Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 05, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'INTERNATIONAL ISOTOPES INC | ' |
Entity Central Index Key | '0001038277 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-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 | ' | 369,895,032 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets | ' | ' |
Cash and cash equivalents | $725,235 | $456,374 |
Accounts receivable | 869,243 | 1,046,403 |
Inventories | 989,587 | 1,478,349 |
Prepaids and other current assets | 445,509 | 613,795 |
Total current assets | 3,029,574 | 3,594,921 |
Long-term assets | ' | ' |
Restricted certificate of deposit | 203,177 | 204,222 |
Property, plant and equipment, net | 2,239,139 | 2,271,153 |
Capitalized lease disposal costs, net | 80,974 | 90,199 |
Investment | 1,369,230 | 1,368,808 |
Patents and other intangibles, net | 4,423,434 | 4,478,711 |
Total long-term assets | 8,315,954 | 8,413,093 |
Total assets | 11,345,528 | 12,008,014 |
Current liabilities | ' | ' |
Accounts payable | 557,857 | 732,449 |
Accrued liabilities | 926,447 | 610,759 |
Current installments of notes payable | 207,807 | 341,373 |
Total current liabilities | 1,692,111 | 1,684,581 |
Long-term liabilities | ' | ' |
Convertible debt net of debt discount | 3,893,707 | 3,806,452 |
Obligation for lease disposal costs | 601,036 | 566,369 |
Notes payable, net of current portion and debt discount | 227,517 | 254,198 |
Mandatorily redeemable convertible preferred stock | 850,000 | 850,000 |
Total long-term liabilities | 5,572,260 | 5,477,019 |
Total liabilities | 7,264,371 | 7,161,600 |
Stockholders' Equity | ' | ' |
Common stock | 3,694,535 | 3,691,314 |
Additional paid-in capital | 118,253,678 | 117,783,738 |
Accumulated deficit | -117,945,137 | -116,697,147 |
Equity attributable to International Isotopes Inc. stockholders | 4,003,076 | 4,777,905 |
Equity attributable to noncontrolling interest | 78,081 | 68,509 |
Total equity | 4,081,157 | 4,846,414 |
Total liabilities and stockholders' equity | $11,345,528 | $12,008,014 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 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 | 369,453,526 | 369,130,899 |
Common stock, shares outstanding | 369,453,526 | 369,130,899 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Sale of product | $1,985,956 | $1,680,696 | $5,743,393 | $5,153,534 |
Cost of product | 1,201,482 | 1,056,754 | 3,474,605 | 3,161,960 |
Gross profit | 784,474 | 623,942 | 2,268,788 | 1,991,574 |
Operating costs and expenses: | ' | ' | ' | ' |
Salaries and contract labor | 384,720 | 404,082 | 1,146,444 | 1,272,319 |
General, administrative and consulting | 381,599 | 435,734 | 1,309,216 | 1,372,284 |
Research and development | 155,802 | 111,636 | 368,286 | 555,305 |
Total operating expenses | 922,121 | 951,452 | 2,823,946 | 3,199,908 |
Net operating loss | -137,647 | -327,510 | -555,158 | -1,208,334 |
Other income (expense): | ' | ' | ' | ' |
Other income (expense) | 7,320 | 11,083 | 22,948 | -17,049 |
Equity in net income of affiliate | 30,978 | 5,044 | 71,564 | 36,677 |
Interest income | 98 | 21 | 491 | 447 |
Interest expense | -157,849 | -119,839 | -778,263 | -329,291 |
Total other income (expense) | -119,453 | -103,691 | -683,260 | -309,216 |
Net loss | -257,100 | -431,201 | -1,238,418 | -1,517,550 |
Loss (income) attributable to non-controlling interest | -10,387 | 7,094 | -9,572 | 25,341 |
Net loss attributable to International Isotopes Inc. | ($267,487) | ($424,107) | ($1,247,990) | ($1,492,209) |
Net loss per common share - basic and diluted | $0 | $0 | $0 | $0 |
Weighted average common shares outstanding - basic and diluted | 369,443,913 | 363,502,559 | 369,327,455 | 361,989,965 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,238,418) | ($1,517,550) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Net income in equity method investment | -71,564 | -36,677 |
Depreciation and amortization | 204,167 | 315,697 |
Loss on disposal of property, plant and equipment | 0 | 40,302 |
Accretion of obligation for lease disposal costs | 34,667 | 32,026 |
Accretion of beneficial conversion feature and debt discount | 481,398 | 192,579 |
Equity based compensation | 66,286 | 179,818 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 177,160 | -16,179 |
Prepaids and other assets | 168,286 | 81,889 |
Inventories | 488,762 | -294,125 |
Accounts payable and accrued liabilities | 141,096 | 107,038 |
Net cash provided by (used in) operating activities | 451,840 | -915,182 |
Cash flows from investing activities: | ' | ' |
Restricted certificate of deposit | 1,045 | -354 |
Dividends received from equity method investment | 71,142 | 58,993 |
Proceeds from sale of property, plant and equipment | 0 | 3,993 |
Purchase of property, plant and equipment | -107,651 | -500,025 |
Net cash used in investing activities | -35,464 | -437,393 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of stock | 6,983 | 466,130 |
Proceeds from issuance of debt | 0 | 1,060,000 |
Principal payments on notes payable | -154,498 | -185,120 |
Net cash (used in) provided by financing activities | -147,515 | 1,341,010 |
Net increase (decrease) in cash and cash equivalents | 268,861 | -11,565 |
Cash and cash equivalents at beginning of period | 456,374 | 546,143 |
Cash and cash equivalents at end of period | 725,235 | 534,578 |
Supplemental disclosure of cash flow activities: | ' | ' |
Cash paid for interest | 37,913 | 81,051 |
Supplemental disclosure of noncash financing and investing transactions: | ' | ' |
Increase in equity and decrease in debt for amount allocated to warrants issued with convertible debentures | 384,428 | 0 |
Increase in equity and decrease in debt for the beneficial conversion feature associated with the convertible debentures | 15,464 | 0 |
Decrease in accrued interest through warrant exercise | 0 | 100,732 |
Incease in notes payable through conversion of NRC payable | 0 | 596,816 |
Increase in equity 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 | 9 Months Ended |
Sep. 30, 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. (INIS) 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., an Idaho corporation, and International Isotopes Transportation Services, Inc., an Idaho corporation. The unaudited condensed consolidated financial statements also include the accounts of INIS’s 50% owned joint venture, TI Services, LLC, which is located in Youngstown, Ohio. The Company’s headquarters and all operations, with the exception of TI Services, LLC, are located in Idaho Falls, Idaho. | |
Nature of Operations – INIS and its subsidiaries and joint venture (collectively, the “Company,” “we,” “our” or “us”) manufacture a full range of nuclear medicine calibration and reference standards, a wide range of products including cobalt teletherapy sources, and a varied selection of radioisotopes and radiochemicals for medical research, and clinical devices. The Company holds several patents for a fluorine extraction process that it expects to use in conjunction with a proposed commercial depleted uranium de-conversion facility, and provides a host of transportation, recycling, and processing services on a contract basis for clients. The Company’s business consists of six major business segments: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. | |
With the exception of certain unique products, the Company’s normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Company’s operating cycle for those products is considered to be three years. All assets expected to be realized in cash or sold during the normal operating cycle of business are classified as current assets. | |
Principles of Consolidation – The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its 50% owned joint venture, TI Services, LLC. All intercompany accounts and transactions have been eliminated in consolidation. | |
Interim Financial Information – The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. Operating results for the nine-month period ended September 30, 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. | |
Recent Accounting Standards - In May 2014, the FASB issued authoritative guidance for revenue and contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: | |
Step 1: Identify the contract(s) with a customer. | |
Step 2: Identify the performance obligations in the contract. | |
Step 3: Determine the transaction price. | |
Step 4: Allocate the transaction price to the performance obligations in the contract. | |
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | |
An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about: | |
1. Contracts with customers-including revenue and impairments recognized, disaggregation of revenue, and information about contract balances. | |
2. Significant judgments and changes in judgments-determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations. | |
3. Assets recognized from the costs to obtain or fulfill a contract. | |
For public entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company has not yet determined what effect this standard will have on its results of operations. | |
In June 2014, the FASB issued authoritative guidance for stock based compensation. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company has not yet determined what effect this standard will have on its results of operations |
Current_Developments_and_Liqui
Current Developments and Liquidity | 9 Months Ended |
Sep. 30, 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 nine-month period ended September 30, 2014, the Company reported a net loss of $1,247,990, net of non-controlling interest loss, and net cash provided by operating activities of $451,840. During the same period in 2013, the Company reported a net loss of $1,492,209, net of non-controlling interest loss, and net cash used in operating activities of $915,182. | |
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. Since beginning its efforts to design and build this proposed 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. At the completion of testing in 2013, the pilot plant was shut down. In October 2012, the Company obtained a Nuclear Regulatory Commission (“NRC”) construction and operating license for the planned de-conversion facility which 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 NRC license represents a significant competitive barrier and the Company believes that it provides it with a very valuable asset. | |
Since the start of this project there have been several changes in the nuclear industry that have caused the Company to place 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 for enrichment. The Company was communicating with all of these companies for possible de-conversion agreements to process their 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. While the agreement with UUSA remains in place the milestone dates in the agreement for the Company to have an operating de-conversion facility have passed. UUSA has not indicated they intend to terminate the agreement at this time. Instead UUSA and the Company plan to revise the agreement milestone dates at a future time once the Company has a firmer idea of the schedule for resumption of engineering and construction of the project. 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 financing 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. When these plans do resume, the Company will once again begin 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. Therefore, in the fourth quarter of 2013, the Company placed most of the work on that project on hold until additional contracts for de-conversion service could be secured and financing obtained for the project. During the nine-month period ended September 30, 2014, the Company incurred costs of approximately $307,000 to maintain licenses and other necessary project investments. During the same nine-month period in 2013, the Company incurred costs of approximately $685,000 for planning and development activities on the project. | |
In the meantime, 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 nine months of 2014. While there can be no assurances that this positive cash flow from operations will continue the Company will continue to work towards that goal and in achieving profitability based upon the performance of our current business segments. The Company believes there are significant future opportunities for growth within the radiochemical, cobalt products, and field services segments and will be exploring those opportunities to expand business and revenue within those segments. The Company will make public announcements of those developments as agreements are put in place to secure those opportunities. | |
Net_Loss_Per_Common_Share_Basi
Net Loss Per Common Share - Basic and Diluted | 9 Months Ended |
Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Loss Per Common Share - Basic and Diluted | ' |
(3) Net Loss Per Common Share - Basic and Diluted | |
For the nine months ended September 30, 2014, the Company had 16,450,000 stock options outstanding, 42,257,951 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 nine months ended September 30, 2013, the Company had 16,450,000 stock options outstanding, 19,757,951 warrants outstanding, and 425,000 shares of Series B redeemable convertible preferred stock outstanding that were not included in the computation of diluted loss per common share because they would be anti-dilutive. | |
Investment
Investment | 9 Months Ended |
Sep. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investment | ' |
(4) Investment | |
The Company owns a 24.5% interest in RadQual, LLC (RadQual), with which the Company has an exclusive manufacturing agreement for nuclear medicine products. The 24.5% ownership of RadQual has a balance of $1,369,230 and is reported as an asset at September 30, 2014. For the nine months ended September 30, 2014, member distributions from RadQual totaled $71,142 and were recorded as a reduction of the investment, and for the same period in 2013, member distributions totaled $58,993. During the nine months ended September 30, 2014 and 2013, earnings allocated to the Company from RadQual totaled $71,564 and $36,677, respectively. These allocated earnings were recorded as equity in net income of affiliate on the Company’s condensed consolidated statements of operations. | |
At September 30, 2014 and 2013, the Company had receivables from RadQual in the amount of $391,621 and $439,641, respectively, which are recorded as part of accounts receivable on the Company’s condensed consolidated balance sheets. For the nine months ended September 30, 2014 and 2013, the Company had revenue from RadQual in the amount of $2,242,843 and $2,360,178, respectively, which is recorded as sale of product on the Company’s condensed consolidated statements of operations. | |
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Inventories | ' | |||||
(5) Inventories | ||||||
Inventories consisted of the following at September 30, 2014 and December 31, 2013: | ||||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
Raw materials | $ | 91,555 | $ | 247,667 | ||
Work in progress | 881,595 | 1,206,708 | ||||
Finished goods | 16,437 | 23,974 | ||||
$ | 989,587 | $ | 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 production. At September 30, 2014 and December 31, 2013, the cobalt had a carrying value of $691,501 and $957,221, respectively, which is based on accumulated costs allocated to cobalt targets depending on the length of time the cobalt has been processed in the ATR. | ||||||
Stockholders_Equity_Options_an
Stockholders' Equity, Options and Warrants | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Stockholders' Equity, Options and Warrants | ' | ||||||||||
(6) Stockholders’ Equity, Options and Warrants | |||||||||||
Employee Stock Purchase Plan | |||||||||||
During the nine months ended September 30, 2014 and 2013, the Company issued 154,767 and 63,646 shares of common stock, respectively, to employees for proceeds of $6,983 and $8,241, 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 September 30, 2014, and changes during the nine months ended September 30, 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 September 30, 2014 | 16,450,000 | 0.09 | 3 | $ | - | ||||||
Exercisable at September 30, 2014 | 14,887,500 | $ | 0.09 | 3.4 | $ | - | |||||
The intrinsic value of outstanding and exercisable shares is based on the closing price of the Company’s common stock of $0.04 per share on September 30, 2014, the last trading day of the quarter. The intrinsic value of exercisable 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 September 30, 2014, there was approximately $59,510 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 1.5 years. | |||||||||||
Total stock-based compensation expense for the nine months ended September 30, 2014 and 2013 was $66,286 and $179,818, respectively. | |||||||||||
Pursuant to an employment agreement with its CEO, the Company issued 280,000 fully vested shares of common stock in February 2014, under the Company’s 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 stock grant was $16,800, which was determined by multiplying the number of shares awarded by the closing price of the common stock on February 27, 2014, which was $0.06 per share. The Company withheld 112,140 shares of common stock to satisfy the employee’s payroll tax liabilities. The net shares issued on February 28, 2014, totaled 167,860. | |||||||||||
Warrants | |||||||||||
Warrants outstanding at September 30, 2014, and changes during the nine months ended September 30, 2014, were as follows: | |||||||||||
Warrants | |||||||||||
Outstanding at December 31, 2013 | 27,257,951 | ||||||||||
Issued | 15,000,000 | ||||||||||
Exercised | - | ||||||||||
Forfeited | - | ||||||||||
Outstanding at September 30, 2014 | 42,257,951 | ||||||||||
Pursuant to the promissory note issued to the Company’s Chairman of the Board and one of the Company’s major shareholders as discussed below, an aggregate of 15,000,000 additional warrants were issued on June 30, 2014, as a condition of extending the due date of the promissory note from June 30, 2014 to December 31, 2017. | |||||||||||
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
(7) Debt | |
In June 2014, the Company renegotiated the terms of a promissory note totaling $500,000 from the Company’s Chairman of the Board and one of the Company’s major shareholders (the “Lenders”). The promissory note bears interest at 6% and originally matured on June 30, 2014. At any time, the Lenders can elect to have any or all of the principal and accrued interest under the promissory note repaid in the form of shares of the Company’s common stock, at a rate based on the average closing price of the Company’s common stock for the 20 trading days preceding the maturity of the prepayment date. In connection with the promissory note, each Lender 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 a debt discount and was amortized to interest expense over the initial six-month life of the promissory note. The warrants are immediately exercisable. 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 1.33%, expected dividend yield rate of 0%, expected volatility of 78.9%, an expected life of 5 years. | |
Pursuant to a modification to the loan made June 30, 2014, the maturity date was extended to December 31, 2017, and each Lender was granted an additional 7,500,000 warrants to purchase shares of the Company’s common stock at $0.06 per share. The warrants were immediately exercisable. The fair value of these warrants was $384,428 and was recorded as a debt discount and will be amortized to interest expense over the new life of the promissory note. 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 1.62%, expected dividend yield rate of 0%, expected volatility of 69.47%, an expected life of 4.5 years. The Company calculated a beneficial conversion feature of $15,464 which will be accreted to interest expense over the new life of the note. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(8) Commitments and Contingencies | |
Dependence on Third Parties | |
The production of HSA Cobalt is dependent upon the U.S. Department of Energy (DOE), and its prime operating contractor, which controls the reactor and laboratory operations at the U.S. federal government’s Advanced Test Reactor (ATR) located outside of Idaho Falls, Idaho. The Company has been in negotiations with the DOE, since 2012, to determine further irradiation of in-process targets and to start the irradiation of new cobalt targets. On October 2, 2014, the Company signed a ten year contract with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The Company will be able to purchase cobalt targets for a fixed price per target and with an annual 5% escalation in price. The contract term is October 1, 2014, through September 30, 2024. However, the DOE may end the contract if it determines termination is necessary for the national defense, security or environmental safety of the United States. | |
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 products. 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. | |
Historically, the majority of the radiochemical products sold by the Company were done so through a supply agreement with a single entity. In September 2014, the Company ended this arrangement and began direct sales to its customers of all radiochemical products. | |
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 many times to increase the amount of material permitted within its facility and change the descriptions of scope of work permitted both in the facility and by the Company in other locations. 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. The financial assurance required by the NRC has been provided for with a surety bond issued by Argonaut Insurance Company. This surety bond will terminate in November 2014 and will be replaced with a letter of credit which will name the NRC as beneficiary. The Company has placed $203,177 into a certificate of deposit as required by the terms of the surety bond and, at the termination of the bond these funds will be used to support the new letter of credit which will replace the surety bond. At September 30, 2014, the restricted certificate of deposit totaled $203,177. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(9) Subsequent Events | |
In October 2014, in accordance with the Company’s employee stock purchase plan, the Company issued 42,105 shares of common stock to employees in exchange for proceeds of $1,432. | |
On October 1, 2014, the Company made interest payments to holders of its convertible debentures that were issued February 2012. According to the terms of the convertible debentures, the interest payment was for interest accrued on principal amounts held by investors from October 1, 2013 through September 30, 2014. The amount of interest paid in cash to investors was $229,370 in the aggregate. In addition, two investors opted to receive shares of the Company’s common stock in lieu of cash interest payments. As a result, 399,401 shares of common stock were issued in exchange for $15,976 of accrued interest due. | |
On October 2, 2014, the Company entered into a ten year agreement with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The agreement stipulates that the Company will be able to purchase cobalt targets at a fixed price per target with an annual 5% escalation in price. | |
On October 27, 2014, the Compensation Committee of the Company’s Board of Directors approved the re-pricing of an aggregate of 14,500,000 outstanding stock options held by executive officers and members of the Board, which had original exercise prices of either $0.07 or $0.08 per share. The Compensation Committee lowered the exercise price per share to $0.035 for each option, which was the fair market value of the Company’s stock on October 27, 2014. | |
In addition, on October 27, 2014, the Compensation Committee granted an aggregate of 8,100,000 incentive stock options to executive officers and employees with an exercise price of $0.035 per share. Also, the Compensation Committee granted 400,000 nonqualified stock options to consultants and 3,000,000 nonqualified stock options to members of the Board. All of the stock options were granted with an exercise price of $0.035 per share, vest over a period of two years, and expire on October 27, 2024. | |
All of the above stock options were granted pursuant to the terms of the Company’s 2006 Equity Incentive Plan. | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
(10) Segment Information | |||||||||||||
The Company has six reportable segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. Information regarding the operations and assets of these reportable business segments is contained in the following table: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Sale of Product | 2014 | 2013 | 2014 | 2013 | |||||||||
Radiochemical Products | $ | 427,588 | $ | 450,285 | $ | 1,306,980 | $ | 1,316,909 | |||||
Cobalt Products | 558,168 | 332,295 | 1,252,216 | 777,424 | |||||||||
Nuclear Medicine Standards | 924,143 | 736,238 | 2,536,732 | 2,455,987 | |||||||||
Radiological Services | 65,057 | 143,380 | 565,540 | 484,416 | |||||||||
Fluorine Products | - | - | - | - | |||||||||
Transportation | 11,000 | 18,498 | 81,925 | 118,798 | |||||||||
Total Segments | 1,985,956 | 1,680,696 | 5,743,393 | 5,153,534 | |||||||||
Corporate revenue | - | - | - | - | |||||||||
Total Consolidated | $ | 1,985,956 | $ | 1,680,696 | $ | 5,743,393 | $ | 5,153,534 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Depreciation and Amortization | 2014 | 2013 | 2014 | 2013 | |||||||||
Radiochemical Products | $ | 1,687 | $ | 9,511 | $ | 5,487 | $ | 28,098 | |||||
Cobalt Products | 19,562 | 18,572 | 59,431 | 62,226 | |||||||||
Nuclear Medicine Standards | 3,718 | 5,213 | 15,445 | 15,642 | |||||||||
Radiological Services | 9,227 | 1,580 | 22,281 | 5,258 | |||||||||
Fluorine Products | 27,347 | 32,794 | 81,838 | 154,936 | |||||||||
Transportation | 1,110 | 3,314 | 5,669 | 9,942 | |||||||||
Total Segments | 62,651 | 70,984 | 190,151 | 276,102 | |||||||||
Corporate depreciation and amortization | 4,624 | 30,456 | 14,016 | 39,595 | |||||||||
Total Consolidated | $ | 67,275 | $ | 101,440 | $ | 204,167 | $ | 315,697 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Segment Income (Loss) | 2014 | 2013 | 2014 | 2013 | |||||||||
Radiochemical Products | $ | 88,510 | $ | 75,153 | $ | 269,112 | $ | 198,949 | |||||
Cobalt Products | 269,913 | 109,987 | 501,175 | 179,744 | |||||||||
Nuclear Medicine Standards | 172,544 | 134,699 | 485,441 | 449,366 | |||||||||
Radiological Services | 16,387 | 19,749 | 191,478 | 219,712 | |||||||||
Fluorine Products | -101,368 | -127,989 | -307,705 | -685,134 | |||||||||
Transportation | -11,402 | -5,702 | -18,480 | 338 | |||||||||
Total Segments | 434,584 | 205,897 | 1,121,020 | 362,974 | |||||||||
Corporate loss | -702,071 | -630,004 | -2,369,010 | -1,855,183 | |||||||||
Net Loss | $ | -267,487 | $ | -424,107 | $ | -1,247,990 | $ | -1,492,209 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Expenditures for Segment Assets | 2014 | 2013 | 2014 | 2013 | |||||||||
Radiochemical Products | $ | 403 | $ | 4,356 | $ | 53,320 | $ | 4,356 | |||||
Cobalt Products | 3,883 | -6,668 | 40,932 | - | |||||||||
Nuclear Medicine Standards | - | - | 527 | 3,540 | |||||||||
Radiological Services | - | 72,292 | 2,632 | 95,612 | |||||||||
Fluorine Products | 4,504 | 126,983 | -1,047 | 393,580 | |||||||||
Transportation | - | - | - | - | |||||||||
Total Segments | 8,790 | 196,963 | 96,364 | 497,088 | |||||||||
Corporate purchases | - | - | 11,287 | 2,937 | |||||||||
Total Consolidated | $ | 8,790 | $ | 196,963 | $ | 107,651 | $ | 500,025 | |||||
September 30, | December 31, | ||||||||||||
Segment Assets | 2014 | 2013 | |||||||||||
Radiochemical Products | $ | 249,134 | $ | 153,305 | |||||||||
Cobalt Products | 1,034,872 | 1,574,603 | |||||||||||
Nuclear Medicine Standards | 555,932 | 573,389 | |||||||||||
Radiological Services | 384,255 | 608,949 | |||||||||||
Fluorine Products | 6,020,190 | 6,093,151 | |||||||||||
Transportation | 7,195 | 12,864 | |||||||||||
Total Segments | 8,251,578 | 9,016,261 | |||||||||||
Corporate assets | 3,093,950 | 2,991,753 | |||||||||||
Total Consolidated | $ | 11,345,528 | $ | 12,008,014 | |||||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 nine-month period ended September 30, 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. | |
Recent Accounting Standards | ' |
Recent Accounting Standards - In May 2014, the FASB issued authoritative guidance for revenue and contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: | |
Step 1: Identify the contract(s) with a customer. | |
Step 2: Identify the performance obligations in the contract. | |
Step 3: Determine the transaction price. | |
Step 4: Allocate the transaction price to the performance obligations in the contract. | |
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | |
An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about: | |
1. Contracts with customers-including revenue and impairments recognized, disaggregation of revenue, and information about contract balances. | |
2. Significant judgments and changes in judgments-determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations. | |
3. Assets recognized from the costs to obtain or fulfill a contract. | |
For public entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company has not yet determined what effect this standard will have on its results of operations. | |
In June 2014, the FASB issued authoritative guidance for stock based compensation. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company has not yet determined what effect this standard will have on its results of operations |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventory Disclosure [Abstract] | ' | |||||
Schedule of Inventory Current | ' | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
Raw materials | $ | 91,555 | $ | 247,667 | ||
Work in progress | 881,595 | 1,206,708 | ||||
Finished goods | 16,437 | 23,974 | ||||
$ | 989,587 | $ | 1,478,349 | |||
Stockholders_Equity_Options_an1
Stockholders' Equity, Options and Warrants (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 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 September 30, 2014 | 16,450,000 | 0.09 | 3 | $ | - | ||||||
Exercisable at September 30, 2014 | 14,887,500 | $ | 0.09 | 3.4 | $ | - | |||||
Schedule of Stockholders' Equity Note, Warrants or Rights | ' | ||||||||||
Warrants | |||||||||||
Outstanding at December 31, 2013 | 27,257,951 | ||||||||||
Issued | 15,000,000 | ||||||||||
Exercised | - | ||||||||||
Forfeited | - | ||||||||||
Outstanding at September 30, 2014 | 42,257,951 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Sale of Product | 2014 | 2013 | 2014 | 2013 | |||||||||
Radiochemical Products | $ | 427,588 | $ | 450,285 | $ | 1,306,980 | $ | 1,316,909 | |||||
Cobalt Products | 558,168 | 332,295 | 1,252,216 | 777,424 | |||||||||
Nuclear Medicine Standards | 924,143 | 736,238 | 2,536,732 | 2,455,987 | |||||||||
Radiological Services | 65,057 | 143,380 | 565,540 | 484,416 | |||||||||
Fluorine Products | - | - | - | - | |||||||||
Transportation | 11,000 | 18,498 | 81,925 | 118,798 | |||||||||
Total Segments | 1,985,956 | 1,680,696 | 5,743,393 | 5,153,534 | |||||||||
Corporate revenue | - | - | - | - | |||||||||
Total Consolidated | $ | 1,985,956 | $ | 1,680,696 | $ | 5,743,393 | $ | 5,153,534 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Depreciation and Amortization | 2014 | 2013 | 2014 | 2013 | |||||||||
Radiochemical Products | $ | 1,687 | $ | 9,511 | $ | 5,487 | $ | 28,098 | |||||
Cobalt Products | 19,562 | 18,572 | 59,431 | 62,226 | |||||||||
Nuclear Medicine Standards | 3,718 | 5,213 | 15,445 | 15,642 | |||||||||
Radiological Services | 9,227 | 1,580 | 22,281 | 5,258 | |||||||||
Fluorine Products | 27,347 | 32,794 | 81,838 | 154,936 | |||||||||
Transportation | 1,110 | 3,314 | 5,669 | 9,942 | |||||||||
Total Segments | 62,651 | 70,984 | 190,151 | 276,102 | |||||||||
Corporate depreciation and amortization | 4,624 | 30,456 | 14,016 | 39,595 | |||||||||
Total Consolidated | $ | 67,275 | $ | 101,440 | $ | 204,167 | $ | 315,697 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Segment Income (Loss) | 2014 | 2013 | 2014 | 2013 | |||||||||
Radiochemical Products | $ | 88,510 | $ | 75,153 | $ | 269,112 | $ | 198,949 | |||||
Cobalt Products | 269,913 | 109,987 | 501,175 | 179,744 | |||||||||
Nuclear Medicine Standards | 172,544 | 134,699 | 485,441 | 449,366 | |||||||||
Radiological Services | 16,387 | 19,749 | 191,478 | 219,712 | |||||||||
Fluorine Products | -101,368 | -127,989 | -307,705 | -685,134 | |||||||||
Transportation | -11,402 | -5,702 | -18,480 | 338 | |||||||||
Total Segments | 434,584 | 205,897 | 1,121,020 | 362,974 | |||||||||
Corporate loss | -702,071 | -630,004 | -2,369,010 | -1,855,183 | |||||||||
Net Loss | $ | -267,487 | $ | -424,107 | $ | -1,247,990 | $ | -1,492,209 | |||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Expenditures for Segment Assets | 2014 | 2013 | 2014 | 2013 | |||||||||
Radiochemical Products | $ | 403 | $ | 4,356 | $ | 53,320 | $ | 4,356 | |||||
Cobalt Products | 3,883 | -6,668 | 40,932 | - | |||||||||
Nuclear Medicine Standards | - | - | 527 | 3,540 | |||||||||
Radiological Services | - | 72,292 | 2,632 | 95,612 | |||||||||
Fluorine Products | 4,504 | 126,983 | -1,047 | 393,580 | |||||||||
Transportation | - | - | - | - | |||||||||
Total Segments | 8,790 | 196,963 | 96,364 | 497,088 | |||||||||
Corporate purchases | - | - | 11,287 | 2,937 | |||||||||
Total Consolidated | $ | 8,790 | $ | 196,963 | $ | 107,651 | $ | 500,025 | |||||
September 30, | December 31, | ||||||||||||
Segment Assets | 2014 | 2013 | |||||||||||
Radiochemical Products | $ | 249,134 | $ | 153,305 | |||||||||
Cobalt Products | 1,034,872 | 1,574,603 | |||||||||||
Nuclear Medicine Standards | 555,932 | 573,389 | |||||||||||
Radiological Services | 384,255 | 608,949 | |||||||||||
Fluorine Products | 6,020,190 | 6,093,151 | |||||||||||
Transportation | 7,195 | 12,864 | |||||||||||
Total Segments | 8,251,578 | 9,016,261 | |||||||||||
Corporate assets | 3,093,950 | 2,991,753 | |||||||||||
Total Consolidated | $ | 11,345,528 | $ | 12,008,014 |
The_Company_and_Basis_of_Prese1
The Company and Basis of Presentation - Joint Venture (Details Narrative) | Sep. 30, 2014 |
Joint Venture | ' |
Joint venture with TI Services, LLC- percentage ownership | 50.00% |
Current_Developments_and_Liqui1
Current Developments and Liquidity (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Current Developments And Liquidity | ' | ' | ' | ' |
Net loss attributable to International Isotopes Inc. | ($267,487) | ($424,107) | ($1,247,990) | ($1,492,209) |
Net cash provided by (used in) operating activities | ' | ' | 451,840 | -915,182 |
License and project costs | ' | ' | 307,000 | ' |
Planning and development activities costs | ' | ' | ' | $685,000 |
Net_Loss_Per_Common_Share_Basi1
Net Loss Per Common Share - Basic and Diluted (Details Narrative) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' |
Stock options outstanding | 16,450,000 | ' | 16,450,000 |
Warrants outstanding | 42,257,951 | 27,257,951 | 19,757,951 |
Series B redeemable convertible preferred stock outstanding | 425,000 | ' | 425,000 |
Investment_Details_Narrative
Investment (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investment | $1,369,230 | ' | $1,369,230 | ' | $1,368,808 |
Member distributions, reduction of investment | ' | ' | 71,142 | 58,993 | ' |
Equity in net income of affiliate | 30,978 | 5,044 | 71,564 | 36,677 | ' |
RadQual, LLC | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership interest in RadQual, LLC | 24.50% | ' | 24.50% | ' | ' |
Investment | 1,369,230 | ' | 1,369,230 | ' | ' |
Member distributions, reduction of investment | ' | ' | 71,142 | 58,993 | ' |
Equity in net income of affiliate | ' | ' | 71,564 | 36,677 | ' |
Accounts receivable, RadQual, LLC | 391,621 | 439,641 | 391,621 | 439,641 | ' |
Revenues, RadQual, LLC | ' | ' | $2,242,843 | $2,360,178 | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Inventory, Gross | ' | ' |
Raw materials | $91,555 | $247,667 |
Work in progress | 881,595 | 1,206,708 |
Finished goods | 16,437 | 23,974 |
Total inventory | $989,587 | $1,478,349 |
Inventories_Details_Narrative
Inventories (Details Narrative) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Energy Related Inventory | ' | ' |
Inventory, cobalt-60 isotopes carrying value | $691,501 | $957,221 |
Stockholders_Equity_Options_an2
Stockholders' Equity, Options and Warrants - Share-Based Compensation Stock Option Activity (Details) (USD $) | 9 Months Ended |
Sep. 30, 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 | 14,887,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
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 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
Weighted average remaining contractual life outstanding at end of period | '3 years |
Weighted average remaining contractual life exercisable at end of period | '3 years 5 months |
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 - Stockholders' Equity Note, Warrants or Rights (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Class of Warrant or Right [Roll Forward] | ' | ' |
Warrants outstanding, beginning of period | 27,257,951 | 19,757,951 |
Warrants issued | 15,000,000 | ' |
Warrants exercised | 0 | ' |
Warrants outstanding, end of period | 42,257,951 | 19,757,951 |
Stockholders_Equity_Options_an4
Stockholders' Equity, Options and Warrants (Details Narrative) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Warrants issued | 15,000,000 | ' |
Employee Stock Purchase Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock issued to employees, shares | 154,767 | 63,646 |
Proceeds received from issuance of stock | $6,983 | $8,241 |
Stock-Based Compensation | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life | '1 year 6 months | ' |
Unrecognized compensation expense related to stock options | 59,510 | ' |
Total stock-based compensation expense | 66,286 | 179,818 |
Stock-Based Compensation | 2006 Equity Incentive Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock issued to employees, shares | 167,860 | ' |
Stock based compensation plan, description | 'Pursuant to an employment agreement with our CEO, the Company issued 280,000 in fully vested shares of common stock in February 2014, under the Company's 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. | ' |
Stock issued, price per share | $0.06 | ' |
Shares withheld for payroll tax liabilities | 112,140 | ' |
Total stock-based compensation expense | $16,800 | ' |
Debt_Details_Narrative
Debt (Details Narrative) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Warrants issued | 15,000,000 | ' |
Notes Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Promissory notes payable, original balance | ' | $500,000 |
Interest rate | 6.00% | 6.00% |
Maturity date | 31-Dec-17 | 30-Jun-14 |
Warrant exercise price | $0.06 | $0.06 |
Warrant expiration term | 'Warrants are immediately exercisable | ' |
Beneficial conversion feature | 15,464 | ' |
Warrants issued | 7,500,000 | 5,000,000 |
Warrant issued, fair value | $384,428 | $383,025 |
Risk free interest rate | 1.62% | 1.33% |
Expected volatility | 69.47% | 78.90% |
Expected life | '4 years 6 months | '5 years |
Note payable terms | 'Pursuant to a modification to the loan made June 30, 2014, the maturity date was extended to December 31, 2017, and each Lender was granted an additional 7,500,000 warrants to purchase shares of the Company's common stock at $0.06 per share. | 'In June 2014, the Company renegotiated the terms of a promissory note totaling $500,000 from the Company's Chairman of the Board and one of the Company's major shareholders. The promissory note bears interest at 6% and originally matured on June 30, 2014. At any time, the Lenders can elect to have any or all of the principal and accrued interest under the promissory note repaid in the form of shares of the Company's common stock, at a rate based on the average closing price of the Company's common stock for the 20 trading days preceding the maturity of the prepayment date. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Narrative) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Restricted certificate of deposit | $203,177 | $204,222 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 9 Months Ended | 1 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | |
Employee Stock Purchase Plan | Employee Stock Purchase Plan | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||
DOE Agreement | Convertible Debt | Employee Stock Purchase Plan | Stock-Based Compensation | Stock-Based Compensation | Stock-Based Compensation | |||||
Consultants | Directors | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued to employees, shares | ' | ' | 154,767 | 63,646 | ' | ' | 42,105 | ' | ' | ' |
Proceeds received from issuance of stock | ' | ' | $6,983 | $8,241 | ' | ' | $1,432 | ' | ' | ' |
Interest paid to investors | 37,913 | 81,051 | ' | ' | ' | 229,370 | ' | ' | ' | ' |
Common stock issued in lieu of interest | ' | ' | ' | ' | ' | 399,401 | ' | ' | ' | ' |
Common stock issued in lieu of accrued interest | ' | ' | ' | ' | ' | $15,976 | ' | ' | ' | ' |
Commitment, description | ' | ' | ' | ' | 'On October 2, 2014, the Company entered into a ten year agreement with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The agreement stipulates that the Company will be able to purchase cobalt targets at a fixed price per target with an annual 5% escalation in price. | ' | ' | ' | ' | ' |
Re-priced stock options, price per share, description | ' | ' | ' | ' | ' | ' | ' | 'On October 27, 2014, the Compensation Committee of the Company's Board of Directors approved the re-pricing of an aggregate of 14,500,000 outstanding stock options held by executive officers and members of the Board, which had original exercise prices of either $0.07 or $0.08 per share. The Compensation Committee lowered the exercise price per share to $0.035 for each option, which was the fair market value of the Company's stock on October 27, 2014. | ' | ' |
Stock options granted to officers and employees | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | 400,000 | 3,000,000 |
Stock options, exercise price per share | ' | ' | ' | ' | ' | ' | ' | $0.04 | $0.04 | $0.04 |
Stock options, vesting terms | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years | '2 years |
Stock options, expiration date | ' | ' | ' | ' | ' | ' | ' | 27-Oct-24 | 27-Oct-24 | 27-Oct-24 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | $1,985,956 | $1,680,696 | $5,743,393 | $5,153,534 | ' |
Depreciation and Amortization | ' | ' | 204,167 | 315,697 | ' |
Segment Income (Loss) | -267,487 | -424,107 | -1,247,990 | -1,492,209 | ' |
Segment Assets | 11,345,528 | ' | 11,345,528 | ' | 12,008,014 |
Radiochemical Products | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 427,588 | 450,285 | 1,306,980 | 1,316,909 | ' |
Depreciation and Amortization | 1,687 | 9,511 | 5,487 | 28,098 | ' |
Segment Income (Loss) | 88,510 | 75,153 | 269,112 | 198,949 | ' |
Expenditures for Segment Assets | 403 | 4,356 | 53,320 | 5,356 | ' |
Segment Assets | 249,134 | ' | 249,134 | ' | 153,305 |
Cobalt Products | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 558,168 | 332,295 | 1,252,216 | 777,424 | ' |
Depreciation and Amortization | 19,562 | 18,572 | 59,431 | 62,226 | ' |
Segment Income (Loss) | 269,913 | 109,987 | 501,175 | 179,744 | ' |
Expenditures for Segment Assets | 3,883 | -6,668 | 40,932 | 0 | ' |
Segment Assets | 1,034,872 | ' | 1,034,872 | ' | 1,574,603 |
Nuclear Medicine Standards | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 924,143 | 736,238 | 2,536,732 | 2,455,987 | ' |
Depreciation and Amortization | 3,718 | 5,213 | 15,445 | 15,642 | ' |
Segment Income (Loss) | 172,544 | 134,699 | 485,441 | 449,366 | ' |
Expenditures for Segment Assets | 0 | 0 | 527 | 3,540 | ' |
Segment Assets | 555,932 | ' | 555,932 | ' | 573,389 |
Radiological Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 65,057 | 143,380 | 565,540 | 484,416 | ' |
Depreciation and Amortization | 9,227 | 1,580 | 22,281 | 5,258 | ' |
Segment Income (Loss) | 16,387 | 19,749 | 191,478 | 219,712 | ' |
Expenditures for Segment Assets | 0 | 72,292 | 2,632 | 95,612 | ' |
Segment Assets | 384,255 | ' | 384,255 | ' | 608,949 |
Fluorine Products | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 0 | 0 | 0 | 0 | ' |
Depreciation and Amortization | 27,347 | 32,794 | 81,838 | 154,936 | ' |
Segment Income (Loss) | -101,368 | -127,989 | -307,705 | -685,134 | ' |
Expenditures for Segment Assets | 4,504 | 126,983 | -1,047 | 393,580 | ' |
Segment Assets | 6,020,190 | ' | 6,020,190 | ' | 6,093,151 |
Transportation | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 11,000 | 18,498 | 81,925 | 118,798 | ' |
Depreciation and Amortization | 1,110 | 3,314 | 5,669 | 9,942 | ' |
Segment Income (Loss) | -11,402 | -5,702 | -18,480 | 338 | ' |
Expenditures for Segment Assets | 0 | 0 | 0 | 0 | ' |
Segment Assets | 7,195 | ' | 7,195 | ' | 12,864 |
Segment Total | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 1,985,956 | 1,680,696 | 5,743,393 | 5,153,534 | ' |
Depreciation and Amortization | 62,651 | 70,984 | 190,151 | 276,102 | ' |
Segment Income (Loss) | 434,584 | 205,897 | 1,121,020 | 362,974 | ' |
Expenditures for Segment Assets | 8,790 | 196,963 | 96,364 | 497,088 | ' |
Segment Assets | 8,251,578 | ' | 8,251,578 | ' | 9,016,261 |
Corporate Allocation | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 0 | 0 | 0 | 0 | ' |
Depreciation and Amortization | 4,624 | 30,456 | 14,016 | 39,595 | ' |
Segment Income (Loss) | -702,071 | -630,004 | -2,369,010 | -1,855,183 | ' |
Expenditures for Segment Assets | 0 | 0 | 11,287 | 2,937 | ' |
Segment Assets | 3,093,950 | ' | 3,093,950 | ' | 2,991,753 |
Consolidated Total | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sale of Product | 1,985,956 | 1,680,696 | 5,743,393 | 5,153,534 | ' |
Depreciation and Amortization | 67,275 | 101,440 | 204,167 | 315,697 | ' |
Segment Income (Loss) | -267,487 | -424,107 | -1,247,990 | -1,492,209 | ' |
Expenditures for Segment Assets | 8,790 | 196,963 | 107,651 | 500,025 | ' |
Segment Assets | $11,345,528 | ' | $11,345,528 | ' | $12,008,014 |