Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 12, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 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 | 419,842,256 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 505,400 | $ 828,039 |
Accounts receivable | 799,736 | 820,370 |
Inventories | 3,430,061 | 2,765,729 |
Prepaids and other current assets | 1,243,384 | 315,042 |
Total current assets | 5,978,581 | 4,729,180 |
Long-term assets | ||
Restricted cash | 632,765 | 622,428 |
Property, plant and equipment, net | 1,902,911 | 1,906,182 |
Operating lease right-of-use asset | 734,480 | |
Goodwill | 1,384,255 | 1,384,255 |
Patents and other intangibles, net | 4,232,207 | 4,348,031 |
Total long-term assets | 8,886,618 | 8,260,896 |
Total assets | 14,865,199 | 12,990,076 |
Current liabilities | ||
Accounts payable | 3,931,739 | 2,285,165 |
Accrued liabilities | 1,090,500 | 939,918 |
Current portion of unearned revenue | 1,582,562 | 3,783,541 |
Current portion of operating lease right-of-use liability | 100,920 | |
Current portion of related party notes payable | 120,000 | 180,000 |
Current installments of notes payable | 1,729,545 | 7,956 |
Total current liabilities | 8,555,266 | 7,196,580 |
Long-term liabilities | ||
Obligation for lease disposal costs | 536,652 | 507,968 |
Unearned revenue, net of current portion | 7,500 | 7,500 |
Related party notes payable, net of current portion and debt discount | 466,472 | 446,356 |
Notes payable, net of current portion | 14,457 | 20,786 |
Operating lease right-of-use liability, net of current portion | 633,560 | |
Mandatorily redeemable convertible preferred stock | 4,753,003 | 4,656,752 |
Total long-term liabilities | 6,411,644 | 5,639,362 |
Total liabilities | 14,966,910 | 12,835,942 |
Stockholders' Equity | ||
Common stock | 4,198,054 | 4,131,683 |
Additional paid-in capital | 121,147,735 | 120,805,997 |
Accumulated deficit | (127,514,110) | (126,541,421) |
Deficit attributable to International Isotopes Inc. stockholders | (2,168,321) | (1,603,741) |
Equity attributable to noncontrolling interest | 2,066,610 | 1,757,875 |
Total (deficit) equity | (101,711) | 154,134 |
Total liabilities and stockholders' (deficit) equity | $ 14,865,199 | $ 12,990,076 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 419,805,440 | 413,168,301 |
Common stock, shares outstanding | 419,805,440 | 413,168,301 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) (USD $) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Sale of product | $ 2,337,488 | $ 2,680,760 | $ 7,001,179 | $ 7,874,092 |
Cost of product | 1,224,805 | 1,669,107 | 3,284,617 | 4,475,079 |
Gross profit | 1,112,683 | 1,011,653 | 3,716,562 | 3,399,013 |
Operating costs and expenses: | ||||
Salaries and contract labor | 650,363 | 556,432 | 1,870,107 | 1,686,949 |
General, administrative and consulting | 577,540 | 543,803 | 1,804,983 | 1,659,551 |
Research and development | 65,995 | 86,710 | 162,653 | 277,594 |
Total operating expenses | 1,293,898 | 1,186,945 | 3,837,743 | 3,624,094 |
Net operating loss | (181,215) | (175,292) | (121,181) | (225,081) |
Other income (expense): | ||||
Other (expense) income | 693,639 | 11,599 | (149,389) | 64,580 |
Interest income | 3,322 | 2,714 | 10,355 | 6,338 |
Interest expense | (146,620) | (125,789) | (397,539) | (347,705) |
Total other income (expense) | 550,341 | (111,476) | (536,573) | (276,787) |
Net income (loss) | 369,126 | (286,768) | (657,754) | (501,868) |
Less income attributable to non-controlling interest | 132,664 | 46,454 | 314,935 | 129,229 |
Net income (loss) attributable to International Isotopes Inc. | $ 236,462 | $ (333,222) | $ (972,689) | $ (631,097) |
Net income (loss) per common share - basic | ||||
Net income (loss) per common share - diluted | ||||
Weighted average common shares outstanding - basic | 419,800,218 | 412,934,573 | 417,645,817 | 410,529,878 |
Weighted average common shares outstanding - diluted | 429,600,218 | 412,934,573 | 417,645,817 | 410,529,878 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (657,754) | $ (501,868) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 197,054 | 202,907 |
Accretion of obligation for lease disposal costs | 28,684 | 20,327 |
Accretion of beneficial conversion feature and discount | 116,368 | 116,367 |
Equity based compensation | 113,093 | 160,691 |
Gain on sale of fixed assets | (1,700) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 20,634 | (588,590) |
Inventories | (664,332) | (689,826) |
Prepaids and other assets | (928,342) | 44,126 |
Accounts payable and accrued liabilities | 2,003,136 | 804,062 |
Unearned revenues | (18,837) | 102,582 |
Net cash provided by (used in) operating activities | 208,004 | (329,222) |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant and equipment | 1,700 | |
Purchase of property, plant and equipment | (77,959) | (78,665) |
Net cash used in investing activities | (76,259) | (78,665) |
Cash flows from financing activities: | ||
Proceeds from sale of stock | 89,036 | 74,838 |
Distribution to non-controlling interest | (6,200) | |
Proceeds from issuance of related party notes payable | 120,000 | |
Principal payments on notes payable | (526,883) | (5,530) |
Net cash (used in) provided by financing activities | (444,047) | 189,308 |
Net decrease in cash, cash equivalents and restricted cash | (312,302) | (218,579) |
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 | 1,138,165 | 1,031,789 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 115,718 | 48,249 |
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 | 505,400 | 412,448 |
Restricted cash included in long-term assets | 632,765 | 619,341 |
Total cash, cash equivalents and restricted cash shown in statement of cash flows | $ 1,138,165 | $ 1,031,789 |
Reconciliation of Stockholders'
Reconciliation of Stockholders' (Deficit) 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 | $ 771 | 4,069 | 4,840 | 4,840 | ||
Shares issued under employee stock purchase plan, shares | 77,012 | |||||
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 | $ 37,649 | 32,351 | 70,000 | 70,000 | ||
Shares issued for exercise of employee stock options, shares | 3,764,957 | |||||
Stock based compensation | 160,689 | 160,689 | 160,689 | |||
Net (loss) income | (631,097) | (631,097) | 129,229 | (501,868) | ||
Ending balance, value at Sep. 30, 2018 | $ 4,131,311 | 120,776,725 | (126,327,942) | (1,419,906) | 1,706,474 | 286,568 |
Ending balance, shares at Sep. 30, 2018 | 413,131,143 | |||||
Beginning balance, value at Jun. 30, 2018 | $ 4,119,517 | 120,751,427 | (125,994,720) | (1,123,776) | 1,660,020 | 536,244 |
Beginning balance, shares at Jun. 30, 2018 | 411,951,724 | |||||
Shares issued under employee stock purchase plan, value | $ 256 | 1,279 | 1,535 | 1,535 | ||
Shares issued under employee stock purchase plan, shares | 25,573 | |||||
Shares issued for exercise of employee stock options, value | $ 11,538 | (11,538) | ||||
Shares issued for exercise of employee stock options, shares | 1,153,846 | |||||
Stock based compensation | 35,557 | 35,557 | 35,557 | |||
Net (loss) income | (333,222) | (333,222) | 46,454 | (286,768) | ||
Ending balance, value at Sep. 30, 2018 | $ 4,131,311 | 120,776,725 | (126,327,942) | (1,419,906) | 1,706,474 | 286,568 |
Ending balance, shares at Sep. 30, 2018 | 413,131,143 | |||||
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 | $ 993 | 4,043 | 5,036 | 5,036 | ||
Shares issued under employee stock purchase plan, shares | 99,372 | |||||
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 | 113,093 | 113,093 | 113,093 | |||
Distribution to non-controlling interest | (6,200) | (6,200) | ||||
Net (loss) income | (972,689) | (972,689) | 314,935 | (657,754) | ||
Ending balance, value at Sep. 30, 2019 | $ 4,198,054 | 121,147,735 | (127,514,110) | (2,168,321) | 2,066,610 | (101,711) |
Ending balance, shares at Sep. 30, 2019 | 419,805,440 | |||||
Beginning balance, value at Jun. 30, 2019 | $ 4,197,741 | 121,125,897 | (127,750,572) | (2,426,934) | 1,933,946 | (492,988) |
Beginning balance, shares at Jun. 30, 2019 | 419,774,105 | |||||
Shares issued under employee stock purchase plan, value | $ 313 | 1,285 | 1,598 | 1,598 | ||
Shares issued under employee stock purchase plan, shares | 31,335 | |||||
Stock based compensation | 20,553 | 20,553 | 20,553 | |||
Net (loss) income | 236,462 | 236,462 | 132,664 | 369,126 | ||
Ending balance, value at Sep. 30, 2019 | $ 4,198,054 | $ 121,147,735 | $ (127,514,110) | $ (2,168,321) | $ 2,066,610 | $ (101,711) |
Ending balance, shares at Sep. 30, 2019 | 419,805,440 |
The Company and Basis of Presen
The Company and Basis of Presentation | 9 Months Ended |
Sep. 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. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Current Developments and Liquidity | (2) Current Developments and Liquidity Business Condition During the nine months ended September 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 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2019, the Company had 23,605,000 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 three months ended September 30, 2019, the Company had 13,805,000 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. The table below shows the calculation of diluted shares: 3 Months Ended 9 Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Weighted average common shares outstanding - basic 419,800,218 412,934,573 417,645,817 410,529,878 Effect of dilutive shares Stock Options 9,800,000 — — — Warrants — — — — Series B redeemable convertible preferred stock — — — — Series C redeemable convertible preferred stock — — — — Weighted average common shares outstanding - diluted 429,600,218 412,934,573 417,645,817 410,529,878 For the nine months ended September 30, 2018, the Company had 27,805,000 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 September 30, 2019 and 2018: September 30, 2019 2018 Stock options 23,605,000 27,805,000 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 86,250,000 115,450,000 |
Investment and Business Consoli
Investment and Business Consolidation | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | (5) Inventories Inventories consisted of the following at September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Raw materials $ 40,648 $ 42,911 Work in process 3,387,177 2,719,786 Finished goods 2,236 3,032 $ 3,430,061 $ 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 September 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 nine months ended September 30, 2019 and 2018, the Company recognized approximately $107,500 and $77,000, 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2019 and 2018, the Company issued 99,372 and 77,012 shares of common stock, respectively, to employees under the employee stock purchase plan for proceeds of $5,036 and $4,840, respectively. As of September 30, 2019, 475,161 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 September 30, 2019, and changes during the nine months ended September 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 740,000 $ 0.06 Exercised (3,700,000 ) $ 0.04 Expired (640,000 ) $ 0.10 Forfeited (600,000 ) $ 0.04 Outstanding at September 30, 2019 23,605,000 $ 0.05 6.5 $ 235,000 Exerciseable at September 30, 2019 17,736,000 $ 0.05 6.1 $ 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 September 30, 2019, the last trading day of the quarter. As of September 30, 2019, there was $86,225 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 1.87 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 nine months ended September 30, 2019. In addition, in April 2019, 2,000,000 non-qualified stock options were exercised for $70,000 in cash. The options exercised were granted under the 2015 Plan and, accordingly, there was not any income tax effect in the condensed consolidated financial statements . In May 2019, 200,000 non-qualified stock options were exercised for $14,000 in cash. The options were granted under the 2015 Plan and, accordingly, there will not be any income tax effect in the condensed consolidated financial statements . During the nine months ended September 30, 2019, the Company granted 740,000 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 $25,310 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 1.76% 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 nine months ended September 30, 2019 and 2018 was $113,093 and $160,691 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 September 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. Warrants outstanding at September 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 September 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 shares of Series B Preferred Stock do 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 September 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. 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 nine months ended September 30, 2019 and 2018 dividends paid to holders of the Series C Preferred Stock , 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 nine months September 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 | 9 Months Ended |
Sep. 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. In December 2016, the 2013 Promissory Note was modified to extend the maturity date to December 31, 2022, with all remaining terms unchanged. At September 30, 2019, the principal balance of the 2013 Promissory Note was $500,000 and accrued interest payable on the 2013 Promissory Note was $174,234. Interest expense recorded for the nine months ended September 30, 2019, was $22,500. 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 was payable upon maturity of the 2017 Promissory Note. The 2017 Promissory Note was unsecured. 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 September 30, 2019, accrued interest on the 2018 Promissory Note totaled $10,370. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 $632,765. 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 involving a breached cesium-137 source at an off-site location in the state of Washington. This work was being performed under a contract with the DOE. The Company is supporting an investigation, in conjunction with the DOE, to help determine the cause of this event. The Company supported the initial onsite contamination clean-up operations at that location as well as completing the removal of the cesium source for shipment to an off-site location and the disassembly and removal of all Company equipment used in the facility for source removal. All of the Company operations were successfully completed in August 2019. After that time the DOE assumed full control of the ongoing cleanup operations and has assumed all of the past and future financial obligations associated with the contractor currently hired to carry out all of the facility recovery operations. Under the terms of the contract the Company believes it should be indemnified from financial liability for this event by the DOE under the Price Anderson Act (PAA). The Company has formally requested the DOE to provide indemnification under the PAA. While the DOE’s review of the request is still underway the Company believes that a determination of indemnification under the PAA is probable. Such indemnification would allow the Company to recoup all its costs associated with this contamination event. During the nine months ended September 30, 2019, the Company incurred $2,141,559 in expenses related to the contamination and its cleanup. These costs are recorded as “other expense” in the Company’s Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2019, the Company received $964,958 in reimbursements from its insurance company for expenses related to the contamination and its cleanup, and the Company has determined that an additional $970,417 of its incurred expenses related to the contamination and its cleanup are probable for recovery pursuant to ASC 410-30. These actual and estimated reimbursements are recorded as “other income” in the Company’s Condensed Consolidated Statements of Operations. The Company believes additional cost recoveries beyond that which is recorded are possible, but are not yet deemed probable at this time. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 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 September 30, 2019 Three Months Ended September 30, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 917,886 $ 18,770 $ 936,656 40 % $ 464,206 $ 7,528 $ 471,734 18 % Cobalt Products 97,849 — 97,849 4 % 315,136 789,326 1,104,462 41 % Nuclear Medicine Products 1,022,291 — 1,022,291 44 % 957,632 — 957,632 36 % Radiological Services 280,692 — 280,692 12 % 146,932 — 146,932 5 % Fluorine Products — — — 0 % — — — 0 % $ 2,318,718 $ 18,770 $ 2,337,488 100 % $ 1,883,906 $ 796,854 $ 2,680,760 100 % Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 2,151,960 $ 22,035 $ 2,173,995 22 % $ 1,538,168 $ 119,451 $ 1,657,619 21 % Cobalt Products 687,177 — 687,177 12 % $ 967,682 789,326 1,757,008 22 % Nuclear Medicine Products 3,023,425 30,484 3,053,909 39 % $ 2,903,414 19,005 2,922,419 37 % Radiological Services 1,086,098 — 1,086,098 27 % $ 397,279 1,139,767 1,537,046 20 % Fluorine Products — — — 0 % — — — 0 % $ 6,948,660 $ 52,519 $ 7,001,179 100 % $ 5,806,543 $ 2,067,549 $ 7,874,092 100 % 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 nine months ended September 30, 2019, the Company reported current unearned cobalt products revenue of $1,582,562 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. During the nine months ended September 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 September 30, 2019, and December 31, 2018, accounts receivable totaled $799,736 and $820,370, respectively. For the nine months ended September 30, 2019, the Company did not incur material impairment losses with respect to its receivables. |
Leases
Leases | 9 Months Ended |
Sep. 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. Nine Months Ended September 30, 2019 Operating lease costs $ 112,180 Short-term operating lease costs $ 6,593 Operating cash flows from operating leases $ (118,773 ) 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 nine months ended September 30, 2019) $ 36,854 2020 145,563 2021 136,313 2022 136,313 2023 136,313 Thereafter 318,063 Total minimum operating lease obligations 909,419 Less-amounts representing interest (174,939 ) Present value of minimum operating lease obligations 734,480 Current maturities (100,920 ) Lease obligations, net of current maturities $ 633,560 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 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 September 30, Nine months ended September 30, Sale of Product 2019 2018 2019 2018 Radiochemical Products $ 936,656 $ 471,734 $ 2,173,995 $ 1,657,619 Cobalt Products 97,849 1,104,462 687,177 1,757,008 Nuclear Medicine Standards 1,022,291 957,632 3,053,909 2,922,419 Radiological Services 280,692 146,932 1,086,098 1,537,046 Fluorine Products — — — — Total Segments 2,337,488 2,680,760 7,001,179 7,874,092 Corporate revenue — — — Total Consolidated $ 2,337,488 $ 2,680,760 $ 7,001,179 $ 7,874,092 Three months ended September 30, Nine months ended September 30, Depreciation and Amortization 2019 2018 2019 2018 Radiochemical Products $ 9,892 $ 7,507 $ 27,978 $ 18,567 Cobalt Products 1,269 1,021 3,371 5,817 Nuclear Medicine Standards 15,954 16,184 47,246 50,652 Radiological Services 8,636 11,290 25,908 35,247 Fluorine Products 28,465 28,423 85,367 85,243 Total Segments 64,216 64,425 189,870 195,526 Corporate depreciation and amortization 2,394 2,396 7,184 7,381 Total Consolidated $ 66,610 $ 66,821 $ 197,054 $ 202,907 Three months ended September 30, Nine months ended September 30, Segment Income (Loss) 2019 2018 2019 2018 Radiochemical Products $ 331,988 $ 53,101 $ 680,990 $ 196,658 Cobalt Products 38,517 238,182 353,639 516,087 Nuclear Medicine Standards 180,828 164,759 509,571 553,995 Radiological Services 482,414 27,020 (107,541 ) 593,473 Fluorine Products (36,026 ) (29,865 ) (113,448 ) (92,777 ) Total Segments 997,721 453,197 1,323,211 1,767,436 Corporate loss (761,259 ) (786,419 ) (2,295,900 ) (2,398,533 ) Net Income (Loss) $ 236,462 $ (333,222 ) $ (972,689 ) $ (631,097 ) Three months ended September 30, Nine months ended September 30, Expenditures for Segment Assets 2019 2018 2019 2018 Radiochemical Products $ 3,994 $ 15,120 $ 18,839 $ 54,475 Cobalt Products 47,338 — 50,831 — Nuclear Medicine Standards 1,750 569 6,700 22,630 Radiological Services — — — — Fluorine Products — — 1,589 1,560 Total Segments 53,082 15,689 77,959 78,665 Corporate purchases — — — — Total Consolidated $ 53,082 $ 15,689 $ 77,959 $ 78,665 September 30, December 31, Segment Assets 2019 2018 Radiochemical Products $ 324,404 $ 344,994 Cobalt Products 3,273,835 2,611,939 Nuclear Medicine Standards 2,173,871 2,113,960 Radiological Services 101,267 281,077 Fluorine Products 5,506,274 5,590,053 Total Segments 11,379,651 10,942,023 Corporate assets 3,485,548 2,048,053 Total Consolidated $ 14,865,199 $ 12,990,076 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (12) Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined that there were no material items to disclose. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | 3 Months Ended 9 Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Weighted average common shares outstanding - basic 419,800,218 412,934,573 417,645,817 410,529,878 Effect of dilutive shares Stock Options 9,800,000 — — — Warrants — — — — Series B redeemable convertible preferred stock — — — — Series C redeemable convertible preferred stock — — — — Weighted average common shares outstanding - diluted 429,600,218 412,934,573 417,645,817 410,529,878 |
Schedule of Common Stock Equivalents | September 30, 2019 2018 Stock options 23,605,000 27,805,000 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 86,250,000 115,450,000 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | September 30, 2019 December 31, 2018 Raw materials $ 40,648 $ 42,911 Work in process 3,387,177 2,719,786 Finished goods 2,236 3,032 $ 3,430,061 $ 2,765,729 |
Stockholders' Equity, Options_2
Stockholders' Equity, Options and Warrants (Tables) | 9 Months Ended |
Sep. 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 740,000 $ 0.06 Exercised (3,700,000 ) $ 0.04 Expired (640,000 ) $ 0.10 Forfeited (600,000 ) $ 0.04 Outstanding at September 30, 2019 23,605,000 $ 0.05 6.5 $ 235,000 Exerciseable at September 30, 2019 17,736,000 $ 0.05 6.1 $ 235,000 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Sales from Contracts with Customers Disaggregated by Business Segment and Geography | Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 917,886 $ 18,770 $ 936,656 40 % $ 464,206 $ 7,528 $ 471,734 18 % Cobalt Products 97,849 — 97,849 4 % 315,136 789,326 1,104,462 41 % Nuclear Medicine Products 1,022,291 — 1,022,291 44 % 957,632 — 957,632 36 % Radiological Services 280,692 — 280,692 12 % 146,932 — 146,932 5 % Fluorine Products — — — 0 % — — — 0 % $ 2,318,718 $ 18,770 $ 2,337,488 100 % $ 1,883,906 $ 796,854 $ 2,680,760 100 % Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 2,151,960 $ 22,035 $ 2,173,995 22 % $ 1,538,168 $ 119,451 $ 1,657,619 21 % Cobalt Products 687,177 — 687,177 12 % $ 967,682 789,326 1,757,008 22 % Nuclear Medicine Products 3,023,425 30,484 3,053,909 39 % $ 2,903,414 19,005 2,922,419 37 % Radiological Services 1,086,098 — 1,086,098 27 % $ 397,279 1,139,767 1,537,046 20 % Fluorine Products — — — 0 % — — — 0 % $ 6,948,660 $ 52,519 $ 7,001,179 100 % $ 5,806,543 $ 2,067,549 $ 7,874,092 100 % |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Expense | Nine Months Ended September 30, 2019 Operating lease costs $ 112,180 Short-term operating lease costs $ 6,593 Operating cash flows from operating leases $ (118,773 ) 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 nine months ended September 30, 2019) $ 36,854 2020 145,563 2021 136,313 2022 136,313 2023 136,313 Thereafter 318,063 Total minimum operating lease obligations 909,419 Less-amounts representing interest (174,939 ) Present value of minimum operating lease obligations 734,480 Current maturities (100,920 ) Lease obligations, net of current maturities $ 633,560 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three months ended September 30, Nine months ended September 30, Sale of Product 2019 2018 2019 2018 Radiochemical Products $ 936,656 $ 471,734 $ 2,173,995 $ 1,657,619 Cobalt Products 97,849 1,104,462 687,177 1,757,008 Nuclear Medicine Standards 1,022,291 957,632 3,053,909 2,922,419 Radiological Services 280,692 146,932 1,086,098 1,537,046 Fluorine Products — — — — Total Segments 2,337,488 2,680,760 7,001,179 7,874,092 Corporate revenue — — — Total Consolidated $ 2,337,488 $ 2,680,760 $ 7,001,179 $ 7,874,092 Three months ended September 30, Nine months ended September 30, Depreciation and Amortization 2019 2018 2019 2018 Radiochemical Products $ 9,892 $ 7,507 $ 27,978 $ 18,567 Cobalt Products 1,269 1,021 3,371 5,817 Nuclear Medicine Standards 15,954 16,184 47,246 50,652 Radiological Services 8,636 11,290 25,908 35,247 Fluorine Products 28,465 28,423 85,367 85,243 Total Segments 64,216 64,425 189,870 195,526 Corporate depreciation and amortization 2,394 2,396 7,184 7,381 Total Consolidated $ 66,610 $ 66,821 $ 197,054 $ 202,907 Three months ended September 30, Nine months ended September 30, Segment Income (Loss) 2019 2018 2019 2018 Radiochemical Products $ 331,988 $ 53,101 $ 680,990 $ 196,658 Cobalt Products 38,517 238,182 353,639 516,087 Nuclear Medicine Standards 180,828 164,759 509,571 553,995 Radiological Services 482,414 27,020 (107,541 ) 593,473 Fluorine Products (36,026 ) (29,865 ) (113,448 ) (92,777 ) Total Segments 997,721 453,197 1,323,211 1,767,436 Corporate loss (761,259 ) (786,419 ) (2,295,900 ) (2,398,533 ) Net Income (Loss) $ 236,462 $ (333,222 ) $ (972,689 ) $ (631,097 ) Three months ended September 30, Nine months ended September 30, Expenditures for Segment Assets 2019 2018 2019 2018 Radiochemical Products $ 3,994 $ 15,120 $ 18,839 $ 54,475 Cobalt Products 47,338 — 50,831 — Nuclear Medicine Standards 1,750 569 6,700 22,630 Radiological Services — — — — Fluorine Products — — 1,589 1,560 Total Segments 53,082 15,689 77,959 78,665 Corporate purchases — — — — Total Consolidated $ 53,082 $ 15,689 $ 77,959 $ 78,665 September 30, December 31, Segment Assets 2019 2018 Radiochemical Products $ 324,404 $ 344,994 Cobalt Products 3,273,835 2,611,939 Nuclear Medicine Standards 2,173,871 2,113,960 Radiological Services 101,267 281,077 Fluorine Products 5,506,274 5,590,053 Total Segments 11,379,651 10,942,023 Corporate assets 3,485,548 2,048,053 Total Consolidated $ 14,865,199 $ 12,990,076 |
The Company and Basis of Pres_2
The Company and Basis of Presentation (Details Narrative) | Sep. 30, 2019 | Aug. 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net (loss) income attributable to International Isotopes Inc. | $ 236,462 | $ (333,222) | $ (972,689) | $ (631,097) |
Net cash (used in) provided by operating activities | $ 208,004 | $ (329,222) | ||
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 Weighted Average Number of Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding - basic | 419,800,218 | 412,934,573 | 417,645,817 | 410,529,878 |
Effect of dilutive shares, stock options | 9,800,000 | |||
Weighted average common shares outstanding - diluted | 429,600,218 | 412,934,573 | 417,645,817 | 410,529,878 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Basic and Diluted - Schedule of Common Stock Equivalents (Details) - shares | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Stock options, outstanding | 23,605,000 | 27,805,000 | 27,805,000 |
Warrants, outstanding | 20,090,000 | 45,090,000 | |
Common stock equivalents, outstanding | 86,250,000 | 115,450,000 | |
Series B Convertible Redeemable Preferred Stock | |||
Redeemable convertible preferred stock, outstanding | 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 | |
Weighted average shares, outstanding | 42,130,000 | 42,130,000 |
Net Income (Loss) Per Common _5
Net Income (Loss) Per Common Share - Basic and Diluted (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Series B Convertible Redeemable Preferred Stock | |||
Stock equivalents excluded from the computation of diluted net loss per common share | 850 | 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 | 4,213 |
Stock Options | |||
Stock equivalents excluded from the computation of diluted net loss per common share | 13,805,000 | 23,605,000 | 27,805,000 |
Warrants | |||
Stock equivalents excluded from the computation of diluted net loss per common share | 20,090,000 | 20,090,000 | 45,090,000 |
Investment and Business Conso_2
Investment and Business Consolidation (Details Narrative) - RadQual, LLC | Sep. 30, 2019 | Aug. 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 ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory, Net, Items Net of Reserve | ||
Raw materials | $ 40,648 | $ 42,911 |
Work in process | 3,387,177 | 2,719,786 |
Finished goods | 2,236 | 3,032 |
Total inventory | $ 3,430,061 | $ 2,765,729 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 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 | $ 107,500 | $ 77,000 |
Shareholders' Equity, Options a
Shareholders' Equity, Options and Warrants - Schedule of Stock Option Activity (Details) | 9 Months Ended |
Sep. 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, granted | shares | 740,000 |
Stock options, exercised | shares | (3,700,000) |
Stock options, expired | shares | (640,000) |
Stock options, forfeited | shares | (600,000) |
Stock options outstanding, end of period | shares | 23,605,000 |
Stock options exercisable, end of period | shares | 17,736,000 |
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 | 0.06 |
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 6 months |
Weighted average remaining contractual life exercisable, end of period | 6 years 1 month |
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) - Employee Stock Purchase Plan - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares available for issuance | 475,161 | |
Shares issued during period | 99,372 | 77,012 |
Proceeds from issuance of shares during the period | $ 5,036 | $ 4,840 |
Shareholders' Equity, Options_3
Shareholders' Equity, Options and Warrants - Stock-Based Compensation Plans (Details Narrative) - USD ($) | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Warrants outstanding | 20,090,000 | 45,090,000 | ||
Mandatorily redeemable convertible preferred stock | $ 4,753,003 | $ 4,656,752 | ||
Stock options, granted | 740,000 | |||
Weighted average exercise price, granted | $ 0.06 | |||
Stock options, exercised | (3,700,000) | |||
Series B Convertible Redeemable Preferred Stock | ||||
Preferred stock outstanding | 850 | 850 | ||
Redemption date | May 31, 2022 | |||
Redemption price per share | $ 1,000 | |||
Mandatorily redeemable convertible preferred stock | $ 850,000 | |||
Number of warrants convertible into shares | 425,000 | |||
Number of warrants convertible into shares, price per share | $ 2 | |||
Series C Redeemable Convertible Preferred Stock | ||||
Preferred stock outstanding | 4,213 | 4,213 | ||
Redemption date | Feb. 28, 2022 | |||
Redemption price per share | $ 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 | ||
Exercise price of warrants | $ 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 | ||
Exercise price of warrants | $ 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 | |||
2015 Incentive Plan | ||||
Number of shares authorized | [1] | 80,000,000 | ||
Shares available for issuance | 34,487,718 | |||
Share price | $ 0.06 | |||
Compensation expense | $ 113,093 | $ 160,691 | ||
Unrecognized compensation expense | $ 86,225 | |||
Weighted average period | 1 year 11 months | |||
2015 Incentive Plan | Qualified Stock Options | ||||
Net shares issued | 625,000 | |||
Shares withheld to satisfy payroll tax liabilities | 875,000 | |||
Stock options, granted | 740,000 | |||
Weighted average exercise price, granted | $ 0.06 | |||
Fair value of options granted | $ 25,310 | |||
Risk free interest rate, minimum | 1.76% | |||
Risk free interest rate, maximum | 2.49% | |||
Expected volatility, minimum | 57.62% | |||
Expected volatility, maximum | 65.22% | |||
Stock options, vesting period | [2] | 5 years | ||
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 | |||
Shares withheld to satisfy payroll tax liabilities | 186,900 | |||
Compensation expense | $ 16,786 | |||
2006 Equity Incentive Plan | ||||
Number of shares authorized | 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. | |||
[2] | 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 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | |
Proceeds from short term debt | $ 120,000 | ||||||
Chairman of the Board of Directors | Promissory Note | |||||||
Note payable, related party, interest rate | 5.00% | ||||||
Promissory note | $ 60,000 | ||||||
Repayment of debt | 65,117 | ||||||
Chief Executive Officer and Chairman of the Board | |||||||
Accrued interest | $ 10,370 | ||||||
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 | |||||||
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. | ||||||
Note payable, related party | $ 500,000 | $ 500,000 | |||||
Accrued interest | 174,234 | ||||||
Note payable, related party, interest rate | 6.00% | ||||||
Note payable, related party, maturity date | Dec. 31, 2022 | ||||||
Interest expense | $ 22,500 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Narrative) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Restricted cash | $ 632,765 |
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. |
Contamination Event | |
Expenses related to contamination | $ 2,141,559 |
Proceeds from insurance claims | 964,958 |
Potential recovery from insurance claims of additional incurred expenses | $ 970,417 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Sales from Contracts with Customers by Business Segment and Geography (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 2,337,488 | $ 2,680,760 | $ 7,001,179 | $ 7,874,092 |
Percent of total revenues | 100.00% | 100.00% | 100.00% | 100.00% |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 2,318,718 | $ 1,883,906 | $ 6,948,660 | $ 5,806,543 |
Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 18,770 | 796,854 | 52,519 | 2,067,549 |
Radiochemical Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 936,656 | $ 471,734 | $ 2,173,995 | $ 1,657,619 |
Percent of total revenues | 40.00% | 18.00% | 22.00% | 21.00% |
Radiochemical Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 917,886 | $ 464,206 | $ 2,151,960 | $ 1,538,168 |
Radiochemical Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 18,770 | 7,528 | 22,035 | 119,451 |
Cobalt Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 97,849 | $ 1,104,462 | $ 687,177 | $ 1,757,008 |
Percent of total revenues | 4.00% | 41.00% | 12.00% | 22.00% |
Cobalt Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 97,849 | $ 315,136 | $ 687,177 | $ 967,682 |
Cobalt Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 789,326 | 0 | 789,326 |
Nuclear Medicine Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,022,291 | $ 957,632 | $ 3,053,909 | $ 2,922,419 |
Percent of total revenues | 44.00% | 36.00% | 39.00% | 37.00% |
Nuclear Medicine Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,022,291 | $ 957,632 | $ 3,023,425 | $ 2,903,414 |
Nuclear Medicine Products | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 30,484 | 19,005 |
Radiological Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 280,692 | $ 146,932 | $ 1,086,098 | $ 1,537,046 |
Percent of total revenues | 12.00% | 5.00% | 27.00% | 20.00% |
Radiological Services | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 280,692 | $ 146,932 | $ 1,086,098 | $ 397,279 |
Radiological Services | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 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 ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Unearned revenue, current | $ 1,582,562 | $ 3,783,541 |
Unearned revenue, noncurrent | 7,500 | 7,500 |
Accounts receivable | $ 799,736 | 820,370 |
Refunds 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. | |
Cobalt Products | ||
Unearned revenue, current | $ 1,582,562 | 3,783,541 |
Unearned revenue, noncurrent | $ 7,500 | $ 7,500 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 112,180 |
Short-term operating lease costs | 6,593 |
Operating cash flows from operating leases | (118,773) |
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) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 (excluding the three months ended September 30, 2019) | $ 36,854 | |
2020 | 145,563 | |
2021 | 136,313 | |
2022 | 136,313 | |
2023 | 136,313 | |
Thereafter | 318,063 | |
Total minimum operating lease obligations | 909,419 | |
Less-amounts representing interest | (174,939) | |
Present value of minimum operating lease obligations | 734,480 | |
Current maturities | (100,920) | |
Lease obligations, net of current maturities | $ 633,560 |
Leases (Details Narrative)
Leases (Details Narrative) | Sep. 30, 2019USD ($) |
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 | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Sale of Product | $ 2,337,488 | $ 2,680,760 | $ 7,001,179 | $ 7,874,092 | |
Depreciation and Amortization | 66,610 | 66,821 | 197,054 | 202,907 | |
Segment Income (Loss) | 236,462 | (333,222) | (972,689) | (631,097) | |
Expenditures for Segment Assets | 53,082 | 15,689 | 77,959 | 78,665 | |
Segment Assets | 14,865,199 | 14,865,199 | $ 12,990,076 | ||
Radiochemical Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 936,656 | 471,734 | 2,173,995 | 1,657,619 | |
Cobalt Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 97,849 | 1,104,462 | 687,177 | 1,757,008 | |
Radiological Services | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 280,692 | 146,932 | 1,086,098 | 1,537,046 | |
Fluorine Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | 0 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 2,337,488 | 2,680,760 | 7,001,179 | 7,874,092 | |
Depreciation and Amortization | 64,216 | 64,425 | 189,870 | 195,526 | |
Segment Income (Loss) | 997,721 | 453,197 | 1,323,211 | 1,767,436 | |
Expenditures for Segment Assets | 53,082 | 15,689 | 77,959 | 78,665 | |
Segment Assets | 11,379,651 | 11,379,651 | 10,942,023 | ||
Operating Segments | Radiochemical Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 936,656 | 471,734 | 2,173,995 | 1,657,619 | |
Depreciation and Amortization | 9,892 | 7,507 | 27,978 | 18,567 | |
Segment Income (Loss) | 331,988 | 53,101 | 680,990 | 196,658 | |
Expenditures for Segment Assets | 3,994 | 15,120 | 18,839 | 54,475 | |
Segment Assets | 324,404 | 324,404 | 344,994 | ||
Operating Segments | Cobalt Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 97,849 | 1,104,462 | 687,177 | 1,757,008 | |
Depreciation and Amortization | 1,269 | 1,021 | 3,371 | 5,817 | |
Segment Income (Loss) | 38,517 | 238,182 | 353,639 | 516,087 | |
Expenditures for Segment Assets | 47,338 | 0 | 50,831 | 0 | |
Segment Assets | 3,273,835 | 3,273,835 | 2,611,939 | ||
Operating Segments | Nuclear Medicine Standards | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 1,022,291 | 957,632 | 3,053,909 | 2,922,419 | |
Depreciation and Amortization | 15,954 | 16,184 | 47,246 | 50,652 | |
Segment Income (Loss) | 180,828 | 164,759 | 509,571 | 553,995 | |
Expenditures for Segment Assets | 1,750 | 569 | 6,700 | 22,630 | |
Segment Assets | 2,173,871 | 2,173,871 | 2,113,960 | ||
Operating Segments | Radiological Services | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 280,692 | 146,932 | 1,086,098 | 1,537,046 | |
Depreciation and Amortization | 8,636 | 11,290 | 25,908 | 35,247 | |
Segment Income (Loss) | 482,414 | 27,020 | (107,541) | 593,473 | |
Expenditures for Segment Assets | 0 | 0 | 0 | 0 | |
Segment Assets | 101,267 | 101,267 | 281,077 | ||
Operating Segments | Fluorine Products | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | 0 | |
Depreciation and Amortization | 28,465 | 28,423 | 85,367 | 85,243 | |
Segment Income (Loss) | (36,026) | (29,865) | (113,448) | (92,777) | |
Expenditures for Segment Assets | 0 | 0 | 1,589 | 1,560 | |
Segment Assets | 5,506,274 | 5,506,274 | 5,590,053 | ||
Corporate Allocation | |||||
Segment Reporting Information [Line Items] | |||||
Sale of Product | 0 | 0 | 0 | 0 | |
Depreciation and Amortization | 2,394 | 2,396 | 7,184 | 7,381 | |
Segment Income (Loss) | (761,259) | (786,419) | (2,295,900) | (2,398,533) | |
Expenditures for Segment Assets | 0 | $ 0 | 0 | $ 0 | |
Segment Assets | $ 3,485,548 | $ 3,485,548 | $ 2,048,053 |
Segment Information (Details Na
Segment Information (Details Narrative) | 9 Months Ended |
Sep. 30, 2019Number | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |