Lightbridge (LTBR) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 26, 2017
Document And Entity Information
Entity Registrant Name	LIGHTBRIDGE Corp
Entity Central Index Key	1,084,554
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Trading Symbol	ltbr
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,497,153
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 4,214,386	$ 3,584,877
Restricted cash	114,077	114,012
Accounts receivable - project revenue and reimbursable project costs	15,136	388,434
Prepaid expenses and other current assets	97,567	80,933
Deferred financing costs, net	491,168	491,168
Total Current Assets	4,932,334	4,659,424
Other Assets
Patent costs	1,319,718	1,160,465
Deferred financing costs, net	614,072	982,486
Total Other Assets	1,933,790	2,142,951
Total Assets	6,866,124	6,802,375
Current Liabilities
Accounts payable and accrued liabilities	1,328,393	1,216,321
Total Current Liabilities	1,328,393	1,216,321
Long-Term Liabilities
Deferred lease abandonment liability		28,464
Total Liabilities	1,328,393	1,244,785
Stockholders' Equity
Common stock, $0.001 par value, 100,000,000 authorized, 11,426,754 shares and 9,911,864 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	11,427	7,112
Additional paid-in capital	91,358,420	86,266,075
Accumulated deficit	(85,833,136)	(80,716,617)
Total Stockholders' Equity	5,537,731	5,557,590
Total Liabilities and Stockholders' Equity	6,866,124	6,802,375
Convertible Series A Preferred Shares
Stockholders' Equity
Preferred stock, $0.001 par value, 10,000,000 authorized shares, convertible Series A preferred shares, 1,020,000 shares issued and outstanding at September 30, 2017 and December 31, 2016.	$ 1,020	$ 1,020

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Stockholders' Equity
Preferred Stock, Par Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Share Issued	11,426,754	9,911,864
Common Stock, Shares, Outstanding	11,426,754	9,911,864
Convertible Series A Preferred Shares
Stockholders' Equity
Preferred Stock, Shares Issued	1,020,000	1,020,000
Preferred Stock, Shares Outstanding	1,020,000	1,020,000

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Consulting Revenue	$ 15,136	$ 83,219	$ 165,046	$ 372,142
Cost of Consulting Services Provided	9,364	43,919	99,027	174,281
Gross Margin	5,772	39,300	66,019	197,861
Operating Expenses
General and administrative	1,149,847	1,106,125	3,329,440	3,311,488
Research and development	458,663	441,874	1,468,650	1,450,954
Total Operating Expenses	1,608,510	1,547,999	4,798,090	4,762,442
Operating Loss	(1,602,738)	(1,508,699)	(4,732,071)	(4,564,581)
Other Income and (Expenses)
Warrant revaluation		78,442		1,643,941
Warrant modification expense				(129,369)
Investment income	18	19	61	294
Financing costs	(130,828)	(73,279)	(384,509)	(85,650)
Other expenses				(62)
Total Other Income and (Expenses)	(130,810)	5,182	(384,448)	1,429,154
Net loss before income taxes	(1,733,548)	(1,503,517)	(5,116,519)	(3,135,427)
Income taxes
Net loss	(1,733,548)	(1,503,517)	(5,116,519)	(3,135,427)
Accumulated preferred stock dividend	(49,000)	(32,667)	(147,000)	(32,667)
Deemed dividend on convertible preferred stock, due to beneficial conversion feature		(581,300)		(581,300)
Net loss attributable to common stockholders	$ (1,782,548)	$ (2,117,484)	$ (5,263,519)	$ (3,749,394)
Net Loss Per Common Share, Basic and Diluted	$ (0.16)	$ (0.44)	$ (0.53)	$ (0.91)
Weighted Average Number of Common Shares Outstanding	10,836,115	4,804,044	9,968,425	4,105,107

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities:
Net Loss	$ (5,116,519)	$ (3,135,427)
Adjustments to reconcile net loss from operations to net cash used in operating activities:
Stock-based compensation	598,485	943,424
Amortization of deferred financing costs	368,414	68,590
Abandonment loss	109,752
Warrant modification expense		129,369
Warrant revaluation		(1,643,941)
Changes in operating working capital items:
Accounts receivable - fees and reimbursable project costs	373,298	56,578
Prepaid expenses and other assets	(16,634)	32,807
Accounts payable and accrued liabilities	164,302	(161,359)
Deferred lease abandonment liability	(68,726)	(198,891)
Net Cash Used In Operating Activities	(3,587,628)	(3,908,850)
Investing Activities:
Patent costs	(159,253)	(171,177)
Net Cash Used In Investing Activities	(159,253)	(171,177)
Financing Activities:
Net proceeds from the issuance of common stock	4,376,455	3,631,689
Net proceeds from the issuance of preferred stock		2,800,000
Proceeds from the issuance of note payable		135,000
Repayment of note payable		(107,623)
Restricted cash	(65)	211,842
Net Cash Provided by Financing Activities	4,376,390	6,670,908
Net Increase In Cash and Cash Equivalents	629,509	2,590,881
Cash and Cash Equivalents, Beginning of Period	3,584,877	623,184
Cash and Cash Equivalents, End of Period	4,214,386	3,214,065
Cash paid during the period:
Interest paid		2,269
Income taxes paid
Non-Cash Financing Activity:
Deferred financing cost - paid with stock purchase warrants		1,665,000
Warrant liability - reclassification to equity		692,110
Accumulated preferred stock dividend	147,000	32,667
Decrease in accrued liabilities - stock-based compensation	121,720
Deemed dividend on convertible preferred stock, due to beneficial conversion feature		$ 581,300

Basis of Presentation, Summary

Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
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, including a summary of the Company’s significant accounting policies, 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, 2016, included in our Annual Report on Form 10-K for the year ended December 31, 2016. 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 nine 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 “Lightbridge”, “Company,” “we,” “us” or “our” mean Lightbridge Corporation and all entities included in our consolidated condensed 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 7-Business Segment Results). Going Concern and 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. At September 30, 2017, we had $4.3 million in cash and restricted cash. We have expended substantial funds on the research and development of our fuel technology and expect to increase our spending on research and development expenditures if we are able to execute on a potential joint venture with AREVA Inc., a wholly-owned subsidiary of AREVA NP SAS. Our net losses incurred for the three months and nine months ended September 30, 2017 amounted to $1.7 million and $5.1 million, respectively, and working capital was approximately $3.6 million at September 30, 2017. As a result, there is substantial doubt about our ability to continue as a going concern. 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. On June 11, 2015, the Company entered into an at-the-market issuance (“ATM”) sales agreement with MLV & Co. LLC (“MLV”) (see Note 6), 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. We raised approximately $4.4 million, net of financing costs, from our ATM with MLV for the nine months ended September 30, 2017. The Company had registered for the sale of up to $5.8 million of common stock under this ATM sales agreement and had raised the entire $5.8 million amount of common stock registered under the Prospectus in 2016 and 2017. On July 12, 2017, the Company filed a prospectus supplement to register an additional approximate $1.6 million under a new ATM agreement with FBR Capital Markets & Co. and MLV, signed on July 12, 2017 and has raised an approximate $1.5 million under this $1.6 million prospectus supplement as of September 30, 2017. As the Company’s public float was less than $75.0 million as of September 30, 2017, the Company’s usage of its S-3 shelf registration statement is limited. The Company still maintains the ability to raise funds through other means, such as through the filing of a registration statement on Form S-1 or through private placements. The rules and regulations of the SEC or any other regulatory agencies may restrict the Company’s ability to conduct certain types of financing activities, or may affect the timing of and amounts it can raise by undertaking such activities. On September 4, 2015, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire Capital”) (see Note 6), pursuant to which the Company may issue and sell shares of its common stock from time to time to Aspire Capital. On August 23, 2017 the Company filed a prospectus which relates to the sale of up to 1,853,960 shares of our common stock by Aspire Capital. Aspire Capital is also referred to in this prospectus as the selling shareholder. The prices at which the selling shareholder may sell the shares will be determined by the prevailing market price for the shares or in negotiated transactions. We will not receive proceeds from the sale of the shares by the selling shareholder. However, we may receive proceeds of up to $10.0 million from the sale of our common stock to the selling stockholder, pursuant to a common stock purchase agreement entered into with the selling stockholder, including proceeds that we have already received thereunder. As of the date hereof, we have sold approximately $2.7 million of our common stock under the common stock purchase agreement, and approximately $7.3 million of common stock remains available for sale. We did not sell shares to Aspire Capital for the three months and nine months ended September 30, 2017. 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 shares of common stock outstanding, options and warrants amounts outstanding. We have presented our share data for and as of all periods presented on this basis. 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 and modular reactors. Lightbridge will seek patent validation in key countries that either currently operate or are expected to build and operate a large number of suitable nuclear power reactors. Consulting Business Segment The purpose of our consulting business segment is to generate a positive profit margin that can provide internal cash resources to help defray a portion of the costs associated with our research and development activities and corporate overhead. Through our Consulting Business, we offer consulting and strategic advisory services to companies and governments planning to create or expand electricity generation capabilities using nuclear power plants. We opportunistically seek new consulting work that can generate acceptable profit margins. Recently Adopted Accounting Pronouncements Going Concern Deferred Taxes – Debt Issuance Costs Simplifying the Presentation of Debt Issuance Costs Stock Compensation - Improvements to Employee Share-Based Payment Accounting, Recent Accounting Pronouncements Statement of Cash Flows Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments” Statement of Cash Flows (Topic 230): Restricted Cash”. Leases Revenue Recognition — In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In March 2016, the FASB issued ASU 2016-08, “ Revenue from Contracts with Customers: Principal versus Agent Considerations Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
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 and nine months ended September 30, 2017 and 2016, 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 Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Note 3. Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses consisted of the following (in millions): September 30, December 31, 2017 2016 Trade payables $ 0.4 $ 0.3 Accrued expenses and other 0.2 0.4 Accrued bonuses 0.7 0.5 Total $ 1.3 $ 1.2

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Note 4. Commitments and Contingencies	Litigation A former Chief Financial Officer of the Company filed a complaint against the Company with the U.S. Occupational Safety and Health Administration (the “OSHA Complaint”) on March 9, 2015. 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 Company believes that all of the above claims by the former Chief Financial Officer are without merit and intends to vigorously defend itself. Sublease In September 2017 we were notified by the sublease tenant that as of October 2017, due to their weak financial condition, they would no longer be able to make the required monthly sublease payments over the remaining term of the sublease. Accordingly, we recognized an additional abandonment loss of approximately $100,000 in general and administrative expenses in the condensed consolidated statements of operations for the three and nine months ended September 30, 2017.

Research and Development Costs

Research and Development Costs	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Note 5. Research and Development Costs	Research and development costs, included in the accompanying condensed consolidated statement of operations amounted to approximately $0.5 million and $0.4 million for each of the three months ended September 30, 2017 and 2016. Research and development costs, included in the accompanying condensed consolidated statement of operations amounted to approximately $1.5 million for each of the nine month periods ended September 30, 2017 and 2016. We have consulting agreements with several consultants working on various projects for us, which total approximately $20,000 per month.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Note 6. 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 September 30, 2017, there were 11,426,754 common shares, 1,210,905 common stock warrants, 2,175,335 stock options outstanding and 1,020,000 shares of convertible preferred stock outstanding plus accrued dividends of $227,578, totaling 1,102,903 equivalent common shares, all totaling 15,915,897 of total common stock and common stock equivalents outstanding at September 30, 2017. At December 31, 2016, there were 9,911,864 common shares, 1,713,172 common stock warrants, 2,172,581 stock options outstanding and 1,020,000 shares of convertible preferred stock outstanding plus accrued dividends of $80,578 totaling 1,049,354 equivalent common shares, all totaling 12,047,250 of total stock and stock equivalents outstanding at December 31, 2016. 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 and sold all these registered shares. There have been approximately 3.8 million shares sold for total gross proceeds of approximately $4.7 million through the ATM for the nine month period ended September 30, 2017. There have been approximately 1.9 million shares sold for total gross proceeds of approximately $2.6 million through the ATM for the twelve month period ended December 31, 2016. On July 12, 2017, the Company filed a prospectus supplement to register an additional approximate $1.6 million under a new ATM agreement with FBR Capital Markets & Co. and MLV, signed on July 12, 2017. For the period from July 12, 2017 to September 30, 2017, the Company sold approximately 1.2 million shares for total net proceeds of approximately $1.5 million. Due to limitations under the rules of Form S-3, the Company may issue up to one-third of the aggregate market value of the common equity held by non-affiliates in primary offerings under its effective shelf registration statement on Form S-3, including any sales made pursuant to the ATM Offering, during any twelve calendar month period, unless and until it is no longer subject to such limitations. Securities Purchase Agreement – General International Holdings, Inc. On August 2, 2016, we issued 1,020,000 shares of the Company’s newly created Non-Voting Series A Convertible Preferred Stock (the “Series A Preferred Stock”) to General International Holdings, Inc. (“GIH”) for $2.8 million or approximately $2.75 per share. Dividends accrue on the Series A Preferred Stock at the rate of 7% per year and will be paid in-kind. The accumulated dividend (unpaid) at September 30, 2017 was approximately $0.2 million dollars. At closing, Mr. Xingping Hou, the president of GIH, joined the Board of Directors as co-chairman. Series A Preferred Stock On July 29, 2016, in anticipation of the closing of the GIH offering discussed above, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of Non-Voting Series A Convertible Preferred Stock (the “Certificate of Designation”) with the Secretary of State of the State of Nevada. Pursuant to the Certificate of Designation, the Company’s Board of Directors designated a new series of the Company’s preferred stock, the Non-Voting Series A Convertible Preferred Stock, par value $0.001 per share. The Certificate of Designation authorized the Company to issue 1,020,000 shares of Series A Preferred Stock. Each share of Series A Preferred Stock has a conversion right to convert to one share of common stock and a liquidation preference of $2.75 per share. The holders of the Series A Preferred Stock have no voting rights. In addition, as long as 255,000 shares of Series A Preferred Stock are outstanding, the Company may not take certain actions without first having obtained the affirmative vote or waiver of the holders of a majority of the outstanding shares of Series A Preferred Stock. The Company has the option at any time after August 2, 2019 to redeem some or all of the outstanding Series A Preferred Stock for an amount in cash equal to the liquidation preference plus the amount of any accrued but unpaid dividends of the Series A Preferred Stock being redeemed. The holders of the Series A Preferred Stock do not have the ability to require the Company to redeem the Series A Preferred Stock. Aspire Capital Option Agreement On August 10, 2016 the Company entered into an option agreement with Aspire Capital whereby the Company has the right, at any time prior to December 31, 2019, to require Aspire Capital to enter into with the Company, up to two common stock purchase agreements each with a three year term, with an aggregate amount under both purchase agreements combined not to exceed $20,000,000. A notice to Aspire Capital exercising the option may be revoked by the Company at any time prior to the parties entering into a purchase agreement without effecting or limiting the Company’s future rights to give a subsequent option notice to Aspire Capital, under the terms and conditions of the option agreement. The Company issued 500,000 common stock purchase warrants with a strike price of $0.01 per share to Aspire Capital as the commitment fee for entering into this option agreement. The commitment fee, valued at approximately $1.7 million, was recorded as deferred financing costs and additional paid-in capital and this asset will be amortized over the life of the option agreement. The amortized amount of $0.1 and $0.4 million was expensed to financing costs during the three and nine months ended September 30, 2017, respectively. The total short-term and long-term unamortized portion is carried on the balance sheet as deferred financing costs. The short-term portion was approximately $0.5 million and the long-term portion was approximately $0.6 million, at September 30, 2017. The short-term portion was approximately $0.5 million and long-term portion was approximately $1.0 million, at December 31, 2016. The future amortization of deferred financing costs is as follows (in millions): 2017 $ 0.1 2018 $ 0.5 2019 $ 0.5 Equity Purchase Agreement – Equity Line On September 4, 2015, we entered into a 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 certain limitations. There were no sales made for the nine months ended September 30, 2017. We have a Form S-1 registration statement on file with the Securities and Exchange Commission, effective August 23, 2017 registering 1,853,960 shares of our common stock to sell under this equity purchase agreement. For the three months and nine months ended September 30, 2016 we sold 0.4 million and 1.1 million common shares, respectively, for total gross proceeds of approximately $0.6 and $2.7 million through the equity line financing arrangement with Aspire Capital that we have in place. Outstanding Warrants September 30, December 31, 2017 2016 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. At September 30, 2017, these warrants had expired and at December 31, 2016, the fair value of these warrants was not significant. - 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. In 2016, 59,450 of these warrants were exchanged for common stock, and all remaining warrant holders agreed to new warrant terms in exchange for a reduced exercise price of $6.25 per share. 163,986 163,986 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. On June 30, 2016, the warrant holders agreed to new warrant terms in exchange for a reduced exercise price of $6.25 per share. 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 (pre-funded) up to and including June 27, 2021, all warrants exercised on July 12, 2017. - 295,267 Issued to an investor on August 10, 2016, entitling the holders to purchase 500,000 common shares in the Company at an exercise price of price of $0.01 per share, up to and including December 31, 2019. 500,000 500,000 1,210,905 1,713,172 On July 12, 2017, Aspire Capital exercised warrants that were issued on June 28, 2016, in a cashless exercise transaction. 295,267 warrants were exercised in exchange for 286,584 shares of the Company’s common stock. These outstanding warrants were reported in the equity section of our balance sheet. Stock-based Compensation – Stock Options and Restricted Stock 2015 Stock Plan On March 25, 2015, the Compensation Committee and the 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. A total of 2,900,000 shares are 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. The Company held its 2016 Annual Meeting on May 12, 2016 and the stockholders approved an amendment to the Plan to increase the number of shares authorized for issuance thereunder by 800,000 shares to 1,400,000 shares. At the 2017 Annual Meeting of Stockholders on May 19, 2017, the Company’s stockholders approved an amendment to the Plan to increase the number of shares authorized for issuance thereunder by 1,500,000 shares to 2,900,000 shares. Total stock options outstanding at September 30, 2017 and December 31, 2016, under the 2006 Stock Plan and 2015 Equity Incentive Plan were 2,175,335 and 2,172,581 of which 1,762,385 and 1,722,105 of these options were vested at September 30, 2017 and December 31, 2016, respectively. Stock based compensation was approximately $0.2 million and $0.4 million for the three months ended September 30, 2017 and 2016, respectively, and $0.6 million and $0.9 million for the nine months ended September 30, 2017 and 2016, respectively. 2016 Non-Qualified Option Grants On November 9, 2016, the Board of Directors granted non-qualified stock options relating to approximately 670,000 shares under the 2015 Equity Incentive Plan to employees and consultants of the Company. These stock options were granted by the Board of Directors upon recommendation by the Compensation Committee and vested immediately, with a strike price of $1.54, which was the closing price of the Company’s stock on November 9, 2016. These options have a 10 year contractual term, with a fair value of $1.05 per option and an expected term of 5 years. Stock option transactions to the employees, directors and consultants are summarized as follows for the nine months ended September 30, 2017: Weighted Weighted Average Average Options Exercise Grant Date Outstanding Price Fair Value Beginning of the period 2,172,581 $ 6.70 $ 4.83 Granted 31,425 $ 1.08 $ 0.81 Exercised -- -- -- Forfeited -- -- -- Expired (28,671 ) $ 40.35 $ 35.15 End of the period 2,175,335 $ 6.17 $ 4.37 Options exercisable 1,762,385 $ 6.56 $ 4.70 A summary of the status of the Company’s non-vested shares as of September 30, 2017 and December 31, 2016, and changes during the nine months ended September 30, 2017 and the year ended December 31, 2016, is presented below: Weighted- Average Fair Weighted Value Average Shares Grant Date Exercise Price Non-vested Shares Non-vested - December 31, 2015 359,001 $ 4.55 $ 6.70 Granted 1,210,467 $ 1.71 $ 3.02 Vested (1,118,992 ) $ 1.81 $ 3.19 Forfeited - - - Non-vested - December 31, 2016 450,476 $ 3.60 $ 5.40 Granted 31,425 0.81 1.08 Vested (68,951 ) $ 5.89 $ 8.82 Forfeited - - - Non-vested - September 30, 2017 412,950 $ 3.00 $ 4.51 As of September 30, 2017, there was approximately $0.7 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under all equity incentive plans. That cost is expected to be recognized over a weighted-average period of 1.1 years. There was substantially no intrinsic value for the stock options outstanding at September 30, 2017 and December 31, 2016. The above tables include options issued and outstanding as of September 30, 2017, as follows: i) A total of 81,140 non-qualified 10 year options have been issued, and are outstanding, to advisory board members at exercise prices of $1.08 to $52.50 per share. ii) A total of 1,825,139 non-qualified 5-10 year options have been issued, and are outstanding, to our directors, officers, and employees at exercise prices of $1.14 to $52.50 per share. From this total, 595,146 options are outstanding to the Chief Executive Officer who is also a director, with remaining contractual lives of 0.2 years to 9.1 years. All other options issued to directors, officers, and employees have a remaining contractual life ranging from 0.2 years to 9.3 years. iii) A total of 269,056 non-qualified 3-10 year options have been issued, and are outstanding, to our consultants at exercise prices of $1.54 to $52.50 per share. Weighted average assumptions used in the Black Scholes option-pricing model for the nine months ended September 30, 2017, were as follows: Nine Months ended September 30, 2017 Average risk-free interest rate 1.85 % Average expected life- years 6.0 Expected volatility 88.5 % Expected dividends 0.0 Stock-based compensation expense includes the expense related to (1) grants of stock options, (2) grants of restricted stock, (3) stock issued as consideration for some of the services provided by our directors and strategic advisory council members, and (4) stock issued in lieu of cash to pay bonuses to our employees and contractors. 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. Related income tax benefits were not recognized, as we incurred a tax loss for both periods.

Business Segment Results

Business Segment Results	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Note 7. 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 SEPTEMBER 30, 2017 AND 2016 Corporate and Consulting Technology Eliminations Total 2017 2016 2017 2016 2017 2016 2017 2016 Revenue $ 15,136 $ 83,219 $ - $ - $ - $ - $ 15,136 $ 83,219 Segment Profit (Loss)– Pre-Tax $ 15,744 $ (103,758 ) $ (458,663 ) $ (441,874 ) $ (1,290,629 ) $ (957,885 ) $ (1,733,548 ) $ (1,503,517 ) Total Assets $ 15,136 $ 83,219 $ 1,319,718 $ 1,121,771 $ 5,531,270 $ 5,059,686 $ 6,866,124 $ 6,264,676 Interest Expense $ - $ - $ - $ - $ 8,023 $ 4,689 $ 8,023 $ 4,689 BUSINESS SEGMENT RESULTS – NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016 Corporate and Consulting Technology Eliminations Total 2017 2016 2017 2016 2017 2016 2017 2016 Revenue $ 165,046 $ 372,142 $ - $ - $ - $ - $ 165,046 $ 372,142 Segment Profit (Loss)– Pre-Tax $ (45,051 ) $ (263,785 ) $ (1,468,650 ) $ (1,450,954 ) $ (3,602,818 ) $ (1,420,688 ) $ (5,116,519 ) $ (3,135,427 ) Total Assets $ 15,136 $ 83,219 $ 1,319,718 $ 1,121,771 $ 5,531,270 $ 5,059,686 $ 6,866,124 $ 6,264,676 Interest Expense $ - $ - $ - $ - $ 16,095 $ 17,060 $ 16,095 $ 17,060

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Note 8. Subsequent Events	Equity Transactions From October 1, 2017 to November 14, 2017, we received additional gross proceeds of approximately $0.2 million under the equity line agreement with Aspire Capital from the sale of approximately 0.2 million shares of our common stock. Short-Term Option Grants On October 26, 2017, the Compensation Committee of the Board of Directors granted short-term incentive stock options and non-qualified stock options relating to approximately 0.5 million shares under the 2015 Equity Incentive Plan to employees and consultants of the Company. All of these stock options will vest immediately, with a strike price of $1.05, which was the closing price of the Company’s stock on October 26, 2017. These options have a 10 year contractual term, with a fair market value of approximately $0.70 per option with an expected term of 5 years. Long-Term Non-Qualified Option Grants On October 26, 2017 the Compensation Committee of the Board of Directors granted performance-based long-term non-qualified stock options relating to approximately 1.3 million shares to employees, consultants and directors of the Company. Out of this total, approximately 1.1 million stock options were issued to employees and consultants as performance-based options. These performance-based stock options vest only upon the applicable performance conditions being satisfied by certain milestone dates, based on either a graded vesting schedule for each milestone or an accelerated vesting schedule. The graded vesting schedule is based on the achievement of milestones related to the formation of the joint venture with Areva NP SAS and the development milestones for the fuel. Accelerated vesting of all option grants would occur upon achievement of one or both of the following performance-based milestones: 1. The Company’s closing stock price is above $3 per share by December 31, 2018 2. The Company secures at least a $2 million investment from a commercial nuclear industry entity other than Areva NP SAS by December 31, 2019 The remaining approximate 0.2 million stock options were issued to the directors of the Company and vest over a one year period on the anniversary date of the grant. These stock options have a strike price of $1.05, which was the closing price of the Company’s stock on October 26, 2017. All options granted have a 10 year contractual term. All such long-term non-qualified stock options issued in excess of the 2.9 million shares authorized under the 2015 Equity Stock Plan (which total approximately 0.5 million out of the total approximate 1.3 million options granted) were issued contingent upon shareholder approval of an increase in the number of shares available under the 2015 Equity Stock Plan (with such number of contingent options to be granted is granted pro-rata among the grantees). Areva NP SAS Agreements On November 14, 2017, the Company entered into three binding agreements with AREVA NP SAS: (1) A Research and Development Services Agreement (RDSA), (2) A Co-Ownership Agreement (COA), and (3) An Intellectual Property Annex (IP Annex). These agreements govern joint research and development activities relating to the Lightbridge-designed metallic fuel and treatment of all existing and future intellectual property related thereto. The signed agreements form the foundation for, are an integral part of, the proposed joint venture arrangement between the Company and AREVA, Inc., a US wholly-owned subsidiary of AREVA NP SAS. The RDSA defines the terms and conditions for joint R&D activities between AREVA NP SAS (“ANP”) and Lightbridge (“LTBR”) initially (and the JV once it is formed) and joint generation of Foreground Intellectual Property (IP) based on a combination of Background IP contributed by ANP and LTBR. In connection with the RDSA, the Company is committed to purchase minimum amounts of R&D services from ANP of approximately $3.3 million for the period up through December 31, 2018. The COA defines terms and conditions for treatment of Background and Foreground IP between ANP and LTBR within the Domain and outside the Domain during and beyond the life of the JV. The COA will survive the life of the JV. Key terms and conditions of the COA include: · ANP and Lightbridge will co-own (on a 50-50 basis) the Foreground IP property that they and their subcontractors (the R&D Agreement defines in detail terms and conditions for subcontracting R&D activities) will create in relation to the various JV projects within the Domain. · It also includes procedures for managing the Foreground IP, including, for example, deciding when to file patent applications. · Defines IP governance structure, including the IP Committee. The IP Annex is a higher-level reference document that will be attached to the JV Operating Agreement, and summarizes the parties’ understanding regarding IP matters based on detailed terms and conditions contained in the RDSA and COA. The IP Annex will be executed by ANP and LTBR as a standalone document and will remain in force only during the life of the JV.

Basis of Presentation, Summar14

Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations (Policies)	9 Months Ended
	Sep. 30, 2017
Basis Of Presentation Summary Of Significant Accounting Policies And Nature Of Operations Policies
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, including a summary of the Company’s significant accounting policies, 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, 2016, included in our Annual Report on Form 10-K for the year ended December 31, 2016. 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 nine 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 “Lightbridge”, “Company,” “we,” “us” or “our” mean Lightbridge Corporation and all entities included in our consolidated condensed 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 7-Business Segment Results).
Going Concern and 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. At September 30, 2017, we had $4.3 million in cash and restricted cash. We have expended substantial funds on the research and development of our fuel technology and expect to increase our spending on research and development expenditures if we are able to execute on a potential joint venture with AREVA NP. Our net losses incurred for the three months and nine months ended September 30, 2017 amounted to $1.7 million and $5.1 million, respectively, and working capital was approximately $3.6 million at September 30, 2017. As a result, there is substantial doubt about our ability to continue as a going concern. 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. On June 11, 2015, the Company entered into an at-the-market issuance (“ATM”) sales agreement with MLV & Co. LLC (“MLV”) (see Note 6), 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. We raised approximately $4.4 million, net of financing costs, from our ATM with MLV for the nine months ended September 30, 2017. The Company had registered for the sale of up to $5.8 million of common stock under this ATM sales agreement and had raised the entire $5.8 million amount of common stock registered under the Prospectus in 2016 and 2017. On July 12, 2017, the Company filed a prospectus supplement to register an additional approximate $1.6 million under a new ATM agreement with FBR Capital Markets & Co. and MLV, signed on July 12, 2017 and has raised an approximate $1.5 million under this $1.6 million prospectus supplement as of September 30, 2017. As the Company’s public float was less than $75.0 million as of September 30, 2017, the Company’s usage of its S-3 shelf registration statement is limited. The Company still maintains the ability to raise funds through other means, such as through the filing of a registration statement on Form S-1 or through private placements. The rules and regulations of the SEC or any other regulatory agencies may restrict the Company’s ability to conduct certain types of financing activities, or may affect the timing of and amounts it can raise by undertaking such activities. On September 4, 2015, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire Capital”) (see Note 6), pursuant to which the Company may issue and sell shares of its common stock from time to time to Aspire Capital. On August 23, 2017 the Company filed a prospectus which relates to the sale of up to 1,853,960 shares of our common stock by Aspire Capital. Aspire Capital is also referred to in this prospectus as the selling shareholder. The prices at which the selling shareholder may sell the shares will be determined by the prevailing market price for the shares or in negotiated transactions. We will not receive proceeds from the sale of the shares by the selling shareholder. However, we may receive proceeds of up to $10.0 million from the sale of our common stock to the selling stockholder, pursuant to a common stock purchase agreement entered into with the selling stockholder, including proceeds that we have already received thereunder. As of the date hereof, we have sold approximately $2.7 million of our common stock under the common stock purchase agreement, and approximately $7.3 million of common stock remains available for sale. We did not sell shares to Aspire Capital for the three months and nine months ended September 30, 2017.
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 shares of common stock outstanding, options and warrants amounts outstanding. We have presented our share data for and as of all periods presented on this basis. 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 and modular reactors. Lightbridge will seek patent validation in key countries that either currently operate or are expected to build and operate a large number of suitable nuclear power reactors.
Consulting Business Segment	The purpose of our consulting business segment is to generate a positive profit margin that can provide internal cash resources to help defray a portion of the costs associated with our research and development activities and corporate overhead. Through our Consulting Business, we offer consulting and strategic advisory services to companies and governments planning to create or expand electricity generation capabilities using nuclear power plants. We opportunistically seek new consulting work that can generate acceptable profit margins.
Recently Adopted Accounting Pronouncements	Going Concern Deferred Taxes – Debt Issuance Costs Simplifying the Presentation of Debt Issuance Costs Stock Compensation - Improvements to Employee Share-Based Payment Accounting,
Recent Accounting Pronouncements	Statement of Cash Flows Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments” Statement of Cash Flows (Topic 230): Restricted Cash”. Leases Revenue Recognition Revenue from Contracts with Customers: Principal versus Agent Considerations Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients

Accounts Payable, Accrued Liabi

Accounts Payable, Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Accounts Payable Accrued Liabilities Tables
Schedule of Accounts Payable and Accrued Liabilities	September 30, December 31, 2017 2016 Trade payables $ 0.4 $ 0.3 Accrued expenses and other 0.2 0.4 Accrued bonuses 0.7 0.5 Total $ 1.3 $ 1.2

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Stockholders Equity Tables
Schedule of Future Amortization of Deferred Financing Costs	2017 $ 0.1 2018 $ 0.5 2019 $ 0.5
Schedule of Warrants Outstanding	September 30, December 31, 2017 2016 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. At September 30, 2017, these warrants had expired and at December 31, 2016, the fair value of these warrants was not significant. - 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. In 2016, 59,450 of these warrants were exchanged for common stock, and all remaining warrant holders agreed to new warrant terms in exchange for a reduced exercise price of $6.25 per share. 163,986 163,986 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. On June 30, 2016, the warrant holders agreed to new warrant terms in exchange for a reduced exercise price of $6.25 per share. 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 (pre-funded) up to and including June 27, 2021, all warrants exercised on July 12, 2017. - 295,267 Issued to an investor on August 10, 2016, entitling the holders to purchase 500,000 common shares in the Company at an exercise price of price of $0.01 per share, up to and including December 31, 2019. 500,000 500,000 1,210,905 1,713,172
Schedule of Share-based Compensation, Stock Options, Activity	Weighted Weighted Average Average Options Exercise Grant Date Outstanding Price Fair Value Beginning of the period 2,172,581 $ 6.70 $ 4.83 Granted 31,425 $ 1.08 $ 0.81 Exercised -- -- -- Forfeited -- -- -- Expired (28,671 ) $ 40.35 $ 35.15 End of the period 2,175,335 $ 6.17 $ 4.37 Options exercisable 1,762,385 $ 6.56 $ 4.70
Schedule of Non-Vested Shares, Activity	Weighted- Average Fair Weighted Value Average Shares Grant Date Exercise Price Non-vested Shares Non-vested - December 31, 2015 359,001 $ 4.55 $ 6.70 Granted 1,210,467 $ 1.71 $ 3.02 Vested (1,118,992 ) $ 1.81 $ 3.19 Forfeited - - - Non-vested - December 31, 2016 450,476 $ 3.60 $ 5.40 Granted 31,425 0.81 1.08 Vested (68,951 ) $ 5.89 $ 8.82 Forfeited - - - Non-vested - September 30, 2017 412,950 $ 3.00 $ 4.51
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Nine Months ended September 30, 2017 Average risk-free interest rate 1.85 % Average expected life- years 6.0 Expected volatility 88.5 % Expected dividends 0.0

Business Segment Results (Table

Business Segment Results (Tables)	9 Months Ended
	Sep. 30, 2017
Business Segment Results Tables
Schedule of Segment Reporting Information, by Segment	Corporate and Consulting Technology Eliminations Total 2017 2016 2017 2016 2017 2016 2017 2016 Revenue $ 15,136 $ 83,219 $ - $ - $ - $ - $ 15,136 $ 83,219 Segment Profit (Loss)– Pre-Tax $ 15,744 $ (103,758 ) $ (458,663 ) $ (441,874 ) $ (1,290,629 ) $ (957,885 ) $ (1,733,548 ) $ (1,503,517 ) Total Assets $ 15,136 $ 83,219 $ 1,319,718 $ 1,121,771 $ 5,531,270 $ 5,059,686 $ 6,866,124 $ 6,264,676 Interest Expense $ - $ - $ - $ - $ 8,023 $ 4,689 $ 8,023 $ 4,689 BUSINESS SEGMENT RESULTS – NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016 Corporate and Consulting Technology Eliminations Total 2017 2016 2017 2016 2017 2016 2017 2016 Revenue $ 165,046 $ 372,142 $ - $ - $ - $ - $ 165,046 $ 372,142 Segment Profit (Loss)– Pre-Tax $ (45,051 ) $ (263,785 ) $ (1,468,650 ) $ (1,450,954 ) $ (3,602,818 ) $ (1,420,688 ) $ (5,116,519 ) $ (3,135,427 ) Total Assets $ 15,136 $ 83,219 $ 1,319,718 $ 1,121,771 $ 5,531,270 $ 5,059,686 $ 6,866,124 $ 6,264,676 Interest Expense $ - $ - $ - $ - $ 16,095 $ 17,060 $ 16,095 $ 17,060

Basis of Presentation, Summar18

Basis of Presentation, Summary of Significant Accounting Policies and Nature of Operations (Details Narrative)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares	Jul. 20, 2016	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Number$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016$ / sharesshares	Sep. 04, 2015shares
Number of operating segments | Number					2
Working capital	$ 3,600,000		$ 3,600,000		$ 3,600,000
Cash and restricted cash	$ 4,300,000		4,300,000		4,300,000
Net loss			$ 1,700,000		$ 5,100,000
Common Stock, Shares Authorized (before reverse stock split) | shares	500,000,000		500,000,000		500,000,000
Preferred Stock, Par Value Per Share (before reverse stock split) | $ / shares	$ 0.001		$ 0.001		$ 0.001
Preferred Stock, Shares Authorized (before reverse stock split) | shares	50,000,000		50,000,000		50,000,000
Common Stock, Par Value Per Share | $ / shares	$ 0.001		$ 0.001		$ 0.001		$ 0.001
Common Stock, Shares Authorized (after split) | shares	100,000,000		100,000,000		100,000,000		100,000,000	1,853,960
Preferred Stock, Par Value Per Share | $ / shares	$ 0.001		$ 0.001		$ 0.001		$ 0.001
Preferred Stock, Shares Authorized (after split) | shares	10,000,000		10,000,000		10,000,000		10,000,000
Stockholders' Equity, Reverse Stock Split		1 for 5
Operating cycle length - Westinghouse-type					24 months
Entity Public Float	$ 75,000,000		$ 75,000,000		$ 75,000,000
Proceeds from sale of common shares					4,376,455	$ 3,631,689
Securities Purchase Agreement Aspire Capital [Member]
Proceeds from sale of common shares	2,700,000
Common shares available for sale	7,300,000		7,300,000		7,300,000
ATM agreement [Member] | FBR Capital Markets & Co. [Member]
Amount of follow on public offering	1,600,000		1,600,000		1,600,000
Amount rised on public offering	1,500,000		1,500,000		$ 1,500,000
Maximum [Member]
Metallic fuel power uprate percentage					10.00%
Aspire Capital [Member]
Common stock sold				$ 600,000		$ 2,700,000
Aspire Capital [Member] | Maximum [Member]
Recevable from commn shares sold	$ 10,000,000		$ 10,000,000		$ 10,000,000
Sales Agreement [Member]
Amount raised, net of financing costs					$ 4,400,000

Net Loss Per Share (Details Nar

Net Loss Per Share (Details Narrative)	1 Months Ended
	Jul. 20, 2016
Net Loss Per Share Details Narrative
Stockholders' Equity, Reverse Stock Split	1 for 5

Accounts Payable and Accrued 20

Accounts Payable and Accrued Liabilities (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Accounts Payable And Accrued Liabilities Details
Trade payables	$ 400,000	$ 300,000
Accrued expenses and other	200,000	400,000
Accrued bonuses	700,000	500,000
Total	$ 1,300,000	$ 1,200,000

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	9 Months Ended
	Sep. 30, 2017USD ($)
Notes to Financial Statements
Abandonment loss	$ 100,000

Research and Development Costs

Research and Development Costs (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Research And Development Costs Details Narrative
Research and development costs	$ 500,000	$ 400,000	$ 1,500,000	$ 1,500,000
Consulting agreement monthly payments			$ 20,000

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Sep. 30, 2017USD ($)
2017 [Member]
Future amortization of deferred financing costs	$ 100,000
2018 [Member]
Future amortization of deferred financing costs	500,000
2019 [Member]
Future amortization of deferred financing costs	$ 500,000

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - $ / shares	6 Months Ended	9 Months Ended
	Jun. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Warrants Outstanding		1,210,905	1,713,172
Issued To Investors On July 28, 2010 [Member]
Warrants Outstanding			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		163,986	163,986
Exercise price		$ 11.50
Common stock to be purchased in the Offering		250,000
Warrants exchanged for common stock			59,450
Reduced exercise price		$ 6.25
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
Reduced 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 An Investor On August 10, 2016 [Member]
Warrants Outstanding		500,000	500,000
Exercise price		$ 0.01
Common stock to be purchased in the Offering		500,000

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Stockholders Equity Details 2
Beginning of Period | shares	2,172,581
Options Outstanding, Stock options granted | shares	31,425
Options Exercised | shares
Options Forfeited | shares
Options Expired | shares	(28,671)
Options Outstanding, End of the Period | shares	2,175,335
Options exercisable | shares	1,762,385
Weighted Average Exercise Price Beginning of the Period	$ 6.70
Weighted Average Exercise Price Stock Options Granted	1.08
Weighted Average Exercise Price Stock Options Exercised
Weighted Average Exercise Price Stock Options Forfeited
Weighted Average Exercise Price Stock Options Expired	40.35
Weighted Average Exercise End of the Period	6.17
Weighted Average Exercise Price Options exercisable	6.56
Weighted Average Grant Date Fair Value Stock Options Beginning of the Period	4.83
Weighted Average Grant Date Fair Value Stock Options Granted	0.81
Weighted Average Grant Date Fair Value Stock Options Exercised
Weighted Average Grant Date Fair Value Stock Options Forfeited
Weighted Average Grant Date Fair Value Stock Options Expired	35.15
Weighted Average Grant Date Fair Value Stock Options End of the Period	4.37
Weighted Average Grant Date Fair Value Options exercisable	$ 4.7

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Stockholders Equity Details 3
Non-vested Shares at beginning of period	450,476	359,001
Shares Granted	31,425	1,210,467
Shares Vested	(68,951)	(1,118,992)
Shares Forfeited
Non-vested Shares at end of period	412,950	450,476
Weighted average fair value grant date, beginning of period	$ 3.60	$ 4.55
Weighted average fair value grant date, granted	0.81	1.71
Weighted average fair value grant date, vested	5.89	1.81
Weighted average fair value grant date, forfeited
Weighted average fair value grant date, end of period	3	3.60
Weighted average exercise price, beginning of period	5.40	6.70
Weighted average exercise price, granted	1.08	3.02
Weighted average exercise price, vested	8.82	3.19
Weighted average exercise price, forfeited
Weighted average exercise price, end of period	$ 4.51	$ 5.40

Stockholders' Equity (Details 4

Stockholders' Equity (Details 4)	9 Months Ended
	Sep. 30, 2017
Stockholders Equity Details 4
Average risk-free interest rate	1.85%
Average expected life- years	6 years
Expected volatility	88.50%
Expected dividends	0.00%

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	Nov. 09, 2016	Aug. 02, 2016	Jun. 12, 2015	Jun. 11, 2015	Jul. 20, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Jul. 12, 2017	May 19, 2017	Aug. 10, 2016	Jul. 29, 2016	May 12, 2016	Sep. 04, 2015
Reverse stock split					1 for 5
Common Stock, Shares, Outstanding						11,426,754			11,426,754		9,911,864
Class of Warrant or Right, Outstanding						1,210,905			1,210,905		1,713,172
Number of options outstanding						2,175,335			2,175,335		2,172,581
Total stock and stock equivalents outstanding						15,915,897			15,915,897		12,047,250
Common stock equivalents						1,102,903			1,102,903		1,049,354
Common Stock, Shares Authorized						100,000,000			100,000,000		100,000,000						1,853,960
Accrued dividend						$ 227,578			$ 227,578		$ 80,578
Short-term portion						500,000			500,000		500,000
Long-term portion						$ 600,000			$ 600,000		$ 100,000
Common Stock issued						11,426,754			11,426,754		9,911,864
Proceeds from Issuance of Common Stock									$ 4,376,455	$ 3,631,689
Share based compensation						$ 200,000		$ 400,000	400,000	$ 600,000
Unrecognized compensation costs						$ 700,000			$ 700,000
Weighted average recognition period									1 year 1 month 6 days
Preferred Stock per share						$ 0.001			$ 0.001		$ 0.001
Aggregate amount of common stock																	$ 10,000,000
ATM Offering [Member]
Common Stock, Shares Authorized				5,800,000
Common stock sold, shares			1,200,000	3,800,000							1,900,000
Common stock sold, Value			$ 1,500,000	$ 4,700,000							$ 2,600,000
Series A Preferred Stock [Member]
Convertible preferred stock outstanding															255,000
Conversion price															$ 2.75
Shares issued															1,020,000
Preferred Stock per share															$ 0.001
Preferred Stock, Shares Outstanding															255,000
Aspire Option Agreement [Member]
Amortized amount						$ 100,000			$ 400,000
Warrant [Member]
Class of Warrant or Right, Outstanding												295,267
Common stock shares issued upon exercise of warrants												286,584
2006 Stock Plan [Member]
Number of options outstanding						2,175,335			2,175,335
Number of options vested and expected to vest outstanding						1,762,385			1,762,385
2015 Equity Incentive Plan [Member]
Number of options outstanding											2,172,581
Number of options vested and expected to vest outstanding											1,722,105
Stock Options and Restricted Stock [Member]
Common Stock, Shares Authorized													1,500,000			800,000
Increased authorized common shares													2,900,000			1,400,000
Employees And Consultants [Member] | 2016 Non-Qualified Option Grants [Member]
Expected term	5 years
Fair market value of per option	$ 1.05
Non-qualified stock options	670,000
Contractual lives	10 years
Strike price	$ 1.54
Aspire Capital [Member]
Class of Warrant or Right, Outstanding														500,000
Strike price of warrants														$ 0.01
Maximum borrowing capacity under agreement														$ 20,000,000
Deferred financing cost														$ 1,700,000
Common stock sold, shares							400,000			1,100,000
Common stock sold, Value							$ 600,000			$ 2,700,000
General International Holdings Inc [Member] | Series A Preferred Stock [Member]
Conversion price		$ 2.75
Common Stock issued		1,020,000
Proceeds from Issuance of Common Stock		$ 2,800,000
Accumulated dividends						$ 200,000			$ 200,000
Dividends accrue on Preferred Stock									7.00%
Consultants [Member]
Non-qualified stock options									269,056
Consultants [Member] | Minimum [Member]
Contractual lives									3 years
Lower Limit									$ 1.54
Upper Limit									$ 52.50
Consulting [Member] | Maximum [Member]
Contractual lives									10 years
Directors, officers, and employees [Member]
Non-qualified stock options									1,825,139
Lower Limit									$ 1.14
Upper Limit									$ 52.50
Directors, officers, and employees [Member] | Minimum [Member]
Contractual lives									5 years
Directors, officers, and employees [Member] | Maximum [Member]
Contractual lives									10 years
Directors, officers, and employees [Member] | Other Options [Member] | Minimum [Member]
Contractual lives									2 months 12 days
Directors, officers, and employees [Member] | Other Options [Member] | Maximum [Member]
Contractual lives									9 years 3 months 19 days
Chief Executive Officer [Member]
Non-qualified stock options									595,146
Chief Executive Officer [Member] | Minimum [Member]
Contractual lives									2 months 12 days
Chief Executive Officer [Member] | Maximum [Member]
Contractual lives									9 years 1 month 6 days
Advisory Board Members [Member]
Non-qualified stock options									81,140
Contractual lives									10 years
Lower Limit									$ 1.08
Upper Limit									$ 52.50

Business Segment Results (Detai

Business Segment Results (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue	$ 15,136	$ 83,219	$ 165,046	$ 372,142
Segment Profit (Loss)	(1,733,548)	(1,503,517)	(5,116,519)	(3,135,427)
Total Assets	6,866,124	6,264,676	6,866,124	6,264,676
Interest Expense	8,023	4,689	16,095	17,060
Consulting [Member]
Revenue	15,136	83,219	165,046	372,142
Segment Profit (Loss)	15,744	(103,758)	(45,051)	(263,785)
Total Assets	15,136	83,219	15,136	83,219
Interest Expense
Technology [Member]
Revenue
Segment Profit (Loss)	(458,663)	(441,874)	(1,468,650)	(1,450,954)
Total Assets	1,319,718	1,121,771	1,319,718	1,121,771
Interest Expense
Corporate and Eliminations [Member]
Revenue
Segment Profit (Loss)	(1,290,629)	(957,885)	(3,602,818)	(1,420,688)
Total Assets	5,531,270	5,059,686	5,531,270	5,059,686
Interest Expense	$ 8,023	$ 4,689	$ 16,095	$ 17,060

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended			9 Months Ended
	Dec. 31, 2018	Nov. 14, 2017	Oct. 26, 2017	Sep. 30, 2017	Sep. 30, 2016
Proceeds from Issuance of Common Stock				$ 4,376,455	$ 3,631,689
Stock options granted				31,425
Subsequent Event [Member]
Minimum amounts of R&D services	$ 3,300,000
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | Long-Term Non-Qualified Option Grants [Member] | Employees And Consultants [Member]
Stock options granted			1,100,000
Option vesting condition description			1. The Company’s closing stock price is above $3 per share by December 31,2018 2. The Company secures at least a $2 million investment from a commercial nuclear industry entity other than Areva NP by December 31, 2019
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | Long-Term Non-Qualified Option Grants [Member] | Employees And Consultants Director [Member]
Stock options granted			1,300,000
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | Short-Term Option Grants [Member] | Employees And Consultants [Member]
Stock options granted			500,000
Strike price			$ 1.05
Option contractual term			10 years
Fair market value of option			$ 0.70
Expected term of option			5 years
Subsequent Event [Member] | 2015 Equity Incentive Plan [Member] | Director [Member] | Long-Term Non-Qualified Option Grants [Member]
Stock options granted			200,000
Strike price			$ 1.05
Description of Long-Term Non-Qualified Option Grants			All such long-term non-qualified stock options issued in excess of the 2.9 million shares authorized under the 2015 Equity Stock Plan (which total approximately 0.5 million out of the total approximate 1.3 million options granted) were issued contingent upon shareholder approval of an increase in the number of shares available under the 2015 Equity Stock Plan (with such number of contingent options to be granted is granted pro-rata among the grantees).
Subsequent Event [Member] | Equity line agreement [Member] | Aspire Capital [Member]
Common stock shares sold		200,000
Proceeds from Issuance of Common Stock		$ 200,000