Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 16, 2018 | Jun. 30, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | INTERNATIONAL ISOTOPES INC | ||
Entity Central Index Key | 1,038,277 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
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 Public Float | $ 23,700,000 | ||
Entity Common Stock, Shares Outstanding | 407,633,450 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 409,338 | $ 314,520 |
Accounts receivable | 635,026 | 774,275 |
Inventories (Note 4) | 1,951,513 | 1,476,240 |
Restricted cash - due to former member | 387,455 | 0 |
Prepaids and other current assets | 344,627 | 736,447 |
Total current assets | 3,727,959 | 3,301,482 |
Long-term assets | ||
Restricted bank and money market accounts | 453,575 | 450,631 |
Property, plant and equipment, net (Note 5) | 1,935,535 | 1,948,076 |
Investment (Note 3) | 0 | 1,492,781 |
Goodwill (Note 3) | 1,376,584 | 0 |
Patents and other intangibles, net (Note 6) | 4,511,641 | 4,186,295 |
Total long-term assets | 8,277,335 | 8,077,783 |
Total assets | 12,005,294 | 11,379,265 |
Current liabilities | ||
Accounts payable | 1,619,229 | 941,659 |
Accrued liabilities | 1,139,477 | 568,714 |
Current portion of unearned revenue | 2,688,128 | 2,608,328 |
Convertible debt, net of debt discount (Note 7) | 0 | 3,025,165 |
Current portion of related party notes payable (Note 7) | 60,000 | 360,000 |
Current installments of notes payable, net of debt discount (Note 7) | 7,437 | 6,953 |
Total current liabilities | 5,514,271 | 7,510,819 |
Long-term liabilities | ||
Related party notes payable, net of current portion and debt discount (Note 7) | 419,534 | 392,712 |
Notes payable, net of current portion (Note 7) | 28,741 | 36,179 |
Unearned revenue, net of current portion | 688,980 | 364,440 |
Obligation for lease disposal costs (Note 12) | 478,424 | 468,974 |
Mandatorily redeemable convertible preferred stock (Note 9) | 4,528,417 | 850,000 |
Total long-term liabilities | 6,144,096 | 2,112,305 |
Total liabilities | 11,658,367 | 9,623,124 |
Stockholders' Equity (Note 9) | ||
Common stock | 4,067,907 | 4,049,998 |
Additional paid-in capital | 120,398,620 | 119,595,535 |
Accumulated deficit | (125,696,845) | (121,939,561) |
(Deficit) Equity attributable to International Isotopes Inc. stockholders | (1,230,318) | 1,705,972 |
Equity attributable to noncontrolling interest | 1,577,245 | 50,169 |
Total equity | 346,927 | 1,756,141 |
Total liabilities and stockholders' equity | $ 12,005,294 | $ 11,379,265 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 406,790,703 | 404,999,758 |
Common stock, shares outstanding | 406,790,703 | 404,999,758 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||
Sale of product | $ 7,420,390 | $ 6,552,149 |
Cost of product | 4,182,705 | 3,707,558 |
Gross profit | 3,237,685 | 2,844,591 |
Operating costs and expenses: | ||
Salaries and contract labor | 2,118,257 | 1,782,774 |
General, administrative and consulting | 2,808,303 | 2,053,518 |
Research and development | 376,698 | 511,283 |
Total operating expenses | 5,303,258 | 4,347,575 |
Operating loss | (2,065,573) | (1,502,984) |
Other income (expense): | ||
Other income (expense) | (256,390) | 6,605 |
Loss on equity method investment | (946,844) | 0 |
Equity in net income of affiliate | 53,173 | 73,957 |
Interest income | 3,051 | 938 |
Interest expense | (509,740) | (474,059) |
Total other (expense) | (1,656,750) | (392,559) |
Net loss | (3,722,323) | (1,895,543) |
Income (loss) attributable to non-controlling interest | 34,961 | (16,431) |
Net loss attributable to International Isotopes Inc. | $ (3,757,284) | $ (1,879,112) |
Net loss per common share - basic and diluted | $ (0.01) | $ 0 |
Weighted average common shares outstanding - basic and diluted | 406,361,656 | 403,302,425 |
Consolidated Statements Shareho
Consolidated Statements Shareholders' Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Equity Attributable to Internat'l Isotopes Shareholders | Equity Attributable to Noncontrolling Interest | Total |
Beginning balance, value at Dec. 31, 2015 | $ 4,022,430 | $ 119,554,325 | $ (120,060,449) | $ 3,516,306 | $ 66,600 | $ 3,582,906 |
Beginning balance, shares at Dec. 31, 2015 | 402,242,994 | |||||
Shares issued under employee stock purchase plan, value | $ 577 | 3,416 | 3,993 | 3,993 | ||
Shares issued under employee stock purchase plan, shares | 57,654 | |||||
Shares issued for exercise of employee stock options, value | $ 25,312 | (25,312) | ||||
Shares issued for exercise of employee stock options, shares | 2,531,250 | |||||
Stock grant, value | $ 1,679 | (1,679) | ||||
Stock grant, shares | 167,860 | |||||
Warrants issued with preferred C shares | 0 | |||||
Stock based compensation | 64,785 | 64,785 | 64,785 | |||
Net loss | (1,879,112) | (1,879,112) | (16,431) | (1,895,543) | ||
Ending balance, value at Dec. 31, 2016 | $ 4,049,998 | 119,595,535 | (121,939,561) | 1,705,972 | 50,169 | 1,756,141 |
Ending balance, shares at Dec. 31, 2016 | 404,999,758 | |||||
Shares issued under employee stock purchase plan, value | $ 938 | 5,177 | 6,115 | 6,115 | ||
Shares issued under employee stock purchase plan, shares | 93,865 | |||||
Increase in noncontrolling interest through consolidation accounting | 1,492,115 | 1,492,115 | ||||
Shares issued for exercise of employee stock options, value | $ 14,873 | (5,540) | 9,333 | 9,333 | ||
Shares issued for exercise of employee stock options, shares | 1,487,255 | |||||
Stock grant, value | $ 2,098 | (2,098) | ||||
Stock grant, shares | 209,825 | |||||
Warrants issued with preferred C shares | 641,673 | 641,673 | 641,673 | |||
Stock based compensation | 163,873 | 163,873 | 163,873 | |||
Net loss | (3,757,284) | (3,757,284) | 34,961 | (3,722,323) | ||
Ending balance, value at Dec. 31, 2017 | $ 4,067,907 | $ 120,398,620 | $ (125,696,845) | $ (1,230,318) | $ 1,577,245 | $ 346,927 |
Ending balance, shares at Dec. 31, 2017 | 406,790,703 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (3,722,323) | $ (1,895,543) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Net income in equity method investment | (53,173) | (73,957) |
Depreciation and amortization | 241,436 | 226,856 |
Gain on disposal of property, plant and equipment | 0 | (4,500) |
Loss on adjustment of investment | 946,844 | 0 |
Accretion of obligation for lease disposal costs | 9,450 | 9,263 |
Accretion of beneficial conversion feature | 5,112 | 9,657 |
Equity based compensation | 163,873 | 64,785 |
Noncash interest expense | 173,534 | 185,867 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 539,759 | 310,665 |
Restricted cash | (387,455) | 0 |
Prepaids and other current assets | 391,784 | (193,354) |
Inventories | (475,273) | (364,670) |
Unearned revenues | 404,340 | 1,423,028 |
Accounts payable and accrued liabilities | 908,893 | (22,273) |
Net cash (used in) operating activities | (853,199) | (324,176) |
Cash flows from investing activities: | ||
Restricted money market account | (2,944) | (1) |
Proceeds from sale of property, plant and equipment | 0 | 4,500 |
Cash acquired through consolidation accounting | 81,184 | 0 |
Dividends received from equity method investment | 109,111 | 16,104 |
Purchase of property, plant and equipment | (110,115) | (93,603) |
Net cash provided by (used in) investing activities | 77,236 | (73,000) |
Cash flows from financing activities: | ||
Proceeds from sale of stock | 15,447 | 3,993 |
Proceeds from issuance of debt - related party | 60,000 | 360,000 |
Cash contributed by non-controlling interest | 32,286 | 0 |
Proceeds from sale of preferred stock | 2,860,000 | 0 |
Principal payments on notes payable | (2,096,952) | (50,252) |
Net cash provided by financing activities | 870,781 | 313,741 |
Net change in cash and cash equivalents | 94,818 | (83,435) |
Cash and cash equivalents at beginning of period | 314,520 | 397,955 |
Cash and cash equivalents at end of period | 409,338 | 314,520 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 354,206 | 242,721 |
Supplemental disclosure of noncash financing and investing transactions: | ||
Dealer financing for the purchase of a new vehicle | 0 | 47,513 |
Decrease in preferred stock and increase in equity for amounts allocated to warrants issued with preferred stock | 641,673 | 0 |
Decrease in accrued interest and increase in preferred stock for conversion of debentures | 13,100 | 0 |
Decrease in debt and increase in preferred stock for conversion of debentures | 1,339,900 | $ 0 |
Assets reported through consolidation: | ||
Cash | 81,184 | |
Accounts receivable | 400,509 | |
Goodwill | 1,376,584 | |
Patents and other intangible assets | 444,126 | |
Account payable | 352,575 | |
Equity | $ 1,949,828 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Significant Accounting Policies | NOTE 1 – DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business 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 the operating cycle, 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. All assets expected to be realized in cash or sold during the normal operating cycle of the business are classified as current assets. Principles of Consolidation Significant Accounting Policies a) Financial instruments and cash equivalents The carrying value of notes payable approximates fair value because they bear interest at rates which approximate market rates. Cash and cash equivalents, totaling $409,338 and $314,520 at December 31, 2017 and 2016, respectively, consist of operating accounts and money market accounts. For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid financial instruments with original maturities of three months or less at date of purchase to be cash equivalents. At December 31, 2017 and 2016, the Company had pledged cash on deposit in a money market account valued at $453,575 and $450,631, respectively, as security for a surety bond. The surety bond is required as part of the Company’s operating license agreement with the Nuclear Regulatory Commission (“NRC”). In addition, at December 31, 2017, the Company reported restricted cash in the amount of $387,455 which represents a cash contingency held by RadQual as a result of a sale of membership units in RadQual in August 2017. The purchasing members of RadQual stipulated that a cash contingency be created to cover expenses and other debt incurred by the prior managing member of RadQual. Once the final determination of outstanding debt is made, RadQual will distribute all remaining contingent cash to the prior member. Because the Company owns 24.5% of RadQual and reports its investment in RadQual on a consolidated basis, the restricted cash contingency has been included as a short-term asset on the consolidated balance sheets as of December 31, 2017. The Company maintains its cash accounts in various deposit accounts, the balances of which are periodically in excess of federally insured limits. b) Accounts receivable The Company sells products mainly to recurring customers, wherein the customer’s ability to pay has previously been evaluated. The Company generally does not require collateral. The Company periodically reviews accounts receivable for amounts considered uncollectible and allowances are provided for uncollectible accounts when deemed necessary. At December 31, 2017 and 2016, the Company recorded no allowance for uncollectible accounts. c) Inventories Inventories are carried at the lower of cost or net realizable value. Cost is determined using the first in, first out method. Work in progress inventory contains product that is undergoing irradiation and this irradiation process can take up to three years to reach high specific activity (HSA) levels. When indicators of inventory impairment exist, the Company measures the carrying value of the inventory against its market value, and if the carrying value exceeds the market value, the inventory value is adjusted down accordingly. For the years ended December 31, 2017 and 2016, no cobalt inventory impairment was recorded. During 2017, $1,500 of raw material inventory was determined to be obsolete and was written off to expense and in 2016, during performance year-end procedures, approximately $47,000 of raw material inventory was determined to have no future value to the Company and was recorded as expense at that time. d) Property, plant and equipment Depreciation on property, plant and equipment is computed using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the shorter of the life of the lease or the service life of the improvements. Maintenance, repairs, and renewals that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains or losses on dispositions of property and equipment are included in the results of operations. e) Goodwill and other intangibles Goodwill is not amortized but is tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets recorded as a result of the change in ownership of RadQual. As of December 31, 2017, there has been no impairment of goodwill. Patents and other intangibles are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment at least annually or when events or circumstances arise that indicate the existence of impairment. The Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to: (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. When indicators of impairment exist, the Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2017 and 2016, the Company had no impairment losses related to intangible assets. f) Impairment of long-lived assets Long-lived assets are reviewed for impairment annually, or when events or circumstances arise that indicate the existence of impairment, using the same evaluation process as described above for patents and other intangibles. There was no impairment recorded during the years ended December 31, 2017 and 2016. g) Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. h) Use of estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. i) Revenue recognition Revenue is recognized when products are shipped. No warranty coverage or right of return provisions are provided to customers. Amounts received as prepayment on future products or services are recorded as unearned revenues and recognized as income when the product is shipped or service performed. j) Research and development costs Research and development costs are expensed as incurred and totaled $376,698 and $511,283 for the years ended December 31, 2017 and 2016, respectively. These research and development costs pertained to continued costs incurred to maintain our planned de-conversion facility licenses and to costs incurred in our radiochemical products segment. k) Share-based compensation The Company accounts for issuances of share-based compensation to employees in accordance with GAAP which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). For the years ended December 31, 2017 and 2016, the Company recognized share-based compensation expense of $163,873 and $64,785, respectively, related to stock options, warrants and stock grants. This expense is included as part of salaries and contract labor in the accompanying statements of operations. l) Net loss per common share – basic and diluted Basic loss per share is computed on the basis of the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed on the basis of the weighted-average number of common shares plus all potentially dilutive issuable common shares outstanding during the year. At December 31, 2017 and 2016, the Company had the following common stock equivalents outstanding that were not included in the computation of diluted net loss per common share as their effect would have been anti-dilutive, thereby decreasing the net loss per common share: December 31, 2017 2016 Stock options 32,250,000 23,316,667 Warrants 45,090,000 27,419,172 850 Shares of Series B redeemable convertible preferred stock 425,000 425,000 4,213 Shares of Series C redeemable convertible preferred stock 42,130,000 - 119,895,000 51,160,839 m) Business segments and related information GAAP establishes standards for the way public business enterprises are to report information about operating segments in annual financial statements and requires enterprises to report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosure about products and services, geographic areas and major customers. The Company currently operates in six business segments. n) Recent accounting standards In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements-Going Concern”. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date financial statements are issued. ASU 2014-15 is effective for the annual period ending after December 31, 2016, and for annual periods and interim periods thereafter, with early application permitted. We have implemented the new standard and have determined that it has no impact on the accompanying financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue recognition requirements, including most industry specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The FASB has subsequently issued the following amendments to ASU 2014-09 which have the same effective date and transition date of January 1, 2018: In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delayed the effective date of the new standard from January 1, 2017 to January 1, 2018. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes collected from customers. In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, which amends certain narrow aspects of the guidance issued in ASU 2014-09 including guidance related to the disclosure of remaining performance obligations and prior-period performance obligations, as well as other amendments to the guidance on loan guarantee fees, contract costs, refund liabilities, advertising costs and the clarification of certain examples. The Company has evaluated this guidance, particularly as it pertains to its cobalt products segment where pre-payments are received from customers, and has determined that this guidance will not have a material impact on its consolidated financial statements. The Company maintains the practice of identifying performance obligations under customer contracts and recognizes revenue only as contractual milestones are met and in an amount that is in accordance with the contract price allocated to that performance obligation. Unearned revenue and pre-payments on contracts are recorded as either a short-term or long-term liability on the Company’s consolidated balance sheets with revenue recognized in the future period in which the Company fulfills the performance obligation. 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 in the process of completing its assessment and anticipates that ASU 2016-02 will have a material impact on its consolidated Balance Sheets, as the Company will record significant asset and liability balances in connection with leased property. The Company has evaluated this standard and believes an adjustment of approximately $800,000 will be made, beginning in 2019, to both the assets and liabilities of the Company to recognize a lease related to real estate. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows” which was issued to improve uniformity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not, at this time, expect this guidance to have a material impact on its consolidated financial statements. In May 2017 the FASB issued ASU No. 2017-09, "Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting". ASU 2017-09 amends the requirements in GAAP related to accounting in changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the impact this guidance will have on its consolidated financial statements and expects the adoption will not have a significant impact on the results of operations, financial position or cash flows of the Company. |
Business Condition and Liquidit
Business Condition and Liquidity | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Condition and Liquidity | NOTE 2 – BUSINESS CONDITION AND LIQUIDITY The Company has a history of recurring losses with an accumulated deficit of $125,696,845 at December 31, 2017, and a net loss of $3,757,284 for the year then ended. The Company’s working capital, which includes inventory that will not be sold for up to three years, has increased by $2,423,025 from the prior year. The Company has used cash flows from operations of $853,199. During 2017, the Company sought to improve future cash flows from operating activities through execution of new sales agreements, improving operating cost control measures, making improvements in current manufacturing processes, pursuing new service contracts, and developing new products. The Company’s net loss was $3,757,284 in 2017, compared to a net loss of $1,879,112 in 2016. This is an increase in net loss of $1,878,172. As discussed in note 3, net loss for the year ended December 31, 2017 includes loss related to a change from the equity method of accounting to the consolidation method of accounting for the Company’s interest in RadQual. The related loss totals $946,844 and is included in other expenses. Also included in net loss for the year ended December 31, 2017, is the loss of a $255,000 deposit made to Alpha Omega Services (“AOS”) for a shipping container. In 2016, the Company delivered a Demand for Arbitration letter to AOS seeking the recovery of the deposit plus additional damages for a total claim of $1,673,241. Arbitration proceedings took place during 2017. In December 2017, the Company received notification that it would not recover any damages from AOS. Accordingly, the Company recorded a $255,000 loss on deposited funds which is included in other expenses. During the year ended December 31, 2017, the Company continued to focus on its long-standing core business segments, which consist of its radiochemical products, cobalt products, nuclear medicine standards, and radiological services segments. In November 2016, the Company submitted an abbreviated new drug application (“aNDA”) to the U.S. Food and Drug Administration for sodium iodide. Additionally, in August 2017 at the time of a membership change in RadQual, the Company became the managing member of RadQual operations. In October 2014, the Company secured a ten-year cobalt production agreement with the United States Department of Energy (“DOE”). The agreement provides the Company with access to the currently available cobalt production positions in the DOE’s 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 (“U.S.”) capable of producing large quantities of high specific activity cobalt. In addition to the cobalt production agreement with the DOE, the Company entered into supply agreements in 2015 with several customers for the purchase of cobalt-60. Because it takes approximately two to three years to irradiate cobalt targets to the desired level of activity, the shipment of cobalt-60 product to these customers is anticipated to begin in mid to late 2018. Pursuant to these cobalt-60 supply agreements, the Company will not only supply cobalt-60 to the customers but, in some instances, will also provide on-going services with respect to manufacturing and selling cobalt sources. Each contract requires quarterly progress payments to be paid by customers to the Company. Due to changes in the nuclear industry over the past few years, the Company’s 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 will continue to incur some 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 the 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, the Lea County, New Mexico Board of Commissioners agreed to extend those dates to December 31, 2016 and December 31, 2017, respectively. The Company did not meet the deadlines set forth in the amended PPA, but is in discussions with the Lea County, New Mexico Board of Commissioners to further extend the milestone dates. If the Company does not succeed in extending the commitment dates or in reaching performance dates set forth in a modified agreement, then we may, at our sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. The Company holds a Nuclear Regulatory Commission (“NRC”) construction and operating license for the depleted uranium 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 year ended December 31, 2017, the Company incurred costs of approximately $209,000 to maintain licenses and other necessary project investments. During the same period in 2016, the Company incurred costs of approximately $379,000 for planning and development activities on the project. 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. |
Purchased Asset and Investments
Purchased Asset and Investments | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Purchased Asset and Investments | NOTE 3 – PURCHASED ASSET AND INVESTMENTS Interest in RadQual, LLC The Company owns a 24.5% interest in RadQual, with which the Company has an exclusive manufacturing agreement for nuclear medicine products. On August 10, 2017, affiliates of the Company, including the Company’s Chairman of the Board and the Chief Executive Officer, acquired the remaining 75.5% interest in RadQual. As a result of this change in ownership, the Company was named as a managing member and gained the ability to exercise significant management control over the operations of RadQual. Because of this increased management ability, and pursuant to GAAP, the Company has consolidated the accounts of RadQual into its financial statements beginning as of August 10, 2017. Prior to August 10, 2017, the Company reported its 24.5% ownership of RadQual as an asset with a balance of $1,436,843 and was using the equity method of accounting for this asset. At August 10, 2017, the fair market value of the Company’s investment in RadQual was determined to be $489,999 and the Company reported as other expense a loss of $946,844 for the year ended December 31, 2017, to adjust the carrying value to fair value under ASC 805. Upon recording the fair value of the assets and liabilities of RadQual, $441,126 was assigned to patents and intangible assets that were acquired and $1,376,584 was recorded as Goodwill. Goodwill may be adjusted, as allowed by ASC 805, within a one-year time period if the fair value of assets and liabilities is determined to be different than originally recorded by the Company. For the year ended December 31, 2017, member distributions from RadQual received prior August 10, 2017, totaled $109,111 and were recorded as a reduction of the investment in RadQual. During the same period, earnings allocated to the Company from RadQual prior to August 10, 2017, totaled $53,173, and were recorded as equity in net income of affiliate on the Company’s condensed consolidated statements of operations and as a reduction to the investment on the consolidated balance sheets, prior to consolidation. Acquisition of Interest in TI Services, LLC In December 2010, the Company together with RadQual, formed a 50% owned joint venture, TI Services. TI Services is engaged in the distribution and selling of products related to the nuclear medicine industry. Because the Company controls more than a 50% direct and indirect ownership interest in TI Services, the assets and liabilities of TI Services are consolidated with those of the Company, and RadQual’s non-controlling interest in TI Services is included in the Company’s financial statements as a non-controlling interest. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES Inventories consisted of the following for the years ended December 31: 2017 2016 Raw materials $ 42,911 $ 44,455 Work in progress 1,906,377 1,425,056 Finished goods 2,225 6,729 $ 1,951,513 $ 1,476,240 Included in raw material inventory are the various pellet holders and housings involved in target fabrication, raw cobalt, strontium and other raw elements, completed flood sources, irradiated cobalt and nuclear medicine-related materials and products. Raw material inventory is regularly reviewed for obsolescence. During 2017, $1,500 of raw material was determined to have no future value and was written off to expense and during the year ended December 31, 2016, the Company determined that some older material used in product fabrication was no longer of value to the Company and wrote-off approximately $47,000 of raw material inventory. Work in process includes cobalt-60 targets that are located in the ATR located outside of Idaho Falls, Idaho. These targets are owned by the Company and contain cobalt-60 material at various stages of irradiation. The carrying value of the targets 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. At December 31, 2017, the remaining cobalt target inventory had a carrying value of $425,159, and at December 31, 2016, the inventory was valued at $442,759. 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, and at December 31, 2017 and 2016, the amount of accumulated irradiation charges reported as inventory was $1,323,540 and $766,080, respectively. 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 begin in 2018. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized as follows at December 31, 2017 and 2016: 2017 2016 Estimated Useful Lives Furniture and fixtures $ 175,387 $ 126,650 3 - 5 years Transportation equipment 122,874 122,874 5 - 10 years Plant and improvements 496,154 463,754 5 years Production equipment 3,510,389 3,497,112 5 - 10 years 4,304,804 4,210,390 Accumulated depreciation (2,369,269) (2,262,314) $ 1,935,535 $ 1,948,076 Included in fixed assets are assets purchased during the planning phase for the construction of a de-conversion facility in Hobbs, New Mexico. Although construction of the facility is currently on hold, the Company has determined that these assets continue to have future economic value based on what it considers a strong likelihood that construction of the facility will occur in the future. Depreciation expense was $108,434 and $114,134 for the years ended December 31, 2017 and 2016, respectively. |
Patents and Other Intangible As
Patents and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Patents and Other Intangible Assets | NOTE 6 – PATENTS AND OTHER INTANGIBLE ASSETS The Company owns certain patents and patents pending related to a fluorine extraction process and patents for various uses of some fluoride gases as fluorinating agents. These patents were developed in an effort to expand the possible markets for the high purity fluoride gases the Company will produce with its fluorine extraction process. In 2010, the Company was granted an additional process patent on the FEP process and during 2011 the Company started the process to file for international protections of this patent in South Africa, Japan, Russia, China, Canada, and the European Union. During 2012, the Company was granted additional process patents for the FEP process in the United States. In 2013, the FEP process patent was granted in Russia and in 2014 the FEP process patent was granted in South Africa. In 2015, the FEP process patents in China and Japan were abandoned and in 2017 the process patent in Canada was abandoned. The applications in the other countries are still in process. At the present time, the final value of this patent technology or the feasibility of expanding the fluoride gas markets through the use of this newly patented technology is uncertain. In October 2012, the NRC issued the Company a 40-year construction and operating license for the de-conversion facility. Capitalized costs associated with the licensing and planning process for this license are being amortized over the 40-year life of the license. The following table summarizes the patent and intangible activity for the years ended December 31, 2017 and 2016: 2017 2016 Beginning $ 4,909,019 $ 4,897,850 Additions 457,738 11,169 Disposals - - Ending 5,366,757 4,909,019 Accumulated amortization (855,116) (722,724) $ 4,511,641 $ 4,186,295 Included in additions are $433,243 allocated to patents and $10,883 of intangible assets brought on from the change to consolidation accounting in relation to RadQual. The patents acquired pertain to products that will be manufactured in the Company’s nuclear medicine business segment. Patent and other intangible asset amortization is based on the remaining life of the asset and estimated amortization expense is as follows: Years ending December 31, 2018 $ 160,544 2019 160,544 2020 160,544 2021 160,544 2022 160,544 Thereafter 3,708,921 $ 4,511,641 |
Convertible Debentures and Note
Convertible Debentures and Notes Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Debentures and Notes Payable | NOTE 7 – CONVERTIBLE DEBENTURES AND NOTES PAYABLE Convertible debentures In July 2012, the Company entered into a securities purchase agreement with certain institutional and private investors pursuant to which it sold convertible debentures for an aggregate of $3,069,900. The debentures had a stated interest rate of 8% per annum which was payable semi-annually. The debentures were convertible at any time into shares of the Company's common stock at an initial conversion price of $0.225 per share, subject to adjustment under certain conditions. Each investor also received a common stock purchase warrant to purchase common stock equal to twenty-five percent (25%) of the shares issuable upon conversion of the debentures. The warrants were immediately exercisable at a price of $0.30 per share with a five-year life and matured in July 2017. In accordance with FASC 470-20, Accounting for Convertible Debt Instruments that may be settled in cash upon conversion, the Company allocated the proceeds to the debentures and warrants based on their relative fair value, which resulted in $2,703,144 being allocated to the debentures and $366,756 being allocated to the warrants. Subsequent to the allocation, the Company calculated a beneficial conversion feature of $25,656. The allocated warrant value and the beneficial conversion feature were recorded as debt discount and was accreted to interest expense over the five-year life of the debentures. During the periods ended December 31, 2017, $42,169 of the allocated fair value of the warrants was accreted to interest expense and $2,566 of the beneficial conversion feature was accreted to interest expense. For the same period in 2016, $73,352 of the allocated fair value of the warrants was accreted to interest expense and $5,131 of the beneficial conversion feature was accreted to interest expense. In connection with this offering, the Company paid a fee and issued to the placement agent a warrant to purchase 1,091,520 shares of the Company’s common stock. The placement warrant had a fair value of $133,285. The value of the placement warrant and the fees were recorded as offering costs and were amortized to expense over the life of the underlying debentures. As discussed in Note 9 below, in February 2017, pursuant to a private placement transaction with certain investors, the Company issued 3,433 shares of Series C Preferred Stock and warrants. In connection with the private placement, two investors holding convertible debentures exchanged aggregate principal totaling $205,000 of the convertible debentures for shares of the Series C Preferred Stock and warrants. On March 24, 2017, the Company entered into an Amendment to the 8% Convertible Notes (the Amendment), pursuant to which the 8% Convertible Notes (the Notes) issued by the Company in July 2012 were amended to give noteholders certain additional rights. Pursuant to the Amendment, the Notes were modified to provide each holder the right, at the holder’s option and exercisable prior to May 12, 2017, to convert all or any portion of the principal amount of the Notes, plus accrued but unpaid interest, into shares of Series C Preferred Stock at a conversion price of $1,000 per share. Holders that elected to convert their Notes into Series C Preferred Stock received a Class N Warrant to purchase up to 3,750 shares of the Company’s common stock for each share of Series C Preferred Stock received upon conversion of the Notes, with each Warrant having a five-year term, a cashless exercise feature, and an exercise price of $0.10 per share of common stock. On May 12, 2017, the Company completed the retirement of $1,835,000 of the Notes in early cash redemptions, and $780,000 of the Notes were converted into an aggregate of 780 shares of Series C Preferred Stock. Notes payable In December 2013, the Company borrowed $500,000 from the Company’s Chairman of the Board of Directors (the “Board”) and one of the Company’s major shareholders. The $500,000 note bears interest at 6% and was originally due June 30, 2014. According to the terms of the note, at any time, the lenders may settle any or all of the principal and accrued interest with shares of the Company’s common stock. In connection with the note, each of the two lenders was issued 5,000,000 warrants to purchase shares of the Company’s common stock. In June 2014, the Company renegotiated the terms of this promissory note. Pursuant to the modification, the maturity date was extended to December 31, 2017, and each Lender was granted an additional 7,500,000 warrants to purchase shares of the Company’s common stock at $0.06 per share. The warrants were immediately exercisable. The fair value of these warrants was $384,428 and was recorded as a debt discount and will be amortized to interest expense over the new life of the promissory note. The Company calculated a beneficial conversion feature of $15,464 which will be accreted to interest expense over the new life of the note. As a result, the Company recorded non-cash interest expense in 2017 of $26,822 and $117,042 of non-cash interest was recorded in 2016. In February 2017, the due date of the note was extended to December 31, 2020, with all other terms of the note remaining unchanged. In September 2016, the Company borrowed an aggregate of $360,000 from the Company’s then Chairman of the Board of Directors and one of the Company’s Directors. The $360,000 note carried stated interest at 6%, which was payable upon maturity of the note on March 31, 2017. Per the terms of the note, at any time, the lenders could settle any or all principal and accrued interest with shares of the Company’s common stock or other securities of the Company. The note was secured by all unencumbered assets. In February 2017, in connection with the offering of series C Preferred Stock and warrants described in Note 9 below, all outstanding principal and accrued interest was converted by the holders into shares of the Series C Preferred Stock and warrants. In August 2017, the Company borrowed $60,000 from its Chairman of the Board of Directors pursuant to a promissory note. The note accrues interest at 5% per year, which is payable upon maturity of the note. The note is unsecured and matures on June 30, 2018. Notes payable as of December 31, 2017 and 2016 consist of the following: 2017 2016 Note payable to related parties bearing interest at 6% all principal and interest due on March 31, 2017, secured by all assets of the company not otherwise encumbered $ - $ 360,000 Note payable to a financial institution bearing interest at 6.75% Monthly installments of $805, secured by vehicle 36,179 43,132 Note payable to a related party bearing interest at 5% all principal and interest due June 30, 2018 unsecured 60,000 - Convertible notes payable, net of unamortized debt discount and debt issuance costs of $44,735 at December 31, 2016, bearing interest at 8%, matured July 27, 2017 - 3,025,165 Note payable to related parties net of unamortized debt discount of $80,466 and $107,288 at December 31, 2017 and 2016, respectively, bearing interest at 6% all principal and interest due on December 31, 2020, secured by all assets not otherwise encumbered as collateral for purchase of AOS shipping container 419,533 392,712 Total notes payable 515,712 3,821,009 Less: current maturities (67,437) (3,392,118) Notes payable, net of current installments and debt discount $ 448,275 $ 428,891 Maturities of convertible debt and notes payable, excluding debt discount and debt issuance costs, at December 31, 2017, are as follows: Years ending December 31, 2018 $ 67,437 2019 7,956 2020 508,502 2021 9,086 2022 3,197 $ 596,178 Discount (80,466) $ 515,712 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Lease Obligations | NOTE 8 – LEASE OBLIGATIONS Operating leases The Company currently leases office space under a ten-year operating lease that expires in 2021. Rental expense under the leases for the years ended December 31, 2017 and 2016 was $136,313 each year. The following is a schedule by years of the currently held operating lease as of December 31, 2017: Years ending December 31, 2018 $ 136,313 2019 136,313 2020 136,313 2021 45,318 $ 454,257 |
Shareholders' Equity, Mandatori
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants | NOTE 9 – SHAREHOLDERS’ EQUITY, REDEEMABLE CONVERTIBLE PREFERRED STOCK, OPTIONS AND WARRANTS Warrants As disclosed in Note 7, on July 27, 2012, the Company entered into a securities purchase agreement with certain institutional and private investors. Each investor received a common stock purchase warrant to purchase such number of shares of the Company’s common stock equal to twenty-five percent (25%) of the number of shares of common stock that the note purchased by such investor was convertible into on the closing date. The total possible number of shares of common stock that could be issued under the warrants was 4,502,520. The warrants were immediately exercisable at a price of $0.30 per share and expired in July 2017. In December 2013, the Company entered into a promissory note agreement with the Company’s former chairman of the Board and one of the Company’s major shareholders pursuant to which the Company borrowed $500,000. The $500,000 note bears interest at 6% and was originally due June 30, 2014. At any time, the lenders may settle any or all of the principal and accrued interest with shares of the Company’s common stock. In connection with the note, each of the two lenders was issued 5,000,000 warrants to purchase shares of the Company’s common stock at a purchase price of $0.06 per share. Pursuant to an amendment to the promissory note on June 30, 2014, the maturity date was extended to December 31, 2017 and each lender was granted an additional 7,500,000 warrants, which are immediately exercisable, to purchase shares of the Company’s common stock at $0.06 per share. In December 2016, the note was further modified to extend the maturity date to December 31, 2022, with all remaining terms unchanged. The following table summarizes warrant activity for the years ended December 31, 2017 and 2016: Warrants Outstanding Shares Weighted Average Exercise Outstanding at December 31, 2015 42,257,951 $ 0.18 Granted Exercised - Forfeited (14,838,779) 0.38 Outstanding at December 31, 2016 27,419,172 0.08 Granted 20,090,000 0.12 Exercised - - Forfeited (2,419,172) 0.30 Outstanding at December 31, 2017 45,090,000 $ 0.09 Mandatorily Redeemable Convertible Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.01 per share. The Board is authorized to set the distinguishing characteristics of each series prior to issuance, including the granting of limited or full voting rights, rights to the payment of dividends and amounts payable in event of liquidation, dissolution or winding up of the Company. At December 31, 2017 and 2016, there were 850 shares of the Series B Convertible Redeemable Preferred Stock (the “Series B Preferred Stock”) outstanding with a mandatory redemption date of May 2022 at $1,000 per share, or $850,000 in aggregate redemption value. The Series B Preferred Stock is convertible into common stock at a conversion price of $2.00 per share. These preferred shares carry no dividend preferences. Due to the mandatory redemption provision, the Series B Preferred Stock has been classified as a liability in the accompanying consolidated balance sheets. On February 17, 2017, the Company entered into subscription agreements with certain investors, including two of the Company’s directors, for the sale of (i) an aggregate of 3,433 shares of Series C Preferred Stock, and (ii) Class M warrants to purchase an aggregate of 17,165,000 shares of the Company’s common stock (the Class M Warrants), for gross proceeds of $3,433,000. The Series C Preferred Stock accrues dividends at a rate of 6% per annum, payable annually on February 17th of each year, commencing on February 17, 2018. The Series C Preferred Stock are convertible at the option of the investors at any time into shares of the Company's common stock at an initial conversion price equal to $0.10 per share, subject to adjustment. At any time after February 17, 2019, if the volume-weighted average closing price of the Company’s common stock over a period of 90 consecutive trading days is greater than $0.25 per share, the Company may redeem all or any portion of the outstanding Series C Preferred Stock at the original purchase price per share plus any accrued and unpaid dividends, payable in shares of common stock. All outstanding shares of Series C Preferred Stock will be redeemed by the Company on February 17, 2022 at the original purchase price per share, payable in cash or shares of common stock, at the option of the holder. Holders of Series C Preferred Stock do not have any voting rights, except as required by law and in connection with certain events as set forth in the Statement of Designation of the Series C Preferred Stock. The Class M Warrants are immediately exercisable at an exercise price of $0.12 per share, subject to adjustment as set forth in the warrant, and have a term of five years. The Company allocated the proceeds to the Series C Preferred Stock and Class M Warrants based on their relative fair value, which resulted in $2,895,379 being allocated to the Series C Preferred Stock and $537,621 being allocated to the Class M Warrants. The allocated Class M Warrant value was recorded as a discount to the Series C Preferred Stock and will be amortized to interest expense over the five-year life of the warrants. The fair value of the Class M Warrants, determined using the Black-Scholes Option Pricing Model, was calculated using the following assumptions: risk-free interest rate of 1.92%, expected dividend yield of 0%, expected volatility of 66%, and an expected life of five years. On March 24, 2017, the Company entered into an Amendment to the 8% Convertible Notes (the Amendment), pursuant to which the 8% Convertible Notes (the Notes) issued by the Company in July 2012 were amended to give noteholders certain additional rights. Pursuant to the Amendment, the Notes were modified to provide each holder the right, at the holder’s option and exercisable prior to May 12, 2017, to convert all or any portion of the principal amount of the Notes, plus accrued but unpaid interest, into shares of Series C Preferred Stock at a conversion price of $1,000 per share. Holders that elected to convert their Notes into Series C Preferred Stock received a Class N Warrant to purchase up to 3,750 shares of the Company’s common stock for each share of Series C Preferred Stock received upon conversion of the Notes, with each Warrant having a five-year term, a cashless exercise feature, and an exercise price of $0.10 per share of common stock. On May 12, 2017, the Company completed the retirement of $1,835,000 of the Notes in early cash redemptions, and $780,000 of the Notes were converted into an aggregate of 780 shares of Series C Preferred Stock and Class N Warrants to purchase an aggregate of 2,925,000 shares of the Company’s common stock. The Class N Warrants are immediately exercisable at an exercise price of $0.10 per share, subject to adjustment as set forth in the warrant, and have a term of five years. The Company allocated the proceeds to the Series C Preferred Stock and Class N Warrants based on their relative fair value, which resulted in $675,947 being allocated to the Series C Preferred Stock and $104,053 being allocated to the Class N Warrants. The allocated Class N Warrant value was recorded as a discount to the Series C Preferred Stock and will be amortized to interest expense over the five-year life of the warrants. The fair value of the Class N Warrants, determined using the Black-Scholes Option Pricing Model, was calculated using the following assumptions: risk-free interest rate of 1.93%, expected dividend yield of 0%, expected volatility of 66%, and an expected life of five years. Employee Stock Purchase Plan In September 2004, the Company’s Board approved an employee stock purchase plan for an aggregate of up to 2,000,000 shares of the Company’s common stock. The plan allows employees to deduct up to 15% of their salary or wages each pay period to be used for the purchase of common stock at a discounted rate. The common shares will be purchased at the end of each three-month offering period or other period as determined by the Board. The plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During 2017 and 2016, the Company issued 93,865 and 57,654 shares of common stock to employees for proceeds of $6,115 and $3,993, respectively, in accordance with the employee stock purchase plan. 2015 Incentive Plan In April 2015, the Board approved the International Isotopes Inc. 2015 Incentive Plan (the “2015 Plan”,) which was subsequently approved by the Company’s shareholders in July 2015. The 2015 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 2015 Plan amends and restates the Company’s Amended and Restated 2006 Equity Incentive Plan (the “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 December 31, 2017, there were 12,922,267 shares available for issuance under the 2015 Plan. Non-Vested Stock Grants Pursuant to an employment agreement with the Company’s Chief Executive Officer, the Company issued 350,000 shares of fully-vested Company stock in February 2017. The number of shares awarded was based on a $28,000 stock award using a price of $0.08 per share. The original agreement stated that the number of shares issued would 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. In October 2016, the employment agreement was modified to state 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 $0.05 per share. Compensation expense recorded pursuant to this transaction was $28,000, which was determined by multiplying the number of shares awarded by the average closing price of the stock for the preceding 20 trading days, which was $0.08 per share. The Company withheld 140,175 shares to satisfy the employee’s payroll tax liabilities in connection with this issuance. The net shares issued on February 28, 2017 totaled 209,825 shares. Pursuant to an employment agreement with the Company’s Chief Executive Officer, the Company issued 280,000 in fully vested shares of common stock in February 2017. 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 was based on the average closing price of common stock for the 20 trading days prior to the issue date but not less than $0.10 per share. Compensation expense recorded pursuant to this stock grant was $28,000, which was determined by multiplying the number of shares awarded by the closing price of common stock on February 28, 2017, which was $0.08 per share. The Company withheld 140,175 shares to satisfy the employee’s payroll tax liabilities in connection with this issuance. The net shares issued on February 28, 2017 totaled 209,825 shares. Stock Options A summary of the stock options issued under the Company’s equity plans is as follows: Options Outstanding Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Average Intrinsic Value Outstanding at December 31, 2015 27,950,000 $ 0.04 Granted - - Exercised (4,500,000) 0.04 $ 202,500 Forfeited (133,333) Outstanding at December 31, 2016 23,316,667 0.06 $ 1,883,667 Granted 11,500,000 0.06 Exercised (2,566,667) 0.04 $ 108,500 Forfeited - Outstanding at December 31, 2017 32,250,000 $ 0.06 6.3 $ 1,069,500 Exercisable at December 31, 2017 22,750,000 $ 0.05 4.9 $ 894,500 The total intrinsic value of stock options outstanding at December 31, 2017 was $1,069,500. The intrinsic value for stock options outstanding is calculated as the amount by which the quoted price of $0.08 of the Company’s common stock as of the end of 2017 exceeds the exercise price of the options. The Company recognized $147,087 and $49,677 of compensation expense related to these options for the years ended December 31, 2017 and 2016, respectively. At December 31, 2017, the remaining compensation expense was $211,481 and will be recognized over 1.98 years. On July 11, 2017 and August 2, 2017, the Compensation Committee granted an aggregate of 8,000,000 incentive stock options to executive officers and employees with an exercise price of $0.06 per share. Also, the Compensation Committee granted 500,000 nonqualified stock options to a consultant and 3,000,000 nonqualified stock options to members of the Board. All of the stock options were granted with an exercise price of $0.06 per share with the exception of 1,000,000 options issued to a board member with an exercise price of $0.08 per share. The employee and consultant options vest one fifth per year beginning one year from the grant date and expire on July 11, 2027. Executive officer and board member options vest one fourth immediately and one fourth each subsequent year and expire on July 11, 2027. The options had a fair value of $450,298 as estimated on the date of issue using the Black-Scholes options pricing model with the following weighted-average assumptions: risk free interest rate of 1.92% to 2.18%, expected dividend yield rate of 0%, expected volatility of 70.31% to 73.67% and an expected life between 5.53 and 7.53 years. During the year ended December 31, 2017, 2,300,000 stock options were exercised under cashless exercises. The Company withheld 1,079,412 shares to satisfy the exercise price and issued 1,220,588 shares of common stock. During the year ended December 31, 2017, 266,667 non-qualified stock options were exercised. The Company received $9,333 in cash to satisfy the exercise price and issued 266,667 shares of common stock. In June 2016, 500,000 qualified stock options, with an intrinsic value of $22,500, 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. In August 2016, 4,000,000 non-qualified stock options, with an intrinsic value of $180,000, were exercised under a cashless exercise. The Company withheld 1,750,000 shares to satisfy the exercise price and issued 2,250,000 shares of common stock. All options exercised were issued under a qualified plan and accordingly, there is no income tax effect in the accompanying financial statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 – INCOME TAXES The Company paid no federal or state income taxes during 2017 and 2016. Income tax benefit on losses differed from the amounts computed by applying the recently enacted U.S. federal income tax rate of 21% to pretax losses as a result of the following: 2017 2016 Income tax benefit $ (789,030) $ (618,284) Nondeductible expenses (7,455) 4,827 State taxes net of federal benefit (278,039) (83,650) Change in effective tax rate 3,620,117 - Change in valuation allowance (2,545,593) 697,107 $ - $ - The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets (liabilities) as of December 31, 2017 and 2016 are presented below: 2017 2016 Deferred income tax asset $ - $ - Net operating loss carryforward 9,890,479 12,961,241 Valuation allowance (9,678,454) (12,224,047) Total deferred income tax asset 212,025 737,194 Deferred income tax liability - depreciation (212,025) (737,194) Deferred tax asset (liability) $ - $ - At December 31, 2017, the Company had net operating losses of approximately $36,837,000 that will begin to expire in 2021. The valuation allowances for 2017 and 2016 have been applied to offset the deferred tax assets in recognition of the uncertainty that such benefits will be realized. In accordance with GAAP, the Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns for the open tax years in such jurisdictions. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions, and no adjustment to such reserves was required by GAAP. No interest or penalties have been levied against the Company and none are anticipated, therefore no interest or penalty has been included in the provision for income taxes in the consolidated statements of operations. The Internal Revenue Code contains provisions which reduce or limit the availability and utilization of net operating loss carry forwards in the event of a more than 50% change in ownership. If such an ownership change occurs with the Company, the use of these net operating losses could be limited. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES Dependence on Third Parties Sales to RadQual for January 1, 2017 to August 10, 2017 were $1,290,482 which represents approximately 17% of the Company’s total gross revenue for 2017. Sales during 2017 to the Company’s top three customers was approximately 31% of its total gross revenue. The Company is making efforts to reduce its dependency on a small number of customers by expanding both domestic and foreign markets and through the establishment of the joint venture, TI Services to expand the distribution of products. 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. On October 2, 2014, the Company signed a ten-year contract with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The Company will be able to purchase cobalt targets for a fixed price per target and with an annual 5% escalation in price. The contract term is October 1, 2014, through September 30, 2024. However, the DOE may end the contract if it determines termination is necessary for the national defense, security or environmental safety of the U.S. If this were to occur, all payments made by the Company would be refunded. Contingencies Because all the Company’s business segments involve the handling or use of 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 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 surety bond and a restricted money market account, in the amount of $450,630, held with North American Specialty Insurance Company and Merrill Lynch, respectively. In August 2011, we received land from Lea County, New Mexico, pursuant to a PPA, whereby the land was deeded to us for no monetary consideration. In return, we committed to construct a uranium de-conversion and FEP facility on the land. In order to retain title to the property, we were to begin construction of the de-conversion facility no later than December 31, 2014, and complete Phase I of the project and have hired at least 75 persons to operate the facility no later than December 31, 2015, although commercial operations need not have begun by that date. In 2015 the Company negotiated a modification to the PPA agreement that extended the start of construction date to December 31, 2015, and the hiring milestone to December 31, 2016. Those dates were not met and the Company is currently in the process of renegotiating a second modification to the agreement to further extend those dates. If we do not succeed in reaching an amendment to extend the performance dates in the agreement then we may, at our sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. We have not recorded the value of this property as an asset and will not do so until such time that sufficient progress on the project has been made to meet our obligations under the agreements for permanent transfer of the title. Defined Contribution Pension Plan The Company has a 401(k) defined-contribution pension plan (the “401(k) Plan”). Employees are eligible to participate in the Plan after completing six months of full-time service. Participants, under provision of Internal Revenue Code § 401(k), may elect to contribute up to $18,000 of their compensation to the 401(k) Plan which includes both before-tax and Roth after-tax contribution options. Although the Company reserves the right to make discretionary matching contributions to participant accounts, there were no employer matching contributions made for either 2017 or 2016. All amounts withheld for employee contributions for 2017 were paid into the 401(k) Plan. The employer reserves the right to terminate the 401(k) Plan at any time. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | NOTE 12 – ASSET RETIREMENT OBLIGATION As part of the Company’s NRC operating license and as part of the Company’s facility lease agreements, the Company is responsible for decommissioning any facilities upon termination or relocation of operations. The Company has developed a decommissioning funding plan using guidelines provided by the NRC and has estimated the cost of decommissioning the facility in Idaho Falls. The decommissioning cost estimate is reviewed at least annually to validate the assumptions and is revised as necessary when changes in the facility processes or radiological characteristics would affect the cost of decommissioning. In accordance with GAAP, the Company has recognized future estimated decommissioning costs as an asset retirement obligation and a related capitalized lease disposal cost. The Company has recognized period-to-period changes in the liability (accretion) in the statement of operations as amortization expense. Changes resulting from revisions to the original estimate are recorded as an increase or decrease to the capitalized lease disposal cost. Capitalized lease disposal cost is amortized on a straight-line basis over the remaining life of the facility operating lease agreement. The following summarizes the activity of the asset retirement obligation for the years ended December 31, 2017 and 2016: Obligation for Lease Disposal Cost Balance at December 31, 2015 $ 459,711 Increase in lease disposal costs - Accretion expense/amortization expense 9,263 Balance at December 31, 2016 468,974 Increase in lease disposal costs - Accretion expense/amortization expense 9,450 Balance at December 31, 2017 $ 478,424 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 13 – FAIR VALUE MEASUREMENTS At December 31, 2017 and 2016, the Company had no assets carried at fair value. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 14 – SEGMENT INFORMATION Information related to the Company’s reportable operating business segments is shown below. The Company’s reportable segments are reported in a manner consistent with the way management evaluates the businesses. The Company identifies its reportable business segments based on differences in products and services. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies. The Company has identified the following business segments: • The Nuclear Medicine Standards segment consists of the manufacture of sources and standards associated with Single Photon Emission Computed Tomography imaging, patient positioning, and calibration or operational testing of dose measuring equipment for the nuclear pharmacy industry and includes consolidated reporting of TI Services, and the consolidated reporting of the Company’s 50/50 joint venture with RadQual. • The Cobalt Products segment includes management of a cobalt irradiation contract, fabrication of cobalt capsules for teletherapy or irradiation devices, and recycling of expended cobalt sources. • The Radiochemical Products segment includes production and distribution of various isotopically pure radiochemicals for medical, industrial, or research applications. These products are either directly produced by the Company or are purchased in bulk from other producers and distributed by the Company in customized packages and chemical forms tailored to customer and market demands. Iodine-131 is the predominant radiochemical sold in this segment and an abbreviated new Drug Application (aNDA) has been submitted to the U.S. Food and Drug Administration to market this as a generic drug product upon approval. • The Fluorine Products segment historically involved the production of small scale qualification samples of high purity fluoride gas for various industrial applications, as well as development of laboratory and analytical processes required to support the planned uranium de-conversion and fluorine extraction facility. During 2013, these testing activities were completed and the pilot plant facility was closed. The Company has developed or acquired all patent rights to these processes. Future work in this segment will involve license support and, as financing permits, further work related to the de-conversion facility. • The Radiological Services segment concerns a wide array of miscellaneous services that consists of gemstone processing and field services that include source installation, removal, and radiation device decommissioning. The Transportation segment has historically provided transportation services for the Company’s products and has offered “for hire” transportation services of hazardous and non-hazardous cargo materials. Over the years the business activities in this segment have been primarily derived from the Company’s radiological services and cobalt products business segments. Because of this, Company management believes that combining the transportation services financial reporting within these other segments would provide more qualitative reporting and will begin such reporting in the first period of 2018. The following presents certain segment information as of and for the years ended December 31, 2017 and 2016: Sale of product 2017 2016 Radiochemical products $ 2,321,732 $ 1,708,120 Cobalt products 507,904 859,034 Nuclear medicine standards 3,232,229 3,093,295 Radiological services 1,332,662 769,702 Fluorine products - - Transportation 25,863 121,998 Total segments 7,420,390 6,552,149 Corporate revenue - - Total consolidated $ 7,420,390 $ 6,552,149 Depreciation and amortization 2017 2016 Radiochemical products $ 8,015 $ 6,995 Cobalt products 35,790 43,802 Nuclear medicine standards 27,932 12,888 Radiological services 38,920 34,019 Fluorine products 113,691 112,053 Transportation 10,934 10,429 Total segments 235,282 220,186 Corporate depreciation and amortization 6,154 6,670 Total consolidated $ 241,436 $ 226,856 Segment income (loss) 2017 2016 Radiochemical products $ 402,158 $ 355,448 Cobalt products 229,954 472,890 Nuclear medicine standards 627,832 680,004 Radiological services 608,396 371,228 Fluorine products (209,110) (378,705) Transportation (62,582) (34,374) Total segments 1,596,648 1,466,491 Corporate loss (5,353,932) (3,345,603) Total consolidated $ (3,757,284) $ (1,879,112) Expenditures for segment assets 2017 2016 Radiochemical products $ 40,863 $ - Cobalt products - - Nuclear medicine standards 2,940 12,682 Radiological services 13,277 56,677 Fluorine products 14,223 11,170 Transportation - 53,631 Total segments 71,303 134,160 Corporate purchases 38,812 6,956 Total consolidated $ 110,115 $ 141,116 Segment assets 2017 2016 Radiochemical products $ 282,971 $ 267,920 Cobalt products 1,813,356 1,414,240 Nuclear medicine standards 2,214,061 502,361 Radiological services 166,148 171,354 Fluorine products 5,702,159 5,801,627 Transportation 32,289 49,706 Total segments 10,210,984 8,207,208 Corporate assets 1,794,310 3,172,057 Total consolidated $ 12,005,294 $ 11,379,265 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15 – SUBSEQUENT EVENTS In January 2018, the Company’s Chief Executive Officer exercised 1,000,000 stock options granted under the 2015 Incentive Plan (previously the 2006 Equity Incentive Plan). The options were granted in 2009 and carried an exercise price of $.035 per share. As a result of the cashless exercise, 388,889 shares were tendered to cover the cost of exercise and 611,111 shares were issued to the employee. In February 2018, 1,000,000 stock options were award to an employee under the Company’s 2015 Incentive Plan. The options carry an exercise price of $0.08 per share, expire in February 2028, and vest 20% upon the first anniversary date and 20% each year thereafter until February 2023 at which time they become fully vested. Pursuant to an employment agreement with the Company’s Chief Executive Officer, the Company issued 350,000 shares of fully-vested Company stock in February 2018. The number of shares awarded was based on a $28,000 stock award using a price of $0.08 per share. The original agreement stated that the number of shares issued would 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. In October 2016, the employment agreement was modified to state 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 $0.05 per share. Compensation expense recorded pursuant to this transaction was $28,000, which was determined by multiplying the number of shares awarded by the average closing price of the stock for the preceding 20 trading days, which was $0.08 per share. The Company withheld 140,175 shares to satisfy the employee’s payroll tax liabilities in connection with this issuance. The net shares issued on February 28, 2018 totaled 209,825 shares. In February 2018 the U.S. FDA issued additional comments to the Company in regard to the abbreviated New Drug Application for sodium iodide that the Company had originally submitted to the FDA in November 2016. The Company plans to address the FDA comments and submit our amendment to the application as quickly as possible in 2018. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Financial Instrument and Cash Equivalents | Financial instruments and cash equivalents The carrying value of notes payable approximates fair value because they bear interest at rates which approximate market rates. Cash and cash equivalents, totaling $409,338 and $314,520 at December 31, 2017 and 2016, respectively, consist of operating accounts and money market accounts. For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid financial instruments with original maturities of three months or less at date of purchase to be cash equivalents. At December 31, 2017 and 2016, the Company had pledged cash on deposit in a money market account valued at $453,575 and $450,631, respectively, as security for a surety bond. The surety bond is required as part of the Company’s operating license agreement with the Nuclear Regulatory Commission (“NRC”). In addition, at December 31, 2017, the Company reported restricted cash in the amount of $387,455 which represents a cash contingency held by RadQual as a result of a sale of membership units in RadQual in August 2017. The purchasing members of RadQual stipulated that a cash contingency be created to cover expenses and other debt incurred by the prior managing member of RadQual. Once the final determination of outstanding debt is made, RadQual will distribute all remaining contingent cash to the prior member. Because the Company owns 24.5% of RadQual and reports its investment in RadQual on a consolidated basis, the restricted cash contingency has been included as a short-term asset on the consolidated balance sheets as of December 31, 2017. The Company maintains its cash accounts in various deposit accounts, the balances of which are periodically in excess of federally insured limits. |
Accounts Receivable | Accounts receivable The Company sells products mainly to recurring customers, wherein the customer’s ability to pay has previously been evaluated. The Company generally does not require collateral. The Company periodically reviews accounts receivable for amounts considered uncollectible and allowances are provided for uncollectible accounts when deemed necessary. At December 31, 2017 and 2016, the Company recorded no allowance for uncollectible accounts. |
Inventory | Inventories Inventories are carried at the lower of cost or net realizable value. Cost is determined using the first in, first out method. Work in progress inventory contains product that is undergoing irradiation and this irradiation process can take up to three years to reach high specific activity (HSA) levels. When indicators of inventory impairment exist, the Company measures the carrying value of the inventory against its market value, and if the carrying value exceeds the market value, the inventory value is adjusted down accordingly. For the years ended December 31, 2017 and 2016, no cobalt inventory impairment was recorded. During 2017, $1,500 of raw material inventory was determined to be obsolete and was written off to expense and in 2016, during performance year-end procedures, approximately $47,000 of raw material inventory was determined to have no future value to the Company and was recorded as expense at that time. |
Property, Plant and Equipment | Property, plant and equipment Depreciation on property, plant and equipment is computed using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the shorter of the life of the lease or the service life of the improvements. Maintenance, repairs, and renewals that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains or losses on dispositions of property and equipment are included in the results of operations. |
Goodwill and Other Intangibles | Goodwill and other intangibles Goodwill is not amortized but is tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets recorded as a result of the change in ownership of RadQual. As of December 31, 2017, there has been no impairment of goodwill. Patents and other intangibles are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment at least annually or when events or circumstances arise that indicate the existence of impairment. The Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to: (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. When indicators of impairment exist, the Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2017 and 2016, the Company had no impairment losses related to intangible assets. |
Impairment of Long-Lived Assets | Impairment of long-lived assets Long-lived assets are reviewed for impairment annually, or when events or circumstances arise that indicate the existence of impairment, using the same evaluation process as described above for patents and other intangibles. There was no impairment recorded during the years ended December 31, 2017 and 2016. |
Income Tax | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. |
Use of Estimates | Use of estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. |
Revenue Recognition | Revenue recognition Revenue is recognized when products are shipped. No warranty coverage or right of return provisions are provided to customers. Amounts received as prepayment on future products or services are recorded as unearned revenues and recognized as income when the product is shipped or service performed. |
Research and Development Costs | Research and development costs Research and development costs are expensed as incurred and totaled $376,698 and $511,283 for the years ended December 31, 2017 and 2016, respectively. These research and development costs pertained to continued costs incurred to maintain our planned de-conversion facility licenses and to costs incurred in our radiochemical products segment. |
Share-Based Compensation | Share-based compensation The Company accounts for issuances of share-based compensation to employees in accordance with GAAP which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). For the years ended December 31, 2017 and 2016, the Company recognized share-based compensation expense of $163,873 and $64,785, respectively, related to stock options, warrants and stock grants. This expense is included as part of salaries and contract labor in the accompanying statements of operations. |
Net Loss Per Common Share - Basic and Diluted | Net loss per common share – basic and diluted Basic loss per share is computed on the basis of the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed on the basis of the weighted-average number of common shares plus all potentially dilutive issuable common shares outstanding during the year. |
Business Segments and Related Information | Business segments and related information GAAP establishes standards for the way public business enterprises are to report information about operating segments in annual financial statements and requires enterprises to report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosure about products and services, geographic areas and major customers. The Company currently operates in six business segments. |
Recently Issued Accounting Standards | Recent accounting standards In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements-Going Concern”. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date financial statements are issued. ASU 2014-15 is effective for the annual period ending after December 31, 2016, and for annual periods and interim periods thereafter, with early application permitted. We have implemented the new standard and have determined that it has no impact on the accompanying financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue recognition requirements, including most industry specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The FASB has subsequently issued the following amendments to ASU 2014-09 which have the same effective date and transition date of January 1, 2018: In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delayed the effective date of the new standard from January 1, 2017 to January 1, 2018. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes collected from customers. In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, which amends certain narrow aspects of the guidance issued in ASU 2014-09 including guidance related to the disclosure of remaining performance obligations and prior-period performance obligations, as well as other amendments to the guidance on loan guarantee fees, contract costs, refund liabilities, advertising costs and the clarification of certain examples. The Company has evaluated this guidance, particularly as it pertains to its cobalt products segment where pre-payments are received from customers, and has determined that this guidance will not have a material impact on its consolidated financial statements. The Company maintains the practice of identifying performance obligations under customer contracts and recognizes revenue only as contractual milestones are met and in an amount that is in accordance with the contract price allocated to that performance obligation. Unearned revenue and pre-payments on contracts are recorded as either a short-term or long-term liability on the Company’s consolidated balance sheets with revenue recognized in the future period in which the Company fulfills the performance obligation. 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 in the process of completing its assessment and anticipates that ASU 2016-02 will have a material impact on its consolidated Balance Sheets, as the Company will record significant asset and liability balances in connection with leased property. The Company has evaluated this standard and believes an adjustment of approximately $800,000 will be made, beginning in 2019, to both the assets and liabilities of the Company to recognize a lease related to real estate. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows” which was issued to improve uniformity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not, at this time, expect this guidance to have a material impact on its consolidated financial statements. In May 2017 the FASB issued ASU No. 2017-09, "Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting". ASU 2017-09 amends the requirements in GAAP related to accounting in changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the impact this guidance will have on its consolidated financial statements and expects the adoption will not have a significant impact on the results of operations, financial position or cash flows of the Company. |
Description of Business and S23
Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | December 31, 2017 2016 Stock options 32,250,000 23,316,667 Warrants 45,090,000 27,419,172 850 Shares of Series B redeemable convertible preferred stock 425,000 425,000 4,213 Shares of Series C redeemable convertible preferred stock 42,130,000 - 119,895,000 51,160,839 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | 2017 2016 Raw materials $ 42,911 $ 44,455 Work in progress 1,906,377 1,425,056 Finished goods 2,225 6,729 $ 1,951,513 $ 1,476,240 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 2017 2016 Estimated Useful Lives Furniture and fixtures $ 175,387 $ 126,650 3 - 5 years Transportation equipment 122,874 122,874 5 - 10 years Plant and improvements 496,154 463,754 5 years Production equipment 3,510,389 3,497,112 5 - 10 years 4,304,804 4,210,390 Accumulated depreciation (2,369,269) (2,262,314) $ 1,935,535 $ 1,948,076 |
Patents and Other Intangible 26
Patents and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | 2017 2016 Beginning $ 4,909,019 $ 4,897,850 Additions 457,738 11,169 Disposals - - Ending 5,366,757 4,909,019 Accumulated amortization (855,116) (722,724) $ 4,511,641 $ 4,186,295 |
Schedule of Future Amortization Expense | Years ending December 31, 2018 $ 160,544 2019 160,544 2020 160,544 2021 160,544 2022 160,544 Thereafter 3,708,921 $ 4,511,641 |
Convertible Debentures and No27
Convertible Debentures and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | 2017 2016 Note payable to related parties bearing interest at 6% all principal and interest due on March 31, 2017, secured by all assets of the company not otherwise encumbered $ - $ 360,000 Note payable to a financial institution bearing interest at 6.75% Monthly installments of $805, secured by vehicle 36,179 43,132 Note payable to a related party bearing interest at 5% all principal and interest due June 30, 2018 unsecured 60,000 - Convertible notes payable, net of unamortized debt discount and debt issuance costs of $44,735 at December 31, 2016, bearing interest at 8%, matured July 27, 2017 - 3,025,165 Note payable to related parties net of unamortized debt discount of $80,466 and $107,288 at December 31, 2017 and 2016, respectively, bearing interest at 6% all principal and interest due on December 31, 2020, secured by all assets not otherwise encumbered as collateral for purchase of AOS shipping container 419,533 392,712 Total notes payable 515,712 3,821,009 Less: current maturities (67,437) (3,392,118) Notes payable, net of current installments and debt discount $ 448,275 $ 428,891 |
Schedule of Maturities of Long Term Debt | Years ending December 31, 2018 $ 67,437 2019 7,956 2020 508,502 2021 9,086 2022 3,197 $ 596,178 Discount (80,466) $ 515,712 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments for Operating Leases | Years ending December 31, 2018 $ 136,313 2019 136,313 2020 136,313 2021 45,318 $ 454,257 |
Shareholders' Equity, Mandato29
Shareholders' Equity, Mandatorily Redeemable Convertible Preferred Stock, Options and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Warrants or Rights | Warrants Outstanding Shares Weighted Average Exercise Outstanding at December 31, 2015 42,257,951 $ 0.18 Granted Exercised - Forfeited (14,838,779) 0.38 Outstanding at December 31, 2016 27,419,172 0.08 Granted 20,090,000 0.12 Exercised - - Forfeited (2,419,172) 0.30 Outstanding at December 31, 2017 45,090,000 $ 0.09 |
Schedule of Stock Option Activity | Options Outstanding Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Average Intrinsic Value Outstanding at December 31, 2015 27,950,000 $ 0.04 Granted - - Exercised (4,500,000) 0.04 $ 202,500 Forfeited (133,333) Outstanding at December 31, 2016 23,316,667 0.06 $ 1,883,667 Granted 11,500,000 0.06 Exercised (2,566,667) 0.04 $ 108,500 Forfeited - Outstanding at December 31, 2017 32,250,000 $ 0.06 6.3 $ 1,069,500 Exercisable at December 31, 2017 22,750,000 $ 0.05 4.9 $ 894,500 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | 2017 2016 Income tax benefit $ (789,030) $ (618,284) Nondeductible expenses (7,455) 4,827 State taxes net of federal benefit (278,039) (83,650) Change in effective tax rate 3,620,117 - Change in valuation allowance (2,545,593) 697,107 $ - $ - |
Schedule of Deferred Tax Assets and Liabilities | 2017 2016 Deferred income tax asset $ - $ - Net operating loss carryforward 9,890,479 12,961,241 Valuation allowance (9,678,454) (12,224,047) Total deferred income tax asset 212,025 737,194 Deferred income tax liability - depreciation (212,025) (737,194) Deferred tax asset (liability) $ - $ - |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | Obligation for Lease Disposal Cost Balance at December 31, 2015 $ 459,711 Increase in lease disposal costs - Accretion expense/amortization expense 9,263 Balance at December 31, 2016 468,974 Increase in lease disposal costs - Accretion expense/amortization expense 9,450 Balance at December 31, 2017 $ 478,424 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Sale of product 2017 2016 Radiochemical products $ 2,321,732 $ 1,708,120 Cobalt products 507,904 859,034 Nuclear medicine standards 3,232,229 3,093,295 Radiological services 1,332,662 769,702 Fluorine products - - Transportation 25,863 121,998 Total segments 7,420,390 6,552,149 Corporate revenue - - Total consolidated $ 7,420,390 $ 6,552,149 Depreciation and amortization 2017 2016 Radiochemical products $ 8,015 $ 6,995 Cobalt products 35,790 43,802 Nuclear medicine standards 27,932 12,888 Radiological services 38,920 34,019 Fluorine products 113,691 112,053 Transportation 10,934 10,429 Total segments 235,282 220,186 Corporate depreciation and amortization 6,154 6,670 Total consolidated $ 241,436 $ 226,856 Segment income (loss) 2017 2016 Radiochemical products $ 402,158 $ 355,448 Cobalt products 229,954 472,890 Nuclear medicine standards 627,832 680,004 Radiological services 608,396 371,228 Fluorine products (209,110) (378,705) Transportation (62,582) (34,374) Total segments 1,596,648 1,466,491 Corporate loss (5,353,932) (3,345,603) Total consolidated $ (3,757,284) $ (1,879,112) Expenditures for segment assets 2017 2016 Radiochemical products $ 40,863 $ - Cobalt products - - Nuclear medicine standards 2,940 12,682 Radiological services 13,277 56,677 Fluorine products 14,223 11,170 Transportation - 53,631 Total segments 71,303 134,160 Corporate purchases 38,812 6,956 Total consolidated $ 110,115 $ 141,116 Segment assets 2017 2016 Radiochemical products $ 282,971 $ 267,920 Cobalt products 1,813,356 1,414,240 Nuclear medicine standards 2,214,061 502,361 Radiological services 166,148 171,354 Fluorine products 5,702,159 5,801,627 Transportation 32,289 49,706 Total segments 10,210,984 8,207,208 Corporate assets 1,794,310 3,172,057 Total consolidated $ 12,005,294 $ 11,379,265 |
Description of Business and S33
Description of Business and Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 119,895,000 | 51,160,839 |
Series B Convertible Redeemable Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 425,000 | 425,000 |
Series C Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 42,130,000 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 32,250,000 | 23,316,667 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 45,090,000 | 27,419,172 |
Description of Business and S34
Description of Business and Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash and Cash Equivalents | |||
Cash and cash equivalents | $ 409,338 | $ 314,520 | $ 397,955 |
Restricted money market account | 453,575 | 450,631 | |
Restricted cash, due to former member | 387,455 | 0 | |
Inventory | |||
Work in process, impairment expense | 1,500 | ||
Inventory write-down expense | 47,000 | ||
Research and Development | |||
Research and development | 376,698 | 511,283 | |
Share-Based Compensation | |||
Equity based compensation | 163,873 | $ 64,785 | |
New Accounting Standards | |||
Future material impact of adopting new accounting standards relating to leases | $ 800,000 | ||
Affiliates of the Company | |||
Joint venture, percentage ownership | 75.50% | ||
RadQual, LLC | |||
Joint venture, percentage ownership | 24.50% | ||
TI Services, LLC | |||
Noncontrolling interest, ownership percentage by parent | 50.00% |
Business Condition and Liquid35
Business Condition and Liquidity (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (125,696,845) | $ (121,939,561) |
Net loss | (3,757,284) | (1,879,112) |
Increase in net loss | (1,878,172) | |
Increase in working capital | 2,423,025 | |
Net cash used in operating activities | (853,199) | $ (324,176) |
Commitment, description | In October 2014, the Company secured a ten-year cobalt production agreement with the United States Department of Energy ("DOE"). The agreement provides the Company with access to the currently available cobalt production positions in the DOE's 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 ("U.S.") capable of producing large quantities of high specific activity cobalt. The Company holds a Nuclear Regulatory Commission ("NRC") construction and operating license for the depleted uranium 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. | |
Amendment to Project Participation Agreement, description | In July 2015, the Company announced that it executed an amendment to its Project Participation Agreement (PPA) with the 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, the Lea County, New Mexico Board of Commissioners agreed to extend those dates to December 31, 2016 and December 31, 2017, respectively. The Company did not meet the deadlines set forth in the amended PPA, but is in discussions with the Lea County, New Mexico Board of Commissioners to further extend the milestone dates. If the Company does not succeed in extending the commitment dates or in reaching performance dates set forth in a modified agreement, then we may, at our sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. | |
Licensing, expense | 209,000 | $ 379,000 |
Loss on equity method investment | (946,844) | $ 0 |
Loss of deposit | $ 255,000 | |
Loss Contingency, Actions Taken by Court, Arbitrator or Mediator | The Company delivered a Demand for Arbitration letter to AOS seeking the recovery of the deposit plus additional damages for a total claim of $1,673,241. Arbitration proceedings took place during 2017. In December 2017, the Company received notification that it would not recover any damages from AOS. |
Purchased Asset and Investmen36
Purchased Asset and Investments (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||
Investment | $ 0 | $ 1,492,781 |
Loss on equity method investment | (946,844) | 0 |
Patents and other intangible assets | 444,126 | |
Goodwill | 1,376,584 | |
Member distributions, reduction of investment | 109,111 | 16,104 |
Equity in net income of affiliate | $ 53,173 | $ 73,957 |
TI Services, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 50.00% | |
Affiliates of the Company | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership interest | 75.50% | |
RadQual, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership interest | 24.50% | |
Investment | $ 1,436,843 | |
Market value of investment | 489,999 | |
Loss on equity method investment | (946,844) | |
Patents and other intangible assets | 441,126 | |
Goodwill | 1,376,584 | |
Member distributions, reduction of investment | 109,111 | |
Equity in net income of affiliate | $ 53,173 |
Inventories (Details)
Inventories (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory, Net, Items Net of Reserve | ||
Raw materials | $ 42,911 | $ 44,455 |
Work in progress | 1,906,377 | 1,425,056 |
Finished goods | 2,225 | 6,729 |
Total inventory | $ 1,951,513 | $ 1,476,240 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory, Work in Process and Raw Materials | ||
Inventory, cobalt-60 isotopes, carrying value | $ 425,159 | $ 442,759 |
Raw material write down | 47,000 | |
Work in process, impairment expense | 1,500 | |
Accumulated irradiation charges | $ 1,323,540 | $ 766,080 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 4,304,804 | $ 4,210,390 |
Accumulated depreciation | (2,369,269) | (2,262,314) |
Property, plant and equipment, net | 1,935,535 | 1,948,076 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 175,387 | $ 126,650 |
Estimated useful lives | 3-5 years | 3-5 years |
Transportation Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 122,874 | $ 122,874 |
Estimated useful lives | 5-10 years | 5-10 years |
Plant and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 496,154 | $ 463,754 |
Estimated useful lives | 5 years | 5 years |
Production Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 3,510,389 | $ 3,497,112 |
Estimated useful lives | 5-10 years | 5-10 years |
Property, Plant and Equipment40
Property, Plant and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 108,434 | $ 114,134 |
Patents and Other Intangible 41
Patents and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Patents and other intangible assets, beginning balance | $ 4,909,019 | $ 4,897,850 |
Patents and other intangible assets, additions | 457,738 | 11,169 |
Patents and other intangible assets, ending balance | 5,366,757 | 4,909,019 |
Accumulated amortization | (855,116) | (722,724) |
Patents and other intangible assets, net | $ 4,511,641 | $ 4,186,295 |
Patents and Other Intangible 42
Patents and Other Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net, Amortization Expense | ||
2,018 | $ 160,544 | |
2,019 | 160,544 | |
2,020 | 160,544 | |
2,021 | 160,544 | |
2,022 | 160,544 | |
Thereafter | 3,708,921 | |
Patents and other intangibles, net | $ 4,511,641 | $ 4,186,295 |
Patents and Other Intangible 43
Patents and Other Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2012 | |
Intangible assets amorization expense | $ 132,392 | $ 112,722 | |
Patents and other intangible assets, additions | 457,738 | $ 11,169 | |
Nuclear Regulatory Commission operating license, description | In October 2012, the Nuclear Regulatory Commission issued the Company a 40 year construction and operating license. The license will be amortized over its 40 year life. | ||
Patents | |||
Patents and other intangible assets, additions | 433,243 | ||
Other Intangible Assets | |||
Patents and other intangible assets, additions | $ 10,883 |
Convertible Debentures and No44
Convertible Debentures and Notes Payable - Schedule of Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 515,712 | $ 3,821,009 |
Unamortized debt discount | 80,466 | |
Current maturities | (67,437) | (3,392,118) |
Notes payable, net of current installments and debt discount | 448,275 | 428,891 |
Notes Payable | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 36,179 | $ 43,132 |
Notes payable, interest rate | 6.75% | 6.75% |
Notes payable, payment terms | Monthly installments of $805, secured | Monthly installments of $805, secured |
Notes Payable | Related Parties | ||
Debt Instrument [Line Items] | ||
Note payable, related party | $ 0 | $ 360,000 |
Note payable, related party, interest rate | 6.00% | |
Note payable, related party, maturity date | Mar. 31, 2017 | |
Notes Payable | Related Parties #3 | ||
Debt Instrument [Line Items] | ||
Note payable, related party | $ 60,000 | |
Note payable, related party, interest rate | 5.00% | |
Note payable, related party, maturity date | Jun. 30, 2018 | |
Notes Payable | Related Parties #2 | ||
Debt Instrument [Line Items] | ||
Note payable, related party | $ 419,533 | $ 392,712 |
Note payable, related party, interest rate | 6.00% | 6.00% |
Note payable, related party, maturity date | Dec. 31, 2020 | Dec. 31, 2020 |
Unamortized debt discount | $ 80,466 | $ 107,288 |
Convertible Notes | Convertible Notes Payable #1 | ||
Debt Instrument [Line Items] | ||
Convertible notes payable | $ 3,025,165 | |
Convertible notes payable, maturity date | Jul. 27, 2017 | |
Notes payable, interest rate | 8.00% | |
Unamortized debt discount and debt issuance costs | $ 44,735 |
Convertible Debentures and No45
Convertible Debentures and Notes Payable - Schedule of Maturities of Long Term Debt (Details) | Dec. 31, 2017USD ($) |
Long-term Debt, Rolling Maturity | |
2,018 | $ 67,437 |
2,019 | 7,956 |
2,020 | 508,502 |
2,021 | 9,086 |
2,022 | 3,197 |
Thereafter | 596,178 |
Discount | (80,466) |
Total maturities of notes payable obligations | $ 515,712 |
Convertible Debentures and No46
Convertible Debentures and Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accretion of beneficial conversion features | $ 5,112 | $ 9,657 | |||
Non-cash interest expense | $ 173,534 | 185,867 | |||
Series C Redeemable Convertible Preferred Stock | |||||
Convertible preferred stock, shares issued | 3,433 | ||||
Private Placement | Series C Redeemable Convertible Preferred Stock | |||||
Conversion of debt for shares of series C preferred stock and warrants, value | $ 205,000 | ||||
Convertible Notes | |||||
Proceeds from convertible debt, aggregate value | $ 3,069,900 | ||||
Interest rate | 8.00% | ||||
Maturity date | Jul. 31, 2017 | ||||
Conversion price | $ 0.225 | ||||
Class of warrant or right, description | Each investor received a common stock purchase warrant to purchase common stock equal to twenty five percent (25%) of the shares issuable upon conversion of the debentures. | ||||
Warrant exercise price | $ 0.30 | ||||
Warrant expiration term | Term of 5 years | ||||
Fair value | $ 2,703,144 | ||||
Fair value, warrants | 366,756 | ||||
Beneficial conversion feature | 42,169 | $ 25,656 | |||
Warrants issued | 1,091,520 | ||||
Warrant issued, fair value | $ 133,285 | ||||
Accretion of beneficial conversion features | $ 2,566 | ||||
Debt instrument, description | On March 24, 2017, the Company entered into an Amendment to the 8% Convertible Notes (the Amendment), pursuant to which the 8% Convertible Notes issued by the Company in July 2012 were amended to give noteholders certain additional rights. Pursuant to the Amendment, the Notes were modified to provide each holder the right, at the holder's option and exercisable prior to May 12, 2017, to convert all or any portion of the principal amount of the Notes, plus accrued but unpaid interest, into shares of Series C Preferred Stock at a conversion price of $1,000 per share. Holders that elected to convert their Notes into Series C Preferred Stock received a Class N Warrant to purchase up to 3,750 shares of the Company's common stock for each share of Series C Preferred Stock received upon conversion of the Notes, with each Warrant having a five-year term, a cashless exercise feature, and an exercise price of $0.10 per share of common stock. | ||||
Conversion of debt for shares of series C preferred stock and warrants, value | $ 780,000 | ||||
Convertible preferred stock, shares and warrants issued upon conversion | 780 | ||||
Convertible debt redeemed | $ 1,835,000 | ||||
Notes Payable | Chairman of the Board of Directors | |||||
Warrant exercise price | $ 0.06 | $ 0.06 | |||
Beneficial conversion feature | $ 15,464 | ||||
Warrants issued | 15,000,000 | 10,000,000 | |||
Warrant issued, fair value | $ 384,428 | ||||
Debt instrument, description | The due date of the $500,000 note was extended to December 31, 2020, with all other terms of the note remaining unchanged. | The due date of the $500,000 note was extended to December 31, 2017. | |||
Note payable, related party | $ 60,000 | $ 360,000 | $ 500,000 | ||
Note payable, related party, interest rate | 5.00% | 6.00% | 6.00% | ||
Note payable, related party, maturity date | Jun. 30, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2014 | |
Non-cash interest expense | $ 26,822 | $ 117,042 |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Future Minimum Payments for Operating Leases (Details) | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due | |
Year ending December 31, 2018 | $ 136,313 |
Year ending December 31, 2019 | 136,313 |
Year ending December 31, 2020 | 136,313 |
Year ending December 31, 2021 | 45,318 |
Operating leases | $ 454,257 |
Lease Obligations (Details Narr
Lease Obligations (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | ||
Rental expense | $ 136,313 | $ 136,313 |
Rental expiration date | Dec. 31, 2021 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Warrant Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Warrants outstanding, beginning of period | 27,419,172 | 42,257,951 |
Warrants, granted | 20,090,000 | 0 |
Warrants, exercised | 0 | 0 |
Warrants, forfeited | (2,419,172) | (14,838,779) |
Warrants outstanding, end of period | 45,090,000 | 27,419,172 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Weighted average exercise price of warrants outstanding, beginning of period | $ 0.08 | $ 0.18 |
Weighted average exercise price, granted | 0.12 | 0 |
Weighted average exercise price, exercised | 0 | 0 |
Weighted average exercise price, forfeited | 0.30 | 0.38 |
Weighted average exercise price of warrants outstanding, end of period | $ 0.09 | $ 0.08 |
Shareholders' Equity - Schedu50
Shareholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding | ||
Stock options outstanding, beginning of period | 23,316,667 | 27,950,000 |
Stock options, granted | 11,500,000 | 0 |
Stock options, exercised | (2,566,667) | (4,500,000) |
Stock options, forfeited | 0 | (133,333) |
Stock options outstanding, end of period | 32,250,000 | 23,316,667 |
Stock options exercisable, end of period | 22,750,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning of period | $ 0.06 | $ 0.04 |
Weighted average exercise price, granted | 0.06 | 0 |
Weighted average exercise price, exercised | 0.04 | 0.04 |
Weighted average exercise priced, forfeited | 0 | 0 |
Weighted average exercise price outstanding, end of period | 0.06 | $ 0.06 |
Weighted average exercise price exercisable, end of period | $ 0.05 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | ||
Weighted average remaining contractual life outstanding, end of period | 6 years 3 months | |
Weighted average remaining contractual life exercisable, end of period | 4 years 8 months | |
Average intrinsic value outstanding, beginning of period | $ 1,883,667 | |
Average intrinsic value of options, exercised | 108,500 | $ 202,500 |
Average intrinsic value outstanding, end of period | 1,069,500 | $ 1,883,667 |
Average intrinsic value, exercisable, end of period | $ 894,500 |
Shareholders' Equity - Warrants
Shareholders' Equity - Warrants (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | |
Notes Payable | Chairman of the Board of Directors | ||||
Exercise price of warrants | $ 0.06 | $ 0.06 | ||
Note payable, related party | $ 60,000 | $ 360,000 | $ 500,000 | |
Note payable, related party, interest rate | 5.00% | 6.00% | 6.00% | |
Warrants issued | 15,000,000 | 10,000,000 | ||
Note payable, related party, maturity date | Jun. 30, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2014 |
Warrants | ||||
Potential number of shares to be issued | 4,502,520 | |||
Exercise price of warrants | $ 0.30 |
Shareholders' Equity - Mandator
Shareholders' Equity - Mandatorily Redeemable Convertible Preferred Stock (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2012 | |
Mandatorily redeemable convertible preferred stock | $ 4,528,417 | $ 850,000 | |
Warrants, granted | 20,090,000 | 0 | |
Proceeds from issuance of preferred stock and warrants | $ 2,860,000 | $ 0 | |
Convertible Notes | |||
Exercise price of warrants | $ 0.30 | ||
Amendment to convertible notes, description | On March 24, 2017, the Company entered into an Amendment to the 8% Convertible Notes (the Amendment), pursuant to which the 8% Convertible Notes issued by the Company in July 2012 were amended to give noteholders certain additional rights. Pursuant to the Amendment, the Notes were modified to provide each holder the right, at the holder's option and exercisable prior to May 12, 2017, to convert all or any portion of the principal amount of the Notes, plus accrued but unpaid interest, into shares of Series C Preferred Stock at a conversion price of $1,000 per share. Holders that elected to convert their Notes into Series C Preferred Stock received a Class N Warrant to purchase up to 3,750 shares of the Company's common stock for each share of Series C Preferred Stock received upon conversion of the Notes, with each Warrant having a five-year term, a cashless exercise feature, and an exercise price of $0.10 per share of common stock. | ||
Convertible debt redeemed | $ 1,835,000 | ||
Conversion of debt for shares of series C preferred stock and warrants, value | $ 780,000 | ||
Convertible preferred stock, shares and warrants issued upon conversion | 780 | ||
Class M Warrants | |||
Warrants, granted | 17,165,000 | ||
Proceeds from issuance of preferred stock and warrants | $ 537,621 | ||
Exercise price of warrants | $ 0.12 | ||
Risk free interest rate | 1.92% | ||
Expected dividend yield | 0.00% | ||
Expected volatility | 66.00% | ||
Expected term | 5 years | ||
Class N Warrants | |||
Warrants, granted | 2,925,000 | ||
Proceeds from issuance of preferred stock and warrants | $ 104,053 | ||
Exercise price of warrants | $ 0.10 | ||
Risk free interest rate | 1.93% | ||
Expected dividend yield | 0.00% | ||
Expected volatility | 66.00% | ||
Expected term | 5 years | ||
Mandatorily Redeemable Convertible Preferred Stock | |||
Potential number of shares to be issued | 5,000,000 | ||
Preferred stock, par value | $ 0.01 | ||
Series B Convertible Redeemable Preferred Stock | |||
Preferred stock outstanding | 850 | 850 | |
Redemption date | May 31, 2022 | May 31, 2022 | |
Redemption price per share | $ 1,000 | $ 1,000 | |
Mandatorily redeemable convertible preferred stock | $ 850,000 | $ 850,000 | |
Preferred stock conversion price per share, description | Conversion price of $2.00 per share | Conversion price of $2.00 per share | |
Series C Redeemable Convertible Preferred Stock | |||
Preferred stock conversion price per share, description | Conversion price equal to $0.10 per share | ||
Convertible preferred stock, shares issued | 3,433 | ||
Proceeds from issuance of preferred stock and warrants | $ 3,571,326 | ||
Preferred stock dividend rate | 6.00% |
Shareholders' Equity - Employee
Shareholders' Equity - Employee Stock Purchase Plan (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Proceeds from employee stock purchase plan | $ 6,115 | $ 3,993 | |
Employee Stock Purchase Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employee stock purchase plan, number of allocated shares | 2,000,000 | ||
Employee stock purchase plan, plan description | The plan allows employees to deduct up to 15% of their payroll each pay period to be used for the purchase of common stock at a discounted rate. The common shares will be purchased at the end of each three-month offering period or other period as determined by the Board. The Plan is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code. | ||
Stock issued during period, shares, employee stock purchase plan | 93,865 | 57,654 | |
Proceeds from employee stock purchase plan | $ 6,115 | $ 3,993 |
Shareholders' Equity - Equity I
Shareholders' Equity - Equity Incentive Plans (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Exercise price | $ 0.06 | $ 0 | |
Intrinsic value of stock options exercised | $ 108,500 | $ 202,500 | |
Stock options exercised | 2,566,667 | 4,500,000 | |
Stock options, issued | 11,500,000 | 0 | |
Stock options, issued, exercise price | $ 0.06 | $ 0 | |
Stock Options | |||
Exercise price | $ 0.08 | ||
Intrinsic value of stock options outstanding | $ 1,069,500 | ||
Recognized compensation expense | 147,087 | $ 49,677 | |
Unrecognized compensation expense | $ 211,481 | ||
Period to be recognized | 1 year 11 months | ||
Net shares issued | 1,220,588 | ||
Shares forfeited to satisfy the exercise price | 1,079,412 | ||
Stock options exercised | 2,300,000 | ||
Stock options, issued, exercise price | $ 0.08 | ||
Incentive Stock Options | |||
Exercise price | $ 0.06 | ||
Stock options, issued | 8,000,000 | ||
Stock options, issued, exercise price | $ 0.06 | ||
Stock options, vesting rights | The employee and consultant options vest one fifth per year beginning one year from the grant date and expire on July 11, 2027. Executive officer and board member options vest one fourth immediately and one fourth each subsequent year and expire on July 11, 2027. | ||
Stock options, fair value | $ 450,298 | ||
Risk free interest rate, minimum | 1.92% | ||
Risk free interest rate, maximum | 21.80% | ||
Expected dividend yield | 0.00% | ||
Expected volatility, minimum | 70.31% | ||
Expected volatility, maximum | 73.67% | ||
Expected term | 7 years 7 months | ||
Non-Qualified Stock Options | |||
Intrinsic value of stock options exercised | $ 180,000 | ||
Net shares issued | 266,667 | 2,250,000 | |
Proceeds from stock options exercised | $ 9,333 | ||
Shares forfeited to satisfy the exercise price | 1,750,000 | ||
Stock options exercised | 266,667 | 4,000,000 | |
Qualified Stock Options | |||
Intrinsic value of stock options exercised | $ 22,500 | ||
Net shares issued | 281,250 | ||
Shares forfeited to satisfy the exercise price | 218,750 | ||
Stock options exercised | 500,000 | ||
Consultant | Non-Qualified Stock Options | |||
Exercise price | $ 0.06 | ||
Stock options, issued | 500,000 | ||
Stock options, issued, exercise price | $ 0.06 | ||
Stock options, vesting rights | The employee and consultant options vest one fifth per year beginning one year from the grant date and expire on July 11, 2027. Executive officer and board member options vest one fourth immediately and one fourth each subsequent year and expire on July 11, 2027. | ||
Board Members | Non-Qualified Stock Options | |||
Exercise price | $ 0.06 | ||
Stock options, issued | 3,000,000 | ||
Stock options, issued, exercise price | $ 0.06 | ||
Stock options, vesting rights | The employee and consultant options vest one fifth per year beginning one year from the grant date and expire on July 11, 2027. Executive officer and board member options vest one fourth immediately and one fourth each subsequent year and expire on July 11, 2027. | ||
2015 Incentive Plan | |||
Number of shares authorized | 60,000,000 | ||
Maturity date | Jul. 13, 2025 | ||
Shares available for issuance | 12,922,267 | ||
2015 Incentive Plan | Chief Executive Officer | |||
Shares issued | 350,000 | ||
Shares issued, value | $ 28,000 | ||
Net shares issued | 209,825 | ||
Shares issued, price per share | $ 0.08 | ||
Shares withheld to satisfy payroll tax liabilities | 140,175 | ||
Compensation expense | $ 28,000 | ||
2006 Equity Incentive Plan | |||
Number of shares authorized | 11,089,967 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations | ||
Income tax benefit | $ (789,030) | $ (618,284) |
Nondeductible expenses | (7,455) | 4,827 |
State taxes net of federal benefit | (278,039) | (83,650) |
Change in effective tax rate | 3,620,117 | 0 |
Change in valuation allowance | (2,545,593) | 697,107 |
Total income tax expense | $ 0 | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax asset | ||
Net operating loss carryforward | $ 9,890,479 | $ 12,961,241 |
Valuation allowance | (9,678,454) | (12,224,047) |
Total deferred income tax asset | 212,025 | 737,194 |
Deferred income tax liability - depreciation | (212,025) | (737,194) |
Deferred tax asset (liability) | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Federal income tax rate | 21.00% |
Approximate net operating losses | $ 36,837,000 |
Operating loss carryforwards, expiration date | Dec. 31, 2021 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Sales revenue | $ 7,420,390 | $ 6,552,149 |
Letter of credit and restricted certificate of deposit | $ 450,630 | |
Other commitments, description | In August 2011, the Company received land from Lea County, New Mexico, pursuant to a Project Participation Agreement (PPA), whereby the land was deeded to the Company for no monetary consideration. In return, we committed to construct a uranium de-conversion and Fluorine Extraction Process (FEP) facility on the land. In order to retain title to the property, we were to begin construction of the de-conversion facility no later than December 31, 2014, and complete Phase I of the project and have hired at least 75 persons to operate the facility no later than December 31, 2015, although commercial operations need not have begun by that date. In 2015, the Company negotiated a modification to the PPA agreement that extended the start of construction date to December 31, 2015, and the hiring milestone to December 31, 2016. Those dates were not met and the Company is currently in the process of renegotiating a second modification to the agreement to further extend those dates. If the Company is not successful in extending the performance dates in the agreement then it may, at its sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. The Company has not recorded the value of this property as an asset and will not do so until such time that sufficient progress on the project has been made to meet our obligations under the agreements for permanent transfer of the title. | |
RadQual, LLC | ||
Sales revenue | $ 1,290,482 | |
Concentration risk | 17.00% | |
Customers | ||
Concentration risk | 31.00% |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation [Roll Forward] | ||
Obligation for lease disposal cost, balance at beginning of period | $ 468,974 | $ 459,711 |
Obligation for lease disposal cost, increase in lease disposal costs | 0 | 0 |
Obligation for lease disposal cost, accretion expense / amortization expense | 9,450 | 9,263 |
Obligation for lease disposal cost, balance at end of period | $ 478,424 | $ 468,974 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Sale of Product | $ 7,420,390 | $ 6,552,149 |
Depreciation and Amortization | 241,436 | 226,856 |
Segment Income (Loss) | (3,757,284) | (1,879,112) |
Expenditures for Segment Assets | 110,115 | 141,116 |
Segment Assets | 12,005,294 | 11,379,265 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 7,420,390 | 6,552,149 |
Depreciation and Amortization | 235,282 | 220,186 |
Segment Income (Loss) | 1,596,648 | 1,466,491 |
Expenditures for Segment Assets | 71,303 | 134,160 |
Segment Assets | 10,210,984 | 8,207,208 |
Operating Segments | Radiochemical Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 2,321,732 | 1,708,120 |
Depreciation and Amortization | 8,015 | 6,995 |
Segment Income (Loss) | 402,158 | 355,448 |
Expenditures for Segment Assets | 40,863 | 0 |
Segment Assets | 282,971 | 267,920 |
Operating Segments | Cobalt Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 507,904 | 859,034 |
Depreciation and Amortization | 35,790 | 43,802 |
Segment Income (Loss) | 229,954 | 472,890 |
Expenditures for Segment Assets | 0 | 0 |
Segment Assets | 1,813,356 | 1,414,240 |
Operating Segments | Nuclear Medicine Standards | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 3,232,229 | 3,093,295 |
Depreciation and Amortization | 27,932 | 12,888 |
Segment Income (Loss) | 627,832 | 680,004 |
Expenditures for Segment Assets | 2,940 | 12,682 |
Segment Assets | 2,214,061 | 502,361 |
Operating Segments | Radiological Services | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 1,332,662 | 769,702 |
Depreciation and Amortization | 38,920 | 34,019 |
Segment Income (Loss) | 608,396 | 371,228 |
Expenditures for Segment Assets | 13,277 | 56,677 |
Segment Assets | 166,148 | 171,354 |
Operating Segments | Fluorine Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 0 | 0 |
Depreciation and Amortization | 113,691 | 112,053 |
Segment Income (Loss) | (209,110) | (378,705) |
Expenditures for Segment Assets | 14,223 | 11,170 |
Segment Assets | 5,702,159 | 5,801,627 |
Operating Segments | Transportation | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 25,863 | 121,998 |
Depreciation and Amortization | 10,934 | 10,429 |
Segment Income (Loss) | (62,582) | (34,374) |
Expenditures for Segment Assets | 0 | 53,631 |
Segment Assets | 32,289 | 49,706 |
Corporate Allocation | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 0 | 0 |
Depreciation and Amortization | 6,154 | 6,670 |
Segment Income (Loss) | (5,353,932) | (3,345,603) |
Expenditures for Segment Assets | 38,812 | 6,956 |
Segment Assets | $ 1,794,310 | $ 3,172,057 |
Segment Information (Details Na
Segment Information (Details Narrative) | 12 Months Ended |
Dec. 31, 2017Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subsequent Event [Line Items] | |||||
Stock options exercised | 2,566,667 | 4,500,000 | |||
Stock options, issued | 11,500,000 | 0 | |||
Exercise price | $ 0.06 | $ 0 | |||
2015 Incentive Plan | |||||
Subsequent Event [Line Items] | |||||
Maturity date | Jul. 13, 2025 | ||||
Chief Executive Officer | 2015 Incentive Plan | |||||
Subsequent Event [Line Items] | |||||
Shares issued | 350,000 | ||||
Shares issued, value | $ 28,000 | ||||
Shares issued, price per share | $ 0.08 | ||||
Compensation expense | $ 28,000 | ||||
Shares withheld to satisfy payroll tax liabilities | 140,175 | ||||
Net shares issued | 209,825 | ||||
Subsequent Event | 2015 Incentive Plan | |||||
Subsequent Event [Line Items] | |||||
Stock options, issued | 1,000,000 | ||||
Exercise price | $ 0.08 | ||||
Maturity date | Feb. 28, 2028 | ||||
Stock options, vesting rights | Vest 20% upon the first anniversary date and 20% each year thereafter until February 2023 at which time they become fully vested. | ||||
Subsequent Event | Chief Executive Officer | |||||
Subsequent Event [Line Items] | |||||
Stock options exercised | 1,000,000 | ||||
Shares forfeited to satisfy the exercise price | 388,889 | ||||
Shares issued | 350,000 | 611,111 | |||
Exercise price | $ 0.035 | ||||
Shares issued, value | $ 28,000 | ||||
Shares issued, price per share | $ 0.08 | ||||
Compensation expense | $ 28,000 | ||||
Shares withheld to satisfy payroll tax liabilities | 140,175 | ||||
Net shares issued | 209,825 |