Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 09, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-22923 | |
Entity Registrant Name | INTERNATIONAL ISOTOPES INC | |
Entity Central Index Key | 0001038277 | |
Entity Incorporation, State or Country Code | TX | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 419,805,440 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 443,310 | $ 828,039 |
Accounts receivable | 1,402,893 | 820,370 |
Inventories | 3,219,941 | 2,765,729 |
Prepaids and other current assets | 310,620 | 315,042 |
Total current assets | 5,376,764 | 4,729,180 |
Long-term assets | ||
Restricted cash | 629,446 | 622,428 |
Property, plant and equipment, net | 1,876,602 | 1,906,182 |
Operating lease right-of-use asset | 758,666 | |
Goodwill | 1,384,255 | 1,384,255 |
Patents and other intangibles, net | 4,272,043 | 4,348,031 |
Total long-term assets | 8,921,012 | 8,260,896 |
Total assets | 14,297,776 | 12,990,076 |
Current liabilities | ||
Accounts payable | 3,882,312 | 2,285,165 |
Accrued liabilities | 803,210 | 939,918 |
Current portion of unearned revenue | 1,561,458 | 3,783,541 |
Current portion of operating lease right-of-use liability | 99,236 | |
Current portion of related party notes payable | 120,000 | 180,000 |
Current installments of notes payable | 1,933,415 | 7,956 |
Total current liabilities | 8,399,631 | 7,196,580 |
Long-term liabilities | ||
Obligation for lease disposal costs | 526,915 | 507,968 |
Unearned revenue, net of current portion | 7,500 | 7,500 |
Related party notes payable, net of current portion and debt discount | 459,767 | 446,356 |
Notes payable, net of current portion | 16,602 | 20,786 |
Operating lease right-of-use liability, net of current portion | 659,430 | |
Mandatorily redeemable convertible preferred stock | 4,720,919 | 4,656,752 |
Total long-term liabilities | 6,391,133 | 5,639,362 |
Total liabilities | 14,790,764 | 12,835,942 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Common stock | 4,197,741 | 4,131,683 |
Additional paid-in capital | 121,125,897 | 120,805,997 |
Accumulated deficit | (127,750,572) | (126,541,421) |
Deficit attributable to International Isotopes Inc. stockholders | (2,426,934) | (1,603,741) |
Equity attributable to noncontrolling interest | 1,933,946 | 1,757,875 |
Total equity | (492,988) | 154,134 |
Total liabilities and stockholders' equity | $ 14,297,776 | $ 12,990,076 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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 | 419,774,105 | 413,168,301 |
Common stock, shares outstanding | 419,774,105 | 413,168,301 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Sale of product | $ 2,135,839 | $ 2,392,306 | $ 4,663,691 | $ 5,193,332 |
Cost of product | 971,384 | 1,363,564 | 2,059,812 | 2,805,972 |
Gross profit | 1,164,455 | 1,028,742 | 2,603,879 | 2,387,360 |
Operating costs and expenses: | ||||
Salaries and contract labor | 596,045 | 561,058 | 1,219,744 | 1,130,517 |
General, administrative and consulting | 600,580 | 582,614 | 1,227,443 | 1,115,748 |
Research and development | 50,354 | 84,464 | 96,658 | 190,884 |
Total operating expenses | 1,246,979 | 1,228,136 | 2,543,845 | 2,437,149 |
Net operating (loss) income | (82,524) | (199,394) | 60,034 | (49,789) |
Other income (expense): | ||||
Other (expense) income | (867,660) | (381) | (843,028) | 52,981 |
Interest income | 3,611 | 2,317 | 7,033 | 3,624 |
Interest expense | (136,842) | (115,882) | (250,919) | (221,916) |
Total other expense | (1,000,891) | (113,946) | (1,086,914) | (165,311) |
Net loss | (1,083,415) | (313,340) | (1,026,880) | (215,100) |
Less income attributable to non-controlling interest | 73,779 | 18,939 | 182,271 | 82,775 |
Net loss attributable to International Isotopes Inc. | $ (1,157,194) | $ (332,279) | $ (1,209,151) | $ (297,875) |
Net income (loss) per common share - basic | ||||
Net income (loss) per common share - diluted | ||||
Weighted average common shares outstanding - basic and diluted | 419,230,535 | 411,232,012 | 416,568,617 | 409,327,531 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (313,340) | $ (1,026,880) | $ (215,100) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 130,445 | 136,086 | |
Gain on disposal of property, plant and equipment | (1,700) | ||
Accretion of obligation for lease disposal costs | 18,947 | 11,277 | |
Accretion of beneficial conversion feature and discount | 77,578 | 77,579 | |
Equity based compensation | 92,540 | 125,133 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (582,523) | (269,663) | |
Inventories | (454,212) | (709,324) | |
Prepaids and other current assets | 4,422 | 238,431 | |
Accounts payable and accrued liabilities | 1,666,419 | 320,689 | |
Unearned revenues | (39,941) | (43,134) | |
Net cash used in operating activities | (114,905) | (328,026) | |
Cash flows from investing activities: | |||
Proceeds from sale of property, plant and equipment | 1,700 | ||
Purchase of property, plant and equipment | (24,877) | (62,976) | |
Net cash used in investing activities | (23,177) | (62,976) | |
Cash flows from financing activities: | |||
Proceeds from sale of stock and exercise of stock options | 87,438 | 73,304 | |
Distribution to non-controlling interest | (6,200) | ||
Proceeds from issuance of related party notes payable | 120,000 | ||
Principal payments on notes payable | (320,867) | (3,656) | |
Net cash (used in) provided by financing activities | (239,629) | 189,648 | |
Net decrease in cash, cash equivalents and restricted cash | (377,711) | (201,354) | |
Cash, cash equivalents and restricted cash at beginning of period | 1,450,467 | 1,250,368 | |
Cash, cash equivalents and restricted cash at end of period | 1,049,014 | 1,072,756 | 1,049,014 |
Supplemental disclosure of cash flow activities: | |||
Cash paid for interest | 86,388 | 37,749 | |
Supplemental disclosure of noncash financing and investing transactions: | |||
Decrease in accrued interest and increase in equity for conversion of dividends to stock | 205,980 | 205,980 | |
Decrease in unearned revenue and increase in notes payable for repayment plan | 2,182,142 | ||
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 | 443,310 | 412,385 |
Restricted cash included in current assets | 20,000 | 20,000 | |
Restricted cash included in long-term assets | 616,629 | 629,446 | 616,629 |
Total cash, cash equivalents and restricted cash shown in statement of cash flows | $ 1,049,014 | $ 1,072,756 | $ 1,049,014 |
Reconciliation of Stockholders'
Reconciliation of Stockholders' Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Deficit Attributable to Internat'l Isotopes Shareholders | Equity Attributable to Noncontrolling Interest | Total |
Beginning balance, value at Dec. 31, 2017 | $ 4,067,907 | $ 120,398,620 | $ (125,696,845) | $ (1,230,318) | $ 1,577,245 | $ 346,927 |
Beginning balance, shares at Dec. 31, 2017 | 406,790,703 | |||||
Shares issued under employee stock purchase plan, value | $ 515 | 2,789 | 3,304 | 3,304 | ||
Shares issued under employee stock purchase plan, shares | 51,439 | |||||
Stock grant, value | $ 2,098 | (2,098) | ||||
Stock grant, shares | 209,825 | |||||
Stock in lieu of dividends on convertible preferred C shares, value | $ 22,886 | 183,094 | 205,980 | 205,980 | ||
Stock in lieu of dividends on convertible preferred C shares, shares | 2,288,646 | |||||
Shares issued for exercise of employee stock options, value | $ 26,111 | 43,889 | 70,000 | 70,000 | ||
Shares issued for exercise of employee stock options, shares | 2,611,111 | |||||
Stock based compensation | 125,133 | 125,133 | 125,133 | |||
Net (loss) income | (297,875) | (297,875) | 82,775 | (215,100) | ||
Ending balance, value at Jun. 30, 2018 | $ 4,119,517 | 120,751,427 | (125,994,720) | (1,123,776) | 1,660,020 | 536,244 |
Ending balance, shares at Jun. 30, 2018 | 411,951,724 | |||||
Beginning balance, value at Mar. 31, 2018 | $ 4,099,221 | 120,648,517 | (125,662,441) | (914,703) | 1,641,081 | 726,378 |
Beginning balance, shares at Mar. 31, 2018 | 409,922,096 | |||||
Shares issued under employee stock purchase plan, value | $ 296 | 1,481 | 1,777 | 1,777 | ||
Shares issued under employee stock purchase plan, shares | 29,628 | |||||
Shares issued for exercise of employee stock options, value | $ 20,000 | 50,000 | 70,000 | 70,000 | ||
Shares issued for exercise of employee stock options, shares | 2,000,000 | |||||
Stock based compensation | 51,429 | 51,429 | 51,429 | |||
Net (loss) income | (332,279) | (332,279) | 18,939 | (313,340) | ||
Ending balance, value at Jun. 30, 2018 | $ 4,119,517 | 120,751,427 | (125,994,720) | (1,123,776) | 1,660,020 | 536,244 |
Ending balance, shares at Jun. 30, 2018 | 411,951,724 | |||||
Beginning balance, value at Dec. 31, 2018 | $ 4,131,683 | 120,805,997 | (126,541,421) | (1,603,741) | 1,757,875 | 154,134 |
Beginning balance, shares at Dec. 31, 2018 | 413,168,301 | |||||
Shares issued under employee stock purchase plan, value | $ 680 | 2,758 | 3,438 | 3,438 | ||
Shares issued under employee stock purchase plan, shares | 68,037 | |||||
Stock grant, value | $ 2,798 | (2,798) | ||||
Stock grant, shares | 279,767 | |||||
Stock in lieu of dividends on convertible preferred C shares, value | $ 34,330 | 171,650 | 205,980 | 205,980 | ||
Stock in lieu of dividends on convertible preferred C shares, shares | 3,433,000 | |||||
Shares issued for exercise of employee stock options, value | $ 28,250 | 55,750 | 84,000 | 84,000 | ||
Shares issued for exercise of employee stock options, shares | 2,825,000 | |||||
Stock based compensation | 92,540 | 92,540 | 92,540 | |||
Distribution to non-controlling interest | (6,200) | (6,200) | ||||
Net (loss) income | (1,209,151) | (1,209,151) | 182,271 | (1,026,880) | ||
Ending balance, value at Jun. 30, 2019 | $ 4,197,741 | 121,125,897 | (127,750,572) | (2,426,934) | 1,933,946 | (492,988) |
Ending balance, shares at Jun. 30, 2019 | 419,774,105 | |||||
Beginning balance, value at Mar. 31, 2019 | $ 4,169,127 | 121,039,851 | (126,593,378) | (1,384,401) | 1,866,367 | 481,966 |
Beginning balance, shares at Mar. 31, 2019 | 416,912,686 | |||||
Shares issued under employee stock purchase plan, value | $ 364 | 1,493 | 1,857 | 1,857 | ||
Shares issued under employee stock purchase plan, shares | 36,419 | |||||
Shares issued for exercise of employee stock options, value | $ 28,250 | 55,750 | 84,000 | 84,000 | ||
Shares issued for exercise of employee stock options, shares | 2,825,000 | |||||
Stock based compensation | 28,803 | 28,803 | 28,803 | |||
Distribution to non-controlling interest | (6,200) | (6,200) | ||||
Net (loss) income | (1,157,194) | (1,157,194) | 73,779 | (1,083,415) | ||
Ending balance, value at Jun. 30, 2019 | $ 4,197,741 | $ 121,125,897 | $ (127,750,572) | $ (2,426,934) | $ 1,933,946 | $ (492,988) |
Ending balance, shares at Jun. 30, 2019 | 419,774,105 |
The Company and Basis of Presen
The Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
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, nuclear cardiology and Positron Emission Tomography (PET) imaging. RadQual is a global supplier of molecular imaging quality control and calibration devices, and is headquartered in Idaho Falls, Idaho. In August 2017, affiliates of INIS purchased 75.5% of RadQual and at the time INIS was named as one of the two managing members of RadQual. As a result of this ownership change, INIS has significant influence in management decisions with regard to RadQual’s business operations. 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, depending upon estimated ship dates, classified under either current or long-term liabilities on the Company’s consolidated balance sheets. These unearned revenues are being recognized as revenue in the periods during which the cobalt shipments take place. All assets expected to be realized in cash or sold during the normal operating cycle of business are classified as current assets. Principles of Consolidation Interim Financial Information Recent Accounting Pronouncements In June 2018, the FASB issued ASU 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 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 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 adopted this standard effective January 1, 2019, and there was no material impact on the financial statements. |
Current Developments and Liquid
Current Developments and Liquidity | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019, 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. Additionally, the Company holds a Nuclear Regulatory Commission (NRC) construction and operating license for the depleted uranium facility in, 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 considers it a valuable asset. On April 5, 2019, the Company entered into a manufacturing and supply agreement with Progenics Pharmaceuticals Inc. Under this agreement, the Company will provide contract manufacturing services for AZEDRA® (Ultratrace® Iobenguane I-131) and other iodine products. The Company is expanding its existing facility and installing the equipment necessary to support this contract manufacturing opportunity. The Company expects to complete startup of these additional new manufacturing spaces by the end of 2019. 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 Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share - Basic and Diluted | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share - Basic and Diluted | (3) Net Income (Loss) Per Common Share - Basic and Diluted For the six months ended June 30, 2019, the Company had 23,488,000 stock options outstanding, 20,090,000 warrants outstanding, 4,213 outstanding shares of Series C redeemable convertible preferred stock (Series C Preferred Stock), and 850 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 (loss) per common share because they would be anti-dilutive. 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 Preferred Stock, and 850 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. The table below summarizes common stock equivalents outstanding at June 30, 2019 and 2018: Stock options 23,488,000 30,350,000 Warrants 20,090,000 45,090,000 850 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 42,130,000 86,133,000 117,995,000 |
Investment and Business Consoli
Investment and Business Consolidation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [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 each 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. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | (5) Inventories Inventories consisted of the following at June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 Raw materials $ 40,648 $ 42,911 Work in process 3,175,017 2,719,786 Finished goods 4,276 3,032 $ 3,219,941 $ 2,765,729 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, 2019, and at December 31, 2018, this cobalt target inventory had a carrying value of $403,076 and $389,293, respectively. Work in process also includes costs to irradiate cobalt-60 material under a contract with the DOE. This material has been placed in the 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 has collected 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 are recognized in the Company’s consolidated financial statements as cobalt products are completed and shipped. For the six months ended June 30, 2019 and 2018, the Company recognized approximately $102,500 and $74,500, respectively, of revenue in its consolidated statements of operations for customer orders filled during the period under these cobalt contracts. |
Stockholders' Equity, Options a
Stockholders' Equity, Options and Warrants | 6 Months Ended |
Jun. 30, 2019 | |
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 pursuant to which employees of the Company may participate to purchase shares of common stock at a discount. During the six months ended June 30, 2019 and 2018, the Company issued 68,037 and 51,439 shares of common stock, respectively, to employees under the employee stock purchase plan for proceeds of $3,438 and $3,304, respectively. As of June 30, 2019, 511,977 shares of common stock remain available for issuance under the employee stock purchase plan. Stock-Based Compensation Plans 2015 Incentive Plan Employee/Director Grants Non-Employee Grants Option awards outstanding as of June 30, 2019, and changes during the six months ended June 30, 2019, were as follows: Fixed Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2018 27,805,000 $ 0.06 Granted 615,000 $ 0.06 Exercised (3,700,000 ) $ 0.04 Expired (632,000 ) $ 0.10 Forfeited (600,000 ) $ 0.04 Outstanding at June 30, 2019 23,488,000 $ 0.05 6.8 $ 235,000 Exerciseable at June 30, 2019 15,101,000 $ .05 6.0 $ 235,000 The intrinsic value of outstanding and exercisable shares is based on the closing price of the Company’s common stock on the OTCQB of $0.06 per share on June 28, 2019, the last trading day of the quarter. As of June 30, 2019, there was $104,740 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 1.93 years. In April 2019, 1,500,000 qualified stock options were exercised under a cashless exercise. The Company withheld 875,000 shares to satisfy the exercise price and issued 625,000 shares of common stock. The options exercised were granted under the 2015 Plan, and, accordingly, there was not any income tax effect in the condensed consolidated financial statements for the six months ended June 30, 2019. In addition, in April 2019, 2,000,000 non-qualified stock options were exercised for a cash payment of $70,000. The options exercised were granted under the 2015 Plan and, accordingly, there was not any income tax effect in the condensed consolidated financial statements for the six months ended June 30, 2019. In May 2019, 200,000 non-qualified stock options were exercised for cash payments of $14,000. The options were granted under the 2015 Plan and, accordingly, there will not be any income tax effect in the condensed consolidated financial statements for the six months ended June 30, 2019. During the three months ended June 30, 2019, the Company granted 615,000 qualified stock options to several of its employees. All options vest over a five-year period, with the exception of one award which vests over a four-year period, with the first vesting at one year anniversary for all grants and expiration at ten year anniversary for all grants. The weighted average exercise price for these options was $0.06 per share. The options have a fair value of $21,562 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 1.87% to 2.49%, expected dividend yield rate of 0%, expected volatility of 57.62% to 65.22% and an expected life between 5.5 and 7.5 years. Total stock-based compensation expense for the six months ended June 30, 2019 and 2018 was $92,540 and $125,133 respectively. Pursuant to an employment agreement with its Chief Executive Officer, the Company awarded 466,667 fully vested shares of common stock to its Chief Executive Officer in February 2019 under the 2015 Plan. The number of shares awarded was based on a $28,000 stock award using a price of $0.06 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, 2019, which was $0.06 per share. The Company withheld 186,900 shares of common stock to satisfy the employee’s payroll tax obligations in connection with this issuance. The net shares issued on February 28, 2019 totaled 279,767. Warrants Warrants outstanding at June 30, 2019, included 17,165,000 Class M Warrants which are immediately exercisable at an exercise price of $0.12 per share and expire on February 17, 2022; and, 2,925,000 Class N Warrants which are immediately exercisable at an exercise price of $0.10 per share and expire on May 12, 2022. All 25,000,000 Class L Warrants expired on December 23, 2018. Warrants outstanding at June 30, 2018, included 25,000,000 Class L Warrants with an exercise price of $0.06 per share and an expiration date of December 23, 2018, 17,165,000, Class M Warrants which are immediately exercisable at an exercise price of $0.12 per share and expire on February 17, 2022; and, 2,925,000 Class N Warrants which are immediately exercisable at an exercise price of $0.10 per share and expire on May 12, 2022. Preferred Stock At June 30, 2019, 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 of Series B Preferred Stock are also convertible into 425,000 shares of the Company’s common stock at a conversion price of $2.00 per share. These Series B Preferred Stock does not carry any 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. At June 30, 2019, there were 4,213 shares of the Series C Preferred Stock outstanding with a mandatory redemption date of February 2022 at $1,000 per share in either cash or shares of common stock, at the option of the holder. Holders of the 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 Series C Preferred Stock accrues dividends at a rate of 6% per annum, payable annually on February 17th of each year. The Series C Preferred Stock are convertible at the option of the holders 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. During the six-month period ended June 30, 2019 and 2018 dividends paid to holders of the Series C Preferred Stock totaled $252,780 and $241,730, respectively. 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. For the six-month period ending June 30, 2019 the Company issued 3,433,000 shares of common stock in lieu of a dividend payment of $205,980. The remaining $46,800 of dividend payable was settled with cash. For the same period in 2018, 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 in cash. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt In December 2013, the Company entered into a promissory note agreement with its former Chairman of the Board and one of its major shareholders pursuant to which the Company borrowed $500,000 (the 2013 Promissory Note). The 2013 Promissory Note is secured and bears interest at 6% per annum and was originally due on June 30, 2014. According to the terms of the 2013 Promissory 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 2013 Promissory Note, each of the two lenders was issued 5,000,000 warrants to purchase shares of the Company’s common stock at $0.06 per share. The warrants were immediately exercisable. In June 2014, the Company renegotiated the terms of the 2013 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. In December 2016, the 2013 Promissory Note was further modified to extend the maturity date to December 31, 2022, with all remaining terms unchanged. On December 23, 2018, all 25,000,000 warrants expired. At June 30, 2019, the principal balance of the 2013 Promissory Note was $500,000 and accrued interest payable on the 2013 Promissory Note was $166,734. Interest expense recorded for the six-month period ended June 30, 2019, was $15,000. In March 2016, the Company 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% per annum. Monthly payments are $805 and the note matures in April 2022. The note is secured by the vehicle that was purchased with the note’s proceeds. In August 2017, the Company entered into a promissory note agreement with its Chairman of the Board pursuant to which the Company borrowed $60,000 (the 2017 Promissory Note). The 2017 Promissory Note accrues interest at 5% per annuum, which is payable upon maturity of the 2017 Promissory Note. The 2017 Promissory Note is unsecured and was scheduled to mature on June 30, 2018. Pursuant to an amendment to the 2017 Promissory Note on June 29, 2018, the maturity date was extended to March 31, 2019 with all other provisions remaining unchanged. Pursuant to a second amendment to the 2017 Promissory Note on February 2019, the maturity date was extended to July 31, 2019 with all other provisions of the 2017 Promissory Note remaining unchanged. On April 30, 2019, the 2017 Promissory Note and accrued interest were repaid in full with a cash payment of $65,117. In April 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 2018 Promissory Note). The 2018 Promissory Note accrues interest at 6% per annum, which is payable upon maturity of the 2018 Promissory Note. The 2018 Promissory Note was originally unsecured and was originally scheduled to mature on August 1, 2018. At any time, the holder of the 2018 Promissory 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 2018 Promissory Note on June 29, 2018, the maturity date was extended to March 31, 2019 with all other provisions remaining unchanged. Pursuant to a second amendment to the 2018 Promissory Note on February 12, 2019, the maturity date was extended to July 31, 2019, with all other provisions remaining unchanged. Pursuant to a third amendment to the 2018 Promissory Note in August 2019, the maturity date was extended to January 31, 2020, and the note was modified to be secured by all of the Company’s assets. At June 30, 2019, accrued interest on the 2018 Promissory Note totaled $8,570. In February 2019, the Company borrowed $185,474 from RadQual pursuant to a short-term promissory note with a stated interest rate of 6% per annum and a maturity date of July 31, 2019 (the 2019 Promissory Note). The 2019 Promissory Note is unsecured. In June 2019, the Company borrowed an additional $180,000. Additionally, in June 2019, an amendment to the 2019 Promissory Note extended the maturity date to December 31, 2019 with all other terms remaining unchanged. At June 30, 2019, the principal balance of the 2019 Promissory Note totaled $365,474 and accrued interest on the 2019 Promissory Note totaled $3,982. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies Dependence on Third Parties The production of High Specific Activity 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 several 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 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 held with Merrill Lynch in the amount of $629,446. 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, the Company committed to construct a uranium de-conversion and Fluorine Extraction Process facility on the land. In order to retain title to the property, the Company was 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 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 reaching an amendment to extend the performance dates in the PPA. 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 the Company’s obligations under the agreements for permanent transfer of the title. On May 3, 2019, the Company’s radiological services team was involved in a contamination event at an off-site location in the state of Washington. The Company is currently supporting clean-up operations at that location and is supporting an investigation, in conjunction with the DOE, to help determine the cause of this event. The Company has reported this incident to its insurance carrier and a claim is being processed to address the cost of recovery operations. During the six months ended June 30, 2019 the company incurred $1,522,605 in expenses related to the contamination which is recorded as “other expense” in the Company’s consolidated Statements of Operations. In July 2019, the company received $634,919 in reimbursements from its insurance company for this ongoing claim which is recorded as “other income” in the Company’s consolidated Statements of Operations. The Company is actively working with its insurance company and believes it will recover a majority of the external and subcontract costs of these clean-up operations. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 Three Months Ended June 30, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 774,107 $ — $ 774,107 36 % $ 545,344 $ 57,000 $ 602,344 25 % Cobalt Products 213,239 — 213,239 10 % 324,768 — 324,768 14 % Nuclear Medicine Products 744,612 186,084 930,696 44 % 961,653 1,021 962,674 40 % Radiological Services 217,797 — 217,797 10 % 111,175 391,345 502,520 21 % Fluorine Products — — — 0 % — — — 0 % $ 1,949,755 $ 186,084 $ 2,135,839 100 % $ 1,942,940 $ 449,366 $ 2,392,306 100 % Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 1,233,714 $ 3,625 $ 1,237,339 27 % $ 1,073,961 $ 111,924 $ 1,185,885 23 % Cobalt Products 549,328 40,000 589,328 13 % 652,546 — 652,546 13 % Nuclear Medicine Products 1,578,120 453,498 2,031,618 44 % 1,959,386 5,401 1,964,787 38 % Radiological Services 805,406 — 805,406 17 % 250,347 1,139,767 1,390,114 27 % Fluorine Products — — — 0 % — — — 0 % $ 4,166,568 $ 497,123 $ 4,663,691 100 % $ 3,936,240 $ 1,257,092 $ 5,193,332 100 % 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. Most 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 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 on the Company’s consolidated balance sheets and classified under current or long-term liabilities, depending upon estimated ship dates. For the six months ended June 30, 2019, the Company reported current unearned cobalt products revenue of $1,561,458 and non-current unearned revenue of $7,500. For the period ended December 31, 2018, the Company reported current unearned revenue of $3,783,541 and non-current unearned revenue of $7,500. These unearned revenues will be recognized as revenue in the periods during which the cobalt shipments take place. During the six months ended June 30, 2019, one of the prepaid revenue customers requested a refund of the amounts paid. The Company entered into an agreement to repay $2,182,142 over the next 12 months. The modification was necessary to address the delays to cobalt delivery in 2019 caused by changes to the ATR operating schedule and also to accommodate this customer’s request to reduce their cobalt purchase obligations in future years. The modifications require that the Company refund approximately $1,050,000, of payments received for prior year undelivered material, plus interest at 12% per year, payable over a one-year period on a portion of that amount. The Company has also agreed with this customer to refund approximately $1,100,000 paid for material that was to have been delivered in later years. There will be no interest charge on this refund. The Company has contracted for the sale of this cobalt to a new customer for approximately the same amount. The entire amount was reclassed from unearned revenue to short-term notes payable. 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, 2019, and December 31, 2018, accounts receivable totaled $1,402,893 and $820,370, respectively. For the six months ended June 30, 2019, 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 contracts with customers contain significant financing components. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | (10) Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 replaced most existing lease accounting guidance. In July 2018 the FASB approved an Accounting Standards Update which, among other changes, allowed a company to elect to adopt ASU 2016-02 using the modified retrospective method applying the transition provisions at the beginning of the period of adoption, rather than at the beginning of the earliest comparative period presented in these financial statements. ASU 2016-02 was effective for the Company beginning on January 1, 2019 and required the Company to record a right-of-use asset and a lease liability for its facilities leases that were previously treated as operating leases. The effect of ASU 2016-02 was to record a cumulative-effect adjustment on January 1, 2019 as a right-of-use asset and an operating lease liability totaling $810,367. The Company has made an accounting policy election to not apply the recognition requirements of ASU 2016-02 to its short-term leases, which are leases with a term of one year or less. The Company has also elected certain practical expedients under ASU 2016-02 including not separating lease and non-lease components on its operating leases, not reassessing whether any existing contracts contained leases, not reconsidering lease classification, not reassessing initial direct costs and using hindsight in determining the reasonably certain term of its leases. The Company leases office and warehouse space under operating leases. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments under the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the reasonably certain lease term. The implicit rates with the Company’s operating leases are generally not determinable and the Company uses its incremental borrowing rate at the lease commencement date to determine the present value of its lease payments. The determination of the Company’s incremental borrowing rate requires judgement. The company determines its incremental borrowing rate for each lease using its then-current borrowing rate. Certain of the Company’s leases include options to extend or terminate the lease. The Company establishes the number of renewal options periods used in determining the operating lease term based upon its assessment at the inception of the operating lease. The option to renew the lease may be automatic, at the option of the Company, or mutually agreed to between the landlord and the Company. Once the facility lease term has begun, the present value of the aggregate future minimum lease payments is recorded as a right-of-use asset. Lease expense is recognized on a straight-line basis over the term of the lease. Six Months Ended June 30, 2019 Operating lease costs $ 73,706 Short-term operating lease costs $ 3,039 Operating cash flows from operating leases $ (76,745 ) Right-of-use assets obtained in exchange for new operating lease liabilities $ 810,367 Weighted-average remaining lease term (years) - operating leases 7 Weighted-average discount rate - operating leases 6.75 % The future minimum payments under these operating lease agreements are as follows: 2019 (excluding the six months ended June 30, 2019) $ 73,706 2020 145,563 2021 136,313 2022 136,313 2023 136,313 Thereafter 318,063 Total minimum operating lease obligations 946,271 Less-amounts representing interest (187,605 ) Present value of minimum operating lease obligations 758,666 Current maturities (99,236 ) Lease obligations, net of current maturities $ 659,430 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | (11) Segment Information The Company has five reportable segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, and Radiological Services. 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 2019 2018 2019 2018 Radiochemical Products $ 774,107 $ 602,344 $ 1,237,339 $ 1,185,885 Cobalt Products 213,239 324,768 589,328 652,546 Nuclear Medicine Standards 930,696 962,674 2,031,618 1,964,787 Radiological Services 217,797 502,520 805,406 1,390,114 Fluorine Products — — — — Total Segments 2,135,839 2,392,306 4,663,691 5,193,332 Corporate revenue — — — Total Consolidated $ 2,135,839 $ 2,392,306 $ 4,663,691 $ 5,193,332 Three months ended June 30, Six months ended June 30, Depreciation and Amortization 2019 2018 2019 2018 Radiochemical Products $ 9,269 $ 6,046 $ 18,086 $ 11,060 Cobalt Products 1,022 753 2,102 4,796 Nuclear Medicine Standards 15,673 16,530 31,292 34,468 Radiological Services 8,636 11,918 17,272 23,957 Fluorine Products 30,807 30,725 56,902 56,820 Total Segments 65,408 65,971 125,654 131,101 Corporate depreciation and amortization 53 141 4,791 4,985 Total Consolidated $ 65,461 $ 66,112 $ 130,445 $ 136,086 Three months ended June 30, Six months ended June 30, Segment Income (Loss) 2019 2018 2019 2018 Radiochemical Products $ 252,946 $ 103,037 $ 349,002 $ 143,557 Cobalt Products 122,252 93,113 315,122 277,905 Nuclear Medicine Standards 111,921 165,294 328,743 389,236 Radiological Services (901,234 ) 164,441 (589,955 ) 566,453 Fluorine Products (39,927 ) (31,613 ) (77,422 ) (62,912 ) Total Segments (454,042 ) 494,273 325,490 1,314,239 Corporate loss (703,152 ) (826,552 ) (1,534,641 ) (1,612,114 ) Net Income (Loss) $ (1,157,194 ) $ (332,279 ) $ (1,209,151 ) $ (297,875 ) Three months ended June 30, Six months ended June 30, Expenditures for Segment Assets 2019 2018 2019 2018 Radiochemical Products $ 14,844 $ — $ 14,845 $ — Cobalt Products — — 3,493 — Nuclear Medicine Standards 4,950 3,914 4,950 22,062 Radiological Services — 39,354 — 39,354 Fluorine Products — — 1,589 1,560 Total Segments 19,794 43,268 24,877 62,976 Corporate purchases — — — — Total Consolidated $ 19,794 $ 43,268 $ 24,877 $ 62,976 June 30 December 31, Segment Assets 2019 2018 Radiochemical Products $ 325,151 $ 344,994 Cobalt Products 3,033,304 2,611,939 Nuclear Medicine Standards 2,102,076 2,113,960 Radiological Services 800,523 281,077 Fluorine Products 5,534,739 5,590,053 Total Segments 11,795,793 10,942,023 Corporate assets 2,501,983 2,048,053 Total Consolidated $ 14,297,776 $ 12,990,076 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (12) Subsequent Events As discussed in Note 7 above, the 2018 Promissory Note was modified in August 2019 to extend the maturity date and to secure the note. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Interim Financial Information | Interim Financial Information |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2018, the FASB issued ASU 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 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 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 adopted this standard effective January 1, 2019, and there was no material impact on the financial statements. |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share - Basic and Diluted (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Common Stock Equivalents | Stock options 23,488,000 30,350,000 Warrants 20,090,000 45,090,000 850 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 42,130,000 86,133,000 117,995,000 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | June 30, 2019 December 31, 2018 Raw materials $ 40,648 $ 42,911 Work in process 3,175,017 2,719,786 Finished goods 4,276 3,032 $ 3,219,941 $ 2,765,729 |
Stockholders' Equity, Options_2
Stockholders' Equity, Options and Warrants (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Share-Based Compensation Stock Option Activity | Fixed Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2018 27,805,000 $ 0.06 Granted 615,000 $ 0.06 Exercised (3,700,000 ) $ 0.04 Expired (632,000 ) $ 0.10 Forfeited (600,000 ) $ 0.04 Outstanding at June 30, 2019 23,488,000 $ 0.05 6.8 $ 235,000 Exerciseable at June 30, 2019 15,101,000 $ .05 6.0 $ 235,000 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Sales from Contracts with Customers Disaggregated by Business Segment and Geography | Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 774,107 $ — $ 774,107 36 % $ 545,344 $ 57,000 $ 602,344 25 % Cobalt Products 213,239 — 213,239 10 % 324,768 — 324,768 14 % Nuclear Medicine Products 744,612 186,084 930,696 44 % 961,653 1,021 962,674 40 % Radiological Services 217,797 — 217,797 10 % 111,175 391,345 502,520 21 % Fluorine Products — — — 0 % — — — 0 % $ 1,949,755 $ 186,084 $ 2,135,839 100 % $ 1,942,940 $ 449,366 $ 2,392,306 100 % Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 1,233,714 $ 3,625 $ 1,237,339 27 % $ 1,073,961 $ 111,924 $ 1,185,885 23 % Cobalt Products 549,328 40,000 589,328 13 % 652,546 — 652,546 13 % Nuclear Medicine Products 1,578,120 453,498 2,031,618 44 % 1,959,386 5,401 1,964,787 38 % Radiological Services 805,406 — 805,406 17 % 250,347 1,139,767 1,390,114 27 % Fluorine Products — — — 0 % — — — 0 % $ 4,166,568 $ 497,123 $ 4,663,691 100 % $ 3,936,240 $ 1,257,092 $ 5,193,332 100 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Expense | Six Months Ended June 30, 2019 Operating lease costs $ 73,706 Short-term operating lease costs $ 3,039 Operating cash flows from operating leases $ (76,745 ) Right-of-use assets obtained in exchange for new operating lease liabilities $ 810,367 Weighted-average remaining lease term (years) - operating leases 7 Weighted-average discount rate - operating leases 6.75 % |
Schedule of Future Minimum Payments under Operating Lease Agreements | 2019 (excluding the six months ended June 30, 2019) $ 73,706 2020 145,563 2021 136,313 2022 136,313 2023 136,313 Thereafter 318,063 Total minimum operating lease obligations 946,271 Less-amounts representing interest (187,605 ) Present value of minimum operating lease obligations 758,666 Current maturities (99,236 ) Lease obligations, net of current maturities $ 659,430 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three months ended June 30, Six months ended June 30, Sale of Product 2019 2018 2019 2018 Radiochemical Products $ 774,107 $ 602,344 $ 1,237,339 $ 1,185,885 Cobalt Products 213,239 324,768 589,328 652,546 Nuclear Medicine Standards 930,696 962,674 2,031,618 1,964,787 Radiological Services 217,797 502,520 805,406 1,390,114 Fluorine Products — — — — Total Segments 2,135,839 2,392,306 4,663,691 5,193,332 Corporate revenue — — — Total Consolidated $ 2,135,839 $ 2,392,306 $ 4,663,691 $ 5,193,332 Three months ended June 30, Six months ended June 30, Depreciation and Amortization 2019 2018 2019 2018 Radiochemical Products $ 9,269 $ 6,046 $ 18,086 $ 11,060 Cobalt Products 1,022 753 2,102 4,796 Nuclear Medicine Standards 15,673 16,530 31,292 34,468 Radiological Services 8,636 11,918 17,272 23,957 Fluorine Products 30,807 30,725 56,902 56,820 Total Segments 65,408 65,971 125,654 131,101 Corporate depreciation and amortization 53 141 4,791 4,985 Total Consolidated $ 65,461 $ 66,112 $ 130,445 $ 136,086 Three months ended June 30, Six months ended June 30, Segment Income (Loss) 2019 2018 2019 2018 Radiochemical Products $ 252,946 $ 103,037 $ 349,002 $ 143,557 Cobalt Products 122,252 93,113 315,122 277,905 Nuclear Medicine Standards 111,921 165,294 328,743 389,236 Radiological Services (901,234 ) 164,441 (589,955 ) 566,453 Fluorine Products (39,927 ) (31,613 ) (77,422 ) (62,912 ) Total Segments (454,042 ) 494,273 325,490 1,314,239 Corporate loss (703,152 ) (826,552 ) (1,534,641 ) (1,612,114 ) Net Income (Loss) $ (1,157,194 ) $ (332,279 ) $ (1,209,151 ) $ (297,875 ) Three months ended June 30, Six months ended June 30, Expenditures for Segment Assets 2019 2018 2019 2018 Radiochemical Products $ 14,844 $ — $ 14,845 $ — Cobalt Products — — 3,493 — Nuclear Medicine Standards 4,950 3,914 4,950 22,062 Radiological Services — 39,354 — 39,354 Fluorine Products — — 1,589 1,560 Total Segments 19,794 43,268 24,877 62,976 Corporate purchases — — — — Total Consolidated $ 19,794 $ 43,268 $ 24,877 $ 62,976 June 30 December 31, Segment Assets 2019 2018 Radiochemical Products $ 325,151 $ 344,994 Cobalt Products 3,033,304 2,611,939 Nuclear Medicine Standards 2,102,076 2,113,960 Radiological Services 800,523 281,077 Fluorine Products 5,534,739 5,590,053 Total Segments 11,795,793 10,942,023 Corporate assets 2,501,983 2,048,053 Total Consolidated $ 14,297,776 $ 12,990,076 |
The Company and Basis of Pres_2
The Company and Basis of Presentation (Details Narrative) | Jun. 30, 2019 | Dec. 31, 2017 |
TI Services, LLC | ||
Ownership interest, percentage by parent | 50.00% | |
RadQual, LLC | ||
Ownership interest, percentage by parent | 24.50% | |
RadQual, LLC | Affiliates of the Company | ||
Ownership interest, percentage by parent | 75.50% |
Current Developments and Liqu_2
Current Developments and Liquidity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net (loss) income attributable to International Isotopes Inc. | $ (1,157,194) | $ (332,279) | $ (1,209,151) | $ (297,875) |
Net cash (used in) provided by operating activities | $ (114,905) | $ (328,026) | ||
Operating license term, description | NRC license for the de-conversion facility for a 40 year operating license. |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Basic and Diluted - Schedule of Common Stock Equivalents (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Stock options, outstanding | 23,488,000 | 30,350,000 | 23,488,000 | 30,350,000 | 27,805,000 |
Warrants, outstanding | 20,090,000 | 45,090,000 | 20,090,000 | 45,090,000 | |
Weighted average shares outstanding | 419,230,535 | 411,232,012 | 416,568,617 | 409,327,531 | |
Series B Convertible Redeemable Preferred Stock | |||||
Redeemable convertible preferred stock, outstanding | 850 | 850 | 850 | 850 | |
Weighted average shares outstanding | 425,000 | 425,000 | |||
Series C Redeemable Convertible Preferred Stock | |||||
Redeemable convertible preferred stock, outstanding | 4,213 | 4,213 | 4,213 | 4,213 | |
Weighted average shares outstanding | 42,130,000 | 42,130,000 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Basic and Diluted (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Series B Convertible Redeemable Preferred Stock | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 850 | 850 |
Series C Redeemable Convertible Preferred Stock | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 4,213 | 4,213 |
Stock Options | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 23,488,000 | 30,350,000 |
Warrants | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 20,090,000 | 45,090,000 |
Investment and Business Conso_2
Investment and Business Consolidation (Details Narrative) - RadQual, LLC | Jun. 30, 2019 | Dec. 31, 2017 |
Ownership interest, percentage by parent | 24.50% | |
Affiliates of the Company | ||
Ownership interest, percentage by parent | 75.50% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory, Net, Items Net of Reserve | ||
Raw materials | $ 40,648 | $ 42,911 |
Work in process | 3,175,017 | 2,719,786 |
Finished goods | 4,276 | 3,032 |
Total inventory | $ 3,219,941 | $ 2,765,729 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Inventory, Work in Process and Raw Materials | |||
Inventory, cobalt-60 isotopes, carrying value | $ 403,076 | $ 389,293 | |
Approximate revenue from contract with customer | $ 102,500 | $ 74,500 |
Shareholders' Equity, Options a
Shareholders' Equity, Options and Warrants - Schedule of Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding | |
Stock options outstanding, beginning of period | shares | 27,805,000 |
Stock options, exercised | shares | (3,700,000) |
Stock options, expired | shares | (632,000) |
Stock options, forfeited | shares | (600,000) |
Stock options outstanding, end of period | shares | 23,488,000 |
Stock options exercisable, end of period | shares | 15,101,000 |
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, exercised | $ / shares | 0.04 |
Weighted average exercise priced, expired | $ / shares | 0.10 |
Weighted average exercise priced, forfeited | $ / shares | 0.04 |
Weighted average exercise price outstanding, end of period | $ / shares | 0.05 |
Weighted average exercise price exercisable, end of period | $ / shares | $ 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 10 months |
Weighted average remaining contractual life exercisable, end of period | 6 years |
Average intrinsic value outstanding, end of period | $ | $ 235,000 |
Average intrinsic value, exercisable, end of period | $ | $ 235,000 |
Shareholders' Equity, Options_2
Shareholders' Equity, Options and Warrants - Employee Stock Purchase Plan (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Proceeds from issuance of shares during the period | $ 1,857 | $ 1,777 | $ 3,438 | $ 3,304 |
Employee Stock Purchase Plan | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Number of shares available for issuance | 511,977 | 511,977 | ||
Shares issued during period | 68,037 | 51,439 | ||
Proceeds from issuance of shares during the period | $ 3,438 | $ 3,304 |
Shareholders' Equity, Options_3
Shareholders' Equity, Options and Warrants - Stock-Based Compensation Plans (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Warrants outstanding | 20,090,000 | 20,090,000 | 45,090,000 | ||
Mandatorily redeemable convertible preferred stock | $ 4,720,919 | $ 4,720,919 | $ 4,656,752 | ||
Unrecognized compensation expense | $ 104,740 | $ 104,740 | |||
Weighted average period | 1 year 11 months | ||||
Recognized compensation expense | $ 92,540 | $ 125,133 | |||
Stock options, exercised | (3,700,000) | ||||
Series B Convertible Redeemable Preferred Stock | |||||
Preferred stock outstanding | 850 | 850 | 850 | ||
Redemption date | May 31, 2022 | ||||
Redemption price per share | $ 1,000 | $ 1,000 | |||
Mandatorily redeemable convertible preferred stock | $ 850,000 | $ 850,000 | |||
Number of warrants convertible into shares | 425,000 | 425,000 | |||
Number of warrants convertible into shares, price per share | $ 2 | $ 2 | |||
Series C Redeemable Convertible Preferred Stock | |||||
Preferred stock outstanding | 4,213 | 4,213 | 4,213 | ||
Redemption date | Feb. 28, 2022 | ||||
Redemption price per share | $ 1,000 | $ 1,000 | |||
Preferred stock dividend rate | 6.00% | ||||
Conversion price per share | $ 0.10 | ||||
Dividends paid | $ 252,780 | $ 241,730 | |||
Value of shares issued in lieu of dividend payment | 205,980 | 205,980 | |||
Preferred stock dividend, settlement in cash | $ 46,800 | $ 35,750 | |||
Common stock issued in lieu of dividend | 3,433,000 | 2,288,646 | |||
Class M Warrants | |||||
Warrants outstanding | 17,165,000 | 17,165,000 | 17,165,000 | ||
Exercise price of warrants | $ 0.12 | $ 0.12 | $ 0.12 | ||
Maturity date of warrants | Feb. 17, 2022 | Feb. 17, 2022 | |||
Class N Warrants | |||||
Warrants outstanding | 2,925,000 | 2,925,000 | 2,925,000 | ||
Exercise price of warrants | $ 0.10 | $ 0.10 | $ 0.10 | ||
Maturity date of warrants | May 12, 2022 | May 12, 2022 | |||
Class L Warrants | |||||
Warrants outstanding | 25,000,000 | ||||
Exercise price of warrants | $ 0.06 | ||||
Maturity date of warrants | Dec. 23, 2018 | ||||
Warrants expired | 25,000,000 | ||||
2015 Incentive Plan | |||||
Number of shares authorized | [1] | 80,000,000 | 80,000,000 | ||
Shares available for issuance | 34,679,718 | 34,679,718 | |||
2015 Incentive Plan | Qualified Stock Options | |||||
Net shares issued | 625,000 | ||||
Shares withheld to satisfy payroll tax liabilities | 875,000 | ||||
Stock options, granted | 615,000 | ||||
Weighted average exercise price, granted | $ 0.06 | ||||
Fair value of options granted | $ 21,562 | ||||
Risk free interest rate, minimum | 1.87% | ||||
Risk free interest rate, maximum | 2.49% | ||||
Expected volatility, minimum | 57.62% | ||||
Expected volatility, maximum | 65.22% | ||||
Stock options, exercised | (1,500,000) | ||||
2015 Incentive Plan | Qualified Stock Options | Minimum | |||||
Expected life | 5 years 6 months | ||||
2015 Incentive Plan | Qualified Stock Options | Maximum | |||||
Expected life | 7 years 6 months | ||||
2015 Incentive Plan | Non-Qualified Stock Options | |||||
Stock options, exercised | (2,000,000) | ||||
Proceeds from stock options exercised | $ 70,000 | ||||
2015 Incentive Plan | Non-Qualified Stock Options #2 | |||||
Stock options, exercised | (200,000) | ||||
Proceeds from stock options exercised | $ 14,000 | ||||
2015 Incentive Plan | Chief Executive Officer | |||||
Shares issued | 466,667 | ||||
Shares issued, value | $ 28,000 | ||||
Net shares issued | 279,767 | ||||
Shares issued, price per share | $ 0.06 | $ 0.06 | |||
Shares withheld to satisfy payroll tax liabilities | 186,900 | ||||
Compensation expense | $ 16,786 | ||||
2006 Equity Incentive Plan | |||||
Number of shares authorized | 11,089,967 | 11,089,967 | |||
[1] | In July 2018, the Plan was amended and restated to increase the number of shares authorized for issuance by an additional 20,000,000. |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds from short term debt | $ 120,000 | ||||||||
RadQual, LLC | |||||||||
Interest rate | 6.00% | 6.00% | |||||||
Maturity date | Jul. 31, 2019 | Dec. 31, 2019 | |||||||
Accrued interest | $ 3,982 | ||||||||
Promissory note | 365,474 | ||||||||
Proceeds from short term debt | $ 185,474 | $ 180,000 | |||||||
Chairman of the Board of Directors | Promissory Note | |||||||||
Note payable, related party, interest rate | 5.00% | ||||||||
Note payable, related party, maturity date | Jul. 31, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | ||||||
Promissory note | $ 60,000 | ||||||||
Repayment of debt | $ 65,117 | ||||||||
Chief Executive Officer and Chairman of the Board | |||||||||
Accrued interest | $ 8,570 | ||||||||
Note payable, related party, interest rate | 6.00% | ||||||||
Note payable, related party, maturity date | Jan. 31, 2020 | 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 | Former Chairman of the Board | |||||||||
Warrant exercise price | $ 0.06 | $ 0.06 | |||||||
Warrants issued | 15,000,000 | 10,000,000 | |||||||
Warrants expired | 25,000,000 | ||||||||
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 | $ 500,000 | $ 500,000 | |||||||
Accrued interest | 166,734 | ||||||||
Note payable, related party, interest rate | 6.00% | ||||||||
Note payable, related party, maturity date | Dec. 31, 2022 | Dec. 31, 2017 | Jun. 30, 2014 | ||||||
Interest expense | $ 15,000 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Narrative) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Restricted cash | $ 629,446 |
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. |
Long-term purchase commitment, description | 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. |
Contamination Event | |
Expenses related to contamination | $ 1,522,605 |
Proceeds from insurance claims | $ 634,919 |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 2,135,839 | $ 2,392,306 | $ 4,663,691 | $ 5,193,332 |
Percent of total revenues | 100.00% | 100.00% | 100.00% | 100.00% |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,949,755 | $ 1,942,940 | $ 4,166,568 | $ 3,936,240 |
Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 186,084 | 449,366 | 497,123 | 1,257,091 |
Radiochemical Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 774,107 | $ 602,344 | $ 1,237,339 | $ 1,185,885 |
Percent of total revenues | 36.00% | 25.00% | 27.00% | 23.00% |
Radiochemical Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 774,107 | $ 545,344 | $ 1,233,714 | $ 1,073,961 |
Radiochemical Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 57,000 | 3,625 | 111,924 | |
Cobalt Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 213,239 | $ 324,768 | $ 589,328 | $ 652,546 |
Percent of total revenues | 10.00% | 14.00% | 13.00% | 13.00% |
Cobalt Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 213,239 | $ 324,768 | $ 549,328 | $ 652,546 |
Cobalt Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 40,000 | 0 |
Nuclear Medicine Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 930,696 | $ 962,674 | $ 2,031,618 | $ 1,964,787 |
Percent of total revenues | 44.00% | 40.00% | 44.00% | 38.00% |
Nuclear Medicine Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 744,612 | $ 961,653 | $ 1,578,120 | $ 1,959,387 |
Nuclear Medicine Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 186,084 | 1,021 | 453,498 | 5,401 |
Radiological Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 217,797 | $ 502,520 | $ 805,406 | $ 1,390,114 |
Percent of total revenues | 10.00% | 21.00% | 17.00% | 27.00% |
Radiological Services | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 217,797 | $ 111,175 | $ 805,406 | $ 250,347 |
Radiological Services | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 391,345 | 0 | 1,139,767 |
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 ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Unearned revenue, current | $ 1,561,458 | $ 3,783,541 |
Unearned revenue, noncurrent | 7,500 | 7,500 |
Accounts receivable | $ 1,402,893 | 820,370 |
Returns and other obligations | One prepaid revenue customer requested a refund of the amounts paid. The Company entered into an agreement to repay $2,182,142 over the next 12 months. The modification was necessary to address the delays to cobalt delivery in 2019 caused by changes to the ATR operating schedule and also to accommodate this customer's request to reduce their cobalt purchase obligations in future years. The modifications require that the Company refund approximately $1,050,000, of payments received for prior year undelivered material, plus interest at 12% per year, payable over a one-year period on a portion of that amount. The Company has also agreed with this customer to refund approximately $1,100,000 paid for material that was to have been delivered in later years. | |
Refund of amounts paid | $ 2,182,142 | |
Cobalt Products | ||
Unearned revenue, current | 1,561,458 | 3,783,541 |
Unearned revenue, noncurrent | $ 7,500 | $ 7,500 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 73,706 |
Short-term operating lease costs | 3,039 |
Operating cash flows from operating leases | (76,745) |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 810,367 |
Weighted-average remaining lease term (years) - operating leases | 7 years |
Weighted-average discount rate - operating leases | 6.75% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments under Operating Lease Agreements (Details) | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (excluding the three months ended June 30, 2019) | $ 73,706 |
2020 | 145,563 |
2021 | 136,313 |
2022 | 136,313 |
2023 | 136,313 |
Thereafter | 318,063 |
Total minimum operating lease obligations | 946,271 |
Less-amounts representing interest | (187,605) |
Present value of minimum operating lease obligations | 758,666 |
Current maturities | (99,236) |
Lease obligations, net of current maturities | $ 659,430 |
Leases (Details Narrative)
Leases (Details Narrative) | Jun. 30, 2019USD ($) |
Cumulative-effect adjustment as a right-of-use asset and an operating lease liability | $ 758,666 |
Accounting Standards Update 2016-02 | |
Cumulative-effect adjustment as a right-of-use asset and an operating lease liability | $ 810,367 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Sale of Product | $ 2,135,839 | $ 2,392,306 | $ 4,663,691 | $ 5,193,332 | |
Depreciation and Amortization | 65,461 | 66,112 | 130,445 | 136,086 | |
Segment Income (Loss) | (1,157,194) | (332,279) | (1,209,151) | (297,875) | |
Expenditures for Segment Assets | 19,794 | 43,268 | 24,877 | 62,976 | |
Segment Assets | 14,297,776 | 14,297,776 | $ 12,990,076 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 2,135,839 | 2,392,306 | 4,663,691 | 5,193,332 | |
Depreciation and Amortization | 65,408 | 65,971 | 125,654 | 131,101 | |
Segment Income (Loss) | (454,042) | 494,273 | 325,490 | 1,314,239 | |
Expenditures for Segment Assets | 19,794 | 43,268 | 24,877 | 62,976 | |
Segment Assets | 11,795,793 | 11,795,793 | 10,942,023 | ||
Operating Segments | Radiochemical Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 774,107 | 602,344 | 1,237,339 | 1,185,885 | |
Depreciation and Amortization | 9,269 | 6,046 | 18,086 | 11,060 | |
Segment Income (Loss) | 252,946 | 103,037 | 349,002 | 143,557 | |
Expenditures for Segment Assets | 14,844 | 0 | 14,845 | 0 | |
Segment Assets | 325,151 | 325,151 | 344,994 | ||
Operating Segments | Cobalt Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 213,239 | 324,768 | 589,328 | 652,546 | |
Depreciation and Amortization | 1,022 | 753 | 2,102 | 4,796 | |
Segment Income (Loss) | 122,252 | 93,113 | 315,122 | 277,905 | |
Expenditures for Segment Assets | 0 | 0 | 3,493 | 0 | |
Segment Assets | 3,033,304 | 3,033,304 | 2,611,939 | ||
Operating Segments | Nuclear Medicine Standards | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 930,696 | 962,674 | 2,031,618 | 1,964,787 | |
Depreciation and Amortization | 15,673 | 16,530 | 31,292 | 34,468 | |
Segment Income (Loss) | 111,921 | 165,294 | 328,743 | 389,236 | |
Expenditures for Segment Assets | 4,950 | 3,914 | 4,950 | 22,062 | |
Segment Assets | 2,102,076 | 2,102,076 | 2,113,960 | ||
Operating Segments | Radiological Services | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 217,797 | 502,520 | 805,406 | 1,390,114 | |
Depreciation and Amortization | 8,636 | 11,918 | 17,272 | 23,957 | |
Segment Income (Loss) | (901,234) | 164,441 | (589,955) | 566,453 | |
Expenditures for Segment Assets | 0 | 39,354 | 39,354 | ||
Segment Assets | 800,523 | 800,523 | 281,077 | ||
Operating Segments | Fluorine Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | 0 | |
Depreciation and Amortization | 30,807 | 30,725 | 56,902 | 56,820 | |
Segment Income (Loss) | (39,927) | (31,613) | (77,422) | (62,912) | |
Expenditures for Segment Assets | 0 | 0 | 1,589 | 1,560 | |
Segment Assets | 5,534,739 | 5,534,739 | 5,590,053 | ||
Corporate Allocation | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | 0 | |
Depreciation and Amortization | 53 | 141 | 4,791 | 4,985 | |
Segment Income (Loss) | (703,152) | (826,552) | (1,534,641) | (1,612,114) | |
Expenditures for Segment Assets | 0 | $ 0 | 0 | $ 0 | |
Segment Assets | $ 2,501,983 | $ 2,501,983 | $ 2,048,053 |
Segment Information (Details Na
Segment Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2019Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |