Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 06, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | INTERNATIONAL ISOTOPES INC | |
Entity Central Index Key | 1,038,277 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 408,132,409 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 412,385 | $ 409,338 |
Accounts receivable | 904,689 | 635,026 |
Inventories | 2,660,837 | 1,951,513 |
Restricted cash - due to former member | 20,000 | 387,455 |
Prepaids and other current assets | 106,196 | 344,627 |
Total current assets | 4,104,107 | 3,727,959 |
Long-term assets | ||
Restricted cash | 616,629 | 453,575 |
Property, plant and equipment, net | 1,939,276 | 1,935,535 |
Goodwill | 1,376,584 | 1,376,584 |
Patents and other intangibles, net | 4,434,790 | 4,511,641 |
Total long-term assets | 8,367,279 | 8,277,335 |
Total assets | 12,471,386 | 12,005,294 |
Current liabilities | ||
Accounts payable | 2,163,501 | 1,619,229 |
Accrued liabilities | 709,914 | 1,139,477 |
Current portion of unearned revenue | 3,326,474 | 2,688,128 |
Current portion of related party notes payable | 180,000 | 60,000 |
Current installments of notes payable | 7,692 | 7,437 |
Total current liabilities | 6,387,581 | 5,514,271 |
Long-term liabilities | ||
Obligation for lease disposal costs | 489,701 | 478,424 |
Unearned revenue, net of current portion | 7,500 | 688,980 |
Related party notes payable, net of current portion and debt discount | 432,945 | 419,534 |
Notes payable, net of current portion | 24,830 | 28,741 |
Mandatorily redeemable convertible preferred stock | 4,592,585 | 4,528,417 |
Total long-term liabilities | 5,547,561 | 6,144,096 |
Total liabilities | 11,935,142 | 11,658,367 |
Stockholders' Equity (Note 9) | ||
Common stock | 4,119,517 | 4,067,907 |
Additional paid-in capital | 120,751,427 | 120,398,620 |
Accumulated deficit | (125,994,720) | (125,696,845) |
Deficit attributable to International Isotopes Inc. stockholders | (1,123,776) | (1,230,318) |
Equity attributable to noncontrolling interest | 1,660,020 | 1,577,245 |
Total equity | 536,244 | 346,927 |
Total liabilities and stockholders' equity | $ 12,471,386 | $ 12,005,294 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
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 | 411,951,724 | 406,790,703 |
Common stock, shares outstanding | 411,951,724 | 406,790,703 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Sale of product | $ 2,392,306 | $ 1,785,824 | $ 5,193,332 | $ 3,620,032 |
Cost of product | 1,363,564 | 1,091,054 | 2,805,972 | 2,115,022 |
Gross profit | 1,028,742 | 694,770 | 2,387,360 | 1,505,010 |
Operating costs and expenses: | ||||
Salaries and contract labor | 561,058 | 486,905 | 1,130,517 | 980,786 |
General, administrative and consulting | 582,614 | 604,040 | 1,115,748 | 1,478,143 |
Research and development | 84,464 | 76,982 | 190,884 | 201,652 |
Total operating expenses | 1,228,136 | 1,167,927 | 2,437,149 | 2,660,581 |
Net operating loss | (199,394) | (473,157) | (49,789) | (1,155,571) |
Other income (expense): | ||||
Other income (expense) | (381) | 0 | 52,981 | 125 |
Equity in net income of affiliate | 0 | 22,168 | 0 | 45,133 |
Interest income | 2,317 | 662 | 3,624 | 1,083 |
Interest expense | (115,882) | (144,442) | (221,916) | (277,759) |
Total other expense | (113,946) | (121,612) | (165,311) | (231,418) |
Net loss | (313,340) | (594,769) | (215,100) | (1,386,989) |
Less income attributable to non-controlling interest | 18,939 | 7,426 | 82,775 | 1,474 |
Net loss attributable to International Isotopes Inc. | $ (332,279) | $ (602,195) | $ (297,875) | $ (1,388,463) |
Net income (loss) per common share - basic | $ 0 | $ 0 | $ 0 | $ 0 |
Net income (loss) per common share - diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding - basic | 411,232,012 | 406,726,706 | 409,327,531 | 406,187,935 |
Weighted average common shares outstanding - diluted | 526,418,051 | 405,649,164 | 526,418,051 | 405,649,164 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||||
Net income (loss) | $ (313,340) | $ (594,769) | $ (215,100) | $ (1,386,989) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Net income in equity method investment | 0 | (22,168) | 0 | (45,133) | |
Depreciation and amortization | 66,112 | 55,278 | 136,086 | 110,863 | |
Accretion of obligation for lease disposal costs | 11,277 | 4,701 | |||
Accretion of beneficial conversion feature and discount | 77,579 | 100,614 | |||
Equity based compensation | 125,133 | 16,819 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (269,663) | (95,000) | |||
Inventories | (709,324) | 237,637 | |||
Prepaids and other assets | 238,431 | (354,893) | |||
Accounts payable and accrued liabilities | 320,689 | 155,620 | |||
Unearned revenues | (43,134) | 496,024 | |||
Net cash used in operating activities | (328,026) | (759,737) | |||
Cash flows from investing activities: | |||||
Dividends received from equity method investment | 0 | 32,895 | |||
Purchase of property, plant and equipment | (62,976) | (20,044) | |||
Net cash (used in) provided by investing activities | (62,976) | 12,851 | |||
Cash flows from financing activities: | |||||
Proceeds from sale of stock | 73,304 | 11,969 | |||
Proceeds from sale of preferred stock | 0 | 2,860,000 | |||
Proceeds from issuance of related party notes payable | 120,000 | 0 | |||
Principal payments on notes payable and capital leases | (3,656) | (1,838,418) | |||
Net cash provided by financing activities | 189,648 | 1,033,551 | |||
Net increase (decrease) in cash and cash equivalents | (201,354) | 286,665 | |||
Cash, cash equivalents, and restricted cash at beginning of period | 1,250,368 | 765,151 | $ 765,151 | ||
Cash, cash equivalents, and restricted cash at end of period | $ 1,250,368 | ||||
Supplemental disclosure of cash flow activities: | |||||
Cash paid for interest | 37,749 | 211,163 | |||
Supplemental disclosure of noncash financing and investing transactions: | |||||
Decrease in preferred stock and increase in equity for amounts allocated to warrants issued with preferred stock | 0 | 641,674 | |||
Decrease in accrued interest and increase in preferred stock for conversion of debentures | 0 | 13,100 | |||
Decrease in debt and increase in preferred stock for conversion of debentures | 0 | 1,339,900 | |||
Decrease in accrued interest and increase in equity for conversion of dividends to stock | 205,980 | 0 | |||
Reconciliation of cash, cash equivalents, and restricted cash as shown in the condensed consolidated statements of cash flows is presented in the table below: | |||||
Cash and cash equivalents | 412,385 | 600,189 | 412,385 | 600,189 | |
Restricted cash included in current assets | 0 | 0 | 0 | 0 | |
Restricted cash included in long-term assets | 616,629 | 451,627 | 616,629 | 451,627 | |
Total cash, cash equivalents, and restricted cash shown in statement of cash flows | $ 1,049,014 | $ 1,051,816 | $ 1,049,014 | $ 1,051,816 |
The Company and Basis of Presen
The Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | (1) The Company and Basis of Presentation International Isotopes Inc. (INIS) was incorporated in Texas in November 1995. The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP) and include all operations and balances of INIS and its wholly-owned subsidiaries. The unaudited condensed consolidated financial statements also include the accounts of INIS’s 50% owned joint venture, TI Services, LLC (TI Services), and the accounts of INIS’s 24.5% interest in RadQual, LLC (RadQual). TI Services is headquartered in Youngstown, Ohio and was formed with RadQual in December 2010 to distribute products and services for nuclear medicine. RadQual, which is now headquartered in Idaho Falls, Idaho, is a global supplier of molecular imaging quality control and calibration devices. INIS, its wholly-owned subsidiaries, TI Services, and RadQual are collectively referred to herein as the “Company,” “we,” “our” or “us.” Nature of Operations With the exception of certain unique products, the Company’s normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Company’s operating cycle for those products is considered to be two to three years. Accordingly, preliminary payments received on cobalt contracts, where shipment will not take place for greater than one year, have been recorded as unearned revenue and classified under current or long-term liabilities, depending upon estimated ship dates, on the Company’s consolidated balance sheets. Principles of Consolidation Interim Financial Information Recent Accounting Pronouncements In May 2014, 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 and 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 adopted this guidance effective January 1, 2018, and it has not had any impact on the Company’s statements of cash flows. The Company adopted ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2016-18”), effective January 1, 2018. This update clarified that transfers between cash and restricted cash are not reported as cash flow activities in the statements of cash flows. As such, restricted cash amounts are included with cash and cash equivalents in the beginning-of-period and end-of-period total amounts on the statements of cash flows. The Company applied this update retrospectively, which resulted in an adjustment to the beginning-of-period and end-of-period total amounts on the condensed consolidated statement of cash flows for the six months ended June 30, 2017 to include restricted cash balances from those periods. In June 2018, the FASB issued ASU No. 2018-07, “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU No. 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU No. 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. The amendments in ASU 2018-07 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently assessing the impact of this guidance on its consolidated financial statements. |
Current Developments and Liquid
Current Developments and Liquidity | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Current Developments and Liquidity | (2) Current Developments and Liquidity Business Condition During the six months ended June 30, 2018, the Company continued its focus on its long-standing core business segments which consist of its radiochemical products, cobalt products, nuclear medicine standards, and radiological services, and in particular, the pursuit of new business opportunities within those segments. The Company expects that cash from operations, cash raised through equity or debt financing and its current cash balance will be sufficient to fund operations for the next twelve months. Future liquidity and capital funding requirements will depend on numerous factors, including, contract manufacturing agreements, commercial relationships, technological developments, market factors, available credit, and voluntary warrant redemption by shareholders. There is no assurance that additional capital and financing will be available on acceptable terms to the Company or at all. |
Net Loss Per Common Share - Bas
Net Loss Per Common Share - Basic and Diluted | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share - Basic and Diluted | (3) Net Income Per Common Share - Basic and Diluted For the six months ended June 30, 2018, the Company had 30,350,000 stock options outstanding, 45,090,000 warrants outstanding, 4,213 outstanding shares of Series C redeemable convertible preferred stock (Series C Preferred Stock), and 425,000 outstanding shares of Series B redeemable convertible preferred stock (Series B Preferred Stock) each of which were not included in the computation of diluted income per common share because they would be anti-dilutive. For the six months ended June 30, 2017, the Company had 20,750,000 stock options outstanding, 47,509,172 warrants outstanding, 4,213 outstanding shares of Series C Preferred Stock, and 425,000 outstanding shares of Series B Preferred Stock, each of which were not included in the computation of diluted income per common share because they would be anti-dilutive. |
Investment and Business Consoli
Investment and Business Consolidation | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment and Business Consolidation | (4) Investment and Business Consolidation The Company owns a 24.5% interest in RadQual, with which the Company has an exclusive manufacturing agreement for nuclear medicine products. In August 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. The Company’s Chairman of the Board and its Chief Executive Officer also serve as the managing members of RadQual. As a result of this change in ownership, and other factors, the Company determined that it gained the ability to exercise significant management control over the operations of RadQual. Because of this increased management control, and pursuant to GAAP, the Company has consolidated the accounts of RadQual into its financial statements beginning as of August 10, 2017. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | (5) Inventories Inventories consisted of the following at June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Raw materials $ 42,911 $ 42,911 Work in process 2,616,431 1,906,377 Finished goods 1,495 2,225 $ 2,660,837 $ 1,951,513 Work in process includes cobalt-60 targets that are located in the U.S. Department of Energy’s (DOE) Advanced Test Reactor (ATR) located outside of Idaho Falls, Idaho. 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 ATR. At June 30, 2018, and at December 31, 2017, this cobalt target inventory had a carrying value of $425,159. Work in process also includes costs to irradiate cobalt-60 material under a contract with the DOE. This material has been placed in the ATR and the Company is making progress payments designed to coincide with the completion of the irradiation period. The Company has contracted with several customers for the sale of some of this product material and is collecting advance payments for project management, up-front handling, and other production costs from those customers. The advance payments from customers were recorded as unearned revenue which will be recognized in the Company’s financial statements as cobalt products are completed and shipped. In June 2018, when it began fulfilling customer orders under these pre-paid contracts, the Company recognized approximately $74,500 of revenue in its statement of operations. |
Stockholders' Equity, Options a
Stockholders' Equity, Options and Warrants | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity, Options and Warrants | (6) Stockholders’ Equity, Options, and Warrants Employee Stock Purchase Plan The Company has an employee stock purchase plan in which employees of the Company may participate to purchase shares of common stock at a discount. During the six months ended June 30, 2018 and 2017, the Company issued 51,439 and 34,064 shares of common stock, respectively, to employees under the employee stock purchase plan for proceeds of $3,304 and $2,637, respectively. As of June 30, 2018, 648,507 shares of common stock remain available for issuance under the employee stock purchase plan. Stock-Based Compensation Plans 2015 Incentive Plan On July 24, 2018, at the Company’s 2018 annual meeting of shareholders, the Company’s shareholders approved an amendment and restatement of the 2015 Plan to increase the number of shares authorized for issuance by an additional 20,000,000 shares, which brought the total shares available for issuance under the 2015 Plan to 32,001,331 as of July 24, 2018. Employee/Director Grants Non-Employee Grants Option awards outstanding as of June 30, 2018, and changes during the six months ended June 30, 2018, were as follows: Fixed Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Average Intrinsic Value Outstanding at December 31, 2017 32,250,000 $ 0.06 Granted 1,500,000 $ 0.08 Exercised (3,000,000) $ 0.04 $ 125,000 Forfeited (400,000) $ 0.77 Outstanding at June 30, 2018 30,350,000 $ 0.05 6.6 $ 658,000 Exercisable at June 30, 2018 19,350,000 $ 0.04 5.1 $ 570,500 The intrinsic value of outstanding and exercisable shares is based on the closing price of the Company’s common stock of $0.07 per share on June 29, 2018, the last trading day of the quarter. As of June 30, 2018, there was $195,382 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 2.11 years. During the first quarter of 2018, 1,000,000 qualified stock options were exercised under a cashless exercise. The Company withheld 388,889 shares to satisfy the exercise price and issued 611,111 shares of common stock. The options exercised were granted under a qualified plan, and accordingly, there is no income tax effect in the accompanying condensed consolidated financial statements. On April 20, 2018, 2,000,000 non-qualified stock options were exercised for $70,000. The options exercised were granted under the 2015 Plan, and accordingly, there is no income tax effect in the accompanying condensed consolidated financial statements. On February 19, 2018, the Compensation Committee granted an aggregate of 1,000,000 qualified stock options to an employee. The stock options were granted with an exercise price of $0.08 per share. The options vest one fifth per year beginning one year from the grant date and expire on February 19, 2028. The options had a fair value of $59,130 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 2.63% to 2.81%, expected dividend yield rate of 0%, expected volatility of 62.18% to 69.94% and an expected life between 5.5 and 7.5 years. On June 4, 2018, the Compensation Committee granted an aggregate of 500,000 qualified stock options to an employee. The stock options were granted with an exercise price of $0.09 per share. The options vest one fifth per year beginning one year from the grant date and expire on June 4, 2028. The options had a fair value of $20,635 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 2.78% to 2.89%, expected dividend yield rate of 0%, expected volatility of 63.23% to 69.04% and an expected life between 5.5 and 7.5 years. Total stock-based compensation expense for the six months ended June 30, 2018 and 2017 was $125,133 and $16,819, respectively. Pursuant to an employment agreement with its CEO, the Company awarded 350,000 fully vested shares of common stock in February 2018 under the 2015 Plan. The number of shares awarded was based on a $28,000 stock award using a price of $0.08 per share. The employment agreement provides that the number of shares issued will be based on the average closing price of common stock for the 20 trading days prior to issue date but not less than $0.05 per share. Compensation expense recorded pursuant to this stock grant was $16,786, which was determined by multiplying the number of shares awarded by the closing price of the common stock on February 28, 2018, which was $0.08 per share. The Company withheld 140,175 shares of common stock to satisfy the employee’s payroll tax obligations in connection with this issuance. The net shares issued on February 28, 2018 totaled 209,825 shares. Warrants Warrants outstanding at June 30, 2018, and changes during the six months ended June 30, 2018, were as follows: Warrants Outstanding at December 31, 2017 45,090,000 Issued - Exercised - Forfeited - Outstanding at June 30, 2018 45,090,000 Preferred Stock At June 30, 2018, there were 850 shares of the Series B Preferred Stock outstanding with a mandatory redemption date of May 2022 at $1,000 per share or $850,000. The shares are also convertible into common stock at a conversion price of $2.00 per share. These Series B Preferred Stock carry no dividend preferences. Due to the mandatory redemption provision, the Series B Preferred Stock has been classified as a liability in the accompanying condensed 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 its 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. In February 2018, the Company paid its first dividend on the Series C Preferred Stock. Dividends payable totaled $241,730. Some holders of the Series C Preferred Stock elected to settle their dividend payments with shares of the Company’s common stock in lieu of cash. The Company issued 2,288,646 shares of common stock in lieu of a dividend payment of $205,980. The remaining $35,750 of dividend payable was settled with cash. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt In December 2013, the Company entered into a promissory note agreement with the Chairman of the Board and a major shareholder pursuant to which the Company borrowed $500,000. The note is unsecured and bears interest at 6% per annum and was originally due September 30, 2014. At any time, the lenders may elect to have any or all of the principal plus accrued interest under the promissory note repaid in the form of our common stock at a price per share determined based upon the average closing price of the Company’s common stock for the 20 days preceding the maturity or prepayment date. In connection with the promissory note, each of the lenders was issued 5,000,000 warrants to purchase shares of the Company’s common stock at $0.06 per share. The warrants are immediately exercisable. 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. At June 30, 2018, the balance of the promissory note was $500,000 and accrued interest payable on the note was $136,734. Interest expense recorded for the six-month period ended June 30, 2018, was $15,000. In March 2016, we entered into a note payable for the purchase of a vehicle. The principal amount financed was $47,513. The term of the note is six years and carries an interest rate of 6.66%. Monthly payments are $805 and the note matures April 2022. The note is secured by the vehicle that was purchased with the note’s proceeds. In August 2017, the Company borrowed $60,000 from its Chairman of the Board pursuant to a short-term promissory note. The note accrues interest at 5% per year, which is payable upon maturity of the note, and at June 30, 2018, the amount of accrued interest on the note was $2,617. The note is unsecured and originally matured on June 30, 2018. Pursuant to an amendment to the promissory note on June 29, 2018, the maturity date was extended to March 31, 2019 with all other provisions remaining unchanged. On April 9, 2018, the Company borrowed $120,000 from its Chief Executive Officer and its Chairman of the Board pursuant to a short-term promissory note. The note accrues interest at 6% per year, which is payable upon maturity of the note. The note is unsecured and originally matured on August 1, 2018. At any time, the holders of the note may elect to have any or all of the principal and accrued interest settled with shares of the Company’s common stock based on the average price of the shares over the previous 20 trading days. Pursuant to an amendment to the promissory note on June 29, 2018, the maturity date was extended to March 31, 2019 with all other provisions remaining unchanged. At June 30, 2018, accrued interest on the note totaled $1,620. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies Dependence on Third Parties The production of High Specific Activity (HSA) Cobalt is dependent upon the DOE, and its prime operating contractor, which controls the ATR and laboratory operations at the ATR located outside of Idaho Falls, Idaho. In October 2014, the Company signed a ten-year contract with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The Company will be able to purchase cobalt targets for a fixed price per target with an annual 5% escalation in price. The contract term is October 1, 2014, through September 30, 2024, however, the contract may be extended beyond that date. Also, the DOE may end the contract if it determines termination is necessary for the national defense, security or environmental safety of the United States. If this were to occur, all payments made by the Company, for partially irradiated undelivered cobalt material, would be refunded. Nuclear Medicine Reference and Calibration Standard manufacturing is conducted under an exclusive contract with RadQual, which in turn has an agreement in place with several companies for distributing the products. The radiochemical product sold by the Company is supplied to the Company through agreements with two suppliers. A loss of any of these customers or suppliers could adversely affect operating results by causing a delay in production or a possible loss of sales. Contingencies Because all the Company’s business segments involve the handling or use of radioactive material, the Company is required to have an operating license from the U.S. Nuclear Regulatory Commission (NRC) and specially trained staff to handle these materials. The Company has amended this operating license numerous times to increase the amount of material permitted within the Company’s facility. Although this license does not currently restrict the volume of business operations 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 held with North American Specialty Insurance Company which is supported by a restricted money market account in the amount of $616,629. 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. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | (9) Revenue Recognition Revenue from Product Sales The following tables present the Company’s revenue disaggregated by business segment and geography, based on management’s assessment of available data: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 545,344 $ 57,000 $ 602,344 25% $ 515,676 $ 43,141 $ 558,817 31% Cobalt Products 324,768 - 324,768 14% 84,643 - 84,643 5% Nuclear Medicine Products 961,653 1,021 962,674 40% 834,698 - 834,698 47% Radiological Services 111,175 391,345 502,520 21% 303,535 4,131 307,666 17% Fluorine Products - - - 0% - - - 0% $ 1,942,940 $ 449,366 $ 2,392,306 100% $ 1,738,552 $ 47,272 $ 1,785,824 100% Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 1,073,962 $ 111,924 $ 1,185,885 22% $ 1,082,069 $ 90,328 $ 1,172,397 32% Cobalt Products 652,546 - 652,546 12% 304,066 - 304,066 8% Nuclear Medicine Products 1,959,387 5,401 1,964,787 39% 1,645,104 - 1,643,104 46% Radiological Services 250,347 1,139,767 1,390,114 27% 487,324 13,141 500,465 14% Fluorine Products - - - 0% - - - 0% $ 3,936,241 $ 1,257,091 $ 5,193,332 100% $ 3,518,564 $ 103,469 $ 3,620,032 100% Prior period amounts have not been adjusted under the modified retrospective approach. Under ASC Topic 606, the Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to receive in exchange for the product or service. Product sales consist of a single performance obligation that the Company satisfies at a point in time. All transactions in the radiochemical products and nuclear medicine standards segments fall into this category. Most sales transactions in the cobalt products business segment fall into this category but other cobalt product sales are recorded as deferred income as discussed below. The Company recognizes product revenue when the following events have occurred: (a) the Company has transferred physical possession of the products, (b) the Company has a present right to payment, (c) the customer has legal title to the products, and (d) the customer bears significant risks and rewards of ownership of the products. Based on the Company’s historical practices and shipping terms specified in the sales agreements and invoices, these criteria are generally met when the products are: invoiced shipped from the Company’s facilities (“FOB shipping point”, which is the Company’s standard shipping term). For these sales, the Company determined that the customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. In the radiological services segment, the Company performs services under multiple types of contracts. In this segment, the Company processes gemstones and recovers various types of radioactive and/or hazardous materials from third-party facilities. Contracts for gemstone processing include two performance obligations and revenue for these contracts is recognized when each obligation is met. Recovery projects typically have only one performance obligation which is delivery of the final product or service. Under these contracts, the Company recognizes revenue once the work is complete and the customer has obtained substantially all of the benefits from the services, and the performance obligations under the contract have been met. Some recovery contracts have milestones at which point the Company can invoice and receive payments from the customer. With these contracts, the company considers each milestone a performance obligation and records revenue at the time each milestone is completed, and the customer has inspected and accepted the results of the services. The Company’s standard payment terms for its customers are generally 30 to 60 days after the Company satisfies the performance obligations. The Company’s revenue consists primarily of products manufactured for use in the nuclear medicine industry, distribution of radiochemicals, cobalt source manufacturing, and providing radiological services on a contract basis for customers. With the exception of certain unique products, the Company’s normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Company’s operating cycle for those products is considered to be two to three years. Accordingly, preliminary payments received on cobalt contracts, where shipment will not take place for greater than one year, have been recorded as unearned revenue and classified under current or long-term liabilities, depending upon estimated ship dates, on the Company’s consolidated balance sheets. For the six months ended June 30, 2018, the Company reported current unearned cobalt products revenue of $3,326,474 and non-current unearned revenue of $7,500. For the period ended December 31, 2017, the Company reported current unearned revenue of $2,539,428 and non-current unearned revenue of $688,980. Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of June 30, 2018, and December 31, 2017, accounts receivable totaled $904,689 and $635,026, respectively. For the six months ended June 30, 2018, the Company did not incur material impairment losses with respect to its receivables. Practical Expedients The Company has elected the practical expedient not to determine whether contacts with customers contain significant financing components. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | (10) Segment Information The Company has five reportable segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, and Radiological Services. Effective January 1, 2018, the Company no longer separately reports the activity in its transportation segment and transportation activities are reported within the other segments. Management believes this change will provide more accurate reporting of segment activity. Prior period results for the affected segments have been retrospectively revised to reflect this change. Information regarding the operations and assets of these reportable business segments is contained in the following table: Three months ended June 30, Six months ended June 30, Sale of Product 2018 2017 (as adjusted) 2018 2017 (as adjusted) Radiochemical Products $ 602,344 $ 558,817 $ 1,185,885 $ 1,172,397 Cobalt Products 324,768 84,643 652,546 304,066 Nuclear Medicine Standards 962,674 834,698 1,964,787 1,643,104 Radiological Services 502,520 307,666 1,390,114 500,465 Fluorine Products - - - - Total Segments 2,392,306 1,785,824 5,193,332 3,620,032 Corporate revenue - - - - Total Consolidated $ 2,392,306 $ 1,785,824 $ 5,193,332 $ 3,620,032 Three months ended June 30, Six months ended June 30, Depreciation and Amortization 2018 2017 (as adjusted) 2018 2017 (as adjusted) Radiochemical Products $ 6,046 $ 1,609 $ 11,060 $ 3,218 Cobalt Products 753 9,084 4,796 18,854 Nuclear Medicine Standards 16,530 2,343 34,468 4,488 Radiological Services 11,918 12,567 23,957 25,005 Fluorine Products 30,725 30,751 56,820 56,846 Total Segments 65,971 56,354 131,101 108,411 Corporate depreciation and amortization 141 (1,076) 4,985 2,452 Total Consolidated $ 66,112 $ 55,278 $ 136,086 $ 110,863 Three months ended June 30, Six months ended June 30, Segment Income (Loss) 2018 2017 (as adjusted) 2018 2017 (as adjusted) Radiochemical Products $ 103,037 $ 106,998 $ 143,557 $ 225,153 Cobalt Products 93,113 34,933 277,905 154,994 Nuclear Medicine Standards 165,294 195,661 389,236 379,633 Radiological Services 164,441 105,364 566,453 196,282 Fluorine Products (31,613) (56,157) (62,912) (141,035) Total Segments 494,273 386,799 1,314,239 815,027 Corporate loss (826,552) (988,994) (1,612,114) (2,203,490) Net Income $ (332,279) $ (602,195) $ (297,875) $ (1,388,463) Three months ended June 30, Six months ended June 30, Expenditures for Segment Assets 2018 2017 (as adjusted) 2018 2017 (as adjusted) Radiochemical Products $ - $ - $ - $ - Cobalt Products - - - - Nuclear Medicine Standards 3,914 - 22,062 (198) Radiological Services 39,354 10,040 39,354 10,040 Fluorine Products - 6,030 1,560 10,202 Total Segments 43,268 16,070 62,976 20,044 Corporate purchases - - - - Total Consolidated $ 43,268 $ 16,070 $ 62,976 $ 20,044 June 30, December 31, Segment Assets 2018 2017 (as adjusted) Radiochemical Products $ 315,627 $ 282,971 Cobalt Products 2,567,851 1,813,356 Nuclear Medicine Standards 2,288,077 2,214,061 Radiological Services 189,138 198,437 Fluorine Products 5,646,898 5,702,159 Total Segments 11,007,591 10,210,984 Corporate assets 1,463,795 1,794,310 Total Consolidated $ 12,471,386 $ 12,005,294 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Interim Financial Information | Interim Financial Information |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, 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 and 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 adopted this guidance effective January 1, 2018, and it has not had any impact on the Company’s statements of cash flows. The Company adopted ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2016-18”), effective January 1, 2018. This update clarified that transfers between cash and restricted cash are not reported as cash flow activities in the statements of cash flows. As such, restricted cash amounts are included with cash and cash equivalents in the beginning-of-period and end-of-period total amounts on the statements of cash flows. The Company applied this update retrospectively, which resulted in an adjustment to the beginning-of-period and end-of-period total amounts on the condensed consolidated statement of cash flows for the six months ended June 30, 2017 to include restricted cash balances from those periods. In June 2018, the FASB issued ASU No. 2018-07, “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU No. 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU No. 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. The amendments in ASU 2018-07 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently assessing the impact of this guidance on its consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | June 30, 2018 December 31, 2017 Raw materials $ 42,911 $ 42,911 Work in process 2,616,431 1,906,377 Finished goods 1,495 2,225 $ 2,660,837 $ 1,951,513 |
Stockholders' Equity, Options18
Stockholders' Equity, Options and Warrants (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of Share-Based Compensation Stock Option Activity | Fixed Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Average Intrinsic Value Outstanding at December 31, 2017 32,250,000 $ 0.06 Granted 1,500,000 $ 0.08 Exercised (3,000,000) $ 0.04 $ 125,000 Forfeited (400,000) $ 0.77 Outstanding at June 30, 2018 30,350,000 $ 0.05 6.6 $ 658,000 Exercisable at June 30, 2018 19,350,000 $ 0.04 5.1 $ 570,500 |
Schedule of Stockholders' Equity Note, Warrants | Warrants Outstanding at December 31, 2017 45,090,000 Issued - Exercised - Forfeited - Outstanding at June 30, 2018 45,090,000 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Sales from Contracts with Customers Disaggregated by Business Segment and Geography | Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 545,344 $ 57,000 $ 602,344 25% $ 515,676 $ 43,141 $ 558,817 31% Cobalt Products 324,768 - 324,768 14% 84,643 - 84,643 5% Nuclear Medicine Products 961,653 1,021 962,674 40% 834,698 - 834,698 47% Radiological Services 111,175 391,345 502,520 21% 303,535 4,131 307,666 17% Fluorine Products - - - 0% - - - 0% $ 1,942,940 $ 449,366 $ 2,392,306 100% $ 1,738,552 $ 47,272 $ 1,785,824 100% Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 1,073,962 $ 111,924 $ 1,185,885 22% $ 1,082,069 $ 90,328 $ 1,172,397 32% Cobalt Products 652,546 - 652,546 12% 304,066 - 304,066 8% Nuclear Medicine Products 1,959,387 5,401 1,964,787 39% 1,645,104 - 1,643,104 46% Radiological Services 250,347 1,139,767 1,390,114 27% 487,324 13,141 500,465 14% Fluorine Products - - - 0% - - - 0% $ 3,936,241 $ 1,257,091 $ 5,193,332 100% $ 3,518,564 $ 103,469 $ 3,620,032 100% |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three months ended June 30, Six months ended June 30, Sale of Product 2018 2017 (as adjusted) 2018 2017 (as adjusted) Radiochemical Products $ 602,344 $ 558,817 $ 1,185,885 $ 1,172,397 Cobalt Products 324,768 84,643 652,546 304,066 Nuclear Medicine Standards 962,674 834,698 1,964,787 1,643,104 Radiological Services 502,520 307,666 1,390,114 500,465 Fluorine Products - - - - Total Segments 2,392,306 1,785,824 5,193,332 3,620,032 Corporate revenue - - - - Total Consolidated $ 2,392,306 $ 1,785,824 $ 5,193,332 $ 3,620,032 Three months ended June 30, Six months ended June 30, Depreciation and Amortization 2018 2017 (as adjusted) 2018 2017 (as adjusted) Radiochemical Products $ 6,046 $ 1,609 $ 11,060 $ 3,218 Cobalt Products 753 9,084 4,796 18,854 Nuclear Medicine Standards 16,530 2,343 34,468 4,488 Radiological Services 11,918 12,567 23,957 25,005 Fluorine Products 30,725 30,751 56,820 56,846 Total Segments 65,971 56,354 131,101 108,411 Corporate depreciation and amortization 141 (1,076) 4,985 2,452 Total Consolidated $ 66,112 $ 55,278 $ 136,086 $ 110,863 Three months ended June 30, Six months ended June 30, Segment Income (Loss) 2018 2017 (as adjusted) 2018 2017 (as adjusted) Radiochemical Products $ 103,037 $ 106,998 $ 143,557 $ 225,153 Cobalt Products 93,113 34,933 277,905 154,994 Nuclear Medicine Standards 165,294 195,661 389,236 379,633 Radiological Services 164,441 105,364 566,453 196,282 Fluorine Products (31,613) (56,157) (62,912) (141,035) Total Segments 494,273 386,799 1,314,239 815,027 Corporate loss (826,552) (988,994) (1,612,114) (2,203,490) Net Income $ (332,279) $ (602,195) $ (297,875) $ (1,388,463) Three months ended June 30, Six months ended June 30, Expenditures for Segment Assets 2018 2017 (as adjusted) 2018 2017 (as adjusted) Radiochemical Products $ - $ - $ - $ - Cobalt Products - - - - Nuclear Medicine Standards 3,914 - 22,062 (198) Radiological Services 39,354 10,040 39,354 10,040 Fluorine Products - 6,030 1,560 10,202 Total Segments 43,268 16,070 62,976 20,044 Corporate purchases - - - - Total Consolidated $ 43,268 $ 16,070 $ 62,976 $ 20,044 June 30, December 31, Segment Assets 2018 2017 (as adjusted) Radiochemical Products $ 315,627 $ 282,971 Cobalt Products 2,567,851 1,813,356 Nuclear Medicine Standards 2,288,077 2,214,061 Radiological Services 189,138 198,437 Fluorine Products 5,646,898 5,702,159 Total Segments 11,007,591 10,210,984 Corporate assets 1,463,795 1,794,310 Total Consolidated $ 12,471,386 $ 12,005,294 |
The Company and Basis of Pres21
The Company and Basis of Presentation (Details Narrative) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Standards Update 2016-02 | |
Accounting standards update, description of future adjustments relating to leases | The Company has evaluated this standard and believes an adjustment of approximately $800,000 will be made beginning in 2019, to both the assets and liabilities of the Company to recognize a lease related to real estate. |
RadQual, LLC | |
Joint venture, percentage ownership | 24.50% |
TI Services, LLC | |
Noncontrolling interest, ownership percentage by parent | 50.00% |
Current Developments and Liqu22
Current Developments and Liquidity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net loss attributable to International Isotopes Inc. | $ (332,279) | $ (602,195) | $ (297,875) | $ (1,388,463) |
Net cash (used in) provided by operating activities | $ (328,026) | $ (759,737) |
Net Loss Per Common Share - B23
Net Loss Per Common Share - Basic and Diluted (Details Narrative) - shares | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Stock options, outstanding | 30,350,000 | 20,750,000 | 32,250,000 |
Warrants, outstanding | 45,090,000 | 47,509,172 | |
Series B Convertible Redeemable Preferred Stock | |||
Anti-dilutive preferred stock, shares outstanding | 425,000 | 425,000 | |
Redeemable convertible preferred stock, outstanding | 850 | ||
Series C Redeemable Convertible Preferred Stock | |||
Redeemable convertible preferred stock, outstanding | 4,213 | 4,213 |
Investment and Business Conso24
Investment and Business Consolidation (Details Narrative) | Jun. 30, 2018 |
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% |
Inventories (Details)
Inventories (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory, Net, Items Net of Reserve | ||
Raw materials | $ 42,911 | $ 42,911 |
Work in process | 2,616,431 | 1,906,377 |
Finished goods | 1,495 | 2,225 |
Total inventory | $ 2,660,837 | $ 1,951,513 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Inventory, Work in Process and Raw Materials | ||
Inventory, cobalt-60 isotopes, carrying value | $ 425,159 | $ 425,159 |
Approximate revenue frm contract with customer | $ 74,500 |
Shareholders' Equity, Options a
Shareholders' Equity, Options and Warrants - Schedule of Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding | |
Stock options outstanding, beginning of period | shares | 32,250,000 |
Stock options, granted | shares | 1,500,000 |
Stock options, exercised | shares | (3,000,000) |
Stock options, forfeited | shares | (400,000) |
Stock options outstanding, end of period | shares | 30,350,000 |
Stock options exercisable, end of period | shares | 19,350,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | |
Weighted average exercise price outstanding, beginning of period | $ / shares | $ 0.06 |
Weighted average exercise price, granted | $ / shares | 0.07 |
Weighted average exercise price, exercised | $ / shares | 0.04 |
Weighted average exercise priced, forfeited | $ / shares | 0.77 |
Weighted average exercise price outstanding, end of period | $ / shares | 0.05 |
Weighted average exercise price exercisable, end of period | $ / shares | $ 0.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |
Weighted average remaining contractual life outstanding, end of period | 6 years 6 months |
Weighted average remaining contractual life exercisable, end of period | 5 years 1 month |
Average intrinsic value outstanding, beginning of period | $ | $ 0 |
Average intrinsic value of options, exercised | $ | 125,000 |
Average intrinsic value outstanding, end of period | $ | 658,000 |
Average intrinsic value, exercisable, end of period | $ | $ 570,500 |
Shareholders' Equity, Options28
Shareholders' Equity, Options and Warrants - Schedule of Warrant Activity (Details) | 6 Months Ended |
Jun. 30, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Warrants outstanding, beginning of period | 45,090,000 |
Warrants, issued | 0 |
Warrants, exercised | 0 |
Warrants, forfeited | 0 |
Warrants outstanding, end of period | 45,090,000 |
Shareholders' Equity, Options29
Shareholders' Equity, Options and Warrants - Employee Stock Purchase Plan (Details Narrative) - Employee Stock Purchase Plan - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares available for issuance | 648,507 | |
Shares issued during period | 51,439 | 34,064 |
Proceeds from issuance of shares during the period | $ 3,304 | $ 2,637 |
Shareholders' Equity, Options30
Shareholders' Equity, Options and Warrants - Equity Incentive Plans (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jul. 31, 2018 | |
Exercise price | $ 0.07 | |||
Compensation expense | $ 125,133 | $ 16,819 | ||
Stock options exercised | 3,000,000 | |||
Stock options, issued | 1,500,000 | |||
Stock Options | ||||
Unrecognized compensation expense | $ 195,382 | |||
Period to be recognized | 2 years 2 months | |||
Qualified Stock Options | ||||
Shares issued | 611,111 | |||
Exercise price | $ 0.08 | $ 0.09 | ||
Stock options exercised | 1,000,000 | |||
Shares withheld to satisfy the exercise price | 388,889 | |||
Stock options, issued | 1,000,000 | 500,000 | ||
Stock options, vesting rights | The options vest one fifth per year beginning one year from the grant date and expire on February 19, 2028. | The options vest one fifth per year beginning one year from the grant date and expire on June 4, 2028. | ||
Stock options, fair value | $ 59,130 | $ 20,635 | ||
Risk free interest rate, minimum | 2.63% | 2.78% | ||
Risk free interest rate, maximum | 2.81% | 2.89% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Expected volatility, minimum | 62.18% | 63.23% | ||
Expected volatility, maximum | 69.94% | 69.04% | ||
Expected term | 7 years 6 months | 7 years 6 months | ||
2015 Incentive Plan | ||||
Number of shares authorized | 60,000,000 | |||
Shares available for issuance | 12,001,331 | |||
2015 Incentive Plan | Non-Qualified Stock Options | ||||
Stock options exercised | 2,000,000 | |||
Stock options exercised, value | $ 70,000 | |||
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 | $ 16,786 | |||
2006 Equity Incentive Plan | ||||
Number of shares authorized | 11,089,967 | |||
Subsequent Event | 2015 Incentive Plan | ||||
Number of shares authorized | 20,000,000 | |||
Shares available for issuance | 32,001,331 |
Shareholders' Equity, Options31
Shareholders' Equity, Options and Warrants - Mandatorily Redeemable Convertible Preferred Stock (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Mandatorily redeemable convertible preferred stock | $ 4,592,585 | $ 4,528,417 | |
Proceeds from issuance of preferred stock and warrants | 0 | $ 2,860,000 | |
Decrease in accrued interest and increase in equity for conversion of dividends to stock | $ 205,980 | $ 0 | |
Convertible Notes | |||
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 | ||
Series B Convertible Redeemable Preferred Stock | |||
Preferred stock outstanding | 850 | ||
Redemption date | May 31, 2022 | ||
Redemption price per share | $ 1,000 | ||
Mandatorily redeemable convertible preferred stock | $ 850,000 | ||
Preferred stock conversion price per share, description | Conversion price of $2.00 per share | ||
Series C Redeemable Convertible Preferred Stock | |||
Preferred stock outstanding | 4,213 | 4,213 | |
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 | $ 675,947 | $ 2,895,379 | |
Preferred stock dividend rate | 6.00% | ||
Dividend payable | 241,730 | ||
Preferred stock dividend, settlement in cash | 35,750 | ||
Decrease in accrued interest and increase in equity for conversion of dividends to stock | $ 205,980 | ||
Common stock issued in lieu of dividend | 2,288,646 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | |
Chairman of the Board of Directors | Promissory Note | ||||||
Accrued interest | $ 2,617 | |||||
Note payable, related party, interest rate | 5.00% | |||||
Note payable, related party, maturity date | Mar. 31, 2019 | Jun. 30, 2018 | ||||
Promissory note | $ 60,000 | |||||
Chief Executive Officer and Chairman of the Board | ||||||
Accrued interest | $ 1,620 | |||||
Note payable, related party, interest rate | 6.00% | |||||
Note payable, related party, maturity date | Mar. 31, 2019 | |||||
Promissory note | $ 120,000 | |||||
Notes Payable | Vehicle | ||||||
Interest rate | 6.66% | |||||
Maturity date | Apr. 1, 2022 | |||||
Note payable | $ 47,513 | |||||
Note payable, monthly payments | $ 805 | |||||
Notes Payable | Chairman of the Board of Directors | ||||||
Warrant exercise price | $ 0.06 | $ 0.06 | ||||
Warrants issued | 15,000,000 | 10,000,000 | ||||
Debt instrument, description | The due date of the $500,000 note was extended to December 31, 2022, 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 | 500,000 | $ 500,000 | ||||
Accrued interest | 136,734 | |||||
Note payable, related party, interest rate | 6.00% | |||||
Note payable, related party, maturity date | Dec. 31, 2022 | Dec. 31, 2017 | Sep. 30, 2014 | |||
Interest expense | $ 15,000 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Narrative) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Restricted cash | $ 616,629 |
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 $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. The Company has not recorded the value of this property as an asset and will not do so until such time that sufficient progress on the project has been made to meet our obligations under the agreements for permanent transfer of the title. |
Dependence on third parties | In October 2014, the Company signed a ten-year contract with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The Company will be able to purchase cobalt targets for a fixed price per target with an annual 5% escalation in price. The contract term is October 1, 2014, through September 30, 2024, however, the contract may be extended beyond that date. Also, the DOE may end the contract if it determines termination is necessary for the national defense, security or environmental safety of the United States. If this were to occur, all payments made by the Company, for partially irradiated undelivered cobalt material, would be refunded. |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Sales from Contracts with Customers by Business Segment and Geography (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 2,392,306 | $ 1,785,824 | $ 5,193,332 | $ 3,620,032 |
Percent of total revenues | 100.00% | 100.00% | 100.00% | 100.00% |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,942,940 | $ 1,738,552 | $ 3,936,241 | $ 3,518,564 |
Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 449,366 | 47,272 | 1,257,091 | 103,469 |
Radiochemical Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 602,344 | $ 558,817 | $ 1,185,885 | $ 1,172,397 |
Percent of total revenues | 25.00% | 31.00% | 22.00% | 32.00% |
Radiochemical Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 545,344 | $ 515,676 | $ 1,073,962 | $ 1,082,069 |
Radiochemical Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 57,000 | 43,141 | 111,924 | 90,328 |
Cobalt Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 324,768 | $ 84,643 | $ 652,546 | $ 304,066 |
Percent of total revenues | 14.00% | 5.00% | 12.00% | 8.00% |
Cobalt Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 324,768 | $ 84,643 | $ 652,546 | $ 304,066 |
Cobalt Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Nuclear Medicine Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 962,674 | $ 834,698 | $ 1,964,787 | $ 1,643,104 |
Percent of total revenues | 40.00% | 47.00% | 39.00% | 46.00% |
Nuclear Medicine Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 961,653 | $ 834,698 | $ 1,959,387 | $ 1,645,104 |
Nuclear Medicine Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,021 | 0 | 5,401 | 0 |
Radiological Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 502,520 | $ 307,666 | $ 1,390,114 | $ 500,465 |
Percent of total revenues | 21.00% | 17.00% | 27.00% | 14.00% |
Radiological Services | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 111,175 | $ 303,535 | $ 250,347 | $ 487,324 |
Radiological Services | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 391,345 | 4,131 | 1,139,767 | 13,141 |
Fluorine Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Percent of total revenues | 0.00% | 0.00% | 0.00% | 0.00% |
Fluorine Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Fluorine Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Unearned revenue, current | $ 3,326,474 | $ 2,688,128 |
Unearned revenue, noncurrent | 7,500 | 688,980 |
Accounts receivable | 904,689 | 635,026 |
Cobalt Products | ||
Unearned revenue, current | 3,326,474 | 2,539,428 |
Unearned revenue, noncurrent | $ 7,500 | $ 688,980 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Sale of Product | $ 2,392,306 | $ 1,785,824 | $ 5,193,332 | $ 3,620,032 | |
Depreciation and Amortization | 66,112 | 55,278 | 136,086 | 110,863 | |
Segment Income (Loss) | (332,279) | (602,195) | (297,875) | (1,388,463) | |
Expenditures for Segment Assets | 43,268 | 16,070 | 62,976 | 20,044 | |
Segment Assets | 12,471,386 | 12,471,386 | $ 12,005,294 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 2,392,306 | 1,785,824 | 5,193,332 | ||
Depreciation and Amortization | 65,971 | 56,354 | 131,101 | ||
Segment Income (Loss) | 494,273 | 386,799 | 1,314,239 | ||
Expenditures for Segment Assets | 43,268 | 16,070 | 62,976 | ||
Segment Assets | 11,007,591 | 11,007,591 | |||
Operating Segments | As Adjusted | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 3,620,032 | ||||
Depreciation and Amortization | 108,411 | ||||
Segment Income (Loss) | 815,027 | ||||
Expenditures for Segment Assets | 20,044 | ||||
Segment Assets | 10,210,984 | ||||
Operating Segments | Radiochemical Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 602,344 | 558,817 | 1,185,885 | ||
Depreciation and Amortization | 6,046 | 1,609 | 11,060 | ||
Segment Income (Loss) | 103,037 | 106,998 | 143,557 | ||
Expenditures for Segment Assets | 0 | 0 | 0 | ||
Segment Assets | 315,627 | 315,627 | |||
Operating Segments | Radiochemical Products | As Adjusted | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 1,172,397 | ||||
Depreciation and Amortization | 3,218 | ||||
Segment Income (Loss) | 225,153 | ||||
Expenditures for Segment Assets | 0 | ||||
Segment Assets | 282,971 | ||||
Operating Segments | Cobalt Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 324,768 | 84,643 | 652,546 | ||
Depreciation and Amortization | 753 | 9,084 | 4,796 | ||
Segment Income (Loss) | 93,113 | 34,933 | 277,905 | ||
Expenditures for Segment Assets | 0 | 0 | 0 | ||
Segment Assets | 2,567,851 | 2,567,851 | |||
Operating Segments | Cobalt Products | As Adjusted | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 304,066 | ||||
Depreciation and Amortization | 18,854 | ||||
Segment Income (Loss) | 154,994 | ||||
Expenditures for Segment Assets | 0 | ||||
Segment Assets | 1,813,356 | ||||
Operating Segments | Nuclear Medicine Standards | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 962,674 | 834,698 | 1,964,787 | ||
Depreciation and Amortization | 16,530 | 2,343 | 34,468 | ||
Segment Income (Loss) | 165,294 | 195,661 | 389,236 | ||
Expenditures for Segment Assets | 3,914 | 0 | 22,062 | ||
Segment Assets | 2,288,077 | 2,288,077 | |||
Operating Segments | Nuclear Medicine Standards | As Adjusted | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 1,643,104 | ||||
Depreciation and Amortization | 4,488 | ||||
Segment Income (Loss) | 379,633 | ||||
Expenditures for Segment Assets | (198) | ||||
Segment Assets | 2,214,061 | ||||
Operating Segments | Radiological Services | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 502,520 | 307,666 | 1,390,114 | ||
Depreciation and Amortization | 11,918 | 12,567 | 23,957 | ||
Segment Income (Loss) | 164,441 | 105,364 | 566,453 | ||
Expenditures for Segment Assets | 39,354 | 10,040 | 39,354 | ||
Segment Assets | 189,138 | 189,138 | |||
Operating Segments | Radiological Services | As Adjusted | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 500,465 | ||||
Depreciation and Amortization | 25,005 | ||||
Segment Income (Loss) | 196,282 | ||||
Expenditures for Segment Assets | 10,040 | ||||
Segment Assets | 198,437 | ||||
Operating Segments | Fluorine Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | ||
Depreciation and Amortization | 30,725 | 30,751 | 56,820 | ||
Segment Income (Loss) | (31,613) | (56,157) | (62,912) | ||
Expenditures for Segment Assets | 0 | 6,030 | 1,560 | ||
Segment Assets | 5,646,898 | 5,646,898 | |||
Operating Segments | Fluorine Products | As Adjusted | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | ||||
Depreciation and Amortization | 56,846 | ||||
Segment Income (Loss) | (141,035) | ||||
Expenditures for Segment Assets | 10,202 | ||||
Segment Assets | 5,702,159 | ||||
Corporate Allocation | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | ||
Depreciation and Amortization | 141 | (1,076) | 4,985 | ||
Segment Income (Loss) | (826,552) | (988,994) | (1,612,114) | ||
Expenditures for Segment Assets | 0 | $ 0 | 0 | ||
Segment Assets | $ 1,463,795 | $ 1,463,795 | |||
Corporate Allocation | As Adjusted | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | ||||
Depreciation and Amortization | 2,452 | ||||
Segment Income (Loss) | (2,203,490) | ||||
Expenditures for Segment Assets | $ 0 | ||||
Segment Assets | $ 1,794,310 |
Segment Information (Details Na
Segment Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2018Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |