Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 16, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 24,000,000 | ||
Entity Common Stock, Shares Outstanding | 420,301,226 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 575,422 | $ 828,039 |
Accounts receivable | 875,914 | 820,370 |
Inventories | 3,423,420 | 2,765,729 |
Prepaids and other current assets | 1,444,593 | 315,042 |
Total current assets | 6,319,349 | 4,729,180 |
Long-term assets | ||
Restricted cash | 635,498 | 622,428 |
Property, plant and equipment, net | 2,003,887 | 1,906,182 |
Financing lease right-of-use asset | 13,302 | |
Operating lease right-of-use asset | 709,883 | |
Goodwill | 1,384,255 | 1,384,255 |
Patents and other intangibles, net | 4,190,621 | 4,348,031 |
Total long-term assets | 8,937,446 | 8,260,896 |
Total assets | 15,256,795 | 12,990,076 |
Current liabilities | ||
Accounts payable | 4,229,128 | 2,285,165 |
Accrued liabilities | 1,096,090 | 939,918 |
Current portion of unearned revenue | 1,240,205 | 3,783,541 |
Current portion of operating lease right-of-use liability | 100,777 | |
Current portion of financing lease liability | 2,367 | |
Current portion of related party notes payable | 180,000 | |
Current installments of notes payable | 1,519,496 | 7,956 |
Total current liabilities | 8,188,063 | 7,196,580 |
Long-term liabilities | ||
Related party notes payable, net of debt discount | 1,216,874 | 446,356 |
Notes payable, net of current portion | 12,276 | 20,786 |
Unearned revenue, net of current portion | 7,500 | |
Obligation for lease disposal costs | 546,570 | 507,968 |
Financing lease liability, net of current portion | 10,970 | |
Operating lease right-of-use liability, net of current portion | 609,106 | |
Mandatorily redeemable convertible preferred stock, net of discount | 4,785,086 | 4,656,752 |
Total long-term liabilities | 7,180,882 | 5,639,362 |
Total liabilities | 15,368,945 | 12,835,942 |
Stockholders' Equity | ||
Common stock | 4,198,423 | 4,131,683 |
Additional paid-in capital | 121,680,163 | 120,805,997 |
Accumulated deficit | (128,064,385) | (126,541,421) |
Deficit attributable to International Isotopes Inc. stockholders | (2,185,799) | (1,603,741) |
Equity attributable to noncontrolling interest | 2,073,649 | 1,757,875 |
Total (deficit) equity | (112,150) | 154,134 |
Total liabilities and stockholders' (deficit) equity | $ 15,256,795 | $ 12,990,076 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 419,842,256 | 413,168,301 |
Common stock, shares outstanding | 419,842,256 | 413,168,301 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Sale of product | $ 8,955,204 | $ 10,368,823 |
Cost of product | 4,289,490 | 5,678,530 |
Gross profit | 4,665,714 | 4,690,293 |
Operating costs and expenses: | ||
Salaries and contract labor | 2,560,293 | 2,311,710 |
General, administrative and consulting | 2,400,343 | 2,200,044 |
Research and development | 263,375 | 468,603 |
Total operating expenses | 5,224,011 | 4,980,357 |
Operating loss | (558,297) | (290,064) |
Other income (expense): | ||
Other income (expense) | (114,509) | 86,796 |
Interest income | 13,090 | 9,428 |
Interest expense | (541,274) | (470,106) |
Total other (expense) | (642,693) | (373,882) |
Net loss | (1,200,990) | (663,946) |
Income attributable to non-controlling interest | 321,974 | 180,630 |
Net loss attributable to International Isotopes Inc. | $ (1,522,964) | $ (844,576) |
Net loss per common share - basic and diluted | ||
Weighted average common shares outstanding - basic and diluted | 418,077,055 | 411,071,598 |
Consolidated Statement of Stock
Consolidated Statement 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 | $ 1,142 | 5,555 | 6,697 | 6,697 | ||
Shares issued under employee stock purchase plan, shares | 114,170 | |||||
Shares issued for exercise of employee stock options, value | $ 37,650 | 32,350 | 70,000 | 70,000 | ||
Shares issued for exercise of employee stock options, shares | 3,764,957 | |||||
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 | |||||
Stock based compensation | 188,476 | 188,476 | 188,476 | |||
Net (loss) income | (844,576) | (844,576) | 180,630 | (663,946) | ||
Ending balance, value at Dec. 31, 2018 | $ 4,131,683 | 120,805,997 | (126,541,421) | (1,603,741) | 1,757,875 | 154,134 |
Ending balance, shares at Dec. 31, 2018 | 413,168,301 | |||||
Shares issued under employee stock purchase plan, value | $ 1,362 | 5,551 | 6,913 | 6,913 | ||
Shares issued under employee stock purchase plan, shares | 136,188 | |||||
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 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 | |||||
Convertible debenture beneficial conversion feature | 213,059 | 213,059 | 213,059 | |||
Warrants issued with convertible debentures | 301,104 | 301,104 | 301,104 | |||
Stock based compensation | 129,850 | 129,850 | 129,850 | |||
Distribution to non-controlling interest | (6,200) | (6,200) | ||||
Net (loss) income | (1,522,964) | (1,522,964) | 321,974 | (1,200,990) | ||
Ending balance, value at Dec. 31, 2019 | $ 4,198,423 | $ 121,680,163 | $ (128,064,385) | $ (2,185,799) | $ 2,073,649 | $ (112,150) |
Ending balance, shares at Dec. 31, 2019 | 419,842,256 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (1,200,990) | $ (663,946) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 268,033 | 267,719 |
Loss on disposal of property, plant and equipment | (1,700) | 3,893 |
Accretion of obligation for lease disposal costs | 38,602 | 29,544 |
Accretion of beneficial conversion feature and discount | 129,371 | 129,373 |
Equity based compensation | 129,850 | 188,476 |
Noncash interest expense | 25,785 | 25,785 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (55,544) | (185,344) |
Prepaids and other current assets | (1,129,551) | 29,585 |
Inventories | (657,691) | (814,216) |
Unearned revenues | 94,164 | 413,933 |
Accounts payable and accrued liabilities | 2,306,114 | 672,357 |
Net cash provided by (used in) operating activities | (53,557) | 97,159 |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant and equipment | 1,700 | |
Purchase of property, plant and equipment | (208,102) | (86,320) |
Net cash (used in) provided by investing activities | (206,402) | (86,320) |
Cash flows from financing activities: | ||
Proceeds from sale of stock | 90,913 | 76,697 |
Proceeds from issuance of debt, related party | 675,000 | 120,000 |
Distribution to non-controlling interest | (6,200) | |
Payments on financing lease liability | (190) | |
Principal payments on notes payable | (739,111) | (7,437) |
Net cash provided by financing activities | 20,412 | 189,260 |
Net change in cash and cash equivalents | (239,547) | 200,099 |
Cash and cash equivalents at beginning of period | 1,450,467 | 1,250,368 |
Cash and cash equivalents at end of period | 1,210,920 | 1,450,467 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 139,828 | 55,359 |
Supplemental disclosure of noncash financing and investing transactions: | ||
Decrease in accrued interest and increase in equity for conversion of preferred dividends to stock | 205,980 | 205,980 |
Decrease in unearned revenue and increase in notes payable for repayment plan | 2,645,000 | |
Increase in financing lease liability and increase in financing lease right-of-use asset for asset lease | 13,527 | |
Decrease in related party notes payable and increase in equity for amounts allocated to warrants and beneficial conversion feature | 514,163 | |
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 | 575,422 | 828,039 |
Restricted cash included in long-term assets | 635,498 | 622,428 |
Total cash, cash equivalents and restricted cash shown in statement of cash flows | $ 1,210,920 | $ 1,450,467 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Significant Accounting Policies | NOTE 1 – DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of business Nature of Operations With the exception of certain unique products, the Company’s normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Company’s operating cycle for those products is considered to be two to three years. Accordingly, preliminary payments received on cobalt contracts, where shipment will not take place for greater than the operating cycle, have been recorded as unearned revenue and, depending upon estimated ship dates, classified under current or long-term liabilities on the Company’s consolidated balance sheets. These unearned revenues will be recognized as revenue in the future period during which the cobalt shipments begin. All assets expected to be realized in cash or sold during the normal operating cycle of the business are classified as current assets. Principles of Consolidation Significant accounting policies a) Financial instruments and cash equivalents The carrying value of notes payable approximates fair value because they bear interest at rates which approximate market rates. Cash and cash equivalents, totaling $575,422 and $828,039 at December 31, 2019 and 2018, respectively, consist of operating accounts and money market accounts. For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid financial instruments with original maturities of three months or less at date of purchase to be cash equivalents. At December 31, 2019 and 2018, the Company had pledged cash on deposit in a money market account valued at $635,498 and $622,428, respectively, as security for a surety bond. The surety bond is required as part of the Company’s operating license agreement with the Nuclear Regulatory Commission (“NRC”). The Company maintains its cash accounts in various deposit accounts, the balances of which are periodically in excess of federally insured limits. b) Accounts receivable The Company sells products mainly to recurring customers, wherein the customer’s ability to pay has previously been evaluated. The Company generally does not require collateral. The Company periodically reviews accounts receivable for amounts considered uncollectible and allowances are provided for uncollectible accounts when deemed necessary. At December 31, 2019 and 2018, the Company recorded no allowance for uncollectible accounts. c) Inventories Inventories are carried at the lower of cost or net realizable value. Cost is determined using the first in, first out method. Work in progress inventory contains product that is undergoing irradiation and this irradiation process can take up to three years to reach high specific activity (HSA) levels. When indicators of inventory impairment exist, the Company measures the carrying value of the inventory against its market value, and if the carrying value exceeds the market value, the inventory value is adjusted down accordingly. For the year ended December 31, 2019 the Company determined $201,727 of cobalt inventory was impaired and expensed. No such impairment existed for the year ended December 31, 2018. d) Property, plant and equipment Depreciation on property, plant and equipment is computed using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the shorter of the life of the lease or the service life of the improvements. Maintenance, repairs, and renewals that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains or losses on dispositions of property and equipment are included in the results of operations. e) Goodwill and other intangibles Goodwill is not amortized but is tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets recorded as a result of the change in ownership of RadQual. As of December 31, 2019 and 2018, there has been no impairment of goodwill. Patents and other intangibles are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment at least annually or when events or circumstances arise that indicate the existence of impairment. The Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to: (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. When indicators of impairment exist, the Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2019 and 2018, the Company had no impairment losses related to intangible assets. f) Impairment of long-lived assets Long-lived assets are reviewed for impairment annually, or when events or circumstances arise that indicate the existence of impairment, using the same evaluation process as described above for patents and other intangibles. There was no impairment recorded during the years ended December 31, 2019 and 2018. g) Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. h) Use of estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. i) Revenue recognition Revenue is recognized when products are shipped. No warranty coverage or right of return provisions are provided to customers. Amounts received as prepayment on future products or services are recorded as unearned revenues and recognized as income when the product is shipped or service performed. See Note 14 Revenue Recognition. j) Research and development costs Research and development costs are expensed as incurred and totaled $263,375 and $468,603 for the years ended December 31, 2019 and 2018, respectively. These research and development costs were incurred to maintain our planned de-conversion facility license and in our radiochemical products and nuclear medicine standards business segments. k) Share-based compensation The Company accounts for issuances of share-based compensation to employees in accordance with GAAP which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). For the years ended December 31, 2019 and 2018, the Company recognized share-based compensation expense of $129,850 and $188,476, respectively, related to stock options and stock grants. This expense is included as part of salaries and contract labor in the accompanying statements of operations. l) Net loss per common share – basic and diluted Basic loss per share is computed on the basis of the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed on the basis of the weighted-average number of common shares plus all potentially dilutive issuable common shares outstanding during the year. At December 31, 2019 and 2018, the Company had the following common stock equivalents outstanding that were not included in the computation of diluted net loss per common share as their effect would have been anti-dilutive, thereby decreasing the net loss per common share: December 31, 2019 2018 Stock options 23,655,000 27,805,000 Warrants 40,340,000 20,090,000 850 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 42,130,000 106,550,000 90,450,000 m) Business segments and related information GAAP establishes standards for the way public business enterprises are to report information about operating segments in annual financial statements and requires enterprises to report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosure about products and services, geographic areas and major customers. The Company currently operates in five business segments. n) Recent accounting standards In February 2016, the FASB issued ASU 2016-02, “Leases” which was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company implemented this standard on January 1, 2019. See Note 8 for further information. 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. |
Business Condition and Liquidit
Business Condition and Liquidity | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Condition and Liquidity | NOTE 2 – BUSINESS CONDITION AND LIQUIDITY The Company has a history of recurring losses with an accumulated deficit of $128,064,385 at December 31, 2019, and a net loss of $1,522,964 for the year then ended. The Company’s working capital, which includes inventory that will not be sold for up to three years, has increased by $598,686 from the prior year. The Company has used cash flows from operations of $53,557. During 2019, the Company sought to improve future cash flows from operating activities through execution of new sales agreements, improving operating cost control measures, making improvements in current manufacturing processes, pursuing new service contracts, and developing new products. 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 and start commercial manufacturing during 2020. During the year ended December 31, 2019, the Company continued to focus on its long-standing core business segments, which consist of its radiochemical products, cobalt products, nuclear medicine standards, and radiological services segments, and in particular, the pursuit of new business opportunities within those segments. In October 2014, the Company secured a ten-year cobalt production agreement with the United States Department of Energy (“DOE”). The agreement provides the Company with access to the currently available cobalt production positions in the DOE’s Advanced Test Reactor (“ATR”) located at the Idaho National Laboratory in Idaho Falls, Idaho. The ATR is the only DOE reactor in the United States (“U.S.”) capable of producing large quantities of high specific activity cobalt. In addition to the cobalt production agreement with the DOE, the Company entered into supply agreements in 2015 with several customers for the purchase of cobalt-60. Because it takes approximately two to three years to irradiate cobalt targets to the desired level of activity, the shipment of cobalt-60 product to these customers is anticipated to begin in early 2020. Pursuant to these cobalt-60 supply agreements, the Company will not only supply cobalt-60 to the customers but, in some instances, will also provide on-going services with respect to manufacturing and selling cobalt sources. Each contract requires quarterly progress payments to be paid by customers to the Company. Due to changes in the nuclear industry over the past few years, the Company’s plans for the design and construction of a large-scale uranium de-conversion and fluorine extraction facility were placed on hold. The Company expects that further activity on this project will remain on hold until the market and industry conditions change to justify resuming design and construction of the facility. The Company will continue to incur some costs associated with the maintenance of licenses and other necessary project investments for the proposed facility, and the Company expects to continue to keep certain agreements in place to support resumption of project activities at the appropriate time. In July 2015, the Company announced that it executed an amendment to its Project Participation Agreement (PPA) with the Lea County, New Mexico Board of Commissioners. The PPA granted to the Company direct and indirect assistance for locating its proposed depleted UF6 de-conversion facility in Hobbs, New Mexico. The principal component of assistance was the conveyance of approximately 640 acres of land for construction and operation of the proposed facility. The conveyance of the land was contingent upon the Company commencing construction on Phase 1 of the facility by December 31, 2014 and hiring a certain number of employees by December 31, 2015. Under the amendment to the PPA, the Lea County, New Mexico Board of Commissioners agreed to extend those dates to December 31, 2016 and December 31, 2017, respectively. The Company did not meet the deadlines set forth in the amended PPA, but is currently in discussions with the Lea County, New Mexico Board of Commissioners to further extend the milestone dates. If the Company does not succeed in extending the commitment dates or in reaching performance dates set forth in a modified agreement, then 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 holds a Nuclear Regulatory Commission (“NRC”) construction and operating license for the depleted uranium facility as well as the property agreement with Lea County, New Mexico, where the plant is intended to be constructed. The NRC license for the de-conversion facility is a forty (40) year operating license and is the first commercial license of this type issued in the United States. There are no other companies with a similar license application under review by the NRC. Therefore, the NRC license represents a significant competitive barrier and the Company believes that it provides it with a very valuable asset. During the year ended December 31, 2019, the Company incurred costs of approximately $151,000 to maintain licenses and other necessary project investments. The Company expects that cash from operations and its current cash balance will be sufficient to fund operations for the next twelve months. Future liquidity and capital funding requirements will depend on numerous factors, including, contract manufacturing agreements, commercial relationships, technological developments, market factors, available credit, and voluntary warrant redemption by shareholders. There is no assurance that additional capital and financing will be available on acceptable terms to the Company or at all. |
Purchased Asset and Investments
Purchased Asset and Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Purchased Asset and Investments | NOTE 3 – PURCHASED ASSET AND INVESTMENTS Interest in RadQual, LLC The Company owns a 24.5% interest in RadQual, with which the Company has an exclusive manufacturing agreement for nuclear medicine products. On August 10, 2017, affiliates of the Company, including the Company’s Chairman of the Board and the Chief Executive Officer, acquired the remaining 75.5% interest in RadQual. As a result of this change in ownership, the Company was named as a managing member and gained the ability to exercise significant management control over the operations of RadQual. Because of this increased management ability, and pursuant to GAAP, the Company has consolidated the accounts of RadQual into its financial statements beginning as of August 10, 2017. Acquisition of Interest in TI Services, LLC In December 2010, the Company together with RadQual, formed a 50% owned joint venture, TI Services, LLC (“TI Services”). TI Services is engaged in the distribution and selling of products related to the nuclear medicine industry. Because the Company controls more than a 50% direct and indirect ownership interest in TI Services, the assets and liabilities of TI Services are consolidated with those of the Company, and RadQual’s non-controlling interest in TI Services is included in the Company’s financial statements as a non-controlling interest. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES Inventories consisted of the following for the years ended December 31, 2019 and 2018: 2019 2018 Raw materials $ 40,648 $ 42,911 Work in progress 3,379,943 2,719,786 Finished goods 2,829 3,032 $ 3,423,420 $ 2,765,729 Included in raw material inventory is raw cobalt, strontium and other raw elements. Raw material inventory is regularly reviewed for obsolescence Work in process includes completed flood sources, irradiated cobalt and nuclear medicine related materials and products, and cobalt-60 targets that are located in the ATR located outside of Idaho Falls, Idaho. The cobalt-60 targets are owned by the Company and contain cobalt-60 material at various stages of irradiation. The carrying value of the targets is based on accumulated irradiation and handling costs which have been allocated to each target based on the length of time the targets have been held and processed at the reactor. At December 31, 2019, the remaining cobalt target inventory had a carrying value of $201,349, and at December 31, 2018, the inventory was valued at $389,293. Work in process also includes costs to irradiate cobalt-60 material under a contract with the DOE. This material has been placed in the reactor exclusively for purchase by the Company, and at December 31, 2019 and 2018, the amount of accumulated irradiation charges reported as inventory was $2,810,100 and $2,066,820, respectively. The Company has contracted with several customers for the purchase of this cobalt-60 material and has collected advance payments for project management, up-front handling and irradiation charges. 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 year ended December 31, 2019 and 2018, the Company recognized approximately $140,000 and $87,000, respectively, of revenue in its consolidated statements of operations for customer orders filled during the period under these cobalt contracts. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized as follows at December 31, 2019 and 2018: 2019 2018 Estimated Useful Lives Furniture and fixtures $ 203,318 $ 196,242 3 - 5 years Transportation equipment 122,874 122,874 5 - 10 years Plant and improvements 496,154 96,154 5 years Production equipment 3,737,621 3,557,717 5 - 10 years 4,559,967 4,372,987 Accumulated depreciation (2,556,080 ) (2,466,805 ) $ 2,003,887 $ 1,906,182 Included in fixed assets are assets purchased during the planning phase for the construction of a de-conversion facility in Hobbs, New Mexico. Although construction of the facility is currently on hold, the Company has determined that these assets continue to have future economic value based on what it considers a strong likelihood that construction of the facility will occur in the future. Depreciation expense was $101,333 and $102,444 for the years ended December 31, 2019 and 2018, respectively. |
Patents and Other Intangible As
Patents and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Patents and Other Intangible Assets | NOTE 6 – PATENTS AND OTHER INTANGIBLE ASSETS The Company owns certain patents and patents pending related to a fluorine extraction process and patents for various uses of some fluoride gases as fluorinating agents. These patents were developed in an effort to expand the potential markets for the high purity fluoride gases the Company will produce with its fluorine extraction process. The Company has filed and been granted international protections on its FEP process patent with some foreign applications still pending. At the present time, Company management believes there is significant future value to these patents, however, the final value of this patent technology or the feasibility of expanding the fluoride gas markets through the use of this newly patented technology is uncertain. In October 2012, the NRC issued the Company a 40-year construction and operating license for the de-conversion facility. Capitalized costs associated with the licensing and planning process for this license are being amortized over the 40-year life of the license. The following table summarizes the patent and intangible activity for the years ended December 31, 2019 and 2018: 2019 2018 Beginning $ 5,363,102 $ 5,366,757 Additions 9,290 5,560 Disposals — (9,215 ) Ending 5,372,392 5,363,102 Accumulated amortization (1,181,771 ) (1,015,071 ) $ 4,190,621 $ 4,348,031 During the year ended December 31, 2019 the Company recognized $166,700 of amortization expense, and during the year ended December 31, 2018, the Company recognized $165,275 of amortization expense. Patent and other intangible asset amortization is based on the remaining life of the asset and estimated amortization expense is as follows: Years ending December 31, 2020 $ 164,970 2021 164,970 2022 164,970 2023 164,970 2024 164,970 Thereafter 3,365,771 $ 4,190,621 |
Convertible Debentures and Note
Convertible Debentures and Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Debentures and Notes Payable | NOTE 7 – CONVERTIBLE DEBENTURES AND NOTES PAYABLE Notes payable On April 9, 2018, the Company borrowed $120,000 from its Chief Executive Officer and its Chairman of the Board pursuant to a short-term promissory note (the 2018 Promissory Note). The 2018 Promissory Note accrues interest at 6% per year, which is payable upon maturity of the 2018 Promissory Note. The 2018 Promissory Note is unsecured and originally matured on August 1, 2018. At any time, the holders 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 with all other provisions remaining unchanged. Pursuant to a fourth amendment to the 2018 Promissory Note in December 2019, the maturity date was extended to December 31, 2021 and the lenders were granted a security interest in certain patents owned by the Company. At December 31, 2019, accrued interest on the note totaled $12,170. In December 2013, the Company borrowed $500,000 from the Company’s former Chairman of the Board of Directors (the “Board”) and one of the Company’s major shareholders (the 2013 Promissory Note). The $500,000 note bears interest at 6% and was originally due 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 note, each of the two lenders was issued 5,000,000 warrants to purchase shares of the Company’s common stock. In June 2014, the Company renegotiated the terms of this promissory note. Pursuant to the modification, the maturity date was extended to December 31, 2017, and each Lender was granted an additional 7,500,000 warrants to purchase shares of the Company’s common stock at $0.06 per share. The warrants were immediately exercisable. The fair value of these warrants was $384,428 and was recorded as a debt discount and will be amortized to interest expense over the new life of the promissory note. The Company calculated a beneficial conversion feature of $15,464 which will be accreted to interest expense over the new life of the note. As a result, the Company recorded non-cash interest expense of $26,823 for the years ended December 31, 2019 and 2018. In February 2017, the due date of the 2013 Promissory Note was extended to December 31, 2020, with all other terms of the note remaining unchanged. On December 20, 2019, the due date of the 2013 Promissory Note was extended to December 31, 2021. The modification grants a security interest in certain patents held by the Company. At December 31, 2019, accrued interest on the 2013 Promissory Note totaled $181,734. 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 April 2022. The note is secured by the vehicle that was purchased with the note’s proceeds. In August 2017, the Company borrowed $60,000 from its Chairman of the Board of Directors pursuant to a promissory note (the 2017 Promissory Note). The 2017 Promissory Note accrues interest at 5% per year, which is payable upon maturity of the 2017 Promissory Note. The note is unsecured and originally matured on June 30, 2018. Pursuant to an amendment to the promissory note on June 29, 2018, the maturity date was extended to March 31, 2019 with all other provisions remaining unchanged. On April 30, 2019 the 2017 Promissory Note and accrued interest were repaid in full with a cash payment of $65,117. In April 2019, one of the prepaid revenue customers requested a refund of the amounts paid. The Company entered into a note 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. In December 2019, this agreement was modified further allowing the Company to delay the original payments by 3 months and refund an additional $462,258 at a rate of 12%. On December 20, 2019, the Company entered into a promissory note agreement with four of the Company’s major shareholders (the 2019 Promissory Note). Pursuant to the 2019 Promissory Note, the Company borrowed $625,000 which bears an interest rate of 4% annually and is due December 31, 2022. According to the terms of the 2019 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 based on the average closing price of the Company’s common stock for the 20 days preceding the payment. In connection with the 2019 Promissory Note, the lenders were issued warrants totaling 20,250,000 warrants to purchase shares of the Company’s common stock at $0.045 per share. The fair value of these warrants issued totaled $301,104 and was recorded as a debt discount and will be amortized over the life of the 2019 Promissory Note. The Company calculated a beneficial conversion feature of $213,059 which will be accreted to interest expense over the life of the 2019 Promissory Note. At December 31, 2019 accrued interest on the 2019 Promissory Note totaled $503. Notes payable as of December 31, 2019 and 2018 consist of the following: 2019 2018 Note payable to related parties bearing interest at 6% all principal and interest due on December 31, 2021, secured $ 120,000 $ 120,000 Note payable to a financial institution bearing interest at Monthly installments of $805, secured 20,786 28,742 Note payable to customer pursuant to a refund agreement. Interest at 12% 1,973,845 Note payable to related parties net of unamortized debt discount of $514,163 at December 31, 2019. All principal and interest due December 31, 2022, secured. Interest at 4% 160,837 Note payable to a related party bearing interest at 5% All principal and interest due June 30, 2019 — 60,000 Note payable to related parties net of unamortized debt discount of $26,822 and $53,644 at December 31, 2019 and 2018, respectively, bearing interest at 6% all principal and interest due on December 31, 2021, secured 473,178 446,356 Total notes payable 2,748,646 655,098 Less: current maturities (1,519,496 ) (187,956 ) Notes payable, net of current installments and debt discount $ 1,229,150 $ 467,142 Maturities of convertible debt and notes payable, excluding debt discount and debt issuance costs, at December 31, 2019, are as follows: Years ending December 31, 2020 $ 1,519,496 2021 1,063,272 2022 165,878 2023 - Thereafter - $ 2,748,646 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Obligations | NOTE 8 – LEASE OBLIGATIONS 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. Year Ended December 31, 2019 Operating lease costs $ 147,413 Short-term operating lease costs 16,873 Financing lease expense: Amortization of right-of-use assets 225 Interest on lease liabilities 76 Total financing lease expense 301 Total lease expense $ 164,587 Right-of-use assets obtained in exchange for new operating lease liabilities $ 810,367 Right-of-use assets obtained in exchange for new financing lease liabilities $ 13,527 Weighted-average remaining lease term (years) - operating leases 6.3 Weighted-average remaining lease term (years) - financing leases 5.0 Weighted-average discount rate - operating leases 6.75 % Weighted-average discount rate - financing leases 6.75 % Maturities of lease liabilities as of December 31, 2019, were as follows: Operating leases Finance leases For the years ended December 31, 2020 $ 145,562 $ 3,195 2021 136,313 3,195 2022 136,313 3,195 2023 136,313 3,195 2024 136,313 2,929 Thereafter 181,751 — Total minimum lease obligations 872,565 15,709 Less-amount representing interest (162,682 ) (2,372 ) Present value of minimum lease obligations 709,883 13,337 Current maturities (100,777 ) (2,367 ) Lease obligations, net of current maturities $ 609,106 $ 10,970 |
Shareholders' Equity, Redeemabl
Shareholders' Equity, Redeemable Convertible Preferred Stock, Options and Warrants | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity, Redeemable Convertible Preferred Stock, Options and Warrants | NOTE 9 – SHAREHOLDERS’ EQUITY, REDEEMABLE CONVERTIBLE PREFERRED STOCK, OPTIONS AND WARRANTS Warrants In December 2013, the Company entered into a promissory note agreement with the Company’s former chairman of the Board and one of the Company’s major shareholders as discussed above. In connection with the note, each of the two lenders was issued 5,000,000 warrants to purchase shares of the Company’s common stock at a purchase price of $0.06 per share. Pursuant to an amendment to the promissory note discussed above each lender was granted an additional 7,500,000 warrants. On December 31, 2018, all 25,000,000 warrants expired. In December 2019, the Company entered into a promissory note agreement with four major shareholders of the Company’s common stock as discussed above. In connection with the note, the company issued 20,250,000 warrants to purchase shares of the Company’s common stock at a purchase price of $0.045 per share. The following table summarizes warrant activity for the years ended December 31, 2019 and 2018: Warrants Outstanding Shares Weighted Average Exercise Outstanding at December 31, 2017 45,090,000 $ 0.09 Granted — — Exercised — — Forfeited (25,000,000 ) 0.06 Outstanding at December 31, 2018 20,090,000 0.12 Granted 20,250,000 0.05 Exercised — — Forfeited — — Outstanding at December 31, 2019 40,340,000 $ 0.08 Mandatorily Redeemable Convertible Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.01 per share. The Board is authorized to set the distinguishing characteristics of each series prior to issuance, including the granting of limited or full voting rights, rights to the payment of dividends and amounts payable in event of liquidation, dissolution or winding up of the Company. At December 31, 2019 and 2018, there were 850 shares of the Series B Convertible Redeemable Preferred Stock (the “Series B Preferred Stock”) outstanding with a mandatory redemption date of May 2022 at $1,000 per share, or $850,000 in aggregate redemption value. The Series B Preferred Stock is convertible into common stock at a conversion price of $2.00 per share. These preferred shares carry no dividend preferences. Due to the mandatory redemption provision, the Series B Preferred Stock has been classified as a liability in the accompanying consolidated balance sheets. On February 17, 2017, the Company entered into subscription agreements with certain investors, including two of the Company’s directors, for the sale of (i) an aggregate of 3,433 shares of Series C Preferred Stock, and (ii) Class M warrants to purchase an aggregate of 17,165,000 shares of the Company’s common stock (the Class M Warrants), for gross proceeds of $3,433,000. The Series C Preferred Stock accrues dividends at a rate of 6% per annum, payable annually on February 17th of each year, commencing on February 17, 2018. The Series C Preferred Stock are convertible at the option of the investors at any time into shares of the Company's common stock at an initial conversion price equal to $0.10 per share, subject to adjustment. At any time after February 17, 2019, if the volume-weighted average closing price of the Company’s common stock over a period of 90 consecutive trading days is greater than $0.25 per share, the Company may redeem all or any portion of the outstanding Series C Preferred Stock at the original purchase price per share plus any accrued and unpaid dividends, payable in shares of common stock. All outstanding shares of Series C Preferred Stock will be redeemed by the Company on February 17, 2022 at the original purchase price per share, payable in cash or shares of common stock, at the option of the holder. Holders of Series C Preferred Stock do not have any voting rights, except as required by law and in connection with certain events as set forth in the Statement of Designation of the Series C Preferred Stock. The Class M Warrants are immediately exercisable at an exercise price of $0.12 per share, subject to adjustment as set forth in the warrant, and have a term of five years. The Company allocated the proceeds to the Series C Preferred Stock and Class M Warrants based on their relative fair value, which resulted in $2,895,379 being allocated to the Series C Preferred Stock and $537,621 being allocated to the Class M Warrants. The allocated Class M Warrant value was recorded as a discount to the Series C Preferred Stock and will be amortized to interest expense over the five-year life of the warrants. On March 24, 2017, the Company entered into an Amendment to the 8% Convertible Notes (the Amendment), pursuant to which the 8% Convertible Notes (the Notes) issued by the Company in July 2012 were amended to give noteholders certain additional rights. Pursuant to the Amendment, the Notes were modified to provide each holder the right, at the holder’s option and exercisable prior to May 12, 2017, to convert all or any portion of the principal amount of the Notes, plus accrued but unpaid interest, into shares of Series C Preferred Stock at a conversion price of $1,000 per share. Holders that elected to convert their Notes into Series C Preferred Stock received a Class N Warrant to purchase up to 3,750 shares of the Company’s common stock for each share of Series C Preferred Stock received upon conversion of the Notes, with each Warrant having a five-year term, a cashless exercise feature, and an exercise price of $0.10 per share of common stock. On May 12, 2017, the Company completed the retirement of $1,835,000 of the Notes in early cash redemptions, and $780,000 of the Notes were converted into an aggregate of 780 shares of Series C Preferred Stock and Class N Warrants to purchase an aggregate of 2,925,000 shares of the Company’s common stock. The Class N Warrants are immediately exercisable at an exercise price of $0.10 per share, subject to adjustment as set forth in the warrant, and have a term of five years. The Company allocated the proceeds to the Series C Preferred Stock and Class N Warrants based on their relative fair value, which resulted in $675,947 being allocated to the Series C Preferred Stock and $104,053 being allocated to the Class N Warrants. The allocated Class N Warrant value was recorded as a discount to the Series C Preferred Stock and will be amortized to interest expense over the five-year life of the warrants. The Company pays dividends on the Series C Preferred Stock in February each year. Dividends payable totaled $241,730 in February 2019 and 2018. Some holders of the Series C Preferred Stock elected to settle their dividend payments with shares of the Company’s common stock in lieu of cash. The Company issued 3,433,000 shares of common stock in lieu of a dividend payment of $205,980 in 2019 and 2018. The remaining $35,750 of dividend payable was settled with cash in 2019 and 2018. Employee Stock Purchase Plan In September 2004, the Company’s Board approved an employee stock purchase plan for an aggregate of up to 2,000,000 shares of the Company’s common stock. The plan allows employees to deduct up to 15% of their salary or wages each pay period to be used for the purchase of common stock at a discounted rate. The common shares will be purchased at the end of each three-month offering period or other period as determined by the Board. The plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. At December 31, 2019 there were 475,161 shares available under the employee stock purchase plan. During 2019 and 2018, the Company issued 136,188 and 114,170 shares of common stock to employees for proceeds of $6,914 and $6,697, respectively, in accordance with the employee stock purchase plan. 2015 Incentive Plan In April 2015, the Company’s Board of Directors approved the International Isotopes Inc. 2015 Incentive Plan (as amended, the “2015 Plan”,) which was subsequently approved by the Company’s shareholders in July 2015. The 2015 Plan was amended and restated in July 2018 to increase the number of shares authorized for issuance under the 2015 plan by an additional 20,000,000 shares. The 2015 Plan provides for the grant of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other stock or cash-based awards. The 2015 Plan amends and restates the Company’s Amended and Restated 2006 Equity Incentive Plan (the “2006 Plan”). The 2015 Plan authorizes the issuance of up to 80,000,000 shares of common stock, plus 11,089,967 shares authorized, but not issued under the 2006 Plan. Unless earlier terminated, the 2015 Plan will terminate on July 13, 2025. At December 31, 2019 there were 34,487,718 shares available for issuance under the 2015 Plan. Non-Vested Stock Grants Pursuant to an employment agreement with its Chief Executive Officer, the Company awarded 466,667 fully vested shares of common stock 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 shares. Pursuant to an employment agreement with its Chief Executive Officer, the Company awarded 350,000 fully vested shares of common stock in February 2018 under the 2015 Plan. The number of shares awarded was based on a $28,000 stock award using a price of $0.08 per share. The employment agreement provides that the number of shares issued will be based on the average closing price of common stock for the 20 trading days prior to issue date but not less than $0.05 per share. Compensation expense recorded pursuant to this stock grant was $16,786, which was determined by multiplying the number of shares awarded by the closing price of the common stock on February 28, 2018, which was $0.08 per share. The Company withheld 140,175 shares of common stock to satisfy the employee’s payroll tax obligations in connection with this issuance. The net shares issued on February 28, 2018 totaled 209,825 shares. Stock Options A summary of the stock options issued under the Company’s equity plans is as follows: Options Outstanding Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Average Intrinsic Value Outstanding at December 31, 2017 32,250,000 $ 0.06 Granted 1,500,000 0.08 Exercised (5,500,000 ) 0.04 $ 187,500 Forfeited (445,000 ) 0.77 Outstanding at December 31, 2018 27,805,000 0.06 332,500 Granted 790,000 0.06 Exercised (3,700,000 ) 0.04 85,500 Forfeited (1,240,000 ) 0.10 Outstanding at December 31, 2019 23,655,000 0.05 6.3 141,000 Exercisable at December 31, 2019 17,736,000 0.05 5.8 141,000 The total intrinsic value of stock options outstanding at December 31, 2019 was $141,000. The intrinsic value for stock options outstanding is calculated as the amount by which the quoted price of $0.05 of the Company’s common stock as of the end of 2019 exceeds the exercise price of the options. The Company recognized $113,063 and $171,690 of compensation expense related to these options for the years ended December 31, 2019 and 2018, respectively. At December 31, 2019, the remaining compensation expense was $70,441 and will be recognized over 1.78 years. During the year ended December 31, 2019, the Company granted 790,000 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. 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. 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 year ended December 31, 2018, 1,000,000 qualified stock options were exercised under a cashless exercise. The Company withheld 388,889 shares to satisfy the exercise price and issued 611,111 shares of common stock. The options exercised were granted under a qualified plan, and accordingly, there is no income tax effect in the accompanying condensed consolidated financial statements. In April 2018, 2,000,000 non-qualified stock options were exercised for $70,000. The options exercised were granted under the 2015 Plan, and accordingly, there is no income tax effect in the accompanying condensed consolidated financial statements. In July 2018, 2,500,000 qualified stock options were exercised under a cashless exercise. The Company withheld 1,346,154 shares to satisfy the exercise price and issued 1,153,846 shares of common stock. The options exercised were granted under a qualified plan, and accordingly, there is no income tax effect in the accompanying condensed consolidated financial statements. In February 2018, the Compensation Committee granted an aggregate of 1,000,000 qualified stock options to an employee. The stock options were granted with an exercise price of $0.08 per share. The options vest one fifth per year beginning one year from the grant date and expire on February 19, 2028. The options had a fair value of $59,130 as estimated on the date of issue using the Black-Scholes options pricing model with the following weighted-average assumptions: risk free interest rate of 2.63% to 2.81%, expected dividend yield rate of 0%, expected volatility of 62.18% to 69.94% and an expected life between 5.5 and 7.5 years. In June 2018, the Compensation Committee granted an aggregate of 500,000 qualified stock options to an employee. The stock options were granted with an exercise price of $0.09 per share. The options vest one fifth per year beginning one year from the grant date and expire on June 4, 2028. The options had a fair value of $20,635 as estimated on the date of issue using the Black-Scholes options pricing model with the following weighted-average assumptions: risk free interest rate of 2.78% to 2.89%, expected dividend yield rate of 0%, expected volatility of 63.23% to 69.04% and an expected life between 5.5 and 7.5 years. All options exercised were issued under a qualified plan and accordingly, there is no income tax effect in the accompanying financial statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 – INCOME TAXES The Company paid no federal or state income taxes during 2019 and 2018. Income tax benefit on losses differed from the amounts computed by applying the recently enacted U.S. federal income tax rate of 21% to pretax losses as a result of the following: 2019 2018 Income tax benefit $ (319,823 ) $ (177,361 ) Nondeductible expenses 60,627 50,695 State taxes net of federal benefit (84,813 ) (58,487 ) Change in valuation allowance 342,009 185,153 $ — $ — The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets (liabilities) as of December 31, 2019 and 2018 are presented below: 2019 2018 Deferred income tax asset $ — $ — Net operating loss carryforward 7,964,739 8,770,264 Valuation allowance (7,754,496 ) (9,863,607 ) Total deferred income tax asset 210,243 (1,093,343 ) Deferred income tax liability - depreciation (210,243 ) 1,093,343 Deferred tax asset (liability) $ — $ — At December 31, 2019, the Company had net operating losses of approximately $37,920,000 that will begin to expire in 2021. The valuation allowances for 2019 and 2018 have been applied to offset the deferred tax assets in recognition of the uncertainty that such benefits will be realized. In accordance with GAAP, the Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns for the open tax years in such jurisdictions. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions, and no adjustment to such reserves was required by GAAP. No interest or penalties have been levied against the Company and none are anticipated, therefore no interest or penalty has been included in the provision for income taxes in the consolidated statements of operations. The Internal Revenue Code contains provisions which reduce or limit the availability and utilization of net operating loss carry forwards in the event of a more than 50% change in ownership. If such an ownership change occurs with the Company, the use of these net operating losses could be limited. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES Dependence on Third Parties Sales during 2019 and 2018 to the Company’s top three customers were approximately 36% and 46%, respectively, of the Company’s total gross revenue. The Company is making efforts to reduce its dependency on a small number of customers by expanding both domestic and foreign markets and through the establishment of the joint venture, TI Services to expand the distribution of products. The production of HSA Cobalt is dependent upon the DOE, and its prime operating contractor, which controls the reactor and laboratory operations at the ATR located outside of Idaho Falls, Idaho. On October 2, 2014, the Company signed a ten-year contract with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The Company will be able to purchase cobalt targets for a fixed price per target and with an annual 5% escalation in price. The contract term is October 1, 2014, through September 30, 2024. However, the DOE may end the contract if it determines termination is necessary for the national defense, security or environmental safety of the U.S. If this were to occur, all payments made by the Company would be refunded. 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 operation performed or projected to be performed in the upcoming year, additional processing capabilities and license amendments could be implemented that would permit processing of other reactor-produced radioisotopes by the Company. The financial assurance required by the NRC to support this license has been provided for with a surety bond and a restricted money market account, in the amount of $635,498, held with North American Specialty Insurance Company and Merrill Lynch, respectively. In August 2011, we received land from Lea County, New Mexico, pursuant to a PPA, whereby the land was deeded to us for no monetary consideration. In return, we committed to construct a uranium de-conversion and FEP facility on the land. In order to retain title to the property, we were to begin construction of the de-conversion facility no later than December 31, 2014, and complete Phase I of the project and have hired at least 75 persons to operate the facility no later than December 31, 2015, although commercial operations need not have begun by that date. In 2015 the Company negotiated a modification to the PPA agreement that extended the start of construction date to December 31, 2015, and the hiring milestone to December 31, 2016. Those dates were not met and the Company is currently in the process of renegotiating a second modification to the agreement to further extend those dates. If we do not succeed in reaching an amendment to extend the performance dates in the agreement then we may, at our sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. We have not recorded the value of this property as an asset and will not do so until such time that sufficient progress on the project has been made to meet our obligations under the agreements for permanent transfer of the title. 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 2019, the Company incurred $2,384,255 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 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 $1,212,844 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. Defined Contribution Pension Plan The Company has a 401(k) defined-contribution pension plan (the “401(k) Plan”). Employees are eligible to participate in the Plan after completing six months of full-time service. Participants, under provision of Internal Revenue Code § 401(k), may elect to contribute up to $19,000 of their compensation to the 401(k) Plan which includes both before-tax and Roth after-tax contribution options. Although the Company reserves the right to make discretionary matching contributions to participant accounts, there were no employer matching contributions made for either 2019 or 2018. All amounts withheld for employee contributions for 2019 were paid into the 401(k) Plan. The employer reserves the right to terminate the 401(k) Plan at any time. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | NOTE 12 – ASSET RETIREMENT OBLIGATION As part of the Company’s NRC operating license and as part of the Company’s facility lease agreements, the Company is responsible for decommissioning any facilities upon termination or relocation of operations. The Company has developed a decommissioning funding plan using guidelines provided by the NRC and has estimated the cost of decommissioning the facility in Idaho Falls. The decommissioning cost estimate is reviewed at least annually to validate the assumptions and is revised as necessary when changes in the facility processes or radiological characteristics would affect the cost of decommissioning. In accordance with GAAP, the Company has recognized future estimated decommissioning costs as an asset retirement obligation and a related capitalized lease disposal cost. The Company has recognized period-to-period changes in the liability (accretion) in the statement of operations as amortization expense. Changes resulting from revisions to the original estimate are recorded as an increase or decrease to the capitalized lease disposal cost. Capitalized lease disposal cost is amortized on a straight-line basis over the remaining life of the facility operating lease agreement. The following summarizes the activity of the asset retirement obligation for the years ended December 31, 2019 and 2018: Obligation for Lease Disposal Cost Balance at December 31, 2017 $ 478,424 Increase in lease disposal costs — Accretion expense/amortization expense 29,544 Balance at December 31, 2018 507,968 Increase in lease disposal costs — Accretion expense/amortization expense 38,602 Balance at December 31, 2019 $ 546,570 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 13 – FAIR VALUE MEASUREMENTS At December 31, 2019 and 2018, the Company had no assets carried at fair value. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 14 – 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: Year Ended December 31, 2019 Year Ended December 31, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 2,807,583 $ 44,624 $ 2,852,207 32 % $ 2,101,597 $ 162,410 $ 2,264,007 22 % Cobalt Products 57,077 789,326 846,404 9 % 1,252,253 789,326 2,041,579 20 % Nuclear Medicine Products 3,066,767 858,536 3,925,303 44 % 3,769,774 19,005 3,788,779 37 % Radiological Services 1,170,790 — 1,170,790 13 % 1,134,691 1,139,767 2,274,458 22 % Fluorine Products 160,500 — 160,500 2 % — — — 0 % $ 7,262,718 $ 1,692,486 $ 8,955,204 100 % $ 8,258,315 $ 2,110,508 $ 10,368,823 100 % 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. All transactions in the radiochemical products and nuclear medicine standards segments fall into this category. Most sales transactions in the cobalt products business segment fall into this category but other cobalt product sales are recorded as deferred income as discussed below. The Company recognizes product revenue when the following events have occurred: (a) the Company has transferred physical possession of the products, (b) the Company has a present right to payment, (c) the customer has legal title to the products, and (d) the customer bears significant risks and rewards of ownership of the products. Based on the Company’s historical practices and shipping terms specified in the sales agreements and invoices, these criteria are generally met when the products are: • Invoiced. • Shipped from the Company’s facilities (“FOB shipping point”, which is the Company’s standard shipping term). For these sales, the Company determined that the customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. In the radiological services segment, the Company performs services under multiple types of contracts. In this segment, the Company processes gemstones and recovers various types of radioactive and/or hazardous materials from third-party facilities. Contracts for gemstone processing include two performance obligations and revenue for these contracts is recognized when each obligation is met. Recovery projects typically have only one performance obligation which is delivery of the final product or service. Under these contracts, the Company recognizes revenue once the work is complete and the customer has obtained substantially all of the benefits from the services, and the performance obligations under the contract have been met. Some recovery contracts have milestones at which point the Company can invoice and receive payments from the customer. With these contracts, the company considers each milestone a performance obligation and records revenue at the time each milestone is completed, and the customer has inspected and accepted the results of the services. The Company’s standard payment terms for its customers are generally 30 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 year ended December 31, 2019, the Company reported current unearned cobalt products revenue of $1,240,205. 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. Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of December 31, 2019, and December 31, 2018, accounts receivable totaled $875,914 and $820,370, respectively. For the year ended December 31, 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 contacts with customers contain significant financing components. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 15 – SEGMENT INFORMATION Information related to the Company’s reportable operating business segments is shown below. The Company’s reportable segments are reported in a manner consistent with the way management evaluates the businesses. The Company identifies its reportable business segments based on differences in products and services. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies. The Company has identified the following business segments: The Nuclear Medicine Standards segment consists of the manufacture of sources and standards associated with Single Photon Emission Computed Tomography imaging, patient positioning, and calibration or operational testing of dose measuring equipment for the nuclear pharmacy industry and includes consolidated reporting of TI Services, and the consolidated reporting of the Company’s 50/50 joint venture with RadQual. The Cobalt Products segment includes management of a cobalt irradiation contract, fabrication of cobalt capsules for teletherapy or irradiation devices, and recycling of expended cobalt sources. The Radiochemical Products segment includes production and distribution of various isotopically pure radiochemicals for medical, industrial, or research applications. These products are either directly produced by the Company or are purchased in bulk from other producers and distributed by the Company in customized packages and chemical forms tailored to customer and market demands. Iodine-131 is the predominant radiochemical sold in this segment and an abbreviated new Drug Application (aNDA) has been approved by the U.S. Food and Drug Administration to market this as a generic drug product beginning in 2020. The Fluorine Products segment historically involved the production of small scale qualification samples of high purity fluoride gas for various industrial applications, as well as development of laboratory and analytical processes required to support the planned uranium de-conversion and fluorine extraction facility. During 2013, these testing activities were completed and the pilot plant facility was closed. The Company has developed or acquired all patent rights to these processes. Future work in this segment will involve license support and, as financing permits, further work related to the de-conversion facility. The Radiological Services segment concerns a wide array of miscellaneous services that consists of gemstone processing and field services that include source installation, removal, and radiation device decommissioning. The following presents certain segment information as of and for the years ended December 31, 2019 and 2018: Sale of product 2019 2018 Radiochemical products $ 2,852,207 $ 2,264,007 Cobalt products 846,404 2,041,579 Nuclear medicine standards 3,925,303 3,788,779 Radiological services 1,170,790 2,274,458 Fluorine products 160,500 — Total segments 8,955,204 10,368,823 Corporate revenue — — Total consolidated $ 8,955,204 $ 10,368,823 Depreciation and amortization 2019 2018 Radiochemical products $ 38,097 $ 27,015 Cobalt products 8,062 6,839 Nuclear medicine standards 63,691 66,272 Radiological services 34,545 44,152 Fluorine products 113,833 113,666 Total segments 258,228 257,944 Corporate depreciation and amortization 9,805 9,775 Total consolidated $ 268,033 $ 267,719 Segment income (loss) 2019 2018 Radiochemical products $ 820,766 $ 289,773 Cobalt products 201,174 523,795 Nuclear medicine standards 670,133 675,367 Radiological services (146,922 ) 1,122,604 Fluorine products 9,465 (122,651 ) Total segments 1,554,616 2,488,888 Corporate loss (3,077,580 ) (3,333,464 ) Total consolidated $ (1,522,964 ) $ (844,576 ) Expenditures for segment assets 2019 2018 Radiochemical products $ 25,873 $ 62,130 Cobalt products 172,940 — Nuclear medicine standards 7,700 22,630 Radiological services — — Fluorine products 1,589 1,560 Total segments 208,102 86,320 Corporate purchases — — Total consolidated $ 208,102 $ 86,320 Segment assets 2019 2018 Radiochemical products $ 511,381 $ 344,994 Cobalt products 3,369,828 2,611,939 Nuclear medicine standards 2,111,225 2,113,960 Radiological services 106,374 281,077 Fluorine products 5,477,808 5,590,053 Total segments 11,576,616 10,942,023 Corporate assets 3,680,179 2,048,053 Total consolidated $ 15,256,795 $ 12,990,076 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16 – SUBSEQUENT EVENTS Subsequent to year end, the fourth party to the 2019 Promissory Note funded the remaining portion of the 2019 Promissory Note in the amount of $325,000. The 2019 Promissory Note bears an interest rate of 4% annually and is due December 31, 2022. According to the terms of the 2019 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 based on the average closing price of the Company’s common stock for the 20 days preceding the payment. In connection with the 2019 Promissory Note, the lender was issued 9,750,000 warrants to purchase shares of the Company’s common stock at $0.045 per share. The fair value of these warrants issued totaled $144,975 and was recorded as a debt discount and will be amortized over the life of the 2019 Promissory Note. The Company calculated a beneficial conversion feature of $102,584 which will be accreted to interest expense over the life of the 2019 Promissory Note. On January 20, 2020 the Company entered into a new lease agreement of their main operating headquarters in Idaho Falls, Idaho. The lease is due to new and expanded facilities made available to the Company to fulfill new manufacturing contracts. The initial lease term is 10 years and provides an option to renew for an additional 5 years. The lease provides for the Company to expand its leased space as needed into additional areas of the building. The additional lease will result in an adjustment to the operating right-of-use asset and operating right of use liabilities on the balance sheet. The operating lease right-of-use asset and right-of-use liabilities will increase by approximately $1,400,000. On February 5, 2020 the FDA approved the Company’s abbreviated new drug application for sodium iodide I-131 for the treatment of hyperthyroidism and carcinoma of the thyroid. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Financial Instrument and Cash Equivalents | a) Financial Instruments and Cash Equivalents The carrying value of notes payable approximates fair value because they bear interest at rates which approximate market rates. Cash and cash equivalents, totaling $575,422 and $828,039 at December 31, 2019 and 2018, respectively, consist of operating accounts and money market accounts. For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid financial instruments with original maturities of three months or less at date of purchase to be cash equivalents. At December 31, 2019 and 2018, the Company had pledged cash on deposit in a money market account valued at $635,498 and $622,428, respectively, as security for a surety bond. The surety bond is required as part of the Company’s operating license agreement with the Nuclear Regulatory Commission (“NRC”). The Company maintains its cash accounts in various deposit accounts, the balances of which are periodically in excess of federally insured limits. |
Accounts Receivable | b) Accounts Receivable The Company sells products mainly to recurring customers, wherein the customer’s ability to pay has previously been evaluated. The Company generally does not require collateral. The Company periodically reviews accounts receivable for amounts considered uncollectible and allowances are provided for uncollectible accounts when deemed necessary. At December 31, 2019 and 2018, the Company recorded no allowance for uncollectible accounts. |
Inventories | c) Inventories Inventories are carried at the lower of cost or net realizable value. Cost is determined using the first in, first out method. Work in progress inventory contains product that is undergoing irradiation and this irradiation process can take up to three years to reach high specific activity (HSA) levels. When indicators of inventory impairment exist, the Company measures the carrying value of the inventory against its market value, and if the carrying value exceeds the market value, the inventory value is adjusted down accordingly. For the year ended December 31, 2019 the Company determined $201,727 of cobalt inventory was impaired and expensed. No such impairment existed for the year ended December 31, 2018. |
Property, Plant and Equipment | d) Property, Plant and Equipment Depreciation on property, plant and equipment is computed using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the shorter of the life of the lease or the service life of the improvements. Maintenance, repairs, and renewals that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Gains or losses on dispositions of property and equipment are included in the results of operations. |
Goodwill and Other Intangibles | e) Goodwill and Other Intangibles Goodwill is not amortized but is tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets recorded as a result of the change in ownership of RadQual. As of December 31, 2019 and 2018, there has been no impairment of goodwill. Patents and other intangibles are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment at least annually or when events or circumstances arise that indicate the existence of impairment. The Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to: (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. When indicators of impairment exist, the Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2019 and 2018, the Company had no impairment losses related to intangible assets. |
Impairment of Long-Lived Assets | f) Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment annually, or when events or circumstances arise that indicate the existence of impairment, using the same evaluation process as described above for patents and other intangibles. There was no impairment recorded during the years ended December 31, 2019 and 2018. |
Income Tax | g) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. |
Use of Estimates | h) Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. |
Revenue Recognition | i) Revenue Recognition Revenue is recognized when products are shipped. No warranty coverage or right of return provisions are provided to customers. Amounts received as prepayment on future products or services are recorded as unearned revenues and recognized as income when the product is shipped or service performed. See Note 14 Revenue Recognition. |
Research and Development Costs | j) Research and Development Costs Research and development costs are expensed as incurred and totaled $263,375 and $468,603 for the years ended December 31, 2019 and 2018, respectively. These research and development costs were incurred to maintain our planned de-conversion facility license and in our radiochemical products and nuclear medicine standards business segments. |
Share-Based Compensation | k) Share-Based Compensation The Company accounts for issuances of share-based compensation to employees in accordance with GAAP which requires the recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). For the years ended December 31, 2019 and 2018, the Company recognized share-based compensation expense of $129,850 and $188,476, respectively, related to stock options and stock grants. This expense is included as part of salaries and contract labor in the accompanying statements of operations. |
Net Loss Per Common Share - Basic and Diluted | l) Net Loss Per Common Share - Basic and Diluted Basic loss per share is computed on the basis of the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed on the basis of the weighted-average number of common shares plus all potentially dilutive issuable common shares outstanding during the year. |
Business Segments and Related Information | m) Business Segments and Related Information GAAP establishes standards for the way public business enterprises are to report information about operating segments in annual financial statements and requires enterprises to report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosure about products and services, geographic areas and major customers. The Company currently operates in five business segments. |
Recent Accounting Standards | n) Recent Accounting Standards In February 2016, the FASB issued ASU 2016-02, “Leases” which was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company implemented this standard on January 1, 2019. See Note 8 for further information. 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. |
Description of Business and S_2
Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | December 31, 2019 2018 Stock options 23,655,000 27,805,000 Warrants 40,340,000 20,090,000 850 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 42,130,000 106,550,000 90,450,000 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | 2019 2018 Raw materials $ 40,648 $ 42,911 Work in progress 3,379,943 2,719,786 Finished goods 2,829 3,032 $ 3,423,420 $ 2,765,729 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 2019 2018 Estimated Useful Lives Furniture and fixtures $ 203,318 $ 196,242 3 - 5 years Transportation equipment 122,874 122,874 5 - 10 years Plant and improvements 496,154 96,154 5 years Production equipment 3,737,621 3,557,717 5 - 10 years 4,559,967 4,372,987 Accumulated depreciation (2,556,080 ) (2,466,805 ) $ 2,003,887 $ 1,906,182 |
Patents and Other Intangible _2
Patents and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | 2019 2018 Beginning $ 5,363,102 $ 5,366,757 Additions 9,290 5,560 Disposals — (9,215 ) Ending 5,372,392 5,363,102 Accumulated amortization (1,181,771 ) (1,015,071 ) $ 4,190,621 $ 4,348,031 |
Schedule of Future Amortization Expense | Years ending December 31, 2020 $ 164,970 2021 164,970 2022 164,970 2023 164,970 2024 164,970 Thereafter 3,365,771 $ 4,190,621 |
Convertible Debentures and No_2
Convertible Debentures and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | 2019 2018 Note payable to related parties bearing interest at 6% all principal and interest due on December 31, 2021, secured $ 120,000 $ 120,000 Note payable to a financial institution bearing interest at Monthly installments of $805, secured 20,786 28,742 Note payable to customer pursuant to a refund agreement. Interest at 12% 1,973,845 Note payable to related parties net of unamortized debt discount of $514,163 at December 31, 2019. All principal and interest due December 31, 2022, secured. Interest at 4% 160,837 Note payable to a related party bearing interest at 5% All principal and interest due June 30, 2019 — 60,000 Note payable to related parties net of unamortized debt discount of $26,822 and $53,644 at December 31, 2019 and 2018, respectively, bearing interest at 6% all principal and interest due on December 31, 2021, secured 473,178 446,356 Total notes payable 2,748,646 655,098 Less: current maturities (1,519,496 ) (187,956 ) Notes payable, net of current installments and debt discount $ 1,229,150 $ 467,142 |
Schedule of Maturities of Long Term Debt | Years ending December 31, 2020 $ 1,519,496 2021 1,063,272 2022 165,878 2023 - Thereafter - $ 2,748,646 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost | Year Ended December 31, 2019 Operating lease costs $ 147,413 Short-term operating lease costs 16,873 Financing lease expense: Amortization of right-of-use assets 225 Interest on lease liabilities 76 Total financing lease expense 301 Total lease expense $ 164,587 Right-of-use assets obtained in exchange for new operating lease liabilities $ 810,367 Right-of-use assets obtained in exchange for new financing lease liabilities $ 13,527 Weighted-average remaining lease term (years) - operating leases 6.3 Weighted-average remaining lease term (years) - financing leases 5.0 Weighted-average discount rate - operating leases 6.75 % Weighted-average discount rate - financing leases 6.75 % |
Schedule of Maturities of Operating and Finance Lease Liabilities | Operating leases Finance leases For the years ended December 31, 2020 $ 145,562 $ 3,195 2021 136,313 3,195 2022 136,313 3,195 2023 136,313 3,195 2024 136,313 2,929 Thereafter 181,751 — Total minimum lease obligations 872,565 15,709 Less-amount representing interest (162,682 ) (2,372 ) Present value of minimum lease obligations 709,883 13,337 Current maturities (100,777 ) (2,367 ) Lease obligations, net of current maturities $ 609,106 $ 10,970 |
Shareholders' Equity, Redeema_2
Shareholders' Equity, Redeemable Convertible Preferred Stock, Options and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Warrants or Rights | Warrants Outstanding Shares Weighted Average Exercise Outstanding at December 31, 2017 45,090,000 $ 0.09 Granted — — Exercised — — Forfeited (25,000,000 ) 0.06 Outstanding at December 31, 2018 20,090,000 0.12 Granted 20,250,000 0.05 Exercised — — Forfeited — — Outstanding at December 31, 2019 40,340,000 $ 0.08 |
Schedule of Stock Option Activity | Options Outstanding Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Average Intrinsic Value Outstanding at December 31, 2017 32,250,000 $ 0.06 Granted 1,500,000 0.08 Exercised (5,500,000 ) 0.04 $ 187,500 Forfeited (445,000 ) 0.77 Outstanding at December 31, 2018 27,805,000 0.06 332,500 Granted 790,000 0.06 Exercised (3,700,000 ) 0.04 85,500 Forfeited (1,240,000 ) 0.10 Outstanding at December 31, 2019 23,655,000 0.05 6.3 141,000 Exercisable at December 31, 2019 17,736,000 0.05 5.8 141,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | 2019 2018 Income tax benefit $ (319,823 ) $ (177,361 ) Nondeductible expenses 60,627 50,695 State taxes net of federal benefit (84,813 ) (58,487 ) Change in valuation allowance 342,009 185,153 $ — $ — |
Schedule of Deferred Tax Assets and Liabilities | 2019 2018 Deferred income tax asset $ — $ — Net operating loss carryforward 7,964,739 8,770,264 Valuation allowance (7,754,496 ) (9,863,607 ) Total deferred income tax asset 210,243 (1,093,343 ) Deferred income tax liability - depreciation (210,243 ) 1,093,343 Deferred tax asset (liability) $ — $ — |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | Obligation for Lease Disposal Cost Balance at December 31, 2017 $ 478,424 Increase in lease disposal costs — Accretion expense/amortization expense 29,544 Balance at December 31, 2018 507,968 Increase in lease disposal costs — Accretion expense/amortization expense 38,602 Balance at December 31, 2019 $ 546,570 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Sales from Contracts with Customers Disaggregated by Business Segment and Geography | Year Ended December 31, 2019 Year Ended December 31, 2018 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 2,807,583 $ 44,624 $ 2,852,207 32 % $ 2,101,597 $ 162,410 $ 2,264,007 22 % Cobalt Products 57,077 789,326 846,404 9 % 1,252,253 789,326 2,041,579 20 % Nuclear Medicine Products 3,066,767 858,536 3,925,303 44 % 3,769,774 19,005 3,788,779 37 % Radiological Services 1,170,790 — 1,170,790 13 % 1,134,691 1,139,767 2,274,458 22 % Fluorine Products 160,500 — 160,500 2 % — — — 0 % $ 7,262,718 $ 1,692,486 $ 8,955,204 100 % $ 8,258,315 $ 2,110,508 $ 10,368,823 100 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Sale of product 2019 2018 Radiochemical products $ 2,852,207 $ 2,264,007 Cobalt products 846,404 2,041,579 Nuclear medicine standards 3,925,303 3,788,779 Radiological services 1,170,790 2,274,458 Fluorine products 160,500 — Total segments 8,955,204 10,368,823 Corporate revenue — — Total consolidated $ 8,955,204 $ 10,368,823 Depreciation and amortization 2019 2018 Radiochemical products $ 38,097 $ 27,015 Cobalt products 8,062 6,839 Nuclear medicine standards 63,691 66,272 Radiological services 34,545 44,152 Fluorine products 113,833 113,666 Total segments 258,228 257,944 Corporate depreciation and amortization 9,805 9,775 Total consolidated $ 268,033 $ 267,719 Segment income (loss) 2019 2018 Radiochemical products $ 820,766 $ 289,773 Cobalt products 201,174 523,795 Nuclear medicine standards 670,133 675,367 Radiological services (146,922 ) 1,122,604 Fluorine products 9,465 (122,651 ) Total segments 1,554,616 2,488,888 Corporate loss (3,077,580 ) (3,333,464 ) Total consolidated $ (1,522,964 ) $ (844,576 ) Expenditures for segment assets 2019 2018 Radiochemical products $ 25,873 $ 62,130 Cobalt products 172,940 — Nuclear medicine standards 7,700 22,630 Radiological services — — Fluorine products 1,589 1,560 Total segments 208,102 86,320 Corporate purchases — — Total consolidated $ 208,102 $ 86,320 Segment assets 2019 2018 Radiochemical products $ 511,381 $ 344,994 Cobalt products 3,369,828 2,611,939 Nuclear medicine standards 2,111,225 2,113,960 Radiological services 106,374 281,077 Fluorine products 5,477,808 5,590,053 Total segments 11,576,616 10,942,023 Corporate assets 3,680,179 2,048,053 Total consolidated $ 15,256,795 $ 12,990,076 |
Description of Business and S_3
Description of Business and Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 106,550,000 | 90,450,000 |
Series B Convertible Redeemable Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 425,000 | 425,000 |
Series C Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 42,130,000 | 42,130,000 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 23,655,000 | 27,805,000 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 40,340,000 | 20,090,000 |
Description of Business and S_4
Description of Business and Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and Cash Equivalents | ||
Cash and cash equivalents | $ 575,422 | $ 828,039 |
Restricted money market account | 635,498 | 622,428 |
Inventory | ||
Inventory write-down expense | 201,727 | |
Research and Development | ||
Research and development | 263,375 | 468,603 |
Share-Based Compensation | ||
Equity based compensation | $ 129,850 | $ 188,476 |
Affiliates of the Company | ||
Joint venture, percentage ownership | 75.50% | |
RadQual, LLC | ||
Joint venture, percentage ownership | 24.50% | |
TI Services, LLC | ||
Noncontrolling interest, ownership percentage by parent | 50.00% |
Business Condition and Liquid_2
Business Condition and Liquidity (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (128,064,385) | $ (126,541,421) |
Net loss | (1,522,964) | (844,576) |
Decrease in working capital | (598,686) | |
Net cash used in operating activities | $ (53,557) | $ 97,159 |
Commitment, description | In October 2014, the Company secured a ten-year cobalt production agreement with the United States Department of Energy ("DOE"). The agreement provides the Company with access to the currently available cobalt production positions in the DOE's Advanced Test Reactor ("ATR") located at the Idaho National Laboratory in Idaho Falls, Idaho. The ATR is the only DOE reactor in the United States ("U.S.") capable of producing large quantities of high specific activity cobalt. The Company holds a Nuclear Regulatory Commission ("NRC") construction and operating license for the depleted uranium facility as well as the property agreement with Lea County, New Mexico, where the plant is intended to be constructed. The NRC license for the de-conversion facility is a forty (40) year operating license and is the first commercial license of this type issued in the United States. | |
Amendment to Project Participation Agreement, description | In July 2015, the Company announced that it executed an amendment to its Project Participation Agreement (PPA) with the Lea County, New Mexico Board of Commissioners. The PPA granted to the Company direct and indirect assistance for locating its proposed depleted UF6 de-conversion facility in Hobbs, New Mexico. The principal component of assistance was the conveyance of approximately 640 acres of land for construction and operation of the proposed facility. The conveyance of the land was contingent upon the Company commencing construction on Phase 1 of the facility by December 31, 2014 and hiring a certain number of employees by December 31, 2015. Under the amendment to the PPA, the Lea County, New Mexico Board of Commissioners agreed to extend those dates to December 31, 2016 and December 31, 2017, respectively. The Company did not meet the deadlines set forth in the amended PPA, but is currently in discussions with the Lea County, New Mexico Board of Commissioners to further extend the milestone dates. If the Company does not succeed in extending the commitment dates or in reaching performance dates set forth in a modified agreement, then we may, at our sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. | |
Licensing expense | $ 151,000 |
Purchased Asset and Investmen_2
Purchased Asset and Investments (Details Narrative) | Dec. 31, 2019 |
Affiliates of the Company | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, ownership interest | 75.50% |
RadQual, LLC | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, ownership interest | 24.50% |
TI Services, LLC | |
Schedule of Equity Method Investments [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 50.00% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory, Net, Items Net of Reserve | ||
Raw materials | $ 40,648 | $ 42,911 |
Work in progress | 3,379,943 | 2,719,786 |
Finished goods | 2,829 | 3,032 |
Total inventory | $ 3,423,420 | $ 2,765,729 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory, Work in Process and Raw Materials | ||
Inventory, cobalt-60 isotopes, carrying value | $ 201,349 | $ 389,293 |
Inventory, capitalized costs | 2,810,100 | 2,066,820 |
Approximate revenue from contract with customer | $ 140,000 | $ 87,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 4,559,967 | $ 4,372,987 |
Accumulated depreciation | (2,556,080) | (2,466,805) |
Property, plant and equipment, net | 2,003,887 | 1,906,182 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 203,318 | $ 196,242 |
Estimated useful lives | 3-5 years | 3-5 years |
Transportation Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 122,874 | $ 122,874 |
Estimated useful lives | 5-10 years | 5-10 years |
Plant and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 496,154 | $ 496,154 |
Estimated useful lives | 5 years | 5 years |
Production Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 3,737,621 | $ 3,557,717 |
Estimated useful lives | 5-10 years | 5-10 years |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 101,333 | $ 102,444 |
Patents and Other Intangible _3
Patents and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Patents and other intangible assets, beginning balance | $ 5,363,102 | $ 5,366,757 |
Patents and other intangible assets, additions | 9,290 | 5,560 |
Patents and other intangible assets, disposals | (9,215) | |
Patents and other intangible assets, ending balance | 5,372,392 | 5,363,102 |
Accumulated amortization | (1,181,771) | (1,015,071) |
Patents and other intangible assets, net | $ 4,190,621 | $ 4,348,031 |
Patents and Other Intangible _4
Patents and Other Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Net, Amortization Expense | ||
2020 | $ 164,970 | |
2021 | 164,970 | |
2022 | 164,970 | |
2023 | 164,970 | |
2024 | 164,970 | |
Thereafter | 3,365,771 | |
Patents and other intangibles, net | $ 4,190,621 | $ 4,348,031 |
Patents and Other Intangible _5
Patents and Other Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible assets amorization expense | $ 166,700 | $ 165,275 | |
Nuclear Regulatory Commission operating license, description | In October 2012, the Nuclear Regulatory Commission issued the Company a 40 year construction and operating license. The license will be amortized over its 40 year life. |
Convertible Debentures and No_3
Convertible Debentures and Notes Payable - Schedule of Long-term Debt Instruments (Details) - Notes Payable - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Notes payable | $ 2,748,646 | $ 655,098 | $ 47,513 |
Notes payable, payment terms | Monthly payments of $805.00 | ||
Current maturities | (1,519,496) | (187,956) | |
Notes payable, net of current installments and debt discount | 1,229,150 | 467,142 | |
Related Parties #4 | |||
Debt Instrument [Line Items] | |||
Note payable, related party | $ 160,837 | ||
Note payable, related party, interest rate | 4.00% | ||
Note payable, related party, maturity date | Dec. 31, 2022 | ||
Unamortized debt discount | $ 514,163 | ||
Customer | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 1,973,845 | ||
Note payable, related party, interest rate | 12.00% | ||
Financial Institution | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 20,786 | $ 28,742 | |
Notes payable, payment terms | Monthly installments of $805, secured | Monthly installments of $805, secured | |
Related Parties | |||
Debt Instrument [Line Items] | |||
Note payable, related party | $ 120,000 | $ 120,000 | |
Note payable, related party, interest rate | 6.00% | 6.00% | |
Note payable, related party, maturity date | Dec. 31, 2021 | Dec. 31, 2021 | |
Related Parties #2 | |||
Debt Instrument [Line Items] | |||
Note payable, related party | $ 473,178 | $ 446,356 | |
Note payable, related party, interest rate | 6.00% | 6.00% | |
Note payable, related party, maturity date | Dec. 31, 2021 | Dec. 31, 2021 | |
Unamortized debt discount | $ 26,822 | $ 53,644 | |
Related Parties #3 | |||
Debt Instrument [Line Items] | |||
Note payable, related party | $ 60,000 | ||
Note payable, related party, interest rate | 5.00% | ||
Note payable, related party, maturity date | Jun. 30, 2019 |
Convertible Debentures and No_4
Convertible Debentures and Notes Payable - Schedule of Maturities of Long Term Debt (Details) | Dec. 31, 2019USD ($) |
Long-term Debt, Rolling Maturity | |
2020 | $ 1,519,496 |
2021 | 1,063,272 |
2022 | 165,878 |
2023 | |
Thereafter | |
Total maturities of notes payable obligations | $ 2,748,646 |
Convertible Debentures and No_5
Convertible Debentures and Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | |
Notes Payable | |||||
Notes payable | $ 2,748,646 | $ 655,098 | $ 47,513 | ||
Notes payable, payment terms | Monthly payments of $805.00 | ||||
Interest rate | 6.66% | ||||
Maturity date | Apr. 30, 2022 | ||||
The 2018 Promissory Note | Notes Payable | Chairman of the Board of Directors | |||||
Note payable, related party | $ 120,000 | ||||
Note payable, related party, interest rate | 6.00% | ||||
Note payable, related party, maturity date extended | Dec. 31, 2021 | Jul. 31, 2019 | |||
Accrued interest | $ 12,170 | ||||
The 2017 Promissory Note | Notes Payable | Chairman of the Board of Directors | |||||
Note payable, related party | $ 60,000 | ||||
Note payable, related party, interest rate | 5.00% | ||||
Note payable, related party, maturity date extended | Mar. 31, 2019 | ||||
Repayment of related party debt | $ 65,117 | ||||
The 2013 Promissory Note | Former Chairman of the Board and Major Shareholder | |||||
Warrant exercise price | $ 0.06 | $ 0.06 | |||
Beneficial conversion feature | $ 15,464 | ||||
Warrants issued | 15,000,000 | 10,000,000 | |||
Warrant issued, fair value | $ 384,428 | ||||
Debt instrument, description | The due date of the $500,000 note was extended to December 31, 2021. | The due date of the $500,000 note was extended to December 31, 2017. | |||
Proceeds from related party | $ 500,000 | ||||
Note payable, related party, interest rate | 6.00% | ||||
Note payable, related party, maturity date extended | Dec. 31, 2021 | Dec. 31, 2017 | Jun. 30, 2014 | ||
Non-cash interest expense | $ 26,823 | $ 26,823 | |||
Accrued interest | 181,734 | ||||
Note Agreement | |||||
Notes payable | $ 2,182,142 | ||||
Notes payable, payment terms | In April 2019, one of the prepaid revenue customers requested a refund of the amounts paid. 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. In December 2019, this agreement was modified further allowing the Company to delay the original payments by 3 months and refund an additional $462,258 at a rate of 12%. | ||||
The 2019 Promissory Note | Major Shareholders | |||||
Warrant exercise price | $ 0.045 | ||||
Fair value, warrants | $ 301,104 | ||||
Beneficial conversion feature | $ 213,059 | ||||
Warrants issued | 20,250,000 | ||||
Proceeds from related party | $ 625,000 | ||||
Note payable, related party, interest rate | 4.00% | ||||
Note payable, related party, maturity date extended | Dec. 31, 2022 | ||||
Accrued interest | $ 503 |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Lease Cost (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 147,413 |
Short-term operating lease costs | 16,873 |
Financing lease expense: | |
Amortization of right-of-use assets | 225 |
Interest on lease liabilities | 76 |
Total financing lease expense | 301 |
Total lease expense | 164,587 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 810,367 |
Right-of-use assets obtained in exchange for new financing lease liabilities | $ 13,527 |
Weighted-average remaining lease term (years) - operating leases | 6 years 2 months |
Weighted-average remaining lease term (years) - financing leases | 5 years |
Weighted-average discount rate - operating leases | 6.75% |
Weighted-average discount rate - financing leases | 6.75% |
Lease Obligations - Schedule _2
Lease Obligations - Schedule of Maturities of Operating and Finance Lease Liabilities (Details) | Dec. 31, 2019USD ($) |
Operating Leases Liability, Payment Due, Rolling Maturity | |
Year ending December 31, 2020 | $ 145,562 |
Year ending December 31, 2021 | 136,313 |
Year ending December 31, 2022 | 136,313 |
Year ending December 31, 2023 | 136,313 |
Year ending December 31, 2024 | 136,313 |
Thereafter | 181,751 |
Total minimum lease obligations | 872,565 |
Less-amount representing interest | (162,682) |
Present value of minimum lease obligations | 709,883 |
Current maturities | (100,777) |
Lease obligations, net of current maturities | 609,106 |
Finance Leases, Liability, Payment, Due, Rolling Maturity | |
Year ending December 31, 2020 | 3,195 |
Year ending December 31, 2021 | 3,195 |
Year ending December 31, 2022 | 3,195 |
Year ending December 31, 2023 | 3,195 |
Year ending December 31, 2024 | 2,929 |
Thereafter | |
Total minimum lease obligations | 15,709 |
Less-amount representing interest | (2,372) |
Present value of minimum lease obligations | 13,337 |
Current maturities | (2,367) |
Lease obligations, net of current maturities | $ 10,970 |
Lease Obligations (Details Narr
Lease Obligations (Details Narrative) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
ASU 2016-02 | |
Cumulative-effect adjustment as a right-of-use asset and an operating lease liability | $ 810,367 |
Shareholders' Equity, Redeema_3
Shareholders' Equity, Redeemable Convertible Preferred Stock, Options and Warrants - Schedule of Warrant Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Warrants outstanding, beginning of period | 20,090,000 | 45,090,000 |
Warrants, granted | 20,250,000 | |
Warrants, exercised | ||
Warrants, forfeited | (25,000,000) | |
Warrants outstanding, end of period | 40,340,000 | 20,090,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Weighted average exercise price of warrants outstanding, beginning of period | $ 0.12 | $ 0.09 |
Weighted average exercise price, granted | 0.05 | |
Weighted average exercise price, exercised | ||
Weighted average exercise price, forfeited | 0.06 | |
Weighted average exercise price of warrants outstanding, end of period | $ 0.08 | $ 0.12 |
Shareholders' Equity, Redeema_4
Shareholders' Equity, Redeemable Convertible Preferred Stock, Options and Warrants - Schedule of Options Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding | ||
Stock options outstanding, beginning of period | 27,805,000 | 32,250,000 |
Stock options, granted | 790,000 | 1,500,000 |
Stock options, exercised | (3,700,000) | (5,500,000) |
Stock options, forfeited | (1,240,000) | (445,000) |
Stock options outstanding, end of period | 23,655,000 | 27,805,000 |
Stock options exercisable, end of period | 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 | $ 0.06 | $ 0.06 |
Weighted average exercise price, granted | 0.06 | 0.08 |
Weighted average exercise price, exercised | 0.04 | 0.04 |
Weighted average exercise priced, forfeited | 0.10 | 0.77 |
Weighted average exercise price outstanding, end of period | 0.05 | 0.06 |
Weighted average exercise price exercisable, end of period | $ 0.05 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | ||
Weighted average remaining contractual life outstanding, end of period | 6 years 2 months | |
Weighted average remaining contractual life exercisable, end of period | 5 years 9 months | |
Average intrinsic value outstanding, beginning of period | $ 332,500 | |
Average intrinsic value of options, exercised | 85,500 | $ 187,500 |
Average intrinsic value outstanding, end of period | 141,000 | 332,500 |
Average intrinsic value, exercisable, end of period | $ 141,000 |
Shareholders' Equity, Options a
Shareholders' Equity, Options and Warrants - Stock-Based Compensation Plans (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||
May 31, 2019 | Apr. 30, 2019 | Jul. 31, 2018 | Jun. 30, 2018 | Apr. 30, 2018 | Feb. 28, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2004 | |||
Proceeds from common stock issued to employees | $ 6,913 | $ 6,697 | ||||||||||||
Compensation expense | 113,063 | 171,690 | ||||||||||||
Mandatorily redeemable convertible preferred stock | 4,785,086 | $ 4,656,752 | ||||||||||||
Unrecognized compensation expense | $ 70,441 | |||||||||||||
Stock options, granted | 790,000 | 1,500,000 | ||||||||||||
Weighted average exercise price, granted | $ 0.06 | $ 0.08 | ||||||||||||
Stock options, exercised | (3,700,000) | (5,500,000) | ||||||||||||
Intrinsic value of stock options outstanding | $ 141,000 | $ 332,500 | ||||||||||||
Intrinsic value of stock options, exercise price | $ 0.05 | $ 0.06 | $ 0.06 | |||||||||||
2015 Incentive Plan | ||||||||||||||
Number of shares authorized | [1] | 80,000,000 | ||||||||||||
Shares available for issuance | 34,487,718 | |||||||||||||
2015 Incentive Plan | Qualified Stock Options | ||||||||||||||
Net shares issued | 1,153,846 | 625,000 | 611,111 | |||||||||||
Shares withheld to satisfy payroll tax liabilities | 875,000 | |||||||||||||
Stock options, granted | 500,000 | 1,000,000 | 790,000 | |||||||||||
Weighted average exercise price, granted | $ 0.09 | $ 0.08 | $ 0.06 | |||||||||||
Fair value of options granted | $ 20,635 | $ 59,130 | $ 25,310 | |||||||||||
Risk free interest rate, minimum | 2.78% | 2.63% | 1.76% | |||||||||||
Risk free interest rate, maximum | 2.89% | 2.81% | 2.49% | |||||||||||
Expected volatility, minimum | 63.23% | 62.18% | 57.62% | |||||||||||
Expected volatility, maximum | 69.04% | 69.94% | 65.22% | |||||||||||
Expected life | 5 years 6 months | 5 years 6 months | ||||||||||||
Stock options, vesting period | 10 years | 10 years | 5 years | [2] | ||||||||||
Stock options, exercised | (2,500,000) | (1,500,000) | (1,000,000) | |||||||||||
Shares withheld to satisfy the exercise price | 1,346,154 | 388,889 | ||||||||||||
2015 Incentive Plan | Non-Qualified Stock Options | ||||||||||||||
Stock options, exercised | (2,000,000) | (2,000,000) | ||||||||||||
Proceeds from stock options exercised | $ 70,000 | $ 70,000 | ||||||||||||
2015 Incentive Plan | Non-Qualified Stock Options #2 | ||||||||||||||
Stock options, exercised | (200,000) | |||||||||||||
Proceeds from stock options exercised | $ 14,000 | |||||||||||||
2006 Equity Incentive Plan | ||||||||||||||
Number of shares authorized | 11,089,967 | |||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
Number of shares authorized | 2,000,000 | |||||||||||||
Shares available for issuance | 475,161 | |||||||||||||
Common stock issued to employees | 136,188 | 114,170 | ||||||||||||
Proceeds from common stock issued to employees | $ 6,914 | $ 6,697 | ||||||||||||
Class M Warrants | ||||||||||||||
Exercise price of warrants | $ 0.12 | |||||||||||||
Maturity date of warrants | Feb. 17, 2022 | |||||||||||||
Number of warrants convertible into shares | 17,165,000 | |||||||||||||
Proceeds allocated to preferred stock and warrants | $ 537,621 | |||||||||||||
Mandatorily Redeemable Convertible Preferred Stock | ||||||||||||||
Number of preferred shares authorized | 5,000,000 | |||||||||||||
Preferred shares authorized, par value per share | $ 0.01 | |||||||||||||
Series B Convertible Redeemable Preferred Stock | ||||||||||||||
Preferred stock outstanding | 850 | 850 | ||||||||||||
Redemption date | May 30, 2022 | May 30, 2022 | ||||||||||||
Redemption price per share | $ 1,000 | $ 1,000 | ||||||||||||
Mandatorily redeemable convertible preferred stock | $ 850,000 | $ 850,000 | ||||||||||||
Number of warrants convertible into shares, price per share | $ 2 | $ 2 | ||||||||||||
Series C Redeemable Convertible Preferred Stock | ||||||||||||||
Shares issued | 3,433 | |||||||||||||
Preferred stock dividend rate | 6.00% | |||||||||||||
Conversion price per share | $ 0.10 | |||||||||||||
Dividends paid | $ 241,730 | $ 241,730 | ||||||||||||
Value of shares issued in lieu of dividend payment | 205,980 | 205,980 | ||||||||||||
Preferred stock dividend, settlement in cash | $ 35,750 | $ 35,750 | ||||||||||||
Common stock issued in lieu of dividend | 3,433,000 | 3,433,000 | ||||||||||||
Proceeds allocated to preferred stock and warrants | $ 2,895,379 | |||||||||||||
Chief Executive Officer | 2015 Incentive Plan | ||||||||||||||
Shares issued | 466,667 | 350,000 | ||||||||||||
Shares issued, value | $ 28,000 | $ 28,000 | ||||||||||||
Net shares issued | 279,767 | 209,825 | ||||||||||||
Shares issued, price per share | $ 0.06 | $ 0.08 | ||||||||||||
Shares withheld to satisfy payroll tax liabilities | 186,900 | 140,175 | ||||||||||||
Compensation expense | $ 16,786 | $ 16,786 | ||||||||||||
The 2013 Promissory Note | Former Chairman of the Board and Major Shareholder | ||||||||||||||
Exercise price of warrants | $ 0.06 | $ 0.06 | ||||||||||||
Number of warrants convertible into shares | 15,000,000 | 10,000,000 | ||||||||||||
Warrants expired | 25,000,000 | |||||||||||||
The 2019 Promissory Note | Major Shareholders | ||||||||||||||
Exercise price of warrants | $ 0.045 | |||||||||||||
Number of warrants convertible into shares | 20,250,000 | |||||||||||||
Amendment to 8% Convertible Notes (the Amendment) | ||||||||||||||
Retirement of debt, cash redemptions | 1,835,000 | |||||||||||||
Value of notes converted | $ 780,000 | |||||||||||||
Amendment to 8% Convertible Notes (the Amendment) | Class N Warrants | ||||||||||||||
Exercise price of warrants | $ 0.10 | |||||||||||||
Maturity date of warrants | May 12, 2022 | |||||||||||||
Proceeds allocated to preferred stock and warrants | $ 104,053 | |||||||||||||
Conversion of debt, shares issued | 2,925,000 | |||||||||||||
Amendment to 8% Convertible Notes (the Amendment) | Series C Redeemable Convertible Preferred Stock | ||||||||||||||
Proceeds allocated to preferred stock and warrants | $ 675,947 | |||||||||||||
Conversion of debt, shares issued | 780 | |||||||||||||
[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 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Continuing Operations | ||
Income tax benefit | $ (319,823) | $ (177,361) |
Nondeductible expenses | 62,627 | 50,695 |
State taxes net of federal benefit | (84,813) | (58,487) |
Change in valuation allowance | 342,009 | 185,153 |
Total income tax expense | $ 0 | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax asset | ||
Net operating loss carryforward | $ 7,964,739 | $ 8,770,264 |
Valuation allowance | (7,754,496) | (9,863,607) |
Total deferred income tax asset | 210,243 | 1,093,343 |
Deferred income tax liability | (210,243) | (1,093,343) |
Deferred tax asset (liability) | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Federal income tax rate | 21.00% |
Approximate net operating losses | $ 37,920,000 |
Operating loss carryforwards, expiration date | Dec. 31, 2021 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Surety bond and restricted money market account | $ 635,498 | |
Other commitments, description | In August 2011, we received land from Lea County, New Mexico, pursuant to a PPA, whereby the land was deeded to us for no monetary consideration. In return, we committed to construct a uranium de-conversion and FEP facility on the land. In order to retain title to the property, we were to begin construction of the de-conversion facility no later than December 31, 2014, and complete Phase I of the project and have hired at least 75 persons to operate the facility no later than December 31, 2015, although commercial operations need not have begun by that date. In 2015 the Company negotiated a modification to the PPA agreement that extended the start of construction date to December 31, 2015, and the hiring milestone to December 31, 2016. Those dates were not met and the Company is currently in the process of renegotiating a second modification to the agreement to further extend those dates. If we do not succeed in reaching an amendment to extend the performance dates in the agreement then we may, at our sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. | |
Defined contribution plan, description | The Company has a 401(k) defined-contribution pension plan (the "401(k) Plan"). Employees are eligible to participate in the Plan after completing six months of full-time service. Participants, under provision of Internal Revenue Code § 401(k), may elect to contribute up to $19,000 of their compensation to the 401(k) Plan which includes both before-tax and Roth after-tax contribution options. Although the Company reserves the right to make discretionary matching contributions to participant accounts, there were no employer matching contributions made for either 2019 or 2018. | |
Proceeds from insurance claims | $ 964,958 | |
Additional incurred expenses related to contamination and cleanup, estimated insurance recovery | $ 1,212,844 | |
Customers | ||
Concentration risk | 36.00% | 46.00% |
Asset Retirement Obligations -
Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation [Roll Forward] | ||
Obligation for lease disposal cost, balance at beginning of period | $ 507,968 | $ 478,424 |
Obligation for lease disposal cost, increase in lease disposal costs | 0 | 0 |
Obligation for lease disposal cost, accretion expense / amortization expense | 38,602 | 29,544 |
Obligation for lease disposal cost, balance at end of period | $ 546,570 | $ 507,968 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Sales from Contracts with Customers by Business Segment and Geography (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 8,955,204 | $ 10,368,823 |
Percent of total revenues | 100.00% | 100.00% |
U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 7,262,718 | $ 8,258,315 |
Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,692,486 | 2,110,508 |
Radiochemical Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 2,852,207 | $ 2,264,007 |
Percent of total revenues | 32.00% | 22.00% |
Radiochemical Products | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 2,807,583 | $ 2,101,597 |
Radiochemical Products | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 44,624 | 162,410 |
Cobalt Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 846,404 | $ 2,041,579 |
Percent of total revenues | 9.00% | 20.00% |
Cobalt Products | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 57,077 | $ 1,252,253 |
Cobalt Products | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 789,326 | 789,326 |
Nuclear Medicine Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 3,925,303 | $ 3,788,779 |
Percent of total revenues | 44.00% | 37.00% |
Nuclear Medicine Products | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 3,066,767 | $ 3,769,774 |
Nuclear Medicine Products | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 858,536 | 19,005 |
Radiological Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,170,790 | $ 2,274,458 |
Percent of total revenues | 13.00% | 22.00% |
Radiological Services | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,170,790 | $ 1,134,691 |
Radiological Services | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 1,139,767 |
Fluorine Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 160,500 | $ 0 |
Percent of total revenues | 2.00% | 0.00% |
Fluorine Products | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 160,500 | $ 0 |
Fluorine Products | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 0 | $ 0 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Unearned revenue, current | $ 1,240,205 | $ 3,783,541 |
Unearned revenue, noncurrent | 7,500 | |
Accounts receivable | 875,914 | 820,370 |
Cobalt Products | ||
Unearned revenue, current | $ 1,240,205 | 3,783,541 |
Unearned revenue, noncurrent | $ 7,500 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Sale of Product | $ 8,955,204 | $ 10,368,823 |
Depreciation and Amortization | 268,033 | 267,719 |
Segment Income (Loss) | (1,522,964) | (844,576) |
Expenditures for Segment Assets | 208,102 | 86,320 |
Segment Assets | 15,256,795 | 12,990,076 |
Radiochemical Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 2,852,207 | 2,264,007 |
Cobalt Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 846,404 | 2,041,579 |
Radiological Services | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 1,170,790 | 2,274,458 |
Fluorine Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 160,500 | 0 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 8,955,204 | 10,368,823 |
Depreciation and Amortization | 258,228 | 257,944 |
Segment Income (Loss) | 1,554,616 | 2,488,888 |
Expenditures for Segment Assets | 208,102 | 86,320 |
Segment Assets | 11,576,616 | 10,942,023 |
Operating Segments | Radiochemical Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 2,852,207 | 2,264,007 |
Depreciation and Amortization | 38,097 | 27,015 |
Segment Income (Loss) | 820,766 | 289,773 |
Expenditures for Segment Assets | 25,873 | 62,130 |
Segment Assets | 511,381 | 344,994 |
Operating Segments | Cobalt Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 846,404 | 2,041,579 |
Depreciation and Amortization | 8,062 | 6,839 |
Segment Income (Loss) | 201,174 | 523,795 |
Expenditures for Segment Assets | 172,940 | 0 |
Segment Assets | 3,369,828 | 2,611,939 |
Operating Segments | Nuclear Medicine Standards | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 3,925,303 | 3,788,779 |
Depreciation and Amortization | 63,691 | 66,272 |
Segment Income (Loss) | 670,133 | 675,367 |
Expenditures for Segment Assets | 7,700 | 22,630 |
Segment Assets | 2,111,225 | 2,113,960 |
Operating Segments | Radiological Services | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 1,170,790 | 2,274,458 |
Depreciation and Amortization | 34,545 | 44,152 |
Segment Income (Loss) | (146,922) | 1,122,604 |
Expenditures for Segment Assets | 0 | 0 |
Segment Assets | 106,374 | 281,077 |
Operating Segments | Fluorine Products | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 160,500 | 0 |
Depreciation and Amortization | 113,833 | 113,666 |
Segment Income (Loss) | 9,465 | (122,651) |
Expenditures for Segment Assets | 1,589 | 1,560 |
Segment Assets | 5,477,808 | 5,590,053 |
Corporate Allocation | ||
Segment Reporting Information [Line Items] | ||
Sale of Product | 0 | 0 |
Depreciation and Amortization | 9,805 | 9,775 |
Segment Income (Loss) | (3,077,580) | (3,333,464) |
Expenditures for Segment Assets | 0 | 0 |
Segment Assets | $ 3,680,179 | $ 2,048,053 |
Segment Information (Details Na
Segment Information (Details Narrative) | 12 Months Ended |
Dec. 31, 2019Number | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event | 1 Months Ended | |
Jan. 31, 2020USD ($)$ / sharesshares | ||
Lease Agreements | ||
Subsequent Event [Line Items] | ||
Lease term | Jan. 20, 2030 | [1] |
Increase in operating right-of-use assets and liabilities, approximately | $ 1,400,000 | |
The 2019 Promissory Note | Fourth Party | ||
Subsequent Event [Line Items] | ||
Proceeds from related party | $ 325,000 | |
Note payable, related party, interest rate | 4.00% | |
Note payable, related party, maturity date | Dec. 31, 2022 | |
Warrants issued | shares | 9,750,000 | |
Warrant exercise price | $ / shares | $ 0.045 | |
Fair value, warrants | $ 144,975 | |
Beneficial conversion feature | $ 102,584 | |
[1] | Provides an option to renew for an additional 5 years. |