Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 04, 2015 | Jun. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | INTERNATIONAL ISOTOPES INC | ||
Entity Central Index Key | 1038277 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $9,500,000 | ||
Entity Common Stock, Shares Outstanding | 402,020,747 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Cash and cash equivalents | $558,541 | $456,374 |
Accounts receivable | 783,937 | 1,046,403 |
Inventories | 1,049,106 | 1,478,349 |
Prepaids and other current assets | 351,020 | 613,795 |
Total current assets | 2,742,604 | 3,594,921 |
Long-term assets | ||
Restricted certificate of deposit | 225,315 | 204,222 |
Property, plant and equipment, net | 2,214,850 | 2,271,153 |
Capitalized lease disposal costs, net | 0 | 90,199 |
Investment | 1,368,185 | 1,368,808 |
Patents and other intangibles, net | 4,399,183 | 4,478,711 |
Total long-term assets | 8,207,533 | 8,413,093 |
Total assets | 10,950,137 | 12,008,014 |
Current liabilities | ||
Accounts payable | 635,876 | 732,449 |
Accrued liabilities | 702,861 | 610,759 |
Current installments of notes payable net of debt discount | 1,262,919 | 341,373 |
Total current liabilities | 2,601,656 | 1,684,581 |
Long-term liabilities | ||
Convertible debt net of debt discount | 2,868,200 | 3,806,452 |
Notes payable, net of current portion and debt discount | 204,500 | 254,198 |
Obligation for lease disposal costs | 450,630 | 566,369 |
Mandatorily redeemable convertible preferred stock | 850,000 | 850,000 |
Total long-term liabilities | 4,373,330 | 5,477,019 |
Total liabilities | 6,974,986 | 7,161,600 |
Stockholders' Equity | ||
Common stock | 3,698,950 | 3,691,314 |
Additional paid-in capital | 118,444,070 | 117,783,738 |
Accumulated deficit | -118,242,224 | -116,697,147 |
Equity attributable to International Isotopes Inc. stockholders | 3,900,796 | 4,777,905 |
Equity attributable to noncontrolling interest | 74,355 | 68,509 |
Total equity | 3,975,151 | 4,846,414 |
Total liabilities and stockholders' equity | $10,950,137 | $12,008,014 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 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 | 369,895,032 | 369,130,899 |
Common stock, shares outstanding | 369,895,032 | 369,130,899 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | ||
Sale of product | $7,536,860 | $6,849,150 |
Cost of product | 4,559,745 | 4,313,543 |
Gross profit | 2,977,115 | 2,535,607 |
Operating costs and expenses: | ||
Salaries and contract labor | 1,690,034 | 1,801,433 |
General, administrative and consulting | 1,608,759 | 2,126,379 |
Research and development | 464,206 | 706,048 |
Total operating expenses | 3,762,999 | 4,633,860 |
Net operating loss | -785,884 | -2,098,253 |
Other income (expense): | ||
Other income | 86,534 | 22,929 |
Equity in net income of affiliate | 96,058 | 57,650 |
Interest income | 586 | 1,147 |
Interest expense | -936,525 | -469,035 |
Total other (expense) | -753,347 | -387,309 |
Net loss | -1,539,231 | -2,485,562 |
Income/(loss) attributable to noncontrolling interest | 5,846 | -23,717 |
Net loss attributable to International Isotopes Inc. | ($1,545,077) | ($2,461,845) |
Net loss per common share - basic and diluted | $0 | ($0.01) |
Weighted average common shares outstanding - basic and diluted | 369,334,615 | 365,201,905 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Equity Attributable To International Isotopes Shareholders | Equity Attributable To Noncontrolling Interest | Total |
Beginning balance - value at Dec. 31, 2012 | $3,602,597 | $116,604,260 | ($114,235,302) | $5,971,555 | $92,226 | $6,063,781 |
Beginning balance - shares at Dec. 31, 2012 | 360,259,221 | |||||
Shares issued under employee stock purchase plan | 939 | 9,621 | 10,560 | 10,560 | ||
Shares issued under employee stock purchase plan - shares | 93,970 | |||||
Shares issued for exercise of employee stock options | 17,931 | 12,069 | 30,000 | 30,000 | ||
Shares issued for exercise of employee stock options - shares | 1,793,104 | |||||
Shares issued with exercise of warrants | 67,280 | 353,109 | 420,389 | 420,389 | ||
Shares issued with exercise of warrants, shares | 6,727,972 | |||||
Stock grant | 2,567 | -2,567 | 0 | |||
Stock grant - shares | 256,632 | |||||
Convertible debentures beneficial conversion feature | 75,715 | 75,715 | 75,715 | |||
Warrants issued with convertible debentures | 383,025 | 383,025 | 383,025 | |||
Stock based compensation | 348,506 | 348,506 | 348,506 | |||
Net loss attributable to the noncontrolling interest | -23,717 | -23,717 | ||||
Net loss | -2,461,845 | -2,461,845 | -2,461,845 | |||
Ending balance - value at Dec. 31, 2013 | 3,691,314 | 117,783,738 | -116,697,147 | 4,777,905 | 68,509 | 4,846,414 |
Ending balance - shares at Dec. 31, 2013 | 369,130,899 | |||||
Shares issued under employee stock purchase plan | 1,963 | 6,454 | 8,417 | 8,417 | ||
Shares issued under employee stock purchase plan - shares | 196,872 | |||||
Shares issued in lieu of cash interest payments, value | 3,994 | 11,982 | 15,976 | 15,976 | ||
Shares issued in lieu of cash interest payments, shares | 399,401 | |||||
Stock grant | 1,679 | -1,679 | 0 | |||
Stock grant - shares | 167,860 | |||||
Convertible debentures beneficial conversion feature | 15,464 | 15,464 | 15,464 | |||
Warrants issued with convertible debentures | 384,428 | 384,428 | 384,428 | |||
Stock based compensation | 243,683 | 243,683 | 243,683 | |||
Net loss attributable to the noncontrolling interest | 5,846 | 5,846 | ||||
Net loss | -1,545,077 | -1,545,077 | -1,545,077 | |||
Ending balance - value at Dec. 31, 2014 | $3,698,950 | $118,444,070 | ($118,242,224) | $3,900,796 | $74,355 | $3,975,151 |
Ending balance - shares at Dec. 31, 2014 | 369,895,032 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net loss | ($1,539,231) | ($2,485,562) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Net income in equity method investment | -96,058 | -57,650 |
Depreciation and amortization | 263,519 | 415,607 |
Loss on disposal of property, plant and equipment | 0 | 307,402 |
Accretion of obligation for lease disposal costs | -37,840 | 43,131 |
Accretion of beneficial conversion feature | 45,252 | 37,580 |
Equity based compensation | 243,683 | 348,506 |
Noncash interest expense | 510,470 | 202,228 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 262,466 | -184,613 |
Prepaids and other assets | 262,775 | 137,622 |
Inventories | 429,243 | -193,788 |
Accounts payable and accrued liabilities | -4,471 | 35,639 |
Net cash provided by (used in) operating activities | 339,808 | -1,393,898 |
Cash flows from investing activities: | ||
Restricted certificate of deposit | -21,093 | -1,045 |
Dividends received from equity method investment | 96,681 | 82,708 |
Proceeds from sale of property, plant and equipment | 0 | 9,980 |
Purchase of property, plant and equipment | -115,388 | -572,101 |
Net cash used in investing activities | -39,800 | -480,458 |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible debentures | 0 | 1,060,000 |
Proceeds from issuance of debt | 0 | 500,000 |
Proceeds from sale of stock | 8,417 | 460,949 |
Principal payments on notes payable and capital leases | -206,258 | -236,362 |
Net cash (used in) provided by financing activities | -197,841 | 1,784,587 |
Net increase (decrease) in cash and cash equivalents | 102,167 | -89,769 |
Cash and cash equivalents at beginning of period | 456,374 | 546,143 |
Cash and cash equivalents at end of period | 558,541 | 456,374 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 236,024 | 200,375 |
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 | 15,464 | 75,715 |
Increase in equity and decrease in debt for amount allocated to warrants issued with convertible debentures | 384,428 | 383,025 |
Increase in equity for issuance of stock in lieu of interest on note | 15,976 | 0 |
Decrease in accrued interest through warrant exercise | 0 | 110,733 |
Increase in notes payable through conversion of NRC payable | $0 | $596,816 |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Description of Business and Significant Accounting Policies | NOTE 1 – DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | |||
Description of business | ||||
International Isotopes Inc. (the “Company”) was incorporated in Texas in November 1995. The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all operations and balances of the Company and its wholly-owned subsidiaries, International Isotopes Idaho Inc., International Isotopes Fluorine Products, Inc., and International Isotopes Transportation Services, Inc. The consolidated financial statements also include the accounts of the Company’s 50% owned joint venture, TI Services, LLC, which is located in Ohio. Intercompany balances and transactions have been eliminated in consolidation. The Company’s headquarters and all operations, with the exception of TI Services, LLC, are located in Idaho Falls, Idaho. | ||||
Nature of operations – The Company’s business consists of six major business segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. | ||||
With the exception of certain unique products, the Company’s normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Company’s operating cycle for those products is considered to be three years. All assets expected to be realized in cash or sold during the normal operating cycle of the business are classified as current assets. | ||||
Principles of consolidation – The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and its 50% owned joint venture, TI Services, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||
Significant accounting policies | ||||
a) Financial instruments and cash equivalents | ||||
The carrying value of notes payable approximates fair value because they bear interest at rates which approximate market rates. | ||||
Cash and cash equivalents, totaling $558,541 and $456,374 at December 31, 2014 and 2013, respectively, consist of operating accounts, money market accounts, and certificates of deposit. For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid financial instruments with original maturities of three months or less at date of purchase to be cash equivalents. | ||||
At December 31, 2014 and 2013, the Company had pledged certificates of deposit valued at $225,315 and $204,222, respectively, as security on letters of credit in the amount of $225,315 and $204,222. The letters of credit are required as part of the operating license agreement with the Nuclear Regulatory Commission (NRC). | ||||
b) Accounts receivable | ||||
The Company sells products mainly to recurring customers, wherein the customer’s ability to pay has previously been evaluated. The Company generally does not require collateral. The Company periodically reviews accounts receivable for amounts considered uncollectible. Allowances are provided for uncollectible accounts when deemed necessary. At December 31, 2014 and 2013, the Company recorded no allowance for uncollectible accounts. | ||||
c) Inventories | ||||
Inventories are carried at the lower of cost or market. Cost is determined using the first in, first out method. Work in progress inventory contains product that is undergoing irradiation. This irradiation process can take up to three years to reach high specific activity (HSA) levels. | ||||
d) Property, plant and equipment | ||||
Depreciation on property, plant and equipment is computed using the straight-line method over the estimated useful life of the asset. | ||||
Leasehold improvements are amortized over the shorter of the life of the lease or the service life of the improvements. Maintenance, repairs, and renewals that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains or losses on dispositions of property and equipment are included in the results of operations. | ||||
e) Patents and other intangibles | ||||
Patents and other intangibles are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment at least annually or when events or circumstances arise that indicate the existence of impairment. The Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of the costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2014 and 2013, the Company had no impairment losses related to intangible assets. | ||||
f) Impairment of long-lived assets | ||||
Long-lived assets are reviewed for impairment annually, or when events or circumstances arise that indicate the existence of impairment, using the same evaluation process as described above for patents and other intangibles. Based on the evaluation, assets that had previously been used in the FEP pilot plant testing process were determined to have no future value when the pilot plant was closed in 2013. These assets had a carrying value of approximately $307,000 and were recorded as scrap expense during the year ended December 31, 2013. There was no impairment recorded during the year ended December 31, 2014. | ||||
g) Income taxes | ||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. | ||||
h) Use of estimates | ||||
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. | ||||
i) Revenue recognition | ||||
Revenue is recognized when products are shipped. No warranty coverage or right of return provisions are provided to customers. During the fiscal year ending December 31, 2014 and 2013, the Company had sales to one entity of approximately 36% and 44%, respectively, of its revenues. At December 31, 2014 and 2013, 40% and 48%, respectively, of accounts receivable were from one customer due to their additional role as a distributor for the Company’s radiochemical and nuclear medicine products. The loss of this customer may result in lower revenues and limit the cash available to grow the business and achieve profitability. | ||||
j) Research and development costs | ||||
The Company had research and development expenses totaling $464,206 in 2014 and $706,048 in 2013. | ||||
k) Share-based compensation | ||||
The Company accounts for issuances of share-based compensation to employees in accordance with GAAP which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). | ||||
For the years ended December 31, 2014 and 2013, the Company recognized share-based compensation expense of $243,683 and $348,506, respectively, related to stock options, warrants and unvested stock grants. This expense is included as part of salaries and contract labor on the accompanying statements of operations. | ||||
l) Net loss per common share – basic and diluted | ||||
Basic loss per share is computed on the basis of the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed on the basis of the weighted-average number of common shares plus all potentially dilutive issuable common shares outstanding during the year. | ||||
At December 31, 2014 and 2013, the Company had the following common stock equivalents outstanding that were not included in the computation of diluted net loss per common share as their effect would have been anti-dilutive, thereby decreasing the net loss per common share: | ||||
December 31, | ||||
2014 | 2013 | |||
Stock options | 27,950,000 | 16,450,000 | ||
Warrants | 42,257,951 | 27,257,951 | ||
850 shares of Series B redeemable convertible preferred stock | 425,000 | 425,000 | ||
70,632,951 | 44,132,951 | |||
m) Business segments and related information | ||||
GAAP establishes standards for the way public business enterprises are to report information about operating segments in annual financial statements and requires enterprises to report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosure about products and services, geographic areas and major customers. The Company currently operates in six business segments. | ||||
n) 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 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 obligation in the contract. | ||||
Step 3: Determine the transaction price. | ||||
Step 4: Allocate the transaction price to the performance obligation 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 amount 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 services 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 the 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 services and still be eligible to vest in the award if the performance target is achieved. As indicated in the definitions 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. |
Business_Condition_and_Liquidi
Business Condition and Liquidity | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Condition and Liquidity | NOTE 2 – BUSINESS CONDITION AND LIQUIDITY |
The Company has a history of recurring losses with an accumulated deficit of $118,242,224 at December 31, 2014, and a net loss of $1,545,077 for the year then ended. The Company’s working capital, which includes inventory that will not be sold for up to three years, has decreased by $714,800 from the prior year. The Company has provided cash flows from operations of $339,808. During 2014, the Company sought to improve future cash flows from operating activities through improving operating cost control measures, obtaining additional quality certifications to permit expanded sales of products, and raising capital. The Company’s net loss was $1,545,077 in 2014, compared to a net loss of $2,461,845 in 2013. This is a decrease of $916,768, or approximately 37%. | |
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 year ended December 31, 2014, the Company incurred costs of approximately $419,000 to maintain licenses and other necessary project investments. During the same period in 2013, the Company incurred costs of approximately $820,000 for planning and development activities on the project. | |
In the meantime, the Company has renewed its focus upon its long-standing core business segments and is 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 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. | |
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. |
Purchased_Asset_and_Investment
Purchased Asset and Investments | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||
Purchased Asset and Investments | NOTE 3 – PURCHASED ASSET AND INVESTMENTS | |||||
Interest in RadQual, LLC | ||||||
The Company owns a 24.5% interest in RadQual, LLC (“RadQual”), with which the Company has an exclusive manufacturing agreement for nuclear medicine products. The 24.5% ownership of RadQual has a balance of $1,368,185 and is reported as an asset at December 31, 2014. For the year ended December 31, 2014, member distributions from RadQual totaled $96,681 and were recorded as a reduction of the investment, and for the same period in 2013, member distributions totaled $82,708. For the years ended December 31, 2014 and 2013, earnings allocated to the Company from RadQual totaled $96,058 and $57,650, respectively. These allocated earnings were recorded as equity in net income of affiliate on the Company’s consolidated statements of operations. | ||||||
At December 31, 2014 and 2013, the Company had receivables from RadQual in the amount of $310,776 and $400,025, respectively, which are recorded as part of accounts receivable on the Company’s condensed consolidated balance sheet. For the years ended December 31, 2014 and 2013, the Company had revenues from RadQual in the amount of $2,727,637 and $3,018,822, respectively, which are recorded as sale of product on the Company’s consolidated statements of operations. At December 31, 2014 and 2013, TI Services, LLC had payables to RadQual in the amount of $103,000 and $126,000, respectively. | ||||||
Summarized financial information for RadQual as of the years ended December 31 was as follows: | ||||||
2014 | 2013 | |||||
Current assets | $ | 499,000 | $ | 525,000 | ||
Noncurrent assets | 59,000 | 109,000 | ||||
Current liabilities | 499,000 | 399,000 | ||||
Noncurrent liabilities | - | 190,000 | ||||
Revenue | 3,837,000 | 3,980,000 | ||||
Gross profit | 921,000 | 841,000 | ||||
Net income | $ | 386,000 | $ | 259,000 | ||
The difference between the Company's investment in RadQual and its underlying equity in net assets of RadQual of $1,354,000 at December 31, 2014, is accounted for as equity method goodwill and accordingly is not being amortized. | ||||||
Acquisition of interest in TI Services, LLC | ||||||
In December 2010, the Company together with RadQual, formed a 50% owned joint venture called TI Services, LLC. TI Services, LLC is engaged in the distribution and selling of products related to the nuclear medicine industry. Because the Company controls more than a 50% direct and indirect ownership interest in TI Services, LLC, the assets and liabilities of TI Services, LLC are consolidated with those of the Company, and RadQual’s non-controlling interest in TI Services, LLC is included in the Company’s financial statements as a non-controlling interest. |
Inventories
Inventories | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Inventory Disclosure [Abstract] | ||||||
Inventories | NOTE 4 – INVENTORIES | |||||
Inventories consisted of the following at December 31, 2014 and 2013: | ||||||
2014 | 2013 | |||||
Raw materials | $ | 91,555 | $ | 247,667 | ||
Work in progress | 943,234 | 1,206,708 | ||||
Finished goods | 14,317 | 23,974 | ||||
$ | 1,049,106 | $ | 1,478,349 | |||
Included in inventories are the various pellet holders and housings involved in target fabrication, raw cobalt, strontium and other raw elements, completed flood sources and irradiated cobalt and nuclear medicine-related materials and products. | ||||||
Work in progress includes cobalt-60 isotopes that are located in the U.S. federal government’s Advanced Test Reactor (“ATR”) located outside of Idaho Falls, Idaho. These isotopes are at various stages of irradiation. At December 31, 2014 and 2013, these isotopes had a carrying value of $691,501 and $957,221, respectively. This value is based on accumulated costs which are allocated based on the length of time isotopes undergo irradiation. During the year ended December 31, 2013, it was determined that it would not be cost-effective to incur additional handling and irradiation costs for some cobalt targets held at the reactor. As a result, in 2013, $193,982 of target inventory was written off to expense | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment are summarized as follows at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | Estimated | ||||||
Useful Lives | ||||||||
Furniture and fixtures | $ | 382,966 | $ | 385,616 | 3 - 5 years | |||
Transportation equipment | 117,726 | 117,726 | 5 - 10 years | |||||
Plant and improvements | 463,754 | 463,754 | 5 years | |||||
Production equipment | 3,348,829 | 3,267,799 | 5 - 10 years | |||||
4,313,275 | 4,234,895 | |||||||
Accumulated depreciation | -2,098,425 | -1,963,742 | ||||||
$ | 2,214,850 | $ | 2,271,153 | |||||
Depreciation expense was $137,861 and $272,237 for the years ended December 31, 2014 and 2013, respectively. |
Patents_and_Other_Intangible_A
Patents and Other Intangible Assets | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Patents and Other Intangible Assets | NOTE 6 – PATENTS AND OTHER INTANGIBLE ASSETS | |||||
The Company owns certain patents and patents pending related to a fluorine extraction process, patents for various uses of some fluoride gases as fluorinating agents, and patents for a container to transport radioactive materials. These patents were developed in an effort to expand the possible markets for the high purity fluoride gases the Company will produce with its fluorine extraction process. In 2010, the Company was granted an additional process patent on the FEP process and during 2011 the Company started the process to file for international protections of this patent in South Africa, Japan, Russia, China, Canada, and the European Union. During 2012, the Company was granted additional process patents for the FEP process in the United States. In 2013, the FEP process patent was granted in Russia. In 2014 the patent was granted in South Africa. The applications in all of the other countries are still in process. At the present time, the final value of this patent technology or the feasibility of expanding the fluoride gas markets through the use of this newly patented technology is uncertain. | ||||||
In late 2010, management became reasonably certain that the NRC would issue the operating license for the planned de-conversion facility in New Mexico about mid-2012 and the Company began in 2011 to capitalize certain costs associated with the licensing and planning process. Previous to 2011, these costs were included as part of research and development expense. During 2014 there were no costs capitalized with regard to this facility and during 2013, $376,000 was capitalized. In October 2012, the NRC issued the Company a 40-year construction and operating license. The license will be amortized over its 40-year life. | ||||||
The following table summarizes the patent and intangible activity for the years ended December 31, 2014 and 2013: | ||||||
2014 | 2013 | |||||
Beginning | $ | 4,867,867 | $ | 4,833,277 | ||
Additions | 33,831 | 34,590 | ||||
Ending | 4,901,698 | 4,867,867 | ||||
Accumulated amortization | -502,515 | -389,156 | ||||
$ | 4,399,183 | $ | 4,478,711 | |||
During the years ended December 31, 2014 and 2013, the Company recognized $113,359 and $131,069 of amortization expense, respectively. | ||||||
Patent and other intangible asset amortization is based on the remaining life of the asset and estimated amortization expense is as follows | ||||||
Years ending December 31, | ||||||
2015 | $ | 124,975 | ||||
2016 | 124,975 | |||||
2017 | 124,975 | |||||
2018 | 124,975 | |||||
2019 | 124,975 | |||||
Thereafter | 3,774,308 | |||||
$ | 4,399,183 | |||||
Convertible_Debentures_and_Not
Convertible Debentures and Notes Payable | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Debt Disclosure [Abstract] | ||||||
Convertible Debentures and Notes Payable | NOTE 7 – CONVERTIBLE DEBENTURES AND NOTES PAYABLE | |||||
Convertible debentures | ||||||
In July 2012, the Company entered into a securities purchase agreement with certain institutional and private investors pursuant to which it sold convertible debentures for an aggregate of $3,069,900. The debentures bear interest at 8%, mature in July 2017 and are unsecured. Interest is paid annually on these debentures and the first interest payment was made in September 2013. In October 2014, the Company made the second interest payment to holders of the convertible debentures. According to the terms of the debentures, the interest payment was for interest accrued on principal amounts held by investors from October 2013 through September 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. Interest payments thereafter will be paid semi-annually on March 30th and September 30th, beginning March 2015. These debentures are convertible at any time into shares of the Company's common stock at an initial conversion price of $0.225 per share, subject to adjustment in certain conditions. Under certain conditions, the Company may force the conversion of the debentures. In addition, after the second anniversary of the closing date, the Company will have the right to redeem all or part of the debentures at any time prior to the maturity date. The Company also held the right, prior to the second anniversary of the closing date, to redeem all or part of the debentures if the Company successfully consummated a financing of the proposed Lea County, New Mexico de-conversion facility in the amount of at least $25 million. This financing was not obtained and the Company did not redeem the debentures. Any redemption of the debentures by the Company requires the payment of a redemption fee as set forth in the debentures. | ||||||
Each investor also received a common stock purchase warrant to purchase common stock equal to twenty five percent (25%) of the shares issuable upon conversion of the debentures. The warrants are immediately exercisable at a price of $0.30 per share and have a term of five years. | ||||||
In accordance with FASC 470-20, Accounting for Convertible Debt Instruments that may be settled in cash upon conversion, the Company allocated the proceeds to the debentures and warrants based on their relative fair value, which resulted in $2,703,144 being allocated to the debentures and $366,756 being allocated to the warrants. Subsequent to the allocation, the Company calculated a beneficial conversion feature of $25,656. The allocated warrant value and the beneficial conversion feature were recorded as debt discount and will be accreted to interest expense over the five-year life of the debentures. During the period ended December 31, 2014 and 2013, $73,352 of the fair value of the warrants was accreted to interest expense and $5,131 of the beneficial conversion feature was accreted to interest expense during each period. | ||||||
In connection with this offering, the Company paid a fee and issued to the placement agent a warrant to purchase 1,091,520 shares of the Company’s common stock. The placement warrant had a fair value of $133,285. The value of the placement warrant and the fees are recorded as offering costs and will be amortized to expense over the life of the debentures. | ||||||
The fair value of the warrants, determined using the Black-Scholes Option Pricing Model, was calculated using the following assumptions: risk-free interest rate of .65%, expected dividend yield of 0%, expected volatility of 88%, and an expected life of 5 years. | ||||||
In February 2013, the Company entered into a securities purchase agreement with certain private investors pursuant to which it sold convertible debentures for an aggregate of $1,060,000. The debentures accrue interest at a rate of 10% per annum, compounded annually and matured February 2015. On February 20, 2015, according to the terms of the note, principal totaling $1,060,000, plus accrued interest of $222,600, was converted into shares of the Company’s common stock. The conversion terms of the note stipulated that the number of shares issued would be based on the lessor of the stated conversion price of $0.14 per share or the average trading price of the Company’s stock for the preceding 120 days prior to conversion. The average trading price for the preceding 120 days was $0.04 per share, and therefore, 32,065,000 shares were issued to holders of the convertible debentures upon conversion on February 20, 2015. The fair market value of the Company’s common stock was $0.15 per share on the date of the agreement. Consequently, the difference between the anticipated conversion price of $0.14 and the closing price of $0.15, multiplied by the number of issuable common shares upon conversion, was recorded as a beneficial conversion feature with an increase to equity and a debt discount in the amount of $75,715. This amount was accreted to interest expense through February 2015. During the year ended December 31, 2014 and 2013, $37,857 and $32,449, respectively, of the beneficial conversion feature was amortized to interest expense. | ||||||
Notes payable | ||||||
During April 2013, the Company negotiated with the NRC to convert amounts owing as a trade payable into a long-term note. The Company converted a total of $596,816 to the note payable which is payable in monthly installments of $17,500 and accrues interest at a rate of 1% annually. The note matures February 15, 2016 and is unsecured. | ||||||
In December 2013, the Company borrowed $500,000 from the Company’s Chairman of the Board and one of the Company’s major shareholders. The $500,000 note bears interest at 6% and is due June 30, 2014. At any time, the lenders may settle any or all of the principal and accrued interest with shares of the Company’s common stock. In connection with the note, each of the two lenders was issued 5,000,000 warrants to purchase shares of the Company’s common stock. The fair value of the warrants was $383,025 and was recorded as debt discount and will be amortized to interest expense over the life of the loan. The warrants were immediately exercisable at a price of $0.06 per share and have a term of five years. The fair value of the warrants was determined using the Black-Scholes Option Pricing Model and was calculated using the following assumptions: risk free interest rate of 1.66%, expected dividend yield of 0%, expected volatility of 78.9%, and an expected life of 5 years. | ||||||
In June 2014, the Company renegotiated the terms of this promissory note. Pursuant to the modification, 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. | ||||||
Notes payable as of December 31, 2014 and 2013 consist of the following: | ||||||
Notes Payable Table: | ||||||
2014 | 2013 | |||||
Note payable to the NRC bearing interest at 1% monthly installments of $17,500, unsecured | $ | 254,198 | $ | 460,453 | ||
Convertible notes payable, bearing interest at 10%, due February 20, 2015 | 1,060,000 | 1,060,000 | ||||
Convertible notes payable, bearing interest at 8%, due July 27, 2017 | 3,069,900 | 3,069,900 | ||||
Note payable to related parties bearing interest at 6% all principal interest due on December 31, 2017, secured | 500,000 | 500,000 | ||||
Total notes payable | $ | 4,884,098 | $ | 5,090,353 | ||
Less: unamortized debt discount | -548,479 | -688,330 | ||||
Less: current maturities | -1,268,327 | -341,373 | ||||
Notes payable, net of current installments and debt discount | $ | 3,067,292 | $ | 4,060,650 | ||
Maturities of convertible debt and notes payable at December 31, 2014, are as follows: | ||||||
Current Maturities Table | ||||||
Years ending December 31, | ||||||
2015 | $ | 1,268,327 | ||||
2016 | 45,871 | |||||
2017 | 3,569,900 | |||||
Thereafter | - | |||||
$ | 4,884,098 |
Lease_Obligations
Lease Obligations | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Lease Obligations | NOTE 8 – LEASE OBLIGATIONS | |||
Operating leases | ||||
The Company currently leases office space under a ten year operating lease that expires in 2021. The Company previously held a second lease which was terminated in April 2013. Rental expense under the leases for the years ended December 31, 2014 and 2013 was $136,313 and $156,780, respectively. | ||||
The following is a schedule by years of the currently held operating lease as of December 31, 2014: | ||||
Years ending December 31, | ||||
2015 | $ | 136,313 | ||
2016 | 136,313 | |||
2017 | 136,313 | |||
2018 | 136,313 | |||
2019 | 136,313 | |||
Thereafter | 181,631 | |||
$ | 863,196 | |||
Shareholders_Equity_Mandatoril
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants | NOTE 9 – SHAREHOLDERS’ EQUITY, REDEEMABLE CONVERTIBLE PREFERRED STOCK, OPTIONS AND WARRANTS | |||||||||
Warrants | ||||||||||
As disclosed in Note 7, on July 27, 2012, the Company entered into a securities purchase agreement with certain institutional and private investors. Each investor also received a common stock purchase warrant to purchase such number of shares of our common stock equal to twenty-five percent (25%) of the number of shares of common stock that the note purchased by such investor may be convertible into on the closing date. The total possible number of warrants to be issued is 4,502,520. The warrants are immediately exercisable at a price of $0.30 per share and have a term of five years. The fair value of the warrants, determined using the Black-Scholes Option Pricing Model, was calculated using the following assumptions: risk-free rate of .650%, expected dividend yield of 0%, expected volatility of 88%, and an expected life of 5 years. | ||||||||||
On September 3, 2013, in an effort to raise capital to support its ongoing planned uranium de-conversion project, the Company authorized an offer to its current warrant holders to encourage them to exercise outstanding warrants. The offer gave warrant holders two options. The first option allowed holders of the Company’s outstanding warrants to exchange one warrant for one share of the Company’s common stock at a discounted warrant exercise price of $0.09 per share until close of business on October 4, 2013. The second option allowed holders of the Company’s outstanding warrants to exchange two Class H or K Warrants, or four Class F or I Warrants, for one share of the Company’s common stock at a discounted price of $0.06 per share. The Company discounted the exercise price of (i) its Class F Warrants which were issued on November 7, 2008, from $0.30 to $0.09 under Option 1, and to $0.06 under Option 2, (ii) its Class H Warrants, which were issued August 24, 2011, from $0.22 to $0.09 under Option 1, and to $0.06 under Option 2, (iii) its Class I Warrants, which were issued on October 29, 2010, from $0.40 to $0.09 under Option 1, and to $0.06 under Option 2, and (iv) its Class K Warrants, which were issued on July 27, 2012, from $0.30 to $0.09 under Option 1 and to $0.06 under Option 2. In addition to the reduced exercise price, Class K Warrant holders could also apply the accrued interest on their outstanding convertible subordinated notes, due to be paid on September 30, 2013, towards the cash exercise price of either option. As a result of this offer, 557,021 warrants were exercised under Option 1 and the company issued 557,021 shares of its common stock for proceeds of $50,132. $46,193 of these proceeds was applied to outstanding interest. Under Option 2, 17,244,331 warrants were exercised and the Company issued 6,170,951 shares of its common stock for proceeds of $370,257. $64,540 of these proceeds was applied to outstanding interest. In total, as a result of this offer, 17,801,352 warrants were exercised and Company issued 6,727,972 shares of its common stock for proceeds of $420,389, and $110,733 of the proceeds was applied to outstanding interest. In September 2013, the 3,000,000 remaining Class F Warrants expired. | ||||||||||
The following table summarizes warrant activity for the years ended December 31, 2014 and 2013: | ||||||||||
Warrants | Outstanding | Weighted | ||||||||
Shares | Average | |||||||||
Exercise | ||||||||||
Price | ||||||||||
Outstanding at December 31, 2012 | 38,059,303 | $ | 0.26 | |||||||
Granted | 10,000,000 | 0.06 | ||||||||
Exercised | -17,801,352 | 0.06 | ||||||||
Forfeited | -3,000,000 | 0.3 | ||||||||
Outstanding at December 31, 2013 | 27,257,951 | 0.26 | ||||||||
Granted | 15,000,000 | 0.06 | ||||||||
Exercised | - | - | ||||||||
Forfeited | - | - | ||||||||
Outstanding at December 31, 2014 | 42,257,951 | $ | 0.18 | |||||||
Mandatorily Redeemable Convertible Preferred Stock | ||||||||||
The Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.01 per share. The Board of Directors is authorized to set the distinguishing characteristics of each series prior to issuance, including the granting of limited or full voting rights, rights to the payment of dividends and amounts payable in event of liquidation, dissolution or winding up of the Company. | ||||||||||
At December 31, 2014, there were 850 shares of the Series B Preferred Stock outstanding with a mandatory redemption date of May 2022 at $1,000 per share or $850,000. The shares are also convertible into common stock at a conversion price of $2.00 per share. These preferred shares carry no dividend preferences. Due to the mandatory redemption provision, the Series B Preferred Stock has been classified as a liability in the accompanying balance sheets. | ||||||||||
Employee Stock Purchase Plan | ||||||||||
In September 2004, the Company’s Board of Directors (the “Board”) approved an employee stock purchase plan for an aggregate of up to 2,000,000 shares of the Company’s common stock. The plan allows employees to deduct up to 15% of their payroll each pay period to be used for the purchase of common stock at a discounted rate. The common shares will be purchased at the end of each three-month offering period or other period as determined by the Board. The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. | ||||||||||
During 2014 and 2013, the Company issued 196,872 and 93,970 shares of common stock to employees for proceeds of $8,417 and $10,560, respectively, in accordance with the employee stock purchase plan. | ||||||||||
Subsequent to December 31, 2014, the Company issued 60,715 shares of common stock for proceeds of $1,548 under this employee stock purchase plan. | ||||||||||
2006 Equity Incentive Plan | ||||||||||
In April 2006, the Company adopted the International Isotopes Inc. 2006 Equity Incentive Plan (the “2006 Plan”). The 2006 Plan was approved by shareholders in July 2006. The 2006 Plan replaced the Company’s 2002 Long-Term Incentive Plan (the “Prior Plan”). The 2006 Plan permits the granting of any or all of the following types of awards: (1) incentive and nonqualified stock options, (2) stock appreciation rights, (3) stock awards, restricted stock and stock units, (4) performance shares and performance units conditioned upon meeting performance criteria, and (5) other stock- or cash-based awards. | ||||||||||
The 2006 Plan authorizes the issuance of up to 20,000,000 shares of common stock, plus 1,350,000 shares issued but not subject to outstanding awards under the Prior Plan. There are also 13,000,000 shares granted and outstanding under the Prior Plan that could become available for issuance under the 2006 Plan (for example, if they are forfeited or otherwise expire or terminate without the issuance of shares). Unless earlier terminated, the 2006 Plan will terminate on July 12, 2016. At December 31, 2014, there were 466,350 shares available for issuance under this plan. | ||||||||||
Non-Vested Stock Grants | ||||||||||
There were no non-vested stock awards outstanding during the year ended December 31, 2014. Non-vested stock awards outstanding at December 31, 2013 and changes during the same year were as follows: | ||||||||||
Non-vested Stock Awards | 2013 | Weighted | ||||||||
average grant | ||||||||||
date fair value | ||||||||||
Balance at beginning of year | $ | 151,720 | $ | 0.18 | ||||||
Granted | - | - | ||||||||
Vested | -151,750 | 0.18 | ||||||||
Forfeited | - | |||||||||
Non-vested shares at end of year | $ | - | ||||||||
The intrinsic value of stock awards vested during the years ended December 31 2013 was $0. During the year ended December 31, 2013 the Company recognized $283 of compensation expense. | ||||||||||
Pursuant to an employment agreement, the Company issued 167,860 in fully vested shares of Company stock in February 2014, under the 2006 Equity Incentive Plan to a member of Company management. 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 the issue date but not less than $0.10 per share. Compensation expense recorded pursuant to this stock grant was $10,072, which was determined by multiplying the number of shares awarded by the closing price of commons stock on February 27, 2014, which was $0.06 per share. 112,140 shares were retained in a cashless exercise by the Company to satisfy the employee’s payroll tax liabilities. The net shares issued on February 27, 2014 totaled 167,860 shares. | ||||||||||
Pursuant to the employment agreement noted above, the Company issued 175,000 in fully vested shares of Company stock in February 2013 under the 2006 Equity Incentive Plan to a member of Company management. The number of shares issued was calculated using the average closing price of common stock for the 20 trading days prior to the issue date. 70,088 shares were retained in a cashless exercise by the Company to satisfy the employee’s payroll tax liabilities. The net shares issued on February 28, 2013 totaled 104,912 shares. | ||||||||||
In January 2013, the Company issued 750,000 nonqualified stock options to certain consultants under the 2006 Plan. The options have an exercise price of $0.15 per share and vest 25% on the first anniversary of the grant date with 25% vesting after each additional one-year period of continuous service. In November 2013, these options were re-priced to an exercise price of $0.07 per share. The options expire 10 years from the date of grant. The options had a fair value of $100,923 or $0.135 per share as estimated on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: risk-free interest rate of 1.87%, expected dividend yield rate of 0%, expected volatility of 84.62%, and an expected life of 10 years. | ||||||||||
Pursuant to a Board resolution on January 10, 2013, the Company re-priced 600,000 options which had an original exercise price of $0.32 per share and expire on May 4, 2019. The stock options were adjusted to an exercise price of $0.15 per share with the expiration date remaining May 4, 2019. The option re-price had a fair value of $11,145 as estimated on the date of re-pricing using the Black-Scholes options pricing model with the following weighted-average assumptions: risk free interest rate of 1.26%, expected dividend yield rate of 0%, expected volatility of 84.20%, and an expected life of 6.29 years. | ||||||||||
In April 2013, 2,000,000 nonqualified stock options were exercised under a partial cashless exercise. The Company received proceeds of $30,000 and issued 1,793,104 shares of common stock. | ||||||||||
Pursuant to a Board resolution on November 11, 2013, the Company re-priced 11,850,000 options which had previous exercise prices between $0.15 and $0.70 per share and expire between October 31, 2017 and January 18, 2023. The stock options were adjusted to an exercise price of $0.07 per share with the expiration dates remaining unchanged. An additional $156,499 of compensation expense was recognized in the current period and $15,175 will be recognized in future periods. The option re-price had a fair value of $171,674 as estimated on the date of re-pricing using the Black-Scholes options pricing model with the following weighted-average assumptions: risk free interest rate of 1.47%, expected dividend yield rate of 0%, expected volatility of 78.68%, and an expected life between 3.97 and 9.19 years. | ||||||||||
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. The expiration dates remaining unchanged. An additional $99,068 of compensation expense was recognized in the current period and $2,694 will be recognized in future periods. The option re-price had a fair value of $102,322 as estimated on the date of re-pricing using the Black-Scholes options pricing model with the following weighted-average assumptions: risk free interest rate of between 0.41% and 1.94%, expected dividend yield rate of 0%, expected volatility between 51.49% and 79.32%, and an expected life between 1.80 and 7.93 years. | ||||||||||
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 one third immediately, one third in one year, and one third in two years, and expire on October 27, 2024. The options had a fair value of $206,670 as estimated on the date of issue using the Black-Scholes options pricing model with the following weighted-average assumptions: risk free interest rate of 1.51%, expected dividend yield rate of 0%, expected volatility of 74.68%, and an expected life between 5.00 and 5.80 years. | ||||||||||
Stock Options | ||||||||||
A summary of the stock options issued under the Company’s 2006 Plan is as follows: | ||||||||||
Options | Weighted | Weighted | Aggregate | |||||||
Average | Average | Intrinsic | ||||||||
Exercise Price | Remaining | Value | ||||||||
Contractual | ||||||||||
Life | ||||||||||
Outstanding at December 31, 2012 | 17,700,000 | $ | 0.23 | |||||||
Granted | 750,000 | 0.15 | ||||||||
Exercised | -2,000,000 | 0.03 | ||||||||
Forfeited | - | - | ||||||||
Outstanding at December 31, 2013 | 16,450,000 | 0.09 | ||||||||
Granted | 11,500,000 | 0.04 | ||||||||
Exercised | - | |||||||||
Forfeited | - | |||||||||
Outstanding at December 31, 2014 | 27,950,000 | $ | 0.05 | 6.5 | - | |||||
Exercisable at December 31, 2014 | 18,720,833 | $ | 0.06 | 5 | - | |||||
The total intrinsic value of stock options exercised in 2014 and 2013 was $0. | ||||||||||
The total intrinsic value of stock options outstanding at December 31, 2014 was $0. The intrinsic value for stock options outstanding is calculated as the amount by which the quoted price of $0.03 of our common stock as of the end of 2014 exceeds the exercise price of the options. | ||||||||||
The Company recognized $234,635 and $331,437 of compensation expense related to these options for the years ended December 31, 2014 and 2013, respectively. | ||||||||||
All options exercised were issued under a qualified plan and accordingly, there is no income tax effect in the accompanying financial statements. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Income Taxes | NOTE 10 – INCOME TAXES | |||||
The Company paid no federal or state income taxes during 2014 and 2013. Income tax benefit on losses differed from the amounts computed by applying the U.S. federal income tax rate of 34% to pretax losses as a result of the following: | ||||||
2014 | 2013 | |||||
Income tax benefit | $ | -554,065 | $ | -837,028 | ||
Nondeductible expenses | 93,792 | 146,912 | ||||
State taxes net of federal benefit | -74,962 | -113,245 | ||||
Change in valuation allowance | 535,235 | 803,361 | ||||
$ | - | $ | - | |||
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets (liabilities) as of December 31, 2014 and 2013 are presented below: | ||||||
2014 | 2013 | |||||
Deferred income tax asset | $ | - | $ | - | ||
Net operating loss carryforward | 11,672,252 | 11,191,259 | ||||
Valuation allowance | -11,559,567 | -11,024,333 | ||||
Total deferred income tax asset | 112,685 | 166,926 | ||||
Deferred income tax liability - depreciation | -112,685 | -166,926 | ||||
Deferred tax asset (liability) | $ | - | $ | - | ||
At December 31, 2014, the Company had net operating losses of approximately $29,700,000 that will begin to expire in 2023. The valuation allowances for 2014 and 2013 have been applied to offset the deferred tax assets in recognition of the uncertainty that such benefits will be realized. | ||||||
In accordance with GAAP, the Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns for the open tax years in such jurisdictions. The Company has identified its federal income tax returns for the years ended December 31, 2011 through 2014 as remaining subject to examination. The Company’s income tax returns in state income tax jurisdictions remain subject to examination for years ended December 31, 2011 through 2014. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions, and no adjustment to such reserves was required by GAAP. No interest or penalties have been levied against the Company and none are anticipated, therefore no interest or penalty has been included in the provision for income taxes in the consolidated statements of operations. | ||||||
The Internal Revenue Code contains provisions which reduce or limit the availability and utilization of net operating loss carry forwards in the event of a more than 50% change in ownership. If such an ownership change occurs with the Company, the use of these net operating losses could be limited. | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES |
Dependence on third parties | |
The production of HSA Cobalt is dependent upon the U.S. Department of Energy, and its prime operating contractor, which controls the reactor and laboratory operations. The production of HSA Cobalt is dependent upon the DOE, and its prime operating contractor, which controls the reactor and laboratory operations at the 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. If this were to occur, all payments made by the Company would be refunded. | |
Nuclear Medicine Reference and Calibration Standard manufacturing is conducted under an exclusive contract with RadQual, which in turn has an agreement in place with several companies for distributing the product. The majority of the radiochemical product sold by the Company is provided through a supply agreement with a single entity. A loss of any of these customers or suppliers could adversely affect operating results by causing a delay in production or a possible loss of sales. | |
Contingencies | |
Because all of the Company’s business segments involve radioactive materials, the Company is required to have an operating license from the NRC and specially trained staff to handle these materials. The Company has an NRC operating license and has amended this license several times to increase the amount of material permitted within the facility. Additional processing capabilities and license amendments could be implemented that would permit processing of other reactor-produced radioisotopes by the Company, but this license does not currently restrict the volume of business operations performed or projected to be performed in the coming year. The financial assurance required by the NRC to support this license has been provided for with a Letter of credit and a restricted certificate of deposit held with Wells Fargo Bank. Previously the Company maintained a surety bond issued by Argonaut Insurance Company, however, this surety bond was terminated in November 2014 and was replaced with the Letter of Credit and restricted certificate of deposit. | |
Defined Contribution Pension Plan | |
The Company has a 401(k) defined-contribution pension plan (the “Plan”) for which employees are eligible after completing six months of full-time service. Participants, under provision of Internal Revenue Code § 401(k), may elect to contribute up to $17,500 of their compensation to the Plan which includes both before-tax and Roth after-tax contribution options. Although the Company reserves the right to make discretionary matching contributions to participant accounts, there were no employer matching contributions made for either 2014 or 2013. All amounts withheld for employee contributions were made during 2014. The employer reserves the right to terminate the Plan at any time. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||
Asset Retirement Obligations | NOTE 12 – ASSET RETIREMENT OBLIGATION | |||||
As part of the Company’s NRC operating license and as part of the Company’s facility lease agreements, the Company is responsible for decommissioning any facilities upon termination or relocation of operations. The Company has developed a decommissioning funding plan using guidance provided by the NRC and estimated the cost of decommissioning the facility in Idaho Falls. The decommissioning cost estimate is reviewed at least annually to validate the assumptions and is revised as necessary when changes in the facility processes or radiological characteristics would affect the cost of decommissioning. | ||||||
In accordance with GAAP, the Company has recognized future estimated decommissioning costs as an asset retirement obligation and a related capitalized lease disposal cost. The Company has recognized period-to-period changes in the liability (accretion) in the statement of operations as amortization expense. Changes resulting from revisions to the original estimate are recorded as an increase or decrease to the capitalized lease disposal cost. Capitalized lease disposal cost is amortized on a straight-line basis over the remaining life of the facility operating lease agreement. In November 2014, the Company updated its decommissioning funding Plan and, at that time, the current values of both the retirement obligation and capitalized cost were evaluated. It was determined that because of a decrease in the risk-free interest rate used in the obligation computation, the retirement obligation should be decreased. As a result of this decrease, the retirement obligation was reduced by $162,426 to $450,630 and the capitalized cost was reduced from $77,899 to zero. The difference of $84,527 was recorded as a decrease to amortization expense. | ||||||
The following summarizes the activity of the asset retirement obligation for the years ended December 31, 2014 and 2013: | ||||||
Obligation for | Capitalized | |||||
Lease Disposal | Lease Disposal | |||||
Cost | Cost | |||||
Balance at December 31, 2012 | $ | 523,238 | $ | 102,499 | ||
Increase in lease disposal costs | - | - | ||||
Accretion expense / Amortization expense | 43,131 | -12,300 | ||||
Balance at December 31, 2013 | 566,369 | 90,199 | ||||
Decrease in lease disposal costs | -162,426 | -77,899 | ||||
Accretion expense / Amortization expense | 46,687 | -12,300 | ||||
Balance at December 31, 2014 | $ | 450,630 | $ | - |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 13 – FAIR VALUE MEASUREMENTS |
At December 31, 2014 and 2013, the Company had no assets carried at fair value. |
Segment_Information
Segment Information | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Segment Reporting [Abstract] | |||||||
Segment Information | NOTE 14 – SEGMENT INFORMATION | ||||||
Information related to the Company’s reportable operating business segments is shown below. The Company’s reportable segments are reported in a manner consistent with the way management evaluates the businesses. The Company identifies its reportable business segments based on differences in products and services. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies. The Company has identified the following business segments: | |||||||
• The Nuclear Medicine Standards segment consists of the manufacture of sources and standards associated with SPECT (Single Photon Emission Computed Tomography) imaging, patient positioning, and calibration or operational testing of dose measuring equipment for the nuclear pharmacy industry and includes consolidated reporting of TI Services, LLC, the Company’s 50/50 joint venture with RadQual, LLC. | |||||||
• The Cobalt Products segment includes the fabrication of cobalt capsules for teletherapy or irradiation devices, and recycling of expended cobalt sources. | |||||||
• The Radiochemical Products segment includes production and distribution of various isotopically pure radiochemicals for medical, industrial, or research applications. These products are either directly produced by the Company or are purchased in bulk from other producers and distributed by the Company in customized packages and chemical forms tailored to customer and market demands. Iodine-131 is the most predominant radiochemical sold in this segment. | |||||||
• The Fluorine Products segment historically involved the production of small scale qualification samples of high purity fluoride gas for various industrial applications, as well as development of laboratory and analytical processes required to support the planned uranium de-conversion and fluorine extraction facility. During 2013, these testing activities were completed and the pilot plant facility was closed. The Company has developed or acquired all patent rights to these processes. Future work in this segment will involve license support and, as financing permits, further work related to the de-conversion facility in New Mexico. | |||||||
• The Radiological Services segment concerns a wide array of miscellaneous services that consists of gemstone processing and field services that include source installation, removal, and radiation device decommissioning. | |||||||
• The Transportation segment provides transportation services for the Company’s products and offers “for hire” transportation services of hazardous and non-hazardous cargo materials. | |||||||
The following presents certain segment information as of and for the years ended December 31, 2014 and 2013: | |||||||
Sale of product | 2014 | 2013 | |||||
Radiochemical products | $ | 1,742,495 | $ | 1,636,535 | |||
Cobalt products | 1,791,906 | 1,080,011 | |||||
Nuclear medicine standards | 3,267,254 | 3,249,126 | |||||
Radiological services | 621,431 | 763,980 | |||||
Fluorine products | - | - | |||||
Transportation | 113,775 | 119,498 | |||||
Total segments | 7,536,860 | 6,849,150 | |||||
Corporate revenue | - | - | |||||
Total consolidated | $ | 7,536,860 | $ | 6,849,150 | |||
Depreciation and amortization | 2014 | 2013 | |||||
Radiochemical products | $ | 7,178 | $ | 33,027 | |||
Cobalt products | 73,071 | 80,929 | |||||
Nuclear medicine standards | 19,162 | 20,856 | |||||
Radiological services | 29,436 | 10,333 | |||||
Fluorine products | 109,253 | 187,831 | |||||
Transportation | 6,780 | 12,873 | |||||
Total segments | 244,880 | 345,849 | |||||
Corporate depreciation and amortization | 96,538 | 69,758 | |||||
Total consolidated | $ | 341,418 | $ | 415,607 | |||
Segment income (loss) | 2014 | 2013 | |||||
Radiochemical products | $ | 366,223 | $ | 223,011 | |||
Cobalt products | 736,405 | 62,791 | |||||
Nuclear medicine standards | 636,322 | 609,107 | |||||
Radiological services | 201,169 | 430,525 | |||||
Fluorine products | -418,887 | -819,848 | |||||
Transportation | -24,653 | -29,842 | |||||
Total segments | 1,496,579 | 475,745 | |||||
Corporate loss | -3,041,655 | -2,937,589 | |||||
Net loss | $ | -1,545,077 | $ | -2,461,845 | |||
Expenditures for segment assets | 2014 | 2013 | |||||
Radiochemical products | $ | 53,320 | $ | 4,356 | |||
Cobalt products | 19,042 | - | |||||
Nuclear medicine standards | 528 | 3,540 | |||||
Radiological services | 2,632 | 150,840 | |||||
Fluorine products | 39,866 | 413,365 | |||||
Transportation | - | - | |||||
Total segments | 115,388 | 572,101 | |||||
Corporate purchases | - | - | |||||
Total consolidated | $ | 115,388 | $ | 572,101 | |||
Segment assets | 2014 | 2013 | |||||
Radiochemical products | $ | 230,257 | $ | 153,305 | |||
Cobalt products | 1,035,226 | 1,574,603 | |||||
Nuclear medicine standards | 564,034 | 573,389 | |||||
Radiological services | 381,898 | 608,949 | |||||
Fluorine products | 5,996,258 | 6,093,151 | |||||
Transportation | 8,434 | 12,864 | |||||
Total segments | 8,216,107 | 9,016,261 | |||||
Corporate assets | 2,734,030 | 2,991,753 | |||||
Total consolidated | $ | 10,950,137 | $ | 12,008,014 | |||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15 – SUBSEQUENT EVENTS |
On January 16, 2015, the Company entered into an agreement with a customer to purchase cobalt-60 material that will become available in approximately 2017. The terms of the agreement required a commitment fee of $74,000, which was due upon the signing of the agreement, plus quarterly payments of $7,300 beginning March 2015. | |
On February 20, 2015, convertible debentures with principal totaling $1,060,000, plus accrued interest of $222,600, were converted into 32,065,000 shares of the Company’s common stock. Refer to Note 7 for further details. | |
Pursuant to an employment agreement, the Company issued to a member of Company management 280,000 shares of fully-vested Company stock in February 2015 under the 2006 Equity Incentive Plan. The number of shares awarded was based on a $28,000 stock award using a price of $0.10 per share. The agreement states that the number of shares issued will be based on the average closing price of common stock for the 20 trading days prior to issue date but not less than $0.10 per share. Compensation expense recorded pursuant to this transaction was $16,800, which was determined by multiplying the number of shares awarded by the closing price of the stock on February 27, 2014, which was $0.06 per share. There were 112,140 shares retained in the cashless exercise by the Company to satisfy the employee’s payroll tax liabilities. The net shares issued on February 28, 2014 totaled 167,860 shares. | |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Financial Instrument and Cash Equivalents | Financial instruments and cash equivalents |
The carrying value of notes payable approximates fair value because they bear interest at rates which approximate market rates. | |
Accounts Receivable | Accounts receivable |
The Company sells products mainly to recurring customers, wherein the customer’s ability to pay has previously been evaluated. The Company generally does not require collateral. The Company periodically reviews accounts receivable for amounts considered uncollectible. Allowances are provided for uncollectible accounts when deemed necessary. At December 31, 2014 and 2013, the Company recorded no allowance for uncollectible accounts. | |
Inventories | Inventories |
Inventories are carried at the lower of cost or market. Cost is determined using the first in, first out method. Work in progress inventory contains product that is undergoing irradiation. This irradiation process can take up to three years to reach high specific activity (HSA) levels. | |
Property, Plant and Equipment | Property, plant and equipment |
Depreciation on property, plant and equipment is computed using the straight-line method over the estimated useful life of the asset. | |
Leasehold improvements are amortized over the shorter of the life of the lease or the service life of the improvements. Maintenance, repairs, and renewals that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains or losses on dispositions of property and equipment are included in the results of operations. | |
Patents and Other Intangibles | Patents and other intangibles |
Patents and other intangibles are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment at least annually or when events or circumstances arise that indicate the existence of impairment. The Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of the costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2014 and 2013, the Company had no impairment losses related to intangible assets. | |
Impairment of Long-Lived Assets | Impairment of long-lived assets |
Long-lived assets are reviewed for impairment annually, or when events or circumstances arise that indicate the existence of impairment, using the same evaluation process as described above for patents and other intangibles. Based on the evaluation, assets that had previously been used in the FEP pilot plant testing process were determined to have no future value when the pilot plant was closed in 2013. These assets had a carrying value of approximately $307,000 and were recorded as scrap expense during the year ended December 31, 2013. There was no impairment recorded during the year ended December 31, 2014. | |
Income Taxes | Income taxes |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. | |
Use of Estimates | Use of estimates |
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. | |
Revenue Recognition | Revenue recognition |
Revenue is recognized when products are shipped. No warranty coverage or right of return provisions are provided to customers. During the fiscal year ending December 31, 2014 and 2013, the Company had sales to one entity of approximately 36% and 44%, respectively, of its revenues. At December 31, 2014 and 2013, 40% and 48%, respectively, of accounts receivable were from one customer due to their additional role as a distributor for the Company’s radiochemical and nuclear medicine products. The loss of this customer may result in lower revenues and limit the cash available to grow the business and achieve profitability. | |
Share-Based Compensation | Share-based compensation |
The Company accounts for issuances of share-based compensation to employees in accordance with GAAP which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). | |
Net Loss Per Common Share - Basic and Diluted | Net loss per common share – basic and diluted |
Basic loss per share is computed on the basis of the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed on the basis of the weighted-average number of common shares plus all potentially dilutive issuable common shares outstanding during the year. | |
Business Segments and Related Information | Business segments and related information |
GAAP establishes standards for the way public business enterprises are to report information about operating segments in annual financial statements and requires enterprises to report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosure about products and services, geographic areas and major customers. The Company currently operates in six business segments. | |
Recently Issued Accounting Standards | 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 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 obligation in the contract. | |
Step 3: Determine the transaction price. | |
Step 4: Allocate the transaction price to the performance obligation 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 amount 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 services 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 the 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 services and still be eligible to vest in the award if the performance target is achieved. As indicated in the definitions 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. |
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | December 31, | |||
2014 | 2013 | |||
Stock options | 27,950,000 | 16,450,000 | ||
Warrants | 42,257,951 | 27,257,951 | ||
850 shares of Series B redeemable convertible preferred stock | 425,000 | 425,000 | ||
70,632,951 | 44,132,951 |
Purchased_Asset_and_Investment1
Purchased Asset and Investments (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||
Schedule of Interest in RadQual, LLC | 2014 | 2013 | ||||
Current assets | $ | 499,000 | $ | 525,000 | ||
Noncurrent assets | 59,000 | 109,000 | ||||
Current liabilities | 499,000 | 399,000 | ||||
Noncurrent liabilities | - | 190,000 | ||||
Revenue | 3,837,000 | 3,980,000 | ||||
Gross profit | 921,000 | 841,000 | ||||
Net income | $ | 386,000 | $ | 259,000 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Inventory Disclosure [Abstract] | ||||||
Schedule of Inventory | 2014 | 2013 | ||||
Raw materials | $ | 91,555 | $ | 247,667 | ||
Work in progress | 943,234 | 1,206,708 | ||||
Finished goods | 14,317 | 23,974 | ||||
$ | 1,049,106 | $ | 1,478,349 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | 2014 | 2013 | Estimated | |||||
Useful Lives | ||||||||
Furniture and fixtures | $ | 382,966 | $ | 385,616 | 3 - 5 years | |||
Transportation equipment | 117,726 | 117,726 | 5 - 10 years | |||||
Plant and improvements | 463,754 | 463,754 | 5 years | |||||
Production equipment | 3,348,829 | 3,267,799 | 5 - 10 years | |||||
4,313,275 | 4,234,895 | |||||||
Accumulated depreciation | -2,098,425 | -1,963,742 | ||||||
$ | 2,214,850 | $ | 2,271,153 |
Patents_and_Other_Intangible_A1
Patents and Other Intangible Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Schedule of Intangible Assets | 2014 | 2013 | ||||
Beginning | $ | 4,867,867 | $ | 4,833,277 | ||
Additions | 33,831 | 34,590 | ||||
Ending | 4,901,698 | 4,867,867 | ||||
Accumulated amortization | -502,515 | -389,156 | ||||
$ | 4,399,183 | $ | 4,478,711 | |||
Schedule of Future Amortization Expense | Years ending December 31, | |||||
2015 | $ | 124,975 | ||||
2016 | 124,975 | |||||
2017 | 124,975 | |||||
2018 | 124,975 | |||||
2019 | 124,975 | |||||
Thereafter | 3,774,308 | |||||
$ | 4,399,183 |
Convertible_Debentures_and_Not1
Convertible Debentures and Notes Payable (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Debt Disclosure [Abstract] | ||||||
Schedule of Debt | 2014 | 2013 | ||||
Note payable to the NRC bearing interest at 1% monthly installments of $17,500, unsecured | $ | 254,198 | $ | 460,453 | ||
Convertible notes payable, bearing interest at 10%, due February 20, 2015 | 1,060,000 | 1,060,000 | ||||
Convertible notes payable, bearing interest at 8%, due July 27, 2017 | 3,069,900 | 3,069,900 | ||||
Note payable to related parties bearing interest at 6% all principal interest due on December 31, 2017, secured | 500,000 | 500,000 | ||||
Total notes payable | $ | 4,884,098 | $ | 5,090,353 | ||
Less: unamortized debt discount | -548,479 | -688,330 | ||||
Less: current maturities | -1,268,327 | -341,373 | ||||
Notes payable, net of current installments and debt discount | $ | 3,067,292 | $ | 4,060,650 | ||
Schedule of Maturities of Long Term Debt | Years ending December 31, | |||||
2015 | $ | 1,268,327 | ||||
2016 | 45,871 | |||||
2017 | 3,569,900 | |||||
Thereafter | - | |||||
$ | 4,884,098 |
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Schedule of Future Minimum Payments for Operating Leases | Years ending December 31, | |||
2015 | $ | 136,313 | ||
2016 | 136,313 | |||
2017 | 136,313 | |||
2018 | 136,313 | |||
2019 | 136,313 | |||
Thereafter | 181,631 | |||
$ | 863,196 |
Shareholders_Equity_Mandatoril1
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Schedule of Warrants or Rights | Warrants | Outstanding | Weighted | |||||||
Shares | Average | |||||||||
Exercise | ||||||||||
Price | ||||||||||
Outstanding at December 31, 2012 | 38,059,303 | $ | 0.26 | |||||||
Granted | 10,000,000 | 0.06 | ||||||||
Exercised | -17,801,352 | 0.06 | ||||||||
Forfeited | -3,000,000 | 0.3 | ||||||||
Outstanding at December 31, 2013 | 27,257,951 | 0.26 | ||||||||
Granted | 15,000,000 | 0.06 | ||||||||
Exercised | - | - | ||||||||
Forfeited | - | - | ||||||||
Outstanding at December 31, 2014 | 42,257,951 | $ | 0.18 | |||||||
Schedule of Nonvested Stock Grant Activity | Non-vested Stock Awards | 2013 | Weighted | |||||||
average grant | ||||||||||
date fair value | ||||||||||
Balance at beginning of year | $ | 151,720 | $ | 0.18 | ||||||
Granted | - | - | ||||||||
Vested | -151,750 | 0.18 | ||||||||
Forfeited | - | |||||||||
Non-vested shares at end of year | $ | - | ||||||||
Schedule of Stock Option Activity | Options | Weighted | Weighted | Aggregate | ||||||
Average | Average | Intrinsic | ||||||||
Exercise Price | Remaining | Value | ||||||||
Contractual | ||||||||||
Life | ||||||||||
Outstanding at December 31, 2012 | 17,700,000 | $ | 0.23 | |||||||
Granted | 750,000 | 0.15 | ||||||||
Exercised | -2,000,000 | 0.03 | ||||||||
Forfeited | - | - | ||||||||
Outstanding at December 31, 2013 | 16,450,000 | 0.09 | ||||||||
Granted | 11,500,000 | 0.04 | ||||||||
Exercised | - | |||||||||
Forfeited | - | |||||||||
Outstanding at December 31, 2014 | 27,950,000 | $ | 0.05 | 6.5 | - | |||||
Exercisable at December 31, 2014 | 18,720,833 | $ | 0.06 | 5 | - |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Schedule of Components of Income Tax Expense | 2014 | 2013 | ||||
Income tax benefit | $ | -554,065 | $ | -837,028 | ||
Nondeductible expenses | 93,792 | 146,912 | ||||
State taxes net of federal benefit | -74,962 | -113,245 | ||||
Change in valuation allowance | 535,235 | 803,361 | ||||
$ | - | $ | - | |||
Schedule of Deferred Tax Assets and Liabilities | 2014 | 2013 | ||||
Deferred income tax asset | $ | - | $ | - | ||
Net operating loss carryforward | 11,672,252 | 11,191,259 | ||||
Valuation allowance | -11,559,567 | -11,024,333 | ||||
Total deferred income tax asset | 112,685 | 166,926 | ||||
Deferred income tax liability - depreciation | -112,685 | -166,926 | ||||
Deferred tax asset (liability) | $ | - | $ | - |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||
Schedule of Asset Retirement Obligations | Obligation for | Capitalized | ||||
Lease Disposal | Lease Disposal | |||||
Cost | Cost | |||||
Balance at December 31, 2012 | $ | 523,238 | $ | 102,499 | ||
Increase in lease disposal costs | - | - | ||||
Accretion expense / Amortization expense | 43,131 | -12,300 | ||||
Balance at December 31, 2013 | 566,369 | 90,199 | ||||
Decrease in lease disposal costs | -162,426 | -77,899 | ||||
Accretion expense / Amortization expense | 46,687 | -12,300 | ||||
Balance at December 31, 2014 | $ | 450,630 | $ | - |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Segment Reporting [Abstract] | |||||||
Schedule of Segment Reporting Information by Segment | |||||||
Sale of product | 2014 | 2013 | |||||
Radiochemical products | $ | 1,742,495 | $ | 1,636,535 | |||
Cobalt products | 1,791,906 | 1,080,011 | |||||
Nuclear medicine standards | 3,267,254 | 3,249,126 | |||||
Radiological services | 621,431 | 763,980 | |||||
Fluorine products | - | - | |||||
Transportation | 113,775 | 119,498 | |||||
Total segments | 7,536,860 | 6,849,150 | |||||
Corporate revenue | - | - | |||||
Total consolidated | $ | 7,536,860 | $ | 6,849,150 | |||
Depreciation and amortization | 2014 | 2013 | |||||
Radiochemical products | $ | 7,178 | $ | 33,027 | |||
Cobalt products | 73,071 | 80,929 | |||||
Nuclear medicine standards | 19,162 | 20,856 | |||||
Radiological services | 29,436 | 10,333 | |||||
Fluorine products | 109,253 | 187,831 | |||||
Transportation | 6,780 | 12,873 | |||||
Total segments | 244,880 | 345,849 | |||||
Corporate depreciation and amortization | 96,538 | 69,758 | |||||
Total consolidated | $ | 341,418 | $ | 415,607 | |||
Segment income (loss) | 2014 | 2013 | |||||
Radiochemical products | $ | 366,223 | $ | 223,011 | |||
Cobalt products | 736,405 | 62,791 | |||||
Nuclear medicine standards | 636,322 | 609,107 | |||||
Radiological services | 201,169 | 430,525 | |||||
Fluorine products | -418,887 | -819,848 | |||||
Transportation | -24,653 | -29,842 | |||||
Total segments | 1,496,579 | 475,745 | |||||
Corporate loss | -3,041,655 | -2,937,589 | |||||
Net loss | $ | -1,545,077 | $ | -2,461,845 | |||
Expenditures for segment assets | 2014 | 2013 | |||||
Radiochemical products | $ | 53,320 | $ | 4,356 | |||
Cobalt products | 19,042 | - | |||||
Nuclear medicine standards | 528 | 3,540 | |||||
Radiological services | 2,632 | 150,840 | |||||
Fluorine products | 39,866 | 413,365 | |||||
Transportation | - | - | |||||
Total segments | 115,388 | 572,101 | |||||
Corporate purchases | - | - | |||||
Total consolidated | $ | 115,388 | $ | 572,101 | |||
Segment assets | 2014 | 2013 | |||||
Radiochemical products | $ | 230,257 | $ | 153,305 | |||
Cobalt products | 1,035,226 | 1,574,603 | |||||
Nuclear medicine standards | 564,034 | 573,389 | |||||
Radiological services | 381,898 | 608,949 | |||||
Fluorine products | 5,996,258 | 6,093,151 | |||||
Transportation | 8,434 | 12,864 | |||||
Total segments | 8,216,107 | 9,016,261 | |||||
Corporate assets | 2,734,030 | 2,991,753 | |||||
Total consolidated | $ | 10,950,137 | $ | 12,008,014 | |||
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies - Earnings Per Share (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 70,632,951 | 44,132,951 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 27,950,000 | 16,450,000 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 42,257,951 | 27,257,951 |
850 Shares of Series B Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 425,000 | 425,000 |
Description_of_Business_and_Si3
Description of Business and Significant Accounting Policies (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and Cash Equivalents | |||
Cash and cash equivalents | $558,541 | $456,374 | $546,143 |
Restricted certificate of deposit | 225,315 | 204,222 | |
Impairment of Long-Lived Assets | |||
Impairment of long-lived assets, approximate carrying value | 0 | 307,402 | |
Research and Development | |||
Research and development | 464,206 | 706,048 | |
Share-Based Compensation | |||
Equity based compensation | $243,683 | $348,506 | |
Accounts Receivable | |||
Revenue Recognition | |||
Two entities representing more than 10% of revenues and accounts receivable | 40.00% | 48.00% | |
Sales Revenue | |||
Revenue Recognition | |||
Two entities representing more than 10% of revenues and accounts receivable | 36.00% | 44.00% |
Business_Condition_and_Liquidi1
Business Condition and Liquidity (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | ($118,242,224) | ($116,697,147) |
Net loss | -1,545,077 | -2,461,845 |
Working capital | 714,800 | |
Net cash used in operating activities | 339,808 | -1,393,898 |
Licensing, expense | 419,000 | |
Planning and development, expense | $820,000 | |
Contractual agreement with DOE | 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. |
Purchased_Asset_and_Investment2
Purchased Asset and Investments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Current assets | $2,742,604 | $3,594,921 |
Noncurrent assets | 8,207,533 | 8,413,093 |
Current liabilities | 2,601,656 | 1,684,581 |
Noncurrent liabilities | 4,373,330 | 5,477,019 |
Gross profit | 2,977,115 | 2,535,607 |
Net income | -1,545,077 | -2,461,845 |
RadQual Financial Information | ||
Current assets | 499,000 | 525,000 |
Noncurrent assets | 59,000 | 109,000 |
Current liabilities | 499,000 | 399,000 |
Noncurrent liabilities | 0 | 190,000 |
Revenue | 3,837,000 | 3,980,000 |
Gross profit | 921,000 | 841,000 |
Net income | $386,000 | $259,000 |
Purchased_Asset_and_Investment3
Purchased Asset and Investments (Details Narrative) (USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Ownership interest in RadQual, LLC | 24.50% | ||
Investment in RadQual, balance | $1,368,185 | $1,368,808 | |
Dividends received from equity method investment | 96,681 | 82,708 | |
Net income in equity method investment | 96,058 | 57,650 | |
Receivables from RadQual | 310,776 | 400,025 | |
Revenues from RadQual | 2,727,637 | 3,018,822 | |
TI Services LLC payables to RadQual | 103,000 | 126,000 | |
Acquisition of interest in TI Services, LLC | The Company together with RadQual, formed a 50% owned joint venture called TI Services, LLC. TI Services, LLC is engaged in the distribution and selling of products related to the nuclear medicine industry. Because the Company controls more than a 50% direct and indirect ownership interest in TI Services, LLC, the assets and liabilities of TI Services, LLC are consolidated with those of the Company, and RadQual's non-controlling interest in TI Services, LLC is included in the Company's financial statements as a non-controlling interest. | ||
Equity method goodwill | $1,354,000 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ||
Raw materials | $91,555 | $247,667 |
Work in progress | 943,234 | 1,206,708 |
Finished goods | 14,317 | 23,974 |
Total inventory | $1,049,106 | $1,478,349 |
Inventories_Details_Narrative
Inventories (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory Disclosure [Abstract] | ||
Inventory, cobalt-60 isotopes carrying value | $691,501 | $957,221 |
Inventory, write down | $0 | $193,982 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $4,313,275 | $4,234,895 |
Accumulated depreciation | -2,098,425 | -1,963,742 |
Property, plant and equipment, net | 2,214,850 | 2,271,153 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 382,966 | 385,616 |
Estimated useful lives | 3-5 years | |
Transportation Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 117,726 | 117,726 |
Estimated useful lives | 5-10 years | |
Plant and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 463,754 | 463,754 |
Estimated useful lives | 5 years | |
Production Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $3,348,829 | $3,267,799 |
Estimated useful lives | 5-10 years |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $137,861 | $272,237 |
Patents_and_Other_Intangible_A2
Patents and Other Intangible Assets - Schedule of Intangible Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Patents and other intangible assets, beginning balance | $4,867,867 | $4,833,277 |
Patents and other intangible assets, additions | 33,831 | 34,590 |
Patents and other intangible assets, ending balance | 4,901,698 | 4,867,867 |
Accumulated amortization | -502,515 | -389,156 |
Patents and other intangible assets, net | $4,399,183 | $4,478,711 |
Patents_and_Other_Intangible_A3
Patents and Other Intangible Assets - Schedule of Future Amortization Expense (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets, Net, Amortization Expense | ||
2015 | $124,975 | |
2016 | 124,975 | |
2017 | 124,975 | |
2018 | 124,975 | |
2019 | 124,975 | |
Thereafter | 3,774,308 | |
Patents and other intangibles, net | $4,399,183 | $4,478,711 |
Patents_and_Other_Intangible_A4
Patents and Other Intangible Assets (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Capitalized costs | $0 | $376,000 | |
Intangible assets amorization expense | $113,359 | $131,069 | |
Nuclear Regulatory Commission operating license, description | In October 2012, the Nuclear Regulatory Commission issued the Company a 40 year construction and operating license. The license will be amortized over its 40 year life. |
Convertible_Debentures_and_Not2
Convertible Debentures and Notes Payable - Schedule of Debt (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | |
Debt Instrument [Line Items] | |||
Total notes payable | $4,884,098 | $5,090,353 | |
Unamortized debt discount | -548,479 | -688,330 | |
Current maturities | 1,262,919 | 341,373 | |
Notes payable, net of current installments and debt discount | 3,067,292 | 4,060,650 | |
Notes Payable | |||
Debt Instrument [Line Items] | |||
Notes payable, net of current installments and debt discount | 500,000 | 500,000 | 596,816 |
Notes Payable | Related Parties | |||
Debt Instrument [Line Items] | |||
Notes payable current and noncurrent | 500,000 | 500,000 | |
Note payable interest rate | 6.00% | 6.00% | |
Note payable payment terms | All principal and interest due on December 31, 2017, secured | ||
Notes Payable | Nuclear Regulatory Commission | |||
Debt Instrument [Line Items] | |||
Notes payable current and noncurrent | 254,198 | 460,453 | |
Note payable interest rate | 1.00% | 1.00% | |
Note payable payment terms | Monthly installments of $17,500, unsecured | ||
Convertible Notes | Convertible Notes Payable #2 | |||
Debt Instrument [Line Items] | |||
Notes payable current and noncurrent | 3,069,900 | 3,069,900 | |
Note payable interest rate | 8.00% | 8.00% | |
Note payable payment terms | Due July 27, 2017 | ||
Convertible Notes | Convertible Notes Payable #1 | |||
Debt Instrument [Line Items] | |||
Notes payable current and noncurrent | $1,060,000 | $1,060,000 | |
Note payable interest rate | 10.00% | 10.00% | |
Note payable payment terms | Due February 20, 2015 |
Convertible_Debentures_and_Not3
Convertible Debentures and Notes Payable - Schedule of Maturities of Long Term Debt (Details) (USD $) | Dec. 31, 2014 |
Long-term Debt, Rolling Maturity | |
2015 | $1,268,327 |
2016 | 45,871 |
2017 | 3,569,900 |
Thereafter | 0 |
Total maturities of notes payable obligations | $4,884,098 |
Convertible_Debentures_and_Not4
Convertible Debentures and Notes Payable (Details Narrative) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2015 | Apr. 30, 2013 | |
Debt Instrument [Line Items] | ||||
Proceeds from convertible debt, aggregate value | $0 | $1,060,000 | ||
Notes payable | 1,262,919 | 341,373 | ||
Note payable, noncurrent | 3,067,292 | 4,060,650 | ||
Interest paid | 236,024 | 200,375 | ||
Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Proceeds from convertible debt, aggregate value | 3,069,900 | 1,060,000 | ||
Interest rate | 8.00% | 10.00% | ||
Maturity date | 31-Jul-17 | |||
Conversion price | $0.23 | $0.14 | ||
Redemption terms, description | After the second anniversary of the closing date, the Company will have the right to redeem all or part of the debentures at any time prior to the maturity date. The Company also has the right prior to the second anniversary of the closing date to redeem all or part of the debentures if the Company successfully consummates a financing of the proposed Lea County, New Mexico de-conversion facility in the amount of at least $25 million. Any redemption of the debentures by the Company requires the payment of a redemption fee as set forth in the debentures. | |||
Class of warrant or right, description | Each investor received a common stock purchase warrant to purchase common stock equal to twenty five percent (25%) of the shares issuable upon conversion of the debentures. | |||
Warrant exercise price | $0.30 | |||
Warrant expiration term | Term of 5 years | |||
Fair value | 2,703,144 | |||
Fair value, warrants | 366,756 | |||
Beneficial conversion feature | 25,656 | 75,715 | ||
Warrants issued | 1,091,520 | |||
Warrant issued, fair value | 133,285 | |||
Risk free interest rate | 0.65% | |||
Expected volatility | 88.00% | |||
Expected life | 5 years | |||
Accretion of beneficial conversion features | 73,352 | 5,131 | ||
Amortization of interest expense | 37,857 | 32,449 | ||
Interest paid | 229,370 | |||
Common stock issued for accrued interest, shares | 399,401 | |||
Common stock issued for accrued interest, value | 15,976 | |||
Stock issued upon conversion of debt and accrued interest | 1,282,600 | |||
Stock issued upon conversion of debt and accrued interest, shares | 32,065,000 | |||
Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.00% | 6.00% | 1.00% | |
Maturity date | 31-Dec-17 | 15-Feb-16 | ||
Warrant exercise price | $0.06 | $0.06 | ||
Beneficial conversion feature | 15,464 | |||
Warrants issued | 15,000,000 | 10,000,000 | ||
Warrant issued, fair value | 384,428 | 383,025 | ||
Risk free interest rate | 1.62% | 1.66% | ||
Expected volatility | 69.47% | 78.90% | ||
Expected life | 4 years 6 months | 5 years | ||
Note payable, noncurrent | 500,000 | 500,000 | 596,816 | |
Note payable, monthly payments | $17,500 | |||
Note payable terms | The Company negotiated with the NRC to convert amounts owning as a trade payable to a long-term note. The Company converted a total of $596,816 to the note payable. |
Lease_Obligations_Schedule_of_
Lease Obligations - Schedule of Future Minimum Payments for Operating Leases (Details) (USD $) | Dec. 31, 2014 |
Operating Leases, Future Minimum Payments Due, Rolling Maturity | |
Year ending December 31, 2015 | $136,313 |
Year ending December 31, 2016 | 136,313 |
Year ending December 31, 2017 | 136,313 |
Year ending December 31, 2018 | 136,313 |
Year ending December 31, 2019 | 136,313 |
Thereafter | 181,631 |
Total operating leases | $863,196 |
Lease_Obligations_Details_Narr
Lease Obligations (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | ||
Rental expense | $136,313 | $156,780 |
Rental expiration date | 31-Dec-21 |
Shareholders_Equity_Schedule_o
Shareholders' Equity - Schedule of Warrant Activity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Warrants outstanding, beginning of period | 27,257,951 | 38,059,303 |
Warrants, granted | 15,000,000 | 10,000,000 |
Warrants, exercised | 0 | -17,801,352 |
Warrants, forfeited | -3,000,000 | |
Warrants outstanding, end of period | 42,257,951 | 27,257,951 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Weighted average exercise price of warrants outstanding, beginning of period | $0.26 | $0.26 |
Weighted average exercise price, granted | $0.06 | $0.06 |
Weighted average exercise price, exercised | $0 | $0.06 |
Weighted average exercise price, forfeited | $0 | $0.30 |
Weighted average exercise price of warrants outstanding, end of period | $0.18 | $0.26 |
Shareholders_Equity_Schedule_o1
Shareholders' Equity - Schedule of Nonvested Stock Grant Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non-vested stock awards, beginning of period | 151,720 | ||
Non-vested stock awards, vested (shares) | -151,720 | ||
Non-vested stock awards, forfeited (shares) | -3,000,000 | ||
Non-vested stock awards, at end of period | 0 | ||
Non-vested stock awards, weighted average grant date fair value at beginning of period | $0.26 | $0.18 | $0.26 |
Non-vested stock awards, weighted average grant date fair value vested | $0.18 |
Shareholders_Equity_Schedule_o2
Shareholders' Equity - Schedule of Stock Option Activity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding [Roll Forward] | ||
Stock options outstanding, beginning of period | 16,450,000 | 17,700,000 |
Stock options granted | 11,500,000 | 750,000 |
Stock options exercised | 0 | -2,000,000 |
Stock options forfeited | 0 | 0 |
Stock options outstanding, end of period | 27,950,000 | 16,450,000 |
Stock options exercisable, end of period | 18,720,833 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning of period | $0.09 | $0.23 |
Weighted average exercise price granted | $0.04 | $0.15 |
Weighted average exercise price exercised | $0 | $0.03 |
Weighted average exercise priced forfeited | $0 | $0 |
Weighted average exercise price outstanding, end of period | $0.05 | $0.09 |
Weighted average exercise price exercisable, end of period | $0.06 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | ||
Weighted average remaining contractual life outstanding, end of period | 6 years 6 months | |
Weighted average remaining contractual life exercisable, end of period | 5 years |
Shareholders_Equity_Warrants_D
Shareholders' Equity - Warrants (Details Narrative) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Class of Warrant or Right [Line Items] | ||||
Warrants, exercised | 0 | -17,801,352 | ||
Warrants, granted | 15,000,000 | 10,000,000 | ||
Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Common stock issued | 6,727,972 | [1] | ||
Proceeds from issuance of stock | 420,389 | [2] | ||
Proceeds applied to interest | 110,733 | [3] | ||
Warrants, exercised | 17,801,352 | [4] | ||
Potential total number of warrants to be issued | 4,502,520 | |||
Exercise price of warrants | $0.30 | |||
Risk free interest rate of fair value of warrants or options | 0.65% | |||
Expected volatility of fair value of warrants or options | 88.00% | |||
Expected life of fair value of warrants or options | 5 years | |||
Warrants | Class K | ||||
Class of Warrant or Right [Line Items] | ||||
Discounted warrant exercise price | Issued July 27, 2012 from $0.30 to $0.09 under Option 1 and to $0.06 under Option 2 | |||
Warrants | Class I | ||||
Class of Warrant or Right [Line Items] | ||||
Discounted warrant exercise price | Issued on October 29, 2010 from $0.40 to $0.09 under Option 1 and to $0.06 under Option 2 | |||
Warrants | Class H | ||||
Class of Warrant or Right [Line Items] | ||||
Discounted warrant exercise price | Issued August 24, 2011 from $0.22 to $0.09 under Option 1 and to $0.06 under Option 2 | |||
Warrants | Class F | ||||
Class of Warrant or Right [Line Items] | ||||
Discounted warrant exercise price | Issued on November 7, 2008 from $0.30 to $0.09 under Option 1 and to $0.06 under Option 2 | |||
Warrants, expired | 3,000,000 | |||
[1] | 557,021 shares of common stock was issued under Option 1. 6,170,951 shares of common stock was issued under Option 2. | |||
[2] | $50,132 proceeds received from issuance of stock under Option 1. $370,257 proceeds received from issuance of stock under Option 2. | |||
[3] | $46,193 proceeds applied to interest under Option 1. $64,540 proceeds applied to interest under Option 2. | |||
[4] | 557,021 warrants were exercised under Option 1. 17,244,331 warrants were exercised under Option 2. |
Shareholders_Equity_Mandatoril2
Shareholders' Equity - Mandatorily Redeemable Convertible Preferred Stock (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | |
Preferred stock, par value | $0.01 | |
Series B preferred stock outstanding | 850 | |
Redemption date | 31-May-22 | |
Redemption price per share | $1,000 | |
Mandatorily redeemable convertible preferred stock | $850,000 | $850,000 |
Shareholders_Equity_Employee_S
Shareholders' Equity - Employee Stock Purchase Plan (Details Narrative) (USD $) | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2004 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Proceeds from employee stock purchase plan | $8,417 | $10,560 | ||
Employee Stock Purchase Plan | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Employee stock purchase plan, number of allocated shares | 2,000,000 | |||
Employee stock purchase plan, plan description | The plan allows employees to deduct up to 15% of their payroll each pay period to be used for the purchase of common stock at a discounted rate. The common shares will be purchased at the end of each three-month offering period or other period as determined by the Board. The Plan is intended to qualify as an Bemployee stock purchase planB under Section 423 of the Internal Revenue Code. | |||
Stock issued during period, shares, employee stock purchase plan | 60,715 | 196,872 | 93,970 | |
Proceeds from employee stock purchase plan | $1,548 | $8,417 | $10,560 |
Shareholders_Equity_2006_Equit
Shareholders' Equity - 2006 Equity Incentive Plan (Details Narrative) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2006 | Oct. 31, 2014 | Nov. 30, 2013 | Jan. 31, 2013 | Oct. 27, 2014 | Nov. 11, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
2006 Equity Incentive Plan, exercise price | $0.04 | $0.15 | ||||||
Stock options granted | 11,500,000 | 750,000 | ||||||
Nonqualified stock options exercised | 0 | -2,000,000 | ||||||
2006 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
2006 Equity Incentive Plan, number of shares authorized | 20,000,000 | |||||||
2006 Equity Incentive Plan, shares issued under Prior Plan | 1,350,000 | |||||||
2006 Equity Incentive Plan, shares issued | 167,860 | 175,000 | ||||||
Shares awarded under the 2006 Equity Incentive Plan, description | 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 the issue date but not less than $0.10 per share. | The number of shares issued was calculated using the average closing price of common stock for the 20 trading days prior to the issue date. | ||||||
2006 Equity Incentive Plan, exercise price | $0.04 | $0.07 | ||||||
2006 Equity Incentive Plan, vest | Vest one third immediately, one third in one year, and one third in two years. | Vest 25% on the first anniversary of the grant date with 25% vesting after each additional 1 year period of continuous service. | ||||||
2006 Equity Incentive Plan, additional shares granted and outstanding under the Prior Plan that could become available for issuance under the 2006 Plan | 13,000,000 | |||||||
2006 Equity Incentive Plan, maturity date | 27-Oct-24 | 1-Jan-23 | 12-Jul-16 | |||||
2006 Equity Incentive Plan, shares available for issuance | 466,350 | |||||||
Stock options granted | 400,000 | 750,000 | ||||||
Net shares issued | 167,860 | 104,912 | ||||||
Value of shares issued | $100,923 | |||||||
Shares withheld to satisfy payroll tax liabilities | 112,140 | 70,088 | ||||||
Risk free interest rate | 1.51% | 1.87% | ||||||
Expected volatility | 74.68% | 84.62% | ||||||
Expected life | 10 years | |||||||
Expected life, minimum | 5 years | |||||||
Expected life, maximum | 5 years 10 months | |||||||
Expiration date | 27-Oct-24 | 1-Jan-23 | 12-Jul-16 | |||||
Compensation expense | 10,072 | |||||||
Nonqualified stock options exercised | 2,000,000 | |||||||
Proceeds from stock options exercised | 30,000 | |||||||
Common stock issued upon exercise of options | 1,793,104 | |||||||
2006 Equity Incentive Plan | Stock Options Repriced | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Risk free interest rate | 1.47% | 1.26% | ||||||
Risk free interest rate, minimum | 0.41% | |||||||
Risk free interest rate, maximum | 1.94% | |||||||
Expected volatility | 78.68% | 84.20% | ||||||
Expected volatility, minimum | 51.49% | |||||||
Expected volatility, maximum | 79.32% | |||||||
Expected life | 6 years 3 months | |||||||
Expected life, minimum | 1 year 10 months | 3 years 11 months | ||||||
Expected life, maximum | 7 years 11 months | 9 years 2 months | ||||||
Adjustment to re-price stock options | The Compensation Committee of the CompanyBs 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 CompanyBs stock on October 27, 2014. The expiration dates remaining unchanged. | The Company re-priced 11,850,000 options which had previous exercise prices between $0.15 and $0.70 per share and expire between October 31,2017 and January 18, 2023. | The Company re-priced 600,000 options which had an original exercise price of $0.32 per share and expire on May 4, 2019. | |||||
Additional equity compensation recognized | 99,068 | 156,499 | ||||||
Additional equity compensation unrecognized | 2,694 | 15,175 | ||||||
Fair value of re-priced options | 102,322 | 171,674 | 11,145 | |||||
Non-Vested Stock Grants | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Intrinsic value of stock awards vested | 0 | |||||||
Recognized compensation expense | 283 | |||||||
Employee/Directors Stock Options | 2006 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
2006 Equity Incentive Plan, exercise price | $0.04 | |||||||
2006 Equity Incentive Plan, vest | Vest one third immediately, one third in one year, and one third in two years. | |||||||
2006 Equity Incentive Plan, maturity date | 27-Oct-24 | |||||||
Stock options granted | 11,100,000 | |||||||
Value of shares issued | 206,670 | |||||||
Risk free interest rate | 1.51% | |||||||
Expected volatility | 74.68% | |||||||
Expected life, minimum | 5 years | |||||||
Expected life, maximum | 5 years 10 months | |||||||
Expiration date | 27-Oct-24 | |||||||
Stock Options | 2006 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | $234,635 | $331,437 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations | ||
Income tax benefit | ($554,065) | ($837,028) |
Nondeductible expenses | 93,792 | 146,912 |
State taxes net of federal benefit | -74,962 | -113,245 |
Change in valuation allowance | 535,235 | 803,361 |
Total income tax expense | $0 | $0 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred income tax asset | ||
Net operating loss carryforward | $11,672,252 | $11,191,259 |
Valuation allowance | -11,559,567 | -11,024,333 |
Total deferred income tax asset | 112,685 | 166,926 |
Deferred income tax liability - depreciation | -112,685 | -166,926 |
Deferred tax asset (liability) | $0 | $0 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Federal income tax rate | 34.00% |
Approximate net operating losses | $29,700,000 |
Operating loss carryforwards, expiration date | 31-Dec-23 |
Income tax returns subject to examination | The Company has identified its federal income tax returns for the years ended December 31, 2011 through 2014 as remaining subject to examination. The Company's income tax returns in state income tax jurisdictions remain subject to examination for years ended December 31, 2011 through 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual agreement with DOE | 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. |
Defined Contribution Pension Plan | The Company has a 401(k) defined-contribution pension plan (the Plan) for which employees are eligible after completing six months of full-time service. Participants, under provision of Internal Revenue Code 401(k), may elect to contribute up to $17,000 of their compensation to the Plan which includes both before-tax and Roth after-tax contribution options. Although the Company reserves the right to make discretionary matching contributions to participant accounts, there were no employer matching contributions made for either 2014 or 2013. All amounts withheld for employee contributions were made during 2014. The employer reserves the right to terminate the Plan at any time. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation [Roll Forward] | ||
Obligation for lease disposal cost, balance at beginning of period | $566,369 | $523,238 |
Obligation for lease disposal cost, decrease in lease disposal costs | -162,426 | |
Obligation for lease disposal cost, accretion expense / amortization expense | 46,687 | 43,131 |
Obligation for lease disposal cost, balance at end of period | 450,630 | 566,369 |
Capitalized lease disposal cost, balance at beginning of period | 90,199 | 102,499 |
Capitalized lease disposal cost, decrease in lease disposal costs | -77,899 | |
Capitalized lease disposal cost, accretion expense / amortization expense | -12,300 | -12,300 |
Capitalized lease disposal cost, balance at end of period | $0 | $90,199 |
Asset_Retirement_Obligations_D1
Asset Retirement Obligations (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Obligation for lease disposal cost, decrease in lease disposal costs | ($162,426) | ||
Obligation for lease disposal cost, balance at end of period | 450,630 | 566,369 | 523,238 |
Capitalized lease disposal cost, decrease in lease disposal costs | -77,899 | ||
Assets retirement obligation, decrease to amortization expense | $84,527 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||
Sale of Product | $7,536,860 | $6,849,150 |
Depreciation and Amortization | 263,519 | 415,607 |
Segment Income (Loss) | -1,545,077 | -2,461,845 |
Segment Assets | 10,950,137 | 12,008,014 |
Radiochemical Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 1,742,495 | 1,636,535 |
Depreciation and Amortization | 7,178 | 33,027 |
Segment Income (Loss) | 366,223 | 223,011 |
Expenditures for Segment Assets | 53,320 | 4,356 |
Segment Assets | 230,257 | 153,305 |
Cobalt Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 1,791,906 | 1,080,011 |
Depreciation and Amortization | 73,071 | 80,929 |
Segment Income (Loss) | 736,405 | 62,791 |
Expenditures for Segment Assets | 19,042 | 0 |
Segment Assets | 1,035,226 | 1,574,603 |
Nuclear Medicine Standards | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 3,267,254 | 3,249,126 |
Depreciation and Amortization | 19,162 | 20,856 |
Segment Income (Loss) | 636,322 | 609,107 |
Expenditures for Segment Assets | 528 | 3,540 |
Segment Assets | 564,034 | 573,389 |
Radiological Services | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 621,431 | 763,980 |
Depreciation and Amortization | 29,436 | 10,333 |
Segment Income (Loss) | 201,169 | 430,525 |
Expenditures for Segment Assets | 2,632 | 150,840 |
Segment Assets | 381,898 | 608,949 |
Fluorine Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 0 | 0 |
Depreciation and Amortization | 109,253 | 187,831 |
Segment Income (Loss) | -418,887 | -819,848 |
Expenditures for Segment Assets | 39,866 | 413,365 |
Segment Assets | 5,996,258 | 6,093,151 |
Transportation | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 113,775 | 119,498 |
Depreciation and Amortization | 6,780 | 12,873 |
Segment Income (Loss) | -24,653 | -29,842 |
Expenditures for Segment Assets | 0 | 0 |
Segment Assets | 8,434 | 12,864 |
Segment Total | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 7,536,860 | 6,849,150 |
Depreciation and Amortization | 244,880 | 345,849 |
Segment Income (Loss) | 1,496,579 | 475,745 |
Expenditures for Segment Assets | 115,388 | 572,101 |
Segment Assets | 8,216,107 | 9,016,261 |
Corporate Allocation | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 0 | 0 |
Depreciation and Amortization | 96,538 | 69,758 |
Segment Income (Loss) | -3,041,655 | -2,937,589 |
Expenditures for Segment Assets | 0 | 0 |
Segment Assets | 2,734,030 | 2,991,753 |
Consolidated Total | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 7,536,860 | 6,849,150 |
Depreciation and Amortization | 341,418 | 415,607 |
Segment Income (Loss) | -1,545,077 | -2,461,845 |
Expenditures for Segment Assets | 115,388 | 572,101 |
Segment Assets | $10,950,137 | $12,008,014 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 1 Months Ended | |
Feb. 28, 2015 | Jan. 31, 2015 | |
Convertible Debt | ||
Subsequent Event [Line Items] | ||
Stock issued upon conversion of debt and accrued interest | $1,282,600 | |
Stock issued upon conversion of debt and accrued interest, shares | 32,065,000 | |
Subsequent Event | Stock Compensation Award | ||
Subsequent Event [Line Items] | ||
Shares awarded under the 2006 Equity Incentive Plan | 280,000 | |
Shares withheld for payroll tax liabilities | 112,140 | |
Net shares issued after withholding | 167,860 | |
Compensation expense | 16,800 | |
Shares awarded under the 2006 Equity Incentive Plan, description | 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. | |
Subsequent Event | Convertible Debt | ||
Subsequent Event [Line Items] | ||
Stock issued upon conversion of debt and accrued interest | 1,282,600 | |
Stock issued upon conversion of debt and accrued interest, shares | 32,065,000 | |
Subsequent Event | Customer Purchase Agreement | ||
Subsequent Event [Line Items] | ||
Customer purchase agreement, description | The Company entered into an agreement with a customer to purchase cobalt-60 material that will become available in approximately 2017. The terms of the agreement required a commitment fee of $74,000, which was due upon the signing of the agreement, plus quarterly payments of $7,300 beginning March 2015. | |
Commitment fee from customer purchase agreement | $74,000 |