Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-22923 | |
Entity Registrant Name | INTERNATIONAL ISOTOPES INC | |
Entity Central Index Key | 0001038277 | |
Entity Incorporation, State or Country Code | TX | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 460,830,469 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 414,226 | $ 1,113,032 |
Accounts receivable | 1,094,123 | 796,128 |
Inventories | 826,390 | 837,787 |
Prepaids and other current assets | 344,360 | 1,247,430 |
Total current assets | 2,679,099 | 3,994,377 |
Long-term assets | ||
Restricted cash | 830,683 | 638,660 |
Property, plant and equipment, net | 4,410,768 | 4,489,551 |
Financing lease right-of-use asset | 23,139 | 24,642 |
Operating lease right-of-use asset | 2,513,822 | 2,539,580 |
Goodwill | 1,384,255 | 1,384,255 |
Patents and other intangibles, net | 4,123,019 | 4,025,684 |
Total long-term assets | 13,285,686 | 13,102,372 |
Total assets | 15,964,785 | 17,096,749 |
Current liabilities | ||
Accounts payable | 1,451,434 | 2,115,348 |
Accrued liabilities | 889,274 | 1,204,672 |
Unearned revenue | 1,229,193 | 1,160,274 |
Current portion of operating lease right-of-use liability | 96,816 | 86,494 |
Current portion of financing lease liability | 7,968 | 7,786 |
Current portion of related party notes payable, net of debt discount | 609,942 | 606,589 |
Current installments of notes payable | 376,299 | 480,889 |
Current portion of mandatorily redeemable preferred stock, net of debt discount | 4,071,255 | |
Total current liabilities | 8,732,181 | 5,662,052 |
Long-term liabilities | ||
Related party notes payable, net of current portion and debt discount | 551,536 | 487,470 |
Notes payable, net of current portion | 104,462 | 57,202 |
Asset retirement obligation | 598,973 | 588,105 |
Financing lease liability, net of current portion | 14,826 | 16,888 |
Operating lease right-of-use liability, net of current portion | 2,456,842 | 2,484,359 |
Mandatorily redeemable convertible preferred stock, net of discount | 850,000 | 4,913,421 |
Total long-term liabilities | 4,576,639 | 8,547,445 |
Total liabilities | 13,308,820 | 14,209,497 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Common stock | 4,606,367 | 4,243,443 |
Additional paid-in capital | 122,103,290 | 122,191,837 |
Accumulated deficit | (126,462,886) | (125,861,734) |
Equity attributable to International Isotopes Inc. stockholders | 246,771 | 573,546 |
Equity attributable to noncontrolling interest | 2,409,194 | 2,313,706 |
Total equity | 2,655,965 | 2,887,252 |
Total liabilities and stockholders' equity | $ 15,964,785 | $ 17,096,749 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 460,636,690 | 424,344,298 |
Common stock, shares outstanding | 460,636,690 | 424,344,298 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Sale of product | $ 1,992,512 | $ 2,335,786 |
Cost of product | 831,354 | 968,525 |
Gross profit | 1,161,158 | 1,367,261 |
Operating costs and expenses: | ||
Salaries and contract labor | 668,520 | 741,205 |
General, administrative and consulting | 905,929 | 788,438 |
Research and development | 37,237 | 46,928 |
Total operating expenses | 1,611,686 | 1,576,571 |
Net operating loss | (450,528) | (209,310) |
Other income (expense): | ||
Other income | 143,120 | 23,818 |
Interest income | 35 | 2,335 |
Interest expense | (198,291) | (194,880) |
Total other income (expense) | (55,136) | (168,727) |
Net loss | (505,664) | (378,037) |
Less income attributable to non-controlling interest | 95,488 | 44,457 |
Net loss attributable to International Isotopes Inc. | $ (601,152) | $ (422,494) |
Net loss per common share - basic | ||
Net loss per common share - diluted | ||
Weighted average common shares outstanding - basic | 453,449,720 | 420,692,023 |
Weighted average common shares outstanding - diluted | 453,449,720 | 420,692,023 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (505,664) | $ (378,037) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 141,706 | 103,770 |
Accretion of obligation for lease disposal costs | 10,868 | 10,100 |
Accretion of beneficial conversion feature and discount | 100,253 | 92,430 |
Equity based compensation | 37,419 | 51,522 |
Right-of-use asset amortization | 8,563 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (297,995) | (148,130) |
Inventories | 11,397 | 44,047 |
Prepaids and other current assets | 903,070 | 45,268 |
Accounts payable and accrued liabilities | (771,832) | 117,068 |
Unearned revenues | 68,919 | (26,278) |
Net cash used in operating activities | (293,296) | (88,240) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (158,755) | (1,565) |
Net cash used in investing activities | (158,755) | (1,565) |
Cash flows from financing activities: | ||
Proceeds from sale of stock and exercise of options | 4,478 | 6,666 |
Payments on financing lease | (1,880) | (577) |
Proceeds from issuance of notes payable | 101,250 | 325,000 |
Principal payments on notes payable | (158,580) | (245,728) |
Net cash (used in) provided by financing activities | (54,732) | 85,361 |
Net decrease in cash, cash equivalents, and restricted cash | (506,783) | (4,444) |
Cash, cash equivalents, and restricted cash at beginning of period | 1,751,692 | 1,210,920 |
Cash, cash equivalents, and restricted cash at end of period | 1,244,909 | 1,206,476 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | 50,128 | 60,205 |
Supplemental disclosure of noncash financing and investing transactions: | ||
Decrease in accrued interest and increase in equity for conversion of dividends to stock | 207,480 | 204,480 |
Increase in operating lease right-of-use asset and right-of-use liability for new lease | 1,603 | 2,649,070 |
Increase in equity and decrease in liability for the conversion of preferred stock | 25,000 | |
Decrease in related party notes payable and increase in equity for amounts allocated to warrants and beneficial conversion feature | 247,560 | |
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 | 414,226 | 568,656 |
Restricted cash included in long-term assets | 830,683 | 637,820 |
Total cash, cash equivalents and restricted cash shown in statement of cash flows | $ 1,244,909 | $ 1,206,476 |
Reconciliation of Stockholders'
Reconciliation of Stockholders' (Deficit) Equity (Unaudited) - 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, 2019 | $ 4,198,423 | $ 121,680,163 | $ (128,064,385) | $ (2,185,799) | $ 2,073,649 | $ (112,150) |
Beginning balance, shares at Dec. 31, 2019 | 419,842,256 | |||||
Shares issued under employee stock purchase plan, value | $ 1,568 | 5,098 | 6,666 | 6,666 | ||
Shares issued under employee stock purchase plan, shares | 156,845 | |||||
Stock grant, value | $ 3,021 | (3,021) | ||||
Stock grant, shares | 302,125 | |||||
Stock in lieu of dividends on convertible preferred C shares, value | $ 34,080 | 170,400 | 204,480 | 204,480 | ||
Stock in lieu of dividends on convertible preferred C shares, shares | 3,408,000 | |||||
Convertible debenture beneficial conversion feature | 102,854 | 102,584 | 102,584 | |||
Warrants issued with convertible debentures | 144,976 | 144,976 | 144,976 | |||
Stock based compensation | 51,522 | 51,522 | 51,522 | |||
Net (loss) income | (422,494) | (422,494) | 44,457 | (378,037) | ||
Ending balance, value at Mar. 31, 2020 | $ 4,237,092 | 122,151,722 | (128,486,879) | (2,098,065) | 2,118,106 | 20,041 |
Ending balance, shares at Mar. 31, 2020 | 423,709,226 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 4,243,443 | 122,191,837 | (125,861,734) | 573,546 | 2,313,706 | 2,887,252 |
Beginning balance, shares at Dec. 31, 2020 | 424,344,298 | |||||
Shares issued under employee stock purchase plan, value | $ 1,054 | 3,424 | 4,478 | 4,478 | ||
Shares issued under employee stock purchase plan, shares | 105,361 | |||||
Stock grant, value | $ 1,183 | (1,183) | ||||
Stock grant, shares | 118,315 | |||||
Stock in lieu of dividends on convertible preferred C shares, value | $ 13,982 | 193,498 | 207,480 | $ 207,480 | ||
Stock in lieu of dividends on convertible preferred C shares, shares | 1,398,200 | |||||
Shares issued for exercise of employee stock options, value | $ 17,991 | (17,991) | ||||
Shares issued for exercise of employee stock options, shares | 1,799,107 | 2,062,500 | ||||
Warrant exercise, value | $ 326,214 | (326,214) | ||||
Warrant exercise, shares | 32,621,409 | |||||
Conversion of preferred C stock, value | $ 2,500 | 22,500 | 25,000 | $ 25,000 | ||
Conversion of preferred C stock, shares | 250,000 | |||||
Stock based compensation | 37,419 | 37,419 | 37,419 | |||
Net (loss) income | (601,152) | (601,152) | 95,488 | (505,664) | ||
Ending balance, value at Mar. 31, 2021 | $ 4,606,367 | $ 122,103,290 | $ (126,462,886) | $ 246,771 | $ 2,409,194 | $ 2,655,965 |
Ending balance, shares at Mar. 31, 2021 | 460,636,690 |
The Company and Basis of Presen
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | (1) The Company and Basis of Presentation International Isotopes Inc. (INIS) was incorporated in Texas in November 1995. The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP) and include all operations and balances of INIS and its wholly owned subsidiaries. The unaudited condensed consolidated financial statements also include the accounts of INIS’s 50% owned joint venture, TI Services, LLC (TI Services), and the accounts of INIS’s 24.5% interest in RadQual, LLC (RadQual). TI Services is headquartered in Youngstown, Ohio and was formed with RadQual in December 2010 to distribute products and services for nuclear medicine, nuclear cardiology and Positron Emission Tomography (PET) imaging. RadQual is a global supplier of molecular imaging quality control and calibration devices, and is headquartered in Idaho Falls, Idaho. In August 2017, affiliates of INIS purchased 75.5% of RadQual and at the time INIS was named as one of the two managing members of RadQual. As a result of this ownership change, INIS has significant influence in management decisions with regard to RadQual’s business operations. INIS, its subsidiaries, TI Services, and RadQual are collectively referred to herein as the “Company,” “we,” “our” or “us.” Nature of Operations With the exception of certain unique products, the Company’s normal operating cycle is considered to be one year. Due to the time required to produce some cobalt products, the Company’s operating cycle for those products is considered to be two to three years. Accordingly, preliminary payments received on cobalt contracts, where shipment will not take place for greater than one year, have been recorded as unearned revenue and, depending upon estimated ship dates, classified under either current or long-term liabilities on the Company’s condensed consolidated balance sheets. Principles of Consolidation Interim Financial Information Recent Accounting Pronouncements – |
Current Developments and Liquid
Current Developments and Liquidity | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Current Developments and Liquidity | (2) Current Developments and Liquidity Business Condition During the three months ended March 31, 2021, the Company continued its focus on its strongest long-standing core business segments which consist of its radiochemical products, cobalt products, and nuclear medicine standards, and in particular, the pursuit of new business opportunities within those segments. Additionally, the Company holds a Nuclear Regulatory Commission (NRC) construction and operating license for the depleted uranium facility in, as well as the property agreement with, Lea County, New Mexico, where the plant is intended to be constructed. The NRC license for the de-conversion facility is a forty (40) year operating license and is the first commercial license of this type issued in the United States. There are no other companies with a similar license application under review by he NRC. Therefore, the NRC license represents a significant competitive barrier, and the Company considers it a valuable asset. The Company expects that cash from operations, equity or debt financing, and its current cash balance will be sufficient to fund operations for the next twelve months. Future liquidity and capital funding requirements will depend on numerous factors, including, contract manufacturing agreements, commercial relationships, technological developments, market factors, available credit, and voluntary warrant redemption by shareholders. There is no assurance that additional capital and financing will be available on acceptable terms to the Company or at all. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share - Basic and Diluted | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share - Basic and Diluted | (3) Net Income (Loss) Per Common Share - Basic and Diluted For the three months ended March 31, 2021, the Company had 18,252,500 stock options outstanding, 7,065,000 warrants outstanding, 4,188 outstanding shares of Series C redeemable convertible preferred stock (Series C Preferred Stock), and 850 outstanding shares of Series B redeemable convertible preferred stock (Series B Preferred Stock), each of which were not included in the computation of diluted income (loss) per common share because they would be anti-dilutive. For the three months ended March 31, 2020, the Company had 23,655,000 stock options outstanding, 50,090,000 warrants outstanding, 4,213 outstanding shares of Series C Preferred Stock, and 850 outstanding shares of Series B Preferred Stock, each of which were not included in the computation of diluted income per common share because they would be anti-dilutive. The table below summarizes common stock equivalents outstanding at March 31, 2021 and 2020: March 31, 2021 2020 Stock options 18,252,500 23,655,000 Warrants 7,065,000 50,090,000 850 Shares of Series B redeemable convertible preferred stock 425,000 425,000 4,213 Shares of Series C redeemable convertible preferred stock 41,880,000 42,130,000 67,622,500 116,300,000 |
Investment and Business Consoli
Investment and Business Consolidation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment and Business Consolidation | (4) Investment and Business Consolidation The Company owns a 24.5% interest in RadQual, with which the Company has an exclusive manufacturing agreement for nuclear medicine products. In August 2017, affiliates of the Company, including the Company’s Chairman of the Board and the Chief Executive Officer, acquired the remaining 75.5% interest in RadQual. The Company’s Chairman of the Board and its Chief Executive Officer also each serve as the managing members of RadQual. As a result of this change in ownership, and other factors, the Company determined that it gained the ability to exercise significant management control over the operations of RadQual. Because of this increased management control, and pursuant to GAAP, the Company has consolidated the accounts of RadQual into its financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | (5) Inventories Inventories consisted of the following at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Raw materials $ 33,609 $ 33,609 Work in process 790,801 803,171 Finished goods 1,980 1,007 $ 826,390 $ 837,787 Work in process also includes costs to irradiate cobalt-60 material under a contract with the DOE. This material has been placed in the ATR and the Company made progress payments to purchase this material. During the second quarter and fourth quarter of 2020, the Company modified its agreement with the DOE due to delays in delivery of Cobalt material. As a result, the DOE refunded certain payments made by INIS in relation to this material and INIS stopped paying the scheduled payments for the inventory. At March 31, 2021, and at December 31, 2020, this cobalt target inventory had a carrying value of $380,257 and $383,312, respectively. The Company has contracted with several customers for the sale of some of this product material and has collected advance payments for project management, up-front handling, and other production costs from those customers. The advance payments from customers were recorded as unearned revenue which are recognized in the Company’s condensed consolidated financial statements as cobalt products are completed and shipped. For the three months ended March 31, 2021 and 2020, the Company recognized approximately $7,800 and $11,000, respectively, of revenue in its condensed consolidated statements of operations for customer orders filled during the period under these cobalt contracts. |
Stockholders' Equity, Options a
Stockholders' Equity, Options and Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity, Options and Warrants | (6) Stockholders’ Equity, Options, and Warrants Employee Stock Purchase Plan The Company has an employee stock purchase plan pursuant to which employees of the Company may participate to purchase shares of common stock at a discount. During the three months ended March 31, 2021 and 2020, the Company issued 105,361 and 156,845 shares of common stock, respectively, to employees under the employee stock purchase plan for proceeds of $4,478 and $6,666, respectively. As of March 31, 2021, 2,994,550 shares of common stock remain available for issuance under the employee stock purchase plan. Stock-Based Compensation Plans 2015 Incentive Plan Employee/Director Grants Non-Employee Grants Option awards outstanding as of March 31, 2021, and changes during the three months ended March 31, 2021, were as follows: Fixed Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2020 20,400,000 $ 0.06 Granted 125,000 $ 0.05 Exercised (2,062,500 ) $ 0.04 Expired — $ — Forfeited (210,000 ) $ 0.07 Outstanding at March 31, 2021 18,252,500 $ 0.05 5.5 $ 1,195,500 Exerciseable at March 31, 2021 14,955,000 $ 0.05 5.0 $ 992,550 The intrinsic value of outstanding and exercisable shares is based on the closing price of the Company’s common stock on the OTCQB of $0.12 per share on March 31, 2021, the last trading day of the quarter. As of March 31, 2021, there was $36,621 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of 2.04 years. Total stock-based compensation expense for the three months ended March 31, 2021 and 2020 was $37,419 and $51,522 respectively. During the three months ended March 31, 2021, the Company granted 125,000 qualified stock options to several of its employees. All options vest over a five-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 $0.05 per share. The options have a fair value of $3,280 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 0.46% to 0.78%, expected dividend yield rate of 0%, expected volatility of 52.52% to 55.63% and an expected life between 5.5 and 7.5 years. In January 2021, 2,062,500 qualified stock options were exercised under a cashless exercise. The company withheld 263,393 shares to satisfy the exercise price and issued 1,799,107 shares of common stock. The options exercised were granted under the 2015 Plan, and, accordingly, there was not any income tax effect in the condensed consolidated financial statements for the year ended December 31, 2021. Pursuant to an employment agreement with its Chief Executive Officer, the Company awarded 195,804 fully vested shares of common stock to its Chief Executive Officer in February 2021 under the 2015 Plan. The number of shares awarded was based on a $28,000 stock award using a price of $0.143 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 $14,198, which was determined by multiplying the number of shares awarded by the closing price of the common stock on February 28, 2020, which was $0.12 per share. The Company withheld 77,489 shares of common stock to satisfy payroll tax obligations in connection with this issuance. The net shares issued on February 28, 2021 totaled 118,315. Warrants In January 2021, all 30,000,000 Class O Warrants and 13,025,000 Class M Warrants were exercised under a cashless exercise. The Company withheld 10,403,591 shares to satisfy the exercise price and issued 32,621,409 shares of common stock. Warrants outstanding at March 31, 2021, included 4,140,000 Class M Warrants which are immediately exercisable at an exercise price of $0.12 per share and expire on February 17, 2022 and 2,925,000 Class N Warrants which are immediately exercisable at an exercise price of $0.10 per share and expire on May 12, 2022. Warrants outstanding at March 31, 2020, included 17,165,000 Class M Warrants which are immediately exercisable at an exercise price of $0.12 per share and expire on February 17, 2022 and 2,925,000 Class N Warrants which are immediately exercisable at an exercise price of $0.10 per share and expire on May 12, 2022; and 30,000,000 Class O Warrants which are immediately exercisable at an exercise price of $0.045 per share and expire December 30, 2024. Preferred Stock At March 31, 2021, there were 850 shares of the Series B Preferred Stock outstanding with a mandatory redemption date of May 2022 at $1,000 per share or $850,000. The shares of Series B Preferred Stock are also convertible into 425,000 shares of the Company’s common stock at a conversion price of $2.00 per share. These shares of Series B Preferred Stock do not carry any dividend preferences. Due to the mandatory redemption provision, the Series B Preferred Stock has been classified as a liability in the accompanying condensed consolidated balance sheets. At March 31, 2021, there were 4,188 shares of the Series C Preferred Stock outstanding with a mandatory redemption date of February 2022 at $1,000 per share in either cash or shares of common stock, at the option of the holder. Holders of the Series C Preferred Stock do not have any voting rights except as required by law and in connection with certain events as set forth in the Statement of Designation of the Series C Preferred Stock. The Series C Preferred Stock accrues dividends at a rate of 6% per annum, payable annually on February 17th of each year. The Series C Preferred Stock are convertible at the option of the holders at any time into shares of the Company's common stock at an initial conversion price equal to $0.10 per share, subject to adjustment. If the volume-weighted average closing price of the Company’s common stock over a period of 90 consecutive trading days is greater than $0.25 per share, the Company may redeem all or any portion of the outstanding Series C Preferred Stock at the original purchase price per share plus any accrued and unpaid dividends, payable in shares of common stock. In March 2021, 25 shares of the Series C Preferred Stock were converted to 25,000 shares of common stock at the request of the holder. During the three months ended March 31, 2021 and 2020 dividends paid to holders of the Series C Preferred Stock . Some holders of the Series C Preferred Stock elected to settle their dividend payments with shares of the Company’s common stock in lieu of cash. For the three months ended March 31, 2021 and 2020 the Company issued 1,398,200 and 3,408,000 shares of common stock, respectively, in lieu of a dividend payment of $207,480 and $204,480, respectively. The remaining $46,800 of dividend payable was settled with cash. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt In March 2021, one of the Company’s subsidiaries, RadQual, entered into a promissory note for the purchase of equipment. The note totaled $101,250, bears interest at 5%, is secured by equipment, and is due March 2023. In December 2013, the Company entered into a promissory note agreement with its then Chairman of the Board and one of our major shareholders, pursuant to which we borrowed $500,000 (the 2013 Promissory Note). The 2013 Promissory Note is secured and bears interest at 6% per annum 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 our common stock. In December 2019, the 2013 Promissory Note was modified to extend the maturity date to December 31, 2021, with all remaining terms unchanged. At March 31, 2021, the principal balance of the 2013 Promissory Note was $500,000 and accrued interest payable on the 2013 Promissory Note was $219,234. Interest expense recorded for the three months ended March 31, 2021, was $7,500. In April 2018, we borrowed $120,000 from our Chief Executive Officer and Chairman of the Board pursuant to a promissory note (the 2018 Promissory Note). The 2018 Promissory Note accrues interest at 6% per annum, which is payable upon maturity of the 2018 Promissory Note. The 2018 Promissory Note was originally unsecured and originally matured on August 1, 2018. At any time, the holder of the 2018 Promissory Note may elect to have any or all of the principal and accrued interest settled with shares of our 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 in June 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 in February 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 July 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, the note was modified to become secured by company assets, with all other provisions remaining unchanged. At March 31, 2021, accrued interest on the 2018 Promissory Note totaled $21,170. 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 $1,100,000, 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 with no interest charge. At March 31, 2021 balance on this refund is $308,570 and is included in short-term notes payable. On December 20, 2019, the Company entered into a promissory note agreement with four of the Company’s major shareholders (the 2019 Promissory Note). The 2019 Promissory Note authorizes the Company to borrow up to $1,000,000. As of December 31, 2019, the Company had borrowed $675,000 under the 2019 promissory note. In February 2020, the Company borrowed an additional $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 lenders were issued warrants totaling 30,000,000 warrants to purchase shares of the Company’s common stock at $0.045 per share (the Class O Warrants). The fair value of these Class O Warrants issued totaled $446,079 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 $315,643 which will be accreted to interest expense over the life of the 2019 Promissory Note. At March 31, 2021 accrued interest on the 2019 Promissory Note totaled $49,131. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies Dependence on Third Parties The production of High Specific Activity Cobalt is dependent upon the DOE, and its prime operating contractor, which controls the ATR and laboratory operations at the ATR located outside of Idaho Falls, Idaho. In October 2014, the Company signed a ten-year contract with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The Company will be able to purchase cobalt targets for a fixed price per target with an annual 5% escalation in price. The contract term is October 1, 2014, through September 30, 2024, however, the contract may be extended beyond that date. Also, the DOE may end the contract if it determines termination is necessary for the national defense, security or environmental safety of the United States. If this were to occur, all payments made by the Company, for partially irradiated undelivered cobalt material, would be refunded. Sales of our most predominant radiochemical products are dependent upon a few key suppliers. An interruption in production by any of these individual suppliers could have an immediate negative impact upon radiochemical sales until material can be purchased from alternate suppliers including obtaining regulatory approval to use material from alternative suppliers if necessary. Nuclear Medicine Reference and Calibration Standard manufacturing is conducted under an exclusive contract with RadQual, which in turn has an agreement in place with several companies for distributing the products. The radiochemical product sold by the Company is supplied to the Company through agreements with several suppliers. A loss of any of these customers or suppliers could adversely affect operating results by causing a delay in production or a possible loss of sales. Contingencies Because all the Company’s business segments involve the handling or use of radioactive material, the Company is required to have an operating license from the NRC and specially trained staff to handle these materials. The Company has amended this operating license numerous times to increase the amount of material permitted within the Company’s facility. Although this license does not currently restrict the volume of business operations performed or projected to be performed in the upcoming year, additional processing capabilities and license amendments could be implemented that would permit processing of other reactor-produced radioisotopes by the Company. The financial assurance required by the NRC to support this license has been provided for with a surety bond held with North American Specialty Insurance Company which is supported by a restricted money market account held with Merrill Lynch in the amount of $830,683. In August 2011, the Company received land from Lea County, New Mexico, pursuant to a Project Participation Agreement (PPA), whereby the land was deeded to the Company for no monetary consideration. In return, the Company committed to construct a uranium de-conversion and Fluorine Extraction Process facility on the land. In order to retain title to the property, the Company was to begin construction of the de-conversion facility no later than December 31, 2014, and complete Phase I of the project and have hired at least 75 persons to operate the facility no later than December 31, 2015, although commercial operations need not have begun by that date. In 2015, the Company negotiated a modification to the PPA that extended the start of construction date to December 31, 2015, and the hiring milestone to December 31, 2016. Those dates were also not met. The Company has been in discussion with commercial companies possibly interested in purchasing rights to this project. Should those discussions come to fruition the Company plans to negotiate a second modification to the PPA agreement to further extend the commitment dates. If the Company is not successful in reaching an amendment to extend the performance dates in the PPA. then it may, at its sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. The Company has not recorded the value of this property as an asset and will not do so until such time that sufficient progress on the project has been made to meet the Company’s obligations under the agreements for permanent transfer of the title. On May 2, 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 supported the initial onsite contamination clean-up operations at that location and completed removal of the cesium source and Company equipment. The Company has reviewed the results of the DOE investigation into this event and has implemented appropriate corrective actions. Beginning in August 2019, the DOE assumed full control of the cleanup operations and assumed all the financial obligations associated with the contractors hired to carry out all of the facility recovery operations. On January 5, 2021, the Company was notified by the DOE that they have been indemnified from any financial liability for this event under the Price Anderson Act (PAA). As part of this indemnification notification, the Company received payment in full for its claim with the DOE for recovery of certain expenses incurred for this event. The Company recognized Other Income of approximately $112,000 in the three months ended March 31, 2021 for additional cost recoveries for this event. All remaining cost recoveries as part of this settlement with the DOE were recognized in previous financial periods pursuant to ASC 410-30. The Company used these funds to pay all outstanding subcontractors and reimburse their insurance company for payments they previous paid the Company for this matter. The Company is actively pursuing a final settlement with its insurance company regarding this claim as of the date of this filing. The Company’s corrective actions for this event included termination of all field service activities and removal of these activities from the Company’s NRC license. The Company believes that the loss in revenue resulting from suspension of radiological field service work will be compensated for by increased revenues in the Company’s remaining business segments. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | (9) Revenue Recognition Revenue from Product Sales The following tables present the Company’s revenue disaggregated by business segment and geography, based on management’s assessment of available data: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 541,715 $ 119,462 $ 661,177 33 % $ 668,591 $ 86,630 $ 755,221 32 % Cobalt Products 118,373 — 118,373 6 % 305,620 — 305,620 13 % Nuclear Medicine Products 952,599 176,560 1,129,159 57 % 867,604 174,520 1,042,124 45 % Radiological Services 61,790 — 61,790 3 % 72,321 — 72,321 3 % Fluorine Products 22,013 — 22,013 1 % 160,500 — 160,500 7 % $ 1,696,490 $ 296,022 $ 1,992,512 100 % $ 2,074,636 $ 261,150 $ 2,335,786 100 % The Company’s revenue consists primarily of calibration and reference standards manufactured for use in the nuclear medicine industry, distribution of radiochemicals including sodium iodide I-131 drug product, and cobalt source manufacturing. 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 condensed consolidated balance sheets and classified under current or long-term liabilities, depending upon estimated ship dates. For the three months ended March 31, 2021, the Company reported current unearned revenue of $1,229,193. For the period ended December 31, 2020, the Company reported current unearned revenue of $1,160,274. Contract Balances The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of March 31, 2021, and December 31, 2020, accounts receivable totaled $1,094,123 and $796,128, respectively. For the three months ended March 31, 2021, the Company did not incur material impairment losses with respect to its receivables. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | (10) 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. Three Months Ended March 31, 2021 2020 Operating lease costs $ 62,214 $ 68,400 Short-term operating lease costs 2,258 8,876 Financing lease expense: Amortization of right-of-use assets 1,503 577 Interest on lease liabilities 531 222 Total financing lease expense 2,034 799 Total lease expense $ 66,506 $ 78,075 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,603 $ 2,649,070 Right-of-use assets obtained in exchange for new financing lease liabilities $ — $ — Weighted-average remaining lease term (years) - operating leases 13.8 14.8 Weighted-average remaining lease term (years) - financing leases 2.8 4.7 Weighted-average discount rate - operating leases 6.75 % 6.75 % Weighted-average discount rate - financing leases 8.80 % 6.75 % The future minimum payments under these operating lease agreements are as follows: Operating Financing 2021 (excluding the three-months ended March 31, 2021) $ 196,549 $ 7,230 2022 285,159 9,641 2023 287,108 5,881 2024 287,108 2,929 2025 287,108 — Thereafter 2,599,409 — Total minimum operating lease obligations 3,942,441 25,681 Less-amounts representing interest (1,388,783 ) (2,887 ) Present value of minimum operating lease obligations 2,553,658 22,794 Current maturities (96,816 ) (7,968 ) Lease obligations, net of current maturities $ 2,456,842 $ 14,826 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | (11) Segment Information The Company has five reportable segments which include: Nuclear Medicine Standards, Cobalt Products, Radiochemical Products, Fluorine Products, and Radiological Services. Information regarding the operations and assets of these reportable business segments is contained in the following table: Three months ended March 31, Sale of Product 2021 2020 Radiochemical Products $ 661,177 $ 755,221 Cobalt Products 118,373 305,620 Nuclear Medicine Standards 1,129,159 1,042,124 Radiological Services 61,790 72,321 Fluorine Products 22,013 160,500 Total Segments 1,992,512 2,335,786 Corporate revenue — — Total Consolidated $ 1,992,512 $ 2,335,786 Three months ended March 31, Depreciation and Amortization 2021 2020 Radiochemical Products $ 79,547 $ 10,354 Cobalt Products 13,639 8,761 Nuclear Medicine Standards 16,370 15,989 Radiological Services 252 8,636 Fluorine Products 26,095 26,095 Total Segments 135,903 69,835 Corporate depreciation and amortization 4,299 4,782 Total Consolidated $ 140,202 $ 74,617 Three months ended March 31, Segment Income (Loss) 2021 2020 Radiochemical Products $ 4,425 $ 5,619 Cobalt Products (30,097 ) 123,796 Nuclear Medicine Standards 210,911 185,301 Radiological Services 52,407 (14,929 ) Fluorine Products (33,514 ) 122,870 Total Segments 204,132 422,657 Corporate loss (805,284 ) (845,151 ) Net Income (Loss) $ (601,152 ) $ (422,494 ) Three months ended March 31, Expenditures for Segment Assets 2021 2020 Radiochemical Products $ 3,103 $ — Cobalt Products 16,592 — Nuclear Medicine Standards 135,000 — Radiological Services — — Fluorine Products 4,060 1,565 Total Segments 158,755 1,565 Corporate purchases — — Total Consolidated $ 158,755 $ 1,565 March 31, December 31, Segment Assets 2021 2020 Radiochemical Products $ 3,007,946 $ 2,916,442 Cobalt Products 724,988 743,127 Nuclear Medicine Standards 2,326,975 2,052,220 Radiological Services 14,937 60,696 Fluorine Products 5,346,138 5,371,506 Total Segments 11,420,984 11,143,991 Corporate assets 4,543,801 5,952,758 Total Consolidated $ 15,964,785 $ 17,096,749 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (12) Subsequent Events In April 2021, the Company entered into a promissory note agreement with two of its major shareholders, pursuant to which it borrowed $250,000 (the 2021 Promissory Note). The 2021 Promissory Note is secured and bears interest at 6% per annum and is due December 2022. According to the terms of the 2021 Promissory Note, at any time, the lenders may settle any or all of the principal and accrued interest with shares of our common stock. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Interim Financial Information | Interim Financial Information – |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share - Basic and Diluted (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Common Stock Equivalents | The table below summarizes common stock equivalents outstanding at March 31, 2021 and 2020: March 31, 2021 2020 Stock options 18,252,500 23,655,000 Warrants 7,065,000 50,090,000 850 Shares of Series B redeemable convertible preferred stock 425,000 425,000 4,213 Shares of Series C redeemable convertible preferred stock 41,880,000 42,130,000 67,622,500 116,300,000 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Raw materials $ 33,609 $ 33,609 Work in process 790,801 803,171 Finished goods 1,980 1,007 $ 826,390 $ 837,787 |
Stockholders' Equity, Options_2
Stockholders' Equity, Options and Warrants (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Share-Based Compensation Stock Option Activity | Option awards outstanding as of March 31, 2021, and changes during the three months ended March 31, 2021, were as follows: Fixed Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2020 20,400,000 $ 0.06 Granted 125,000 $ 0.05 Exercised (2,062,500 ) $ 0.04 Expired — $ — Forfeited (210,000 ) $ 0.07 Outstanding at March 31, 2021 18,252,500 $ 0.05 5.5 $ 1,195,500 Exerciseable at March 31, 2021 14,955,000 $ 0.05 5.0 $ 992,550 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Sales from Contracts with Customers Disaggregated by Business Segment and Geography | The following tables present the Company’s revenue disaggregated by business segment and geography, based on management’s assessment of available data: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 U.S. Outside U.S. Total Revenues % of Total Revenues U.S. Outside U.S. Total Revenues % of Total Revenues Radiochemical Products $ 541,715 $ 119,462 $ 661,177 33 % $ 668,591 $ 86,630 $ 755,221 32 % Cobalt Products 118,373 — 118,373 6 % 305,620 — 305,620 13 % Nuclear Medicine Products 952,599 176,560 1,129,159 57 % 867,604 174,520 1,042,124 45 % Radiological Services 61,790 — 61,790 3 % 72,321 — 72,321 3 % Fluorine Products 22,013 — 22,013 1 % 160,500 — 160,500 7 % $ 1,696,490 $ 296,022 $ 1,992,512 100 % $ 2,074,636 $ 261,150 $ 2,335,786 100 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Expense | Three Months Ended March 31, 2021 2020 Operating lease costs $ 62,214 $ 68,400 Short-term operating lease costs 2,258 8,876 Financing lease expense: Amortization of right-of-use assets 1,503 577 Interest on lease liabilities 531 222 Total financing lease expense 2,034 799 Total lease expense $ 66,506 $ 78,075 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,603 $ 2,649,070 Right-of-use assets obtained in exchange for new financing lease liabilities $ — $ — Weighted-average remaining lease term (years) - operating leases 13.8 14.8 Weighted-average remaining lease term (years) - financing leases 2.8 4.7 Weighted-average discount rate - operating leases 6.75 % 6.75 % Weighted-average discount rate - financing leases 8.80 % 6.75 % |
Schedule of Future Minimum Payments of Lease Liabilities | The future minimum payments under these operating lease agreements are as follows: Operating Financing 2021 (excluding the three-months ended March 31, 2021) $ 196,549 $ 7,230 2022 285,159 9,641 2023 287,108 5,881 2024 287,108 2,929 2025 287,108 — Thereafter 2,599,409 — Total minimum operating lease obligations 3,942,441 25,681 Less-amounts representing interest (1,388,783 ) (2,887 ) Present value of minimum operating lease obligations 2,553,658 22,794 Current maturities (96,816 ) (7,968 ) Lease obligations, net of current maturities $ 2,456,842 $ 14,826 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Information regarding the operations and assets of these reportable business segments is contained in the following table: Three months ended March 31, Sale of Product 2021 2020 Radiochemical Products $ 661,177 $ 755,221 Cobalt Products 118,373 305,620 Nuclear Medicine Standards 1,129,159 1,042,124 Radiological Services 61,790 72,321 Fluorine Products 22,013 160,500 Total Segments 1,992,512 2,335,786 Corporate revenue — — Total Consolidated $ 1,992,512 $ 2,335,786 Three months ended March 31, Depreciation and Amortization 2021 2020 Radiochemical Products $ 79,547 $ 10,354 Cobalt Products 13,639 8,761 Nuclear Medicine Standards 16,370 15,989 Radiological Services 252 8,636 Fluorine Products 26,095 26,095 Total Segments 135,903 69,835 Corporate depreciation and amortization 4,299 4,782 Total Consolidated $ 140,202 $ 74,617 Three months ended March 31, Segment Income (Loss) 2021 2020 Radiochemical Products $ 4,425 $ 5,619 Cobalt Products (30,097 ) 123,796 Nuclear Medicine Standards 210,911 185,301 Radiological Services 52,407 (14,929 ) Fluorine Products (33,514 ) 122,870 Total Segments 204,132 422,657 Corporate loss (805,284 ) (845,151 ) Net Income (Loss) $ (601,152 ) $ (422,494 ) Three months ended March 31, Expenditures for Segment Assets 2021 2020 Radiochemical Products $ 3,103 $ — Cobalt Products 16,592 — Nuclear Medicine Standards 135,000 — Radiological Services — — Fluorine Products 4,060 1,565 Total Segments 158,755 1,565 Corporate purchases — — Total Consolidated $ 158,755 $ 1,565 March 31, December 31, Segment Assets 2021 2020 Radiochemical Products $ 3,007,946 $ 2,916,442 Cobalt Products 724,988 743,127 Nuclear Medicine Standards 2,326,975 2,052,220 Radiological Services 14,937 60,696 Fluorine Products 5,346,138 5,371,506 Total Segments 11,420,984 11,143,991 Corporate assets 4,543,801 5,952,758 Total Consolidated $ 15,964,785 $ 17,096,749 |
The Company and Basis of Pres_2
The Company and Basis of Presentation (Details Narrative) | Mar. 31, 2021 | Aug. 31, 2017 |
TI Services, LLC | ||
Ownership interest, percentage by parent | 50.00% | |
RadQual, LLC | ||
Ownership interest, percentage by parent | 24.50% | |
RadQual, LLC | Affiliates of the Company | ||
Ownership interest, percentage by parent | 75.50% |
Current Developments and Liqu_2
Current Developments and Liquidity (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net (loss) income attributable to International Isotopes Inc. | $ (601,152) | $ (422,494) |
Net cash (used in) provided by operating activities | $ (293,296) | $ (88,240) |
Operating license term, description | NRC license for the de-conversion facility is a 40 year operating license. |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Basic and Diluted - Schedule of Common Stock Equivalents (Details) - shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Common stock equivalents of options, outstanding | 18,252,500 | 23,655,000 | 20,400,000 |
Warrants, outstanding | 7,065,000 | 50,090,000 | |
Common stock equivalents | 67,622,500 | 116,300,000 | |
Series B Convertible Redeemable Preferred Stock | |||
Redeemable convertible preferred stock, outstanding | 850 | 850 | |
Weighted average shares, outstanding | 425,000 | 425,000 | |
Series C Redeemable Convertible Preferred Stock | |||
Redeemable convertible preferred stock, outstanding | 4,188 | ||
Weighted average shares, outstanding | 41,880,000 | 42,130,000 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Basic and Diluted (Details Narrative) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Series B Convertible Redeemable Preferred Stock | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 850 | 850 |
Series C Redeemable Convertible Preferred Stock | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 4,188 | 4,213 |
Stock Options | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 18,252,500 | 23,655,000 |
Warrants | ||
Stock equivalents excluded from the computation of diluted net loss per common share | 7,065,000 | 50,090,000 |
Investment and Business Conso_2
Investment and Business Consolidation (Details Narrative) - RadQual, LLC | Mar. 31, 2021 | Aug. 31, 2017 |
Ownership interest, percentage by parent | 24.50% | |
Affiliates of the Company | ||
Ownership interest, percentage by parent | 75.50% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory, Net, Items Net of Reserve | ||
Raw materials | $ 33,609 | $ 33,609 |
Work in process | 790,801 | 803,171 |
Finished goods | 1,980 | 1,007 |
Total inventory | $ 826,390 | $ 837,787 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Inventory, Work in Process and Raw Materials | |||
Inventory, cobalt-60 isotopes, carrying value | $ 380,257 | $ 383,312 | |
Approximate revenue from contract with customer | $ 7,800 | $ 11,000 |
Shareholders' Equity, Options a
Shareholders' Equity, Options and Warrants - Schedule of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding | |
Stock options outstanding, beginning of period | shares | 20,400,000 |
Stock options, granted | shares | 125,000 |
Stock options, exercised | shares | (2,062,500) |
Stock options, expired | shares | |
Stock options, forfeited | shares | (210,000) |
Stock options outstanding, end of period | shares | 18,252,500 |
Stock options exercisable, end of period | shares | 14,955,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | |
Weighted average exercise price outstanding, beginning of period | $ / shares | $ 0.06 |
Weighted average exercise price, granted | $ / shares | 0.05 |
Weighted average exercise price, exercised | $ / shares | 0.04 |
Weighted average exercise priced, expired | $ / shares | |
Weighted average exercise priced, forfeited | $ / shares | 0.07 |
Weighted average exercise price outstanding, end of period | $ / shares | 0.05 |
Weighted average exercise price exercisable, end of period | $ / shares | $ 0.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | |
Weighted average remaining contractual life outstanding, end of period | 5 years 6 months |
Weighted average remaining contractual life exercisable, end of period | 5 years |
Average intrinsic value outstanding, end of period | $ | $ 1,195,500 |
Average intrinsic value, exercisable, end of period | $ | $ 992,550 |
Shareholders' Equity, Options_2
Shareholders' Equity, Options and Warrants - Employee Stock Purchase Plan (Details Narrative) - Employee Stock Purchase Plan - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares available for issuance | 2,994,550 | |
Shares issued during period | 105,361 | 156,845 |
Proceeds from issuance of shares during the period | $ 4,478 | $ 6,666 |
Shareholders' Equity, Options_3
Shareholders' Equity, Options and Warrants - Stock-Based Compensation Plans (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Warrants outstanding | 7,065,000 | 50,090,000 | ||
Mandatorily redeemable convertible preferred stock | $ 850,000 | $ 4,913,421 | ||
Stock options, exercised | (2,062,500) | |||
Stock options, granted | 125,000 | |||
Series B Convertible Redeemable Preferred Stock | ||||
Preferred stock outstanding | 850 | 850 | ||
Redemption date | May 31, 2022 | |||
Redemption price per share | $ 1,000 | |||
Mandatorily redeemable convertible preferred stock | $ 850,000 | |||
Convertible preferred stock convertible into common stock | 425,000 | |||
Conversion price per share | $ 2 | |||
Series C Redeemable Convertible Preferred Stock | ||||
Preferred stock outstanding | 4,188 | |||
Redemption date | Feb. 28, 2022 | |||
Redemption price per share | $ 1,000 | |||
Number of preferred shares, converted | 25 | |||
Shares issued as a result of conversion of preferred stock | 25,000 | |||
Preferred stock dividend rate | 6.00% | |||
Conversion price per share | $ 0.10 | |||
Dividends paid | $ 254,280 | $ 251,280 | ||
Value of shares issued in lieu of dividend payment | 207,480 | $ 204,480 | ||
Preferred stock dividend, settlement in cash | $ 46,800 | |||
Common stock issued in lieu of dividend | 1,398,200 | 3,408,000 | ||
Class O Warrants and Class M Warrants | ||||
Net shares issued | 32,621,409 | |||
Shares withheld to satisfy the exercise price | 10,403,591 | |||
Class M Warrants | ||||
Warrants exercised | 13,025,000 | |||
Warrants outstanding | 4,140,000 | 17,165,000 | ||
Exercise price of warrants | $ 0.12 | $ 0.12 | ||
Maturity date of warrants | Feb. 17, 2022 | Feb. 17, 2022 | ||
Class N Warrants | ||||
Warrants outstanding | 2,925,000 | 2,925,000 | ||
Exercise price of warrants | $ 0.10 | $ 0.10 | ||
Maturity date of warrants | May 12, 2022 | May 12, 2022 | ||
Class O Warrants | ||||
Warrants exercised | 30,000,000 | |||
Warrants outstanding | 30,000,000 | |||
Exercise price of warrants | $ 0.045 | |||
Maturity date of warrants | Dec. 30, 2024 | |||
2015 Incentive Plan | ||||
Additional shares authorized | [1] | 20,000,000 | ||
Shares available for issuance | 37,204,004 | |||
2015 Incentive Plan | Chief Executive Officer | ||||
Shares issued | 195,804 | |||
Shares issued, value | $ 28,000 | |||
Net shares issued | 118,315 | |||
Shares issued, price per share | $ 0.143 | |||
Shares withheld to satisfy payroll tax liabilities | 77,489 | |||
Compensation expense | $ 14,198 | |||
Qualified Stock Options | ||||
Net shares issued | 1,799,107 | |||
Shares withheld to satisfy payroll tax liabilities | 263,393 | |||
Stock options, exercised | (2,062,500) | |||
Stock options, granted | 125,000 | |||
Stock options, vesting period | 5 years | |||
Intrinsic value, per share | $ 0.05 | |||
Fair value of options | $ 3,280 | |||
Risk free interest rate, minimum | 0.46% | |||
Risk free interest rate, maximum | 0.78% | |||
Expected volatility, minimum | 52.52% | |||
Expected volatility, maximum | 55.63% | |||
Qualified Stock Options | Minimum | ||||
Expected life | 5 years 3 months | |||
Qualified Stock Options | Maximum | ||||
Expected life | 7 years 3 months | |||
[1] | In July 2018, the Plan was amended and restated to increase the number of shares authorized for issuance by an additional 20,000,000. |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2013 | Dec. 31, 2020 | |
Interest rate | 5.00% | |||||
Maturity date | Mar. 30, 2023 | |||||
Note payable, related party | $ 551,536 | $ 487,470 | ||||
Purchase of equipment | 158,755 | $ 1,565 | ||||
Note Agreement | ||||||
Note payable | $ 308,570 | $ 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 $1,100,000, 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 with no interest charge. | |||||
2013 Promissory Note | Former Chairman of the Board | ||||||
Maturity date | Dec. 31, 2021 | Jun. 30, 2014 | ||||
Note payable, related party | $ 500,000 | $ 500,000 | ||||
Accrued interest | 219,234 | |||||
Note payable, related party, interest rate | 6.00% | |||||
Interest expense | 7,500 | |||||
2018 Promissory Note | Chief Executive Officer and Chairman of the Board | ||||||
Accrued interest | 21,170 | |||||
Note payable, related party, interest rate | 6.00% | |||||
Note payable, related party, maturity date | Dec. 31, 2021 | Mar. 31, 2019 | ||||
Promissory note | $ 120,000 | |||||
2019 Promissory Note | Major Shareholders | ||||||
Available borrowings | $ 1,000,000 | |||||
Proceeds from borrowings | 325,000 | $ 675,000 | ||||
Accrued interest | $ 49,131 | |||||
Note payable, related party, interest rate | 4.00% | |||||
Note payable, related party, maturity date | Dec. 31, 2022 | |||||
Warrants issued | 30,000,000 | |||||
Warrants, exercise price | $ 0.045 | |||||
Fair value, warrants | $ 446,079 | |||||
Beneficial conversion feature | $ 315,643 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2014 | Aug. 31, 2011 | Mar. 31, 2021 | |
Restricted cash | $ 830,683 | ||
Other commitments, description | In October 2014, the Company signed a ten-year contract with the DOE for the irradiation of cobalt targets for the production of cobalt-60. The Company will be able to purchase cobalt targets for a fixed price per target with an annual 5% escalation in price. The contract term is October 1, 2014, through September 30, 2024, however, the contract may be extended beyond that date. Also, the DOE may end the contract if it determines termination is necessary for the national defense, security or environmental safety of the United States. If this were to occur, all payments made by the Company, for partially irradiated undelivered cobalt material, would be refunded. | In August 2011, the Company received land from Lea County, New Mexico, pursuant to a Project Participation Agreement (PPA), whereby the land was deeded to the Company for no monetary consideration. In return, we committed to construct a uranium de-conversion and Fluorine Extraction Process (FEP) facility on the land. In order to retain title to the property, we were to begin construction of the de-conversion facility no later than December 31, 2014, and complete Phase I of the project and have hired at least 75 persons to operate the facility no later than December 31, 2015, although commercial operations need not have begun by that date. In 2015, the Company negotiated a modification to the PPA agreement that extended the start of construction date to December 31, 2015, and the hiring milestone to December 31, 2016. Those dates were not met and the Company is currently in the process of renegotiating a second modification to the agreement to further extend those dates. If the Company is not successful in extending the performance dates in the agreement then it may, at its sole option, either purchase or re-convey the property to Lea County, New Mexico. The purchase price of the property would be $776,078, plus interest at the annual rate of 5.25% from the date of the closing to the date of payment. The Company has not recorded the value of this property as an asset and will not do so until such time that sufficient progress on the project has been made to meet our obligations under the agreements for permanent transfer of the title. | |
Contamination Event | |||
Other income | $ 112,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Sales from Contracts with Customers by Business Segment and Geography (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,992,512 | $ 2,335,786 |
Percent of total revenues | 100.00% | 100.00% |
U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,696,490 | $ 2,074,636 |
Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 296,022 | 261,150 |
Radiochemical Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 661,177 | $ 755,221 |
Percent of total revenues | 33.00% | 32.00% |
Radiochemical Products | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 541,715 | $ 668,591 |
Radiochemical Products | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 119,462 | 86,630 |
Cobalt Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 118,373 | $ 305,620 |
Percent of total revenues | 6.00% | 13.00% |
Cobalt Products | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 118,373 | $ 305,620 |
Cobalt Products | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Nuclear Medicine Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,129,159 | $ 1,042,124 |
Percent of total revenues | 57.00% | 45.00% |
Nuclear Medicine Products | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 952,599 | $ 867,604 |
Nuclear Medicine Products | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 176,560 | 174,520 |
Radiological Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 61,790 | $ 72,321 |
Percent of total revenues | 3.00% | 3.00% |
Radiological Services | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 61,790 | $ 72,321 |
Radiological Services | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Fluorine Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 22,013 | $ 160,500 |
Percent of total revenues | 1.00% | 7.00% |
Fluorine Products | U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 22,013 | $ 160,500 |
Fluorine Products | Outside U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Unearned revenue, current | $ 1,229,193 | $ 1,160,274 |
Accounts receivable | $ 1,094,123 | $ 796,128 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease costs | $ 62,214 | $ 68,400 |
Short-term operating lease costs | 2,258 | 8,876 |
Finance lease expense: | ||
Amortization of right-of-use assets | 1,503 | 577 |
Interest on lease liabilities | 531 | 222 |
Total financing lease expense | 2,034 | 799 |
Total lease expense | 66,506 | 78,075 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 1,603 | 2,649,070 |
Right-of-use assets obtained in exchange for new financing lease liabilities | ||
Weighted-average remaining lease term (years) - operating leases | 13 years 9 months | 14 years 9 months |
Weighted-average remaining lease term (years) - financing leases | 2 years 9 months | 4 years 7 months |
Weighted-average discount rate - operating leases | 6.75% | 6.75% |
Weighted-average discount rate - financing leases | 8.80% | 6.75% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments of Lease Liabilities (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Leases Liability | ||
2021 (excluding the three-months ended March 31, 2021) | $ 196,549 | |
2022 | 285,159 | |
2023 | 287,108 | |
2024 | 287,108 | |
2025 | 287,108 | |
Thereafter | 2,599,409 | |
Total minimum operating lease obligations | 3,942,441 | |
Less-amount representing interest | (1,388,783) | |
Present value of minimum operating lease obligations | 2,553,658 | |
Current maturities | (96,816) | $ (86,494) |
Lease obligations, net of current maturities | 2,456,842 | 2,484,359 |
Finance Leases Liability | ||
2021 (excluding the three-months ended March 31, 2021) | 7,230 | |
2022 | 9,641 | |
2023 | 5,881 | |
2024 | 2,929 | |
2025 | ||
Thereafter | ||
Total minimum finance lease obligations | 25,681 | |
Less-amount representing interest | (2,887) | |
Present value of minimum finance lease obligations | 22,794 | |
Current maturities | (7,968) | (7,786) |
Lease obligations, net of current maturities | $ 14,826 | $ 16,888 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Sale of Product | $ 1,992,512 | $ 2,335,786 | |
Depreciation and Amortization | 140,202 | 74,617 | |
Segment Income (Loss) | (601,152) | (422,494) | |
Expenditures for Segment Assets | 158,755 | 1,565 | |
Segment Assets | 15,964,785 | $ 17,096,749 | |
Radiochemical Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 661,177 | 755,221 | |
Cobalt Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 118,373 | 305,620 | |
Radiological Services | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 61,790 | 72,321 | |
Fluorine Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 22,013 | 160,500 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 1,992,512 | 2,335,786 | |
Depreciation and Amortization | 135,903 | 69,835 | |
Segment Income (Loss) | 204,132 | 422,657 | |
Expenditures for Segment Assets | 158,755 | 1,565 | |
Segment Assets | 11,420,984 | 11,143,991 | |
Operating Segments | Radiochemical Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 661,177 | 755,221 | |
Depreciation and Amortization | 79,547 | 10,354 | |
Segment Income (Loss) | 4,425 | 5,619 | |
Expenditures for Segment Assets | 3,103 | ||
Segment Assets | 3,007,946 | 2,916,442 | |
Operating Segments | Cobalt Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 118,373 | 305,620 | |
Depreciation and Amortization | 13,639 | 8,761 | |
Segment Income (Loss) | (30,097) | 123,796 | |
Expenditures for Segment Assets | 16,592 | ||
Segment Assets | 724,988 | 743,127 | |
Operating Segments | Nuclear Medicine Standards | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 1,129,159 | 1,042,124 | |
Depreciation and Amortization | 16,370 | 15,989 | |
Segment Income (Loss) | 210,911 | 185,301 | |
Expenditures for Segment Assets | 135,000 | ||
Segment Assets | 2,326,975 | 2,052,220 | |
Operating Segments | Radiological Services | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 61,790 | 72,321 | |
Depreciation and Amortization | 252 | 8,636 | |
Segment Income (Loss) | 52,407 | (14,929) | |
Expenditures for Segment Assets | |||
Segment Assets | 14,937 | 60,696 | |
Operating Segments | Fluorine Products | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | 22,013 | 160,500 | |
Depreciation and Amortization | 26,095 | 26,095 | |
Segment Income (Loss) | (33,514) | 122,870 | |
Expenditures for Segment Assets | 4,060 | 1,565 | |
Segment Assets | 5,346,138 | 5,371,506 | |
Corporate Allocation | |||
Segment Reporting Information [Line Items] | |||
Sale of Product | |||
Depreciation and Amortization | 4,299 | 4,782 | |
Segment Income (Loss) | (805,284) | (845,151) | |
Expenditures for Segment Assets | |||
Segment Assets | $ 4,543,801 | $ 5,952,758 |
Segment Information (Details Na
Segment Information (Details Narrative) | 3 Months Ended |
Mar. 31, 2021Number | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Subsequent Event [Line Items] | |||
Proceeds from issuance of debt | $ 101,250 | $ 325,000 | |
Interest rate | 5.00% | ||
Maturity date | Mar. 30, 2023 | ||
Subsequent Event | 2021 Promissory Note | |||
Subsequent Event [Line Items] | |||
Proceeds from issuance of debt | $ 250,000 | ||
Interest rate | 6.00% | ||
Maturity date | Dec. 31, 2022 |