International Isotopes (INIS) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 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	Jun. 30, 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		402,737,914
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 430,989	$ 397,955
Accounts receivable	757,812	1,084,940
Inventories	1,337,807	1,111,570
Prepaids and other current assets	400,168	543,093
Total current assets	2,926,776	3,137,558
Long-term assets
Restricted certificate of deposit	450,630	450,630
Property, plant and equipment, net	1,970,717	1,932,263
Investment	1,475,601	1,434,928
Patents and other intangibles, net	4,240,272	4,287,848
Total long-term assets	8,137,220	8,105,669
Total assets	11,063,996	11,243,227
Current liabilities
Accounts payable	881,529	1,043,989
Accrued liabilities	393,496	488,657
Current portion of unearned revenue	1,613,944	907,680
Current installments of notes payable	6,760	45,871
Total current liabilities	2,895,729	2,486,197
Long-term liabilities
Convertible debt, net of debt discount	2,985,924	2,946,683
Obligation for lease disposal costs	464,319	459,711
Unearned revenue	672,060	642,060
Notes payable, net of current portion and debt discount	373,324	275,670
Mandatorily redeemable convertible preferred stock	850,000	850,000
Total long-term liabilities	5,345,627	5,174,124
Total liabilities	8,241,356	7,660,321
Stockholders' Equity
Common stock	4,027,188	4,022,430
Additional paid-in capital	119,613,257	119,554,325
Accumulated deficit	(120,880,394)	(120,060,449)
Equity attributable to International Isotopes Inc. stockholders	2,760,051	3,516,306
Equity attributable to non-controlling interest	62,589	66,600
Total equity	2,822,640	3,582,906
Total liabilities and stockholders' equity	$ 11,063,996	$ 11,243,227

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	402,718,769	402,242,994
Common stock, shares outstanding	402,718,769	402,242,994

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Sale of product	$ 1,698,732	$ 1,580,376	$ 3,390,409	$ 3,516,857
Cost of product	924,032	953,163	1,868,572	2,079,106
Gross profit	774,700	627,213	1,521,837	1,437,751
Operating costs and expenses:
Salaries and contract labor	466,062	422,068	903,197	830,252
General, administrative and consulting	527,108	426,028	981,614	802,724
Research and development	134,409	142,684	283,017	235,431
Total operating expenses	1,127,579	990,780	2,167,828	1,868,407
Operating loss	(352,879)	(363,567)	(645,991)	(430,656)
Other income (expense):
Other income	1,847	11,338	6,347	18,293
Equity in net income of affiliate	20,770	20,034	44,573	54,727
Interest income	64	122	157	214
Interest expense	(118,572)	(118,462)	(229,042)	(259,586)
Total other income (expense)	(95,891)	(86,968)	(177,965)	(186,352)
Net loss	(448,770)	(450,535)	(823,956)	(617,008)
Loss (income) attributable to noncontrolling interest	3,343	3,043	4,011	(2,032)
Net loss attributable to International Isotopes Inc.	$ (445,427)	$ (447,492)	$ (819,945)	$ (619,040)
Net loss per common share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average common shares outstanding - basic and diluted	402,481,728	402,210,797	402,408,772	394,108,451

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (823,956)	$ (617,008)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net income in equity method investment	(44,573)	(54,727)
Depreciation and amortization	115,166	103,973
Gain on disposal of property, plant and equipment	(4,500)	0
Accretion of obligation for lease disposal costs	4,608	4,518
Accretion of beneficial conversion feature and debt discount	97,762	103,170
Equity based compensation	61,556	92,787
Changes in operating assets and liabilities:
Accounts receivable	327,128	109,531
Prepaids and other assets	142,925	29,465
Inventories	(226,237)	63,731
Unearned revenues	736,264	1,210,700
Accounts payable and accrued liabilities	(257,621)	(85,860)
Net cash provided by operating activities	128,522	960,280
Cash flows from investing activities:
Restricted certificate of deposit	0	(225,315)
Proceeds from sale of property, plant and equipment	4,500	0
Dividends received from equity method investment	3,900	17,027
Purchase of property, plant and equipment	(58,531)	(30,478)
Net cash used in investing activities	(50,131)	(238,766)
Cash flows from financing activities:
Proceeds from sale of stock	2,134	2,226
Principal payments on notes payable	(47,491)	(103,903)
Net cash used in financing activities	(45,357)	(101,677)
Net increase in cash and cash equivalents	33,034	619,837
Cash and cash equivalents at beginning of period	397,955	558,541
Cash and cash equivalents at end of period	430,989	1,178,378
Supplemental disclosure of cash flow activities:
Cash paid for interest	116,280	163,640
Supplemental disclosure of noncash financing and investing transactions:
Dealer financing for the purchase of a new vehicle	47,513	0
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
Increase in other assets and decrease in property, plant and equipment for cancellation of purchase contract	$ 0	$ 255,000

The Company and Basis of Presen

The Company and Basis of Presentation	6 Months Ended
	Jun. 30, 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 INIS’s 50% owned joint venture, TI Services, LLC (TI Services), which is located in Youngstown, Ohio. The Company also owns a 24.5% interest in RadQual, LLC (RadQual), a global supplier of molecular imaging quality control devices. Nature of Operations 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 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 Company’s 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	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current Developments and Liquidity	(2) Current Developments and Liquidity Business Condition During the quarter ended June 30, 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	6 Months Ended
	Jun. 30, 2016
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, 2016, the Company had 27,450,000 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 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.

Investment

Investment	6 Months Ended
	Jun. 30, 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 $1,475,601 and is reported as an asset at June 30, 2016. For the six months ended June 30, 2016, member distributions from RadQual, totaled $3,900 and were recorded as a reduction of the investment, and for the same period in 2015, member distributions totaling $17,027 were recorded as a reduction of the investment. During the six months ended June 30, 2016 and 2015, earnings allocated to the Company from RadQual totaled $44,573 and $54,727, respectively. These allocated earnings were recorded as equity in net income of affiliate on the Company’s condensed consolidated statements of operations. At June 30, 2016 and 2015, the Company had receivables from RadQual in the amount of $368,708 and $322,385, respectively, which are recorded as part of accounts receivable on the Company’s condensed consolidated balance sheets. For the three months ended June 30, 2016 and 2015, the Company reported revenue from RadQual in the amount of $553,204 and $489,018 respectively. For the six months ended June 30, 2016 and 2015, the Company reported revenue from RadQual in the amount of $1,070,237 and $1,022,786, respectively. Revenue from RadQual is recorded as sale of product on the Company’s condensed consolidated statements of operations. Summarized financial information for RadQual for the three and six months ended June 30, 2016 and 2015 is presented below: For the three-months ended June 30, For the six-months ended June 30, RadQual LLC 2016 2015 2016 2015 Current assets $ 650,445 $ 519,286 $ 650,445 $ 519,286 Noncurrent assets 12,916 14,247 12,916 14,247 Current liabilities $ 404,802 $ 422,970 $ 404,802 $ 422,970 Noncurrent liabilities - - - - Revenue $ 819,257 $ 773,410 $ 1,622,077 $ 1,584,138 Gross profit 231,002 222,035 458,386 480,654 Net income $ 101,220 $ 79,740 $ 185,368 $ 221,345

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	(5) Inventories Inventories consisted of the following at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Raw materials $ 91,279 $ 91,555 Work in process 1,235,836 1,011,330 Finished goods 10,692 8,685 $ 1,337,807 $ 1,111,570 Work in process includes cobalt-60 targets that are located in the U.S. Department of Energy’s (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 June 30, 2016, and December 31, 2015, the total carrying value of the target inventory, was $947,157 and $721,052, respectively. Work in process 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 in the Company’s financial statements as the targets are completed and shipped to the customer, which is expected to begin in 2017.

Stockholders' Equity, Options a

Stockholders' Equity, Options and Warrants	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity, Options and Warrants	(6) Stockholders’ Equity, Options and Warrants Employee Stock Purchase Plan During the six months ended June 30, 2016 and 2015, the Company issued 26,665 and 87,343 shares of common stock, respectively, to employees for proceeds of $2,134 and $2,226, respectively. All of these shares were issued in accordance with the Company’s employee stock purchase plan. As of June 30, 2016, 832,373 shares of common stock remain available for issuance under the Company’s employee stock purchase plan. Stock-Based Compensation Plans 2015 Incentive Plan restricted stock units, performance shares and units, and other stock or cash-based awards. The 2015 Plan amended and restated the Company’s Amended and Restated 2006 Equity Incentive Plan (2006 Plan). The 2015 Plan authorizes the issuance of up to 60,000,000 shares of common stock, plus 11,089,967 shares authorized, but not issued under the 2006 Plan. Unless earlier terminated, the 2015 Plan will terminate on July 13, 2025. At June 30, 2016, there were 21,669,347 shares available for issuance under the 2015 Plan. Employee/Director Grants Non-Employee Grants Option awards outstanding as of June 30, 2016, and changes during the six months ended June 30, 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 (500,000) $ 0.04 Forfeited - Outstanding at June 30, 2016 27,450,000 $ 0.05 5.0 $ 892,500 Exercisable at June 30, 2016 22,929,167 $ 0.05 4.5 $ 740,833 The intrinsic value of outstanding and exercisable shares is based on the closing price of the Company’s common stock of $0.07 per share on June 30, 2016, the last trading day of the quarter. As of June 30, 2016, there was $16,680 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 0.31 years. Total stock-based compensation expense for the three months ended June 30 2016 and 2015 was $23,002 and $36,442, respectively. And, total stock-based compensation expense for the six months ended June 30, 2016 and 2015 was $61,556 and $92,787, respectively. In June 2016, 500,000 qualified stock options were exercised under a cashless exercise. The Company withheld 218,750 shares to satisfy the exercise price and issued 281,250 shares of common stock. The options exercised were granted under a qualified plan, and accordingly, there is no income tax effect in the accompanying condensed consolidated financial statements. Pursuant to an employment agreement with its CEO, the Company issued 280,000 fully vested shares of common stock in February 2016, under the 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 employee’s payroll tax obligations in connection with this issuance. The net shares issued on February 29, 2016, totaled 167,860 shares. Warrants outstanding at June 30, 2016, and changes during the six months ended June 30, 2016, were as follows: Warrants Outstanding at December 31, 2015 42,257,951 Issued - Exercised - Forfeited (14,838,779) Outstanding at June 30, 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	6 Months Ended
	Jun. 30, 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 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 Company’s 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 Company’s 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 Company’s 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. The parties attempted mediation of the claims in June 2016, however, the mediation was unsuccessful. The Company will now pursue arbitration proceedings with regard to this matter. The arbitration hearing is expected to be held in the first quarter of 2017. No accruals have been made in the Company’s 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	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, Sale of Product 2016 2015 2016 2015 Radiochemical Products $ 400,948 $ 433,520 $ 783,193 $ 855,159 Cobalt Products 191,869 232,743 505,655 486,058 Nuclear Medicine Standards 836,858 778,791 1,650,017 1,648,773 Radiological Services 233,080 99,272 361,067 454,167 Fluorine Products - - - - Transportation 35,977 36,050 90,477 72,700 Total Segments 1,698,732 1,580,376 3,390,409 3,516,857 Corporate revenue - - - - Total Consolidated $ 1,698,732 $ 1,580,376 $ 3,390,409 $ 3,516,857 Three months ended June 30, Six months ended June 30, Depreciation and Amortization 2016 2015 2016 2015 Radiochemical Products $ 1,750 $ 1,727 $ 3,498 $ 3,431 Cobalt Products 14,000 10,486 23,691 20,973 Nuclear Medicine Standards 4,153 3,598 8,453 7,214 Radiological Services 8,755 6,236 15,716 12,354 Fluorine Products 28,012 27,647 55,960 55,169 Transportation 2,889 1,110 4,649 2,221 Total Segments 59,559 50,804 111,967 101,362 Corporate depreciation and amortization 1,599 1,484 3,199 2,611 Total Consolidated $ 61,158 $ 52,288 $ 115,166 $ 103,973 Three months ended June 30, Six months ended June 30, Segment Income (Loss) 2016 2015 2016 2015 Radiochemical Products $ 96,373 $ 79,142 $ 159,471 $ 166,110 Cobalt Products 106,289 115,414 309,654 265,682 Nuclear Medicine Standards 207,069 143,713 361,800 336,362 Radiological Services 112,233 42,772 159,827 185,133 Fluorine Products (121,119) (88,939) (195,300) (187,095) Transportation (13,604) 2,853 (2,742) (3,782) Total Segments 387,241 294,955 792,710 762,409 Corporate loss (832,669) (742,447) (1,612,655) (1,381,449) Net Loss $ (445,427) $ (447,492) $ (819,945) $ (619,040) Three months ended June 30, Six months ended June 30, Expenditures for Segment Assets 2016 2015 2016 2015 Radiochemical Products $ - $ 549 $ - $ 1,419 Cobalt Products - - - - Nuclear Medicine Standards 2,881 - 2,881 487 Radiological Services 36,010 7,034 40,813 7,034 Fluorine Products - 2,458 8,719 10,822 Transportation 2,859 - 53,631 - Total Segments 41,750 10,041 106,044 19,762 Corporate purchases - 10,716 - 10,716 Total Consolidated $ 41,750 $ 20,757 $ 106,044 $ 30,478 June 30, December 31, Segment Assets 2016 2015 Radiochemical Products $ 224,371 $ 212,988 Cobalt Products 1,159,898 934,781 Nuclear Medicine Standards 666,342 626,615 Radiological Services 151,002 502,445 Fluorine Products 5,855,999 5,904,150 Transportation 50,624 1,642 Total Segments 8,108,236 8,182,621 Corporate assets 2,955,760 3,060,606 Total Consolidated $ 11,063,996 $ 11,243,227

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2016
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 2016 2015 2016 2015 Current assets $ 650,445 $ 519,286 $ 650,445 $ 519,286 Noncurrent assets 12,916 14,247 12,916 14,247 Current liabilities $ 404,802 $ 422,970 $ 404,802 $ 422,970 Noncurrent liabilities - - - - Revenue $ 819,257 $ 773,410 $ 1,622,077 $ 1,584,138 Gross profit 231,002 222,035 458,386 480,654 Net income $ 101,220 $ 79,740 $ 185,368 $ 221,345

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	June 30, 2016 December 31, 2015 Raw materials $ 91,279 $ 91,555 Work in process 1,235,836 1,011,330 Finished goods 10,692 8,685 $ 1,337,807 $ 1,111,570

Stockholders' Equity, Options17

Stockholders' Equity, Options and Warrants (Tables)	6 Months Ended
	Jun. 30, 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 (500,000) $ 0.04 Forfeited - Outstanding at June 30, 2016 27,450,000 $ 0.05 5.0 $ 892,500 Exercisable at June 30, 2016 22,929,167 $ 0.05 4.5 $ 740,833
Schedule of Stockholders' Equity Note, Warrants	Warrants Outstanding at December 31, 2015 42,257,951 Issued - Exercised - Forfeited (14,838,779) Outstanding at June 30, 2016 27,419,172

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	Three months ended June 30, Six months ended June 30, Sale of Product 2016 2015 2016 2015 Radiochemical Products $ 400,948 $ 433,520 $ 783,193 $ 855,159 Cobalt Products 191,869 232,743 505,655 486,058 Nuclear Medicine Standards 836,858 778,791 1,650,017 1,648,773 Radiological Services 233,080 99,272 361,067 454,167 Fluorine Products - - - - Transportation 35,977 36,050 90,477 72,700 Total Segments 1,698,732 1,580,376 3,390,409 3,516,857 Corporate revenue - - - - Total Consolidated $ 1,698,732 $ 1,580,376 $ 3,390,409 $ 3,516,857 Three months ended June 30, Six months ended June 30, Depreciation and Amortization 2016 2015 2016 2015 Radiochemical Products $ 1,750 $ 1,727 $ 3,498 $ 3,431 Cobalt Products 14,000 10,486 23,691 20,973 Nuclear Medicine Standards 4,153 3,598 8,453 7,214 Radiological Services 8,755 6,236 15,716 12,354 Fluorine Products 28,012 27,647 55,960 55,169 Transportation 2,889 1,110 4,649 2,221 Total Segments 59,559 50,804 111,967 101,362 Corporate depreciation and amortization 1,599 1,484 3,199 2,611 Total Consolidated $ 61,158 $ 52,288 $ 115,166 $ 103,973 Three months ended June 30, Six months ended June 30, Segment Income (Loss) 2016 2015 2016 2015 Radiochemical Products $ 96,373 $ 79,142 $ 159,471 $ 166,110 Cobalt Products 106,289 115,414 309,654 265,682 Nuclear Medicine Standards 207,069 143,713 361,800 336,362 Radiological Services 112,233 42,772 159,827 185,133 Fluorine Products (121,119) (88,939) (195,300) (187,095) Transportation (13,604) 2,853 (2,742) (3,782) Total Segments 387,241 294,955 792,710 762,409 Corporate loss (832,669) (742,447) (1,612,655) (1,381,449) Net Loss $ (445,427) $ (447,492) $ (819,945) $ (619,040) Three months ended June 30, Six months ended June 30, Expenditures for Segment Assets 2016 2015 2016 2015 Radiochemical Products $ - $ 549 $ - $ 1,419 Cobalt Products - - - - Nuclear Medicine Standards 2,881 - 2,881 487 Radiological Services 36,010 7,034 40,813 7,034 Fluorine Products - 2,458 8,719 10,822 Transportation 2,859 - 53,631 - Total Segments 41,750 10,041 106,044 19,762 Corporate purchases - 10,716 - 10,716 Total Consolidated $ 41,750 $ 20,757 $ 106,044 $ 30,478 June 30, December 31, Segment Assets 2016 2015 Radiochemical Products $ 224,371 $ 212,988 Cobalt Products 1,159,898 934,781 Nuclear Medicine Standards 666,342 626,615 Radiological Services 151,002 502,445 Fluorine Products 5,855,999 5,904,150 Transportation 50,624 1,642 Total Segments 8,108,236 8,182,621 Corporate assets 2,955,760 3,060,606 Total Consolidated $ 11,063,996 $ 11,243,227

The Company and Basis of Pres19

The Company and Basis of Presentation - Joint Venture (Details Narrative)	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss attributable to International Isotopes Inc.	$ (445,427)	$ (447,492)	$ (819,945)	$ (619,040)
Net cash provided by operating activities			$ 128,522	$ 960,280

Net Loss Per Common Share - B21

Net Loss Per Common Share - Basic and Diluted (Details Narrative) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Stock options outstanding	27,450,000	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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Current assets	$ 650,445	$ 519,286	$ 650,445	$ 519,286
Noncurrent assets	12,916	14,247	12,916	14,247
Current liabilities	404,802	422,970	404,802	422,970
Noncurrent liabilities	0	0	0	0
Revenue	819,257	773,410	1,622,077	1,584,138
Gross profit	231,002	222,035	458,386	480,654
Net income	$ 101,220	$ 79,740	$ 185,368	$ 221,345

Investment (Details Narrative)

Investment (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Investment	$ 1,475,601		$ 1,475,601		$ 1,434,928
Member distributions, reduction of investment			3,900	$ 17,027
Equity in net income of affiliate	20,770	$ 20,034	44,573	54,727
Revenues	$ 1,698,732	1,580,376	$ 3,390,409	3,516,857
RadQual, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest	24.50%		24.50%
Investment	$ 1,475,601		$ 1,475,601
Member distributions, reduction of investment			3,900	17,027
Equity in net income of affiliate			44,573	54,727
Accounts receivable	368,708	322,385	368,708	322,385
Revenues	$ 553,204	$ 489,018	$ 1,070,237	$ 1,022,786

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Inventory, Net, Items Net of Reserve
Raw materials	$ 91,279	$ 91,555
Work in process	1,235,836	1,011,330
Finished goods	10,692	8,685
Total inventory	$ 1,337,807	$ 1,111,570

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Inventory, Work in Process and Raw Materials
Inventory, cobalt-60 isotopes, carrying value	$ 947,157	$ 721,052

Stockholders' Equity, Options26

Stockholders' Equity, Options and Warrants - Share-Based Compensation Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 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	(500,000)
Shares forfeited | shares	0
Shares outstanding at end of period | shares	27,450,000
Shares exercisable at end of period | shares	22,929,167
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	0.04
Weighted average exercise price forfeited | $ / shares	0
Weighted average exercise price outstanding at end of period | $ / shares	0.05
Weighted average exercise price exercisable at end of period | $ / shares	$ 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	5 years
Weighted average remaining contractual life exercisable at end of period	4 years 6 months
Aggregate intrinsic value outstanding at end of period | $	$ 892,500
Aggregate intrinsic value exercisable at end of period | $	$ 740,833

Stockholders' Equity, Options27

Stockholders' Equity, Options and Warrants - Stockholders' Equity Note, Warrants or Rights (Details)	6 Months Ended
	Jun. 30, 2016shares
Class of Warrant or Right
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unrecognized compensation expense related to stock options	$ 16,680		$ 16,680
Unrecognized compensation, weighted average period			4 months
Stock-based compensation expense	$ 23,002	$ 36,442	$ 61,556	$ 92,787
Plan shares issued, net			281,250
Stock price	$ 0.07		$ 0.07
Stock options exercised			500,000
Shares withheld to satisfy the exercise price			218,750
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			26,665	87,343
Proceeds for common stock issued to employees, value			$ 2,134	$ 2,226
Common stock available for issuance	832,373		832,373
2015 Incentive Plan
Common stock available for issuance	21,669,347		21,669,347
Common stock authorized for issuance	60,000,000		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		$ 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		11,089,967

Commitments and Contingencies (

Commitments and Contingencies (Detail Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Letter of credit and restricted certificate of deposit	$ 450,630	$ 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 Company’s 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Sale of Product	$ 1,698,732	$ 1,580,376	$ 3,390,409	$ 3,516,857
Depreciation and Amortization	61,158	52,288	115,166	103,973
Segment Income (Loss)	(445,427)	(447,492)	(819,945)	(619,040)
Expenditures for Segment Assets	41,750	20,757	106,044	30,478
Segment Assets	11,063,996		11,063,996		$ 11,243,227
Segment Total
Segment Reporting Information [Line Items]
Sale of Product	1,698,732	1,580,376	3,390,409	3,516,857
Depreciation and Amortization	5,959	50,804	111,967	101,362
Segment Income (Loss)	387,241	294,955	792,710	762,409
Expenditures for Segment Assets	41,750	10,041	106,044	19,762
Segment Assets	8,108,236		8,108,236		8,182,621
Corporate Allocation
Segment Reporting Information [Line Items]
Sale of Product	0	0	0	0
Depreciation and Amortization	1,599	1,484	3,199	2,611
Segment Income (Loss)	(832,669)	(742,447)	(1,612,655)	(1,381,449)
Expenditures for Segment Assets	0	10,716	0	10,716
Segment Assets	2,955,760		2,955,760		3,060,606
Radiochemical Products
Segment Reporting Information [Line Items]
Sale of Product	400,948	433,520	783,193	855,159
Depreciation and Amortization	1,750	1,727	3,498	3,431
Segment Income (Loss)	96,373	79,142	159,471	166,110
Expenditures for Segment Assets	6,666,660	549	0	1,419
Segment Assets	224,371		224,371		212,988
Cobalt Products
Segment Reporting Information [Line Items]
Sale of Product	191,869	232,743	505,655	486,058
Depreciation and Amortization	14,000	10,486	23,691	20,973
Segment Income (Loss)	106,289	115,414	309,654	265,682
Expenditures for Segment Assets	0	0	0	0
Segment Assets	1,159,898		1,159,898		934,781
Nuclear Medicine Standards
Segment Reporting Information [Line Items]
Sale of Product	836,858	778,791	1,650,017	1,648,773
Depreciation and Amortization	4,153	3,598	8,453	7,214
Segment Income (Loss)	207,069	143,713	361,800	336,362
Expenditures for Segment Assets	2,881	0	2,881	487
Segment Assets	666,342		666,342		626,615
Radiological Services
Segment Reporting Information [Line Items]
Sale of Product	233,080	99,272	361,067	454,167
Depreciation and Amortization	8,755	6,236	15,716	12,354
Segment Income (Loss)	112,233	42,772	159,827	185,133
Expenditures for Segment Assets	36,010	7,034	40,813	7,034
Segment Assets	151,002		151,002		502,445
Fluorine Products
Segment Reporting Information [Line Items]
Sale of Product	0	0	0	0
Depreciation and Amortization	28,012	27,647	55,960	55,169
Segment Income (Loss)	(121,119)	(88,939)	(195,300)	(187,095)
Expenditures for Segment Assets	0	2,458	8,719	10,822
Segment Assets	5,855,999		5,855,999		5,904,150
Transportation
Segment Reporting Information [Line Items]
Sale of Product	35,977	36,050	90,477	72,700
Depreciation and Amortization	2,889	1,110	4,649	2,221
Segment Income (Loss)	(13,604)	2,853	(2,742)	(3,782)
Expenditures for Segment Assets	2,859	$ 0	53,631	$ 0
Segment Assets	$ 50,624		$ 50,624		$ 1,642

Segment Information (Details Na

Segment Information (Details Narrative)	6 Months Ended
	Jun. 30, 2016Number
Segment Reporting [Abstract]
Number of reportable segments	6