Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'INTERNATIONAL ISOTOPES INC | ' |
Entity Central Index Key | '0001038277 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 369,395,849 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets | ' | ' |
Cash and cash equivalents | $620,039 | $456,374 |
Accounts receivable | 861,549 | 1,046,403 |
Inventories | 1,259,538 | 1,478,349 |
Prepaids and other current assets | 449,377 | 613,795 |
Total current assets | 3,190,503 | 3,594,921 |
Long-term assets | ' | ' |
Restricted certificate of deposit | 203,177 | 204,222 |
Property, plant and equipment, net | 2,234,821 | 2,271,153 |
Capitalized lease disposal costs, net | 87,124 | 90,199 |
Investment | 1,366,674 | 1,368,808 |
Patents and other intangibles, net | 4,458,402 | 4,478,711 |
Total long-term assets | 8,350,198 | 8,413,093 |
Total assets | 11,540,701 | 12,008,014 |
Current liabilities | ' | ' |
Accounts payable | 459,394 | 732,449 |
Accrued liabilities | 667,995 | 610,759 |
Current installments of notes payable net of debt discount | 524,331 | 341,373 |
Total current liabilities | 1,651,720 | 1,684,581 |
Long-term liabilities | ' | ' |
Convertible debt net of debt discount | 3,835,537 | 3,806,452 |
Obligation for lease disposal costs | 577,697 | 566,369 |
Notes payable net of current portion | 202,311 | 254,198 |
Mandatorily redeemable convertible preferred stock | 850,000 | 850,000 |
Total long-term liabilities | 5,465,545 | 5,477,019 |
Total liabilities | 7,117,265 | 7,161,600 |
Stockholders' Equity | ' | ' |
Common stock | 3,693,466 | 3,691,314 |
Additional paid-in capital | 117,813,220 | 117,783,738 |
Accumulated deficit | -117,149,354 | -116,697,147 |
Equity attributable to International Isotopes Inc. stockholders | 4,357,332 | 4,777,905 |
Equity attributable to noncontrolling interest | 66,104 | 68,509 |
Total equity | 4,423,436 | 4,846,414 |
Total liabilities and stockholders' equity | $11,540,701 | $12,008,014 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 369,346,584 | 369,130,899 |
Common stock, shares outstanding | 369,346,584 | 369,130,899 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement [Abstract] | ' | ' |
Sale of product | $1,948,856 | $1,672,789 |
Cost of product | 1,144,428 | 1,093,269 |
Gross profit | 804,428 | 579,520 |
Operating costs and expenses: | ' | ' |
Salaries and contract labor | 387,358 | 452,460 |
General, administrative and consulting | 507,222 | 481,522 |
Research and development | 81,947 | 232,819 |
Total operating expenses | 976,527 | 1,166,801 |
Operating loss | -172,099 | -587,281 |
Other income (expense): | ' | ' |
Other income (expense) | 5,283 | 4,165 |
Equity in net income of affiliate | 21,580 | 2,746 |
Interest income | 295 | 388 |
Interest expense | -309,669 | -100,118 |
Total other income (expense) | -282,511 | -92,819 |
Net loss | -454,610 | -680,100 |
Loss attributable to non-controlling interest | 2,405 | 11,208 |
Net loss attributable to International Isotopes Inc. | ($452,205) | ($668,892) |
Net loss per common share - basic and diluted | $0 | $0 |
Weighted average common shares outstanding - basic and diluted | 369,150,813 | 360,420,968 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($454,610) | ($680,100) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Net income in equity method investment | -21,580 | -2,746 |
Depreciation and amortization | 68,455 | 110,827 |
Loss on disposal of property, plant and equipment | 0 | 3,607 |
Accretion of obligation for lease disposal costs | 11,328 | 10,464 |
Accretion of beneficial conversion feature and debt discount | 211,527 | 23,677 |
Equity based compensation | 29,193 | 107,063 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 184,854 | -107,154 |
Prepaids and other assets | 164,418 | 193,364 |
Inventories | 218,811 | -45,730 |
Accounts payable and accrued liabilities | -215,819 | 58,746 |
Net cash provided by (used in) operating activities | 196,577 | -327,982 |
Cash flows from investing activities: | ' | ' |
Restricted certificate of deposit | 1,045 | -354 |
Dividends received from equity method investment | 23,714 | 18,232 |
Purchase of property, plant and equipment | -8,739 | -137,657 |
Net cash provided by (used in) investing activities | 16,020 | -119,779 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of stock | 2,439 | 2,910 |
Proceeds from issuance of debt | 0 | 1,060,000 |
Principal payments on notes payable and capital leases | -51,371 | -100,000 |
Net cash provided by (used in) financing activities | -48,932 | 962,910 |
Net increase in cash and cash equivalents | 163,665 | 515,149 |
Cash and cash equivalents at beginning of period | 456,374 | 546,143 |
Cash and cash equivalents at end of period | 620,039 | 1,061,292 |
Supplemental disclosure of cash flow activities: | ' | ' |
Cash paid for interest | 1,891 | 29,030 |
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 | $0 | $75,715 |
The_Company_and_Basis_of_Prese
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
The Company and Basis of Presentation | ' |
(1) The Company and Basis of Presentation | |
International Isotopes Inc. (the “Company”) was incorporated in Texas in November 1995. The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP) and include all operations and balances of the Company and its wholly-owned subsidiaries, International Isotopes Idaho, Inc., a Texas corporation, International Isotopes Fluorine Products, Inc., and International Isotopes Transportation Services, Inc., both of which are Idaho corporations. The unaudited condensed consolidated financial statements also include the accounts of the Company’s 50% owned joint venture, TI Services, LLC, which is located in Ohio. The Company’s headquarters and all operations, with the exception of TI Services, LLC, are located in Idaho Falls, Idaho. | |
Nature of Operations – The Company’s business consists of six major business segments: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. | |
With the exception of certain unique products, the Company’s normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Company’s operating cycle for those products is considered to be three years. All assets expected to be realized in cash or sold during the normal operating cycle of business are classified as current assets. | |
Principles of Consolidation – The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its 50% owned joint venture, TI Services, LLC. All intercompany accounts and transactions have been eliminated in consolidation. | |
Interim Financial Information – The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. Operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The accompanying financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 28, 2014. |
Current_Developments_and_Liqui
Current Developments and Liquidity | 3 Months Ended |
Mar. 31, 2014 | |
Current Developments And Liquidity | ' |
Current Developments and Liquidity | ' |
(2) Current Developments and Liquidity | |
Business Condition – Since inception, the Company has suffered substantial losses. During the three-month period ended March 31, 2014, the Company reported a net loss of $452,205, net of non-controlling interest loss, and net cash provided by operating activities of $196,577. During the same period in 2013, the Company reported a net loss of $668,892, net of non-controlling interest loss, and net cash used in operating activities of $327,982. | |
Over the past few years, the Company has made significant investments in the design, planning and construction of a large scale uranium de-conversion and fluorine extraction facility, a project the Company started in 2004. During the three-month period ending March 31, 2014, the Company incurred costs of approximately $103,182 to maintain licenses and other necessary project investments. During the same three-month period in 2013, the Company incurred costs of approximately $278,476 for planning and development activities on the project. | |
Since beginning its efforts to design and build this large scale uranium de-conversion facility, the Company acquired seven patents for the Fluorine Extraction Process (“FEP”) and later designed, built, and operated an FEP pilot plant to produce a fluoride gas from de-conversion of uranium tetrafluoride. Following completion of testing the plant was shut down in 2013. In October 2012, the Company obtained the Nuclear Regulatory Commission’s (“NRC”) construction and operating license for the planned de-conversion facility. This is a forty (40) year operating license and is the first commercial license of this type issued in the U.S. There are no other companies with a similar license application under review by the NRC. Therefore, the Company believes that the NRC license represents a significant competitive barrier and that it provides it with a very valuable asset. | |
However, since the start of this project there have been several changes in the nuclear industry that have caused the Company to place near-term engineering work on this de-conversion project on hold. When the Company began pursuing this project there were three companies planning for construction of new commercial uranium enrichment plants in the U.S. and a fourth company using the Silex laser separation technology. The Company had been communicating with all of them for possible de-conversion agreements to process its tails and was successful in obtaining a de-conversion service agreement with URENCO USA (“UUSA”) that would use approximately 50% of the installed processing capacity of its proposed de-conversion facility. Plans to obtain additional contracts with the other enrichment companies in order to commit 100% of the planned facility’s capacity have been delayed because of the slowdown in nuclear industry growth. Having contracts in place for the full plant capacity is necessary for the Company to obtain funding for the project and it believes that one or more of these companies are likely to resume construction plans on a new enrichment facility within the next few years because of the continued expansion of nuclear power overseas. When these plans do resume, the Company intends to resume contract talks to commit the remaining capacity for its planned de-conversion facility and continue efforts to obtain project financing to proceed with the design and construction of the facility. It is also expected that the Company will be able to revise its contract dates with UUSA once one of these other enrichment companies resumes construction planning. | |
The Company is renewing its focus upon its long-standing core business segments and working to reduce operating costs as well as create new business opportunities within those segments. The results of these efforts have led to positive cash flow produced by operating activities for the first quarter of 2014 and for the first time in the Company’s operating history. While there can be no assurances that this positive cash flow from operations will continue the Company intends to continue to work towards achieving profitability based upon the performance of its current business segments. |
Net_Loss_Per_Common_Share_Basi
Net Loss Per Common Share - Basic and Diluted | 3 Months Ended |
Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Loss Per Common Share - Basic and Diluted | ' |
(3) Net Loss Per Common Share - Basic and Diluted | |
For the three months ended March 31, 2014, the Company had 16,450,000 stock options outstanding, 27,257,951 warrants outstanding, and 425,000 shares of Series B redeemable convertible preferred stock outstanding that were not included in the computation of diluted loss per common share because they would be anti-dilutive. | |
For the three months ended March 31, 2013, the Company had 18,450,000 stock options outstanding, 38,059,303 warrants outstanding, and 425,000 shares of Series B redeemable convertible preferred stock outstanding that were not included in the computation of diluted loss per common share because they would be anti-dilutive. |
Investment_and_Related_Parties
Investment and Related Parties | 3 Months Ended |
Mar. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investment and Related Parties | ' |
(4) Investment and Related Parties | |
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 $1,366,674 and is reported as an asset at March 31, 2014. For the three months ended March 31, 2014, member distributions from RadQual totaled $23,714 and were recorded as a reduction of the investment, and for the same period in 2013, member distributions totaled $18,232. During the three months ended March 31, 2014 and 2013, earnings allocated to the Company from RadQual totaled $21,580 and $2,746, respectively. These allocated earnings were recorded as equity in net income of affiliate on the Company’s condensed consolidated statements of operations. | |
At March 31, 2014 and 2013, the Company had receivables from RadQual in the amount of $497,645 and $508,513, respectively, which are recorded as part of accounts receivable on the Company’s condensed consolidated balance sheets. For the three months ended March 31, 2014 and 2013, the Company had revenue from RadQual in the amount of $762,750 and $850,768, respectively, which is recorded as sale of product on the Company’s condensed consolidated statements of operations. |
Inventories
Inventories | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Inventories | ' | |||||
(5) Inventories | ||||||
Inventories consisted of the following at March 31, 2014 and December 31, 2013: | ||||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
Raw materials | $ | 244,503 | $ | 247,667 | ||
Work in progress | 995,046 | 1,206,708 | ||||
Finished goods | 19,989 | 23,974 | ||||
$ | 1,259,538 | $ | 1,478,349 | |||
Work in progress includes cobalt-60 which is located in the U.S. federal government’s Advanced Test Reactor (ATR) located outside of Idaho Falls, Idaho. The cobalt is at various stages of irradiation with some cobalt near completion and some cobalt requiring several more years to complete. At March 31, 2014 and December 31, 2013, the cobalt had a carrying value of $789,193 and $957,221, respectively, which is based on accumulated costs allocated to cobalt targets based on the length of time the cobalt remains in the ATR. |
Stockholders_Equity_Options_an
Stockholders' Equity, Options and Warrants | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Stockholders' Equity, Options and Warrants | ' | ||||||||||
(6) Stockholders’ Equity, Options and Warrants | |||||||||||
Employee Stock Purchase Plan | |||||||||||
During the three months ended March 31, 2014 and 2013, the Company issued 47,825 and 21,394 shares of common stock, respectively, to employees for proceeds of $2,439 and $2,910, respectively. All of these shares were issued in accordance with the Company’s employee stock purchase plan. | |||||||||||
Stock-Based Compensation Plans | |||||||||||
Employee/Director Grants - The Company accounts for issuances of stock-based compensation to employees by recognizing, as compensation expense, the cost of employee services received in exchange for the equity awards. The compensation expense is based on the grant date fair value of the award. Stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). | |||||||||||
Non-Employee Grants - The Company accounts for its issuances of stock-based compensation to non-employees by measuring the value of any awards that were vested and non-forfeitable at their date of issuance based on the grant date fair value of the award. The non-vested portion of awards that are subject to the future performance of the counterparty are adjusted at each reporting date to their fair values based upon the then current market value of the Company’s stock and other assumptions that management believes are reasonable. | |||||||||||
Option awards outstanding as of March 31, 2014, and changes during the three months ended March 31, 2014, were as follows: | |||||||||||
Fixed Options | Shares | Weighted | Weighted | Aggregate | |||||||
Average | Average | Intrinsic | |||||||||
Exercise | Remaining | Value | |||||||||
Price | Contractual Life | ||||||||||
Outstanding at December 31, 2013 | 16,450,000 | $ | 0.09 | ||||||||
Granted | - | ||||||||||
Exercised | - | ||||||||||
Forfeited | - | ||||||||||
Outstanding at March 31, 2014 | 16,450,000 | 0.09 | 3.5 | $ | - | ||||||
Exerciseable at March 31, 2014 | 14,387,500 | $ | 0.09 | 4 | $ | - | |||||
The intrinsic value of outstanding and exercisable shares is based on the closing price of the Company’s common stock of $0.05 per share on March 31, 2014, the last trading day of the quarter. The intrinsic value of exercised shares is based on the closing price of the Company’s common stock on the day of exercise with a weighted-average price of $0.09 per share. | |||||||||||
As of March 31, 2014, there was approximately $98,742 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 1.7 years. | |||||||||||
Total stock-based compensation expense for the three months ended March 31, 2014 and 2013 was $29,193 and $107,063, respectively. | |||||||||||
Pursuant to an employment agreement with our CEO, the Company issued 280,000 fully vested shares of 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. | |||||||||||
Warrants | |||||||||||
Warrants outstanding at March 31, 2014, and changes during the three months ended March 31, 2014, were as follows: | |||||||||||
Warrants | |||||||||||
Outstanding at December 31, 2013 | 27,257,951 | ||||||||||
Issued | - | ||||||||||
Exercised | - | ||||||||||
Forfeited | - | ||||||||||
Outstanding at March 31, 2014 | 27,257,951 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(7) Commitments and Contingencies | |
Dependence on Third Parties | |
The production of HSA Cobalt is dependent upon the U.S. Department of Energy (DOE), and its prime operating contractor, which controls the reactor and laboratory operations. Continued access to the ATR for cobalt production remains subject to the approval of the DOE based upon the priorities of the government’s experiments program. 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. 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 Idaho National Laboratory (“INL”) contractor will permit continued irradiation of the in-process cobalt targets currently stored at the reactor site. The Company is discussing the requirements for a resumption of irradiation of our in process cobalt targets with the DOE and is also working with the DOE to start new production targets. Should we not be able to resume irradiation of our older cobalt targets we may have to further write down the value of the Work in Process assigned to this material and sell or salvage these remaining targets. | |
Because cobalt takes approximately three years to produce, not being able to continue irradiation of these targets during 2013 will cause a gap in 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 products sold by the Company are provided through a supply agreement with a single entity. A loss of any of these customers or suppliers could adversely affect operating results by causing a delay in production or a possible loss of sales. | |
Contingencies | |
Because all of the Company’s business segments involve radioactive material, the Company is required to have an operating license from the NRC and specially trained staff to handle these materials. The Company has an NRC operating license and has amended this license several times to increase the amount of material permitted within its facility. Additional processing capabilities and license amendments could be implemented that would permit processing of other reactor-produced radioisotopes by the Company. The current license does not restrict the volume of business operation performed or projected to be performed in the upcoming year. To provide the financial assurance required by the NRC, the Company carries a surety bond issued by Argonaut Insurance Company naming the NRC as beneficiary. The surety bond renews annually and requires a letter of credit against a certificate of deposit at Wells Fargo Bank in the amount of 50% of the face value of the surety bond. The Company has placed $203,177 into a certificate of deposit for this purpose. At March 31, 2014, the restricted certificate of deposit totaled $203,177. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(8) Subsequent Events | |
In April 2014, in accordance with the Company’s employee stock purchase plan, the Company issued 49,265 shares of common stock to employees in exchange for proceeds of $2,094. |
Segment_Information
Segment Information | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Segment Reporting [Abstract] | ' | ||||||
Segment Information | ' | ||||||
9) Segment Information | |||||||
The Company has six reportable segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. Information regarding the operations and assets of these reportable business segments is contained in the following table: | |||||||
Three months ended | |||||||
March 31, | |||||||
Sale of Product | 2014 | 2013 | |||||
Radiochemical Products | $ | 418,404 | $ | 440,020 | |||
Cobalt Products | 541,948 | 191,266 | |||||
Nuclear Medicine Standards | 813,523 | 908,266 | |||||
Radiological Services | 124,756 | 86,537 | |||||
Fluorine Products | - | - | |||||
Transportation | 50,225 | 46,700 | |||||
Total Segments | 1,948,856 | 1,672,789 | |||||
Corporate revenue | - | - | |||||
Total Consolidated | $ | 1,948,856 | $ | 1,672,789 | |||
Three months ended | |||||||
March 31, | |||||||
Depreciation and Amortization | 2014 | 2013 | |||||
Radiochemical Products | $ | 2,119 | $ | 9,293 | |||
Cobalt Products | 20,502 | 23,178 | |||||
Nuclear Medicine Standards | 4,890 | 5,273 | |||||
Radiological Services | 5,899 | 2,618 | |||||
Fluorine Products | 26,095 | 62,630 | |||||
Transportation | 3,027 | 3,314 | |||||
Total Segments | 62,532 | 106,306 | |||||
Corporate depreciation and amortization | 5,923 | 4,521 | |||||
Total Consolidated | $ | 68,455 | $ | 110,827 | |||
Three months ended | |||||||
March 31, | |||||||
Segment Income (Loss) | 2014 | 2013 | |||||
Radiochemical Products | $ | 74,112 | $ | 62,899 | |||
Cobalt Products | 199,765 | -18,675 | |||||
Nuclear Medicine Standards | 158,976 | 165,101 | |||||
Radiological Services | 66,975 | 27,897 | |||||
Fluorine Products | -103,182 | -278,476 | |||||
Transportation | 3,911 | 4,434 | |||||
Total Segments | 400,557 | -36,821 | |||||
Corporate loss | -852,762 | -632,071 | |||||
Net Loss | $ | -452,205 | $ | -668,892 | |||
Three months ended | |||||||
March 31, | |||||||
Expenditures for Segment Assets | 2014 | 2013 | |||||
Radiochemical Products | $ | - | $ | - | |||
Cobalt Products | - | - | |||||
Nuclear Medicine Standards | - | - | |||||
Radiological Services | - | 16,162 | |||||
Fluorine Products | 8,739 | 121,495 | |||||
Transportation | - | - | |||||
Total Segments | 8,739 | 137,657 | |||||
Corporate purchases | - | - | |||||
Total Consolidated | $ | 8,739 | $ | 137,657 | |||
March 31, | December 31, | ||||||
Segment Assets | 2014 | 2013 | |||||
Radiochemical Products | $ | 229,964 | $ | 153,305 | |||
Cobalt Products | 1,295,440 | 1,574,603 | |||||
Nuclear Medicine Standards | 556,198 | 573,389 | |||||
Radiological Services | 428,524 | 608,949 | |||||
Fluorine Products | 6,048,498 | 6,093,151 | |||||
Transportation | 10,937 | 12,864 | |||||
Total Segments | 8,569,561 | 9,016,261 | |||||
Corporate assets | 2,971,140 | 2,991,753 | |||||
Total Consolidated | $ | 11,540,701 | $ | 12,008,014 | |||
Accounting_Policies_Policies
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation – The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its 50% owned joint venture, TI Services, LLC. All intercompany accounts and transactions have been eliminated in consolidation. | |
Interim Financial Information | ' |
Interim Financial Information – The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. Operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The accompanying financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 28, 2014. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Schedule of Inventory Current | ' | |||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
Raw materials | $ | 244,503 | $ | 247,667 | ||
Work in progress | 995,046 | 1,206,708 | ||||
Finished goods | 19,989 | 23,974 | ||||
$ | 1,259,538 | $ | 1,478,349 |
Stockholders_Equity_Options_an1
Stockholders' Equity, Options and Warrants (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Schedule of Share-Based Compensation Stock Option Activity | ' | ||||||||||
Fixed Options | Shares | Weighted | Weighted | Aggregate | |||||||
Average | Average | Intrinsic | |||||||||
Exercise | Remaining | Value | |||||||||
Price | Contractual Life | ||||||||||
Outstanding at December 31, 2013 | 16,450,000 | $ | 0.09 | ||||||||
Granted | - | ||||||||||
Exercised | - | ||||||||||
Forfeited | - | ||||||||||
Outstanding at March 31, 2014 | 16,450,000 | 0.09 | 3.5 | $ | - | ||||||
Exerciseable at March 31, 2014 | 14,387,500 | $ | 0.09 | 4 | $ | - | |||||
Schedule of Stockholders' Equity Note, Warrants or Rights | ' | ||||||||||
Warrants | |||||||||||
Outstanding at December 31, 2013 | 27,257,951 | ||||||||||
Issued | - | ||||||||||
Exercised | - | ||||||||||
Forfeited | - | ||||||||||
Outstanding at March 31, 2014 | 27,257,951 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Segment Reporting [Abstract] | ' | ||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||
Three months ended | |||||||
March 31, | |||||||
Sale of Product | 2014 | 2013 | |||||
Radiochemical Products | $ | 418,404 | $ | 440,020 | |||
Cobalt Products | 541,948 | 191,266 | |||||
Nuclear Medicine Standards | 813,523 | 908,266 | |||||
Radiological Services | 124,756 | 86,537 | |||||
Fluorine Products | - | - | |||||
Transportation | 50,225 | 46,700 | |||||
Total Segments | 1,948,856 | 1,672,789 | |||||
Corporate revenue | - | - | |||||
Total Consolidated | $ | 1,948,856 | $ | 1,672,789 | |||
Three months ended | |||||||
March 31, | |||||||
Depreciation and Amortization | 2014 | 2013 | |||||
Radiochemical Products | $ | 2,119 | $ | 9,293 | |||
Cobalt Products | 20,502 | 23,178 | |||||
Nuclear Medicine Standards | 4,890 | 5,273 | |||||
Radiological Services | 5,899 | 2,618 | |||||
Fluorine Products | 26,095 | 62,630 | |||||
Transportation | 3,027 | 3,314 | |||||
Total Segments | 62,532 | 106,306 | |||||
Corporate depreciation and amortization | 5,923 | 4,521 | |||||
Total Consolidated | $ | 68,455 | $ | 110,827 | |||
Three months ended | |||||||
March 31, | |||||||
Segment Income (Loss) | 2014 | 2013 | |||||
Radiochemical Products | $ | 74,112 | $ | 62,899 | |||
Cobalt Products | 199,765 | -18,675 | |||||
Nuclear Medicine Standards | 158,976 | 165,101 | |||||
Radiological Services | 66,975 | 27,897 | |||||
Fluorine Products | -103,182 | -278,476 | |||||
Transportation | 3,911 | 4,434 | |||||
Total Segments | 400,557 | -36,821 | |||||
Corporate loss | -852,762 | -632,071 | |||||
Net Loss | $ | -452,205 | $ | -668,892 | |||
Three months ended | |||||||
March 31, | |||||||
Expenditures for Segment Assets | 2014 | 2013 | |||||
Radiochemical Products | $ | - | $ | - | |||
Cobalt Products | - | - | |||||
Nuclear Medicine Standards | - | - | |||||
Radiological Services | - | 16,162 | |||||
Fluorine Products | 8,739 | 121,495 | |||||
Transportation | - | - | |||||
Total Segments | 8,739 | 137,657 | |||||
Corporate purchases | - | - | |||||
Total Consolidated | $ | 8,739 | $ | 137,657 | |||
March 31, | December 31, | ||||||
Segment Assets | 2014 | 2013 | |||||
Radiochemical Products | $ | 229,964 | $ | 153,305 | |||
Cobalt Products | 1,295,440 | 1,574,603 | |||||
Nuclear Medicine Standards | 556,198 | 573,389 | |||||
Radiological Services | 428,524 | 608,949 | |||||
Fluorine Products | 6,048,498 | 6,093,151 | |||||
Transportation | 10,937 | 12,864 | |||||
Total Segments | 8,569,561 | 9,016,261 | |||||
Corporate assets | 2,971,140 | 2,991,753 | |||||
Total Consolidated | $ | 11,540,701 | $ | 12,008,014 |
The_Company_and_Basis_of_Prese1
The Company and Basis of Presentation (Details Narrative) | Mar. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Joint venture with TI Services, LLC- percentage ownership | 50.00% |
Current_Developments_and_Liqui1
Current Developments and Liquidity (Details Narrative) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Current Developments And Liquidity | ' | ' |
License and project costs | $103,182 | ' |
Planning and development activities costs | ' | $278,476 |
Net_Loss_Per_Common_Share_Basi1
Net Loss Per Common Share - Basic and Diluted (Details Narrative) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' |
Stock options outstanding | 16,450,000 | ' | 18,450,000 |
Warrants outstanding | 27,257,951 | 27,257,951 | 38,059,303 |
Series B redeemable convertible preferred stock outstanding | 425,000 | ' | 425,000 |
Investment_and_Related_Parties1
Investment and Related Parties (Details Narrative) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
Ownership interest in RadQual, LLC | 24.50% | ' |
Accounts receivable, RadQual, LLC | $497,645 | $508,513 |
Revenues, RadQual, LLC | $762,750 | $850,768 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $244,503 | $247,667 |
Work in progress | 995,046 | 1,206,708 |
Finished goods | 19,989 | 23,974 |
Total inventory | $1,259,538 | $1,478,349 |
Inventories_Details_Narrative
Inventories (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Inventory, cobalt-60 isotopes carrying value | $789,193 | $957,221 |
Stockholders_Equity_Options_an2
Stockholders' Equity, Options and Warrants (Details 1) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding [Roll Forward] | ' |
Shares outstanding at beginning of period | 16,450,000 |
Shares outstanding at end of period | 16,450,000 |
Shares exercisable at end of period | 14,387,500 |
Weighted average exercise price outstanding at beginning of period | $0.09 |
Weighted average exercise price outstanding at end of period | $0.09 |
Weighted average exercise price exercisable at end of period | $0.09 |
Weighted average remaining contractual life outstanding at end of period | '3 years 6 months |
Weighted average remaining contractual life exercisable at end of period | '4 years |
Aggregate intrinsic value outstanding at end of period | $0 |
Aggregate intrinsic value exercisable at end of period | $0 |
Stockholders_Equity_Options_an3
Stockholders' Equity, Options and Warrants (Details 2) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Class of Warrant or Right [Roll Forward] | ' | ' | ' |
Warrants outstanding, beginning of period | 27,257,951 | 27,257,951 | 38,059,303 |
Warrants outstanding, end of period | 27,257,951 | 27,257,951 | 38,059,303 |
Stockholders_Equity_Options_an4
Stockholders' Equity, Options and Warrants (Details Narrative) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Employee Stock Purchase Plan | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Common stock issued to employees, shares | 47,825 | 21,394 |
Proceeds received from issuance of stock | $2,439 | $2,910 |
Stock-Based Compensation Plans | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ' | ' |
Expected life | '1 year 8 months | ' |
Common stock issued to employees, shares | 167,860 | ' |
Common stock issued to employees, value | 28,000 | ' |
Unrecognized compensation expense related to stock options | 98,742 | ' |
Total stock-based compensation expense | $29,193 | $107,063 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (Subsequent Event, 2006 Equity Incentive Plan, USD $) | 1 Months Ended |
Apr. 30, 2014 | |
Subsequent Event | 2006 Equity Incentive Plan | ' |
Subsequent Event [Line Items] | ' |
Shares issued | 49,265 |
Proceeds received from issuance of stock | $2,094 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | $1,948,856 | $1,672,789 | ' |
Depreciation and Amortization | 68,455 | 110,827 | ' |
Segment Income (Loss) | -452,205 | -668,892 | ' |
Segment Assets | 11,540,701 | ' | 12,008,014 |
Radiochemical Products | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 418,404 | 440,020 | ' |
Depreciation and Amortization | 2,119 | 9,293 | ' |
Segment Income (Loss) | 74,112 | 62,899 | ' |
Expenditures for Segment Assets | 0 | 0 | ' |
Segment Assets | 229,964 | ' | 153,305 |
Cobalt Products | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 541,948 | 191,266 | ' |
Depreciation and Amortization | 20,502 | 23,178 | ' |
Segment Income (Loss) | 199,765 | -18,675 | ' |
Expenditures for Segment Assets | 0 | 0 | ' |
Segment Assets | 1,295,440 | ' | 1,574,603 |
Nuclear Medicine Standards | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 813,523 | 908,266 | ' |
Depreciation and Amortization | 4,890 | 5,273 | ' |
Segment Income (Loss) | 158,976 | 165,101 | ' |
Expenditures for Segment Assets | 0 | 0 | ' |
Segment Assets | 556,198 | ' | 573,389 |
Radiological Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 124,756 | 86,537 | ' |
Depreciation and Amortization | 5,899 | 2,618 | ' |
Segment Income (Loss) | 66,975 | 27,897 | ' |
Expenditures for Segment Assets | 0 | 16,162 | ' |
Segment Assets | 428,524 | ' | 608,949 |
Fluorine Products | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 0 | 0 | ' |
Depreciation and Amortization | 26,095 | 62,630 | ' |
Segment Income (Loss) | -103,182 | -278,476 | ' |
Expenditures for Segment Assets | 8,739 | 121,495 | ' |
Segment Assets | 6,048,498 | ' | 6,093,151 |
Transportation | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 50,225 | 46,700 | ' |
Depreciation and Amortization | 3,027 | 3,314 | ' |
Segment Income (Loss) | 3,911 | 4,434 | ' |
Expenditures for Segment Assets | 0 | 0 | ' |
Segment Assets | 10,937 | ' | 12,864 |
Segment Total | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 1,948,856 | 1,672,789 | ' |
Depreciation and Amortization | 62,532 | 106,306 | ' |
Segment Income (Loss) | 400,557 | -36,821 | ' |
Expenditures for Segment Assets | 8,739 | 137,657 | ' |
Segment Assets | 8,569,561 | ' | 9,016,261 |
Corporate Allocation | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 0 | 0 | ' |
Depreciation and Amortization | 5,923 | 4,521 | ' |
Segment Income (Loss) | -852,762 | -632,071 | ' |
Expenditures for Segment Assets | 0 | 0 | ' |
Segment Assets | 2,971,140 | ' | 2,991,753 |
Consolidated Total | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sale of Product | 1,948,856 | 1,672,789 | ' |
Depreciation and Amortization | 68,455 | 110,827 | ' |
Segment Income (Loss) | -452,205 | -668,892 | ' |
Expenditures for Segment Assets | 8,739 | 137,657 | ' |
Segment Assets | $11,540,701 | ' | $12,008,014 |