2,461,845) | ($2,240,810) |
Net loss per common share - basic and diluted | ($0.01) | ($0.01) |
Weighted average common shares outstanding - basic and diluted | 365,201,905 | 359,893,961 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Equity Attributable To International Isotopes Shareholders | Equity Attributable To Noncontrolling Interest | Total |
Beginning balance - value at Dec. 31, 2011 | $3,572,024 | $115,719,376 | ($111,994,492) | $7,296,908 | $133,516 | $7,430,424 |
Beginning balance - shares at Dec. 31, 2011 | 357,202,750 | ' | ' | ' | ' | ' |
Shares issued under employee stock purchase plan | 1,201 | 11,710 | ' | 12,911 | ' | 12,911 |
Shares issued under employee stock purchase plan - shares | 119,227 | ' | ' | ' | ' | ' |
Shares issued for exercise of employee stock options | 26,854 | 23,146 | ' | 50,000 | ' | 50,000 |
Shares issued for exercise of employee stock options - shares | 2,685,457 | ' | ' | ' | ' | ' |
Shares issued for conversion of shareholder note | 2,042 | 38,792 | ' | 40,834 | ' | 40,834 |
Shares issued for conversion of shareholder note - shares | 204,167 | ' | ' | ' | ' | ' |
Stock grant | 476 | -476 | ' | 0 | ' | 0 |
Stock grant - shares | 47,620 | ' | ' | ' | ' | ' |
Convertible debentures beneficial conversion feature | ' | 25,656 | ' | 25,656 | ' | 25,656 |
Warrants issued with convertible debentures | ' | 500,041 | ' | 500,041 | ' | 500,041 |
Stock based compensation | ' | 286,015 | ' | 286,015 | ' | 286,015 |
Net loss attributable to the noncontrolling interest | ' | ' | ' | ' | -41,289 | -41,289 |
Net loss | ' | ' | -2,240,810 | -2,240,810 | ' | -2,240,810 |
Ending balance - value at Dec. 31, 2012 | 3,602,597 | 116,604,260 | -114,235,302 | 5,971,555 | 92,226 | 6,063,781 |
Ending balance - shares at Dec. 31, 2012 | 360,259,221 | ' | ' | ' | ' | ' |
Shares issued under employee stock purchase plan | 939 | 9,621 | ' | 10,560 | ' | 10,560 |
Shares issued under employee stock purchase plan - shares | 93,970 | ' | ' | ' | ' | ' |
Shares issued for exercise of employee stock options | 17,931 | 12,069 | ' | 30,000 | ' | 30,000 |
Shares issued for exercise of employee stock options - shares | 1,793,104 | ' | ' | ' | ' | ' |
Shares issued with exercise of warrants | 67,280 | 353,109 | ' | 420,389 | ' | 420,389 |
Shares issued with exercise of warrants, shares | 6,727,972 | ' | ' | ' | ' | ' |
Stock grant | 2,567 | -2,567 | ' | ' | ' | 0 |
Stock grant - shares | 256,632 | ' | ' | ' | ' | ' |
Convertible debentures beneficial conversion feature | ' | 75,715 | ' | 75,715 | ' | 75,715 |
Warrants issued with convertible debentures | ' | 383,025 | ' | 383,025 | ' | 383,025 |
Stock based compensation | ' | 348,506 | ' | 348,506 | ' | 348,506 |
Net loss attributable to the noncontrolling interest | ' | ' | ' | ' | -23,717 | -23,717 |
Net loss | ' | ' | -2,461,845 | -2,461,845 | ' | -2,461,845 |
Ending balance - value at Dec. 31, 2013 | $3,691,314 | $117,783,738 | ($116,697,147) | $4,777,905 | $6,859 | $4,846,414 |
Ending balance - shares at Dec. 31, 2013 | 369,130,899 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($2,485,562) | ($2,282,099) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Net income in equity method investment | -57,650 | -54,463 |
Depreciation and amortization | 415,607 | 415,181 |
Loss on disposal of property, plant and equipment | 307,402 | 0 |
Accretion of obligation for lease disposal costs | 43,131 | 39,847 |
Accretion of beneficial conversion feature | 37,580 | 33,747 |
Equity based compensation | 348,506 | 286,015 |
Noncash interest expense | 202,228 | 40,834 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -184,613 | -58,440 |
Prepaids and other assets | 137,622 | -491,126 |
Inventories | -193,788 | 180,732 |
Accounts payable and accrued liabilities | 35,639 | -844,980 |
Net cash used in operating activities | -1,393,898 | -2,734,752 |
Cash flows from investing activities: | ' | ' |
Restricted certificate of deposit | -1,045 | 225,709 |
Dividends received from equity method investment | 82,708 | 83,352 |
Proceeds from sale of property, plant and equipment | 9,980 | 0 |
Purchase of property, plant and equipment | -572,101 | -1,835,313 |
Net cash used in investing activities | -480,458 | -1,526,252 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of convertible debentures | 1,060,000 | 2,969,900 |
Proceeds from issuance of debt | 500,000 | 0 |
Proceeds from sale of stock | 460,949 | 62,910 |
Principal payments on notes payable and capital leases | -236,362 | -328,359 |
Net cash provided by financing activities | 1,784,587 | 2,704,451 |
Net change in cash and cash equivalents | -89,769 | -1,556,553 |
Cash and cash equivalents at beginning of year | 546,143 | 2,102,696 |
Cash and cash equivalents at end of year | 456,374 | 546,143 |
Supplemental disclosure of cash flow activities: | ' | ' |
Cash paid for interest | 200,375 | 288,017 |
Supplemental disclosure of noncash financing and investing transactions: | ' | ' |
Increase in equity and decrease in debt 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 |
Increase in equity and decrease in debt for amount allocated to warrants issued with convertible debentures | 383,025 | 366,756 |
Decrease in accrued interest through warrant exercise | 110,733 | 0 |
Increase in equity and prepaid interest for stock issuance in lieu of interest on note | ' | 40,834 |
Increase in equity and prepaids for fees paid in connection with the issuance of the convertible debentures | 0 | 133,285 |
Partial settlement of note payable through conversion to convertible debentures | $0 | $100,000 |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Description of Business and Significant Accounting Policies | ' | |||
NOTE 1 – DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | ||||
Description of business | ||||
International Isotopes Inc. (the “Company”) was incorporated in Texas in November 1995. The accompanying 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., International Isotopes Fluorine Products, Inc., and International Isotopes Transportation Services, Inc. The consolidated financial statements also include the accounts of the Company’s 50%-owned joint venture, TI Services, LLC, which is located in Ohio. Intercompany balances and transactions have been eliminated in consolidation. 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 the business are classified as current assets. | ||||
Principles of consolidation – The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its 50%-owned joint venture, TI Services, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||
Significant accounting policies | ||||
a) Financial instruments and cash equivalents | ||||
The carrying value of notes payable approximates fair value because they bear interest at rates which approximate market rates. | ||||
Cash and cash equivalents, totaling $456,374 and $546,143 at December 31, 2013 and 2012, respectively, consist of operating accounts, money market accounts, and certificates of deposit. For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid financial instruments with original maturities of three months or less at date of purchase to be cash equivalents. | ||||
At December 31, 2013 and 2012, the Company had pledged certificates of deposit valued at $204,222 and $203,177, respectively, as security on letters of credit. The letters of credit are required as part of the operating license agreement with the Nuclear Regulatory Commission (NRC). Previously, the Company maintained an irrevocable, automatically renewable letter of credit against a Certificate of Deposit 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 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 December 31, 2013, restricted cash consisted of the new certificate of deposit in the amount of $204,222. | ||||
b) Accounts receivable | ||||
The Company sells products mainly to recurring customers, wherein the customer’s ability to pay has previously been evaluated. The Company generally does not require collateral. The Company periodically reviews accounts receivable for amounts considered uncollectible. Allowances are provided for uncollectible accounts when deemed necessary. At December 31, 2013 and 2012, the Company recorded no allowance for uncollectible accounts. | ||||
c) Inventories | ||||
Inventories are carried at the lower of cost or market. Cost is determined using the first in, first out method. Work in progress inventory contains product that is undergoing irradiation. This irradiation process can take up to three years to reach high specific activity (HSA) levels. | ||||
d) Property, plant and equipment | ||||
Depreciation on property, plant and equipment is computed using the straight-line method over the estimated useful life of the asset. | ||||
Leasehold improvements are amortized over the shorter of the life of the lease or the service life of the improvements. Maintenance, repairs, and renewals that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains or losses on dispositions of property and equipment are included in the results of operations. | ||||
e) Patents and other intangibles | ||||
Patents and other intangibles are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment at least annually or when events or circumstances arise that indicate the existence of impairment. The Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of the costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2013 and 2012, the Company had no impairment losses related to intangible assets. | ||||
f) Impairment of long-lived assets | ||||
Long-lived assets are reviewed for impairment annually, or when events or circumstances arise that indicate the existence of impairment, using the same evaluation process as described above for patents and other intangibles. Based on the evaluation, assets that had previously been used in the FEP pilot plant testing process were determined to have no future value when the pilot plant was closed in 2013. These assets had a carrying value of approximately $307,000 and were recorded as scrap expense during the year ended December 31, 2013. There was no impairment recorded during the year ended December 31, 2012. | ||||
g) Income taxes | ||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. | ||||
h) Use of estimates | ||||
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. | ||||
i) Revenue recognition | ||||
Revenue is recognized when products are shipped. No warranty coverage or right of return provisions are provided to customers. During the fiscal year ending December 31, 2013, and 2012, the Company had sales to one entity of approximately 44% and 41%, respectively, of its revenues. At December 31, 2013 and 2012, 48% of accounts receivable were from one customer due to such customer’s additional role as a distributor for the Company’s radiochemical and nuclear medicine products. The loss of this customer may result in lower revenues and limit the cash available to grow the business and achieve profitability. | ||||
j) Research and development costs | ||||
The Company had research and development expenses totaling $706,048 in 2013 and $990,021 in 2012. | ||||
k) Share-based compensation | ||||
The Company accounts for issuances of share-based compensation to employees in accordance with GAAP which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). | ||||
For the years ended December 31, 2013 and 2012, the Company recognized share-based compensation expense of $348,506 and $286,015, respectively, related to stock options, warrants and unvested stock grants. This expense is included as part of salaries and contract labor on the accompanying statements of operations. | ||||
l) Net loss per common share – basic and diluted | ||||
Basic loss per share is computed on the basis of the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed on the basis of the weighted-average number of common shares plus all potentially dilutive issuable common shares outstanding during the year. | ||||
At December 31, 2013 and 2012, the Company had the following common stock equivalents outstanding that were not included in the computation of diluted net loss per common share as their effect would have been anti-dilutive, thereby decreasing the net loss per common share: | ||||
December 31, | ||||
2013 | 2012 | |||
Stock options | 16,450,000 | 17,700,000 | ||
Warrants | 27,257,951 | 38,059,303 | ||
Unvested stock awards issued under the 2006 Equity Incentive Plan | - | 151,719 | ||
850 shares of Series B redeemable convertible preferred stock | 425,000 | 425,000 | ||
44,132,951 | 56,336,022 | |||
m) Business segments and related information | ||||
GAAP establishes standards for the way public business enterprises are to report information about operating segments in annual financial statements and requires enterprises to report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosure about products and services, geographic areas and major customers. The Company currently operates in six business segments. | ||||
n) Recently issued accounting standards | ||||
There have been no new accounting pronouncements issued but not yet adopted by the Company that are expected to have a material impact on the Company’s financial statements. |
Business_Condition_and_Liquidi
Business Condition and Liquidity | 12 Months Ended |
Dec. 31, 2013 | |
Business Condition And Liquidity | ' |
Business Condition and Liquidity | ' |
NOTE 2 – BUSINESS CONDITION AND LIQUIDITY | |
The Company has a history of recurring losses with an accumulated deficit of $116,697,147 at December 31, 2013, and a net loss of $2,461,845 for the year then ended. The Company’s working capital, which includes inventory that will not be sold for up to three years, increased by $360,080 in 2013 from the prior year. The Company had net cash used in operating activities of $1,393,898 in 2013. During 2013, the Company sought to improve future cash flows from operating activities by improving operating cost control measures, obtaining additional quality certifications to permit expanded sales of products, and raising capital. The Company’s net loss was $2,461,845 in 2013, compared to a net loss of $2,240,810 in 2012. This is an increase of $221,035, or approximately 10%. | |
In 2004, the Company acquired seven patents for the Fluorine Extraction Process (“FEP”) and began the design and construction of an FEP pilot plant to produce a fluoride gas. The plant was completed to the extent required to conduct some initial production testing in early 2006. During the remainder of 2006 and 2007, the Company expanded the scale of production testing in order to define the operational parameters for regular commercial production and completed installation of additional ancillary equipment and systems. In 2008, the Company produced qualification samples of fluoride gas to provide to a prospective customer. This pilot plant has successfully demonstrated the technical viability of FEP and its ability to produce high-purity fluoride gas, but, because of changing market conditions, the Company is not producing that specific fluoride gas on a commercial scale at this time. From 2009 through 2012, the pilot plant was used to complete the testing program for the development of various fluoride gas analytical processes and testing of certain key components for the planned uranium de-conversion and fluorine extraction processing facility. The Company shut down the pilot facility in 2013 upon the conclusion of the testing. | |
Beginning in 2008, the Company started a major undertaking to construct the first commercial uranium de-conversion facility in the United States (“U.S.”). The Company believes this will provide an excellent commercial opportunity because there is one U.S. company operating and expanding a new uranium enrichment facility, and there are several other proposed new commercial enrichment facilities in various stages of licensing, design, or financing. Collectively, these new U.S. enrichment facilities will produce a large amount of depleted uranium hexafluoride that must be de-converted for disposal. In the process of de-conversion, the Company plans to use the FEP process to produce high-value, high-purity, fluoride gases. | |
In April 2010, the Company entered into an agreement with URENCO USA (“UUSA”), a wholly-owned subsidiary of URENCO Limited, 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. It will require significant capital and time to design, license, and construct such a uranium de-conversion facility before the Company can recognize revenue under this agreement. | |
In August 2011, the Company completed the acquisition of property for the planned uranium de-conversion facility in 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 I 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 I of the facility and expended at least $200,000 in costs of improvement of the property, then the Company must either re-convey the property to Lea County, New Mexico or purchase the property from Lea County in accordance with the project participation agreement. The Company is currently discussing a modification to the agreement with Lea County that would defer the construction start dates by at least several years. 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 the costs paid to Lea County to keep the land. | |
In March 2012, the Company completed an agreement for exclusive sales of radioactive material transportation containers through a worldwide distributor agreement with Alpha-Omega Services, Inc. (“AOS”), of Bellflower, California, signed in August 2007. AOS and the Company had been awaiting Nuclear Regulatory Commission (“NRC”) approval as well as the NRC Certificate of Compliance for the containers in order to begin marketing efforts. The series of AOS model containers should address a wide range of needs for the transportation of radioactive materials and provide the Company with some expanded business opportunities in the Radiological Services and Cobalt Products segments. Sales of these containers are not expected to begin until sometime later in 2014 as the containers become available. | |
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 full-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. There is no required start date for construction of the project under this NRC license. | |
Throughout 2013, the Company made significant efforts to reduce Company operational expense and worked towards improving overall segment and business financial performance. Because of a general slowdown in the growth rate of the nuclear industry the Company has put the de-conversion project on hold until such time that additional commercial uranium enrichment projects move forward in the U.S. Because of this delay, the Company announced in November 2013 that continued formal design work on the de-conversion project was being placed on hold; however, essential items such as NRC licensing and continued interface with customers, New Mexico and Lea County will continue. And the Company intends to continue to explore opportunities to raise funds to support the engineering, construction, and start-up of the planned uranium de-conversion facility through debt financing, equity offerings, or other means once additional contracts for de-conversion service that would fully commit the capacity of the planned facility are obtained. |
Purchased_Asset_and_Investment
Purchased Asset and Investments | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||
Purchased Asset and Investments | ' | |||||
NOTE 3 – PURCHASED ASSET AND INVESTMENTS | ||||||
Interest in RadQual, LLC | ||||||
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 $1,368,808 and is reported as an asset at December 31, 2013. For the year ended December 31, 2013, member distributions from RadQual totaled $82,708 and were recorded as a reduction of the investment, and for the same period in 2012, member distributions totaled $83,352. For the years ended December 31, 2013 and 2012, earnings allocated to the Company from RadQual totaled $57,650 and $54,463, respectively. These allocated earnings were recorded as equity in net income of affiliate on the Company’s consolidated statements of operations. | ||||||
At December 31, 2013 and 2012, the Company had receivables from RadQual in the amount of $400,025 and $417,543, respectively, which are recorded as part of accounts receivable on the Company’s condensed consolidated balance sheets. For the years ended December 31, 2013 and 2012, the Company had revenues from RadQual in the amount of $3,018,822 and $3,157,361, respectively, which are recorded as sale of product on the Company’s consolidated statements of operations. At December 31, 2013, and 2012, TI Services, LLC had payables to RadQual in the amount of $126,000 and $99,000, respectively. | ||||||
Summarized financial information for RadQual as of the years ended December 31 was as follows: | ||||||
2013 | 2012 | |||||
Current assets | $ | 525,000 | $ | 617,000 | ||
Noncurrent assets | 109,000 | 142,000 | ||||
Current liabilities | 399,000 | 441,000 | ||||
Noncurrent liabilities | 190,000 | 156,000 | ||||
Income | 3,980,000 | 4,184,000 | ||||
Gross profit | 841,000 | 898,000 | ||||
Net income | $ | 259,000 | $ | 255,000 | ||
The difference between the Company’s investment in RadQual and its underlying equity in net assets of RadQual of $1,358,000 at December 31, 2013 is accounted for as equity method goodwill and accordingly is not being amortized. | ||||||
Acquisition of interest in TI Services, LLC | ||||||
During December 2010, the Company together with RadQual, formed a 50%-owned joint venture called TI Services, LLC. TI Services, LLC was formed to acquire the assets of Technology Imaging Services, Inc., which were held by a bank as collateral under a defaulted loan. TI Services, LLC is engaged in the distribution and sale of products related to the nuclear medicine industry. Because the Company controls more than a 50% direct and indirect ownership interest in TI Services, LLC, the assets and liabilities of TI Services, LLC are consolidated with those of the Company, and RadQual’s non-controlling interest in TI Services, LLC is included in the Company’s financial statements as a non-controlling interest. |
Inventories
Inventories | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Inventories | ' | |||||
NOTE 4 – INVENTORIES | ||||||
Inventories consisted of the following at December 31, 2013 and 2012: | ||||||
2013 | 2012 | |||||
Raw materials | $ | 247,667 | $ | 247,914 | ||
Work in progress | 1,206,708 | 993,343 | ||||
Finished goods | 23,974 | 43,304 | ||||
$ | 1,478,349 | $ | 1,284,561 | |||
Included in inventories are the various pellet holders and housings involved in target fabrication, raw cobalt, nickel and other raw elements, completed flood sources and irradiated cobalt and nuclear medicine-related supplies and products. | ||||||
Work in progress includes cobalt-60 isotopes that are located in the U.S. federal government’s Advanced Test Reactor (“ATR”) located outside of Idaho Falls, Idaho. These isotopes are at various stages of irradiation. Some isotopes are near completion and others may require up to three years to complete. At December 31, 2013 and 2012, these isotopes had a carrying value of $957,221 and $830,137, respectively. This value is based on accumulated costs which are allocated based on the length of time isotopes remain in the reactor. During the year ended December 31, 2013, it was determined that it would not be cost-effective to incur additional handling and irradiation costs for some cobalt targets held at the reactor. As a result, $193,982 of target inventory was written off to expense. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
NOTE 5 – PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment are summarized as follows at December 31, 2013 and 2012: | ||||||||
Depreciation expense was $272,237 and $303,409 for the years ended December 31, 2013 and 2012, respectively. | ||||||||
2013 | 2012 | Estimated | ||||||
Useful Lives | ||||||||
Furniture and fixtures | $ | 385,616 | $ | 409,327 | 3 - 5 years | |||
Transportation equipment | 117,726 | 117,726 | 5 - 10 years | |||||
Plant and improvements | 463,754 | 567,481 | 5 years | |||||
Production equipment | 3,267,799 | 4,029,567 | 5 - 10 years | |||||
4,234,895 | 5,124,101 | |||||||
Accumulated depreciation | -1,963,742 | -2,800,839 | ||||||
$ | 2,271,153 | $ | 2,323,262 |
Patents_and_Other_Intangible_A
Patents and Other Intangible Assets | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||
Patents and Other Intangible Assets | ' | |||||
NOTE 6 – PATENTS AND OTHER INTANGIBLE ASSETS | ||||||
The Company owns certain patents and patents pending related to a fluorine extraction process, patents for various uses of some fluoride gases as fluorinating agents, and patents for a container to transport radioactive materials. These patents were developed in an effort to expand the possible markets for the high purity fluoride gases the Company will produce with its fluorine extraction process. In 2010, the Company was granted an additional process patent on the FEP process and during 2011 the Company started the process to file for international protections of this patent in South Africa, Japan, Russia, China, Canada, and the European Union. During 2012, the Company was granted additional process patents for the FEP process in the United States. In 2013, the FEP process patent was granted in Russia. The applications in all of the other countries are still in process. At the present time, the final value of this patent technology or the feasibility of expanding the fluoride gas markets through the use of this newly patented technology is uncertain. | ||||||
In late 2010, management became reasonably certain that the NRC would issue the operating license for the planned de-conversion facility in New Mexico about mid-2012 and the Company began in 2011 to capitalize certain costs associated with the licensing and planning process. Previous to 2011, these costs were included as part of research and development expense. During 2013 and 2012, the costs capitalized with regard to this facility totaled approximately $376,000 and $1,175,000, respectively. In October 2012, the NRC issued the Company a 40-year construction and operating license. The license will be amortized over its 40-year life. | ||||||
The following table summarizes the patent and intangible activity for the years ended December 31, 2013 and 2012: | ||||||
2013 | 2012 | |||||
Beginning | $ | 4,833,277 | $ | 3,657,481 | ||
Additions | 34,590 | 1,175,796 | ||||
Ending | 4,867,867 | 4,833,277 | ||||
Accumulated amortization | -389,156 | -258,087 | ||||
$ | 4,478,711 | $ | 4,575,190 | |||
During the years ended December 31, 2013 and 2012, the Company recognized $131,069 and $100,768 of amortization expense, respectively. | ||||||
Patent and other intangible asset amortization is based on the remaining life of the asset and estimated amortization expense is as follows: | ||||||
Years ending December 31, | ||||||
2014 | $ | 124,975 | ||||
2015 | 124,975 | |||||
2016 | 124,975 | |||||
2017 | 124,975 | |||||
2018 | 124,975 | |||||
Thereafter | 3,853,837 | |||||
$ | 4,478,711 | |||||
Convertible_Debentures_and_Not
Convertible Debentures and Notes Payable | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Convertible Debentures and Notes Payable | ' | |||||
NOTE 7 – CONVERTIBLE DEBENTURES AND NOTES PAYABLE | ||||||
Convertible debentures | ||||||
On July 27, 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 in certain conditions. Under certain conditions, the Company may force the conversion of the debentures. 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 Lea County, 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, which resulted 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. During the period ended December 31, 2013, $73,352 of the fair value of the warrants was accreted to interest expense and $5,131 of the beneficial conversion feature was accreted to interest expense. For the same period in 2012, $31,540 of the fair value of the warrants and $2,207 of the beneficial conversion feature were accreted to interest expense. | ||||||
In connection with this offering, the Company paid a fee and issued to the placement agent a warrant to purchase 1,091,520 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 and mature September 2015. 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. During the year ended December 31, 2013, $32,449 of the beneficial conversion feature was amortized to interest expense. | ||||||
Notes payable | ||||||
In June 2011, the Company entered into an agreement with a related party to obtain financing for certain equipment. The amount financed was $45,000, included a security interest in the equipment financed and matured June 2012. The note was paid in full in 2012. | ||||||
At December 31, 2012, the Company held a $100,000 unsecured note payable to its former Chairman of the Board. The original terms of the note had been modified to extend the maturity date and payment terms and under these modified terms, all principal and accrued interest was due in March 2013. The note plus all accrued interest was paid in full at that time. | ||||||
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. | ||||||
In December 2013, the Company borrowed $500,000 from the Company’s Chairman of the Board and one of the Company’s major shareholders. The $500,000 note bears interest at 6% and is due June 30, 2014. At any time, the lenders may settle any or all of the principal and accrued interest with shares of the Company’s common stock. In connection with the note, each of the two lenders was issued 5,000,000 warrants to purchase shares of the Company’s common stock. The fair value of the warrants was $383,025 and was recorded as debt discount and will be amortized to interest expense over the life of the loan. The fair value of the warrants was determined using the Black-Scholes Option Pricing Model and was calculated using the following assumptions: risk free interest rate of 1.66%, expected dividend yield of 0%, expected volatility of 78.9%, and an expected life of 5 years. | ||||||
Notes payable as of December 31, 2013 and 2012 consist of the following: | ||||||
2013 | 2012 | |||||
Note payable to the NRC bearing interest at 1%; monthly installments of $17,500, unsecured. | $ | 460,453 | $ | - | ||
Note payable to a related parties bearing interest at 6%; All principal and interest due on June 30, 2014, secured. | 500,000 | - | ||||
Note payable to the former chairman of the board, interest accrues at 5%; unsecured; all principal and interest repaid March 2013. | - | 100,000 | ||||
Total notes payable | 960,453 | 100,000 | ||||
Less: unamortized debt discount | -364,882 | - | ||||
Less: current maturities | -341,373 | -100,000 | ||||
Notes payable, net of current installments and debt discount | $ | 254,198 | $ | - | ||
Maturities of convertible debt and notes payable obligations (net of debt discounts) at December 31, 2013, excluding mandatorily convertible debt of $1,060,000, are as follows: | ||||||
Years ending December 31, | ||||||
2014 | $ | 706,255 | ||||
2015 | 208,327 | |||||
2016 | 45,871 | |||||
2017 | 3,069,900 | |||||
$ | 4,030,353 |
Lease_Obligations
Lease Obligations | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Lease Obligations | ' | |||
NOTE 8 – LEASE OBLIGATIONS | ||||
Operating leases | ||||
The Company leases office space under operating leases, one of which is a ten-year lease which expires in 2021 and the second lease, which was historically renewed annually, was terminated in April 2013. Rental expense under such leases for the years ended December 31, 2013 and 2012 was $156,780 and $193,222, respectively. | ||||
The following is a schedule by years of operating leases as of December 31, 2013: | ||||
Years ending December 31, | ||||
2014 | $ | 136,313 | ||
2015 | 136,313 | |||
2016 | 136,313 | |||
2017 | 136,313 | |||
2018 | 136,313 | |||
Thereafter | 317,944 | |||
$ | 999,509 |
Shareholders_Equity_Mandatoril
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants | ' | ||||||||||||
NOTE 9 – SHAREHOLDERS’ EQUITY, MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED STOCK, OPTIONS AND WARRANTS | |||||||||||||
Warrants | |||||||||||||
As disclosed in Note 7, on July 27, 2012, the Company entered into a securities purchase agreement with certain institutional and private investors. Each investor also received a common stock purchase warrant to purchase such number of shares of our common stock equal to twenty-five percent (25%) of the number of shares of common stock that the note purchased by such investor may be convertible into on the closing date. The total possible number of warrants to be issued is 4,502,520. The warrants are immediately exercisable at a price of $0.30 per share and have a term of five years. The fair value of the warrants, determined using the Black-Scholes Option Pricing Model, was calculated using the following assumptions: risk-free rate of .650%, expected dividend yield of 0%, expected volatility of 88%, and an expected life of 5 years. | |||||||||||||
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, 17,244,331 warrants were exercised and the Company issued 6,170,951 shares of its common stock for proceeds of $370,257. $64,540 of these proceeds was applied to outstanding interest. In total, as a result of this offer, 17,801,352 warrants were exercised and Company issued 6,727,972 shares of its common stock for proceeds of $420,389, and $110,733 of the proceeds was applied to outstanding interest. In September 2013, the 3,000,000 remaining Class F Warrants expired. | |||||||||||||
As disclosed in Note 7, the Company entered into a note with the Chairman of the Board and one of the Company’s major shareholders. Each lender received a 5,000,000 common stock purchase warrants. If the note is not paid by the due date, June 30, 2014, each lender will receive an additional 7,500,000 warrants. The warrants are immediately exercisable at a price of $0.06 per share and have a term of five years. The warrants have a fair value of $383,025 which is recorded as a debt discount and amortized to interest expense over the note term. The fair value of the warrants, determined using the Black-Scholes Option Pricing Model, was calculated using the following assumptions: risk-free rate of 1.66%, expected dividend yield of 0%, expected volatility of 78.9%, and an expected life of 5 years. | |||||||||||||
The following table summarizes warrant activity for the years ended December 31, 2013 and 2012: | |||||||||||||
Warrants | Outstanding | Weighted | |||||||||||
Shares | Average | ||||||||||||
Exercise | |||||||||||||
Price | |||||||||||||
Outstanding at December 31, 2011 | 33,556,783 | $ | 0.25 | ||||||||||
Granted | 4,502,520 | 0.3 | |||||||||||
Exercised | |||||||||||||
Forfeited | |||||||||||||
Outstanding at December 31, 2012 | 38,059,303 | 0.26 | |||||||||||
Granted | 10,000,000 | 0.06 | |||||||||||
Exercised | -17,801,352 | 0.06 | |||||||||||
Forfeited | -3,000,000 | 0.3 | |||||||||||
Outstanding at December 31, 2013 | 27,257,951 | $ | 0.26 | ||||||||||
Mandatorily Redeemable Convertible Preferred Stock | |||||||||||||
The Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.01 per share. The Board of Directors is authorized to set the distinguishing characteristics of each series prior to issuance, including the granting of limited or full voting rights, rights to the payment of dividends and amounts payable in event of liquidation, dissolution or winding up of the Company. | |||||||||||||
At December 31, 2013, there were 850 shares of the Series B Preferred Stock outstanding with a mandatory redemption date of May 2022 at $1,000 per share or $850,000. The shares are also convertible into common stock at a conversion price of $2.00 per share. These preferred shares carry no dividend preferences. Due to the mandatory redemption provision, the Series B Preferred Stock has been classified as a liability in the accompanying balance sheets. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
In September 2004, the Company’s Board of Directors (the “Board”) approved an employee stock purchase plan for an aggregate of up to 2,000,000 shares of the Company’s common stock. The plan allows employees to deduct up to 15% of their payroll each pay period to be used for the purchase of common stock at a discounted rate. The common shares will be purchased at the end of each three-month offering period or other period as determined by the Board. The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. | |||||||||||||
During 2013 and 2012, the Company issued 93,970 and 119,227 shares of common stock to employees for proceeds of $10,560 and $12,909, respectively, in accordance with the employee stock purchase plan. | |||||||||||||
Subsequent to December 31, 2013, the Company issued 47,825 shares of common stock for proceeds of $2,439 under this employee stock purchase plan. | |||||||||||||
2006 Equity Incentive Plan | |||||||||||||
In April 2006, the Company adopted the International Isotopes Inc. 2006 Equity Incentive Plan (the “2006 Plan”). The 2006 Plan was approved by shareholders in July 2006. The 2006 Plan replaced the Company’s 2002 Long-Term Incentive Plan (the “Prior Plan”). The 2006 Plan permits the granting of any or all of the following types of awards: (1) incentive and nonqualified stock options, (2) stock appreciation rights, (3) stock awards, restricted stock and stock units, (4) performance shares and performance units conditioned upon meeting performance criteria, and (5) other stock- or cash-based awards. | |||||||||||||
The 2006 Plan authorizes the issuance of up to 20,000,000 shares of common stock, plus 1,350,000 shares issued but not subject to outstanding awards under the Prior Plan. There are also 13,000,000 shares granted and outstanding under the Prior Plan that could become available for issuance under the 2006 Plan (for example, if they are forfeited or otherwise expire or terminate without the issuance of shares). Unless earlier terminated, the 2006 Plan will terminate on July 12, 2016. At December 31, 2013 there were 12,134,210 shares available for issuance under this plan. | |||||||||||||
Non-Vested Stock Grants | |||||||||||||
Non-vested stock awards outstanding at December 31, 2013 and 2012, and changes during the same years were as follows: | |||||||||||||
Non-vested Stock Awards | 2013 | Weighted | 2012 | Weighted | |||||||||
average grant | average grant | ||||||||||||
date fair value | date fair value | ||||||||||||
Balance at beginning of year | $ | 151,720 | $ | 0.18 | $ | 370,917 | $ | 0.18 | |||||
Granted | - | - | - | - | |||||||||
Vested | -151,750 | 0.18 | -185,457 | 0.18 | |||||||||
Forfeited | - | -33,740 | |||||||||||
Non-vested shares at end of year | $ | - | $ | 151,720 | |||||||||
The intrinsic value of stock awards vested during the years ended December 31, 2013 and 2012 was $0 and $25,964, respectively. During the years ended December 31, 2013 and 2012, the Company recognized $283 and $5,278 of compensation expense respectively. As of December 31, 2013, there was no unamortized deferred compensation remaining. | |||||||||||||
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 valued at $16,786. | |||||||||||||
In September 2012, the Company issued 2,000,000 in nonqualified stock options to certain directors under the 2006 Plan. The options have an exercise price of $0.17 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. In November 2013, these options were re-priced to an exercise price of $0.07 per share. The options expire 10 years from the date of grant. The options had a fair value of $244,483 or $0.12 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 .83%, expected dividend yield rate of 0%, expected volatility of 85%, and an expected life of 6.25 years. | |||||||||||||
Pursuant to a Board resolution on September 26, 2012, the Company re-priced 4,500,000 options which had an original exercise price of $0.32 per share and expire on May 4, 2019. The stock options were adjusted to an exercise price of $0.17 per share with the expiration date remaining May 4, 2019. The option re-price had a fair value of $72,136 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 1.03%, expected dividend yield rate of 0%, expected volatility of 83.53%, and an expected life of 6.61 years. | |||||||||||||
In January 2013, the Company issued 750,000 nonqualified stock options to certain consultants under the 2006 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. In November 2013, these options were re-priced to an exercise price of $0.07 per share. 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. | |||||||||||||
Pursuant to a Board resolution on January 10, 2013, the Company re-priced 600,000 options which had an original exercise price of $0.32 per share and expire on May 4, 2019. The stock options were adjusted to an exercise price of $0.15 per share with the expiration date remaining May 4, 2019. The option re-price 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. | |||||||||||||
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 shares of common stock. | |||||||||||||
Pursuant to a Board resolution on November 11, 2013, the Company re-priced 11,850,000 options which had previous exercise prices between $0.15 and $0.70 per share and expire between October 31, 2017 and January 18, 2023. The stock options were adjusted to an exercise price of $0.07 per share with the expiration dates remaining unchanged. An additional $156,499 of compensation expense was recognized in the current period and $15,175 will be recognized in future periods. The option re-price had a fair value of $171,674 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 1.47%, expected dividend yield rate of 0%, expected volatility of 78.68%, and an expected life between 3.97 and 9.19 years. | |||||||||||||
Stock Options | |||||||||||||
A summary of the stock options issued under the Company’s 2006 Plan is as follows: | |||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | |||||||||||||
Life | |||||||||||||
Outstanding at December 31, 2011 | 25,700,000 | $ | 0.17 | ||||||||||
Exercised | -2,500,000 | 0.02 | |||||||||||
Forfeited | -7,500,000 | 0.02 | |||||||||||
Granted | 2,000,000 | 0.17 | |||||||||||
Outstanding at December 31, 2012 | 17,700,000 | 0.23 | |||||||||||
Granted | 750,000 | 0.15 | |||||||||||
Exercised | -2,000,000 | 0.03 | |||||||||||
Outstanding at December 31, 2013 | 16,450,000 | 0.09 | 3.7 | - | |||||||||
Exercisable at December 31, 2013 | 14,200,000 | $ | 0.09 | 4.2 | - | ||||||||
The total intrinsic value of stock options exercised in 2013 and 2012 was $0 and $470,000, respectively. | |||||||||||||
The total intrinsic value of stock options outstanding at December 31, 2013 was $0. The intrinsic value for stock options outstanding is calculated as the amount by which the quoted price of $0.06 of our common stock as of the end of 2013 exceeds the exercise price of the options. | |||||||||||||
The Company recognized $331,437 and $270,737 of compensation expense for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
All options exercised were issued under a qualified plan and accordingly, there is no income tax effect in the accompanying financial statements. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Income Tax Disclosure [Abstract] | ' | |||||
Income Taxes | ' | |||||
NOTE 10 – INCOME TAXES | ||||||
The Company paid no federal or state income taxes during 2013 and 2012. Income tax benefit on losses differed from the amounts computed by applying the U.S. federal income tax rate of 34% to pretax losses as a result of the following: | ||||||
2013 | 2012 | |||||
Income tax benefit | $ | -837,028 | $ | -761,876 | ||
Nondeductible expenses | 146,912 | 129,843 | ||||
State taxes net of federal benefit | -113,245 | -103,077 | ||||
Change in valuation allowance | 803,361 | 735,110 | ||||
Total income tax expense | $ | - | $ | - | ||
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets (liabilities) as of December 31, 2013 and 2012 are presented below: | ||||||
2013 | 2012 | |||||
Deferred income tax asset | $ | - | $ | - | ||
Net operating loss carryforward | 11,191,259 | 10,338,475 | ||||
Valuation allowance | -11,024,333 | -10,220,972 | ||||
Total deferred income tax asset | 166,926 | 117,503 | ||||
Deferred income tax liability - depreciation | -166,926 | -117,503 | ||||
Deferred tax asset (liability) | $ | - | $ | - | ||
At December 31, 2013, the Company had net operating losses of approximately $28,100,000 that will begin to expire in 2023. The valuation allowances for 2013 and 2012 have been applied to offset the deferred tax assets in recognition of the uncertainty that such benefits will be realized. | ||||||
In accordance with GAAP, the Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns for the open tax years in such jurisdictions. The Company has identified its federal income tax returns for the years ended December 31, 2010 through 2013 as remaining subject to examination. The Company’s income tax returns in state income tax jurisdictions remain subject to examination for years ended December 31, 2010 through 2013. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions, and no adjustment to such reserves was required by GAAP. No interest or penalties have been levied against the Company and none are anticipated, therefore no interest or penalty has been included in the provision for income taxes in the consolidated statements of operations. | ||||||
The Internal Revenue Code contains provisions which reduce or limit the availability and utilization of net operating loss carry forwards in the event of a more than 50% change in ownership. If such an ownership change occurs with the Company, the use of these net operating losses could be limited. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE 11 – COMMITMENTS AND CONTINGENCIES | |
Dependence on third parties | |
The production of HSA Cobalt is dependent upon the U.S. Department of Energy, and its prime operating contractor, which controls the reactor and laboratory operations. Continued access to the ATR for cobalt production continues to remain subject to the approval of BEA based upon the priorities of the experiments program. 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. The investigation into the leaking cobalt target identified three areas that needed corrective action: (1) changes to cobalt target handling controls, (2) concerns with continued irradiation of in-process targets, and (3) enhancing the design of future cobalt targets. During 2013, the Company completed corrective actions for both target handling and enhanced target design and was successful in transferring some targets from the ATR to its main facility. 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 discussing this issue 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 could cause a gap in new cobalt production during 2015 and 2016. 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, and identifying additional reactors for 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 product sold by the Company is 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 materials, 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 the facility. Additional processing capabilities and license amendments could be implemented that would permit processing of other reactor-produced radioisotopes by the Company, but this license does not currently restrict the volume of business operations performed or projected to be performed in the coming year. Previously, the Company maintained an irrevocable, automatically renewable letter of credit against a certificate of deposit 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 naming the NRC as beneficiary. The surety bond renews annually and requires a letter of credit against a certificate of deposit 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 December 31, 2013, restricted cash consisted of the new certificate of deposit in the amount of $204,222. | |
Defined Contribution Pension Plan | |
The Company has a 401(k) defined-contribution pension plan (the “Plan”) for which employees are eligible after completing six months of full-time service. Participants, under provision of Internal Revenue Code § 401(k), may elect to contribute up to $17,000 of their compensation to the Plan which includes both before-tax and Roth after-tax contribution options. Although the Company reserves the right to make discretionary matching contributions to participant accounts, there were no employer matching contributions made for either 2013 or 2012. All amounts withheld for employee contributions were made during 2013. The employer reserves the right to terminate the Plan at any time. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||
Asset Retirement Obligations | ' | |||||
NOTE 12 – ASSET RETIREMENT OBLIGATION | ||||||
As part of the Company’s NRC operating license and as part of the Company’s facility lease agreements, the Company is responsible for decommissioning any facilities upon termination or relocation of operations. The Company has developed a decommissioning funding plan using guidance provided by the NRC and estimated the cost of decommissioning the facility in Idaho Falls. The decommissioning cost estimate is reviewed at least annually to validate the assumptions and is revised as necessary when changes in the facility processes or radiological characteristics would affect the cost of decommissioning. | ||||||
In accordance with GAAP, the Company has recognized future estimated decommissioning costs as an asset retirement obligation and a related capitalized lease disposal cost. The Company recognizes period-to-period changes in the liability resulting from the passage of time (accretion expense) and revisions to the original estimate resulting from changes in the facility processes or radiological characteristics. Changes resulting from the passage of time are recorded as interest expense in the statement of operations and changes resulting from revisions to the original estimate are recorded as an increase or decrease to the capitalized lease disposal cost. The capitalized lease disposal cost is amortized on a straight-line basis over the remaining life of the facility operating lease agreement. | ||||||
The following summarizes the activity of the asset retirement obligation for the years ended December 31, 2013 and 2012: | ||||||
Obligation for | Capitalized | |||||
Lease Disposal | Lease Disposal | |||||
Cost | Cost | |||||
Balance at December 31, 2011 | $ | 483,391 | $ | 113,503 | ||
Increase in lease disposal costs | - | - | ||||
Accretion expense / Amortization expense | 39,847 | -11,004 | ||||
Balance at December 31, 2012 | 523,238 | 102,499 | ||||
Increase in lease disposal costs | - | - | ||||
Accretion expense / Amortization expense | 43,131 | -12,300 | ||||
Balance at December 31, 2013 | $ | 566,369 | $ | 90,199 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
NOTE 13 – FAIR VALUE MEASUREMENTS | |
At December 31, 2013 and 2012, the Company had no assets or liabilities carried at fair value. |
Segment_Information
Segment Information | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Segment Reporting [Abstract] | ' | ||||||
Segment Information | ' | ||||||
NOTE 14 – SEGMENT INFORMATION | |||||||
Information related to the Company’s reportable operating business segments is shown below. The Company’s reportable segments are reported in a manner consistent with the way management evaluates the businesses. The Company identifies its reportable business segments based on differences in products and services. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies. The Company has identified the following business segments: | |||||||
• The Nuclear Medicine Standards segment consists of the manufacture of sources and standards associated with SPECT (Single Photon Emission Computed Tomography) imaging, patient positioning, and calibration or operational testing of dose measuring equipment for the nuclear pharmacy industry and includes consolidated reporting of TI Services, LLC, the Company’s 50/50 joint venture with RadQual, LLC. | |||||||
• The Cobalt Products segment includes the fabrication of cobalt capsules for teletherapy or irradiation devices, and recycling of expended cobalt sources. | |||||||
• The Radiochemical Products segment includes production and distribution of various isotopically pure radiochemicals for medical, industrial, or research applications. These products are either directly produced by the Company or are purchased in bulk from other producers and distributed by the Company in customized packages and chemical forms tailored to customer and market demands. Iodine-131 is the most predominant radiochemical sold in this segment. | |||||||
• The Fluorine Products segment historically involved the production of small scale qualification samples of high purity fluoride gas for various industrial applications, as well as development of laboratory and analytical processes required to support the planned uranium de-conversion and fluorine extraction facility. During 2013, these testing activities were completed and the pilot plant facility was closed. The Company has developed or acquired all patent rights to these processes. Future work in this segment will involve license support and, as financing permits, further work related to the de-conversion facility in New Mexico. | |||||||
•The Radiological Services segment concerns a wide array of miscellaneous services that consists of gemstone processing and field services that include source installation, removal, and radiation device decommissioning. | |||||||
• The Transportation segment provides transportation services for the Company’s products and offers “for hire” transportation services of hazardous and non-hazardous cargo materials. | |||||||
The following presents certain segment information as of and for the years ended December 31, 2013 and 2012: | |||||||
Sale of product | 2013 | 2012 | |||||
Radiochemical products | $ | 1,636,535 | $ | 1,677,291 | |||
Cobalt products | 1,080,011 | 1,369,130 | |||||
Nuclear medicine standards | 3,249,126 | 4,169,710 | |||||
Radiological services | 763,980 | 177,871 | |||||
Fluorine products | - | - | |||||
Transportation | 119,498 | 227,932 | |||||
Total segments | 6,849,150 | 7,621,934 | |||||
Corporate revenue | - | - | |||||
Total consolidated | $ | 6,849,150 | $ | 7,621,934 | |||
Depreciation and amortization | 2013 | 2012 | |||||
Radiochemical products | $ | 33,027 | $ | 37,173 | |||
Cobalt products | 80,929 | 94,957 | |||||
Nuclear medicine standards | 20,856 | 21,439 | |||||
Radiological services | 10,333 | 10,399 | |||||
Fluorine products | 187,831 | 232,113 | |||||
Transportation | 12,873 | 13,374 | |||||
Total segments | 345,849 | 409,455 | |||||
Corporate depreciation and amortization | 69,758 | 5,726 | |||||
Total consolidated | $ | 415,607 | $ | 415,181 | |||
Segment income (loss) | 2013 | 2012 | |||||
Radiochemical products | $ | 223,011 | $ | 94,165 | |||
Cobalt products | 62,791 | 401,132 | |||||
Nuclear medicine standards | 609,107 | 581,342 | |||||
Radiological services | 430,525 | 90,102 | |||||
Fluorine products | -819,848 | -1,050,995 | |||||
Transportation | -29,842 | -15,734 | |||||
Total segments | 475,745 | 100,012 | |||||
Corporate loss | -2,937,589 | -2,340,822 | |||||
Net loss | $ | -2,461,845 | $ | -2,240,810 | |||
Expenditures for segment assets | 2013 | 2012 | |||||
Radiochemical products | $ | 4,356 | $ | 2,793 | |||
Cobalt products | - | 31,742 | |||||
Nuclear medicine standards | 3,540 | 4,429 | |||||
Radiological services | 150,840 | 255,000 | |||||
Fluorine products | 413,365 | 1,537,935 | |||||
Transportation | - | - | |||||
Total segments | 572,101 | 1,831,899 | |||||
Corporate purchases | - | 3,414 | |||||
Total consolidated | $ | 572,101 | $ | 1,835,313 | |||
Segment assets | 2013 | 2012 | |||||
Radiochemical products | $ | 153,305 | $ | 229,516 | |||
Cobalt products | 1,574,603 | 1,510,183 | |||||
Nuclear medicine standards | 573,389 | 451,252 | |||||
Radiological services | 608,949 | 267,414 | |||||
Fluorine products | 6,093,151 | 6,239,235 | |||||
Transportation | 12,864 | 29,734 | |||||
Total segments | 9,016,261 | 8,727,334 | |||||
Corporate assets | 2,991,753 | 3,314,571 | |||||
Total consolidated | $ | 12,008,014 | $ | 12,041,905 | |||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 15 – SUBSEQUENT EVENTS | |
Pursuant to an employment agreement, the Company issued to a member of Company management 280,000 shares of fully-vested Company stock in February 2014 under the 2006 Equity Incentive Plan. The number of shares awarded was based on a $28,000 stock award using a price of $0.10 per share. The agreement states that the number of shares issued will be based on the average closing price of common stock for the 20 trading days prior to issue date but not less than $0.10 per share. Compensation expense recorded pursuant to this transaction was $16,800, which was determined by multiplying the number of shares awarded by the closing price of the stock on February 27, 2014, which was $0.06 per share. There were 112,140 shares retained in the cashless exercise by the Company to satisfy the employee’s payroll tax liabilities. The net shares issued on February 28, 2014 totaled 167,860 shares. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Financial Instrument and Cash Equivalents | ' |
Financial instruments and cash equivalents | |
The carrying value of notes payable approximates fair value because they bear interest at rates which approximate market rates. | |
For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid financial instruments with original maturities of three months or less at date of purchase to be cash equivalents. | |
Accounts Receivable | ' |
Accounts receivable | |
The Company sells products mainly to recurring customers, wherein the customer’s ability to pay has previously been evaluated. The Company generally does not require collateral. The Company periodically reviews accounts receivable for amounts considered uncollectible. Allowances are provided for uncollectible accounts when deemed necessary. | |
Inventories | ' |
Inventories | |
Inventories are carried at the lower of cost or market. Cost is determined using the first in, first out method. Work in progress inventory contains product that is undergoing irradiation. This irradiation process can take up to three years to reach high specific activity (HSA) levels. | |
Property, Plant and Equipment | ' |
Property, plant and equipment | |
Depreciation on property, plant and equipment is computed using the straight-line method over the estimated useful life of the asset. | |
Leasehold improvements are amortized over the shorter of the life of the lease or the service life of the improvements. Maintenance, repairs, and renewals that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains or losses on dispositions of property and equipment are included in the results of operations. | |
Patents and Other Intangibles | ' |
Patents and other intangibles | |
Patents and other intangibles are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment at least annually or when events or circumstances arise that indicate the existence of impairment. The Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of the costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. | |
Impairment of Long-Lived Assets | ' |
Impairment of long-lived assets | |
Long-lived assets are reviewed for impairment annually, or when events or circumstances arise that indicate the existence of impairment, using the same evaluation process as described above for patents and other intangibles. Based on the evaluation, assets that had previously been used in the FEP pilot plant testing process were determined to have no future value when the pilot plant was closed in 2013. | |
Income Taxes | ' |
Income taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. | |
Use of Estimates | ' |
Use of estimates | |
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue recognition | |
Revenue is recognized when products are shipped. No warranty coverage or right of return provisions are provided to customers. | |
Share-Based Compensation | ' |
Share-based compensation | |
The Company accounts for issuances of share-based compensation to employees in accordance with GAAP which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). | |
Net Loss Per Common Share - Basic and Diluted | ' |
Net loss per common share – basic and diluted | |
Basic loss per share is computed on the basis of the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed on the basis of the weighted-average number of common shares plus all potentially dilutive issuable common shares outstanding during the year. | |
Business Segments and Related Information | ' |
Business segments and related information | |
GAAP establishes standards for the way public business enterprises are to report information about operating segments in annual financial statements and requires enterprises to report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosure about products and services, geographic areas and major customers. The Company currently operates in six business segments. | |
Recently Issued Accounting Standards | ' |
Recently issued accounting standards | |
There have been no new accounting pronouncements issued but not yet adopted by the Company that are expected to have a material impact on the Company’s financial statements. |
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||
December 31, | ||||
2013 | 2012 | |||
Stock options | 16,450,000 | 17,700,000 | ||
Warrants | 27,257,951 | 38,059,303 | ||
Unvested stock awards issued under the 2006 Equity Incentive Plan | - | 151,719 | ||
850 shares of Series B redeemable convertible preferred stock | 425,000 | 425,000 | ||
44,132,951 | 56,336,022 |
Purchased_Asset_and_Investment1
Purchased Asset and Investments (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||
Schedule of Interest in RadQual, LLC | ' | |||||
2013 | 2012 | |||||
Current assets | $ | 525,000 | $ | 617,000 | ||
Noncurrent assets | 109,000 | 142,000 | ||||
Current liabilities | 399,000 | 441,000 | ||||
Noncurrent liabilities | 190,000 | 156,000 | ||||
Income | 3,980,000 | 4,184,000 | ||||
Gross profit | 841,000 | 898,000 | ||||
Net income | $ | 259,000 | $ | 255,000 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Schedule of Inventory | ' | |||||
2013 | 2012 | |||||
Raw materials | $ | 247,667 | $ | 247,914 | ||
Work in progress | 1,206,708 | 993,343 | ||||
Finished goods | 23,974 | 43,304 | ||||
$ | 1,478,349 | $ | 1,284,561 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
2013 | 2012 | Estimated | ||||||
Useful Lives | ||||||||
Furniture and fixtures | $ | 385,616 | $ | 409,327 | 3 - 5 years | |||
Transportation equipment | 117,726 | 117,726 | 5 - 10 years | |||||
Plant and improvements | 463,754 | 567,481 | 5 years | |||||
Production equipment | 3,267,799 | 4,029,567 | 5 - 10 years | |||||
4,234,895 | 5,124,101 | |||||||
Accumulated depreciation | -1,963,742 | -2,800,839 | ||||||
$ | 2,271,153 | $ | 2,323,262 |
Patents_and_Other_Intangible_A1
Patents and Other Intangible Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||
Schedule of Intangible Assets | ' | |||||
2013 | 2012 | |||||
Beginning | $ | 4,833,277 | $ | 3,657,481 | ||
Additions | 34,590 | 1,175,796 | ||||
Ending | 4,867,867 | 4,833,277 | ||||
Accumulated amortization | -389,156 | -258,087 | ||||
$ | 4,478,711 | $ | 4,575,190 | |||
Schedule of Expected Amortization Expense | ' | |||||
Years ending December 31, | ||||||
2014 | $ | 124,975 | ||||
2015 | 124,975 | |||||
2016 | 124,975 | |||||
2017 | 124,975 | |||||
2018 | 124,975 | |||||
Thereafter | 3,853,837 | |||||
$ | 4,478,711 |
Convertible_Debentures_and_Not1
Convertible Debentures and Notes Payable (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Schedule of Debt | ' | |||||
2013 | 2012 | |||||
Note payable to the NRC bearing interest at 1%; monthly installments of $17,500, unsecured. | $ | 460,453 | $ | - | ||
Note payable to a related parties bearing interest at 6%; All principal and interest due on June 30, 2014, secured. | 500,000 | - | ||||
Note payable to the former chairman of the board, interest accrues at 5%; unsecured; all principal and interest repaid March 2013. | - | 100,000 | ||||
Total notes payable | 960,453 | 100,000 | ||||
Less: unamortized debt discount | -364,882 | - | ||||
Less: current maturities | -341,373 | -100,000 | ||||
Notes payable, net of current installments and debt discount | $ | 254,198 | $ | - | ||
Schedule of Maturities of Long Term Debt | ' | |||||
Years ending December 31, | ||||||
2014 | $ | 706,255 | ||||
2015 | 208,327 | |||||
2016 | 45,871 | |||||
2017 | 3,069,900 | |||||
$ | 4,030,353 |
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Schedule of Payments for Operating Leases | ' | |||
Years ending December 31, | ||||
2014 | $ | 136,313 | ||
2015 | 136,313 | |||
2016 | 136,313 | |||
2017 | 136,313 | |||
2018 | 136,313 | |||
Thereafter | 317,944 | |||
$ | 999,509 |
Shareholders_Equity_Mandatoril1
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Warrants or Rights | ' | ||||||||||||
Warrants | Outstanding | Weighted | |||||||||||
Shares | Average | ||||||||||||
Exercise | |||||||||||||
Price | |||||||||||||
Outstanding at December 31, 2011 | 33,556,783 | $ | 0.25 | ||||||||||
Granted | 4,502,520 | 0.3 | |||||||||||
Exercised | |||||||||||||
Forfeited | |||||||||||||
Outstanding at December 31, 2012 | 38,059,303 | 0.26 | |||||||||||
Granted | 10,000,000 | 0.06 | |||||||||||
Exercised | -17,801,352 | 0.06 | |||||||||||
Forfeited | -3,000,000 | 0.3 | |||||||||||
Outstanding at December 31, 2013 | 27,257,951 | $ | 0.26 | ||||||||||
Schedule of Nonvested Activity | ' | ||||||||||||
Non-vested Stock Awards | 2013 | Weighted | 2012 | Weighted | |||||||||
average grant | average grant | ||||||||||||
date fair value | date fair value | ||||||||||||
Balance at beginning of year | $ | 151,720 | $ | 0.18 | $ | 370,917 | $ | 0.18 | |||||
Granted | - | - | - | - | |||||||||
Vested | -151,750 | 0.18 | -185,457 | 0.18 | |||||||||
Forfeited | - | -33,740 | |||||||||||
Non-vested shares at end of year | $ | - | $ | 151,720 | |||||||||
Schedule of Stock Option Activity | ' | ||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | |||||||||||||
Life | |||||||||||||
Outstanding at December 31, 2011 | 25,700,000 | $ | 0.17 | ||||||||||
Exercised | -2,500,000 | 0.02 | |||||||||||
Forfeited | -7,500,000 | 0.02 | |||||||||||
Granted | 2,000,000 | 0.17 | |||||||||||
Outstanding at December 31, 2012 | 17,700,000 | 0.23 | |||||||||||
Granted | 750,000 | 0.15 | |||||||||||
Exercised | -2,000,000 | 0.03 | |||||||||||
Outstanding at December 31, 2013 | 16,450,000 | 0.09 | 3.7 | - | |||||||||
Exercisable at December 31, 2013 | 14,200,000 | $ | 0.09 | 4.2 | - |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Income Tax Disclosure [Abstract] | ' | |||||
Schedule of Components of Income Tax Expense | ' | |||||
2013 | 2012 | |||||
Income tax benefit | $ | -837,028 | $ | -761,876 | ||
Nondeductible expenses | 146,912 | 129,843 | ||||
State taxes net of federal benefit | -113,245 | -103,077 | ||||
Change in valuation allowance | 803,361 | 735,110 | ||||
Total income tax expense | $ | - | $ | - | ||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||
2013 | 2012 | |||||
Deferred income tax asset | $ | - | $ | - | ||
Net operating loss carryforward | 11,191,259 | 10,338,475 | ||||
Valuation allowance | -11,024,333 | -10,220,972 | ||||
Total deferred income tax asset | 166,926 | 117,503 | ||||
Deferred income tax liability - depreciation | -166,926 | -117,503 | ||||
Deferred tax asset (liability) | $ | - | $ | - |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||
Schedule of Asset Retirement Obligations | ' | |||||
Obligation for | Capitalized | |||||
Lease Disposal | Lease Disposal | |||||
Cost | Cost | |||||
Balance at December 31, 2011 | $ | 483,391 | $ | 113,503 | ||
Increase in lease disposal costs | - | - | ||||
Accretion expense / Amortization expense | 39,847 | -11,004 | ||||
Balance at December 31, 2012 | 523,238 | 102,499 | ||||
Increase in lease disposal costs | - | - | ||||
Accretion expense / Amortization expense | 43,131 | -12,300 | ||||
Balance at December 31, 2013 | $ | 566,369 | $ | 90,199 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Segment Reporting [Abstract] | ' | ||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||
Sale of product | 2013 | 2012 | |||||
Radiochemical products | $ | 1,636,535 | $ | 1,677,291 | |||
Cobalt products | 1,080,011 | 1,369,130 | |||||
Nuclear medicine standards | 3,249,126 | 4,169,710 | |||||
Radiological services | 763,980 | 177,871 | |||||
Fluorine products | - | - | |||||
Transportation | 119,498 | 227,932 | |||||
Total segments | 6,849,150 | 7,621,934 | |||||
Corporate revenue | - | - | |||||
Total consolidated | $ | 6,849,150 | $ | 7,621,934 | |||
Depreciation and amortization | 2013 | 2012 | |||||
Radiochemical products | $ | 33,027 | $ | 37,173 | |||
Cobalt products | 80,929 | 94,957 | |||||
Nuclear medicine standards | 20,856 | 21,439 | |||||
Radiological services | 10,333 | 10,399 | |||||
Fluorine products | 187,831 | 232,113 | |||||
Transportation | 12,873 | 13,374 | |||||
Total segments | 345,849 | 409,455 | |||||
Corporate depreciation and amortization | 69,758 | 5,726 | |||||
Total consolidated | $ | 415,607 | $ | 415,181 | |||
Segment income (loss) | 2013 | 2012 | |||||
Radiochemical products | $ | 223,011 | $ | 94,165 | |||
Cobalt products | 62,791 | 401,132 | |||||
Nuclear medicine standards | 609,107 | 581,342 | |||||
Radiological services | 430,525 | 90,102 | |||||
Fluorine products | -819,848 | -1,050,995 | |||||
Transportation | -29,842 | -15,734 | |||||
Total segments | 475,745 | 100,012 | |||||
Corporate loss | -2,937,589 | -2,340,822 | |||||
Net loss | $ | -2,461,845 | $ | -2,240,810 | |||
Expenditures for segment assets | 2013 | 2012 | |||||
Radiochemical products | $ | 4,356 | $ | 2,793 | |||
Cobalt products | - | 31,742 | |||||
Nuclear medicine standards | 3,540 | 4,429 | |||||
Radiological services | 150,840 | 255,000 | |||||
Fluorine products | 413,365 | 1,537,935 | |||||
Transportation | - | - | |||||
Total segments | 572,101 | 1,831,899 | |||||
Corporate purchases | - | 3,414 | |||||
Total consolidated | $ | 572,101 | $ | 1,835,313 | |||
Segment assets | 2013 | 2012 | |||||
Radiochemical products | $ | 153,305 | $ | 229,516 | |||
Cobalt products | 1,574,603 | 1,510,183 | |||||
Nuclear medicine standards | 573,389 | 451,252 | |||||
Radiological services | 608,949 | 267,414 | |||||
Fluorine products | 6,093,151 | 6,239,235 | |||||
Transportation | 12,864 | 29,734 | |||||
Total segments | 9,016,261 | 8,727,334 | |||||
Corporate assets | 2,991,753 | 3,314,571 | |||||
Total consolidated | $ | 12,008,014 | $ | 12,041,905 | |||
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Stock equivalents excluded from the computation of diluted net loss per common share | 16,450,000 | 17,700,000 |
Warrants | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Stock equivalents excluded from the computation of diluted net loss per common share | 27,257,951 | 38,059,303 |
Unvested Stock Awards Issued Under the 2006 Equity Incentive Plan | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Stock equivalents excluded from the computation of diluted net loss per common share | 0 | 151,719 |
850 Shares of Series B Redeemable Convertible Preferred Stock | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Stock equivalents excluded from the computation of diluted net loss per common share | 425,000 | 425,000 |
Description_of_Business_and_Si3
Description of Business and Significant Accounting Policies (Details Narrative) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts Receivable | ' | ' |
Product Information [Line Items] | ' | ' |
Two entities representing more than 10% of revenues and accounts receivable | 48.00% | 48.00% |
Sales Revenue | ' | ' |
Product Information [Line Items] | ' | ' |
Two entities representing more than 10% of revenues and accounts receivable | 44.00% | 41.00% |
Business_Condition_and_Liquidi1
Business Condition and Liquidity (Details Narrative) (USD $) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2011 | Dec. 31, 2013 | |
Business Condition And Liquidity | ' | ' |
Working capital | ' | $360,080 |
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 re-convey the property to Lea County, New Mexico, or purchase the property from Lea County in accordance with the project participation agreement. The Company is currently discussing a modification to the agreement with Lea County that would defer the construction start dates by at least several years | ' |
Revenue from grant | ' | $80,000 |
Purchased_Asset_and_Investment2
Purchased Asset and Investments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current assets | $3,594,921 | $3,443,911 |
Noncurrent assets | 8,413,093 | 8,597,994 |
Current liabilities | 1,684,581 | 1,893,651 |
Noncurrent liabilities | 5,477,019 | 4,084,473 |
Gross profit | 2,535,607 | 2,651,901 |
Net income | -2,461,845 | -2,240,810 |
RadQual Financial Information | ' | ' |
Current assets | 525,000 | 617,000 |
Noncurrent assets | 109,000 | 142,000 |
Current liabilities | 399,000 | 441,000 |
Noncurrent liabilities | 190,000 | 156,000 |
Income | 3,980,000 | 4,184,000 |
Gross profit | 841,000 | 898,000 |
Net income | $259,000 | $255,000 |
Purchased_Asset_and_Investment3
Purchased Asset and Investments (Details Narrative) (USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' |
Ownership interest in RadQual, LLC | ' | 24.50% | ' |
Receivables from RadQual | ' | $400,025 | $417,543 |
Revenues from RadQual | ' | 3,018,822 | 3,157,361 |
TI Services LLC payables to RadQual | ' | $126,000 | $99,000 |
Acquisition of interest in TI Services, LLC | 'The Company together with RadQual, formed a 50% owned joint venture called TI Services, LLC. TI Services, LLC was formed to acquire the assets of Technology Imaging Services, Inc. which were held by a bank as collateral under a defaulted loan. TI Services, LLC is engaged in the distribution and selling of products related to the nuclear medicine industry. Because the Company controls more than a 50% direct and indirect ownership interest in TI Services, LLC, the assets and liabilities of TI Services, LLC are consolidated with those of the Company, and RadQual's non-controlling interest in TI Services, LLC is included in the Company's financial statements as a non-controlling interest. | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $247,667 | $247,914 |
Work in progress | 1,206,708 | 993,343 |
Finished goods | 23,974 | 43,304 |
Total inventory | $1,478,349 | $1,284,561 |
Inventories_Details_Narrative
Inventories (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Inventory Disclosure [Abstract] | ' | ' |
Inventory, cobalt-60 isotopes carrying value | $957,221 | $830,137 |
Inventory, write down | $193,982 | ' |
Property_Plant_and_Equipment_P
Property, Plant and Equipment - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated depreciation | ($1,963,742) | ($2,800,839) |
Furniture and Fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 385,616 | 409,327 |
Estimated useful lives | '3-5 years | ' |
Transportation Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 117,726 | 117,726 |
Estimated useful lives | '5-10 years | ' |
Plant and Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | 463,754 | 567,481 |
Estimated useful lives | '5 years | ' |
Production Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment | $3,267,799 | $4,029,567 |
Estimated useful lives | '5-10 years | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation expense | $272,237 | $303,409 |
Patents_and_Other_Intangible_A2
Patents and Other Intangible Assets (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-lived Intangible Assets [Roll Forward] | ' | ' |
Patents and other intangible assets, beginning balance | $4,833,277 | $3,657,481 |
Patents and other intangible assets, additions | 34,590 | 1,175,796 |
Patents and other intangible assets, ending balance | 4,867,867 | 4,833,277 |
Accumulated amortization | ($389,156) | ($258,087) |
Patents_and_Other_Intangible_A3
Patents and Other Intangible Assets (Details 2) (USD $) | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $124,975 |
2015 | 124,975 |
2016 | 124,975 |
2017 | 124,975 |
2018 | 124,975 |
Thereafter | $3,853,837 |
Patents_and_Other_Intangible_A4
Patents and Other Intangible Assets (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Capitalized costs | $376,000 | $1,175,000 |
Intangible assets amorization expense | $131,069 | $100,768 |
Nuclear Regulatory Commission operating license, description | ' | 'In October 2012, the Nuclear Regulatory Commission issued the Company a 40 year construction and operating license. The license will be amortized over its 40 year life. |
Convertible_Debentures_and_Not2
Convertible Debentures and Notes Payable (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Note Payable - NRC | Note Payable - Related Parties | Note Payable - Former Chairman | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Notes payable current and noncurrent | ' | ' | $460,453 | $500,000 | $100,000 |
Note payable interest rate | ' | ' | 1.00% | 6.00% | 5.00% |
Note payable payment terms | ' | ' | 'Monthly installments of $17,500, unsecured | 'All principal and interest due on June 30, 2014, secured | 'All principal and interest repaid March 2013 |
Current installments of notes payable | 960,453 | 100,000 | ' | ' | ' |
Unamortized debt discount | ($364,882) | ' | ' | ' | ' |
Convertible_Debentures_and_Not3
Convertible Debentures and Notes Payable (Details 2) (USD $) | Dec. 31, 2013 |
Long-term Debt, Rolling Maturity | ' |
Year ending December 31, 2014 | $706,255 |
Year ending December 31, 2015 | 208,327 |
Year ending December 31, 2016 | 45,871 |
Year ending December 31, 2017 | 3,069,900 |
Total maturities of notes payable obligations | $4,030,353 |
Convertible_Debentures_and_Not4
Convertible Debentures and Notes Payable (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Convertible Debt [Line Items] | ' | ' |
Proceeds from convertible debt, aggregate value | $1,060,000 | $2,969,900 |
Convertible Debt | ' | ' |
Convertible Debt [Line Items] | ' | ' |
Proceeds from convertible debt, aggregate value | 1,060,000 | 3,069,900 |
Interest rate | 10.00% | 8.00% |
Maturity date | 30-Sep-15 | 31-Jul-17 |
Conversion price | $0.14 | $0.23 |
Warrant exercise price | ' | 0.3 |
Warrant expiration term | ' | 'Term of 5 years |
Fair value | ' | 2,703,144 |
Fair value, warrants | ' | 366,756 |
Beneficial conversion feature | 75,715 | 25,656 |
Warrants issued | ' | 1,091,520 |
Warrant issued, fair value | ' | 133,285 |
Risk free interest rate | ' | 0.65% |
Expected volatility | ' | 88.00% |
Expected life | ' | '5 years |
Accretion of beneficial conversion features | 78,483 | 33,747 |
Amortization of interest expense | 32,449 | ' |
Notes Payable | ' | ' |
Convertible Debt [Line Items] | ' | ' |
Warrants issued | 5,000,000 | ' |
Warrant issued, fair value | $383,025 | ' |
Risk free interest rate | 1.66% | ' |
Expected volatility | 78.90% | ' |
Expected life | '5 years | ' |
Note payable terms | 'The Company negotiated with the NRC to convert amounts owning as a trade payable to a long-term note. The Company converted a total of $596,816 to the note payable. | ' |
Lease_Obligations_Details_1
Lease Obligations (Details 1) (USD $) | Dec. 31, 2013 |
Leases [Abstract] | ' |
Year ending December 31, 2014 | $136,313 |
Year ending December 31, 2015 | 136,313 |
Year ending December 31, 2016 | 136,313 |
Year ending December 31, 2017 | 136,313 |
Year ending December 31, 2018 | 136,313 |
Thereafter | 317,944 |
Total operating leases | $999,509 |
Lease_Obligations_Details_Narr
Lease Obligations (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Leases [Abstract] | ' | ' |
Rental expense | $156,780 | $193,222 |
Rental expiration date | 31-Dec-21 | ' |
Shareholders_Equity_Mandatoril2
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Warrant or Right [Roll Forward] | ' | ' |
Warrants outstanding, beginning of period | 38,059,303 | 33,556,783 |
Warrants, granted | $10,000,000 | $4,502,520 |
Warrants exercised | -17,801,352 | ' |
Warrants, forfeited | -3,000,000 | ' |
Warrants outstanding, end of period | 27,257,951 | 38,059,303 |
Weighted average exercise price of warrants outstanding, beginning of period | $0.26 | $0.25 |
Weighted average exercise price, granted | $0.06 | $0.30 |
Weighted average exercise price, exercised | $0.06 | ' |
Weighted average exercise price, forfeited | $0.30 | ' |
Weighted average exercise price of warrants outstanding, end of period | $0.26 | $0.26 |
Shareholders_Equity_Mandatoril3
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' |
Non-vested stock awards, beginning of period | 151,720 | 370,917 |
Non-vested stock awards, vested (shares) | -151,720 | -185,457 |
Non-vested stock awards, forfeited (shares) | ' | -33,740 |
Non-vested stock awards, at end of period | 0 | 151,720 |
Non-vested stock awards, weighted average grant date fair value at beginning of period | $0.18 | $0.18 |
Non-vested stock awards, weighted average grant date fair value vested | $0.18 | $0.18 |
Shareholders_Equity_Mandatoril4
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding [Roll Forward] | ' | ' |
Stock options outstanding, beginning of period | 17,700,000 | 25,700,000 |
Stock options granted | 750,000 | 2,000,000 |
Stock options exercised | -2,000,000 | -2,500,000 |
Stock options forfeited | ' | -7,500,000 |
Stock options outstanding, end of period | 16,450,000 | 17,700,000 |
Stock options exercisable, end of period | 14,200,000 | ' |
Weighted average exercise price outstanding, beginning of period | $0.23 | $0.17 |
Weighted average exercise price granted | $0.15 | $0.17 |
Weighted average exercise price exercised | $0.03 | $0.02 |
Weighted average exercise priced forfeited | ' | $0.02 |
Weighted average exercise price outstanding, end of period | $0.09 | $0.23 |
Weighted average exercise price exercisable, end of period | $0.09 | ' |
Weighted average remaining contractual life outstanding, end of period | '3 years 8 months | ' |
Weighted average remaining contractual life exercisable, end of period | '4 years 2 months | ' |
Shareholders_Equity_Mandatoril5
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Warrants exercised | -17,801,352 | ' |
2006 Equity Incentive Plan, exercise price | $0.15 | $0.17 |
Warrants - Series K | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Discounted warrant exercise price | 'Issued July 27, 2012 from $0.30 to $0.09 under Option 1 and to $0.06 under Option 2 | ' |
Warrants - Series H | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Discounted warrant exercise price | 'Issued August 24, 2011 from $0.22 to $0.09 under Option 1 and to $0.06 under Option 2 | ' |
Warrants - Class F | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Discounted warrant exercise price | 'Issued on November 7, 2008 from $0.30 to $0.09 under Option 1 and to $0.06 under Option 2 | ' |
Warrants - Class I | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Discounted warrant exercise price | 'Issued on October 29, 2010 from $0.40 to $0.09 under Option 1 and to $0.06 under Option 2 | ' |
Warrants | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Common stock issued | 6,727,972 | ' |
Proceeds from issuance of stock | $420,389 | ' |
Proceeds applied to interest | 110,733 | ' |
Warrants exercised | 17,801,352 | ' |
Exercise price of warrants | ' | 0.3 |
Risk free interest rate of fair value of warrants or options | ' | 0.65% |
Expected volatility of fair value of warrants or options | ' | 88.00% |
Expected life of fair value of warrants or options | ' | '5 years |
Potential total number of warrants to be issued | ' | 4,502,520 |
Convertible Preferred Stock | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Shares authorized to issue | 5,000,000 | ' |
Series B Preferred Stock outstanding | 850 | ' |
Description of Series B preferred stock mandatory redemption terms | 'The Series B Preferred Stock with a mandatory redemptioin date of May 2022 at $1,000 per share or $850,000. The shares are also convertible into common stock at a conversion price of $2.00 per share. | ' |
Employee Stock Purchase Plan | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Common stock issued | 93,970 | 119,227 |
Proceeds from issuance of stock | 10,560 | 12,909 |
Description of employee stock purchase plan | ' | 'In September 2004, the Company's Board of Directors approved an employee stock purchase plan for an aggregate of up to 2,000,000 shares of the Company's common stock. The plan allows employees to deduct up to 15% of their payroll each pay period to be used for the purchase of common stock at a discounted rate. The common shares will be purchased at the end of each three-month offering period or other period as determined by the Board. The Plan is intended to qualify as an "employee stock purchase plan" under Section 423 of the Internal Revenue Code. |
2006 Equity Incentive Plan | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Description of 2006 Equity Incentive Plan | 'The 2006 Plan authorizes the issuance of up to 20,000,000 shares of common stock, plus 1,350,000 shares issued but not subject to outstanding awards under the Prior Plan. There are also 13,000,000 shares granted and outstanding under the Prior Plan that could become available for issuance under the 2006 Plan. (For example, if they are forfeited or otherwise expire or terminate without the issuance of shares.) Unless earlier terminated, the 2006 Plan will terminate on July 12, 2016. | ' |
2006 Equity Incentive Plan, shares available for issuance | 12,134,210 | ' |
Non-Vested Stock Grants | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Common stock issued | 1,793,104 | ' |
Recognized compensation expense | 283 | 5,278 |
Risk free interest rate of fair value of warrants or options | 1.87% | 0.83% |
Expected volatility of fair value of warrants or options | 84.62% | 85.00% |
Expected life of fair value of warrants or options | '10 years | '6 years 3 months |
Warrants/Options expiration date | 31-Jan-23 | ' |
2006 Equity Incentive Plan, nonqualified stock options issued | 750,000 | 2,000,000 |
2006 Equity Incentive Plan, exercise price | $0.07 | $0.07 |
2006 Equity Incentive Plan, vest | 'Vest 25% on the first anniversary of the grant date with 25% vesting after each additional 1 year period of continuous service. | 'Vest 25% on the first anniversary of the grant date with 25% vesting after each additional 1 year period of continuous service. |
2006 Equity Incentive Plan, fair value, per share | $0.14 | $0.12 |
Shares withheld to satisfy payroll tax liabilities | 70,088 | ' |
Net shares issued | 104,912 | ' |
Value of shares issued | 16,786 | ' |
Intrinsic value of stock awards vested | 0 | 25,964 |
Unamortized deferred compensation | ' | 283 |
Stock options exercise | 2,000,000 | ' |
Proceeds from stock options exercised | 30,000 | ' |
Non-Vest Stock Grants - Repriced | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Risk free interest rate of fair value of warrants or options | 1.26% | 1.03% |
Expected volatility of fair value of warrants or options | 84.20% | 83.53% |
Expected life of fair value of warrants or options | '6 years 3 months | '6 years 7 months |
Warrants/Options expiration date | 4-May-19 | 4-May-19 |
2006 Equity Incentive Plan, exercise price | $0.15 | $0.17 |
Adjustment to re-price stock options | 'The Company re-priced 600,000 options which had an original exercise price of $0.32 per share and expire on May 4, 2019. | 'The Company re-priced 4,500,000 options which had an exercise price of $0.32 per share and expire on May 4, 2019. The stock options were adjusted to an exercise price of $0.17 per share with the expiration date remaining May 4, 2019. |
Fair value of re-priced options | 11,145 | 72,136 |
Non-Vested Stock Grants Repriced #2 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Risk free interest rate of fair value of warrants or options | 1.47% | ' |
Expected volatility of fair value of warrants or options | 78.68% | ' |
Expected life of fair value of warrants or options | '9 years 3 months | ' |
2006 Equity Incentive Plan, exercise price | $0.07 | ' |
Adjustment to re-price stock options | 'The Company re-priced 11,850,000 options which had previous exercise prices between $0.15 and $0.70 per share and expire between October 31,2017 and January 18, 2023. | ' |
Additional equity compensation recognized | 156,499 | ' |
Additional equity compensation unrecognized | 15,175 | ' |
Fair value of re-priced options | 171,674 | ' |
Stock Options | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Recognized compensation expense | 331,437 | 270,737 |
Intrinsic value of stock options exercised | $0 | $470,000 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax benefit | ($837,028) | ($761,876) |
Nondeductible expenses | 146,912 | 129,843 |
State taxes net of federal benefit | -113,245 | -103,077 |
Change in valuation allowance | 803,361 | 735,110 |
Total income tax expense | $0 | $0 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred income tax asset | ' | ' |
Net operating loss carryforward | $11,191,259 | $10,338,475 |
Valuation allowance | -11,024,333 | -10,220,972 |
Total deferred income tax asset | 166,926 | 117,503 |
Deferred income tax liability - depreciation | -166,926 | -117,503 |
Deferred tax asset (liability) | $0 | $0 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Approximate net operating losses | $28,100,000 |
Income tax returns subject to examination | 'The Company has identified its federal income tax returns for the years ended December 31, 2010 through 2013 as remaining subject to examination. The Company's income tax returns in state income tax jurisdictions remain subject to examination for years ended December 31, 2010 through 2013. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Defined Contribution Pension Plan | 'The Company has a 401(k) defined-contribution pension plan (the Plan) for which employees are eligible after completing six months of full-time service. Participants, under provision of Internal Revenue Code 401(k), may elect to contribute up to $17,000 of their compensation to the Plan which includes both before-tax and Roth after-tax contribution options. Although the Company reserves the right to make discretionary matching contributions to participant accounts, there were no employer matching contributions made for either 2013 or 2012. All amounts withheld for employee contributions were made during 2013. The employer reserves the right to terminate the Plan at any time. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligation [Roll Forward] | ' | ' |
Obligation for lease disposal cost, balance at beginning of period | $523,238 | $483,391 |
Obligation for lease disposal cost, increase in lease disposal costs | 0 | 0 |
Obligation for lease disposal cost, accretion expense / amortization expense | 43,131 | 39,847 |
Obligation for lease disposal cost, balance at end of period | 566,369 | 523,238 |
Capitalized lease disposal cost, balance at beginning of period | 102,499 | 113,503 |
Capitalized lease disposal cost, increase in lease disposal costs | 0 | 0 |
Capitalized lease disposal cost, accretion expense / amortization expense | -12,300 | -11,004 |
Capitalized lease disposal cost, balance at end of period | $90,199 | $102,499 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | $6,849,150 | $7,621,934 |
Depreciation and Amortization | 415,607 | 415,181 |
Segment Income (Loss) | -2,461,845 | -2,240,810 |
Segment Assets | 12,008,014 | 12,041,905 |
Radiochemical Products | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 1,636,535 | 1,677,291 |
Depreciation and Amortization | 33,027 | 37,173 |
Segment Income (Loss) | 223,011 | 94,165 |
Expenditures for Segment Assets | 4,356 | 2,793 |
Segment Assets | 153,305 | 229,516 |
Cobalt Products | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 1,080,011 | 1,369,130 |
Depreciation and Amortization | 80,929 | 94,957 |
Segment Income (Loss) | 62,791 | 401,132 |
Expenditures for Segment Assets | 0 | 31,742 |
Segment Assets | 1,574,603 | 1,510,183 |
Nuclear Medicine Standards | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 3,249,126 | 4,169,710 |
Depreciation and Amortization | 20,856 | 21,439 |
Segment Income (Loss) | 609,107 | 581,342 |
Expenditures for Segment Assets | 3,540 | 4,429 |
Segment Assets | 573,389 | 451,252 |
Radiological Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 763,980 | 177,871 |
Depreciation and Amortization | 10,333 | 10,399 |
Segment Income (Loss) | 430,525 | 90,102 |
Expenditures for Segment Assets | 150,840 | 255,000 |
Segment Assets | 608,949 | 267,414 |
Fluorine Products | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 0 | 0 |
Depreciation and Amortization | 187,831 | 232,113 |
Segment Income (Loss) | -819,848 | -1,050,995 |
Expenditures for Segment Assets | 413,365 | 1,537,935 |
Segment Assets | 6,093,151 | 6,239,235 |
Transportation | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 119,498 | 227,932 |
Depreciation and Amortization | 12,873 | 13,374 |
Segment Income (Loss) | -29,842 | -15,734 |
Expenditures for Segment Assets | 0 | 0 |
Segment Assets | 12,864 | 29,734 |
Segment Total | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 6,849,150 | 7,621,934 |
Depreciation and Amortization | 345,849 | 409,455 |
Segment Income (Loss) | 475,745 | 100,012 |
Expenditures for Segment Assets | 572,101 | 1,831,899 |
Segment Assets | 9,016,261 | 8,727,334 |
Corporate Allocation | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 0 | 0 |
Depreciation and Amortization | 69,758 | 5,726 |
Segment Income (Loss) | -2,937,589 | -2,340,822 |
Expenditures for Segment Assets | 0 | 3,414 |
Segment Assets | 2,991,753 | 3,314,571 |
Consolidated Total | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sale of Product | 6,849,150 | 7,621,934 |
Depreciation and Amortization | 415,607 | 415,181 |
Segment Income (Loss) | -2,461,845 | -2,240,810 |
Expenditures for Segment Assets | 572,101 | 1,835,313 |
Segment Assets | $12,008,014 | $12,041,905 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (Subsequent Event, 2006 Equity Incentive Plan, USD $) | 1 Months Ended |
Feb. 28, 2014 | |
Subsequent Event | 2006 Equity Incentive Plan | ' |
Subsequent Event [Line Items] | ' |
Shares issued | 280,000 |
Compensation expense | $16,800 |
Shares withheld to satisfy payroll tax liabilities | -112,140 |
Net shares issued | 167,860 |