Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Trading Symbol | ltbr | |
Entity Registrant Name | LIGHTBRIDGE Corp | |
Entity Central Index Key | 1084554 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18,082,874 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $3,171,530 | $4,220,225 |
Restricted cash | 325,341 | 325,181 |
Accounts receivable - project revenue and reimbursable project costs | 318,383 | 469,086 |
Prepaid expenses & other current assets | 319,494 | 205,184 |
Total Current Assets | 4,134,748 | 5,219,676 |
Property Plant and Equipment -net | 0 | 0 |
Other Assets | ||
Patent costs - net | 852,862 | 833,560 |
Total Assets | 4,987,610 | 6,053,236 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 586,685 | 653,669 |
Total Current Liabilities | 586,685 | 653,669 |
Commitments and contingencies | 0 | 0 |
Stockholders' Equity | ||
Preferred stock, $0.001 par value, 50,000,000 authorized shares, no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 500,000,000 authorized, 18,082,874 shares outstanding at March 31, 2015 and December 31, 2014 | 18,083 | 18,083 |
Additional paid-in capital - stock and stock equivalents | 81,358,020 | 81,276,339 |
Deficit | -76,975,178 | -75,894,854 |
Total Stockholders' Equity | 4,400,925 | 5,399,568 |
Total Liabilities and Stockholders' Equity | $4,987,610 | $6,053,237 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (PARENTHETICAL) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Par Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 18,082,874 | 18,082,874 |
Common Stock, Shares, Outstanding | 18,082,874 | 18,082,874 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue: | ||
Consulting Revenue | $123,895 | $254,107 |
Cost of Consulting Services Provided | 57,391 | 125,012 |
Gross Margin | 66,504 | 129,095 |
Operating Expenses | ||
General and administrative | 931,643 | 1,131,419 |
Research and development expenses | 212,831 | 431,986 |
Total Operating Expenses | 1,144,474 | 1,563,405 |
Operating Loss | -1,077,970 | -1,434,310 |
Other Income and (Expenses) | ||
Investment income | 0 | 388 |
Other income (expenses) | -2,354 | 0 |
Total Other Income and (Expenses) | -2,354 | 388 |
Net loss before income taxes | -1,080,324 | -1,433,922 |
Income taxes | 0 | 0 |
Net loss | ($1,080,324) | ($1,433,922) |
Net Loss Per Common Share, Basic and Diluted | ($0.06) | ($0.10) |
Weighted Average Number of Shares Outstanding | 18,082,874 | 15,058,163 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Activities: | ||
Net Loss | ($1,080,324) | ($1,433,922) |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||
Stock-based compensation | 81,681 | 59,796 |
Loss on marketable securities | 0 | -434 |
Changes in non-cash operating working capital items: | ||
Accounts receivable - fees and reimbursable project costs | 150,703 | -81,822 |
Prepaid expenses and other current assets | -114,310 | -172,937 |
Accounts payable, accrued liabilities and other current liabilities | -66,983 | 160,113 |
Net Cash Used In Operating Activities | -1,029,233 | -1,469,206 |
Investing Activities: | ||
Patent costs | -19,302 | -26,420 |
Net Cash Used In Investing Activities | -19,302 | -26,420 |
Financing Activities: | ||
Restricted cash | -160 | -179 |
Net Cash Used In Financing Activities | -160 | -179 |
Net Decrease In Cash and Cash Equivalents | -1,048,695 | -1,495,805 |
Cash and Cash Equivalents, Beginning of Period | 4,220,225 | 3,672,877 |
Cash and Cash Equivalents, End of Period | 3,171,530 | 2,177,072 |
Cash paid during the year: | ||
Interest paid | 0 | 0 |
Income taxes paid | $0 | $0 |
Basis_of_Presentation_Summary_
Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations | 3 Months Ended | |
Mar. 31, 2015 | ||
Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations [Text Block] | Note 1. | Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations |
Basis of presentation | ||
The accompanying unaudited condensed consolidated financial statements of Lightbridge Corporation and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive consolidated financial statements and should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2014, included in our Annual Report on Form 10-K for the year ended December 31, 2014. | ||
In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three month period have been made. Results for the interim period presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms "Company,” "we,” "us" or "our" mean Lightbridge Corporation and all entities included in our consolidated financial statements. | ||
We were formed on October 6, 2006, when Thorium Power, Ltd. merged with Thorium Power, Inc., (“TPI”), which had been formed in the State of Delaware on January 8, 1992. On September 29, 2009, we changed our name from Thorium Power, Ltd. to Lightbridge Corporation (“Lightbridge” or the “Company”). We are engaged in two operating business segments: our Technology Business Segment and our Consulting Business Segment (see Note 8-Business Segment Results). | ||
Technology Business Segment | ||
Our primary business segment, based on future revenue potential, is to develop innovative, proprietary nuclear fuel designs which we expect will significantly enhance the nuclear power industry’s economics and increase power output. | ||
We are currently focusing our development efforts primarily on the metallic fuel with a power uprate of up to 10% and a 24 -month operating cycle in existing Westinghouse-type four-loop pressurized water reactors. Those reactors represent the largest segment of our global target market. Our metallic fuel could also be adapted for use in other types of water-cooled commercial power reactors, such as boiling water reactors, CANDU heavy water reactors, as well as water-cooled small modular reactors. | ||
On October 20, 2014, we announced the signing of an initial cooperation agreement with Canadian Nuclear Laboratories (“CNL”), formerly known as Atomic Energy of Canada Limited-Chalk River Laboratories, for fabrication of Lightbridge's patented next generation metallic nuclear fuel samples. Our plan is to work with CNL on fabrication of our fuel samples at their Chalk River facilities in Canada, with full irradiation of the fabricated fuel samples to be performed separately in a pressurized water loop of the Halden research reactor located in Halden, Norway. | ||
Consulting Business Segment | ||
Our business model expanded with the establishment of a consulting business segment in 2007, through which we provide consulting and strategic advisory services to companies and governments planning to create or expand electricity generation capabilities using nuclear power plants. On August 1, 2008, we signed separate consulting services agreements with two government entities: Emirates Nuclear Energy Corporation (“ENEC”) formed by Abu Dhabi, one of the member Emirates of the United Arab Emirates (“UAE”), and the Federal Authority for Nuclear Regulation (“FANR”) formed by the government of the UAE. Under these two original agreements, we have provided consulting and strategic advisory services over a contract term of five years starting from June 23, 2008. The ENEC contract has been extended through 2015. The FANR contract has been extended to December 31, 2016. These contracts can each continue to be extended upon agreement by both parties. | ||
On August 11, 2014, we were selected to provide quality assurance, safety and construction inspection services in support of the in-house inspection team of FANR. As a team with Lloyd’s Register, this work is in addition to our ongoing support of FANR’s activities. | ||
During the fourth quarter of 2014, we signed a contract with ENEC to provide management consulting services to their Seoul Korea office, on a time and material basis. | ||
Accounting Policies and Pronouncements | ||
Basis of Consolidation | ||
These consolidated financial statements include the accounts of Lightbridge, a Nevada corporation, and our wholly-owned subsidiaries, TPI, a Delaware corporation, Lightbridge International Holding LLC, a Delaware limited liability company, and our foreign branch offices. | ||
All significant intercompany transactions and balances have been eliminated in consolidation. We registered a branch office in the United Kingdom in 2008 called Lightbridge Advisors Limited (inactive) and we also established a branch office in Moscow, Russia, in July 2009, both of which are wholly owned by Lightbridge International Holding LLC at December 31, 2014. These branch offices will be closed in 2015. Translation gains and losses for the three months ended March 31, 2015 and 2014 were not significant. | ||
Use of Estimates and Assumptions | ||
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Significant Estimates | ||
These accompanying consolidated financial statements include some amounts that are based on management’s best estimates and judgments. The most significant estimates relate to valuation of stock grants and stock options, the valuation allowance on deferred tax assets and various contingent liabilities. It is reasonably possible that these above-mentioned estimates and others may be adjusted as more current information becomes available, and any adjustment could be significant in future reporting periods. It is also reasonably possible that the actual grant date value of the stock options vested might have been materially different than the estimated value. | ||
Certain Risks, Uncertainties and Concentrations | ||
We are an early stage company and will likely need additional funding by way of strategic alliances, further offerings of equity securities, an offering of debt securities, or a financing through a bank in order to support the remaining research and development activities required to further enhance and complete the development of our fuel products to a commercial stage. Currently, we are working on consulting revenue opportunities with the overall goal of increasing our profitability and cash flow. | ||
We participate in a government-regulated industry. Our operating results are affected by a wide variety of factors including decreases in the use or public favor of nuclear power, the ability of our technology to safeguard the production of nuclear power and our ability to safeguard our patents and intellectual property from competitors. Due to these factors, we may experience substantial period-to-period fluctuations in our future operating results. Potentially, a loss of a key officer, key management, and other personnel could impair our ability to successfully execute our business strategy, particularly when these individuals have acquired specialized knowledge and skills with respect to nuclear power and our operations. | ||
Our future operations and earnings currently depend on the results of the Company’s operations outside the United States. There can be no assurance that the Company will be able to successfully continue to conduct such operations, and a failure to do so would have a material adverse effect on the Company’s research and development activities, financial position, results of operations, and cash flows. Also, the success of the Company’s operations will be subject to other numerous contingencies, some of which are beyond management’s control. These contingencies include general and regional economic conditions, competition, changes in regulations, changes in accounting and taxation standards, inability to achieve overall long-term goals, future impairment charges and global or regional catastrophic events. Because the Company is dependent on its international operations for almost all its revenue, the Company may be subject to various additional political, economic, and other uncertainties. | ||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash equivalents and accounts receivable. Cash equivalents consist of a checking account held with one major financial institution with a high credit standing. | ||
Accounts receivable are typically unsecured and are primarily derived from revenues earned from customers located in the Middle East. We perform ongoing evaluations to determine customer credit and we limit the amount of credit we extend, but generally we do not require collateral from our customers. We maintain reserves for estimated credit losses; however, no reserve has been set up at March 31, 2015 and 2014, as we have not incurred any credit losses from our customers to date. Approximately 36% and 85% of our consulting revenues were from our ENEC and FANR contracts for the three months ended March 31, 2015 and 2014, respectively. | ||
Revenue Recognition | ||
Consulting Business Segment | ||
At the present time, we derive all of our revenue from our consulting and strategic advisory services business segment, by offering consulting services to governments outside the United States planning to create or expand electricity generation capabilities using nuclear power plants. Our fee structure for each client engagement is dependent on a number of variables, including the size of the client, the complexity, the level of the opportunity for us to improve the client’s electrical generation capabilities using nuclear power plants, and other factors. The accounting policy we use to recognize revenue depends on the terms and conditions of the specific contract. | ||
Revenues from the Executive Affairs Authority (“EAA”) of Abu Dhabi, one of the member Emirates of the UAE, and the related entities, ENEC and FANR, are billed on both a time and expense basis and on a fixed contract basis with revenue recognized based on the acceptance of defined contract deliverables. | ||
Certain customer arrangements require evaluation of the criteria outlined in the accounting standards for reporting revenue “ Gross as a Principal Versus Net as an Agent ” in determining whether it is appropriate to record the gross amount of revenue and related costs, or the net amount earned as agent fees. Generally, when we are primarily obligated in a transaction, revenue is recorded on a gross basis. | ||
Other factors that we consider in determining whether to recognize revenue on a gross versus net basis include our assumption of credit risk, latitude in establishing prices, our determination of service specifications, and our involvement in the provision of services. We have determined, based on the credit risk that we bear for collecting consulting fees, travel costs, and other reimbursable costs from our customers, that in 2015 and 2014 we acted as a principal, and therefore we are recognizing as revenue all travel costs and other reimbursable costs billed to our customers. | ||
Cost of consulting services includes labor, travel expenses, and other related consulting costs. All costs directly related to producing work under certain consulting agreements where revenue is recognized upon acceptance of certain contractual milestones by our customer, are first capitalized as deferred project costs. Deferred project costs are then recognized or amortized to an expense captioned “cost of consulting services provided” on the accompanying consolidated statement of operations, when the revenue is recognized upon the delivery and acceptance of the defined contractual milestones or deliverables. | ||
Technology Business Segment | ||
Once our nuclear fuel designs have advanced to a commercially usable stage by a fuel fabricator and/or nuclear plant owner/operator, we will seek to license our technology to them or to major government contractors working for the applicable government. We expect that our revenue from these license fees will be recognized on a straight-line basis over the expected period of the related license term. | ||
Stock-Based Compensation | ||
The stock-based compensation expense incurred by Lightbridge for employees and directors in connection with its stock option plan is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as, “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. Tax Regulations.” Our advisory board members and consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. | ||
ASC 505-50-30-11 (previously EITF 96-18) further provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date: | ||
i. | The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and | |
ii. | The date at which the counterparty’s performance is complete. | |
We have elected to use the Black-Scholes pricing model to determine the fair value of stock options on the measurement date of the grant. Restricted stock units are measured based on the fair market values of the underlying stock on the measurement date of the grant. Shares that are issued to officers on the exercise dates of their stock options may be issued net of the statutory withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number of shares exercised under the stock option. We recognize stock-based compensation using the straight-line method. | ||
For the three months ended March 31, 2015 and 2014, we recognized stock-based compensation of approximately $0.1 million. Related income tax benefits were not recognized, as we incurred a tax loss for both years. | ||
Fair Value of Financial Instruments | ||
The carrying amounts of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities, approximate fair value because of their generally short maturities. We carry marketable securities at fair value. | ||
Cash and Cash Equivalents and Restricted Cash | ||
We invest our excess cash in money market mutual funds, and mutual bond funds. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. We hold cash balances in excess of the federally insured limits of $250,000 with one prominent financial institution. We deem this credit risk not to be significant as our cash is held by a major prominent financial institution. Total cash and cash equivalents held in checking accounts and a money market core cash account, as reported on the accompanying consolidated balance sheets, totaled approximately $3.2 million and $4.2 million at March 31, 2015 and December 31, 2014, respectively. | ||
Restricted cash represents cash being held by the same prominent financial institution that is being used as collateral for our corporate credit cards and future letters of credit that we may issue to some of our foreign customers. The total balance of our restricted cash at March 31, 2015 and December 31, 2014, was approximately $0.3 million. | ||
Trade Accounts Receivable | ||
We record accounts receivable at the invoiced amount and we do not charge interest. We review the accounts receivable by amounts due from customers which are past due, to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, we make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. We will also maintain a sales allowance to reserve for potential credits issued to customers. We will determine the amount of the reserve based on historical credits issued. | ||
There was no provision for doubtful accounts recorded at March 31, 2015 and December 31, 2014, as we have not experienced any bad debt write-offs from any of our customers. | ||
Approximately 78% of all accounts receivable at March 31, 2015 and substantially all of our December 31, 2014, are from the FANR and ENEC contracts (see Note 3-Accounts Receivable – Project Revenue and Reimbursable Project Costs). | ||
Income Taxes | ||
Income taxes are accounted for under the asset and liability method in accordance with United States generally accepted accounting principles. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases as well as 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 rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the extent that the recoverability of the asset is unlikely to be recognized. We did not provide any current or deferred income tax provision or benefit for any periods presented to date because we have continued to experience a net operating loss since inception and therefore provide a 100% valuation allowance against all of our deferred tax assets. | ||
The Company adopted the ASC standards relating to “ Accounting for Uncertainty in Income Taxes .” This pronouncement provides guidance for recognizing and measuring uncertain tax positions, as defined in the FASB accounting pronouncement “ Accounting for Income Taxes .” This pronouncement prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. This pronouncement also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company has not recognized any interest and penalties in 2015 or 2014. | ||
Foreign Currency | ||
The functional currency of our international branches is the local currency. We translate the financial statements of these branches to U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for revenues, costs, and expenses. The translation gains/losses for our branch office in Russia were not significant for the three months ended March 31, 2015 and 2014. | ||
Patents and Legal Costs | ||
Patents are stated on the accompanying consolidated balance sheets at cost less accumulated amortization. The costs of the patents, once placed in service, will be amortized on a straight-line basis over their estimated useful lives or the remaining legal lives of the patents, whichever is shorter. The amortization periods for our patents can range between 17 and 20 years if placed into service at the beginning of their legal lives. Our patents have not been placed in service for the three months ended March 31, 2015 and 2014. | ||
Legal costs are expensed as incurred except for legal costs to file for patent protection, which are capitalized and reported as patents on the accompanying consolidated balance sheets. | ||
Impairment of long-lived assets | ||
Long-lived assets of the Company are reviewed for impairment whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not consider it necessary to record any impairment charges for the three months ended March 31, 2015 and 2014. | ||
Research, Development and Related Expenses | ||
These costs from our Technology business segment are charged to operations in the period incurred and are shown on a separate line on the accompanying Consolidated Statements of Operations. Research and development and related expenses totaled approximately $0.2 million and $0.4 million for the three months ended March 31, 2015 and 2014, respectively. | ||
Segment Reporting | ||
We use the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by our chief decision makers for making operating decisions and assessing performance, as the source for determining our reportable segments. We have determined that we have two operating segments as defined by the FASB accounting pronouncement, “ Disclosures about Segments of an Enterprise and Related Information .” As discussed above, our two reporting business segments are our technology business and our consulting services business (See Note 8 - Business Segment Results). | ||
Commitments and Contingencies | ||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to account for and report contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. | ||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | ||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. The Company’s legal costs associated with contingent liabilities are recorded to expense as incurred. | ||
Recent Accounting Pronouncements | ||
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016, (early adoption is not permitted). The guidance permits the use of either a retrospective or cumulative effect transition method. | ||
The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |
Mar. 31, 2015 | ||
Net Loss Per Share [Text Block] | Note 2. | Net Loss Per Share |
Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period except that it does not include unvested common shares subject to repurchase or cancellation. Diluted net income per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options, warrants, restricted shares, and unvested common shares subject to repurchase or cancellation. The dilutive effect of outstanding stock options, restricted shares, restricted stock units, and warrants is not reflected in diluted earnings per share because we incurred net losses for the three months ended March 31, 2015 and 2014, and the effect of including these potential common shares in the diluted earnings per share calculations would be anti-dilutive and are therefore not included in the calculations. |
Accounts_Receivable_Project_Re
Accounts Receivable -Project Revenue and Reimbursable Project Costs | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounts Receivable -Project Revenue and Reimbursable Project Costs [Text Block] | Note 3. | Accounts Receivable – Project Revenue and Reimbursable Project Costs |
FANR and ENEC Projects | ||
The total accounts receivable from both the FANR and ENEC contracts was approximately $0.2 million and $0.5 million at March 31, 2015 and December 31, 2014, respectively. These amounts due from FANR and ENEC represent approximately 78% of the accounts receivable reported at March 31, 2015 and 92% all of the accounts receivable at December 31, 2014. Approximately 34% and 86% of the total revenues reported for the three months ended March 31, 2015 and 2014, respectively, were from the ENEC and FANR contracts. Contracts with Lloyds Register constituted 58% of the total revenues reported for the three months ended March 31, 2015. | ||
Total unbilled accounts receivable of approximately $0.0 million and $0.1 million was included in the accompanying consolidated balance sheets and reported in accounts receivable at March 31, 2015 and December 31, 2014, and is for work that was billed to our clients in April 2015 and January 2015, respectively. Foreign currency transaction exchange losses and translation gains and losses for the three months ended March 31, 2015 and 2014, were not significant. | ||
Travel costs and other reimbursable costs under these contracts are reported in the accompanying statements of operations as both revenue and cost of consulting services provided, and were not significant for the three months ended March 31, 2015 and 2014. The total travel and other reimbursable expenses that have not been reimbursed to us are included in total accounts receivable reported above from our consulting contracts and were not significant at March 31, 2015 and December 31, 2014. | ||
Under our agreements with ENEC and FANR, revenue will be recognized on a time and expense basis and fixed fee basis. We periodically discuss our consulting work with ENEC and FANR, who will review the work we perform, and our reimbursable travel expenses, and accept our monthly invoicing for services and reimbursable expenses. We expect the variation of revenue we earn from these contracts to continue. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accounts Payable and Accrued Liabilities [Text Block] | Note 4. | Accounts Payable and Accrued Liabilities | |||||
Accounts payable and accrued expenses (in millions) consisted of the following: | |||||||
March 31, | Dec 31, | ||||||
2015 | 2014 | ||||||
Trade payables | $ | 0.3 | $ | 0.3 | |||
Accrued expenses and other | 0.3 | 0.4 | |||||
Total | $ | 0.6 | $ | 0.7 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies [Text Block] | Note 5. | Commitments and Contingencies |
Operating Leases | ||
On October 16, 2013, we entered into a 1 year sub-lease agreement with our current landlord for our current office space starting January 1, 2014 and terminating December 31, 2014. The monthly rent payment was approximately $32,000 plus additional charges. On January 1, 2015 entered into a new sub-lease for our current office space for 38 months, with a monthly rent payment of approximately $32,000 per month plus additional charges. | ||
Total rent expense was approximately $0.1 million and $0.2 million for the three months ended March 31, 2015 and 2014, respectively. | ||
Litigation | ||
Our former Chief Financial Officer, filed a complaint against the Company and Seth Grae, President and Chief Executive Officer, with the Circuit Court of Fairfax County, Virginia (the “Fairfax County Complaint”), and a separate complaint against the Company with the U.S. Occupational Safety and Health Administration (the “OSHA Complaint”) on March 9, 2015. | ||
The Fairfax County Complaint contained two claims for damages. The first claim alleged that the Company and Mr. Grae made defamatory statements regarding the former Chief Financial Officer. The claim demands at least $1,000,000 in compensatory damages; costs, including reasonable fees for attorneys; and punitive damages of $1,000,000. The second claim alleges that the Company breached the former Chief Financial Officer’s employment contract by not paying the former Chief Financial Officer $15,507.19 for paid time off, and demands additional compensatory damages of at least $15,507.19. | ||
The OSHA Complaint alleges that the Company unlawfully retaliated against the former Chief Financial Officer for challenging allegedly improper actions of the Company by making allegedly defamatory statements and terminating him from his employment with the Company. The former Chief Financial Officer’s demand for damages is for back pay, front pay, and special damages. The complaint did not specify the amount of damages sought. | ||
The Company believes that all of the claims by the former Chief Financial Officer are without merit and intends to vigorously defend itself. |
Research_and_Development_Costs
Research and Development Costs | 3 Months Ended | |
Mar. 31, 2015 | ||
Research and Development Costs [Text Block] | Note 6. | Research and Development Costs |
Research and Development Costs | ||
Research and development costs, included in the accompanying consolidated statements of operations amounted to approximately $0.2 million and $0.4 million for the three months ended March 31, 2015 and 2014, respectively. We are in process of winding down our Moscow office that we expect to be completed in 2015 and will focus our research and development work primarily in the United States, Canada, and Norway. | ||
On October 20, 2014, we announced the signing of an initial cooperation agreement with Canadian Nuclear Laboratories (CNL), a wholly owned subsidiary of Atomic Energy of Canada Limited, for fabrication and test reactor irradiation of Lightbridge’s patented next generation metallic nuclear fuel samples. Though we had initially planned for all of the work to take place at a single location in Chalk River, Ontario, Canada, subsequent to our announcement the Canadian government made an official decision to extend the operating life of the National Research Universal reactor at Chalk River only until the end of March 2018. This shorter than expected operating life extension would not be able to accommodate all of our anticipated schedule for irradiation testing of our metallic fuel samples. Consequently our plan is to work with CNL on fabrication of our fuel samples at their Chalk River facilities, with full irradiation of the fabricated fuel samples to be performed separately in a pressurized water loop of the Halden research reactor located in Halden, Norway. The operating license of the Halden research reactor has recently been renewed through 2020 which fits well with our anticipated irradiation testing schedule. Our current plan is to have post-irradiation examination of the irradiated fuel samples performed on the same site in Norway. There is also the opportunity to utilize additional nearby hot cell facilities located in Studsvik, Sweden that are operated by the Swedish company Studsvik AB. | ||
We have consulting agreements with several consultants working on various projects for us, which total approximately $10,000 per month. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Stockholders' Equity [Text Block] | Note 7. | Stockholders’ Equity | |||||||||||||||||
At March 31, 2015 and December 31, 2014, there are 500,000,000 shares of authorized common stock. Total common stock outstanding at March 31, 2015 and December 31, 2014 was 18,082,874 shares. At March 31, 2015, there were 4,886,764 stock warrants and 1,912,157 stock options outstanding, all totaling 24,881,795 of total stock and stock equivalents outstanding at March 31, 2015. | |||||||||||||||||||
Registered Direct Offerings and Outstanding Warrants | |||||||||||||||||||
November 12, 2014 Offering | |||||||||||||||||||
On November 12, 2014, we completed an offering with one existing institutional investor pursuant to which the Company sold an aggregate of 2,878,516 shares of its common stock and warrants to purchase a total of 2,734,590 shares of its common stock for aggregate gross proceeds, before deducting fees to the Placement Agent and other estimated offering expenses payable by the Company, of approximately $5 million. The common stock and warrants were sold in fixed combinations, with each combination consisting of one share of common stock and a warrant to purchase 0.95 shares of common stock. The purchase price is $1.75 per fixed combination. The warrants will become exercisable six months and one day following the issuance date of the warrants, on May 18, 2015, and will remain exercisable for seven-and-a-half years from the date of issuance at an exercise price of $2.31 per share. The exercise price of the warrants is subject to adjustment in the case of stock splits, stock dividends, combinations of shares, and similar recapitalization transactions. The exercisability of the warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more than 4.99% of the Company's common stock. This limit may be increased to up to 19.99% upon no fewer than 60 days' notice to the Company. | |||||||||||||||||||
We received net proceeds of approximately $4.5 million after payment of certain fees and expenses related to the Offering. The allocation of the proceeds from the offering, based on the relative fair value of the common stock and the warrants, resulted in the allocation of approximately $2.7 million of the net proceeds to the common stock sold and approximately $1.8 million of the net proceeds to the warrants, which was recorded to additional paid-in capital-stock and stock equivalents. | |||||||||||||||||||
The value of the warrants issued was calculated by using the Black Scholes Valuation Model using the following assumptions: volatility 67%; risk-free interest rate of 2.07%; dividend yield of 0%, and expected term of 7.5 years. The volatility of the Company’s common stock was estimated by management based on the historical volatility of the trading history of the Company’s common stock. The risk-free interest rate was based on the Treasury Constant Maturity Rates published by the U.S. Federal Reserve for periods applicable to the expected life of the warrants. The expected dividend yield was based on the Company’s current and expected dividend policy and the expected term is equal to the contractual life of the warrants. All 2,734,590 of these warrants remain outstanding as of March 31, 2015. | |||||||||||||||||||
October 21, 2013 Offering | |||||||||||||||||||
On October 21, 2013, we completed an offering with certain institutional investors on the sale of 2,500,000 shares of our common stock and warrants to purchase a total of 1,250,000 shares of our common stock for aggregate gross proceeds, before deducting fees to the Placement Agent and other estimated offering expenses payable by us, of approximately $4.4 million. The common stock and warrants were sold in fixed combinations, with each combination consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock. The purchase price was $1.75 per fixed combination. The warrants become exercisable nine months and one day following the issuance date of the warrants (October 25, 2013, i.e., exercisable beginning April 26, 2014) of the offering and will remain exercisable for 7.5 years from the date of issuance at an exercise price of $2.30 per share. The exercise price of the warrants is subject to adjustment in the case of stock splits, stock dividends, combinations of shares, and similar recapitalization transactions. The exercisability of some of the warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more than 4.99% of our common stock. This limit may be increased to up to 9.99% upon no fewer than 60 days' notice. | |||||||||||||||||||
The value of the warrants issued was calculated by using the Black Scholes Valuation Model using the following assumptions: volatility 104%; risk-free interest rate of 2.01%; dividend yield of 0%, and expected term of 7.5 years. The volatility of the Company’s common stock was estimated by management based on the historical volatility of the trading history of the Company’s common stock. The risk-free interest rate was based on the Treasury Constant Maturity Rates published by the U.S. Federal Reserve for periods applicable to the expected life of the warrants. The expected dividend yield was based on the Company’s current and expected dividend policy and the expected term is equal to the contractual life of the warrants. As of March 31, 2015 and December 31, 2014, 1,117,178 of these warrants remain outstanding. | |||||||||||||||||||
July 22, 2010 Offering | |||||||||||||||||||
On July 22, 2010, we completed an offering (the “Offering”) with certain institutional investors on the sale of 2,069,992 shares of our common stock and warrants to purchase a total of 1,034,996 shares of our common stock for aggregate gross proceeds, before deducting fees to the Placement Agent and other estimated offering expenses payable by us, of approximately $13.7 million. The common stock and warrants were sold in fixed combinations, with each combination consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock. The purchase price was $6.60 per fixed combination. The warrants became exercisable nine months and one day following the issuance date of the warrants (July 28, 2010, i.e., exercisable beginning January 29, 2011) and will remain exercisable for seven years from the date of issuance at an exercise price of $9.00 per share. The exercise price of the warrants is subject to adjustment in the case of stock splits, stock dividends, combinations of shares, and similar recapitalization transactions. The exercisability of some of the warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more than 4.99% of our common stock. This limit may be increased to up to 9.99% upon no fewer than 60 days' notice. All these warrants remain outstanding at March 31, 2015. | |||||||||||||||||||
Outstanding Warrants | |||||||||||||||||||
March 31, | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Issued to Investors on July 28,2010, entitling the holders to purchase | 1,034,996 | 1,034,996 | |||||||||||||||||
1,034,996 common shares in the Company at an exercise price of | |||||||||||||||||||
$9.00 per common share up to and including July 27, 2017 | |||||||||||||||||||
Issued to Investors on October 25, 2013, entitling the holders to | 1,117,178 | 1,250,000 | |||||||||||||||||
purchase 1,250,000 common shares in the Company at an exercise | |||||||||||||||||||
price of $2.30 per common share up to and including April 24, 2021 | |||||||||||||||||||
Issued to Investors on November 17, 2014, entitling the holders to | 2,734,590 | 0 | |||||||||||||||||
purchase 2,734,590 common shares in the Company at an exercise | |||||||||||||||||||
price of $2.31 per common share up to and including May 16, 2022 | |||||||||||||||||||
Total | 4,886,764 | 2,284,996 | |||||||||||||||||
Exercise of Warrants – Q3-2014 | |||||||||||||||||||
On September 3, 2014, we issued 132,822 shares of our common stock upon the exercise of warrants issued in conjunction with the October 21, 2013 stock offering. We received $2.30 for each share or $305,931. | |||||||||||||||||||
Stock-based Compensation – Stock Options and Restricted Stock | |||||||||||||||||||
Stock Plan | |||||||||||||||||||
We have a stock-based compensation plan to reward for services rendered by officers, directors, employees, and consultants. On July 17, 2006, we amended this stock plan. We have reserved 2,500,000 shares of common stock of our unissued share capital for the stock plan. Other limitations are as follows: | |||||||||||||||||||
(i) | No more than an aggregate of 1,250,000 shares can be granted for the purchase of restricted common shares during the term of the stock plan; | ||||||||||||||||||
(ii) | The maximum number of shares of common stock with respect to which options may be granted to any one person during any fiscal year may not exceed 266,667 shares; and | ||||||||||||||||||
(iii) | The maximum number of restricted shares that may be granted to any one person during any fiscal year may not exceed 166,667 common shares. | ||||||||||||||||||
Total stock options outstanding at March 31, 2015 and December 31, 2014, were 1,912,157 and 2,026,564, of which 1,449,850 and 1,564,257 of these options were vested at March 31, 2015 and December 31, 2014, respectively. Stock option expense was approximately $81,681 and $40,150 for the quarters ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
On May 5, 2014, we granted 579,429 stock options to our employees, directors, and consultants. These stock options vest over three years for employees and consultants, and over one year for our directors. The fair market value of each option was $1.79 on the grant date, based on (1) The strike price of $2.55, the price of our stock at the close of the market on the grant date; (2) The expected life of the grant of 5 years which is equal to the term of the grant, as historically grants have only been exercised just before the term expires; (3) The risk free rate of 1.68% which is based on the treasury yield curve for a 5 year term as published by the U.S. Treasury for the grant date; (4) Volatility of 90.44%, as measured based on the expected life of the options, and (5) Expected dividends of $0.0, as we have never issued dividends and we have no plans to ever issue dividends. Grants to our consultants were re-measured as of March 31, 2015, and the fair market value of each option was $0.69 on the measurement date. We estimated future pre-vest forfeitures to be 1.5%, based on historical information. | |||||||||||||||||||
Stock option transactions to the employees, directors, advisory board members and consultants are summarized as follows for the three months ended March 31, 2015: | |||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Options | Average | Average | |||||||||||||||||
Outstanding | Exercise | Grant Date Fair | |||||||||||||||||
Price | Value | ||||||||||||||||||
Beginning of the year | 2,026,564 | $ | 9.19 | $ | 10.61 | ||||||||||||||
Granted | - | - | - | ||||||||||||||||
Exercised | - | - | - | ||||||||||||||||
Forfeited | (114,407 | ) | $ | 6.63 | $ | 6.06 | |||||||||||||
Expired | - | $ | - | $ | - | ||||||||||||||
End of period | 1,912,157 | $ | 9.35 | $ | 8.58 | ||||||||||||||
Options exercisable | 1,449,850 | $ | 11.52 | $ | 10.77 | ||||||||||||||
Stock option transactions to the employees, directors, advisory board members and consultants are summarized as follows for the year ended December 31, 2014: | |||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Options | Average | Average | |||||||||||||||||
Outstanding | Exercise | Grant Date Fair | |||||||||||||||||
Price | Value | ||||||||||||||||||
Beginning of the year | 1,564,257 | $ | 11.16 | $ | 10.61 | ||||||||||||||
Granted | 579,429 | $ | 2.55 | $ | 1.79 | ||||||||||||||
Exercised | - | - | - | ||||||||||||||||
Forfeited | (117,122 | ) | $ | - | $ | - | |||||||||||||
Expired | - | $ | - | $ | - | ||||||||||||||
End of year | 2,026,564 | $ | 9.19 | $ | 10.61 | ||||||||||||||
Options exercisable | 1,564,257 | $ | 11.16 | $ | 10.61 | ||||||||||||||
The above tables include options issued and outstanding as of March 31, 2015, as follows: | |||||||||||||||||||
i) | A total of 255,202 non-qualified 10 year options have been issued, and are outstanding, to advisory board members at exercise prices of $4.50 to $14.40 per share. | ||||||||||||||||||
ii) | A total of 1,465,008 non-qualified 5 - 10 year options have been issued, and are outstanding, to our directors, officers, and employees at exercise prices of $2.55 to $23.85 per share. From this total, 820,396 options are outstanding to the Chief Executive Officer who is also a director, with remaining contractual lives of 0.7 years to 6.0 years. All other options issued to directors, officers, and employees have a remaining contractual life ranging from 1.3 years to 6.0 years. | ||||||||||||||||||
iii) | A total of 191,947 non-qualified 5 - 10 year options have been issued, and are outstanding, to our consultants at exercise prices of $2.55 to $15.30 per share. | ||||||||||||||||||
The following table provides certain information with respect to the above-referenced stock options that are outstanding and exercisable at March 31, 2015: | |||||||||||||||||||
Stock Options Outstanding | Stock Options Vested | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||
Remaining | Weighted | Remaining | Weighted | ||||||||||||||||
Contractual | Number | Average | Contractual | Number | Average | ||||||||||||||
Life | of | Exercise | Life | of | Exercise | ||||||||||||||
-Years | Awards | Price | -Years | Awards | Price | ||||||||||||||
Exercise Prices | |||||||||||||||||||
$2.55 - $5.00 | 4.01 | 645,644 | $ | 3.1 | 3.81 | 183,337 | $ | 4.5 | |||||||||||
$5.01 - $12.90 | 3.8 | 668,177 | $ | 7.59 | 3.8 | 668,177 | $ | 7.59 | |||||||||||
$13.50 -$18.90 | 1.06 | 358,336 | $ | 14.17 | 1.06 | 358,336 | $ | 14.17 | |||||||||||
$19.20 -$23.85 | 0.88 | 240,000 | $ | 23.85 | 0.88 | 240,000 | $ | 23.85 | |||||||||||
Total | 2.99 | 1,912,157 | $ | 9.35 | 2.64 | 1,449,850 | $ | 11.52 | |||||||||||
The following table provides certain information with respect to the above-referenced stock options that are outstanding and exercisable at December 31, 2014: | |||||||||||||||||||
Stock Options Outstanding | Stock Options Vested | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||
Remaining | Weighted | Remaining | Weighted | ||||||||||||||||
Contractual | Number | Average | Contractual | Number | Average | ||||||||||||||
Life | of | Exercise | Life | of | Exercise | ||||||||||||||
-Years | Awards | Price | -Years | Awards | Price | ||||||||||||||
Exercise Prices | |||||||||||||||||||
$2.55 - $5.00 | 4.26 | 645,644 | $ | 3.1 | 4.06 | 183,337 | $ | 4.5 | |||||||||||
$5.01 - $12.90 | 4.11 | 782,584 | $ | 7.45 | 4.11 | 782,584 | $ | 7.45 | |||||||||||
$13.50 -$18.90 | 1.3 | 358,336 | $ | 14.17 | 1.3 | 358,336 | $ | 14.17 | |||||||||||
$19.20 -$23.85 | 1.12 | 240,000 | $ | 23.85 | 1.12 | 240,000 | $ | 23.85 | |||||||||||
Total | 3.31 | 2,026,564 | $ | 9.19 | 3 | 1,564,257 | $ | 11.16 | |||||||||||
The aggregate intrinsic value of stock options outstanding at March 31, 2015 and December 31, 2014, was $0. Intrinsic value is calculated based on the difference between the exercise price of the underlying awards and the quoted price of our common stock as of the reporting date ($1.24 and $1.55 per share as of the close on March 31, 2015 and December 31, 2014, respectively). | |||||||||||||||||||
We use the historical volatility of our stock price over the number of years that matches the expected life of our stock option grants or we use the historical volatility of our stock price since January 5, 2006, the date we announced that we were becoming a public company, to estimate the future volatility of our stock. At this time we do not believe that there is a better objective method to predict the future volatility of our stock. We estimate the life of our option awards based on the full term of the award. To date we have had very few exercises of our options, and those exercises have occurred just before the expiration date of the awards. Since the strike price of most of our outstanding awards is greater than the price of our stock, generally awards have expired at the end of the term. We estimate the effect of future forfeitures of our grants based on an analysis of historical forfeitures of unvested grants, as we have no better objective basis for that estimate. The expense that we have recognized related to our grants of options and restricted stock includes the estimate for future pre-vest forfeitures. We will adjust the actual expense recognized due to future pre-vest forfeitures as they occur. We have estimated that 1.5% and 0% of our option and restricted stock grants respectively, will be forfeited prior to vesting. | |||||||||||||||||||
Assumptions used in the Black Scholes option-pricing model for the year ended December 31, 2014, and for the year ended December 31, 2011, (there were no stock option grants in 2013 and 2012) were as follows: | |||||||||||||||||||
Year ended | Year ended | ||||||||||||||||||
12/31/14 | 12/31/11 | ||||||||||||||||||
Average risk-free interest rate | 1.68% | 3.35% | |||||||||||||||||
Average expected life- years | 5 | 10 | |||||||||||||||||
Expected volatility | 90.44% | 94.32% | |||||||||||||||||
Expected dividends | 0 | 0 | |||||||||||||||||
Stock-based compensation expense includes the expense related to (1) Grants of stock options, (2) Grants of restricted stock, (3) Stock issued as consideration for some of the services provided by our directors and strategic advisory council members, and (4) Stock issued in lieu of cash to pay bonuses to our employees and contractors. We record stock-based compensation expenses in the caption with all of our other general and administrative expenses. Grants of stock options and restricted stock are awarded to our employees, directors, consultants, and board members, and we recognize the fair market value of these awards ratably as they are earned. The expense related to payments in stock for services is recognized as the services are provided. | |||||||||||||||||||
During the three months ended March 31, 2015 and 2014, approximately $0.1 million was recorded as total stock-based compensation each year. Stock-based compensation expense is recorded under the captions general and administrative expenses and research and development expenses in the accompanying consolidated statements of operations. |
Business_Segment_Results
Business Segment Results | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Business Segment Results [Text Block] | Note 8. | Business Segment Results | |||||||||||||||||||||||
We have two principal business segments, which are (1) our technology business and (2) our consulting services business. These business segments were determined based on the nature of the operations and the services offered. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief decision-makers, in deciding how to allocate resources and in assessing performance. Our Chief Executive Officer and Chief Financial Officer have been identified as the chief operating decision makers. Our chief operating decision makers direct the allocation of resources to operating segments based on the profitability, the cash flows, and the business plans of each respective segment. | |||||||||||||||||||||||||
The Company evaluates performance based on several factors, of which achievement of strategic goals toward future profitability and business segment income before taxes are the primary measures. | |||||||||||||||||||||||||
The following tables show the operations of the Company’s reportable business segments for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
BUSINESS SEGMENT RESULTS – THREE MONTHS ENDED MARCH 31, 2015 AND 2014 | |||||||||||||||||||||||||
Consulting | Technology | Corporate and Eliminations | Total | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Revenue | 123,895 | 254,107 | 0 | 0 | 0 | 0 | 123,895 | 254,107 | |||||||||||||||||
Segment Profit – Pre Tax | (60,918 | ) | 80,911 | (212,831 | ) | (432,086 | ) | (806,575 | ) | (1,082,746 | ) | (1,080,324 | ) | (1,433,922 | ) | ||||||||||
Total Assets | 318,383 | 507,738 | 852,862 | 725,588 | 3,816,365 | 3,210,300 | 4,987,610 | 4,443,626 | |||||||||||||||||
Property Additions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Text Block] | Note 9. | Subsequent Events |
The Company has implemented the most recent FASB accounting pronouncement for reporting subsequent events. This standard establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the consolidated financial statements are issued. The adoption of this accounting pronouncement did not impact our financial position or results of operations. The Company evaluated all events or transactions that occurred after March 31, 2015, up through the date these consolidated financial statements were issued and no subsequent events occurred that required additional disclosure in the accompanying consolidated financial statements. | ||
On March 25, 2015, the Compensation Committee and Board of Directors approved the 2015 Equity Incentive Plan (the “Plan”) to authorize grants of (a) Incentive Stock Options, (b) Non-qualified Stock Options, (c) Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, and (f) Performance Compensation Awards to the employees, consultants, and directors of the Company. The Plan authorizes a total of 3,000,000 shares to be available for grant under the plan. The plan becomes effective upon ratification of the shareholders of the Company at the annual meeting to be held in Washington DC on July 10, 2015. | ||
On April 8, 2015, the Compensation Committee and the Board of Directors granted short term incentive stock options totaling 463,192 and 148,845 stock options under the 2006 Stock Plan and the 2015 Equity Incentive Plan, respectively, to employees and consultants of the Company. On April 9, 2015, the Compensation Committee and the Board of Directors granted an additional 47,017 and 15,109 stock options under the 2006 Stock Plan and the 2015 Equity Incentive Plan respectively. These stock options vest immediately but the grants under the 2015 Equity Incentive Plan can only be exercised upon ratification of the Plan. These stock options have a strike price of $1.26, which was the closing price of the Company’s stock on the prior business day, and the stock options have a fair market value of $1.06, based on a risk free rate of 1.49%, volatility of 86.86%, and an expected life of six years. The options have a 10 year term. | ||
On April 8, 2015 and April 9, 2015, the Compensation Committee and the Board of Directors granted long term incentive stock options totaling 483,668 and 84,129 stock options respectively, under the 2015 Equity Incentive Plan to employees and consultants of the Company. These stock options vest 1/3 on each annual anniversary date over three years. These stock options have a strike price of $1.26, which was the closing price of the Company’s stock on the prior business day, and the stock options have a fair market value of $1.06, based on a risk free rate of 1.49%, volatility of 86.86%, and an expected life of six years. These options have a 10 year term. | ||
On April 8, 2015, the Compensation Committee and the Board of Directors granted 112,996 long term incentive stock options under the 2015 Equity Incentive Plan to the directors of the Company. These stock options fully vest on the first annual anniversary date of the grant. These stock options have a strike price of $1.26, which was the closing price of the Company’s stock on the prior business day, and the stock options have a fair market value of $1.06, based on a risk free rate of 1.49%, volatility of 86.86%, and an expected life of six years. These options have a 10 year term. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Basis of Consolidation [Policy Text Block] | Basis of Consolidation | |
These consolidated financial statements include the accounts of Lightbridge, a Nevada corporation, and our wholly-owned subsidiaries, TPI, a Delaware corporation, Lightbridge International Holding LLC, a Delaware limited liability company, and our foreign branch offices. | ||
All significant intercompany transactions and balances have been eliminated in consolidation. We registered a branch office in the United Kingdom in 2008 called Lightbridge Advisors Limited (inactive) and we also established a branch office in Moscow, Russia, in July 2009, both of which are wholly owned by Lightbridge International Holding LLC at December 31, 2014. These branch offices will be closed in 2015. Translation gains and losses for the three months ended March 31, 2015 and 2014 were not significant. | ||
Use of Estimates and Assumptions [Policy Text Block] | Use of Estimates and Assumptions | |
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Significant Estimates [Policy Text Block] | Significant Estimates | |
These accompanying consolidated financial statements include some amounts that are based on management’s best estimates and judgments. The most significant estimates relate to valuation of stock grants and stock options, the valuation allowance on deferred tax assets and various contingent liabilities. It is reasonably possible that these above-mentioned estimates and others may be adjusted as more current information becomes available, and any adjustment could be significant in future reporting periods. It is also reasonably possible that the actual grant date value of the stock options vested might have been materially different than the estimated value. | ||
Certain Risks, Uncertainties and Concentrations [Policy Text Block] | Certain Risks, Uncertainties and Concentrations | |
We are an early stage company and will likely need additional funding by way of strategic alliances, further offerings of equity securities, an offering of debt securities, or a financing through a bank in order to support the remaining research and development activities required to further enhance and complete the development of our fuel products to a commercial stage. Currently, we are working on consulting revenue opportunities with the overall goal of increasing our profitability and cash flow. | ||
We participate in a government-regulated industry. Our operating results are affected by a wide variety of factors including decreases in the use or public favor of nuclear power, the ability of our technology to safeguard the production of nuclear power and our ability to safeguard our patents and intellectual property from competitors. Due to these factors, we may experience substantial period-to-period fluctuations in our future operating results. Potentially, a loss of a key officer, key management, and other personnel could impair our ability to successfully execute our business strategy, particularly when these individuals have acquired specialized knowledge and skills with respect to nuclear power and our operations. | ||
Our future operations and earnings currently depend on the results of the Company’s operations outside the United States. There can be no assurance that the Company will be able to successfully continue to conduct such operations, and a failure to do so would have a material adverse effect on the Company’s research and development activities, financial position, results of operations, and cash flows. Also, the success of the Company’s operations will be subject to other numerous contingencies, some of which are beyond management’s control. These contingencies include general and regional economic conditions, competition, changes in regulations, changes in accounting and taxation standards, inability to achieve overall long-term goals, future impairment charges and global or regional catastrophic events. Because the Company is dependent on its international operations for almost all its revenue, the Company may be subject to various additional political, economic, and other uncertainties. | ||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash equivalents and accounts receivable. Cash equivalents consist of a checking account held with one major financial institution with a high credit standing. | ||
Accounts receivable are typically unsecured and are primarily derived from revenues earned from customers located in the Middle East. We perform ongoing evaluations to determine customer credit and we limit the amount of credit we extend, but generally we do not require collateral from our customers. We maintain reserves for estimated credit losses; however, no reserve has been set up at March 31, 2015 and 2014, as we have not incurred any credit losses from our customers to date. Approximately 36% and 85% of our consulting revenues were from our ENEC and FANR contracts for the three months ended March 31, 2015 and 2014, respectively. | ||
Revenue Recognition [Policy Text Block] | Revenue Recognition | |
Consulting Business Segment | ||
At the present time, we derive all of our revenue from our consulting and strategic advisory services business segment, by offering consulting services to governments outside the United States planning to create or expand electricity generation capabilities using nuclear power plants. Our fee structure for each client engagement is dependent on a number of variables, including the size of the client, the complexity, the level of the opportunity for us to improve the client’s electrical generation capabilities using nuclear power plants, and other factors. The accounting policy we use to recognize revenue depends on the terms and conditions of the specific contract. | ||
Revenues from the Executive Affairs Authority (“EAA”) of Abu Dhabi, one of the member Emirates of the UAE, and the related entities, ENEC and FANR, are billed on both a time and expense basis and on a fixed contract basis with revenue recognized based on the acceptance of defined contract deliverables. | ||
Certain customer arrangements require evaluation of the criteria outlined in the accounting standards for reporting revenue “ Gross as a Principal Versus Net as an Agent ” in determining whether it is appropriate to record the gross amount of revenue and related costs, or the net amount earned as agent fees. Generally, when we are primarily obligated in a transaction, revenue is recorded on a gross basis. | ||
Other factors that we consider in determining whether to recognize revenue on a gross versus net basis include our assumption of credit risk, latitude in establishing prices, our determination of service specifications, and our involvement in the provision of services. We have determined, based on the credit risk that we bear for collecting consulting fees, travel costs, and other reimbursable costs from our customers, that in 2015 and 2014 we acted as a principal, and therefore we are recognizing as revenue all travel costs and other reimbursable costs billed to our customers. | ||
Cost of consulting services includes labor, travel expenses, and other related consulting costs. All costs directly related to producing work under certain consulting agreements where revenue is recognized upon acceptance of certain contractual milestones by our customer, are first capitalized as deferred project costs. Deferred project costs are then recognized or amortized to an expense captioned “cost of consulting services provided” on the accompanying consolidated statement of operations, when the revenue is recognized upon the delivery and acceptance of the defined contractual milestones or deliverables. | ||
Technology Business Segment | ||
Once our nuclear fuel designs have advanced to a commercially usable stage by a fuel fabricator and/or nuclear plant owner/operator, we will seek to license our technology to them or to major government contractors working for the applicable government. We expect that our revenue from these license fees will be recognized on a straight-line basis over the expected period of the related license term. | ||
Stock-Based Compensation [Policy Text Block] | Stock-Based Compensation | |
The stock-based compensation expense incurred by Lightbridge for employees and directors in connection with its stock option plan is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as, “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. Tax Regulations.” Our advisory board members and consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. | ||
ASC 505-50-30-11 (previously EITF 96-18) further provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date: | ||
i. | The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and | |
ii. | The date at which the counterparty’s performance is complete. | |
We have elected to use the Black-Scholes pricing model to determine the fair value of stock options on the measurement date of the grant. Restricted stock units are measured based on the fair market values of the underlying stock on the measurement date of the grant. Shares that are issued to officers on the exercise dates of their stock options may be issued net of the statutory withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number of shares exercised under the stock option. We recognize stock-based compensation using the straight-line method. | ||
For the three months ended March 31, 2015 and 2014, we recognized stock-based compensation of approximately $0.1 million. Related income tax benefits were not recognized, as we incurred a tax loss for both years. | ||
Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments | |
The carrying amounts of our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities, approximate fair value because of their generally short maturities. We carry marketable securities at fair value. | ||
Cash and Cash Equivalents and Restricted Cash [Policy Text Block] | Cash and Cash Equivalents and Restricted Cash | |
We invest our excess cash in money market mutual funds, and mutual bond funds. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. We hold cash balances in excess of the federally insured limits of $250,000 with one prominent financial institution. We deem this credit risk not to be significant as our cash is held by a major prominent financial institution. Total cash and cash equivalents held in checking accounts and a money market core cash account, as reported on the accompanying consolidated balance sheets, totaled approximately $3.2 million and $4.2 million at March 31, 2015 and December 31, 2014, respectively. | ||
Restricted cash represents cash being held by the same prominent financial institution that is being used as collateral for our corporate credit cards and future letters of credit that we may issue to some of our foreign customers. The total balance of our restricted cash at March 31, 2015 and December 31, 2014, was approximately $0.3 million. | ||
Trade Accounts Receivable [Policy Text Block] | Trade Accounts Receivable | |
We record accounts receivable at the invoiced amount and we do not charge interest. We review the accounts receivable by amounts due from customers which are past due, to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, we make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. We will also maintain a sales allowance to reserve for potential credits issued to customers. We will determine the amount of the reserve based on historical credits issued. | ||
There was no provision for doubtful accounts recorded at March 31, 2015 and December 31, 2014, as we have not experienced any bad debt write-offs from any of our customers. | ||
Approximately 78% of all accounts receivable at March 31, 2015 and substantially all of our December 31, 2014, are from the FANR and ENEC contracts (see Note 3-Accounts Receivable – Project Revenue and Reimbursable Project Costs). | ||
Income Taxes [Policy Text Block] | Income Taxes | |
Income taxes are accounted for under the asset and liability method in accordance with United States generally accepted accounting principles. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases as well as 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 rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the extent that the recoverability of the asset is unlikely to be recognized. We did not provide any current or deferred income tax provision or benefit for any periods presented to date because we have continued to experience a net operating loss since inception and therefore provide a 100% valuation allowance against all of our deferred tax assets. | ||
The Company adopted the ASC standards relating to “ Accounting for Uncertainty in Income Taxes .” This pronouncement provides guidance for recognizing and measuring uncertain tax positions, as defined in the FASB accounting pronouncement “ Accounting for Income Taxes .” This pronouncement prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. This pronouncement also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company has not recognized any interest and penalties in 2015 or 2014. | ||
Foreign Currency [Policy Text Block] | Foreign Currency | |
The functional currency of our international branches is the local currency. We translate the financial statements of these branches to U.S. dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for revenues, costs, and expenses. The translation gains/losses for our branch office in Russia were not significant for the three months ended March 31, 2015 and 2014. | ||
Patents and Legal Costs [Policy Text Block] | Patents and Legal Costs | |
Patents are stated on the accompanying consolidated balance sheets at cost less accumulated amortization. The costs of the patents, once placed in service, will be amortized on a straight-line basis over their estimated useful lives or the remaining legal lives of the patents, whichever is shorter. The amortization periods for our patents can range between 17 and 20 years if placed into service at the beginning of their legal lives. Our patents have not been placed in service for the three months ended March 31, 2015 and 2014. | ||
Legal costs are expensed as incurred except for legal costs to file for patent protection, which are capitalized and reported as patents on the accompanying consolidated balance sheets. | ||
Impairment of long-lived assets [Policy Text Block] | Impairment of long-lived assets | |
Long-lived assets of the Company are reviewed for impairment whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not consider it necessary to record any impairment charges for the three months ended March 31, 2015 and 2014. | ||
Research, Development and Related Expenses [Policy Text Block] | Research, Development and Related Expenses | |
These costs from our Technology business segment are charged to operations in the period incurred and are shown on a separate line on the accompanying Consolidated Statements of Operations. Research and development and related expenses totaled approximately $0.2 million and $0.4 million for the three months ended March 31, 2015 and 2014, respectively. | ||
Segment Reporting [Policy Text Block] | Segment Reporting | |
We use the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by our chief decision makers for making operating decisions and assessing performance, as the source for determining our reportable segments. We have determined that we have two operating segments as defined by the FASB accounting pronouncement, “ Disclosures about Segments of an Enterprise and Related Information .” As discussed above, our two reporting business segments are our technology business and our consulting services business (See Note 8 - Business Segment Results). | ||
Commitments and Contingencies [Policy Text Block] | Commitments and Contingencies | |
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to account for and report contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. | ||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | ||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. The Company’s legal costs associated with contingent liabilities are recorded to expense as incurred. | ||
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements | |
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016, (early adoption is not permitted). The guidance permits the use of either a retrospective or cumulative effect transition method. | ||
The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, | Dec 31, | |||||
2015 | 2014 | ||||||
Trade payables | $ | 0.3 | $ | 0.3 | |||
Accrued expenses and other | 0.3 | 0.4 | |||||
Total | $ | 0.6 | $ | 0.7 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Schedule of Warrants Outstanding [Table Text Block] | March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||||
Issued to Investors on July 28,2010, entitling the holders to purchase | 1,034,996 | 1,034,996 | ||||||||||||||||||||||||||||||||||||
1,034,996 common shares in the Company at an exercise price of | ||||||||||||||||||||||||||||||||||||||
$9.00 per common share up to and including July 27, 2017 | ||||||||||||||||||||||||||||||||||||||
Issued to Investors on October 25, 2013, entitling the holders to | 1,117,178 | 1,250,000 | ||||||||||||||||||||||||||||||||||||
purchase 1,250,000 common shares in the Company at an exercise | ||||||||||||||||||||||||||||||||||||||
price of $2.30 per common share up to and including April 24, 2021 | ||||||||||||||||||||||||||||||||||||||
Issued to Investors on November 17, 2014, entitling the holders to | 2,734,590 | 0 | ||||||||||||||||||||||||||||||||||||
purchase 2,734,590 common shares in the Company at an exercise | ||||||||||||||||||||||||||||||||||||||
price of $2.31 per common share up to and including May 16, 2022 | ||||||||||||||||||||||||||||||||||||||
Total | 4,886,764 | 2,284,996 | ||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted | Weighted | Weighted | Weighted | ||||||||||||||||||||||||||||||||||
Options | Average | Average | Options | Average | Average | |||||||||||||||||||||||||||||||||
Outstanding | Exercise | Grant Date Fair | Outstanding | Exercise | Grant Date Fair | |||||||||||||||||||||||||||||||||
Price | Value | Price | Value | |||||||||||||||||||||||||||||||||||
Beginning of the year | 2,026,564 | $ | 9.19 | $ | 10.61 | |||||||||||||||||||||||||||||||||
Granted | - | - | - | Beginning of the year | 1,564,257 | $ | 11.16 | $ | 10.61 | |||||||||||||||||||||||||||||
Exercised | - | - | - | Granted | 579,429 | $ | 2.55 | $ | 1.79 | |||||||||||||||||||||||||||||
Forfeited | (114,407 | ) | $ | 6.63 | $ | 6.06 | Exercised | - | - | - | ||||||||||||||||||||||||||||
Expired | - | $ | - | $ | - | Forfeited | (117,122 | ) | $ | - | $ | - | ||||||||||||||||||||||||||
End of period | 1,912,157 | $ | 9.35 | $ | 8.58 | Expired | - | $ | - | $ | - | |||||||||||||||||||||||||||
End of year | 2,026,564 | $ | 9.19 | $ | 10.61 | |||||||||||||||||||||||||||||||||
Options exercisable | 1,449,850 | $ | 11.52 | $ | 10.77 | |||||||||||||||||||||||||||||||||
Options exercisable | 1,564,257 | $ | 11.16 | $ | 10.61 | |||||||||||||||||||||||||||||||||
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Stock Options Outstanding | Stock Options Vested | Stock Options Outstanding | Stock Options Vested | ||||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||
Remaining | Weighted | Remaining | Weighted | Remaining | Weighted | Remaining | Weighted | |||||||||||||||||||||||||||||||
Contractual | Number | Average | Contractual | Number | Average | Contractual | Number | Average | Contractual | Number | Average | |||||||||||||||||||||||||||
Life | of | Exercise | Life | of | Exercise | Life | of | Exercise | Life | of | Exercise | |||||||||||||||||||||||||||
-Years | Awards | Price | -Years | Awards | Price | -Years | Awards | Price | -Years | Awards | Price | |||||||||||||||||||||||||||
Exercise Prices | Exercise Prices | |||||||||||||||||||||||||||||||||||||
$2.55 - $5.00 | 4.01 | 645,644 | $ | 3.1 | 3.81 | 183,337 | $ | 4.5 | $2.55 - $5.00 | 4.26 | 645,644 | $ | 3.1 | 4.06 | 183,337 | $ | 4.5 | |||||||||||||||||||||
$5.01 - $12.90 | 3.8 | 668,177 | $ | 7.59 | 3.8 | 668,177 | $ | 7.59 | $5.01 - $12.90 | 4.11 | 782,584 | $ | 7.45 | 4.11 | 782,584 | $ | 7.45 | |||||||||||||||||||||
$13.50 -$18.90 | 1.06 | 358,336 | $ | 14.17 | 1.06 | 358,336 | $ | 14.17 | $13.50 -$18.90 | 1.3 | 358,336 | $ | 14.17 | 1.3 | 358,336 | $ | 14.17 | |||||||||||||||||||||
$19.20 -$23.85 | 0.88 | 240,000 | $ | 23.85 | 0.88 | 240,000 | $ | 23.85 | $19.20 -$23.85 | 1.12 | 240,000 | $ | 23.85 | 1.12 | 240,000 | $ | 23.85 | |||||||||||||||||||||
Total | 2.99 | 1,912,157 | $ | 9.35 | 2.64 | 1,449,850 | $ | 11.52 | Total | 3.31 | 2,026,564 | $ | 9.19 | 3 | 1,564,257 | $ | 11.16 | |||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year ended | Year ended | ||||||||||||||||||||||||||||||||||||
12/31/14 | 12/31/11 | |||||||||||||||||||||||||||||||||||||
Average risk-free interest rate | 1.68% | 3.35% | ||||||||||||||||||||||||||||||||||||
Average expected life- years | 5 | 10 | ||||||||||||||||||||||||||||||||||||
Expected volatility | 90.44% | 94.32% | ||||||||||||||||||||||||||||||||||||
Expected dividends | 0 | 0 |
Business_Segment_Results_Table
Business Segment Results (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Consulting | Technology | Corporate and Eliminations | Total | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Revenue | 123,895 | 254,107 | 0 | 0 | 0 | 0 | 123,895 | 254,107 | |||||||||||||||||
Segment Profit – Pre Tax | (60,918 | ) | 80,911 | (212,831 | ) | (432,086 | ) | (806,575 | ) | (1,082,746 | ) | (1,080,324 | ) | (1,433,922 | ) | ||||||||||
Total Assets | 318,383 | 507,738 | 852,862 | 725,588 | 3,816,365 | 3,210,300 | 4,987,610 | 4,443,626 | |||||||||||||||||
Property Additions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Basis_of_Presentation_Summary_1
Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Metallic fuel power uprate percentage | 10.00% | |||
Operating cycle length - Westinghouse-type | 24 months | |||
Stock based compensation | $81,681 | $59,796 | ||
Cash and Cash Equivalents, at Carrying Value | 3,171,530 | 2,177,072 | 4,220,225 | 3,672,877 |
Valuation allowance | 100.00% | |||
Research and Development Expense | 212,831 | 431,986 | ||
Minimum [Member] | ||||
Amortization period for patents | 17 years | |||
Maximum [Member] | ||||
Federally insured cash limit | 250,000 | |||
Amortization period for patents | 20 years | |||
Approximations [Member] | ||||
Stock based compensation | 100,000 | |||
Cash and Cash Equivalents, at Carrying Value | 3,200,000 | 4,200,000 | ||
Restricted Cash | 300,000 | |||
Percentage of cost of consulting from one firm | 36.00% | 85.00% | ||
Major customer revenue percentage | 78.00% | |||
Research and Development Expense | $200,000 | $400,000 |
Accounts_Receivable_Project_Re1
Accounts Receivable -Project Revenue and Reimbursable Project Costs (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | |||
Lloyd Register Contract [Member] | |||
Major customer revenue percentage | 58.00% | ||
Approximations [Member] | |||
Major customer revenue percentage | 78.00% | ||
Unbilled receivable | $0 | $0.10 | |
Approximations [Member] | ENEC and FANR Projects [Member] | |||
Accounts Receivable | $0.20 | $0.50 | |
Major customer revenue percentage | 34.00% | 86.00% | |
Approximations [Member] | ENEC [Member] | |||
Major customer revenue percentage | 78.00% | 92.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 1 Months Ended | 0 Months Ended | 3 Months Ended | |
Jan. 31, 2015 | Oct. 16, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Operating lease term | 38 months | 1 year | ||
Fairfax County Complaint 1 [Member] | ||||
Compensatory damages sought | $1,000,000 | |||
Fairfax County Complaint 2 [Member] | ||||
Compensatory damages sought | 15,507.19 | |||
Approximations [Member] | ||||
Monthly rental fees | 32,000 | 32,000 | ||
Rent expense | $100,000 | $200,000 |
Research_and_Development_Costs1
Research and Development Costs (Narrative) (Details) (Approximations [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Approximations [Member] | ||
Research and development costs | $200,000 | $400,000 |
Consulting agreement monthly payments | $10,000 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2011 | Sep. 03, 2014 | Oct. 21, 2013 | Jul. 22, 2010 | 5-May-14 | Nov. 12, 2014 | Dec. 31, 2013 | Jul. 17, 2006 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |||||||||
Common Stock, Shares, Outstanding | 18,082,874 | 18,082,874 | |||||||||
Class of Warrant or Right, Outstanding | 4,886,764 | 2,284,996 | |||||||||
Number of options outstanding | 1,912,157 | 2,026,564 | 1,564,257 | ||||||||
Number of options vested and expected to vest outstanding | 1,449,850 | 1,564,257 | |||||||||
Aggregate intrinsic value | $0 | $0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $1.24 | $1.55 | |||||||||
Restricted stock grants estimated forfeiture amount | 1.50% | ||||||||||
Share based compensation | 81,681 | 59,796 | |||||||||
Common Stock issued | 18,082,874 | 18,082,874 | |||||||||
Volitility rate | 90.44% | 94.32% | |||||||||
Risk-free interest rate | 1.68% | 3.35% | |||||||||
Dividend yield | 0.00% | 0.00% | |||||||||
Expected term | 5 years | 10 years | |||||||||
Stock options granted | 0 | 579,429 | |||||||||
Fair value of stock options granted | $10.61 | $10.61 | |||||||||
Approximations [Member] | |||||||||||
Stock option expense | 81,681 | 40,150 | |||||||||
Share based compensation | 100,000 | ||||||||||
Chief Executive Officer [Member] | |||||||||||
Non-qualified stock options | 820,396 | ||||||||||
Issuance of 255,202 non-qualified 10 year options [Member] | |||||||||||
Non-qualified stock options | 255,202 | ||||||||||
Contractural lives | 10 years | ||||||||||
Lower Limit | $4.50 | ||||||||||
Upper Limit | $14.40 | ||||||||||
Registered Direct Offering and Outstanding Warrants [Member] | |||||||||||
Equity Issuance, Per Share Amount | $2.30 | ||||||||||
Common Stock issued | 132,822 | ||||||||||
Proceeds from Issuance of Common Stock | 305,931 | ||||||||||
Common stock and warrants sold | 2,500,000 | 2,069,992 | |||||||||
Common stock to be purchased in the Offering | 1,250,000 | 1,034,996 | |||||||||
Exercisable term | 7 years 6 months | ||||||||||
Shares of common stock to be purchased by fixed combination | 0.5 | 0.5 | |||||||||
Purchase price of fixed combination | 1.75 | 6.6 | |||||||||
Warrant exercise price | $2.30 | $9 | |||||||||
Registered Direct Offering and Outstanding Warrants [Member] | Approximations [Member] | |||||||||||
Proceeds from Issuance of Common Stock | 4,400,000 | 13,700,000 | |||||||||
Risk-free interest rate | 2.01% | ||||||||||
May 5, 2014 Stock Options Granted [Member] | |||||||||||
Volitility rate | 90.44% | ||||||||||
Risk-free interest rate | 1.68% | ||||||||||
Dividend yield | 0.00% | ||||||||||
Expected term | 5 years | ||||||||||
Strike Price | $2.55 | ||||||||||
Stock options granted | 579,429 | ||||||||||
Fair value of stock options granted | $1.79 | ||||||||||
Fair market value on measurement date | $0.69 | ||||||||||
Pre-vesting forfeiture rate | 1.50% | ||||||||||
Issuance of 1,465,008 non-qualified 5-10 year options [Member] | |||||||||||
Non-qualified stock options | 1,465,008 | ||||||||||
Lower Limit | $2.55 | ||||||||||
Upper Limit | $23.85 | ||||||||||
Issuance of 191,947 non-qualified 5-10 year options [Member] | |||||||||||
Non-qualified stock options | 191,947 | ||||||||||
Lower Limit | $2.55 | ||||||||||
Upper Limit | $15.30 | ||||||||||
November 12, 2014 Offering [Member] | |||||||||||
Proceeds from Issuance of Common Stock | 5,000,000 | ||||||||||
Common stock and warrants sold | 2,878,516 | ||||||||||
Common stock to be purchased in the Offering | 2,734,590 | ||||||||||
Shares of common stock to be purchased by fixed combination | 0.95 | ||||||||||
Purchase price of fixed combination | 1.75 | ||||||||||
Warrant exercise price | $2.31 | ||||||||||
November 12, 2014 Offering [Member] | Approximations [Member] | |||||||||||
Net proceeds from the Offering received after payments of fees and expenses | 4,500,000 | ||||||||||
Amount allocated from the Offering to common stock | 2,700,000 | ||||||||||
Amount allocated from the Offering to warrants | 1,800,000 | ||||||||||
Issued to Investors on July 28, 2010 [Member] | |||||||||||
Class of Warrant or Right, Outstanding | 1,034,996 | 1,034,996 | |||||||||
Common stock to be purchased in the Offering | 1,034,996 | ||||||||||
Warrant exercise price | $9 | ||||||||||
Issued to Investors on October 25, 2013 [Member] | |||||||||||
Class of Warrant or Right, Outstanding | 1,117,178 | 1,250,000 | |||||||||
Common stock to be purchased in the Offering | 1,250,000 | ||||||||||
Warrant exercise price | $2.30 | ||||||||||
Issued to Investors on November 17, 2014 [Member] | |||||||||||
Class of Warrant or Right, Outstanding | 2,734,590 | 0 | |||||||||
Common stock to be purchased in the Offering | 2,734,590 | ||||||||||
Warrant exercise price | $2.31 | ||||||||||
Minimum [Member] | Chief Executive Officer [Member] | |||||||||||
Contractural lives | 0 years 8 months 12 days | ||||||||||
Minimum [Member] | Directors, Officers and Employees [Member] | |||||||||||
Contractural lives | 1 year 3 months 18 days | ||||||||||
Minimum [Member] | Registered Direct Offering and Outstanding Warrants [Member] | |||||||||||
Maximum common stock ownership to be eligible for exercise of warrants | 4.99% | 4.99% | |||||||||
Minimum [Member] | Issuance of 1,465,008 non-qualified 5-10 year options [Member] | |||||||||||
Contractural lives | 5 years | ||||||||||
Minimum [Member] | Issuance of 191,947 non-qualified 5-10 year options [Member] | |||||||||||
Contractural lives | 5 years | ||||||||||
Minimum [Member] | November 12, 2014 Offering [Member] | |||||||||||
Maximum common stock ownership to be eligible for exercise of warrants | 4.99% | ||||||||||
Maximum [Member] | Chief Executive Officer [Member] | |||||||||||
Contractural lives | 6 years | ||||||||||
Maximum [Member] | Directors, Officers and Employees [Member] | |||||||||||
Contractural lives | 6 years | ||||||||||
Maximum [Member] | Registered Direct Offering and Outstanding Warrants [Member] | |||||||||||
Maximum common stock ownership to be eligible for exercise of warrants | 9.99% | 9.99% | |||||||||
Maximum [Member] | Issuance of 1,465,008 non-qualified 5-10 year options [Member] | |||||||||||
Contractural lives | 10 years | ||||||||||
Maximum [Member] | Issuance of 191,947 non-qualified 5-10 year options [Member] | |||||||||||
Contractural lives | 10 years | ||||||||||
Maximum [Member] | November 12, 2014 Offering [Member] | |||||||||||
Maximum common stock ownership to be eligible for exercise of warrants | 19.99% | ||||||||||
Maximum number of shares in respect to stock options [Member] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 266,667 | ||||||||||
Stock and Stock Equivalents [Member] | |||||||||||
Common Stock, Shares, Outstanding | 24,881,795 | ||||||||||
Stock Compensation Plan [Member] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,500,000 | ||||||||||
Maximum restricted shares granted [Member] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,250,000 | ||||||||||
Maximum restricted shares granted to one person [Member] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 166,667 | ||||||||||
Stock-based compensation [Member] | Approximations [Member] | |||||||||||
Share based compensation | $100,000 | ||||||||||
Restricted Stock [Member] | |||||||||||
Restricted stock grants estimated forfeiture amount | 0.00% | ||||||||||
Warrants [Member] | |||||||||||
Class of Warrant or Right, Outstanding | 1,117,178 | ||||||||||
Volitility rate | 104.00% | ||||||||||
Dividend yield | 0.00% | ||||||||||
Expected term | 7 years 6 months | ||||||||||
Warrants [Member] | November 12, 2014 Offering [Member] | |||||||||||
Class of Warrant or Right, Outstanding | 2,734,590 | ||||||||||
Volitility rate | 67.00% | ||||||||||
Risk-free interest rate | 2.07% | ||||||||||
Dividend yield | 0.00% | ||||||||||
Expected term | 7 years 6 months |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | Apr. 08, 2015 | Apr. 09, 2015 | |
Stock options granted | 0 | 579,429 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0 | $2.55 | |||
Risk-free interest rate | 1.68% | 3.35% | |||
Volitility rate | 90.44% | 94.32% | |||
Expected term | 5 years | 10 years | |||
Subsequent Event [Member] | 2006 Stock Plan [Member] | Employees and Consultants [Member] | |||||
Stock options granted | 463,192 | 47,017 | |||
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | |||||
Stock options granted | 3,000,000 | ||||
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | Employees and Consultants [Member] | |||||
Stock options granted | 148,845 | 15,109 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 1.26 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 1.06 | ||||
Risk-free interest rate | 1.49% | ||||
Volitility rate | 86.86% | ||||
Expected term | 10 years | ||||
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | Directors [Member] | |||||
Stock options granted | 112,996 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 1.26 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 1.06 | ||||
Risk-free interest rate | 1.49% | ||||
Volitility rate | 86.86% | ||||
Expected term | 10 years | ||||
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | Minimum [Member] | Employees and Consultants [Member] | |||||
Stock options granted | 84,129 | ||||
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | Maximum [Member] | Employees and Consultants [Member] | |||||
Stock options granted | 483,668 |
Schedule_of_Accounts_Payable_a
Schedule of Accounts Payable and Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Total | $586,685 | $653,669 |
Approximations [Member] | ||
Trade payables | 300,000 | 300,000 |
Accrued expenses and other | 300,000 | 400,000 |
Total | $600,000 | $700,000 |
Schedule_of_Warrants_Outstandi
Schedule of Warrants Outstanding (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Warrants Outstanding | 4,886,764 | 2,284,996 |
Issued to Investors on July 28, 2010 [Member] | ||
Warrants Outstanding | 1,034,996 | 1,034,996 |
Exercise price | $9 | |
Common stock to be purchased in the Offering | 1,034,996 | |
Issued to Investors on October 25, 2013 [Member] | ||
Warrants Outstanding | 1,117,178 | 1,250,000 |
Exercise price | $2.30 | |
Common stock to be purchased in the Offering | 1,250,000 | |
Issued to Investors on November 17, 2014 [Member] | ||
Warrants Outstanding | 2,734,590 | 0 |
Exercise price | $2.31 | |
Common stock to be purchased in the Offering | 2,734,590 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Beginning of Period | 2,026,564 | 1,564,257 |
Weighted Average Exercise Price Beginning of the Year | $9.19 | $11.16 |
Weighted Average Fair Value Stock Options Beginning of the Year | $10.61 | $10.61 |
Stock options granted | 0 | 579,429 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0 | $2.55 |
Weighted Average Fair Value Stock Options Granted | $0 | $1.79 |
Exercised | 0 | 0 |
Weighted Average Exercise Price | $0 | $0 |
Weighted Average Fair Value Stock Options Exercised | $0 | $0 |
Forfeited | -114,407 | -117,122 |
Weighted Average Exercise Price Stock Options Forfeited | $6.63 | $0 |
Weighted Average Fair Value Stock Options Forfeited | $6.06 | $0 |
Expired | 0 | 0 |
Weighted Average Exercise Price Stock Options Expired | $0 | $0 |
Weighted Average Fair Value Stock Options Expired | $0 | $0 |
End of year | 1,912,157 | 2,026,564 |
Weighted Average Exercise End of Year | $9.35 | $9.19 |
Weighted Average Fair Value Stock Options End of Year | $8.58 | $10.61 |
Options exercisable | 1,449,850 | 1,564,257 |
Weighted Average Exercise Price Options exercisable | $11.52 | $11.16 |
Weighted Average Fair Value Options exerciseable | $10.77 | $10.61 |
Schedule_of_Disclosure_of_Shar
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Remaining Contractural Life - Years | 2 years 11 months 26 days | 3 years 3 months 22 days | |
Number of options outstanding | 1,912,157 | 2,026,564 | 1,564,257 |
Weighted Average Exercise Price Stock Options Outstanding | $9.35 | $9.19 | $11.16 |
Number of Awards Vested | 1,449,850 | 1,564,257 | |
Weighted Average Exercise Price | $11.52 | $11.16 | |
Weighted Average Remaining Contractual Life of Stock Options Vested | 2 years 7 months 20 days | 3 years | |
Range 1 [Member] | |||
Exercise price lower range limit | $2.55 | $2.55 | |
Exercise price upper range limit | $5 | $5 | |
Weighted Average Remaining Contractural Life - Years | 4 years 4 days | 4 years 3 months 4 days | |
Number of options outstanding | 645,644 | 645,644 | |
Weighted Average Exercise Price Stock Options Outstanding | $3.10 | $3.10 | |
Number of Awards Vested | 183,337 | 183,337 | |
Weighted Average Exercise Price | $4.50 | $4.50 | |
Weighted Average Remaining Contractual Life of Stock Options Vested | 3 years 9 months 22 days | 4 years 22 days | |
Range 2 [Member] | |||
Exercise price lower range limit | $5.01 | $5.01 | |
Exercise price upper range limit | $12.90 | $12.90 | |
Weighted Average Remaining Contractural Life - Years | 3 years 9 months 18 days | 4 years 1 month 10 days | |
Number of options outstanding | 668,177 | 782,584 | |
Weighted Average Exercise Price Stock Options Outstanding | $7.59 | $7.45 | |
Number of Awards Vested | 668,177 | 782,584 | |
Weighted Average Exercise Price | $7.59 | $7.45 | |
Weighted Average Remaining Contractual Life of Stock Options Vested | 3 years 9 months 18 days | 4 years 1 month 10 days | |
Range 3 [Member] | |||
Exercise price lower range limit | $13.50 | $13.50 | |
Exercise price upper range limit | $18.90 | $18.90 | |
Weighted Average Remaining Contractural Life - Years | 1 year 22 days | 1 year 3 months 18 days | |
Number of options outstanding | 358,336 | 358,336 | |
Weighted Average Exercise Price Stock Options Outstanding | $14.17 | $14.17 | |
Number of Awards Vested | 358,336 | 358,336 | |
Weighted Average Exercise Price | $14.17 | $14.17 | |
Weighted Average Remaining Contractual Life of Stock Options Vested | 1 year 22 days | 1 year 3 months 18 days | |
Range 4 [Member] | |||
Exercise price lower range limit | $19.20 | $19.20 | |
Exercise price upper range limit | $23.85 | $23.85 | |
Weighted Average Remaining Contractural Life - Years | 0 years 10 months 17 days | 1 year 1 month 13 days | |
Number of options outstanding | 240,000 | 240,000 | |
Weighted Average Exercise Price Stock Options Outstanding | $23.85 | $23.85 | |
Number of Awards Vested | 240,000 | 240,000 | |
Weighted Average Exercise Price | $23.85 | $23.85 | |
Weighted Average Remaining Contractual Life of Stock Options Vested | 0 years 10 months 17 days | 1 year 1 month 13 days |
Schedule_of_Sharebased_Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2011 | |
Average risk-free interest rate | 1.68% | 3.35% |
Average expected life- years | 5 years | 10 years |
Expected volatility | 90.44% | 94.32% |
Expected dividends | 0.00% | 0.00% |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Revenue | $123,895 | $254,107 | |
Segment Profit - Pre Tax | -1,080,324 | -1,433,922 | |
Total Assets | 4,987,610 | 4,443,626 | 6,053,236 |
Property Additions | 0 | 0 | |
Interest Expense | 0 | 0 | |
Depreciation | 0 | 0 | |
Consulting [Member] | |||
Revenue | 123,895 | 254,107 | |
Segment Profit - Pre Tax | -60,918 | 80,911 | |
Total Assets | 318,383 | 507,738 | |
Property Additions | 0 | 0 | |
Interest Expense | 0 | 0 | |
Depreciation | 0 | 0 | |
Technology [Member] | |||
Revenue | 0 | 0 | |
Segment Profit - Pre Tax | -212,831 | -432,086 | |
Total Assets | 852,862 | 725,588 | |
Property Additions | 0 | 0 | |
Interest Expense | 0 | 0 | |
Depreciation | 0 | 0 | |
Corporate and Eliminations [Member] | |||
Revenue | 0 | 0 | |
Segment Profit - Pre Tax | -806,575 | -1,082,746 | |
Total Assets | 3,816,365 | 3,210,300 | |
Property Additions | 0 | 0 | |
Interest Expense | 0 | 0 | |
Depreciation | $0 | $0 |