Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 05, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Trading Symbol | ltbr | |
Entity Registrant Name | LIGHTBRIDGE Corp | |
Entity Central Index Key | 1,084,554 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,799,906 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 1,484,099 | $ 623,184 |
Restricted cash | 35,021 | 325,832 |
Accounts receivable - project revenue and reimbursable project costs | 69,696 | 139,797 |
Prepaid expenses and other current assets | 189,511 | 168,029 |
Total Current Assets | 1,778,327 | 1,256,842 |
Other Assets | ||
Patent costs | 1,048,518 | 950,594 |
Total Assets | 2,826,845 | 2,207,436 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,343,984 | 1,182,371 |
Note payable | 68,036 | 0 |
Total Current Liabilities | 1,412,020 | 1,182,371 |
Long-Term Liabilities | ||
Deferred lease abandonment liability | 112,700 | 196,938 |
Derivative warrant liability | 198,955 | 2,327,195 |
Total Liabilities | 1,723,675 | 3,706,504 |
Commitments and contingencies | ||
Stockholders' Equity (Deficiency) | ||
Preferred stock, $0.001 par value, 10,000,000 authorized shares, no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 100,000,000 authorized, 4,799,906 shares outstanding at June 30, 2016 and 3,725,819 shares outstanding at December 31, 2015 | 4,800 | 3,726 |
Additional paid-in capital | 77,101,722 | 72,868,647 |
Accumulated Deficit | (76,003,352) | (74,371,441) |
Total Stockholders' Equity (Deficiency) | 1,103,170 | (1,499,068) |
Total Liabilities and Stockholders' Equity (Deficiency) | $ 2,826,845 | $ 2,207,436 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 4,799,906 | 3,725,819 |
Common Stock, Shares, Outstanding | 4,799,906 | 3,725,819 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue: | ||||
Consulting Revenue | $ 122,377 | $ 298,162 | $ 288,923 | $ 422,057 |
Cost of Consulting Services Provided | 62,137 | 275,662 | 130,362 | 333,054 |
Gross Margin | 60,240 | 22,500 | 158,561 | 89,003 |
Operating Expenses | ||||
General and administrative | 1,112,582 | 1,108,807 | 2,208,694 | 2,039,100 |
Research and development expenses | 419,498 | 394,715 | 1,005,748 | 607,545 |
Total Operating Expenses | 1,532,080 | 1,503,522 | 3,214,442 | 2,646,645 |
Operating Loss | (1,471,840) | (1,481,022) | (3,055,881) | (2,557,642) |
Other Income and (Expenses) | ||||
Warrant revaluation | 311,645 | 460,265 | 1,565,499 | 1,658,251 |
Warrant modification expense | (129,369) | 0 | (129,369) | 0 |
Investment income | 274 | 163 | 274 | 323 |
Other income (expenses) | (7,915) | (762) | (12,434) | (3,274) |
Total Other Income and (Expenses) | 174,635 | 459,666 | 1,423,970 | 1,655,300 |
Net loss before income taxes | (1,297,205) | (1,021,356) | (1,631,911) | (902,342) |
Income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (1,297,205) | $ (1,021,356) | $ (1,631,911) | $ (902,342) |
Net Loss Per Common Share, Basic and Diluted | $ (0.30) | $ (0.28) | $ (0.40) | $ (0.25) |
Weighted Average Shares Outstanding | 4,273,031 | 3,616,575 | 4,074,104 | 3,616,575 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Activities: | ||
Net Loss | $ (1,631,911) | $ (902,342) |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||
Stock-based compensation | 550,552 | 782,036 |
Warrant modification expense | 129,369 | 0 |
Warrant revaluation income | (1,565,499) | (1,658,251) |
Changes in operating working capital items: | ||
Accounts receivable - fees and reimbursable project costs | 70,101 | 221,942 |
Prepaid expenses and other assets | (21,482) | 1,389 |
Accounts payable and accrued liabilities | 231,516 | (201,097) |
Deferred lease abandonment liability | (154,141) | 0 |
Net Cash Used In Operating Activities | (2,391,495) | (1,756,323) |
Investing Activities: | ||
Patent costs | (97,924) | (50,215) |
Net Cash Used In Investing Activities | (97,924) | (50,215) |
Financing Activities: | ||
Net proceeds from the issuance of common stock | 2,991,487 | 0 |
Payments for stock offering costs | 0 | (42,097) |
Proceeds from the issuance of note payable | 135,000 | 0 |
Repayment of note payable | (66,964) | 0 |
Restricted cash | 290,811 | (324) |
Net Cash Provided by (Used In) Financing Activities | 3,350,334 | (42,421) |
Net Increase (Decrease) In Cash and Cash Equivalents | 860,915 | (1,848,959) |
Cash and Cash Equivalents, Beginning of Period | 623,184 | 4,220,225 |
Cash and Cash Equivalents, End of Period | 1,484,099 | 2,371,266 |
Cash paid during the year: | ||
Interest paid | 1,618 | 0 |
Income taxes paid | 0 | 0 |
Non-Cash Financing Activity: | ||
Warrant liability - reclassification to equity | $ 692,110 | $ 0 |
Basis of Presentation, Summary
Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015, included in our Annual Report on Form 10-K for the year ended December 31, 2015. 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 and six month periods 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. The Company was 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 (subsequently referred to as “we” or the “Company”). We are engaged in two operating business segments: our Technology Business Segment and our Consulting Business Segment (see Note 11-Business Segment Results). Liquidity We have incurred recurring losses since inception and expect to continue to incur losses as a result of costs and expenses related to our research and continued development of our nuclear fuel and our corporate general and administrative expenses. Our limited capital resources and operations to date have been funded through sales of our equity securities. As of June 30, 2016, we had working capital of approximately $0.4 million, cash and restricted cash of approximately $1.5 million, stockholders’ equity of approximately $1.1 million and an accumulated deficit of approximately $76 million. As of December 31, 2015, we had working capital of approximately $0.1 million, cash and restricted cash of approximately $0.9 million, stockholders’ deficit of approximately $1.5 million and an accumulated deficit of approximately $74 million. On August 2, 2016, we closed on our offering of $2.8 million of our Convertible Series A Preferred Stock (see note 10). We have also entered into an option agreement with Aspire Capital Fund, LLC that will give us an option until December 31, 2019 to enter in two equity line agreements for a combined total of $20 million (see note 13). In the event that we are unable to generate sufficient cash from our operating activities or raise additional funds, we may be required to delay, reduce or severely curtail our operations or otherwise impede our on-going business efforts, which could have a material adverse effect on our business, operating results, financial condition and long-term prospects. The Company expects to seek to obtain additional funding through future equity issuances. There can be no assurance as to the availability or terms upon which such financing and capital might be available. Reverse Stock Split Effective July 20, 2016, we conducted a one for five reverse stock-split of our issued and outstanding common stock and have retroactively adjusted our common shares outstanding, options and warrants amounts outstanding. We have presented our share data for and as of all periods presented on this basis. As a result, the number of common shares issued and outstanding at June 30, 2016 decreased from 23,999,386 shares to 4,799,906 shares. The number of common shares issued and outstanding at December 31, 2015 decreased from 18,628,957 shares to 3,725,819 shares. Our authorized capital of 500,000,000 shares of common stock and 50,000,000 shares of preferred stock, each with a par value of $0.001, was changed to 100,000,000 shares of common stock authorized and 10,000,000 shares of preferred stock authorized with a par value of $0.001. The par value was not adjusted as a result of the one for five reverse stock split. Technology Business Segment Our primary business segment, based on future revenue potential, is to develop and commercialize innovative, proprietary nuclear fuel designs which we expect will significantly enhance the nuclear power industry’s economics due to higher power output and improve safety margins. 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 January 12, 2016, we announced entry into an initial services agreement with BWXT Nuclear Energy, Inc., a wholly owned subsidiary of BWX Technologies, Inc., to evaluate the ability to fabricate and prepare a preliminary plan for fabrication of Lightbridge-designed partial length nuclear fuel samples at BWXT facilities in the United States. On March 14, 2016, we entered into a joint development agreement (“JD”) with AREVA NP (“AREVA”) to develop a joint business plan to evaluate the technical, economic, and strategic feasibility and desirability of the parties’ forming one or more joint venture companies to further develop, manufacture, and commercialize the Company’s metallic nuclear fuel technology. The JD agreement includes a statement of work whereby the Company is expected to pay a total of approximately $141,000 toward the total cost of work to be performed as part of the Joint Evaluation Project Plan by placing a work release or purchase order with AREVA. The total amount is due and payable by the Company as follows: 40% of the total amount due upon the effective date of the signing of the JD; 30% of the total amount due upon the delivery of an intermediate report by AREVA and the remaining 30% due upon the delivery of the final report to the Company. The initial 40% payment due of approximately $58,000 has been paid to AREVA as of June 30, 2016. On June 6, 2016 we announced that we received a key patent covering our metallic nuclear fuel rod design in Canada and also received our key patent in China following the notice of allowance publicly disclosed in May 2016. On July 5, 2016 we announced that we received a Notice of Allowance for a key patent covering our metallic nuclear fuel rod design from the European Patent Office. The patent is expected to be issued during the third quarter of 2016. Lightbridge will seek patent validation in key countries in the EU region, including France, the UK, Sweden, and other key countries that already have a significant amount of nuclear generating capacity. 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 FANR contract has been extended to December 31, 2016. The FANR contract can continue to be extended upon agreement by both parties. Accounting Policies and Recent 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 June 30, 2016 and December 31, 2015. These branch offices will be closed in 2016. Translation gains and losses for the three months and six months ended June 30, 2016 and 2015 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, derivative liability for the stock purchase warrants, 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. Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, note payable and a derivative warrant liability. The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value of the derivative warrant liabilities were determined based on “Level 3” inputs. See Note 9-Warrant Liability for more information on the Level 3 inputs and valuation of the derivative warrant liability and Note 12 – Fair Value Measurements for more information on fair value measurements. 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. 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 if necessary, however, no reserve has been set up at June 30, 2016 and December 31, 2015, as we expect to collect all of our outstanding receivables. Accounts receivable from two customers constituted approximately 99% and 77% of the total accounts receivable at June 30, 2016 and December 31, 2015, respectively. Approximately 6% and 22% of the total revenues reported for the three months and six months ended June 30, 2016 and 2015, respectively, were from the ENEC and FANR contracts. Contracts with one other utility customer in the United States constituted approximately 43% and 57% of total revenues reported for the three months and six months ended June 30, 2016 and contracts with one other customer constituted 50% and 21% for the three months and six months ended June 30, 2015. Approximately 63% and 50% of the total accounts payable at June 30, 2016 and December 31, 2015, respectively, is a payable to one vendor and approximately 21% of the total accounts payable at June 30, 2016 was from one other vendor. Revenue Recognition Consulting Business Segment At the present time, we derive all of our revenue from our consulting business segment on a time and expense basis as provided, 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 a time and expense basis. We recognize revenue in accordance with SEC Staff Accounting Bulletin or SAB, No. 104, “Revenue Recognition.” We recognize revenue when all of the following conditions are met: (1) There is persuasive evidence of an arrangement; (2) The service has been provided to the customer; (3) The collection of the fees is reasonably assured; and (4) The amount of fees to be paid by the customer is fixed or determinable. 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 2016 and 2015 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, stock-based compensation and other related consulting costs. 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. Cash and Cash Equivalents and Restricted Cash We may at times invest our excess cash in money market mutual 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, as reported on the accompanying condensed consolidated balance sheets, totaled approximately $1.5 million and $0.6 million at June 30, 2016 and December 31, 2015, 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 letters of credit to secure contingent obligations under the sub-lease and our ACH transactions. The total balance of our restricted cash at June 30, 2016 and December 31, 2015 was approximately $0.0 million and $0.3 million, respectively. 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 or a sales allowance recorded at June 30, 2016 and December 31, 2015, as we have not experienced any bad debts from any of our customers or issued significant credits to customers. 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 and six months ended June 30, 2016 and 2015. Patents and Legal Costs Patents are stated on the accompanying condensed consolidated balance sheets at cost. Patent costs consist primarily of legal fees and application costs for filing and pursuing patent applications. 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 and six months ended June 30, 2016 and 2015. 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 condensed 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 and six months ended June 30, 2016 and 2015. 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 condensed consolidated statements of operations. Stock Warrants The Company accounts for stock warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreement. Stock warrants are accounted for as a derivative in accordance with Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”) if the stock warrants contain terms that could potentially require “net cash settlement” and therefore, do not meet the scope exception for treatment as a derivative. Warrant instruments that could potentially require “net cash settlement” in the absence of express language precluding such settlement are initially classified as derivative liabilities at their estimated fair values, regardless of the likelihood that such instruments will ever be settled in cash. The Company will continue to classify the fair value of the warrants that contain “net cash settlement” as a liability until the warrants are exercised, expire or are amended in a way that would no longer require these warrants to be classified as a liability. For additional discussion of our warrants, see Note 9 - Warrant Liability. Commitments and Contingencies The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for 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. Stock-Based Compensation The stock-based compensation expense incurred by Lightbridge for employees and directors in connection with its equity incentive plan is based on the employee model of ASC 718, and the fair 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 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 minimum 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 over the requisite service period. 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”. Recent Accounting Pronouncements Stock Compensation Improvements to Employee Share-Based Payment Accounting, Principal versus Agent Considerations Leases Deferred Taxes - Consolidation Going Concern Revenue Recognition 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 and six months ended June 30, 2016 and 2015, and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive and are therefore not included in the calculations. Loss per-share amounts for all periods have been retroactively adjusted to reflect the Company’s 1 -for- 5 reverse stock split, which was effective July 20, 2016. |
Accounts Receivable Project Rev
Accounts Receivable Project Revenue and Project Costs | 6 Months Ended |
Jun. 30, 2016 | |
Accounts Receivable Project Revenue and Project Costs [Text Block] | Note 3. Accounts Receivable – Project Revenue and Project Costs FANR and ENEC Projects Under the agreement with FANR, revenue will be recognized on a time and expense basis and fixed contract 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. Travel costs and other reimbursable costs under these contracts are reported in the accompanying statement of operations as both revenue and cost of consulting services provided, and were not significant for the three months and six months ended June 30, 2016 and 2015. The total travel and other reimbursable expenses that have not been reimbursed to us and are included in total accounts receivable reported above from our consulting contracts was not significant at June 30, 2016 and December 31, 2015. Total unbilled accounts receivable was $0.0 million at June 30, 2016 and $0.1 million at December 31, 2015. Foreign currency transaction exchange losses and translation gains and losses for the three months and six months ended June 30, 2016 and 2015, were not significant. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2016 | |
Prepaid Expenses and Other Current Assets [Text Block] | Note 4. Prepaid Expenses and Other Current Assets Prepaid expenses consist primarily of prepayments made for research and development work, various professional services, insurance policies, travel, rent, and other miscellaneous prepayments. Total prepaid expenses and other current assets reported on the accompanying condensed consolidated balance sheets at June 30, 2016 and December 31, 2015, were both approximately $0.2 million. |
Patents
Patents | 6 Months Ended |
Jun. 30, 2016 | |
Patents [Text Block] | Note 5. Patents Patents represent legal fees and filing costs that are capitalized and amortized over their estimated useful lives of 17 to 20 years or their remaining legal lives, whichever is shorter, after they are placed in service. For the three months and six months ended June 30, 2016 and 2015, we capitalized approximately $0.1 million and $0.1 million, respectively, for patent filing costs. The total investment in patents was approximately $1.0 million as of June 30, 2016 and December 31, 2015. No amortization expense of patents was recorded for the three months and six months ended June 30, 2016 and 2015. These patents were not placed in service as of June 30, 2016 and December 31, 2015, or in prior years. |
Accounts Payable, Accrued Liabi
Accounts Payable, Accrued Liabilities and Note Payable | 6 Months Ended |
Jun. 30, 2016 | |
Accounts Payable, Accrued Liabilities and Note Payable [Text Block] | Note 6. Accounts Payable, Accrued Liabilities and Note Payable Accounts payable and accrued liabilities (rounded in millions) consisted of the following: June 30, December 31, 2016 2015 Trade payables $ 0.4 $ 0.3 Accrued expenses and other 0.4 0.4 Accrued bonuses 0.5 0.5 Total $ 1.3 $ 1.2 Note Payable On February 28, 2016 a note payable was issued to a finance company for a vendor invoice, which totaled $135,000. A down payment of $13,500 was made with remaining payments of nine monthly installments of approximately $14,000 (annual effective interest rate approximately 5%). The note is expected to be fully paid by November 28, 2016. Total interest expense under the note was approximately $1,000 for the three months ended June 30, 2016 and $2,000 for the six months ended June 30, 2016, which was recorded in the accompanying statement of operations. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies [Text Block] | Note 7. Commitments and Contingencies Operating Leases On December 22, 2015 we entered into a lease for new office space for a 12 month term, with a monthly rent payment of approximately $6,500 per month plus additional charges. On December 17, 2015 we entered into a sublease agreement for our former office space with a third party with a lease term starting January 1, 2016 to February 28, 2018. The average monthly rent to be received under this sub-lease is approximately $15,000 per month, over the sub-lease term. At December 31, 2015 the present value of the negative cash flows over this sub-lease term was approximately $433,000 and this amount plus a real estate commission paid to find the sub-lease tenant of approximately $20,000, resulted in a total $453,000 that was recognized as an abandonment loss in 2015. The long-term portion of deferred lease abandonment liability was approximately $113,000 and the short-term portion of deferred lease abandonment liability of approximately $167,000 was included in accounts payable and accrued liabilities at June 30, 2016. The long-term portion of deferred lease abandonment liability was $196,938 and the short-term portion of deferred lease abandonment liability of $236,529 was included in accounts payable and accrued liabilities at December 31, 2015. We have a standard indemnification arrangement under this sublease agreement that require us to indemnify the sublessee against liabilities and claims incurred in connection with the premises covered by the Company’s lease. The term of this indemnification agreement is from the time of execution of the agreement to its expiration. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is $75,000, which is covered by a letter of credit that is outstanding as of June 30, 2016. As of June 30, 2016, the Company had not accrued a liability for this indemnification because the likelihood of incurring a payment obligation in connection with this indemnification is remote. The future minimum lease payments required under the non-cancelable operating leases are as follows (rounded in millions): Year ending December 31, Amount 2016 $ 0.2 2017 0.4 2018 0.1 Total minimum payments required $ 0.7 Minimum payments have not been reduced by minimum sublease rentals of $0.4 million due in the future under non-cancelable subleases. 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 for paid time off, and demands additional compensatory damages of at least $15,507. In November 2015, subsequent to the above Fairfax County Complaint being filed, our legal counsel was notified by the attorney representing the former Chief Financial Officer that the former Chief Financial Officer has voluntarily decided to nonsuit the above Fairfax County Complaint. The nonsuit order was entered on November 30, 2015. A nonsuit is essentially a voluntary dismissal of the case without prejudice, meaning that he is dismissing the case but that he can refile the suit at a later time. The nonsuit statute for refiling this case provides that the lawsuit may be refiled within the longer of the original statute of limitations period or 6 months from the filing date of this the nonsuit order. The case has not been re-filed, and the defamation claim is now time-barred. 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. OSHA has not contacted the Company to date regarding this complaint and there have been no actions taken against the Company. The Company believes that the above OSHA Compliant made by the former Chief Financial Officer is without merit and intends to vigorously defend itself if it is contacted by OSHA in the future. As of June 30, 2016, the balance of the legal fees owed was approximately $16,000 and are expected to be paid by the Company’s insurance carrier. |
Research and Development Costs
Research and Development Costs | 6 Months Ended |
Jun. 30, 2016 | |
Research and Development Costs [Text Block] | Note 8. Research and Development Costs Research and development costs, included in the accompanying condensed consolidated statement of operations amounted to approximately $0.4 million for each of the three months ended June 30, 2016 and 2015. Research and development costs, included in the accompanying condensed consolidated statement of operations amounted to approximately $1.0 million and $0.6 million for the six months ended June 30, 2016 and 2015, respectively. We shut down our Moscow office operations as of January 1, 2015 and have since shifted our research and development work primarily to the United States, Canada, Norway and France. There were no significant accrued liabilities related to the winding down of our Moscow office at June 30, 2016 and December 31, 2015. On March 14, 2016, we entered into a joint development agreement with AREVA which defines the different steps (including, without limitation, a feasibility study, a business plan, and an implementation action plan), working groups, and methodology to determine the feasibility and opportunity of future joint ventures between the parties. The joint development agreement provides the process by which the parties will execute definitive documentation for the joint ventures, including a term sheet that will set forth the main terms of the definitive joint venture agreements. On January 12, 2016, we announced entry into an initial services agreement with BWXT Nuclear Energy, Inc., a wholly owned subsidiary of BWX Technologies, Inc., to evaluate the ability to fabricate and prepare a preliminary plan for fabrication of Lightbridge-designed partial length nuclear fuel samples at BWXT facilities in the United States. This arrangement can provide us with an alternative vendor and site to Canadian Nuclear Labs (“CNL”) for fabrication of our patented next generation metallic nuclear fuel test for irradiation testing at the Halden Research Reactor. We have consulting agreements with several consultants working on various projects for us, which total approximately $20,000 per month. |
Warrant Liability
Warrant Liability | 6 Months Ended |
Jun. 30, 2016 | |
Warrant Liability [Text Block] | Note 9. Warrant Liability Certain warrants are recorded as liabilities at their estimated fair value at the date of issuance, with the subsequent changes in estimated fair value recorded in other income (expense) in the Company’s condensed consolidated statement of operations in each subsequent quarterly period. The change in the estimated fair value of our warrant liability for the three months ended June 30, 2016 and 2015 resulted in non-cash income of approximately $0.3 million and $0.5 million, respectively. The change in the estimated fair value of our warrant liability for the six months ended June 30, 2016 and 2015 resulted in non-cash income of approximately $1.6 million and $1.7 million, respectively. The Company utilizes the Monte Carlo simulation valuation method to value the liability classified warrants. On June 30, 2016 we came to agreement with the 2014 warrant holders that in return for reducing the strike price of the warrants from $11.55 per share to $6.25 per share, the warrant holders would amend certain provisions of the warrant agreement. The revised warrants are classified as equity in the condensed consolidated financial statements. The loss on the modification of these outstanding warrants was approximately $0.1 million and this loss was reported in other expenses. The value of the 2014 warrants at the time of the warrant modification was approximately $0.6 million. The valuation of the amended 2014 warrants was approximately the same under both the Black Scholes pricing model and Monte Carlo valuation method. The estimated fair value of the liability classified warrants is determined using Level 3 inputs. Inherent in the Monte Carlo valuation model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. The following table summarizes the calculated aggregate fair values, along with the assumptions utilized in each calculation: June 30, December 31, 2016 2015 Calculated aggregate value $ 198,955 $ 2,327,195 Weighted average exercise price per share of warrant $ 27.60 $ 18.60 Closing price per share of common stock $ 2.30 $ 5.00 Weighted average volatility 86.81% 83.6% Weighted average remaining expected life (years) 3.02 5.11 Weighted average risk-free interest rate 0.74 1.90 Dividend yield 0% 0% The nature of the warrant liability is such (i.e., the warrant holders receive more value when the Company’s stock price is higher) that increases in the Company’s stock price during the period result in losses on the Company’s statement of operations while decreases in the Company’s stock price result in the Company recording income. The warrant liability decreased on June 30, 2016 due to the decrease in stock price and the settlement of the 2014 warrants, resulting in the 2014 warrants being treated as equity instead of a derivative liability at June 30, 2016. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity [Text Block] | Note 10. Stockholders’ Equity All common shares, warrants and stock option amounts and per share amounts for all periods reported below has been retroactively adjusted to reflect the Company’s 1 -for- 5 reverse stock split, which was effective July 20, 2016. At June 30, 2016, there were 4,799,906 common shares, 1,272,622 stock warrants and 1,463,003 stock options outstanding, all totaling 7,535,531 of total stock and stock equivalents outstanding at June 30, 2016. At December 31, 2015, there were 3,725,819 common shares 977,355 stock warrants and 1,047,450 stock options outstanding, totaling 5,750,624 of total stock and stock equivalents outstanding at December 31, 2015. Securities Purchase Agreement - Aspire Capital Fund, LLC On June 28, 2016, we entered into a Securities Purchase Agreement with Aspire Capital Fund, LLC (“Aspire Capital”) pursuant to which the Company has agreed to sell up to $5.0 million of shares of the Company’s common stock to Aspire Capital, without an underwriter or placement agent. Pursuant to the Securities Purchase Agreement, the Company sold 371,400 shares of common stock and 295,267 in the form of pre-funded warrants with an exercise price of $0.05 per share to Aspire Capital on June 28, 2016 for $1.0 million (the “First Purchase”). The Securities Purchase Agreement provides for the sale of up to an additional $4.0 million of the Company’s common stock to Aspire Capital upon the achievement of certain milestones, as follows: on or before October 31, 2016, $1.0 million of the Company’s common stock upon the Company’s announcement of its entry into a strategic arrangement regarding Lightbridge- designed nuclear fuel with one or more major nuclear utilities; and on or before March 31, 2017, $3.0 million of the Company’s common stock upon the Company’s announcement of its entry into a binding joint venture agreement to fully develop and to commercialize Lightbridge-designed metallic nuclear fuel with a major global nuclear fuel fabrication company. Each of the subsequent closings is subject to customary conditions, including the satisfaction of Aspire Capital with achievement of the milestones. The purchase price per share for the subsequent closings will be based upon the market price of the common stock at the time of such closings, or, if lower, $2.50 per share for the closing on or before October 31, 2016 and $5.00 per share for the closing on or before March 31, 2017. Aspire Capital may elect to receive pre-funded warrants in lieu of common stock for all or a portion of the subsequent closings. The Company did not use an underwriter or placement agent in connection with the Aspire Capital Offering and therefore owed no placement agent commissions on this 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 $0.6 million of the net proceeds to the common stock sold and approximately $0.4 million of the net proceeds to the warrants, which was recorded to additional paid-in capital-stock. The value of the warrants issued was calculated by using the Black Scholes Valuation Model, which was approximately the same as the Monte Carlo valuation method, using the following assumptions: volatility 91%; risk-free interest rate of 1%; dividend yield of 0%, and expected term of 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. Securities Purchase Agreement – General International Holdings, Inc. On June 28, 2016, we entered into a Securities Purchase Agreement with General International Holdings, Inc. (“GIH”) pursuant to which GIH agreed to purchase 1,020,000 shares of the Company’s newly created Non-Voting Series A Convertible Preferred Stock (the “Series A Preferred Stock”) for $2.8 million or approximately $2.75 per share, subject to the terms and conditions set forth in the Purchase Agreement (the “GIH Offering”). The Series A Preferred Stock is non-voting and is convertible at the option of the holder into shares of the Company’s common stock initially on a one-for-one basis. Dividends accrue on the Series A Preferred Stock at the rate of 7% per year and will be paid in-kind. The Company has the option of forcing the conversion of the Series A Preferred Stock if the trading price for the Company’s common stock is more than two times the applicable conversion price (approximately $2.75 per share) before the third anniversary of the issuance of the Series A Preferred Stock, or if the trading price is more than three times the applicable conversion price following the third anniversary of issuance. The Company may also redeem the Series A Preferred Stock following the third anniversary of the issuance. The closing of the GIH Offering was subject to certain conditions, including the Company’s entry into an Investors Rights Agreement with GIH and the continued listing of the Company’s common stock on the Nasdaq Capital Market following the hearing held on July 21, 2016. The Company expects to use the proceeds from the GIH Offering for general corporate purposes, including but not limited to research and development. The Company did not use an underwriter or placement agent in connection with the GIH Offering and therefore owed no placement agent commissions on this offering. The Company closed on the GIH Offering on August 2, 2016 as it met all the closing conditions mentioned above, including the Nasdaq Hearing Panel determining that the Company can continue the listing of its common stock on the Nasdaq Capital Market, subject to certain conditions (see Note 13 – Subsequent Events – Nasdaq Hearings Panel Decision). Equity Purchase Agreement – Equity Line On September 4, 2015, we entered into an common stock purchase agreement with Aspire Capital, which provides that Aspire Capital is committed to purchase up to an aggregate of $10.0 million of shares of our common stock over a two-year term, subject to our election to sell any such shares, and subject to the Nasdaq Listing Rule 5635(d) limitation. Nasdaq Listing Rule 5635(d) (“the Nasdaq 20% Rule”), requires shareholder approval of a transaction other than a public offering involving the sale, issuance, or potential issuance by a company of common stock (or securities convertible into or exercisable for common stock) equal to 20% or more of the company’s outstanding shares of common stock, or 20% or more of the voting power outstanding before the issuance for less than the greater of book or market value of the stock. The Company held its Annual Meeting on May 12, 2016. At the 2016 Annual Meeting, the Company’s stockholders voted on the approval, pursuant to Nasdaq Listing Rule 5635(d), of the issuance of additional shares of common stock to Aspire Capital Fund, LLC and therefore the 20% limitation no longer applies. Under the agreement, we have the right to sell shares, subject to certain volume limitations and a minimum floor price, to Aspire Capital as of January 8, 2016, the date all conditions to the commencement of sales under the common stock purchase agreement were satisfied, including the effectiveness of the Form S-1 registration statement registering the resale of the Company’s common stock by Aspire Capital. On any trading day selected by the Company, the Company will have the right, in its sole discretion, to present Aspire Capital with a purchase notice directing Aspire Capital (as principal) to purchase up to 20,000 shares of the Company’s common stock per business day (in a purchase amount up to $250,000 on each such business day) at a price equal to the lesser of: 1. The lowest sale price of the Company’s common stock on the purchase date; or 2. The arithmetic average of the three (3) lowest closing sale prices for the Company’s common stock during the twelve (12) consecutive trading days ending on the trading day immediately preceding the purchase date. In addition, on any date on which we submit a purchase notice to Aspire Capital in an amount equal to 20,000 shares, the Company also has the right, in its sole discretion, to present Aspire Capital with a volume-weighted average price purchase notice (each, a “VWAP Purchase Notice”) directing Aspire Capital to purchase an amount of stock equal to up to 30% of the aggregate shares of the Company’s common stock traded on its principal market on the next trading day (the “VWAP Purchase Date”), subject to a maximum number of shares as the Company may determine. The purchase price per share pursuant to such VWAP Purchase Notice is generally 95% of the volume-weighted average price for the Company’s common stock traded on its principal market on the VWAP Purchase Date. As part of the agreement, Aspire Capital received 60,000 additional shares as compensation for its commitment, valued approximately $276,000 or $4.60 per common share. For the six months ended June 30, 2016 we sold 0.7 million common shares for total gross proceeds of approximately $2.0 million through the equity line financing arrangement with Aspire Capital that we have in place. ATM Offering On June 11, 2015, the Company entered into an at-the-market issuance (“ATM”) sales agreement with MLV & Co. LLC ("MLV"), pursuant to which the Company may issue and sell shares of its common stock from time to time through MLV as the Company's sales agent. On September 1, 2015, MLV was acquired by FBR & Co. The issuance and sale of shares by the Company under the sales agreement are registered shares under the Company's shelf registration statement on Form S-3, as filed with the Securities and Exchange Commission on June 11, 2015 and declared effective by the Securities and Exchange Commission. The Company registered the sale of up to $5.8 million of common stock under the ATM sales agreement. There have been approximately 49,000 shares sold for total gross proceeds of approximately $282,000 through the ATM for the twelve month period ended December 2015. There were no ATM sales for the six months ended June 30, 2016. Outstanding Warrants June 30, December 31, 2016 2015 Issued to Investors on July 28, 2010, entitling the holders to purchase 207,000 common shares in the Company at an exercise price of $45.00 per common share up to and including July 27, 2017. These warrants are reported in the liability section of our balance sheet. 207,000 207,000 Issued to Investors on October 25, 2013, entitling the holders to purchase 250,000 common shares in the Company at an exercise price of $11.50 per common share up to and including April 24, 2021. These warrants are reported in the liability section of our balance sheet. 223,436 223,436 Issued to Investors on November 17, 2014, entitling the holders to purchase 546,919 common shares in the Company at an exercise price of $11.55 per common share up to and including May 16, 2022 - reclassified to equity on June 30, 2016, exercise price amended to $6.25 per common share. These warrants are reported in the equity section of our balance sheet on June 30, 2016 and in the liability section of our balance sheet on December 31, 2015. 546,919 546,919 Issued to an Investor on June 28, 2016, entitling the holders to purchase 295,267 common shares in the Company at an exercise price of $0.05 per common share up to and including June 27, 2021. These warrants are reported in the equity section of our balance sheet. 295,267 Total 1,272,622 977,355 Stock-based Compensation – Stock Options and Restricted Stock Stock Plan The Company held its Annual Meeting on May 12, 2016 and the stockholders voted on the approval of an amendment to the 2015 Equity Incentive Plan to increase the number of shares authorized for issuance thereunder by 800,000 shares to 1,400,000 shares. 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 1,400,000 shares to be available for grant under the Plan. The Plan became effective upon ratification by the shareholders of the Company at the shareholders’ annual meeting on July 14, 2015. Other provisions are as follows: (i) Any shares of common stock granted in connection with Options and Stock Appreciation Rights shall be counted against this limit as one share for every one Stock Option or Stock Appreciation Right awarded. Any shares of common stock granted in connection with Awards other than Options and Stock Appreciation Rights shall be counted against this limit as two shares of common stock for every one share of common stock granted in connection with such Award; (ii) Subject to adjustment in accordance with the Plan as amended, no Participant shall be granted, during any one year period, Stock Options to purchase Common Stock and Stock Appreciation Rights with respect to more than three hundred thousand (300,000) shares of Common Stock in the aggregate. The Plan also separately limits other Equity Awards with respect to more than three hundred thousand (300,000) shares of Common Stock in the aggregate. If an Award is to be settled in cash, the number of shares of Common Stock on which the Award is based shall count toward the individual share limit; and (iii) A ten percent shareholder shall not be granted an Incentive Stock Option unless the Option exercise price is at least 110% of the fair market value of the common stock at the grant date and the option is not exercisable after the expiration of five years from the grant date. Total stock options outstanding at June 30, 2016 and December 31, 2015, were 1,463,003 and 1,047,450 of which 757,383 and 688,452 of these options were vested at June 30, 2016 and December 31, 2015, respectively. Stock based compensation was approximately $0.4 and $0.7 million for the three months ended June 30, 2016 and 2015, respectively. Stock based compensation was approximately $0.6 and $0.8 million for the six months ended June 30, 2016 and 2015, respectively. 2015 Short-Term Non-Qualified Option Grants On April 8, 2015, the Compensation Committee and the Board of Directors granted short term non-qualified stock options totaling 92,641 and 29,771 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 9,404 and 794 stock options under the 2006 Stock Plan and the 2015 Equity Incentive Plan, respectively, all with a strike price of $6.30. These stock options vested immediately but the grants under the 2015 Equity Incentive Plan became exercisable upon ratification of the Plan at the annual meeting of shareholders, which took place on July 14, 2015. On August 12, 2015, the Compensation Committee and the Board of Directors granted short term non-qualified stock options totaling 27,181 stock options under the 2015 Equity Incentive Plan to employees and consultants of the Company, all with a strike price of $6.30. These stock options vested immediately. On November 20, 2015, the Compensation Committee and the Board of Directors granted short term non-qualified stock options totaling 225,831 stock options under the 2015 Equity Incentive Plan to employees and consultants of the Company, all with a strike price of $4.60. These stock options vested immediately. Also granted under the 2006 Stock Plan were 33,021 and 2,889 non-qualified stock options in 2016 and 2015 respectively, as equity compensation in lieu of cash with strike prices ranging from $2.05 to $6.25. In 2015, 4,634 non-qualified stock options were granted from the 2015 Equity Incentive Plan, as equity compensation in lieu of cash with strike prices ranging from $4.15 to $6.25. These stock options have an expected life of 1.5 - 5 years, and a contractual term of 3 - 10 years, a fair value of between $0.25 and $4.28 per stock option, a risk free rate ranging between 0.42% to 1.76%, and volatility ranging between 76% to 91%, as measured on the grant date. The expected option term was calculated using the simplified method as we do not have sufficient historical option data to provide a better estimate of the expected option term. Under this method, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option, which results in a reduction of the estimated option value and consequently the stock option expense. The risk free rate was based on the US Treasury Yield for the expected life of the options on the grant date. Expected dividends are estimated at $0.0, as we have never issued dividends and we have no current plans to issue dividends in the future. 2015 Long-Term Incentive Option Grants Employees and Consultants Option Grants On April 8, 2015, August 12, 2015, and November 20, 2015, the Compensation Committee and the Board of Directors granted long term incentive stock options totaling 110,199, 15,922 and 509,247 respectively, under the 2015 Equity Incentive Plan, the (“Plan”) to employees and consultants of the Company. 376,998 of the long term incentive options granted on November 20, 2015, were contingent on shareholder approval which occurred on May 12, 2016, at the annual meeting of stockholders. These stock options vest 1/3 on each annual anniversary date over three years. These stock options have a strike price ranging from $4.60 to $6.30 and the stock options have a fair value ranging from $1.28 to $4.57, based on a risk free rate of between 1.15% and 1.87%, volatility between 86% and 88%, and an expected life of six years. The expected life is calculated using the simplified method as we do not have sufficient historical option data to provide a better estimate of the expected option term. These options have a 10 year contractual term. The risk free rate was based on the US Treasury Yield for the expected life of the options on the measurement date. Expected dividends are estimated at $0.0, as we have never issued dividends and we have no current plans to issue dividends in the future. Grants to our consultants were re-measured as of June 30, 2016. This re-measured stock based compensation for options issued to consultants was not significant. We estimated future pre-vest forfeitures to be 1.5%, based on historical information. Director Option Grants On April 8, 2015, August 12, 2015, and November 20, 2015, the Compensation Committee and the Board of Directors granted 22,600, 4,608, and 75,468 respectively, of long term non-qualified stock options under the 2015 Equity Incentive Plan to the Board of Directors of the Company. 55,868 of the long term incentive options granted on November 20, 2015, were contingent on shareholder approval which occurred on May 12, 2016, at the annual meeting of stockholders. These stock options fully vest on the first annual anniversary date of the grant. These stock options have a strike price between $4.60 and $6.30, and the stock options have a fair value of between $3.25 to $4.41, based on a risk free rate between 1.46% and 1.79%, volatility between 86% and 87%, and an expected life of 5.5 years. The expected life is calculated using the simplified method as we do not have any history to provide a better estimate of the expected option term. These options have a 10 year contractual term. The risk free rate was based on the US Treasury Yield Curve for the expected life of the options on the grant date. Expected dividends are estimated at $0.0, as we have never issued dividends and we have no current plans to issue dividends in the future. Stock option transactions to the employees, directors and consultants are summarized as follows for the six months ended June 30, 2016: Weighted Weighted Average Average Options Exercise Grant Date Outstanding Price Fair Value Beginning of the period 1,047,450 $ 18.50 $ 14.55 Granted 465,887 4.69 2.96 Exercised - - - Forfeited (50,334 ) 117.27 121.83 Expired - - - End of the period 1,463,003 $ 10.70 $ 8.22 Options exercisable 757,383 $ 15.89 $ 12.63 Stock option transactions to the employees, directors and consultants are summarized as follows for the year ended December 31, 2015: Weighted Weighted Average Average Options Exercise Grant Date Outstanding Price Fair Value Beginning of the year 405,344 $ 45.95 $ 53.05 Granted 698,323 5.40 3.70 Exercised - - - Forfeited (22,883 ) 33.15 30.30 Expired (33,334 ) 67.50 64.20 End of the year 1,047,450 $ 18.50 $ 20.30 Options exercisable 688,452 $ 24.75 $ 8.40 A summary of the status of the Company’s non-vested shares as of June 30, 2016 and December 31, 2015, and changes during the six months ended June 30, 2016 and the year ended December 31, 2015, is presented below: Weighted- Average Fair Weighted Value Average Shares Grant Date Exercise Price Non-vested Shares Non-vested at January 1, 2015 92,467 $ 8.55 $ 12.75 Granted 698,323 3.70 5.40 Vested (431,789 ) 4.00 5.90 Forfeited - - - Non-vested - December 31, 2015 359,001 $ 4.55 $ 6.70 Granted 465,887 $ 4.69 $ 2.96 Vested (119,268 ) 4.25 7.64 Forfeited - - - Non-vested - June 30, 2016 705,620 $ 3.49 $ 5.14 As of June 30, 2016, there was approximately $2.0 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 2.02 years. There was substantially no intrinsic value for the stock options outstanding at June 30, 2016 and December 31, 2015. The above tables include options issued and outstanding as of June 30, 2016 and December 31, 2015, as follows: i) A total of 51,051 non-qualified 10 year options have been issued, and are outstanding, to advisory board members at exercise prices of $22.50 to $72.00 per share. ii) A total of 1,251,609 non-qualified 5 - 10 year options have been issued, and are outstanding, to our directors, officers, and employees at exercise prices of $2.05 to $75.00 per share. From this total, 376,769 options are outstanding to the Chief Executive Officer who is also a director, with remaining contractual lives of 1.4 years to 9.4 years. All other options issued to directors, officers, and employees have a remaining contractual life ranging from 0.1 years to 10.0 years. iii) A total of 160,343 non-qualified 3 - 10 year options have been issued, and are outstanding, to our consultants at exercise prices of $4.60 to $52.50 per share. The following table provides certain information with respect to the above-referenced stock options that are outstanding and exercisable at June 30, 2016: 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 $2.05 -$4.60 9.39 814,630 $ 4.59 9.40 229,915 $ 4.57 $4.65 -$6.30 8.24 349,580 $ 6.29 8.01 255,586 $ 6.29 $6.35 -$25.00 2.76 129,141 $ 15.52 2.74 102,230 $ 16.25 $25.00 -$50.00 2.79 108,677 $ 34.61 2.79 108,677 $ 34.61 $50.01 -$75.00 0.69 60,975 $ 64.90 0.69 60,975 $ 64.90 Total 7.67 1,463,003 $ 10.70 6.38 757,383 $ 15.89 The following table provides certain information with respect to the above-referenced stock options that are outstanding and exercisable at December 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 $4.15 -$6.30 9.70 698,323 $ 5.38 9.58 393,145 $ 5.31 $12.75 -$25.00 3.26 129,141 $ 15.52 3.20 75,321 $ 17.50 $25.05 -$64.50 3.04 133,648 $ 37.93 3.04 133,648 $ 37.93 $67.50 -$94.50 0.63 38,338 $ 73.77 0.63 38,338 $ 73.77 $96.00 -$119.25 0.12 48,000 $ 119.25 0.12 48,000 $ 119.25 Total 7.28 1,047,450 $ 18.50 6.46 688,452 $ 24.73 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 for options with an expected term that is greater than our stock trading history. Prior to January 1, 2015, we estimated the life of our option awards based on the full contractual term of the option grant. To date we have had very few exercises of our option grants, and those stock option exercises had occurred just before the contractual expiration dates of the option 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 contractual term. For options granted after January 1, 2015, we have applied the simplified method to estimate the expected term of our option grants as it is more likely that these options may be exercised prior to the end of the term. We estimate the effect of future forfeitures of our option 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 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% of our option grants will be forfeited prior to vesting. Weighted average assumptions used in the Black Scholes option-pricing model for the six months ended June 30, 2016 and the year ended December 31, 2015, were as follows: Six months ended Year ended June 30, December 31, 2016 2015 Average risk-free interest rate 0.70% 1.64% Average expected life- years 1.86 5.38 Expected volatility 84.87% 86.66% Expected dividends $0.0 $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. Grants of stock options and restricted stock are awarded to our employees, directors, consultants, and board members and we recognize the fair 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. Stock-based compensation expense is recorded under the financial statement captions cost of services provided, general and administrative expenses and research and development expenses in the accompanying condensed consolidated statements of operations. For the six months ended June 30, 2016 and 2015, we recognized stock-based compensation of approximately $0.6 million and $0.8 million, respectively. Related income tax benefits were not recognized, as we incurred a tax loss for both periods. |
Business Segment Results
Business Segment Results | 6 Months Ended |
Jun. 30, 2016 | |
Business Segment Results [Text Block] | Note 11. 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. BUSINESS SEGMENT RESULTS - THREE MONTHS ENDED JUNE 30, 2016 AND 2015 Corporate and Consulting Technology Eliminations Total 2016 2015 2016 2015 2016 2015 2016 2015 Revenue 122,377 298,162 0 0 0 0 122,377 298,162 Segment Profit (Loss)– Pre Tax (112,420) (228,641) 419,498) (394,715) (765,287) (398,000) (1,297,205) (1,021,356) Total Assets 69,696 247,144 1,048,518 883,775 1,708,631 2,900,566 2,826,845 4,031,485 Interest Expense 0 0 0 0 7,851 0 7,851 0 BUSINESS SEGMENT RESULTS – SIX MONTHS ENDED JUNE 30, 2016 AND 2015 Corporate and Consulting Technology Eliminations Total 2016 2015 2016 2015 2016 2015 2016 2015 Revenue 288,923 422,057 0 0 0 0 288,923 422,057 Segment Profit (Loss)– Pre Tax (160,027) (289,559) (1,005,748) (607,545) (466,136) (5,238) (1,631,911) (902,342) Total Assets 69,696 247,144 1,048,518 883,775 1,708,631 2,900,566 2,826,845 4,031,485 Interest Expense 0 0 0 0 12,372 0 12,372 0 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Text Block] | Note 12. Fair Value Measurements We adopted the accounting guidance on fair value measurements for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements be classified and disclosed in one of the following three categories: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Annually, the board of directors assess and approve the fair value measurement policies and procedures. At least annually, the finance department determines if the current valuation techniques used in the fair value measurements are still appropriate and evaluates and adjusts the unobservable inputs used in the fair value measurements based on current market conditions and third-party information. The following fair value hierarchy table presents information about each major category of the Company’s financial liability measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015: ($ rounded to nearest thousand) Fair value measurement using Quoted prices Significant Significant in other unobservable active markets observable inputs (Level 1) inputs (Level (Level 3) Total 2) Balance at June 30, 2016 Liabilities: Warrant liability $ — $ — $ 199,000 $ 199,000 ($ rounded to nearest thousand) Fair value measurement using Quoted prices Significant Significant in other unobservable active markets observable inputs (Level 1) inputs (Level (Level 3) Total 2) Balance at December 31, 2015 Liabilities: Warrant liability $ — $ — $ 2,327,000 $ 2,327,000 The reconciliation of warrant liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: ($ rounded to nearest thousand) Warrant Liability Balance at December 31, 2014 $ 4,633,000 Change in fair value of warrant liability (2,306,000 ) Balance at December 31, 2015 $ 2,327,000 Reclassification to equity (692,000 ) Change in fair value of warrant liability (1,565,000 ) Warrant modification expense 129,000 Balance at June 30, 2016 $ 199,000 The fair value of the warrant liability is based on Level 3 inputs. For this liability, the Company developed its own assumptions that do not have observable inputs or available market data to support the fair value. See Note 9 – Warrant Liability for further discussion of the warrant liability. Significant increases (decreases) in any of those Level 3 inputs in isolation would result in a significantly lower (higher) fair value measurement. We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. There were no transfers between Level 1, 2 and 3 at June 30, 2016 and December 31, 2015. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Text Block] | Note 13. Subsequent Events Reverse Stock Split Effective July 20, 2016, we conducted a one for five reverse stock split of our issued and outstanding common stock (see Note 10). NASDAQ Hearings Panel Decision On July 27, 2016, a Nasdaq Hearings Panel issued its decision letter to the Company and granted the Company’s request for continued listing of the Company’s common stock on the Nasdaq Capital Market, subject to the following: 1. On or before August 2, 2016, the Company shall have evidenced a closing bid price of $1.00 or more for a minimum of the ten prior consecutive trading days. This condition was met on at the market close on August 2, 2016. 2. On or before August 15, 2016, the Company shall have publicly announced and informed the Panel that as a result of its preferred stock transaction, it has equity of over $2.5 million. On that date, the Company shall also provide updated financial projections with underlying assumptions (including the status of the events and plans discussed at the hearing), through the third quarter of 2017. In order to fully comply with the terms of this exception, the Company must be able to demonstrate compliance with all requirements for continued listing on The Nasdaq Stock Market. In the event the Company is unable to do so, its securities may be delisted from The Nasdaq Stock Market. Close of GIH Preferred Stock Offering On August 2, 2016, the Company closed on its GIH Offering of $2.8 million of the Company’s Series A Preferred Stock (see Note 10). At the closing, Mr. Xingping Hou, the president of the Purchaser, joined the Board of Directors of the Company as co-Chairman. Aspire Option Agreement On August 10, 2016, the Company entered into an Option Agreement (the “Option Agreement”) with Aspire Capital, pursuant to which Aspire Capital granted to the Company the right at any time or times prior to December 31, 2019 to require Aspire Capital to enter into up to two common stock purchase agreements, each having a term of up to 36 months and collectively requiring Aspire Capital to purchase up to $20 million in the aggregate of the Company’s common stock (or such lesser amount as the Company may determine) on an ongoing basis when required by the Company. As consideration for Aspire Capital entering into the Option Agreement, the Company issued warrants to purchase 500,000 shares of its common stock to Aspire Capital in lieu of commitment shares. The Company is under no obligation to issue any additional warrants or commitment shares to Aspire Capital upon entering into a common stock purchase agreement pursuant to the terms of the Option Agreement. The warrants have an exercise price of $0.01 per share, which amount is subject to customary anti-dilution and other adjustments. The warrants are exercisable upon issuance and will expire five years after issuance. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015. These branch offices will be closed in 2016. Translation gains and losses for the three months and six months ended June 30, 2016 and 2015 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, derivative liability for the stock purchase warrants, 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. |
Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, note payable and a derivative warrant liability. The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value of the derivative warrant liabilities were determined based on “Level 3” inputs. See Note 9-Warrant Liability for more information on the Level 3 inputs and valuation of the derivative warrant liability and Note 12 – Fair Value Measurements for more information on fair value measurements. |
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. 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 if necessary, however, no reserve has been set up at June 30, 2016 and December 31, 2015, as we expect to collect all of our outstanding receivables. Accounts receivable from two customers constituted approximately 99% and 77% of the total accounts receivable at June 30, 2016 and December 31, 2015, respectively. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Consulting Business Segment At the present time, we derive all of our revenue from our consulting business segment on a time and expense basis as provided, 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 a time and expense basis. We recognize revenue in accordance with SEC Staff Accounting Bulletin or SAB, No. 104, “Revenue Recognition.” We recognize revenue when all of the following conditions are met: (1) There is persuasive evidence of an arrangement; (2) The service has been provided to the customer; (3) The collection of the fees is reasonably assured; and (4) The amount of fees to be paid by the customer is fixed or determinable. 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 2016 and 2015 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, stock-based compensation and other related consulting costs. 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. |
Cash and Cash Equivalents and Restricted Cash [Policy Text Block] | Cash and Cash Equivalents and Restricted Cash We may at times invest our excess cash in money market mutual 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, as reported on the accompanying condensed consolidated balance sheets, totaled approximately $1.5 million and $0.6 million at June 30, 2016 and December 31, 2015, respectively. |
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 or a sales allowance recorded at June 30, 2016 and December 31, 2015, as we have not experienced any bad debts from any of our customers or issued significant credits to customers. |
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 and six months ended June 30, 2016 and 2015. |
Patents and Legal Costs [Policy Text Block] | Patents and Legal Costs Patents are stated on the accompanying condensed consolidated balance sheets at cost. Patent costs consist primarily of legal fees and application costs for filing and pursuing patent applications. 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 and six months ended June 30, 2016 and 2015. 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 condensed 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 and six months ended June 30, 2016 and 2015. |
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 condensed consolidated statements of operations. |
Warrant Liability [Policy Text Block] | Stock Warrants The Company accounts for stock warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreement. Stock warrants are accounted for as a derivative in accordance with Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”) if the stock warrants contain terms that could potentially require “net cash settlement” and therefore, do not meet the scope exception for treatment as a derivative. Warrant instruments that could potentially require “net cash settlement” in the absence of express language precluding such settlement are initially classified as derivative liabilities at their estimated fair values, regardless of the likelihood that such instruments will ever be settled in cash. The Company will continue to classify the fair value of the warrants that contain “net cash settlement” as a liability until the warrants are exercised, expire or are amended in a way that would no longer require these warrants to be classified as a liability. For additional discussion of our warrants, see Note 9 - Warrant Liability. |
Commitments and Contingencies [Policy Text Block] | Commitments and Contingencies The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for 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. |
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 equity incentive plan is based on the employee model of ASC 718, and the fair 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 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 minimum 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 over the requisite service period. |
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”. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Stock Compensation Improvements to Employee Share-Based Payment Accounting, Principal versus Agent Considerations Leases Deferred Taxes - Consolidation Going Concern Revenue Recognition The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
Accounts Payable, Accrued Lia20
Accounts Payable, Accrued Liabilities and Note Payable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, December 31, 2016 2015 Trade payables $ 0.4 $ 0.3 Accrued expenses and other 0.4 0.4 Accrued bonuses 0.5 0.5 Total $ 1.3 $ 1.2 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Amount 2016 $ 0.2 2017 0.4 2018 0.1 Total minimum payments required $ 0.7 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Aggregate Fair Values, Warrants [Table Text Block] | June 30, December 31, 2016 2015 Calculated aggregate value $ 198,955 $ 2,327,195 Weighted average exercise price per share of warrant $ 27.60 $ 18.60 Closing price per share of common stock $ 2.30 $ 5.00 Weighted average volatility 86.81% 83.6% Weighted average remaining expected life (years) 3.02 5.11 Weighted average risk-free interest rate 0.74 1.90 Dividend yield 0% 0% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Warrants Outstanding [Table Text Block] | June 30, December 31, 2016 2015 Issued to Investors on July 28, 2010, entitling the holders to purchase 207,000 common shares in the Company at an exercise price of $45.00 per common share up to and including July 27, 2017. These warrants are reported in the liability section of our balance sheet. 207,000 207,000 Issued to Investors on October 25, 2013, entitling the holders to purchase 250,000 common shares in the Company at an exercise price of $11.50 per common share up to and including April 24, 2021. These warrants are reported in the liability section of our balance sheet. 223,436 223,436 Issued to Investors on November 17, 2014, entitling the holders to purchase 546,919 common shares in the Company at an exercise price of $11.55 per common share up to and including May 16, 2022 - reclassified to equity on June 30, 2016, exercise price amended to $6.25 per common share. These warrants are reported in the equity section of our balance sheet on June 30, 2016 and in the liability section of our balance sheet on December 31, 2015. 546,919 546,919 Issued to an Investor on June 28, 2016, entitling the holders to purchase 295,267 common shares in the Company at an exercise price of $0.05 per common share up to and including June 27, 2021. These warrants are reported in the equity section of our balance sheet. 295,267 Total 1,272,622 977,355 | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Options Exercise Grant Date Outstanding Price Fair Value Beginning of the period 1,047,450 $ 18.50 $ 14.55 Granted 465,887 4.69 2.96 Exercised - - - Forfeited (50,334 ) 117.27 121.83 Expired - - - End of the period 1,463,003 $ 10.70 $ 8.22 Options exercisable 757,383 $ 15.89 $ 12.63 | Weighted Weighted Average Average Options Exercise Grant Date Outstanding Price Fair Value Beginning of the year 405,344 $ 45.95 $ 53.05 Granted 698,323 5.40 3.70 Exercised - - - Forfeited (22,883 ) 33.15 30.30 Expired (33,334 ) 67.50 64.20 End of the year 1,047,450 $ 18.50 $ 20.30 Options exercisable 688,452 $ 24.75 $ 8.40 |
Schedule of Non-Vested Shares, Activity [Table Text Block] | Weighted- Average Fair Weighted Value Average Shares Grant Date Exercise Price Non-vested Shares Non-vested at January 1, 2015 92,467 $ 8.55 $ 12.75 Granted 698,323 3.70 5.40 Vested (431,789 ) 4.00 5.90 Forfeited - - - Non-vested - December 31, 2015 359,001 $ 4.55 $ 6.70 Granted 465,887 $ 4.69 $ 2.96 Vested (119,268 ) 4.25 7.64 Forfeited - - - Non-vested - June 30, 2016 705,620 $ 3.49 $ 5.14 | |
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 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 $2.05 -$4.60 9.39 814,630 $ 4.59 9.40 229,915 $ 4.57 $4.65 -$6.30 8.24 349,580 $ 6.29 8.01 255,586 $ 6.29 $6.35 -$25.00 2.76 129,141 $ 15.52 2.74 102,230 $ 16.25 $25.00 -$50.00 2.79 108,677 $ 34.61 2.79 108,677 $ 34.61 $50.01 -$75.00 0.69 60,975 $ 64.90 0.69 60,975 $ 64.90 Total 7.67 1,463,003 $ 10.70 6.38 757,383 $ 15.89 | 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 $4.15 -$6.30 9.70 698,323 $ 5.38 9.58 393,145 $ 5.31 $12.75 -$25.00 3.26 129,141 $ 15.52 3.20 75,321 $ 17.50 $25.05 -$64.50 3.04 133,648 $ 37.93 3.04 133,648 $ 37.93 $67.50 -$94.50 0.63 38,338 $ 73.77 0.63 38,338 $ 73.77 $96.00 -$119.25 0.12 48,000 $ 119.25 0.12 48,000 $ 119.25 Total 7.28 1,047,450 $ 18.50 6.46 688,452 $ 24.73 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six months ended Year ended June 30, December 31, 2016 2015 Average risk-free interest rate 0.70% 1.64% Average expected life- years 1.86 5.38 Expected volatility 84.87% 86.66% Expected dividends $0.0 $0.0 |
Business Segment Results (Table
Business Segment Results (Tables) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Corporate and Consulting Technology Eliminations Total 2016 2015 2016 2015 2016 2015 2016 2015 Revenue 122,377 298,162 0 0 0 0 122,377 298,162 Segment Profit (Loss)– Pre Tax (112,420) (228,641) 419,498) (394,715) (765,287) (398,000) (1,297,205) (1,021,356) Total Assets 69,696 247,144 1,048,518 883,775 1,708,631 2,900,566 2,826,845 4,031,485 Interest Expense 0 0 0 0 7,851 0 7,851 0 | Corporate and Consulting Technology Eliminations Total 2016 2015 2016 2015 2016 2015 2016 2015 Revenue 288,923 422,057 0 0 0 0 288,923 422,057 Segment Profit (Loss)– Pre Tax (160,027) (289,559) (1,005,748) (607,545) (466,136) (5,238) (1,631,911) (902,342) Total Assets 69,696 247,144 1,048,518 883,775 1,708,631 2,900,566 2,826,845 4,031,485 Interest Expense 0 0 0 0 12,372 0 12,372 0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Fair Value, Financial Assets and Liabilities [Table Text Block] | ($ rounded to nearest thousand) Fair value measurement using Quoted prices Significant Significant in other unobservable active markets observable inputs (Level 1) inputs (Level (Level 3) Total 2) Balance at June 30, 2016 Liabilities: Warrant liability $ — $ — $ 199,000 $ 199,000 | ($ rounded to nearest thousand) Fair value measurement using Quoted prices Significant Significant in other unobservable active markets observable inputs (Level 1) inputs (Level (Level 3) Total 2) Balance at December 31, 2015 Liabilities: Warrant liability $ — $ — $ 2,327,000 $ 2,327,000 |
Schedule of Reconciliation of Warrant Liability [Table Text Block] | ($ rounded to nearest thousand) Warrant Liability Balance at December 31, 2014 $ 4,633,000 Change in fair value of warrant liability (2,306,000 ) Balance at December 31, 2015 $ 2,327,000 Reclassification to equity (692,000 ) Change in fair value of warrant liability (1,565,000 ) Warrant modification expense 129,000 Balance at June 30, 2016 $ 199,000 |
Basis of Presentation, Summar26
Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 20, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Aug. 02, 2016 | Dec. 31, 2014 | |
Stockholders' Deficit | $ 1,103,170 | $ 1,103,170 | $ (1,499,068) | |||||
Retained Earnings (Accumulated Deficit) | (76,003,352) | $ (76,003,352) | (74,371,441) | |||||
Operating cycle length - Westinghouse-type | 24 months | |||||||
Cash and Cash Equivalents, at Carrying Value | 1,484,099 | $ 2,371,266 | $ 1,484,099 | $ 2,371,266 | $ 623,184 | $ 4,220,225 | ||
Research and Development Expense | $ 419,498 | $ 394,715 | $ 1,005,748 | $ 607,545 | ||||
Stockholders' Equity, Reverse Stock Split | 1 for 5 | |||||||
Common Stock, Shares, Issued and Outstanding | 4,799,906 | 4,799,906 | 3,725,819 | |||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Aspire Capital [Member] | ||||||||
Equity Agreement, Amount | $ 20,000,000 | $ 20,000,000 | ||||||
Series A Preferred Stock [Member] | ||||||||
Convertible Preferred Stock Amount | $ 2,800,000 | |||||||
Reverse Stock Split [Member] | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Minimum [Member] | ||||||||
Metallic fuel power uprate percentage | 10.00% | |||||||
Amortization period for patents | 17 years | |||||||
Minimum [Member] | Reverse Stock Split [Member] | ||||||||
Common Stock, Shares, Issued and Outstanding | 4,799,906 | 4,799,906 | 3,725,819 | |||||
Common Stock, Shares Authorized | 100,000,000 | |||||||
Preferred Stock, Shares Authorized | 10,000,000 | |||||||
Maximum [Member] | ||||||||
Amortization period for patents | 20 years | |||||||
Maximum [Member] | Reverse Stock Split [Member] | ||||||||
Common Stock, Shares, Issued and Outstanding | 23,999,386 | 23,999,386 | 18,628,957 | |||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||
Approximations [Member] | ||||||||
Working Capital | $ 400,000 | $ 100,000 | ||||||
Stockholders' Deficit | $ 1,100,000 | 1,100,000 | 1,500,000 | |||||
Cash | 1,500,000 | 1,500,000 | 900,000 | |||||
Retained Earnings (Accumulated Deficit) | 76,000,000 | 76,000,000 | 74,000,000 | |||||
Approximations [Member] | ENEC and FANR Projects [Member] | ||||||||
Concentration Risk, Percentage | 6.00% | 22.00% | ||||||
Approximations [Member] | ||||||||
Federally insured cash limit | 250,000 | 250,000 | ||||||
Cash and Cash Equivalents, at Carrying Value | 1,500,000 | 1,500,000 | 600,000 | |||||
Restricted Cash | $ 0 | $ 0 | $ 300,000 | |||||
Concentration Risk, Percentage | 99.00% | 77.00% | ||||||
Approximations [Member] | ENEC and FANR Projects [Member] | ||||||||
Concentration Risk, Percentage | 6.00% | 22.00% | ||||||
Approximations [Member] | Customer Contract [Member] | ||||||||
Concentration Risk, Percentage | 50.00% | 21.00% | ||||||
Approximations [Member] | Vendor 1 [Member] | ||||||||
Concentration Risk, Accounts Payable Percentage | 63.00% | 50.00% | ||||||
Approximations [Member] | Vendor 2 [Member] | ||||||||
Concentration Risk, Accounts Payable Percentage | 21.00% | |||||||
Approximations [Member] | United States Customer [Member] | ||||||||
Concentration Risk, Percentage | 43.00% | 57.00% | ||||||
Joint Venture [Member] | Approximations [Member] | ||||||||
Amount to be Paid Toward Total Cost of Work | $ 141,000 | |||||||
Terms of Joint Venture | The total amount is due and payable by the Company as follows: 40% of the total amount due upon the effective date of the signing of the JD; 30% of the total amount due upon the delivery of an intermediate report by AREVA and the remaining 30% due upon the delivery of the final report to the Company. | |||||||
Initial Payment Included in Accounts Payable | $ 58,000 |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) | 1 Months Ended |
Jul. 20, 2016 | |
Stockholders' Equity, Reverse Stock Split | 1 for 5 |
Accounts Receivable Project R28
Accounts Receivable Project Revenue and Project Costs (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Unbilled receivable | $ 0 | $ 0.1 |
Prepaid Expenses and Other Cu29
Prepaid Expenses and Other Current Assets (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Approximations [Member] | ||
Prepaid Expense and Other Assets, Current | $ 0.2 | $ 0.2 |
Patents (Narrative) (Details)
Patents (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Minimum [Member] | |||||
Estimated useful life of patents and other intangible assets | 17 years | ||||
Maximum [Member] | |||||
Estimated useful life of patents and other intangible assets | 20 years | ||||
Approximations [Member] | |||||
Capitalized costs for patents | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | |
Investment in patents | $ 1 | $ 1 | $ 1 |
Accounts Payable, Accrued Lia31
Accounts Payable, Accrued Liabilities and Note Payable (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Notes Payable | $ 135,000 |
Accounts Payable, Accrued Liabilities And Note Payable 6 | 2,000 |
Down Payment for Notes Payable | 13,500 |
Remaining installment of notes payable | $ 14,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Interest Expense, Debt | $ 1,000 |
Commitments and Contingencies32
Commitments and Contingencies (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 22, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Operating lease term | 12 months | ||
Deferred lease abandonment liability, long term | $ 112,700 | $ 196,938 | |
Capital Leases, Indemnification Agreements, Payments | 75,000 | ||
Fairfax County Complaint 1 [Member] | |||
Compensatory damages sought | 1,000,000 | ||
Fairfax County Complaint 2 [Member] | |||
Compensatory damages sought | 15,507 | ||
Approximations [Member] | |||
Monthly rent fees | $ 6,500 | 15,000 | |
Present value of the negative cash flows from sub-lease agreement | 433,000 | ||
Real estate commissions | 20,000 | ||
Abandonment loss | 453,000 | ||
Deferred lease abandonment liability, long term | 113,000 | 196,938 | |
Deferred lease abandonment liability, short term | 167,000 | $ 236,529 | |
Minimum sub-lease rental payments | 400,000 | ||
Legal fees | $ 16,000 |
Research and Development Costs
Research and Development Costs (Narrative) (Details) - Approximations [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Research and development costs | $ 400,000 | $ 400,000 | $ 1,000,000 | $ 600,000 |
Consulting agreement monthly payments | $ 20,000 |
Warrant Liability (Narrative) (
Warrant Liability (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Strike price | $ 6.25 | |||
Derivative Liabilities, Value at Time of Reclassification | $ 198,955 | $ 198,955 | $ 2,327,195 | |
Minimum [Member] | ||||
Strike price | $ 6.25 | |||
Maximum [Member] | ||||
Strike price | $ 11.55 | |||
Approximations [Member] | ||||
Non-cash income | 300,000 | $ 500,000 | $ 1,600,000 | $ 1,700,000 |
Loss on Modification of Warrants | 100,000 | |||
Derivative Liabilities, Value at Time of Reclassification | $ 600,000 | $ 600,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Nov. 20, 2015 | Sep. 04, 2015 | Aug. 12, 2015 | Jul. 31, 2015 | Apr. 09, 2015 | Apr. 08, 2015 | Jul. 20, 2016 | Nov. 20, 2015 | May 31, 2015 | Apr. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | May 12, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Aug. 02, 2016 | Jun. 11, 2015 | Dec. 31, 2014 | Jul. 17, 2006 |
Stockholders' Equity, Reverse Stock Split | 1 for 5 | ||||||||||||||||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||||||
Common Stock, Shares, Issued and Outstanding | 4,799,906 | 4,799,906 | 3,725,819 | ||||||||||||||||||
Class of Warrant or Right, Outstanding | 1,272,622 | 1,272,622 | 977,355 | ||||||||||||||||||
Number of options outstanding | 1,463,003 | 1,463,003 | 1,047,450 | 405,344 | |||||||||||||||||
Number of options vested and expected to vest outstanding | 757,383 | 757,383 | 688,452 | ||||||||||||||||||
Aggregate intrinsic value | $ 0 | ||||||||||||||||||||
Unrecognized compensation costs | $ 2,000,000 | $ 2,000,000 | |||||||||||||||||||
Weighted average recognition period | 2 years 7 days | ||||||||||||||||||||
Restricted stock grants estimated forfeiture amount | 1.50% | 1.50% | |||||||||||||||||||
Share based compensation | $ 550,552 | $ 782,036 | |||||||||||||||||||
Common Stock issued | 4,799,906 | 4,799,906 | 3,725,819 | ||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 2,991,487 | 0 | |||||||||||||||||||
Strike price | $ 6.25 | ||||||||||||||||||||
Stock options granted | 465,887 | 698,323 | |||||||||||||||||||
Fair value of stock options granted | $ 14.55 | $ 53.05 | |||||||||||||||||||
Stock options granted | 465,887 | 698,323 | |||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||
Equity Issuance, Per Share Amount | $ 2.75 | ||||||||||||||||||||
Common stock to be purchased in the Offering | 1,020,000 | 1,020,000 | |||||||||||||||||||
Dividend yield | 7.00% | ||||||||||||||||||||
Convertible Preferred Stock Amount | $ 2,800,000 | ||||||||||||||||||||
Approximations [Member] | |||||||||||||||||||||
Stock option expense | $ 0.4 | $ 700,000 | $ 0.6 | $ 800,000 | |||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||
Non-qualified stock options | 376,769 | ||||||||||||||||||||
Aspire Capital [Member] | |||||||||||||||||||||
Equity Issuance, Per Share Amount | $ 4.60 | ||||||||||||||||||||
Common Stock issued | 700,000 | 700,000 | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 2,000,000 | ||||||||||||||||||||
Volitility rate | 91.00% | ||||||||||||||||||||
Risk-free interest rate | 1.00% | ||||||||||||||||||||
Dividend yield | 0.00% | ||||||||||||||||||||
Expected term | 5 years | ||||||||||||||||||||
Stock issued for compensation for commitment, shares | 60,000 | ||||||||||||||||||||
Stock issued for compensation for commitment, amount | $ 276,000 | ||||||||||||||||||||
Additional sale of stock amount | $ 4,000,000 | ||||||||||||||||||||
Aspire Capital [Member] | Milestone Achievement 1 [Member] | |||||||||||||||||||||
Equity Issuance, Per Share Amount | $ 2.50 | ||||||||||||||||||||
Additional sale of stock amount | $ 1,000,000 | ||||||||||||||||||||
Aspire Capital [Member] | Milestone Achievement 2 [Member] | |||||||||||||||||||||
Equity Issuance, Per Share Amount | $ 5 | ||||||||||||||||||||
Additional sale of stock amount | $ 3,000,000 | ||||||||||||||||||||
Long-term Non-Qualified Stock Options [Member] | |||||||||||||||||||||
Non-qualified stock options | 55,868 | ||||||||||||||||||||
Equity Purchase Agreement [Member] | Aspire Capital [Member] | |||||||||||||||||||||
Nasdaq 20% Rule | Requires shareholder approval of a transaction other than a public offering involving the sale, issuance, or potential issuance by a company of common stock (or securities convertible into or exercisable for common stock) equal to 20% or more of the common stock, or 20% or more of the voting power outstanding before the issuance for less than the greater of book or market value of the stock. | ||||||||||||||||||||
Common stock, purchase commitment amount | $ 10,000,000 | $ 5,000,000 | $ 5,000,000 | ||||||||||||||||||
Common stock purchase amount, per business day | 20,000 | ||||||||||||||||||||
Common stock purchase amount, per business day, value | $ 250,000 | ||||||||||||||||||||
Percentage of aggregate shares of the Company's common stock to be purchased | 30.00% | ||||||||||||||||||||
Percentage of purchase price per share, pursuant to VWAP | 95.00% | 95.00% | |||||||||||||||||||
2015 Equity Incentive Plan [Member] | Directors [Member] | |||||||||||||||||||||
Contractural lives | 10 years | ||||||||||||||||||||
Expected term | 5 years 6 months | ||||||||||||||||||||
Expected dividends | $ 0 | ||||||||||||||||||||
2015 Short-Term Non-Qualified Option Grants [Member] | |||||||||||||||||||||
Non-qualified stock options | 4,634 | 225,831 | |||||||||||||||||||
Lower Limit | 0.25 | ||||||||||||||||||||
Upper Limit | 4.28 | ||||||||||||||||||||
Strike Price | 6.30 | $ 4.60 | |||||||||||||||||||
Expected dividends | $ 0 | ||||||||||||||||||||
2015 Long-Term Incentive Option Grants [Member] | |||||||||||||||||||||
Stock options granted | 376,998 | ||||||||||||||||||||
2015 Long-Term Incentive Option Grants [Member] | Employees and Consultants [Member] | |||||||||||||||||||||
Contractural lives | 10 years | ||||||||||||||||||||
Stock options granted | 15,922 | ||||||||||||||||||||
Pre-vesting forfeiture rate | 1.50% | 1.50% | |||||||||||||||||||
Expected dividends | $ 0 | ||||||||||||||||||||
Stock options granted | 509,247 | 110,199 | |||||||||||||||||||
2015 Long-Term Incentive Option Grants [Member] | Directors [Member] | |||||||||||||||||||||
Non-qualified stock options | 4,608 | 22,600 | 75,468 | ||||||||||||||||||
ATM Offering [Member] | |||||||||||||||||||||
Common Stock issued | 49,000 | 49,000 | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 282,000 | ||||||||||||||||||||
Issuance of 51,051 non-qualified 10 year options [Member] | |||||||||||||||||||||
Non-qualified stock options | 51,051 | ||||||||||||||||||||
Contractural lives | 10 years | ||||||||||||||||||||
Lower Limit | $ 22.50 | ||||||||||||||||||||
Upper Limit | $ 72 | ||||||||||||||||||||
Issuance of 1,251,609 non-qualified 5 - 10 year options [Member] | |||||||||||||||||||||
Non-qualified stock options | 1,251,609 | ||||||||||||||||||||
Lower Limit | $ 2.05 | ||||||||||||||||||||
Upper Limit | $ 75 | ||||||||||||||||||||
Issuance of 160,343 non-qualified 3 - 10 year options [Member] | |||||||||||||||||||||
Non-qualified stock options | 160,343 | ||||||||||||||||||||
Lower Limit | $ 4.60 | ||||||||||||||||||||
Upper Limit | $ 52.50 | ||||||||||||||||||||
First Purchase [Member] | Aspire Capital [Member] | |||||||||||||||||||||
Common Stock issued | 371,400 | 371,400 | |||||||||||||||||||
Common stock and warrants sold | $ 1,000,000 | ||||||||||||||||||||
Pre-funded warrants | 295,267 | ||||||||||||||||||||
Warrant exercise price | $ 0.05 | ||||||||||||||||||||
Issued to an investor on June 28, 2016 [Member] | |||||||||||||||||||||
Class of Warrant or Right, Outstanding | 295,267 | 295,267 | |||||||||||||||||||
Common stock to be purchased in the Offering | 295,267 | 295,267 | |||||||||||||||||||
Strike price | $ 0.05 | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Strike price | $ 6.25 | ||||||||||||||||||||
Minimum [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||
Contractural lives | 1 year 4 months 24 days | ||||||||||||||||||||
Minimum [Member] | Directors, Officers and Employees [Member] | |||||||||||||||||||||
Contractural lives | 1 month 6 days | ||||||||||||||||||||
Minimum [Member] | 2015 Equity Incentive Plan [Member] | Directors [Member] | |||||||||||||||||||||
Volitility rate | 86.00% | ||||||||||||||||||||
Risk-free interest rate | 1.46% | ||||||||||||||||||||
Fair value of stock options granted | $ 3.25 | ||||||||||||||||||||
Minimum [Member] | 2015 Short-Term Non-Qualified Option Grants [Member] | |||||||||||||||||||||
Contractural lives | 3 years | ||||||||||||||||||||
Risk-free interest rate | 0.42% | ||||||||||||||||||||
Dividend yield | 76.00% | ||||||||||||||||||||
Expected term | 1 year 6 months | ||||||||||||||||||||
Strike Price | $ 2.05 | $ 4.15 | |||||||||||||||||||
Minimum [Member] | 2015 Long-Term Incentive Option Grants [Member] | Employees and Consultants [Member] | |||||||||||||||||||||
Volitility rate | 86.00% | ||||||||||||||||||||
Risk-free interest rate | 1.15% | ||||||||||||||||||||
Strike Price | $ 4.60 | ||||||||||||||||||||
Fair value of stock options granted | 1.28 | ||||||||||||||||||||
Minimum [Member] | 2015 Long-Term Incentive Option Grants [Member] | Directors [Member] | |||||||||||||||||||||
Strike Price | $ 4.60 | ||||||||||||||||||||
Minimum [Member] | Issuance of 1,251,609 non-qualified 5 - 10 year options [Member] | |||||||||||||||||||||
Contractural lives | 5 years | ||||||||||||||||||||
Minimum [Member] | Issuance of 160,343 non-qualified 3 - 10 year options [Member] | |||||||||||||||||||||
Contractural lives | 3 years | ||||||||||||||||||||
Minimum [Member] | Reverse Stock Split [Member] | |||||||||||||||||||||
Common Stock, Shares Authorized | 100,000,000 | ||||||||||||||||||||
Common Stock, Shares, Issued and Outstanding | 4,799,906 | 4,799,906 | 3,725,819 | ||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Strike price | $ 11.55 | ||||||||||||||||||||
Maximum [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||
Contractural lives | 9 years 4 months 24 days | ||||||||||||||||||||
Maximum [Member] | Directors, Officers and Employees [Member] | |||||||||||||||||||||
Contractural lives | 10 years | ||||||||||||||||||||
Maximum [Member] | 2015 Equity Incentive Plan [Member] | Directors [Member] | |||||||||||||||||||||
Volitility rate | 87.00% | ||||||||||||||||||||
Risk-free interest rate | 1.79% | ||||||||||||||||||||
Strike Price | $ 6.30 | ||||||||||||||||||||
Fair value of stock options granted | $ 4.41 | ||||||||||||||||||||
Maximum [Member] | 2015 Short-Term Non-Qualified Option Grants [Member] | |||||||||||||||||||||
Contractural lives | 10 years | ||||||||||||||||||||
Risk-free interest rate | 1.76% | ||||||||||||||||||||
Dividend yield | 91.00% | ||||||||||||||||||||
Expected term | 5 years | ||||||||||||||||||||
Strike Price | $ 6.25 | $ 6.25 | |||||||||||||||||||
Maximum [Member] | 2015 Long-Term Incentive Option Grants [Member] | Employees and Consultants [Member] | |||||||||||||||||||||
Volitility rate | 88.00% | ||||||||||||||||||||
Risk-free interest rate | 1.87% | ||||||||||||||||||||
Strike Price | $ 6.30 | ||||||||||||||||||||
Fair value of stock options granted | $ 4.57 | ||||||||||||||||||||
Maximum [Member] | ATM Offering [Member] | |||||||||||||||||||||
Total fundraising limit | $ 5,800,000 | ||||||||||||||||||||
Maximum [Member] | Issuance of 1,251,609 non-qualified 5 - 10 year options [Member] | |||||||||||||||||||||
Contractural lives | 10 years | ||||||||||||||||||||
Maximum [Member] | Issuance of 160,343 non-qualified 3 - 10 year options [Member] | |||||||||||||||||||||
Contractural lives | 10 years | ||||||||||||||||||||
Maximum [Member] | Reverse Stock Split [Member] | |||||||||||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |||||||||||||||||||
Common Stock, Shares, Issued and Outstanding | 23,999,386 | 23,999,386 | 18,628,957 | ||||||||||||||||||
2006 Stock Plan [Member] | |||||||||||||||||||||
Non-qualified stock options | 2,889 | 33,021 | |||||||||||||||||||
2006 Stock Plan [Member] | 2015 Short-Term Non-Qualified Option Grants [Member] | |||||||||||||||||||||
Non-qualified stock options | 9,404 | ||||||||||||||||||||
2006 Stock Plan [Member] | 2015 Short-Term Non-Qualified Option Grants [Member] | Employees and Consultants [Member] | |||||||||||||||||||||
Non-qualified stock options | 92,641 | ||||||||||||||||||||
2015 Equity Incentive Plan [Member] | |||||||||||||||||||||
Non-qualified stock options | 27,181 | ||||||||||||||||||||
Strike Price | $ 6.30 | ||||||||||||||||||||
2015 Equity Incentive Plan [Member] | 2015 Short-Term Non-Qualified Option Grants [Member] | |||||||||||||||||||||
Non-qualified stock options | 794 | ||||||||||||||||||||
2015 Equity Incentive Plan [Member] | 2015 Short-Term Non-Qualified Option Grants [Member] | Employees and Consultants [Member] | |||||||||||||||||||||
Non-qualified stock options | 29,771 | ||||||||||||||||||||
2015 Equity Incentive Plan [Member] | Minimum [Member] | |||||||||||||||||||||
Common stock reserved for issuance | 800,000 | 800,000 | |||||||||||||||||||
2015 Equity Incentive Plan [Member] | Maximum [Member] | |||||||||||||||||||||
Common stock reserved for issuance | 1,400,000 | 1,400,000 | |||||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||||||
Volitility rate | 84.87% | 86.66% | |||||||||||||||||||
Risk-free interest rate | 0.70% | 1.64% | |||||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||||||
Expected term | 1 year 10 months 10 days | 5 years 4 months 17 days | |||||||||||||||||||
Stock and Stock Equivalents [Member] | |||||||||||||||||||||
Common Stock, Shares, Issued and Outstanding | 7,535,531 | 7,535,531 | 5,750,624 | ||||||||||||||||||
Stock Compensation Plan [Member] | |||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,400,000 | ||||||||||||||||||||
Maximum restricted shares granted [Member] | |||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | (300,000) | ||||||||||||||||||||
Stock-based compensation [Member] | Approximations [Member] | |||||||||||||||||||||
Share based compensation | $ 600,000 | $ 800,000 | |||||||||||||||||||
Warrants [Member] | Aspire Capital [Member] | |||||||||||||||||||||
Additional Paid in Capital, Common Stock | $ 400,000 | 400,000 | |||||||||||||||||||
Common Stock [Member] | Aspire Capital [Member] | |||||||||||||||||||||
Additional Paid in Capital, Common Stock | $ 600,000 | $ 600,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 10, 2016 | Jul. 20, 2016 | Aug. 02, 2016 | Jul. 27, 2016 |
Stockholders' Equity, Reverse Stock Split | 1 for 5 | |||
Series A Preferred Stock [Member] | ||||
Convertible Preferred Stock Amount | $ 2.8 | |||
Subsequent Event [Member] | Aspire Capital [Member] | ||||
Purchase agreement maximum amount | $ 20 | |||
Common stock purchase warrants issued | 500,000 | |||
Strike price | $ 0.01 | |||
Subsequent Event [Member] | Nasdaq Stock Market Requirements [Member] | ||||
Closing Bid Price | $ 1 | |||
Minimum Equity Amount Held by Company | $ 2.5 | |||
Subsequent Event [Member] | Series A Preferred Stock [Member] | ||||
Convertible Preferred Stock Amount | $ 2.8 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Total | $ 1,343,984 | $ 1,182,371 |
Approximations [Member] | ||
Trade payables | 400,000 | 300,000 |
Accrued expenses and other | 400,000 | 400,000 |
Accrued bonuses | 500,000 | 500,000 |
Total | $ 1,300,000 | $ 1,200,000 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Millions | Jun. 30, 2016USD ($) |
Year ending - December 31, 2016 | $ 0.2 |
Year ending - December 31, 2017 | 0.4 |
Year ending - December 31, 2018 | 0.1 |
Total minimum lease payments | $ 0.7 |
Schedule of Aggregate Fair Valu
Schedule of Aggregate Fair Values, Warrants (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Calculated aggregate value | $ 198,955 | $ 2,327,195 |
Weighted average exercise price per share of warrant | $ 27.60 | $ 18.60 |
Closing price per share of common stock | $ 2.30 | $ 5 |
Weighted average volatility | 86.81% | 83.60% |
Weighted average remaining expected life (years) | 3 years 7 days | 5 years 1 month 10 days |
Weighted average risk-free interest rate | 0.74% | 1.90% |
Dividend yield | 0.00% | 0.00% |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Warrants Outstanding | 1,272,622 | 977,355 |
Exercise price | $ 6.25 | |
Issued to an investor on June 28, 2016 [Member] | ||
Warrants Outstanding | 295,267 | |
Exercise price | $ 0.05 | |
Common stock to be purchased in the Offering | 295,267 | |
Issued to Investors on July 28, 2010 [Member] | ||
Warrants Outstanding | 207,000 | 207,000 |
Exercise price | $ 45 | |
Common stock to be purchased in the Offering | 207,000 | |
Issued to Investors on October 25, 2013 [Member] | ||
Warrants Outstanding | 223,436 | 223,436 |
Exercise price | $ 11.50 | |
Common stock to be purchased in the Offering | 250,000 | |
Issued to Investors on November 17, 2014 [Member] | ||
Warrants Outstanding | 546,919 | 546,919 |
Exercise price | $ 11.55 | |
Common stock to be purchased in the Offering | 546,919 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Beginning of Period | 1,047,450 | 405,344 |
Weighted Average Exercise Price Beginning of the Period | $ 18.50 | $ 45.95 |
Weighted Average Fair Value Stock Options Beginning of the Period | $ 14.55 | $ 53.05 |
Stock options granted | 465,887 | 698,323 |
Weighted Average Exercise Price Stock Options Granted | $ 4.69 | $ 5.40 |
Weighted Average Fair Value Stock Options Granted | $ 2.96 | $ 3.70 |
Exercised | 0 | 0 |
Weighted Average Exercise Price | $ 0 | $ 0 |
Weighted Average Fair Value Stock Options Exercised | $ 0 | $ 0 |
Forfeited | (50,334) | (22,883) |
Weighted Average Exercise Price Stock Options Forfeited | $ 117.27 | $ 33.15 |
Weighted Average Fair Value Stock Options Forfeited | $ 121.83 | $ 30.30 |
Expired | 0 | (33,334) |
Weighted Average Exercise Price Stock Options Expired | $ 0 | $ 67.50 |
Weighted Average Fair Value Stock Options Expired | $ 0 | $ 64.20 |
End of the Period | 1,463,003 | 1,047,450 |
Weighted Average Exercise End of the Period | $ 10.70 | $ 18.50 |
Weighted Average Fair Value Stock Options End of the Period | $ 8.22 | $ 20.30 |
Options exercisable | 757,383 | 688,452 |
Weighted Average Exercise Price Options exercisable | $ 15.89 | $ 24.75 |
Weighted Average Fair Value Options exerciseable | $ 12.63 | $ 8.40 |
Schedule of Non-Vested Shares,
Schedule of Non-Vested Shares, Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Non-vested at beginning of period | 359,001 | 92,467 |
Weighted average fair value grant date, beginning of period | $ 4.55 | $ 8.55 |
Weighted average exercise price, beginning of period | $ 6.70 | $ 12.75 |
Granted | 465,887 | 698,323 |
Weighted average fair value grant date, granted | $ 4.69 | $ 3.70 |
Weighted average exercise price, granted | $ 2.96 | $ 5.40 |
Vested | (119,268) | (431,789) |
Weighted average fair value grant date, vested | $ 4.25 | $ 4 |
Weighted average exercise price, vested | $ 7.64 | $ 5.90 |
Forfeited | 0 | 0 |
Weighted average fair value grant date, forfeited | $ 0 | $ 0 |
Weighted average exercise price, forfeited | $ 0 | $ 0 |
Non-vested at end of period | 705,620 | 359,001 |
Weighted average fair value grant date, end of period | $ 3.49 | $ 4.55 |
Weighted average exercise price, end of period | $ 5.14 | $ 6.70 |
Schedule of Disclosure of Share
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Weighted Average Remaining Contractural Life - Years | 7 years 8 months 1 day | 7 years 3 months 11 days |
Number of options outstanding | 1,463,003 | 1,047,450 |
Weighted Average Exercise Price Stock Options Outstanding | $ 10.70 | $ 18.50 |
Number of Awards Vested | 757,383 | 688,452 |
Weighted Average Exercise Price | $ 15.89 | $ 24.73 |
Weighted Average Remaining Contractual Life of Stock Options Vested | 6 years 4 months 17 days | 6 years 5 months 16 days |
Range 1 [Member] | ||
Exercise price lower range limit | $ 2.05 | $ 4.15 |
Exercise price upper range limit | $ 4.60 | $ 6.30 |
Weighted Average Remaining Contractural Life - Years | 9 years 4 months 20 days | 9 years 8 months 12 days |
Number of options outstanding | 814,630 | 698,323 |
Weighted Average Exercise Price Stock Options Outstanding | $ 4.59 | $ 5.38 |
Number of Awards Vested | 229,915 | 393,145 |
Weighted Average Exercise Price | $ 4.57 | $ 5.31 |
Weighted Average Remaining Contractual Life of Stock Options Vested | 9 years 4 months 24 days | 9 years 6 months 29 days |
Range 2 [Member] | ||
Exercise price lower range limit | $ 4.65 | $ 12.75 |
Exercise price upper range limit | $ 6.30 | $ 25 |
Weighted Average Remaining Contractural Life - Years | 8 years 2 months 26 days | 3 years 3 months 4 days |
Number of options outstanding | 349,580 | 129,141 |
Weighted Average Exercise Price Stock Options Outstanding | $ 6.29 | $ 15.52 |
Number of Awards Vested | 255,586 | 75,321 |
Weighted Average Exercise Price | $ 6.29 | $ 17.50 |
Weighted Average Remaining Contractual Life of Stock Options Vested | 8 years 4 days | 3 years 2 months 12 days |
Range 3 [Member] | ||
Exercise price lower range limit | $ 6.35 | $ 25.05 |
Exercise price upper range limit | $ 25 | $ 64.50 |
Weighted Average Remaining Contractural Life - Years | 2 years 9 months 4 days | 3 years 14 days |
Number of options outstanding | 129,141 | 133,648 |
Weighted Average Exercise Price Stock Options Outstanding | $ 15.52 | $ 37.93 |
Number of Awards Vested | 102,230 | 133,648 |
Weighted Average Exercise Price | $ 16.25 | $ 37.93 |
Weighted Average Remaining Contractual Life of Stock Options Vested | 2 years 8 months 26 days | 3 years 14 days |
Range 4 [Member] | ||
Exercise price lower range limit | $ 25 | $ 67.50 |
Exercise price upper range limit | $ 50 | $ 94.50 |
Weighted Average Remaining Contractural Life - Years | 2 years 9 months 14 days | 7 months 17 days |
Number of options outstanding | 108,677 | 38,338 |
Weighted Average Exercise Price Stock Options Outstanding | $ 34.61 | $ 73.77 |
Number of Awards Vested | 108,677 | 38,338 |
Weighted Average Exercise Price | $ 34.61 | $ 73.77 |
Weighted Average Remaining Contractual Life of Stock Options Vested | 2 years 9 months 14 days | 7 months 17 days |
Range 5 [Member] | ||
Exercise price lower range limit | $ 50.01 | $ 96 |
Exercise price upper range limit | $ 75 | $ 119.25 |
Weighted Average Remaining Contractural Life - Years | 8 months 8 days | 1 month 13 days |
Number of options outstanding | 60,975 | 48,000 |
Weighted Average Exercise Price Stock Options Outstanding | $ 64.90 | $ 119.25 |
Number of Awards Vested | 60,975 | 48,000 |
Weighted Average Exercise Price | $ 64.90 | $ 119.25 |
Weighted Average Remaining Contractual Life of Stock Options Vested | 8 months 8 days | 1 month 13 days |
Schedule of Share-based Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Employee Stock Option [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Average risk-free interest rate | 0.70% | 1.64% |
Average expected life- years | 1 year 10 months 10 days | 5 years 4 months 17 days |
Expected volatility | 84.87% | 86.66% |
Expected dividends | 0.00% | 0.00% |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue | $ 122,377 | $ 298,162 | $ 288,923 | $ 422,057 |
Segment Profit - Pre Tax | (1,297,205) | (1,021,356) | (1,631,911) | (902,342) |
Total Assets | 2,826,845 | 4,031,485 | 2,826,845 | 4,031,485 |
Interest Expense | 7,851 | 0 | 12,372 | 0 |
Consulting [Member] | ||||
Revenue | 122,377 | 298,162 | 288,923 | 422,057 |
Segment Profit - Pre Tax | (112,420) | (228,641) | (160,027) | (289,559) |
Total Assets | 69,696 | 247,144 | 69,696 | 247,144 |
Interest Expense | 0 | 0 | 0 | 0 |
Technology [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Segment Profit - Pre Tax | 419,498 | (394,715) | (1,005,748) | (607,545) |
Total Assets | 1,048,518 | 883,775 | 1,048,518 | 883,775 |
Interest Expense | 0 | 0 | 0 | 0 |
Corporate and Eliminations [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Segment Profit - Pre Tax | (765,287) | (398,000) | (466,136) | (5,238) |
Total Assets | 1,708,631 | 2,900,566 | 1,708,631 | 2,900,566 |
Interest Expense | $ 7,851 | $ 0 | $ 12,372 | $ 0 |
Schedule of Fair Value, Financi
Schedule of Fair Value, Financial Assets and Liabilities (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Warrant liability | $ 199,000 | $ 2,327,000 |
Quoted prices in active markets - Level 1 [Member] | ||
Liabilities: | ||
Warrant liability | 0 | 0 |
Significant other observable inputs - Level 2 [Member] | ||
Liabilities: | ||
Warrant liability | 0 | 0 |
Significant unobservable inputs - Level 3 [Member] | ||
Liabilities: | ||
Warrant liability | $ 199,000 | $ 2,327,000 |
Schedule of Reconciliation of W
Schedule of Reconciliation of Warrant Liability (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Balance, beginning of period | $ 2,327,000 | $ 4,633,000 |
Change in fair value of warrant liability | (1,565,000) | (2,306,000) |
Reclassification to equity | (692,000) | |
Warrant modification expense | 129,000 | |
Balance, end of period | $ 199,000 | $ 2,327,000 |