Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | INTERNATIONAL ISOTOPES INC | |
Entity Central Index Key | 1,038,277 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 402,231,195 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 1,178,378 | $ 558,541 |
Accounts receivable | 674,406 | 783,937 |
Inventories | 985,375 | 1,049,106 |
Prepaids and other current assets | 576,555 | 351,020 |
Total current assets | 3,414,714 | 2,742,604 |
Long-term assets | ||
Restricted certificate of deposit | 450,630 | 225,315 |
Property, plant and equipment, net | 1,930,880 | 2,214,850 |
Investment | 1,405,885 | 1,368,185 |
Patents and other intangibles, net | 4,354,658 | 4,399,183 |
Total long-term assets | 8,142,053 | 8,207,533 |
Total assets | 11,556,767 | 10,950,137 |
Current liabilities | ||
Accounts payable | 566,069 | 635,876 |
Accrued liabilities | 464,208 | 702,861 |
Current installments of notes payable net of debt discount | 150,295 | 1,262,919 |
Total current liabilities | 1,180,572 | 2,601,656 |
Long-term liabilities | ||
Convertible debt net of debt discount | 2,907,441 | 2,868,200 |
Unearned revenue | 1,210,700 | 0 |
Obligation for lease disposal costs | 455,148 | 450,630 |
Notes payable, net of current portion and debt discount | 217,150 | 204,500 |
Mandatorily redeemable convertible preferred stock | 850,000 | 850,000 |
Total long-term liabilities | 5,640,439 | 4,373,330 |
Total liabilities | 6,821,011 | 6,974,986 |
Stockholders' Equity | ||
Common stock | 4,022,152 | 3,698,950 |
Additional paid-in capital | 119,498,481 | 118,444,070 |
Accumulated deficit | (118,861,264) | (118,242,224) |
Equity attributable to International Isotopes Inc. stockholders | 4,659,369 | 3,900,796 |
Equity attributable to non-controlling interest | 76,387 | 74,355 |
Total equity | 4,735,756 | 3,975,151 |
Total liabilities and stockholders' equity | $ 11,556,767 | $ 10,950,137 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
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 | 402,215,235 | 369,895,032 |
Common stock, shares outstanding | 402,215,235 | 369,895,032 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Sale of product | $ 1,580,376 | $ 1,808,581 | $ 3,516,857 | $ 3,757,437 |
Cost of product | 953,163 | 1,128,695 | 2,079,106 | 2,273,123 |
Gross profit | 627,213 | 679,886 | 1,437,751 | 1,484,314 |
Operating costs and expenses: | ||||
Salaries and contract labor | 422,068 | 374,366 | 830,252 | 761,724 |
General, administrative and consulting | 426,028 | 420,395 | 802,724 | 927,617 |
Research and development | 142,684 | 130,537 | 235,431 | 212,484 |
Total operating expenses | 990,780 | 925,298 | 1,868,407 | 1,901,825 |
Net operating loss | (363,567) | (245,412) | (430,656) | (417,511) |
Other income (expense): | ||||
Other income | 11,338 | 10,345 | 18,293 | 15,628 |
Equity in net income of affiliate | 20,034 | 19,006 | 54,727 | 40,586 |
Interest income | 122 | 98 | 214 | 393 |
Interest expense | (118,462) | (310,745) | (259,586) | (620,414) |
Total other income (expense) | (86,968) | (281,296) | (186,352) | (563,807) |
Net loss | (450,535) | (526,708) | (617,008) | (981,318) |
Loss (income) attributable to non-controlling interest | 3,043 | (1,590) | (2,032) | 815 |
Net loss attributable to International Isotopes Inc. | $ (447,492) | $ (528,298) | $ (619,040) | $ (980,503) |
Net loss per common share - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding - basic and diluted | 402,210,797 | 369,387,638 | 394,108,451 | 369,269,226 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (617,008) | $ (981,318) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Net income in equity method investment | (54,727) | (40,586) |
Depreciation and amortization | 103,973 | 136,892 |
Accretion of obligation for lease disposal costs | 4,518 | 22,881 |
Accretion of beneficial conversion feature and debt discount | 103,170 | 423,053 |
Equity based compensation | 92,787 | 48,198 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 109,531 | 255,996 |
Prepaids and other assets | 29,465 | 255,047 |
Inventories | 63,731 | 397,762 |
Accounts payable and accrued liabilities | (85,860) | (15,263) |
Unearned revenues | 1,210,700 | 0 |
Net cash provided by operating activities | 960,280 | 502,662 |
Cash flows from investing activities: | ||
Restricted certificate of deposit | (225,315) | 1,045 |
Dividends received from equity method investment | 17,027 | 47,428 |
Purchase of property, plant and equipment | (30,478) | (98,861) |
Net cash used in investing activities | (238,766) | (50,388) |
Cash flows from financing activities: | ||
Proceeds from sale of stock | 2,226 | 4,531 |
Principal payments on notes payable | (103,903) | (102,870) |
Net cash used in financing activities | (101,677) | (98,339) |
Net increase in cash and cash equivalents | 619,837 | 353,935 |
Cash and cash equivalents at beginning of period | 558,541 | 456,374 |
Cash and cash equivalents at end of period | 1,178,378 | 810,309 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 163,640 | 3,084 |
Supplemental disclosure of noncash financing and investing transactions: | ||
Increase in equity and decrease in debt for conversion of debentures | 1,060,000 | 0 |
Increase in equity and decrease in accrued interest for conversion of debentures | 222,600 | 0 |
Increase in equity and decrease in debt for amount allocated to warrants issued with convertible debentures | 0 | 384,428 |
Increase in equity and decrease in debt for the beneficial conversion feature associated with the convertible debentures | 0 | 15,464 |
Increase in other assets and decrease in property, plant and equipment for cancellation of purchase contract | $ 255,000 | $ 0 |
The Company and Basis of Presen
The Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | (1) The Company and Basis of Presentation International Isotopes Inc. (INIS) was incorporated in Texas in November 1995. The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP) and include all operations and balances of INIS and its wholly-owned subsidiaries. The unaudited condensed consolidated financial statements also include the accounts of INISs 50% owned joint venture, TI Services, LLC, which is located in Youngstown, Ohio. INISs headquarters and all operations, with the exception of TI Services, LLC, are located in Idaho Falls, Idaho. Nature of Operations With the exception of certain unique products, the Companys normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Companys operating cycle for those products is considered to be two to three years. All assets expected to be realized in cash or sold during the normal operating cycle of business are classified as current assets. Principles of Consolidation Interim Financial Information Recent Accounting Standards - In July 2015, the FASB issued ASU 2015-11, Inventory which requires entities to measure inventory at the lower of cost and net realizable value with net realizable value being the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016 including interim periods within those fiscal years. We are evaluating the new standard, but do not at this time, expect his standard to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-3 Interest-Imputation of Interest-Simplifying the presentation of Debt Issuance Costs. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. ASU 2015-3 is effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. We do not expect this standard to have a material impact on our consolidated financial statements. |
Current Developments and Liquid
Current Developments and Liquidity | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Current Developments and Liquidity | (2) Current Developments and Liquidity Business Condition During the six months ended June 30, 2015, the Company continued to focus on its long-standing core business segments, radiochemical products, cobalt products, nuclear medicine standards, and radiological services, particularly the pursuit of new business opportunities within those segments. In October 2014, the Company secured a ten (10) year cobalt production agreement with the Department of Energy (DOE). That agreement provides the Company with sole access to all of the currently available cobalt production positions in the DOEs Advanced Test reactor (ATR) located at the Idaho National Laboratory in Idaho Falls, Idaho. The ATR is the only DOE reactor in the United States capable of producing large quantities of high specific activity cobalt. In addition to the cobalt production agreement, in January 2015 and April 2015 the Company entered into cobalt-60 supply agreements with certain customers, and continues to work on putting additional agreements in place. Pursuant to these cobalt-60 supply agreements, the Company will supply cobalt-60 to the customers and will provide on-going services with respect to cobalt sales. Each contract requires quarterly progress payments to be paid by each customer. Due to changes in the nuclear industry over the past couple of years, the Companys plans for the design and construction of a large scale uranium de-conversion and fluorine extraction facility were placed on hold. The Company expects that further activity on this project will remain on hold until the market and industry conditions change to justify resuming design and construction of the facility. The Company expects to continue to incur costs associated with the maintenance of licenses and other necessary project investments for the proposed facility, and the Company expects to continue to keep certain agreements in place to support resumption of project activities at the appropriate time. In July 2015, the Company announced that it executed an amendment to its Project Participation Agreement (PPA) with Lea County, New Mexico Board of Commissioners. The PPA granted to the Company direct and indirect assistance for locating its proposed depleted UF6 de-conversion facility in Hobbs, New Mexico. The principal component of assistance was the conveyance of approximately 640 acres of land for construction and operation of the proposed facility. The conveyance of the land was contingent upon the Company commencing construction on Phase 1 of the facility by December 31, 2014 and hiring a certain number of employees by December 31, 2015. Under the amendment to the PPA, Lea County agreed to extend those dates to December 31, 2016 and December 31, 2017, respectively. The Company holds a Nuclear Regulatory Commission (NRC) construction and operating license for the facility as well as the property agreement with Lea County, New Mexico, where the plant is intended to be constructed. The NRC license for the de-conversion facility is a forty (40) year operating license and is the first commercial license of this type issued in the United States. 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. During the six-month period ended June 30, 2015, the Company incurred costs of approximately $187,000 to maintain licenses and other necessary project investments. During the same six-month period in 2014, the Company incurred costs of approximately $206,000 for planning and development activities on the project. In April 2015, the Company entered into a Cobalt-60 Pellet Supply Agreement with Nordion (Canada) Inc. (Nordion). Pursuant to the terms of the contract, the Company will supply Nordion with cobalt-60 pellets and certain related on-going services. The Company will provide the cobalt-60 pellets, produced at the DOEs ATR located at the Idaho National Laboratory, to Nordion at certain specifications and standards. The agreement specifies certain pricing terms and conditions. The term of the agreement began on April 7, 2015, and unless earlier terminated or extended, ends on December 31, 2021. Either party may terminate the agreement upon breach of a material term of the agreement by the other party, subject to certain cure periods, or in the event of the bankruptcy of the other party. In July 2012, the Company entered into a purchase agreement with Alpha Omega Services Inc. (AOS), of Bellflower, California, for the purchase of a type B(U) cask for use in its radiological services and transportation business segments. Concurrently, the Company made a $255,000 down payment to AOS and anticipated receipt of the cask in 2013. In January 2014, due to multiple changes in the delivery schedule for the cask and the inability of the Company and AOS to reach mutually agreeable modified contract terms, the contract with AOS was terminated. The Company is currently seeking reimbursement of the down payment and accordingly, the $255,000 was reclassified from fixed assets to Prepaids and Other Current Assets in the financial statements. |
Net Loss Per Common Share - Bas
Net Loss Per Common Share - Basic and Diluted | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share - Basic and Diluted | (3) Net Loss Per Common Share - Basic and Diluted For the six months ended June 30, 2015, the Company had 27,950,000 stock options outstanding, 42,257,951 warrants outstanding, and 425,000 shares of Series B redeemable convertible preferred stock outstanding that were not included in the computation of diluted loss per common share because they would be anti-dilutive. For the six months ended June 30, 2014, the Company had 16,450,000 stock options outstanding, 42,257,951 warrants outstanding, and 425,000 shares of Series B redeemable convertible preferred stock outstanding that were not included in the computation of diluted loss per common share because they would be anti-dilutive. |
Investment
Investment | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment | (4) Investment The Company owns a 24.5% interest in RadQual, LLC (RadQual), with which the Company has an exclusive manufacturing agreement for nuclear medicine products. The 24.5% ownership of RadQual has a balance of $1,405,885 and is reported as an asset at June 30, 2015. For the six months ended June 30, 2015, member distributions from RadQual totaled $17,027 and were recorded as a reduction of the investment, and for the same period in 2014, member distributions totaled $47,428. During the six months ended June 30, 2015 and 2014, earnings allocated to the Company from RadQual totaled $54,727 and $40,586, respectively. These allocated earnings were recorded as equity in net income of affiliate on the Companys condensed consolidated statements of operations. At June 30, 2015 and 2014, the Company had receivables outstanding from RadQual in the amount of $322,385 and $466,218, respectively, which are recorded as part of accounts receivable on the Companys condensed consolidated balance sheets. For the six months ended June 30, 2015 and 2014, the Company had revenue from RadQual in the amount of $1,005,252 and $1,541,972, respectively, which is recorded as sale of product on the Companys condensed consolidated statements of operations. Summarized unaudited statement of operations for RadQual for the three and six month periods ended June 30, 2015 and 2014 was as follows: For the three-months ended June 30, For the six-months ended June 30, RadQual LLC 2015 2014 2015 2014 Revenue $ 773,410 $ 1,055,221 $ 1,584,138 $ 2,086,223 Gross profit 222,035 227,505 480,654 446,002 Net income $ 79,740 $ 75,985 $ 221,345 $ 166,471 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | (5) Inventories Inventories consisted of the following at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Raw materials $ 91,555 $ 91,555 Work in progress 877,512 943,234 Finished goods 16,308 14,317 $ 985,375 $ 1,049,106 Work in progress includes cobalt-60 which is located in the ATR and is at various stages of production. Irradiation of cobalt targets resumed at the ATR located in Idaho Falls, ID, after a new target design was approved for insertion into the reactor. The new targets entered their first irradiation cycle in February 2015. Targets of an older design that the Company holds at the reactor, continue to await further evaluation and may or may not undergo further irradiation. At June 30, 2015 and December 31, 2014, the cobalt had a carrying value of $699,595 and $691,501, respectively, which is based on accumulated costs allocated to cobalt targets depending on the length of time the cobalt has been processed in the ATR. |
Stockholders' Equity, Options a
Stockholders' Equity, Options and Warrants | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity, Options and Warrants | (6) Stockholders Equity, Options and Warrants Employee Stock Purchase Plan During the six months ended June 30, 2015 and 2014, the Company issued 87,343 and 97,090 shares of common stock, respectively, to employees for proceeds of $2,226 and $4,531, respectively. All of these shares were issued in accordance with the Companys employee stock purchase plan. Stock-Based Compensation Plans Employee/Director Grants Non-Employee Grants Option awards outstanding as of June 30, 2015, and changes during the six months ended June 30, 2015, were as follows: Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2014 27,950,000 $ 0.05 Granted - Exercised - Forfeited - Outstanding at June 30, 2015 27,950,000 0.04 6.0 $ 517,500 Exercisable at June 30, 2015 18,908,333 $ 0.05 4.5 $ 172,500 The intrinsic value of outstanding and exercisable shares is based on the closing price of the Companys common stock of $0.08 per share on June 30, 2015, the last trading day of the quarter. As of June 30, 2015, there was approximately $95,292 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 1 year. Pursuant to an employment agreement with its CEO, the Company issued 280,000 fully vested shares of common stock in February 2015, under the Companys 2006 Equity Incentive Plan. The number of shares awarded was based on a $28,000 stock award using a price of $0.10 per share. The agreement states that the number of shares issued will be based on the average closing price of common stock for the 20 trading days prior to issue date but not less than $0.10 per share. Compensation expense recorded pursuant to this stock grant was $14,000, which was determined by multiplying the number of shares awarded by the closing price of the common stock on February 27, 2015, which was $0.05 per share. The Company withheld 112,140 shares of common stock to satisfy the employees payroll tax liabilities. The net shares issued on February 28, 2015, totaled 167,860. Total stock-based compensation expense for the six months ended June 30, 2015 and 2014 was $92,787 and $48,198, respectively. Warrants Warrants outstanding at June 30, 2015, and changes during the six months ended June 30, 2015, were as follows: Warrants Shares Outstanding at December 31, 2014 42,257,951 Issued - Exercised - Forfeited - Outstanding at June 30, 2015 42,257,951 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt On February 20, 2015, convertible debentures issued in February 2013 in an aggregate principal amount of $1,060,000 matured. In accordance with the terms of the convertible debentures, the outstanding principal of the convertible debentures totaling $1,060,000, plus accrued interest of $222,600, was converted into shares of the Companys common stock. Pursuant to the terms of the convertible debentures, 32,065,000 shares of the Companys common stock were issued using a conversion price of $0.04 per share, which was the average trading price of the Companys common stock for the preceding 120 days prior to the conversion. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies Dependence on Third Parties The production of 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. In October 2014, the Company signed a ten year contract with the DOE for the irradiation of cobalt targets for the production of cobalt-60. Pursuant to the agreement, the Company will be able to purchase cobalt targets for a fixed price per target with an annual 5% escalation in price. The contract term is October 1, 2014, through September 30, 2024, however, the contract may be extended beyond that date upon mutual agreement of the parties. Also, 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 products. A loss of any of these customers or suppliers could adversely affect operating results by causing a delay in production or a possible loss of sales. Contingencies Because all of the Companys business segments involve radioactive material, the Company is required to have an operating license from the NRC and specially trained staff to handle these materials. The Company has an NRC operating license and has amended this license numerous times to increase the amount of material permitted within the Companys 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 operation performed or projected to be performed in the upcoming 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 in the amount of $450,630 with Wells Fargo Bank. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (9) Subsequent Events On July 14, 2015, the Company held its 2015 Annual Meeting of Shareholders (the Annual Meeting), at which the Companys shareholders approved the International Isotopes Inc. 2015 Incentive Plan (the Plan). The Plan provides for the grant of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other stock or cash-based awards. The Plan amends and restates the Companys Amended and Restated 2006 Equity Incentive Plan. Additionally, on July 14, 2015, the Board of Directors determined that it was in the best interests of the Company to extend the expiration dates of all outstanding Class H and Class I Warrants to January 31, 2016. Therefore, 1,913,892 Class H warrants, which previously carried an expiration date of August 24, 2015, and 12,924,887 Class I warrants, which previously carried an expiration date of October 24, 2015, will all now have an extended expiration date of January 31, 2016. The Company will record approximately $885 of equity compensation expense with respect to this extension in the third quarter of 2015. In July 2015, in accordance with the Companys employee stock purchase plan, the Company issued 15,960 shares of common stock to employees in exchange for proceeds of $814. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | (10) Segment Information The Company has six reportable segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. Information regarding the operations and assets of these reportable business segments is contained in the following table: Three months ended June 30, Six months ended June 30, Sale of Product 2015 2014 2015 2014 Radiochemical Products $ 433,520 $ 460,988 $ 855,159 $ 879,392 Cobalt Products 232,743 152,100 486,058 694,048 Nuclear Medicine Standards 778,791 799,066 1,648,773 1,612,589 Radiological Services 99,272 375,727 454,167 500,483 Fluorine Products - - - - Transportation 36,050 20,700 72,700 70,925 Total Segments 1,580,376 1,808,581 3,516,857 3,757,437 Corporate revenue - - - - Total Consolidated $ 1,580,376 $ 1,808,581 $ 3,516,857 $ 3,757,437 Three months ended June 30, Six months ended June 30, Depreciation and Amortization 2015 2014 2015 2014 Radiochemical Products $ 1,727 $ 1,681 $ 3,431 $ 3,800 Cobalt Products 10,486 19,367 20,973 39,869 Nuclear Medicine Standards 3,598 6,837 7,214 11,727 Radiological Services 6,236 7,155 12,354 13,054 Fluorine Products 27,647 28,396 55,169 54,491 Transportation 1,110 1,532 2,221 4,559 Total Segments 50,804 64,968 101,362 127,500 Corporate depreciation and amortization 1,484 3,469 2,611 9,392 Total Consolidated $ 52,288 $ 68,437 $ 103,973 $ 136,892 Three months ended June 30, Six months ended June 30, Segment Income (Loss) 2015 2014 2015 2014 Radiochemical Products $ 79,142 $ 106,489 $ 166,110 $ 180,601 Cobalt Products 115,414 31,497 265,682 231,262 Nuclear Medicine Standards 143,713 153,921 336,362 312,897 Radiological Services 42,772 108,116 185,133 175,091 Fluorine Products (88,939) (103,155) (187,095) (206,337) Transportation 2,853 (10,989) (3,782) (7,078) Total Segments 294,955 285,879 762,409 686,436 Corporate loss (742,447) (814,178) (1,381,449) (1,666,939) Net Loss $ (447,492) $ (528,298) $ (619,040) $ (980,503) Three months ended June 30, Six months ended June 30, Expenditures for Segment Assets 2015 2014 2015 2014 Radiochemical Products $ 549 $ 52,917 $ 1,419 $ 52,917 Cobalt Products - 37,050 - 37,050 Nuclear Medicine Standards - 527 487 527 Radiological Services 7,034 2,632 7,034 2,632 Fluorine Products 2,458 (14,291) 10,822 (5,552) Transportation - - - - Total Segments 10,041 78,835 19,762 87,574 Corporate purchases 10,716 11,287 10,716 11,287 Total Consolidated $ 20,757 $ 90,121 $ 30,478 $ 98,861 June 30, December 31, Segment Assets 2015 2014 Radiochemical Products $ 205,740 $ 230,257 Cobalt Products 940,472 1,035,226 Nuclear Medicine Standards 499,571 564,034 Radiological Services 387,495 381,898 Fluorine Products 5,951,001 5,996,258 Transportation 3,863 8,434 Total Segments 7,988,142 8,216,107 Corporate assets 3,568,625 2,734,030 Total Consolidated $ 11,556,767 $ 10,950,137 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Interim Financial Information | Interim Financial Information |
Recent Accounting Standards | Recent Accounting Standards - In July 2015, the FASB issued ASU 2015-11, Inventory which requires entities to measure inventory at the lower of cost and net realizable value with net realizable value being the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016 including interim periods within those fiscal years. We are evaluating the new standard, but do not at this time, expect his standard to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-3 Interest-Imputation of Interest-Simplifying the presentation of Debt Issuance Costs. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. ASU 2015-3 is effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. We do not expect this standard to have a material impact on our consolidated financial statements. |
Investment (Tables)
Investment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | For the three-months ended June 30, For the six-months ended June 30, RadQual LLC 2015 2014 2015 2014 Revenue $ 773,410 $ 1,055,221 $ 1,584,138 $ 2,086,223 Gross profit 222,035 227,505 480,654 446,002 Net income $ 79,740 $ 75,985 $ 221,345 $ 166,471 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Current | June 30, 2015 December 31, 2014 Raw materials $ 91,555 $ 91,555 Work in progress 877,512 943,234 Finished goods 16,308 14,317 $ 985,375 $ 1,049,106 |
Stockholders' Equity, Options19
Stockholders' Equity, Options and Warrants (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Share-Based Compensation Stock Option Activity | Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2014 27,950,000 $ 0.05 Granted - Exercised - Forfeited - Outstanding at June 30, 2015 27,950,000 0.04 6.0 $ 517,500 Exercisable at June 30, 2015 18,908,333 $ 0.05 4.5 $ 172,500 |
Schedule of Stockholders' Equity Note, Warrants or Rights | Warrants Shares Outstanding at December 31, 2014 42,257,951 Issued - Exercised - Forfeited - Outstanding at June 30, 2015 42,257,951 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three months ended June 30, Six months ended June 30, Sale of Product 2015 2014 2015 2014 Radiochemical Products $ 433,520 $ 460,988 $ 855,159 $ 879,392 Cobalt Products 232,743 152,100 486,058 694,048 Nuclear Medicine Standards 778,791 799,066 1,648,773 1,612,589 Radiological Services 99,272 375,727 454,167 500,483 Fluorine Products - - - - Transportation 36,050 20,700 72,700 70,925 Total Segments 1,580,376 1,808,581 3,516,857 3,757,437 Corporate revenue - - - - Total Consolidated $ 1,580,376 $ 1,808,581 $ 3,516,857 $ 3,757,437 Three months ended June 30, Six months ended June 30, Depreciation and Amortization 2015 2014 2015 2014 Radiochemical Products $ 1,727 $ 1,681 $ 3,431 $ 3,800 Cobalt Products 10,486 19,367 20,973 39,869 Nuclear Medicine Standards 3,598 6,837 7,214 11,727 Radiological Services 6,236 7,155 12,354 13,054 Fluorine Products 27,647 28,396 55,169 54,491 Transportation 1,110 1,532 2,221 4,559 Total Segments 50,804 64,968 101,362 127,500 Corporate depreciation and amortization 1,484 3,469 2,611 9,392 Total Consolidated $ 52,288 $ 68,437 $ 103,973 $ 136,892 Three months ended June 30, Six months ended June 30, Segment Income (Loss) 2015 2014 2015 2014 Radiochemical Products $ 79,142 $ 106,489 $ 166,110 $ 180,601 Cobalt Products 115,414 31,497 265,682 231,262 Nuclear Medicine Standards 143,713 153,921 336,362 312,897 Radiological Services 42,772 108,116 185,133 175,091 Fluorine Products (88,939) (103,155) (187,095) (206,337) Transportation 2,853 (10,989) (3,782) (7,078) Total Segments 294,955 285,879 762,409 686,436 Corporate loss (742,447) (814,178) (1,381,449) (1,666,939) Net Loss $ (447,492) $ (528,298) $ (619,040) $ (980,503) Three months ended June 30, Six months ended June 30, Expenditures for Segment Assets 2015 2014 2015 2014 Radiochemical Products $ 549 $ 52,917 $ 1,419 $ 52,917 Cobalt Products - 37,050 - 37,050 Nuclear Medicine Standards - 527 487 527 Radiological Services 7,034 2,632 7,034 2,632 Fluorine Products 2,458 (14,291) 10,822 (5,552) Transportation - - - - Total Segments 10,041 78,835 19,762 87,574 Corporate purchases 10,716 11,287 10,716 11,287 Total Consolidated $ 20,757 $ 90,121 $ 30,478 $ 98,861 June 30, December 31, Segment Assets 2015 2014 Radiochemical Products $ 205,740 $ 230,257 Cobalt Products 940,472 1,035,226 Nuclear Medicine Standards 499,571 564,034 Radiological Services 387,495 381,898 Fluorine Products 5,951,001 5,996,258 Transportation 3,863 8,434 Total Segments 7,988,142 8,216,107 Corporate assets 3,568,625 2,734,030 Total Consolidated $ 11,556,767 $ 10,950,137 |
The Company and Basis of Pres21
The Company and Basis of Presentation - Joint Venture (Details Narrative) | Jun. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Joint venture with TI Services, LLC- percentage ownership | 50.00% |
Current Developments and Liqu22
Current Developments and Liquidity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss attributable to International Isotopes Inc. | $ (447,492) | $ (528,298) | $ (619,040) | $ (980,503) | |
Net cash provided by (used in) operating activities | 960,280 | 502,662 | |||
License and project costs | $ 187,000 | ||||
Planning and development activities costs | $ 206,000 | ||||
Fixed assets reclassified to prepaids and other current assets | $ 255,000 |
Net Loss Per Common Share - B23
Net Loss Per Common Share - Basic and Diluted (Details Narrative) - shares | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Earnings Per Share [Abstract] | |||
Stock options outstanding | 27,950,000 | 16,450,000 | |
Warrants outstanding | 42,257,951 | 42,257,951 | 42,257,951 |
Series B redeemable convertible preferred stock outstanding | 425,000 | 425,000 |
Investment - Schedule of Equity
Investment - Schedule of Equity Method Investments (Details) - RadQual, LLC - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | $ 773,410 | $ 1,055,221 | $ 1,005,252 | $ 1,541,972 |
Gross profit | 222,035 | 227,505 | 480,654 | 446,002 |
Net income | $ 79,740 | $ 75,985 | $ 221,345 | $ 166,471 |
Investment (Details Narrative)
Investment (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ 1,405,885 | $ 1,405,885 | $ 1,368,185 | ||
Equity in net income of affiliate | $ 20,034 | $ 19,006 | $ 54,727 | $ 40,586 | |
RadQual, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 24.50% | 24.50% | |||
Investment | $ 1,405,885 | $ 1,405,885 | |||
Member distributions, reduction of investment | 17,027 | 47,428 | |||
Equity in net income of affiliate | 54,727 | 40,586 | |||
Accounts receivable | 322,385 | 466,218 | 322,385 | 466,218 | |
Revenues | $ 773,410 | $ 1,055,221 | $ 1,005,252 | $ 1,541,972 |
Inventories (Details)
Inventories (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory, Net, Items Net of Reserve | ||
Raw materials | $ 91,555 | $ 91,555 |
Work in progress | 877,512 | 943,234 |
Finished goods | 16,308 | 14,317 |
Total inventory | $ 985,375 | $ 1,049,106 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory, Net, Items Net of Reserve | ||
Inventory, cobalt-60 isotopes, carrying value | $ 699,595 | $ 691,501 |
Stockholders' Equity, Options28
Stockholders' Equity, Options and Warrants - Share-Based Compensation Stock Option Activity (Details) - 6 months ended Jun. 30, 2015 - USD ($) | Total |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding | |
Shares outstanding at beginning of period | 27,950,000 |
Shares granted | 0 |
Shares exercised | 0 |
Shares forfeited | 0 |
Shares outstanding at end of period | 27,950,000 |
Shares exercisable at end of period | 18,908,333 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price outstanding at beginning of period | $ 0.5 |
Weighted average exercise price granted | 0 |
Weighted average exercise price exercised | 0 |
Weighted average exercise price forfeited | 0 |
Weighted average exercise price outstanding at end of period | 0.04 |
Weighted average exercise price exercisable at end of period | $ 0.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted average remaining contractual life outstanding at end of period | 6 years |
Weighted average remaining contractual life exercisable at end of period | 4 years 6 months |
Aggregate intrinsic value outstanding at end of period | $ 517,500 |
Aggregate intrinsic value exercisable at end of period | $ 172,500 |
Stockholders' Equity, Options29
Stockholders' Equity, Options and Warrants - Stockholders' Equity Note, Warrants or Rights (Details) | 6 Months Ended |
Jun. 30, 2015shares | |
Class of Warrant or Right [Roll Forward] | |
Warrants outstanding, beginning of period | 42,257,951 |
Warrants issued | 0 |
Warrants exercised | 0 |
Warrants outstanding, end of period | 42,257,951 |
Stockholders' Equity, Options30
Stockholders' Equity, Options and Warrants (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life | 1 year | |
Unrecognized compensation expense related to stock options | $ 95,292 | |
Stock-based compensation expense | $ 92,787 | $ 48,198 |
2006 Equity Incentive Plan | Chief Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock issued to employees, shares | 280,000 | |
Proceeds for common stock issued to employees, value | $ 28,000 | |
Stock issued, price per share | $ 0.10 | |
Shares withheld for payroll tax liabilities | 112,140 | |
Stock-based compensation expense | $ 14,000 | |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock issued to employees, shares | 87,343 | 97,090 |
Proceeds for common stock issued to employees, value | $ 2,226 | $ 4,531 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2013 | |
Debt Disclosure [Abstract] | ||
Convertible notes payable, original balance | $ 1,060,000 | |
Accrued interest | $ 222,600 | |
Convertible notes converted into shares of common stock | 32,065,000 | |
Conversion price per share | $ 0.04 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Narrative) | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Letter of credit and restricted certificate of deposit | $ 450,630 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||
Class of warrant or right outstanding | 42,257,951 | 42,257,951 | 42,257,951 | |
Employee Stock Purchase Plan | ||||
Subsequent Event [Line Items] | ||||
Common stock issued to employees, shares | 87,343 | 97,090 | ||
Common stock issued to employees, value | $ 2,226 | $ 4,531 | ||
Subsequent Event | Warrants | ||||
Subsequent Event [Line Items] | ||||
Equity compensation expense | $ 885 | |||
Subsequent Event | Class H Warrants | ||||
Subsequent Event [Line Items] | ||||
Class of warrant or right outstanding | 1,913,892 | |||
Extended expiration date | Jan. 31, 2016 | |||
Subsequent Event | Class I Warrants | ||||
Subsequent Event [Line Items] | ||||
Class of warrant or right outstanding | 12,924,887 | |||
Extended expiration date | Jan. 31, 2016 | |||
Subsequent Event | Employee Stock Purchase Plan | ||||
Subsequent Event [Line Items] | ||||
Common stock issued to employees, shares | 15,960 | |||
Common stock issued to employees, value | $ 814 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Sale of Product | $ 1,580,376 | $ 1,808,581 | $ 3,516,857 | $ 3,757,437 | |
Depreciation and Amortization | 52,288 | 68,437 | 103,973 | 136,892 | |
Segment Income (Loss) | (447,492) | (528,298) | (619,040) | (980,503) | |
Expenditures for Segment Assets | 20,757 | 90,121 | 30,478 | 98,861 | |
Segment Assets | 11,556,767 | 11,556,767 | $ 10,950,137 | ||
Radiochemical Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 433,520 | 460,988 | 855,159 | 879,392 | |
Depreciation and Amortization | 1,727 | 1,681 | 3,431 | 3,800 | |
Segment Income (Loss) | 79,142 | 106,489 | 166,110 | 180,601 | |
Expenditures for Segment Assets | 549 | 52,917 | 1,419 | 52,917 | |
Segment Assets | 205,740 | 205,740 | 230,257 | ||
Cobalt Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 232,743 | 152,100 | 486,058 | 694,048 | |
Depreciation and Amortization | 10,486 | 19,367 | 20,973 | 39,869 | |
Segment Income (Loss) | 115,414 | 31,497 | 265,682 | 231,262 | |
Expenditures for Segment Assets | 0 | 37,050 | 0 | 37,050 | |
Segment Assets | 940,472 | 940,472 | 1,035,226 | ||
Nuclear Medicine Standards | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 778,791 | 799,066 | 1,648,773 | 1,612,589 | |
Depreciation and Amortization | 3,598 | 6,837 | 7,214 | 11,727 | |
Segment Income (Loss) | 143,713 | 153,921 | 336,362 | 312,897 | |
Expenditures for Segment Assets | 0 | 527 | 487 | 527 | |
Segment Assets | 499,571 | 499,571 | 564,034 | ||
Radiological Services | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 99,272 | 375,727 | 454,167 | 500,483 | |
Depreciation and Amortization | 6,236 | 7,155 | 12,354 | 13,054 | |
Segment Income (Loss) | 42,772 | 108,116 | 185,133 | 175,091 | |
Expenditures for Segment Assets | 7,034 | 2,632 | 7,034 | 2,632 | |
Segment Assets | 387,495 | 387,495 | 381,898 | ||
Fluorine Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | 0 | |
Depreciation and Amortization | 27,647 | 28,396 | 55,169 | 54,491 | |
Segment Income (Loss) | (88,939) | (103,155) | (187,095) | (206,337) | |
Expenditures for Segment Assets | 2,458 | (14,291) | 10,822 | (5,552) | |
Segment Assets | 5,951,001 | 5,951,001 | 5,996,258 | ||
Transportation | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 36,050 | 20,700 | 72,700 | 70,925 | |
Depreciation and Amortization | 1,110 | 1,532 | 2,221 | 4,559 | |
Segment Income (Loss) | 2,853 | (10,989) | (3,782) | (7,078) | |
Expenditures for Segment Assets | 0 | 0 | 0 | 0 | |
Segment Assets | 3,863 | 3,863 | 8,434 | ||
Segment Total | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 1,580,376 | 1,808,581 | 3,516,857 | 3,757,437 | |
Depreciation and Amortization | 50,804 | 64,968 | 101,362 | 127,500 | |
Segment Income (Loss) | 294,955 | 285,879 | 762,409 | 686,436 | |
Expenditures for Segment Assets | 10,041 | 78,835 | 19,762 | 87,574 | |
Segment Assets | 7,988,142 | 7,988,142 | 8,216,107 | ||
Corporate Allocation | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | 0 | |
Depreciation and Amortization | 1,484 | 3,469 | 2,611 | 9,392 | |
Segment Income (Loss) | (742,447) | (814,178) | (1,381,449) | (1,666,939) | |
Expenditures for Segment Assets | 10,716 | $ 11,287 | 10,716 | $ 11,287 | |
Segment Assets | $ 3,568,625 | $ 3,568,625 | $ 2,734,030 |
Segment Information (Details Na
Segment Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2015Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |