Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
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 | Mar. 31, 2016 | |
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 | 402,448,153 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 429,156 | $ 397,955 |
Accounts receivable | 802,558 | 1,084,940 |
Inventories | 1,178,685 | 1,111,570 |
Prepaids and other current assets | 511,559 | 543,093 |
Total current assets | 2,921,958 | 3,137,558 |
Long-term assets | ||
Restricted certificate of deposit | 450,630 | 450,630 |
Property, plant and equipment, net | 1,961,944 | 1,932,263 |
Investment | 1,458,731 | 1,434,928 |
Patents and other intangibles, net | 4,268,452 | 4,287,848 |
Total long-term assets | 8,139,757 | 8,105,669 |
Total assets | 11,061,715 | 11,243,227 |
Current liabilities | ||
Accounts payable | 783,163 | 1,043,989 |
Accrued liabilities | 458,048 | 488,657 |
Current portion of unearned revenue | 1,278,062 | 907,680 |
Current installments of notes payable | 6,664 | 45,871 |
Total current liabilities | 2,525,937 | 2,486,197 |
Long-term liabilities | ||
Convertible debt, net of debt discount | 2,966,303 | 2,946,683 |
Obligation for lease disposal costs | 462,009 | 459,711 |
Unearned revenue | 664,560 | 642,060 |
Notes payable, net of current portion and debt discount | 345,779 | 275,670 |
Mandatorily redeemable convertible preferred stock | 850,000 | 850,000 |
Total long-term liabilities | 5,288,651 | 5,174,124 |
Total liabilities | 7,814,588 | 7,660,321 |
Stockholders' Equity | ||
Common stock | 4,024,215 | 4,022,430 |
Additional paid-in capital | 119,591,948 | 119,554,325 |
Accumulated deficit | (120,434,967) | (120,060,449) |
Equity attributable to International Isotopes Inc. stockholders | 3,181,196 | 3,516,306 |
Equity attributable to non-controlling interest | 65,931 | 66,600 |
Total equity | 3,247,127 | 3,582,906 |
Total liabilities and stockholders' equity | $ 11,061,715 | $ 11,243,227 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 402,421,525 | 402,242,994 |
Common stock, shares outstanding | 402,421,525 | 402,242,994 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Sale of product | $ 1,691,677 | $ 1,936,481 |
Cost of product | 944,540 | 1,125,943 |
Gross profit | 747,137 | 810,538 |
Operating costs and expenses: | ||
Salaries and contract labor | 437,135 | 408,184 |
General, administrative and consulting | 454,506 | 376,696 |
Research and development | 148,608 | 92,747 |
Total operating expenses | 1,040,249 | 877,627 |
Operating loss | (293,112) | (67,089) |
Other income (expense): | ||
Other income | 4,500 | 6,955 |
Equity in net income of affiliate | 23,803 | 34,693 |
Interest income | 93 | 92 |
Interest expense | (110,470) | (141,124) |
Total other income (expense) | (82,074) | (99,384) |
Net loss | (375,186) | (166,473) |
Loss (income) attributable to noncontrolling interest | 668 | (5,075) |
Net loss attributable to International Isotopes Inc. | $ (374,518) | $ (171,548) |
Net loss per common share - basic and diluted | $ 0 | $ 0 |
Weighted average common shares outstanding - basic and diluted | 402,335,817 | 386,006,105 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (375,186) | $ (166,473) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Net income in equity method investment | (23,803) | (34,693) |
Depreciation and amortization | 54,008 | 51,685 |
Gain on disposal of property, plant and equipment | (4,500) | 0 |
Accretion of obligation for lease disposal costs | 2,298 | 2,253 |
Accretion of beneficial conversion feature and debt discount | 48,880 | 54,289 |
Equity based compensation | 38,554 | 56,345 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 282,382 | (236,548) |
Prepaids and other assets | 31,534 | 20,890 |
Inventories | (67,115) | 93,125 |
Unearned revenues | 392,882 | 0 |
Accounts payable and accrued liabilities | (291,435) | 175,151 |
Net cash provided by operating activities | 88,499 | 16,024 |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant and equipment | 4,500 | 0 |
Dividends received from equity method investment | 0 | 10,684 |
Purchase of property, plant and equipment | (16,781) | (9,723) |
Net cash (used in) provided by investing activities | (12,281) | 961 |
Cash flows from financing activities: | ||
Proceeds from sale of stock | 854 | 1,548 |
Principal payments on notes payable | (45,871) | (51,887) |
Net cash used in financing activities | (45,017) | (50,339) |
Net increase (decrease) in cash and cash equivalents | 31,201 | (33,354) |
Cash and cash equivalents at beginning of period | 397,955 | 558,541 |
Cash and cash equivalents at end of period | 429,156 | 525,187 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 0 | 114,076 |
Supplemental disclosure of noncash financing and investing transactions: | ||
Increase in equity and decrease in debt for conversion of debentures | 0 | 1,060,000 |
Increase in equity and decrease in accrued interest for conversion of debentures | 0 | 222,600 |
Dealer financing for the purchase of a new vehicle | $ 45,713 | $ 0 |
The Company and Basis of Presen
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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 Ohio. 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. Accordingly, preliminary payments received on cobalt contracts, where shipment will not take place for greater than one year, have been recorded as unearned revenue and classified under current or long-term liabilities, depending upon estimated ship dates, on the Companys consolidated balance sheets. These unearned revenues will be recognized as revenue in the future period during which the cobalt shipments begin. Principles of Consolidation Interim Financial Information Recent Accounting Standards In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers which defers the effective date of ASU 2014-09 for all entities by one year. The guidance in Revenue Recognition (Topic 606) requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2015-14 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. The Company is evaluating the new standard, but does not at this time expect this standard to have a material impact on its consolidated financial statements. 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. The Company is evaluating the new standard, but does not at this time, expect this standard to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases which was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact the new standard will have on its financial statements. |
Current Developments and Liquid
Current Developments and Liquidity | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Current Developments and Liquidity | (2) Current Developments and Liquidity Business Condition During the quarter ended March 31, 2016, the Company continued its focus upon its long-standing core business segments which consist of its radiochemical products, cobalt products, nuclear medicine standards, and radiological services segments, and in particular, the pursuit of new business opportunities within those segments. The Company expects that cash from operations and its current cash balance will be sufficient to fund operations for the next twelve months. Future liquidity and capital funding requirements will depend on numerous factors, including, contract manufacturing agreements, commercial relationships, technological developments, market factors, available credit, and voluntary warrant redemption by shareholders. There is no assurance that additional capital and financing will be available on acceptable terms to the Company or at all. |
Net Loss Per Common Share - Bas
Net Loss Per Common Share - Basic and Diluted | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share - Basic and Diluted | (3) Net Loss Per Common Share - Basic and Diluted For the three months ended March 31, 2016, the Company had 27,950,000 stock options outstanding, 27,419,172 warrants outstanding, and 425,000 shares of Series B redeemable convertible preferred stock outstanding that were not included in the computation of diluted loss per common share because they would be anti-dilutive. For the three months ended March 31, 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. |
Investment
Investment | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment | (4) Investment The Company owns a 24.5% interest in RadQual, with which the Company has an exclusive manufacturing agreement for nuclear medicine products. The 24.5% ownership of RadQual has a balance of $1,458,731 and is reported as an asset at March 31, 2016. For the three months ended March 31, 2016, there were no member distributions from RadQual, and for the same period in 2015, member distributions totaling $10,684 were recorded as a reduction of the investment. During the three months ended March 31, 2016 and 2015, earnings allocated to the Company from RadQual totaled $23,803 and $34,693, respectively. These allocated earnings were recorded as equity in net income of affiliate on the Companys condensed consolidated statements of operations. At March 31, 2016 and 2015, the Company had receivables from RadQual in the amount of $352,274 and $357,379, respectively, which are recorded as part of accounts receivable on the Companys condensed consolidated balance sheets. For the three months ended March 31, 2016 and 2015, the Company had revenue from RadQual in the amount of $516,358 and $515,583, respectively, which is recorded as sale of product on the Companys condensed consolidated statements of operations. Summarized financial information for RadQual as of March 31, 2016 and for March 31, 2015 is presented below: For the three-months ended March 31, RadQual LLC 2016 2015 Current assets $ 599,038 $ 588,073 Noncurrent assets 14,247 14,331 Current liabilities 377,233 508,767 Noncurrent liabilities $ - $ (45,348) Revenue $ 722,001 $ 810,727 Gross profit 249,906 258,619 Net income $ 97,251 $ 136,530 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | (5) Inventories Inventories consisted of the following at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Raw materials $ 91,555 $ 91,555 Work in progress 1,077,326 1,011,330 Finished goods 9,804 8,685 $ 1,178,685 $ 1,111,570 Work in process includes cobalt-60 targets that are located in the U.S. Department of Energys (DOE) Advanced Test Reactor (ATR) located outside of Idaho Falls, Idaho. All targets held at the reactor are in various stages of irradiation and their carrying value is based on accumulated irradiation and handling costs which have been allocated to each target based on the length of time the targets have been held and processed at the reactor. As of March 31, 2016, and December 31, 2015, the total carrying value of the target inventory was $835,052 and $721,052, respectively. Work in process also includes costs to irradiate cobalt-60 material under a contract with the DOE. This material has been placed in the reactor exclusively for purchase by the Company. The Company has contracted with several customers for the purchase of this cobalt-60 material and has collected advance payments for project management, up-front handling and irradiation charges. These payments have been recorded as unearned revenue. The revenue and the costs associated with irradiation will be recognized as the targets are completed and shipped to the customer, which is expected to be in 2017. |
Stockholders' Equity, Options a
Stockholders' Equity, Options and Warrants | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity, Options and Warrants | (6) Stockholders Equity, Options and Warrants Employee Stock Purchase Plan During the three months ended March 31, 2016 and 2015, the Company issued 10,671 and 60,715 shares of common stock, respectively, to employees for proceeds of $854 and $1,548, respectively. All of these shares were issued in accordance with the Companys employee stock purchase plan. As of March 31, 2016, 850,373 shares of common stock remain available for issuance under the Companys employee stock purchase plan. Stock-Based Compensation Plans 2015 Incentive Plan Employee/Director Grants Non-Employee Grants Option awards outstanding as of March 31, 2016, and changes during the three months ended March 31, 2016, were as follows: Stock Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2015 27,950,000 $ 0.04 Granted - Exercised - Forfeited - Outstanding at March 31, 2016 27,950,000 $ 0.04 5.2 $ 1,457,000 Exercisable at March 31, 2016 23,429,166 $ 0.04 4.6 $ 1,214,917 The intrinsic value of outstanding and exercisable shares is based on the closing price of the Companys common stock of $0.09 per share on March 31, 2016, the last trading day of the quarter. As of March 31, 2016, there was $30,627 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 0.55 years. Total stock-based compensation expense for the three months ended March 31, 2016 and 2015 was $38,554 and $56,345, respectively. Pursuant to an employment agreement with its CEO, the Company issued 280,000 fully vested shares of common stock in February 2016, under the Companys 2015 Plan. The number of shares awarded was based on a $28,000 stock award using a price of $0.10 per share. The employment agreement provides 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 $15,107, which was determined by multiplying the number of shares awarded by the closing price of the common stock on February 26, 2016, which was $0.09 per share. The Company withheld 112,140 shares of common stock to satisfy the employees payroll tax obligations in connection with this issuance. The net shares issued on February 29, 2016, totaled 167,860. Warrants Warrants outstanding at March 31, 2016, and changes during the three months ended March 31, 2016, were as follows: Warrants Outstanding at December 31, 2015 42,257,951 Issued - Exercised - Forfeited (14,838,779) Outstanding at March 31, 2016 27,419,172 On January 31, 2016, per the terms of the warrants, all Series H Warrants for the issuance of 1,913,892 shares of common stock, and all Series I Warrants for the issuance of 12,924,887 shares of common stock, expired. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (7) Commitments and Contingencies Dependence on Third Parties The production of HSA Cobalt is dependent upon the 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. 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 contract may be extended beyond that date. 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, for partially irradiated undelivered cobalt material, 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 the handling or use of radioactive material, the Company is required to have an operating license from the U.S. Nuclear Regulatory Commission (NRC) and specially trained staff to handle these materials. The Company has amended this operating license numerous times to increase the amount of material permitted within the Companys facility. Although this license does not currently restrict the volume of business operation performed or projected to be performed in the upcoming year, additional processing capabilities and license amendments could be implemented that would permit processing of other reactor-produced radioisotopes by the Company. 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, in the amount of $450,630, held with Wells Fargo Bank. On March 8, 2016, the Company delivered a Demand for Arbitration letter to Alpha Omega Services (AOS) of Bellflower, California. The demand letter requested arbitration before the American Arbitration Association seeking recovery of a deposit made to AOS for the purchase of a shipping container plus additional amounts for lost revenue as a result of not owning the container. The demand was for approximately $918,000 plus attorneys fees and costs. AOS subsequently responded to the demand letter with a counter-demand. The counter-demand denied the Companys claims against AOS and requested reimbursement from the Company of $2,000,000, plus attorneys fees and costs, for breach of contract and other claims. Both parties have agreed to mediation regarding the claims, which is expected to take place in June 2016. No accruals have been made in the Companys financial statements for this pending arbitration. Additionally, it is not possible at this time to predict the outcome of this matter and there is no assurance that the Company will be successful with its claim. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | (8) Segment Information The Company has six reportable segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, Radiological Services, and Transportation. Information regarding the operations and assets of these reportable business segments is contained in the following table: Three months ended March 31, Sale of Product 2016 2015 Radiochemical Products $ 382,245 $ 421,639 Cobalt Products 313,786 253,315 Nuclear Medicine Standards 813,159 869,982 Radiological Services 127,987 354,895 Fluorine Products - - Transportation 54,500 36,650 Total Segments 1,691,677 1,936,481 Corporate revenue - - Total Consolidated $ 1,691,677 $ 1,936,481 Three months ended March 31, Depreciation and Amortization 2016 2015 Radiochemical Products $ 1,748 $ 1,704 Cobalt Products 9,691 10,487 Nuclear Medicine Standards 4,300 3,616 Radiological Services 6,961 6,118 Fluorine Products 27,948 27,522 Transportation 1,760 1,111 Total Segments 52,408 50,558 Corporate depreciation and amortization 1,600 1,127 Total Consolidated $ 54,008 $ 51,685 Three months ended March 31, Segment Income (Loss) 2016 2015 Radiochemical Products $ 63,098 $ 86,968 Cobalt Products 203,365 150,268 Nuclear Medicine Standards 154,731 192,649 Radiological Services 47,594 142,361 Fluorine Products (74,181) (98,156) Transportation 10,862 (6,635) Total Segments 405,469 467,455 Corporate loss (779,987) (639,003) Net Loss $ (374,518) $ (171,548) Three months ended March 31, Expenditures for Segment Assets 2016 2015 Radiochemical Products $ - $ 870 Cobalt Products - - Nuclear Medicine Standards - 487 Radiological Services 4,803 - Fluorine Products 8,719 8,364 Transportation 50,772 - Total Segments 64,294 9,721 Corporate purchases - - Total Consolidated $ 64,294 $ 9,721 March 31, December 31, Segment Assets 2016 2015 Radiochemical Products $ 219,507 $ 212,988 Cobalt Products 1,063,184 934,781 Nuclear Medicine Standards 617,366 626,615 Radiological Services 169,071 502,445 Fluorine Products 5,884,466 5,904,150 Transportation 50,655 1,642 Total Segments 8,004,249 8,182,621 Corporate assets 3,057,466 3,060,606 Total Consolidated $ 11,061,715 $ 11,243,227 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Interim Financial Information | Interim Financial Information |
Recent Accounting Standards | Recent Accounting Standards In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers which defers the effective date of ASU 2014-09 for all entities by one year. The guidance in Revenue Recognition (Topic 606) requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2015-14 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. The Company is evaluating the new standard, but does not at this time expect this standard to have a material impact on its consolidated financial statements. 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. The Company is evaluating the new standard, but does not at this time, expect this standard to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases which was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact the new standard will have on its financial statements. |
Investment (Tables)
Investment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | For the three-months ended March 31, RadQual LLC 2016 2015 Current assets $ 599,038 $ 588,073 Noncurrent assets 14,247 14,331 Current liabilities 377,233 508,767 Noncurrent liabilities $ - $ (45,348) Revenue $ 722,001 $ 810,727 Gross profit 249,906 258,619 Net income $ 97,251 $ 136,530 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | March 31, 2016 December 31, 2015 Raw materials $ 91,555 $ 91,555 Work in progress 1,077,326 1,011,330 Finished goods 9,804 8,685 $ 1,178,685 $ 1,111,570 |
Stockholders' Equity, Options17
Stockholders' Equity, Options and Warrants (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 27,950,000 $ 0.04 Granted - Exercised - Forfeited - Outstanding at March 31, 2016 27,950,000 $ 0.04 5.2 $ 1,457,000 Exercisable at March 31, 2016 23,429,166 $ 0.04 4.6 $ 1,214,917 |
Schedule of Stockholders' Equity Note, Warrants or Rights | Warrants Outstanding at December 31, 2015 42,257,951 Issued - Exercised - Forfeited (14,838,779) Outstanding at March 31, 2016 27,419,172 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three months ended March 31, Sale of Product 2016 2015 Radiochemical Products $ 382,245 $ 421,639 Cobalt Products 313,786 253,315 Nuclear Medicine Standards 813,159 869,982 Radiological Services 127,987 354,895 Fluorine Products - - Transportation 54,500 36,650 Total Segments 1,691,677 1,936,481 Corporate revenue - - Total Consolidated $ 1,691,677 $ 1,936,481 Three months ended March 31, Depreciation and Amortization 2016 2015 Radiochemical Products $ 1,748 $ 1,704 Cobalt Products 9,691 10,487 Nuclear Medicine Standards 4,300 3,616 Radiological Services 6,961 6,118 Fluorine Products 27,948 27,522 Transportation 1,760 1,111 Total Segments 52,408 50,558 Corporate depreciation and amortization 1,600 1,127 Total Consolidated $ 54,008 $ 51,685 Three months ended March 31, Segment Income (Loss) 2016 2015 Radiochemical Products $ 63,098 $ 86,968 Cobalt Products 203,365 150,268 Nuclear Medicine Standards 154,731 192,649 Radiological Services 47,594 142,361 Fluorine Products (74,181) (98,156) Transportation 10,862 (6,635) Total Segments 405,469 467,455 Corporate loss (779,987) (639,003) Net Loss $ (374,518) $ (171,548) Three months ended March 31, Expenditures for Segment Assets 2016 2015 Radiochemical Products $ - $ 870 Cobalt Products - - Nuclear Medicine Standards - 487 Radiological Services 4,803 - Fluorine Products 8,719 8,364 Transportation 50,772 - Total Segments 64,294 9,721 Corporate purchases - - Total Consolidated $ 64,294 $ 9,721 March 31, December 31, Segment Assets 2016 2015 Radiochemical Products $ 219,507 $ 212,988 Cobalt Products 1,063,184 934,781 Nuclear Medicine Standards 617,366 626,615 Radiological Services 169,071 502,445 Fluorine Products 5,884,466 5,904,150 Transportation 50,655 1,642 Total Segments 8,004,249 8,182,621 Corporate assets 3,057,466 3,060,606 Total Consolidated $ 11,061,715 $ 11,243,227 |
The Company and Basis of Pres19
The Company and Basis of Presentation - Joint Venture (Details Narrative) | Mar. 31, 2016 |
TI Services, LLC | |
Joint venture, percentage ownership | 50.00% |
RadQual, LLC | |
Joint venture, percentage ownership | 24.50% |
Current Developments and Liqu20
Current Developments and Liquidity (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss attributable to International Isotopes Inc. | $ (374,518) | $ (171,548) |
Net cash provided by (used in) operating activities | $ 88,499 | $ 16,024 |
Net Loss Per Common Share - B21
Net Loss Per Common Share - Basic and Diluted (Details Narrative) - shares | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Stock options outstanding | 27,950,000 | 27,950,000 | 27,950,000 |
Warrants outstanding | 27,419,172 | 42,257,951 | 42,257,951 |
Series B Redeemable Convertible Preferred Stock | |||
Anti-dilutive preferred stock, shares outstanding | 425,000 | 425,000 |
Investment - Schedule of Equity
Investment - Schedule of Equity Method Investments (Details) - RadQual, LLC - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 599,038 | $ 588,073 |
Noncurrent assets | 14,247 | 14,331 |
Current liabilities | 377,233 | 508,767 |
Noncurrent liabilities | 0 | (45,348) |
Revenue | 722,001 | 810,727 |
Gross profit | 249,906 | 258,619 |
Net income | $ 97,251 | $ 136,530 |
Investment (Details Narrative)
Investment (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment | $ 1,458,731 | $ 1,434,928 | |
Member distributions, reduction of investment | 0 | $ 10,684 | |
Equity in net income of affiliate | 23,803 | 34,693 | |
Revenues | $ 1,691,677 | 1,936,481 | |
RadQual, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest | 24.50% | ||
Investment | $ 1,458,731 | ||
Member distributions, reduction of investment | 0 | 10,684 | |
Equity in net income of affiliate | 23,803 | 34,693 | |
Accounts receivable | 352,274 | 357,379 | |
Revenues | $ 516,358 | $ 515,583 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory, Net, Items Net of Reserve | ||
Raw materials | $ 91,555 | $ 91,555 |
Work in progress | 1,077,326 | 1,011,330 |
Finished goods | 9,804 | 8,685 |
Total inventory | $ 1,178,685 | $ 1,111,570 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory, Work in Process and Raw Materials | ||
Inventory, cobalt-60 isotopes, carrying value | $ 835,052 | $ 721,052 |
Stockholders' Equity, Options26
Stockholders' Equity, Options and Warrants - Share-Based Compensation Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding | |
Shares outstanding at beginning of period | shares | 27,950,000 |
Shares granted | shares | 0 |
Shares exercised | shares | 0 |
Shares forfeited | shares | 0 |
Shares outstanding at end of period | shares | 27,950,000 |
Shares exercisable at end of period | shares | 23,429,166 |
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 | $ / shares | $ 0.04 |
Weighted average exercise price granted | $ / shares | 0 |
Weighted average exercise price exercised | $ / shares | 0 |
Weighted average exercise price forfeited | $ / shares | 0 |
Weighted average exercise price outstanding at end of period | $ / shares | 0.04 |
Weighted average exercise price exercisable at end of period | $ / shares | $ 0.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted average remaining contractual life outstanding at end of period | 5 years 2 months |
Weighted average remaining contractual life exercisable at end of period | 4 years 6 months |
Aggregate intrinsic value outstanding at end of period | $ | $ 1,457,000 |
Aggregate intrinsic value exercisable at end of period | $ | $ 1,214,917 |
Stockholders' Equity, Options27
Stockholders' Equity, Options and Warrants - Stockholders' Equity Note, Warrants or Rights (Details) | 3 Months Ended |
Mar. 31, 2016shares | |
Class of Warrant or Right [Roll Forward] | |
Warrants outstanding, beginning of period | 42,257,951 |
Warrants issued | 0 |
Warrants exercised | 0 |
Warrants forfeited | (14,838,779) |
Warrants outstanding, end of period | 27,419,172 |
Stockholders' Equity, Options28
Stockholders' Equity, Options and Warrants (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Unrecognized compensation expense related to stock options | $ 30,627 | |
Unrecognized compensation, weighted average period | 7 months | |
Stock-based compensation expense | $ 38,554 | $ 56,345 |
Warrants | Series I | ||
Warrants expired | 12,924,887 | |
Warrants | Series H | ||
Warrants expired | 1,913,892 | |
Employee Stock Purchase Plan | ||
Common stock issued to employees, shares | 10,671 | 60,715 |
Proceeds for common stock issued to employees, value | $ 854 | $ 1,548 |
Common stock available for issuance | 850,373 | |
2015 Incentive Plan | ||
Common stock available for issuance | 21,450,597 | |
Common stock authorized for issuance | 60,000,000 | |
Termination date | Jul. 13, 2025 | |
2015 Incentive Plan | Chief Executive Officer | ||
Plan shares issued, gross | 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 | $ 15,107 | |
Plan shares issued, net | 167,860 | |
2006 Equity Incentive Plan | ||
Common stock authorized for issuance | 11,089,967 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Letter of credit and restricted certificate of deposit | $ 450,630 | $ 450,630 |
Loss contingency, allegations | On March 8, 2016, the Company delivered a Demand for Arbitration letter to Alpha Omega Services (AOS) of Bellflower, California. The demand letter requested arbitration before the American Arbitration Association seeking recovery of a deposit made to AOS for the purchase of a shipping container plus additional amounts for lost revenue as a result of not owning the container. The demand was for approximately $918,000 plus attorneys fees and costs. | |
Damages sought by plaintiff, value, approximate | $ 918,000 | |
Loss contingency, actions taken by defendant | AOS responded to the demand letter with a counter-demand. The counter-demand denied the Companys claims against AOS and requested reimbursement from the Company of $2,000,000, plus attorneys fees and costs, for breach of contract and other claims. | |
Damages sought by defendant, value, approximate | $ 2,000,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Sale of Product | $ 1,691,677 | $ 1,936,481 | |
Depreciation and Amortization | 54,008 | 51,685 | |
Segment Income (Loss) | (374,518) | (171,548) | |
Expenditures for Segment Assets | 64,294 | 9,721 | |
Segment Assets | 11,061,715 | $ 11,243,227 | |
Radiochemical Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 382,245 | 421,639 | |
Depreciation and Amortization | 1,748 | 1,704 | |
Segment Income (Loss) | 63,098 | 86,968 | |
Expenditures for Segment Assets | 0 | 870 | |
Segment Assets | 219,507 | 212,988 | |
Cobalt Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 313,786 | 253,315 | |
Depreciation and Amortization | 9,691 | 10,487 | |
Segment Income (Loss) | 203,365 | 150,268 | |
Expenditures for Segment Assets | 0 | 0 | |
Segment Assets | 1,063,184 | 934,781 | |
Nuclear Medicine Standards | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 813,159 | 869,982 | |
Depreciation and Amortization | 4,300 | 3,616 | |
Segment Income (Loss) | 154,731 | 192,649 | |
Expenditures for Segment Assets | 0 | 487 | |
Segment Assets | 617,366 | 626,615 | |
Radiological Services | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 127,987 | 354,895 | |
Depreciation and Amortization | 6,961 | 6,118 | |
Segment Income (Loss) | 47,594 | 142,361 | |
Expenditures for Segment Assets | 4,803 | 0 | |
Segment Assets | 169,071 | 502,445 | |
Fluorine Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 0 | 0 | |
Depreciation and Amortization | 27,948 | 27,522 | |
Segment Income (Loss) | (74,181) | (98,156) | |
Expenditures for Segment Assets | 8,719 | 8,364 | |
Segment Assets | 5,884,466 | 5,904,150 | |
Transportation | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 54,500 | 36,650 | |
Depreciation and Amortization | 1,760 | 1,111 | |
Segment Income (Loss) | 10,862 | (6,635) | |
Expenditures for Segment Assets | 50,772 | 0 | |
Segment Assets | 50,655 | 1,642 | |
Segment Total | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 1,691,677 | 1,936,481 | |
Depreciation and Amortization | 52,408 | 50,558 | |
Segment Income (Loss) | 405,469 | 467,455 | |
Expenditures for Segment Assets | 64,294 | 9,721 | |
Segment Assets | 8,004,249 | 8,182,621 | |
Corporate Allocation | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 0 | 0 | |
Depreciation and Amortization | 1,600 | 1,127 | |
Segment Income (Loss) | (779,987) | (639,003) | |
Expenditures for Segment Assets | 0 | $ 0 | |
Segment Assets | $ 3,057,466 | $ 3,060,606 |
Segment Information (Details Na
Segment Information (Details Narrative) | 3 Months Ended |
Mar. 31, 2016Number | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |