Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 146,715,824 | |
Entity Registrant Name | UR-ENERGY INC | |
Entity Central Index Key | 1,375,205 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents (note 3) | $ 9,169 | $ 3,879 |
Accounts receivable | 51 | 33 |
Inventory (note 4) | 6,998 | 4,515 |
Prepaid expenses | 979 | 741 |
Assets, Current, Total | 17,197 | 9,168 |
Restricted cash (note 5) | 7,458 | 7,558 |
Mineral properties (note 6) | 44,256 | 44,677 |
Capital assets (note 7) | 26,538 | 26,961 |
Assets, Noncurrent, Total | 78,252 | 79,196 |
Assets, Total | 95,449 | 88,364 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 8) | 4,410 | 3,039 |
Current portion of notes payable (note 9) | 4,844 | 4,774 |
Environmental remediation accrual | 72 | 72 |
Liabilities, Current, Total | 9,326 | 7,885 |
Notes payable (note 9) | 13,424 | 14,662 |
Asset retirement obligations (note 10) | 27,162 | 27,036 |
Liabilities | 49,912 | 49,583 |
Share Capital | ||
Common shares, without par value, unlimited shares authorized; shares issued and outstanding: 146,599,652 at March 31, 2018 and 146,531,933 at December 31, 2017 | 177,122 | 177,063 |
Warrants | 4,109 | 4,109 |
Contributed surplus | 15,754 | 15,454 |
Accumulated other comprehensive income | 3,642 | 3,663 |
Deficit | (155,090) | (161,508) |
Stockholders'Equity Attributable to Parent, Total | 45,537 | 38,781 |
Liabilities and Equity, Total | 95,449 | 88,364 |
Preferred Class A | ||
Share Capital | ||
Class A preferred shares, without par value, unlimited shares authorized; no shares issued and outstanding |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Common shares, without par value | $ 0 | $ 0 |
Common shares, Shares issued | 146,599,652 | 146,531,933 |
Common shares, Shares outstanding | 146,599,652 | 146,531,933 |
Preferred Class A | ||
Class A preferred shares, without par value | $ 0 | $ 0 |
Class A preferred shares, shares issued | 0 | 0 |
Class A preferred shares, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Sales (note 12) | $ 19,672 | $ 14,828 |
Cost of sales | (9,758) | (6,295) |
Gross profit | 9,914 | 8,533 |
Operating Expenses | ||
Exploration and evaluation | (766) | (912) |
Development | (432) | (216) |
General and administrative | (1,922) | (1,714) |
Accretion of asset retirement obligations (Note 10) | (126) | (132) |
Income (loss) from operations | 6,668 | 5,559 |
Net interest expense | (288) | (378) |
Loss on equity investment | (1) | |
Foreign exchange gain | 6 | 8 |
Other income | 33 | |
Net income for the period | $ 6,418 | $ 5,189 |
Income (Loss) per common share: | ||
Basic | $ 0.04 | $ 0.04 |
Diluted | $ 0.04 | $ 0.03 |
Weighted average number of common shares outstanding: | ||
Basic | 146,568,609 | 145,324,153 |
Diluted | 147,821,876 | 149,901,327 |
COMPREHENSIVE INCOME (LOSS) | ||
Net income (loss) for the period | $ 6,418 | $ 5,189 |
Translation adjustment on foreign operations | (21) | (11) |
Comprehensive income (loss) for the period | $ 6,397 | $ 5,178 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Capital Stock | Warrants | Contributed Surplus [Member] | Accumulated Other Comprehensive Income | Deficit | Total |
Beginning Balance at Dec. 31, 2017 | $ 177,063 | $ 4,109 | $ 15,454 | $ 3,663 | $ (161,508) | $ 38,781 |
Beginning Balance (in shares) at Dec. 31, 2017 | 146,531,933,000 | 146,531,933 | ||||
Exercise of stock options | $ 59 | (17) | $ 42 | |||
Exercise of stock options (in shares) | 67,719,000 | 67,719 | ||||
Common shares issued for cash, net of issue costs (in shares) | 1,536,169 | |||||
Redemption of vested RSUs | (13) | $ (13) | ||||
Non-cash stock compensation | 330 | 330 | ||||
Net loss and comprehensive (loss) income | (21) | 6,418 | 6,397 | |||
Ending Balance at Mar. 31, 2018 | $ 177,122 | $ 4,109 | $ 15,754 | $ 3,642 | $ (155,090) | $ 45,537 |
Ending Balance (in shares) at Mar. 31, 2018 | 146,599,652,000 | 146,599,652 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash provided by (used in) Operating activities | ||
Net income (loss) for the period | $ 6,418 | $ 5,189 |
Items not affecting cash: | ||
Stock based expense | 330 | 287 |
Depreciation and amortization | 906 | 1,287 |
Accretion of asset retirement obligation | 126 | 132 |
Amortization of deferred loan costs | 29 | 29 |
Gain on disposition of assets | (2) | |
Loss (gain) on foreign exchange | (6) | (8) |
Change in non-cash working capital items: | ||
Accounts receivable | (18) | (2) |
Inventory | (2,483) | (1,652) |
Prepaid expenses | 87 | 87 |
Accounts payable and accrued liabilities | 1,047 | 1,217 |
Net Cash Provided by (Used in) Operating Activities, Total | 6,434 | 6,566 |
Investing activities | ||
Mineral property costs | (14) | |
Purchase of capital assets | (46) | (10) |
Net Cash Provided by (Used in) Investing Activities, Total | (60) | (10) |
Financing activities | ||
Issuance of common shares for cash | 1,169 | |
Share issue costs | (43) | |
Proceeds from exercise of stock options | 42 | 349 |
RSUs redeemed to pay withholding or paid in cash | (13) | (53) |
Repayment of debt | (1,198) | (1,131) |
Net Cash Provided by (Used in) Financing Activities, Total | (1,169) | 291 |
Effects of foreign exchange rate changes on cash | (15) | (6) |
Net change in cash and cash equivalents | 5,190 | 6,841 |
Beginning cash and cash equivalents | 11,437 | |
Ending cash and cash equivalents (note 15) | $ 16,627 | $ 15,950 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2018 | |
Nature of Operations [Abstract] | |
Nature of operations | 1. Ur-Energy Inc. (the “Company”) was incorporated on March 22, 2004 under the laws of the Province of Ontario. The Company was continued under the Canada Business Corporations Act on August 8, 2006. Headquartered in Littleton, Colorado, the Company is an exploration stage mining company, as defined by U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7. The Company is engaged in uranium mining and recovery operations, with activities including the acquisition, exploration, development and production of uranium mineral resources located in Wyoming. As of August 2013, the Company commenced uranium production at its Lost Creek Project in Wyoming. Due to the nature of the uranium mining methods used by the Company on the Lost Creek Property, and the definition of “mineral reserves” under National Instrument 43-101 (“NI 43-101”), which uses the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards, the Company has not determined whether the properties contain mineral reserves. However, the Company’s “ Amended Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming, ” February 8, 2016 (“Lost Creek PEA”), outlines the potential viability of the Lost Creek Property. The recoverability of amounts recorded for mineral properties is dependent upon the discovery of economic resources, the ability of the Company to obtain the necessary financing to develop the properties and upon attaining future profitable production from the properties or sufficient proceeds from disposition of the properties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Basis of presentation These unaudited interim consolidated financial statements do not conform in all respects to the requirements of United States generally accepted accounting principles (“US GAAP”) for annual financial statements. The unaudited interim financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair statement of the results for the periods presented. These unaudited interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2016. We apply the same accounting policies as in the prior year other than as noted below. The year-end balance sheet data were derived from the audited financial statements and certain information and footnote disclosures required by US GAAP have been condensed or omitted. New accounting pronouncements which may affect future reporting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize all leases on the balance sheet, including operating leases, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 is effective for interim periods and fiscal years beginning after December 15, 2018. As at March 31, 2018, the Company’s only leases are for vehicles, equipment, and office space in one location. The Casper office and copier leases are the only leases currently remaining in effect as of the date of implementation of the standard. We have gathered the necessary information for proper disclosure of that lease once the ASU is effective. We will continue to monitor any new leases to ensure that we have all the information necessary to handle the transition to the new standard and properly report the transactions. We do not anticipate the new standard will affect our net income materially, but will result in additional fixed assets and the related lease liabilities. New accounting pronouncements which were implemented this year In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) .” The amendments in ASU 2014-09 affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards ( e.g., insurance contracts or lease contracts). This ASU superseded the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance, and creates a Topic 606, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of the promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted Topic 606 effective January 1, 2018. . The Company purchases and produces U 3 O 8 and recognizes revenue at point of sale so revenue will continue to be recognized at that point under the new standard. The adoption of the new standard had no impact on either our current or prior revenue recognition processes or reporting, which, electing the retrospective basis for implementing the standard, results in no changes to prior financial reporting. In addition, there is no change in our revenue recognition treatment in the current period. Our revenues are primarily derived from the sale of U 3 O 8 under either long-term (delivery in typically two to five years) or spot (immediate delivery) contracts with our customers. The contracts specify the quantity to be delivered, the price or specific calculation method of the price, payment terms and the year(s) of the delivery. There may be some variability in the dates of the delivery or the quantity to be delivered depending on the contract, but those issues are addressed before the delivery date. On the date of the delivery, we receive notice from the storage facility of the transfer of material at which point we invoice the customer and record the sale. We also receive a small amount of revenue from disposal fees. We have contracts with our customers which specify the type and volume of material which can be disposed. Monthly, we invoice those customers based on deliveries of material to the disposal site by the customer. Materials are measured and categorized at the time of delivery and verified by the customer. We recognize the revenue when the invoice is prepared at the end of the month in which the material was received. In January 2016, the FASB issued ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) . The amendments in this ASU supersede the guidance to classify equity securities with readily determinable fair values into different categories (that is, trading or available-for-sale) and require equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. The amendments also require enhanced disclosures about those investments. The amendments improve financial reporting by providing relevant information about an entity’s equity investments and reducing the number of items that are recognized in other comprehensive income. The Company adopted the amended Topic 825 effective January 1, 2018. The adoption of this guidance had no effect on our financial statements or other financial reporting. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 3. The Company’s cash and cash equivalents consist of the following: As at March 31, 2018 December 31, 2017 $ $ Cash on deposit at banks 1,312 1,667 Money market funds 7,857 2,212 9,169 3,879 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2018 | |
Inventory [Abstract] | |
Inventory | 4. Inventory The Company’s inventory consists of the following: As at March 31, 2018 December 31, 2017 $ $ In-process inventory 416 315 Plant inventory 538 369 Conversion facility inventory 6,044 3,831 6,998 4,515 In conjunction with our lower of cost or net realizable value calculations, the Company reduced the inventory valuation by $98 for the quarter ended March 31, 2018. |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2018 | |
Restricted Cash [Abstract] | |
Restricted cash | 5. Restricted Cash The Company’s restricted cash consists of the following: As at March 31, 2018 December 31, 2017 $ $ Money market account 7,458 7,458 Certificates of deposit - 100 7,458 7,558 The bonding requirements for reclamation obligations on various properties have been agreed to by the Wyoming Department of Environmental Quality (“WDEQ”), the Bureau of Land Management (“BLM”) and the Nuclear Regulatory Commission (“NRC”) as applicable. The restricted money market accounts are pledged as collateral against performance surety bonds which are used to secure the potential costs of reclamation related to those properties. Surety bonds providing $27.0 million of coverage towards specific reclamation obligations are collateralized by $7.5 million of the restricted cash at March 31, 2018. |
Mineral Properties
Mineral Properties | 3 Months Ended |
Mar. 31, 2018 | |
Mineral Properties [Abstract] | |
Mineral Properties | 6 . Mineral Properties The Company’s mineral properties consist of the following: Lost Creek Pathfinder Other U.S. Property Mines Properties Total $ $ $ $ Balance, December 31, 2017 11,810 19,701 13,166 44,677 Acquisition costs - - 14 14 Amortization (435) - - (435) Balance, March 31, 2018 11,375 19,701 13,180 44,256 Lost Creek Property The Company acquired certain Wyoming properties in 2005 when Ur-Energy USA Inc. purchased 100% of NFU Wyoming, LLC. Assets acquired in this transaction include the Lost Creek Project, other Wyoming properties and development databases. NFU Wyoming, LLC was acquired for aggregate consideration of $20 million plus interest. Since 2005, the Company has increased its holdings adjacent to the initial Lost Creek acquisition through staking additional claims and additional property purchases and leases. There is a royalty on each of the State of Wyoming sections under lease at the Lost Creek, LC West and EN Projects, as required by law. Other royalties exist on certain mining claims at the LC South, LC East and EN Projects. Currently, there are no royalties on the mining claims in the Lost Creek, LC North or LC West Projects. Pathfinder Mines The Company acquired additional Wyoming properties when Ur-Energy USA Inc. closed a Share Purchase Agreement (“SPA”) with an AREVA Mining affiliate in December 2013. Under the terms of the SPA, the Company purchased Pathfinder Mines Corporation (“Pathfinder”) to acquire additional mineral properties. Assets acquired in this transaction include the Shirley Basin mine, portions of the Lucky Mc mine, machinery and equipment, vehicles, office equipment and development databases. Pathfinder was acquired for aggregate consideration of $6.7 million, a 5% production royalty under certain circumstances and the assumption of $5.7 million in estimated asset reclamation obligations . At June 30, 2016, the royalty expired and was terminated. |
Capital Assets
Capital Assets | 3 Months Ended |
Mar. 31, 2018 | |
Capital Assets | |
Capital Assets | 7. The Company’s capital assets consist of the following: As of As of March 31, 2018 December 31, 2017 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock 3,431 3,211 220 3,388 3,184 204 Enclosures 32,991 7,292 25,699 32,991 6,880 26,111 Machinery and equipment 1,237 679 558 1,237 663 574 Furniture, fixtures and leasehold improvements 119 106 13 119 104 15 Information technology 1,119 1,071 48 1,120 1,063 57 38,897 12,359 26,538 38,855 11,894 26,961 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | 8. Accounts payable and accrued liabilities consist of the following: As at March 31, 2018 December 31, 2017 $ $ Accounts payable 1,088 840 Payroll and other taxes 2,221 1,224 Severance and ad valorem tax payable 1,101 975 4,410 3,039 |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2018 | |
Notes Payable [Abstract] | |
Notes Payable | 9. On October 15, 2013, the Sweetwater County Commissioners approved the issuance of a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond (Lost Creek Project), Series 2013 (the “Sweetwater IDR Bond”) to the State of Wyoming, acting by and through the Wyoming State Treasurer, as purchaser. On October 23, 2013, the Sweetwater IDR Bond was issued and the proceeds were in turn loaned by Sweetwater County to Lost Creek ISR, LLC pursuant to a financing agreement dated October 23, 2013 (the “State Bond Loan”). The State Bond Loan calls for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis commencing January 1, 2014. The principal is payable in 28 quarterly installments commencing January 1, 2015 and continuing through October 1, 2021. Deferred loan fees include legal fees, commissions, commitment fees and other costs associated with obtaining the financing. Those fees amortizable within 12 months of March 31, 2018 are considered current. The following table lists the current (within 12 months) and long term portion of the Company’s debt instrument: As at March 31, 2018 December 31, 2017 $ $ Current debt Sweetwater County Loan 4,965 4,895 Less deferred financing costs (121) (121) 4,844 4,774 Long term debt Sweetwater County Loan 13,728 14,996 Less deferred financing costs (304) (334) 13,424 14,662 Schedule of payments on outstanding debt as of March 31, 2018: Debt Total 2018 2019 2020 2021 Maturity $ $ $ $ $ Sweetwater County Loan Principal 18,693 3,697 5,183 5,487 4,326 01-Oct-21 Interest 2,077 753 752 447 125 Total 20,770 4,450 5,935 5,934 4,451 |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2018 | |
Asset Retirement Obligations [Abstract] | |
Asset Retirement and Reclamation Obligations | 10. Asset retirement obligations ("ARO") relate to the Lost Creek mine and Pathfinder projects and are equal to the present value of all estimated future costs required to remediate any environmental disturbances that exist as of the end of the period discounted at a risk-free rate. Included in this liability are the costs of closure, reclamation, demolition and stabilization of the mines, processing plants, infrastructure, aquifer restoration, waste dumps and ongoing post-closure environmental monitoring and maintenance costs. At March 31, 2018, the total undiscounted amount of the future cash needs was estimated to be $26.9 million. The schedule of payments required to settle the ARO liability extends through 2033. The restricted cash as discussed in note 5 is related to the surety bonds which provide security to the governmental agencies on these obligations. For the period ended March 31, 2018 December 31, 2017 $ $ Beginning of period 27,036 26,061 Change in estimated liability - 448 Accretion expense 126 527 End of period 27,162 27,036 |
Shareholders' Equity and Capita
Shareholders' Equity and Capital Stock | 3 Months Ended |
Mar. 31, 2018 | |
Shareholders' Equity and Capital Stock [Abstract] | |
Shareholders' Equity and Capital Stock | 11. Stock options In 2005, the Company’s Board of Directors approved the adoption of the Company's stock option plan (the “Option Plan”). The Option Plan was most recently approved by the shareholders, including certain amendments, on May 18, 2017. Eligible participants under the Option Plan include directors, officers, employees and consultants of the Company. Under the terms of the Option Plan, stock options granted prior to the May 2017 amendment generally vest with Option Plan participants as follows: 10% at the date of grant; 22% four and one-half months after grant; 22% three months after grant; 22% thirteen and one-half months after grant; and the balance of 24% eighteen months after the date of grant. Following the May 2017 amendment of the Option Plan, future grants of options will vest over a three-year period: 33.3% on the first anniversary, 33.3% on the second anniversary, and 33.4% on the third anniversary of the grant. The term of options remains unchanged. Activity with respect to stock options is summarized as follows: Weighted- average Options exercise price # $ Balance, December 31, 2017 9,459,401 0.70 Granted 200,000 0.60 Exercised (67,719) 0.61 Forfeited (119,735) 0.74 Outstanding, March 31, 2018 9,471,947 0.68 The exercise price of a new grant is set at the closing price for the shares on the Toronto Stock Exchange (TSX) on the trading day immediately preceding the grant date so there is no intrinsic value as of the date of grant. The fair value of options vested during the three months ended March 31, 2018 was $0.2 million. As of March 31, 2018, outstanding stock options are as follows: Options outstanding Options exercisable Weighted- Weighted- average average remaining Aggregate remaining Aggregate Exercise Number contractual intrinsic Number contractual intrinsic price of options life (years) value of options life (years) value Expiry $ $ $ 0.60 0.1 - 0.1 - 25-Apr-18 0.96 0.3 - 0.3 - 01-Aug-18 0.93 0.7 - 0.7 - 27-Dec-18 1.30 1.0 - 1.0 - 31-Mar-19 0.79 1.7 - 1.7 - 12-Dec-19 0.88 2.2 - 2.2 - 29-May-20 0.67 2.4 - 2.4 - 17-Aug-20 0.62 2.7 - 2.7 - 11-Dec-20 0.57 3.7 92 3.7 71 16-Dec-21 0.79 3.9 - 3.9 - 02-Mar-22 0.57 4.4 7 - - - 07-Sep-22 0.70 4.7 4.7 15-Dec-22 0.60 5.0 - - - - 30-Mar-23 0.68 3.1 99 2.5 71 The aggregate intrinsic value of the options in the preceding table represents the total pre-tax intrinsic value for stock options with an exercise price less than the Company’s TSX closing stock price of Cdn$0.77 as of the last trading day in the period ended March 31, 2018, that would have been received by the option holders had they exercised their options as of that date. The total number of in-the-money stock options outstanding as of March 31, 2018 was 2,874,875. The total number of in-the-money stock options exercisable as of March 31, 2018 was 2,059,127. We elect to estimate the number of awards expected to vest in lieu of accounting for forfeitures when they occur. Restricted share units On June 24, 2010, the Company’s shareholders approved the adoption of the Company’s restricted share unit plan (the “RSU Plan”). The RSU Plan was approved by our shareholders most recently on May 5, 2016. Eligible participants under the RSU Plan include directors and employees of the Company. RSUs in a grant redeem on the second anniversary of the grant. Upon RSU vesting, the holder of an RSU will receive one common share, for no additional consideration, for each RSU held. Activity with respect to RSUs is summarized as follows: Number Weighted of average grant RSUs date fair value $ Unvested, December 31, 2017 1,175,952 0.65 Vested (80,514) 0.70 Unvested, March 31, 2018 1,095,438 0.63 As of March 31, 2018, outstanding RSUs are as follows: Number of Remaining Aggregate unvested life intrinsic Grant date RSUs (years) value $ December 16, 2016 591,404 0.71 361 December 15, 2017 504,034 1.71 307 1,095,438 1.42 668 As of March 30, 2018, one of our directors retired. Under the terms of our RSU Plan, his 62,000 outstanding RSUs automatically vest. The compensation committee will determine if he will receive stock or cash for the units redeemed in accordance with the redemption dates as set forth in the Plan. Warrants The following represents warrant activity during the period ended March 31, 2018: Number Weighted- of average warrants exercise price $ Outstanding, December 31, 2017 5,844,567 0.94 Outstanding, March 31, 2018 5,844,567 0.94 As of March 31, 2018, outstanding warrants are as follows: Remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry $ $ 0.93 0.2 - 24-Jun-18 0.97 0.4 - 27-Aug-18 0.94 0.3 - Share-based compensation expense Share-based compensation expense was $0.4 million for the three months ended March 31, 2018 and $0.3 million for the three months ended March 31, 2017. As of March 31, 2018, there was approximately $0.9 million of total unrecognized compensation expense (net of estimated pre-vesting forfeitures) related to unvested share-based compensation arrangements granted under the Option Plan and $0.6 million under the RSU Plan. The expenses are expected to be recognized over a weighted-average period of 2.3 years and 1.4 years, respectively. Cash received from stock options exercised totaled less than $0.1 million for the three months ended March 31, 2018 and $0.3 million for the three months ended March 31, 2017. Fair value calculations The initial fair value of options and RSUs granted is determined using the Black-Scholes option pricing model for options and the intrinsic pricing model for RSUs. There were no RSUs granted in either the three months ended March 31, 2018 or the three months ended March 31, 2017, nor were there any options granted in the three months ended March 31, 2017. The assumptions used for the options granted during the three months ended March 31, 2018 were as follows: Three months ended March 31, 2018 Expected option life (years) 3.74 Expected volatility 54.59% Risk-free interest rate 1.90% Expected dividend rate 0% Forfeiture rate 6.0% The Company estimates expected volatility using daily historical trading data of the Company’s Common Shares, because this is recognized as a valid method used to predict future volatility. The risk-free interest rates are determined by reference to Canadian Treasury Note constant maturities that approximate the expected option term. The Company has never paid dividends and currently has no plans to do so. Share-based compensation expense is recognized net of estimated pre-vesting forfeitures, which results in recognition of expense on options that are ultimately expected to vest over the expected option term. Forfeitures were estimated using actual historical forfeiture experience. |
Sales
Sales | 3 Months Ended |
Mar. 31, 2018 | |
Revenue [Abstract] | |
Sales | 12. Sales Sales have been derived from U 3 O 8 being sold to domestic utilities, primarily under term contracts, as well as to a trader through spot sales. Disaggregation of Revenues The following table presents our revenues disaggregated by revenue source and type of revenue for each revenue source Sales consist of: Three months ended March 31, 2018 2017 $ $ Sale of produced inventory Company A 237 - Company B - 3,141 237 3,141 Sales of purchased inventory Company C 15,636 8,537 Company B 3,790 3,141 19,426 11,678 Total sales 19,663 14,819 Disposal fee income 9 9 19,672 14,828 The names of the individual companies have not been disclosed for reasons of confidentiality. |
Supplementary Information For S
Supplementary Information For Statement of Cash Flows | 3 Months Ended |
Mar. 31, 2018 | |
Supplementary Information For Statement of Cash Flows | |
Supplementary Information For Statement of Cash Flows | 13. Cash per the Statement of Cash Flows consists of the following: As at March 31, 2018 March 31, 2017 $ $ Cash and cash equivalents 9,169 8,393 Restricted cash 7,458 7,557 16,627 15,950 |
Financial instruments
Financial instruments | 3 Months Ended |
Mar. 31, 2018 | |
Financial instruments [Abstract] | |
Financial instruments | 14. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, restricted cash, deposits, accounts payable and accrued liabilities and notes payable. The Company is exposed to risks related to changes in interest rates and management of cash and cash equivalents and short-term investments. Credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and restricted cash. These assets include Canadian dollar and U.S. dollar denominated certificates of deposits, money market accounts and demand deposits. These instruments are maintained at financial institutions in Canada and the U.S.. Of the amount held on deposit, approximately $0.6 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the U.S. Federal Deposit Insurance Corporation, leaving approximately $16.0 million at risk at March 31, 2018 should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of March 31, 2018. All of the Company’s customers have Moody’s Baa or greater ratings and purchase from the Company under contracts with set prices and payment terms. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. As at March 31, 2018, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $1.5 million which are due within normal trade terms of generally 30 to 60 days and a note payable which will be payable over a period of four years. On May 27, 2016, we entered into an At Market Issuance Sales Agreement with MLV & Co. LLC and B Riley FBR, Inc., as amended August 2017, under which we may, from time to time, issue and sell Common Shares at market prices on the NYSE American or other U.S. market through the distribution agents for aggregate sales proceeds of up to $10,000,000. We have not used the facility in 2018. During 2017, we sold 1,536,169 Common Shares under the sales agreement at an average price of $0.76 per share for gross proceeds of $1.2 million. After deducting transaction fees and commissions we received net proceeds of $1.1 million. We expect that any major capital projects will be funded by operating cash flow, cash on hand or additional financing as required. If these cash sources are not sufficient, certain capital projects could be delayed, or alternatively we may need to pursue additional debt or equity financing to which there is no assurance that such financing will be available at all or on terms acceptable to us. Sensitivity analysis The Company has completed a sensitivity analysis to estimate the impact that a change in interest rates would have on the net loss of the Company. This sensitivity analysis shows that a change of +/- 100 basis points in interest rate would have a negligible effect on either the three months ended March 31, 2018 or the comparable three months in 2017. The financial position of the Company may vary at the time that a change in interest rates occurs causing the impact on the Company’s results to differ from that shown above. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These unaudited interim consolidated financial statements do not conform in all respects to the requirements of United States generally accepted accounting principles (“US GAAP”) for annual financial statements. The unaudited interim financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair statement of the results for the periods presented. These unaudited interim consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2016. We apply the same accounting policies as in the prior year other than as noted below. The year-end balance sheet data were derived from the audited financial statements and certain information and footnote disclosures required by US GAAP have been condensed or omitted. |
New accounting pronouncements which may affect future reporting | New accounting pronouncements which may affect future reporting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize all leases on the balance sheet, including operating leases, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 is effective for interim periods and fiscal years beginning after December 15, 2018. As at March 31, 2018, the Company’s only leases are for vehicles, equipment, and office space in one location. The Casper office and copier leases are the only leases currently remaining in effect as of the date of implementation of the standard. We have gathered the necessary information for proper disclosure of that lease once the ASU is effective. We will continue to monitor any new leases to ensure that we have all the information necessary to handle the transition to the new standard and properly report the transactions. We do not anticipate the new standard will affect our net income materially, but will result in additional fixed assets and the related lease liabilities. New accounting pronouncements which were implemented this year In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) .” The amendments in ASU 2014-09 affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards ( e.g., insurance contracts or lease contracts). This ASU superseded the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance, and creates a Topic 606, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of the promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted Topic 606 effective January 1, 2018. . The Company purchases and produces U 3 O 8 and recognizes revenue at point of sale so revenue will continue to be recognized at that point under the new standard. The adoption of the new standard had no impact on either our current or prior revenue recognition processes or reporting, which, electing the retrospective basis for implementing the standard, results in no changes to prior financial reporting. In addition, there is no change in our revenue recognition treatment in the current period. Our revenues are primarily derived from the sale of U 3 O 8 under either long-term (delivery in typically two to five years) or spot (immediate delivery) contracts with our customers. The contracts specify the quantity to be delivered, the price or specific calculation method of the price, payment terms and the year(s) of the delivery. There may be some variability in the dates of the delivery or the quantity to be delivered depending on the contract, but those issues are addressed before the delivery date. On the date of the delivery, we receive notice from the storage facility of the transfer of material at which point we invoice the customer and record the sale. We also receive a small amount of revenue from disposal fees. We have contracts with our customers which specify the type and volume of material which can be disposed. Monthly, we invoice those customers based on deliveries of material to the disposal site by the customer. Materials are measured and categorized at the time of delivery and verified by the customer. We recognize the revenue when the invoice is prepared at the end of the month in which the material was received. In January 2016, the FASB issued ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) . The amendments in this ASU supersede the guidance to classify equity securities with readily determinable fair values into different categories (that is, trading or available-for-sale) and require equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. The amendments also require enhanced disclosures about those investments. The amendments improve financial reporting by providing relevant information about an entity’s equity investments and reducing the number of items that are recognized in other comprehensive income. The Company adopted the amended Topic 825 effective January 1, 2018. The adoption of this guidance had no effect on our financial statements or other financial reporting. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule Of Cash and Cash Equivalents | As at March 31, 2018 December 31, 2017 $ $ Cash on deposit at banks 1,312 1,667 Money market funds 7,857 2,212 9,169 3,879 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory [Abstract] | |
Schedule of Inventory, Current | As at March 31, 2018 December 31, 2017 $ $ In-process inventory 416 315 Plant inventory 538 369 Conversion facility inventory 6,044 3,831 6,998 4,515 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | As at March 31, 2018 December 31, 2017 $ $ Money market account 7,458 7,458 Certificates of deposit - 100 7,458 7,558 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Mineral Properties [Abstract] | |
Mineral Property | Lost Creek Pathfinder Other U.S. Property Mines Properties Total $ $ $ $ Balance, December 31, 2017 11,810 19,701 13,166 44,677 Acquisition costs - - 14 14 Amortization (435) - - (435) Balance, March 31, 2018 11,375 19,701 13,180 44,256 |
Capital Assets (Tables)
Capital Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Capital Assets | |
Capital assets | As of As of March 31, 2018 December 31, 2017 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock 3,431 3,211 220 3,388 3,184 204 Enclosures 32,991 7,292 25,699 32,991 6,880 26,111 Machinery and equipment 1,237 679 558 1,237 663 574 Furniture, fixtures and leasehold improvements 119 106 13 119 104 15 Information technology 1,119 1,071 48 1,120 1,063 57 38,897 12,359 26,538 38,855 11,894 26,961 |
Accounts Payable and Accrued 27
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | As at March 31, 2018 December 31, 2017 $ $ Accounts payable 1,088 840 Payroll and other taxes 2,221 1,224 Severance and ad valorem tax payable 1,101 975 4,410 3,039 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Payable [Abstract] | |
Schedule of Debt | As at March 31, 2018 December 31, 2017 $ $ Current debt Sweetwater County Loan 4,965 4,895 Less deferred financing costs (121) (121) 4,844 4,774 Long term debt Sweetwater County Loan 13,728 14,996 Less deferred financing costs (304) (334) 13,424 14,662 |
Schedule Of Outstanding Debt | Debt Total 2018 2019 2020 2021 Maturity $ $ $ $ $ Sweetwater County Loan Principal 18,693 3,697 5,183 5,487 4,326 01-Oct-21 Interest 2,077 753 752 447 125 Total 20,770 4,450 5,935 5,934 4,451 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Asset Retirement Obligations [Abstract] | |
Schedule of Asset Retirement Obligations | For the period ended March 31, 2018 December 31, 2017 $ $ Beginning of period 27,036 26,061 Change in estimated liability - 448 Accretion expense 126 527 End of period 27,162 27,036 |
Shareholders' Equity and Capi30
Shareholders' Equity and Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Shareholders' Equity and Capital Stock [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Weighted- average Options exercise price # $ Balance, December 31, 2017 9,459,401 0.70 Granted 200,000 0.60 Exercised (67,719) 0.61 Forfeited (119,735) 0.74 Outstanding, March 31, 2018 9,471,947 0.68 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Options outstanding Options exercisable Weighted- Weighted- average average remaining Aggregate remaining Aggregate Exercise Number contractual intrinsic Number contractual intrinsic price of options life (years) value of options life (years) value Expiry $ $ $ 0.60 0.1 - 0.1 - 25-Apr-18 0.96 0.3 - 0.3 - 01-Aug-18 0.93 0.7 - 0.7 - 27-Dec-18 1.30 1.0 - 1.0 - 31-Mar-19 0.79 1.7 - 1.7 - 12-Dec-19 0.88 2.2 - 2.2 - 29-May-20 0.67 2.4 - 2.4 - 17-Aug-20 0.62 2.7 - 2.7 - 11-Dec-20 0.57 3.7 92 3.7 71 16-Dec-21 0.79 3.9 - 3.9 - 02-Mar-22 0.57 4.4 7 - - - 07-Sep-22 0.70 4.7 4.7 15-Dec-22 0.60 5.0 - - - - 30-Mar-23 0.68 3.1 99 2.5 71 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Number Weighted of average grant RSUs date fair value $ Unvested, December 31, 2017 1,175,952 0.65 Vested (80,514) 0.70 Unvested, March 31, 2018 1,095,438 0.63 |
Schedule Of Share-Based Compensation, Shares Authorized Under Restricted Stock Units, By Grant Date | Number of Remaining Aggregate unvested life intrinsic Grant date RSUs (years) value $ December 16, 2016 591,404 0.71 361 December 15, 2017 504,034 1.71 307 1,095,438 1.42 668 |
Schedule Of Share-Based Compensation, Warrants, Activity | Number Weighted- of average warrants exercise price $ Outstanding, December 31, 2017 5,844,567 0.94 Outstanding, March 31, 2018 5,844,567 0.94 |
Schedule Of Share-based Compensation Shares Authorized Under Warrants Plans by exercise price range | Remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry $ $ 0.93 0.2 - 24-Jun-18 0.97 0.4 - 27-Aug-18 0.94 0.3 - |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Three months ended March 31, 2018 Expected option life (years) 3.74 Expected volatility 54.59% Risk-free interest rate 1.90% Expected dividend rate 0% Forfeiture rate 6.0% |
Sales (Tables)
Sales (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue [Abstract] | |
Schedule Of Revenue | Three months ended March 31, 2018 2017 $ $ Sale of produced inventory Company A 237 - Company B - 3,141 237 3,141 Sales of purchased inventory Company C 15,636 8,537 Company B 3,790 3,141 19,426 11,678 Total sales 19,663 14,819 Disposal fee income 9 9 19,672 14,828 |
Supplementary Information For32
Supplementary Information For Statement of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplementary Information For Statement of Cash Flows | |
Cash per the Statement of Cash Flows | As at March 31, 2018 March 31, 2017 $ $ Cash and cash equivalents 9,169 8,393 Restricted cash 7,458 7,557 16,627 15,950 |
Nature of Operations (Details)
Nature of Operations (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Nature of Operations [Abstract] | |
Date of incorporation | Mar. 22, 2004 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Summary of Significant Accounting Policies [Abstract] | |||
Restricted cash | $ 7,458 | $ 7,558 | $ 7,557 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Cash and Cash Equivalents [Abstract] | |||
Cash on deposit at banks | $ 1,312 | $ 1,667 | |
Money market funds | 7,857 | 2,212 | |
Cash and cash equivalents | $ 9,169 | $ 3,879 | $ 8,393 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Inventory | ||
Inventory, Net, Total | $ 6,998 | $ 4,515 |
Reduction in inventory valuation | 98 | |
In Process Inventory [Member] | ||
Inventory | ||
Inventory, Net, Total | 416 | 315 |
Plant Inventory [Member] | ||
Inventory | ||
Inventory, Net, Total | 538 | 369 |
Conversion Facility Inventory [Member] | ||
Inventory | ||
Inventory, Net, Total | $ 6,044 | $ 3,831 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Restricted Cash | |||
Restricted cash | $ 7,458 | $ 7,558 | $ 7,557 |
Surety Bond [Member] | |||
Restricted Cash | |||
Reclamation bonding requirement | 27,000 | ||
Certificate of deposit [Member] | |||
Restricted Cash | |||
Restricted cash | 100 | ||
Money Market Funds [Member] | |||
Restricted Cash | |||
Restricted cash | 7,458 | $ 7,458 | |
Money Market Funds [Member] | Surety Bond [Member] | |||
Restricted Cash | |||
Restricted cash pledged as collateral | $ 7,500 |
Mineral Properties - rollforwar
Mineral Properties - rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of period | $ 44,677 | |
Acquisition costs | 14 | |
Change in estimated reclamation costs (Note 13) | $ 448 | |
Amortization | (435) | |
Balance at end of period | 44,256 | 44,677 |
Lost Creek Property | ||
Balance at beginning of period | 11,810 | |
Amortization | (435) | |
Balance at end of period | 11,375 | 11,810 |
Path Finder Mines [Member] | ||
Balance at beginning of period | 19,701 | |
Balance at end of period | 19,701 | 19,701 |
Other U.S. Properties [Member] | ||
Balance at beginning of period | 13,166 | |
Acquisition costs | 14 | |
Balance at end of period | $ 13,180 | $ 13,166 |
Mineral Properties (Details)
Mineral Properties (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2005 | |
Aggregate consideration | $ 6.7 | |
Royalty (as a percent) | 5.00% | |
Estimated asset reclamation obligation | $ 5.7 | |
Nfu Wyoming LLC | ||
Percentage of asset acquired | 100.00% | |
Aggregate consideration | $ 20 |
Capital Assets (Details)
Capital Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Capital Assets | ||
Cost | $ 38,897 | $ 38,855 |
Accumulated Depreciation | 12,359 | 11,894 |
Net Book Value | 26,538 | 26,961 |
Rolling stock [Member] | ||
Capital Assets | ||
Cost | 3,431 | 3,388 |
Accumulated Depreciation | 3,211 | 3,184 |
Net Book Value | 220 | 204 |
Building Enclosures [Member] | ||
Capital Assets | ||
Cost | 32,991 | 32,991 |
Accumulated Depreciation | 7,292 | 6,880 |
Net Book Value | 25,699 | 26,111 |
Machinery and equipment [Member] | ||
Capital Assets | ||
Cost | 1,237 | 1,237 |
Accumulated Depreciation | 679 | 663 |
Net Book Value | 558 | 574 |
Furniture, fixtures and leasehold improvements [Member] | ||
Capital Assets | ||
Cost | 119 | 119 |
Accumulated Depreciation | 106 | 104 |
Net Book Value | 13 | 15 |
Information technology [Member] | ||
Capital Assets | ||
Cost | 1,119 | 1,120 |
Accumulated Depreciation | 1,071 | 1,063 |
Net Book Value | $ 48 | $ 57 |
Accounts Payable and Accrued 41
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 1,088 | $ 840 |
Severance and ad valorem tax payable | 2,221 | 1,224 |
Payroll and other taxes | 1,101 | 975 |
Accounts payable and accrued liabilities | $ 4,410 | $ 3,039 |
Notes Payable - Current vs Long
Notes Payable - Current vs Long-term (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current debt | ||
Less deferred financing costs | $ (121) | $ (121) |
Long-term Debt, Current Maturities, Total | 4,844 | 4,774 |
Long term debt | ||
Less deferred financing costs | (304) | (334) |
Long-term Debt | 13,424 | 14,662 |
Sweetwater IDR Bond [Member] | ||
Current debt | ||
Current Debt | 4,965 | 4,895 |
Long term debt | ||
Long term debt | $ 13,728 | $ 14,996 |
Notes Payable - Maturity table
Notes Payable - Maturity table (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Notes Payable | |
Total | $ 20,770 |
Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 18,693 |
Interest | 2,077 |
2,017 | |
Notes Payable | |
Total | 4,450 |
2017 | Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 3,697 |
Interest | 753 |
2,018 | |
Notes Payable | |
Total | 5,935 |
2018 | Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 5,183 |
Interest | 752 |
2,019 | |
Notes Payable | |
Total | 5,934 |
2019 | Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 5,487 |
Interest | 447 |
2,020 | |
Notes Payable | |
Total | 4,451 |
2020 | Sweetwater IDR Bond [Member] | |
Notes Payable | |
Principal | 4,326 |
Interest | $ 125 |
Notes Payable (Details)
Notes Payable (Details) $ / shares in Units, $ in Thousands | Oct. 15, 2013USD ($) | Mar. 31, 2018USD ($)$ / shares | Oct. 23, 2013item |
Notes Payable | |||
Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights | $ / shares | $ 0.94 | ||
Sweetwater IDR Bond [Member] | |||
Notes Payable | |||
Proceeds from Issuance of Long-term Debt | $ 34,000 | ||
Periodic payment amount | $ 18,693 | ||
Due Quarterly Commencing From January 1, 2014 [Member] | Sweetwater IDR Bond [Member] | |||
Notes Payable | |||
Fixed interest rate (as a percent) | 5.75% | ||
Due Quarterly Commencing From January 1, 2015 [Member] | Sweetwater IDR Bond [Member] | |||
Notes Payable | |||
Number of installments | item | 28 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Asset Retirement Obligation Rollforward | |||
Estimated Future Cash Undiscounted Amount | $ 26,900 | ||
Beginning of year | 27,036 | $ 26,061 | $ 26,061 |
Change in estimated liability | 448 | ||
Accretion expense | 126 | $ 132 | 527 |
End of year | $ 27,162 | $ 27,036 |
Shareholders' Equity and Capi46
Shareholders' Equity and Capital Stock - options activity (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Options Rollforward | |
Outstanding, Beginning Balance | shares | 9,459,401 |
Granted, Options | shares | 200,000 |
Exercised, Options | shares | (67,719) |
Forfeited, Options | shares | (119,735) |
Outstanding Ending Balance, Options | shares | 9,471,947 |
Outstanding, Beginning Balance, Weighted-average exercise price | $ 0.70 |
Granted, Weighted-average exercise price | 0.60 |
Exercised, Weighted-average exercise price | 0.61 |
Forfeited, Weighted-average exercise price | 0.74 |
Outstanding Ending Balance, Weighted-average exercise price | 0.68 |
Grant date intrinsic value | $ 0 |
Shareholders' Equity and Capi47
Shareholders' Equity and Capital Stock - o/s options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Outstanding Stock Options | ||
Exercise price | $ 0.68 | $ 0.70 |
Number of options, Outstanding | 9,471,947 | 9,459,401 |
Weighted- average remaining contractual life (years), Outstanding | 3 years 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding | $ 99 | |
Number of options, Exercisable | 6,302,049 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 6 months | |
Aggregate Intrinsic Value, Exercisable | $ 71 | |
Exercise price $0.60 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.60 | |
Number of options, Outstanding | 452,232 | |
Weighted- average remaining contractual life (years), Outstanding | 1 month 6 days | |
Number of options, Exercisable | 452,232 | |
Weighted- average remaining contractual life (years), Exercisable | 1 month 6 days | |
Expiry | Apr. 25, 2018 | |
Exercise price $0.96 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.96 | |
Number of options, Outstanding | 100,000 | |
Weighted- average remaining contractual life (years), Outstanding | 3 months 18 days | |
Number of options, Exercisable | 100,000 | |
Weighted- average remaining contractual life (years), Exercisable | 3 months 18 days | |
Expiry | Aug. 1, 2018 | |
Exercise price $0.93 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.93 | |
Number of options, Outstanding | 715,236 | |
Weighted- average remaining contractual life (years), Outstanding | 8 months 12 days | |
Number of options, Exercisable | 715,236 | |
Weighted- average remaining contractual life (years), Exercisable | 8 months 12 days | |
Expiry | Dec. 27, 2018 | |
Exercise price $1.30 | ||
Outstanding Stock Options | ||
Exercise price | $ 1.30 | |
Number of options, Outstanding | 100,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year | |
Number of options, Exercisable | 100,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year | |
Expiry | Mar. 31, 2019 | |
Exercise price $0.79 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.79 | |
Number of options, Outstanding | 754,110 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 8 months 12 days | |
Number of options, Exercisable | 754,110 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 8 months 12 days | |
Expiry | Dec. 12, 2019 | |
Exercise price $0.88 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.88 | |
Number of options, Outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 2 months 12 days | |
Number of options, Exercisable | 200,000 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 2 months 12 days | |
Expiry | May 29, 2020 | |
Exercise price $0.67 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.67 | |
Number of options, Outstanding | 617,654 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 4 months 24 days | |
Number of options, Exercisable | 617,654 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 4 months 24 days | |
Expiry | Aug. 17, 2020 | |
Exercise price $0.62 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.62 | |
Number of options, Outstanding | 1,021,690 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 8 months 12 days | |
Number of options, Exercisable | 1,021,690 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 8 months 12 days | |
Expiry | Dec. 11, 2020 | |
Exercise price $0.57 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.57 | |
Number of options, Outstanding | 2,674,875 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 92 | |
Number of options, Exercisable | 2,059,127 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 8 months 12 days | |
Aggregate Intrinsic Value, Exercisable | $ 71 | |
Expiry | Dec. 16, 2021 | |
Exercise price $0.79 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.79 | |
Number of options, Outstanding | 300,000 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 10 months 24 days | |
Number of options, Exercisable | 162,000 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 10 months 24 days | |
Expiry | Mar. 2, 2022 | |
Exercise price $0.57 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.57 | |
Number of options, Outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $ 7 | |
Weighted- average remaining contractual life (years), Exercisable | 0 years | |
Expiry | Sep. 7, 2022 | |
Exercise Price $0.70 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.70 | |
Number of options, Outstanding | 2,136,150 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 8 months 12 days | |
Number of options, Exercisable | 120,000 | |
Weighted- average remaining contractual life (years), Exercisable | 4 years 8 months 12 days | |
Expiry | Dec. 15, 2022 | |
Exercise Price $0.60 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.60 | |
Number of options, Outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 5 years | |
Weighted- average remaining contractual life (years), Exercisable | 0 years | |
Expiry | Mar. 30, 2023 |
Shareholders' Equity and Capi48
Shareholders' Equity and Capital Stock - RSU activity (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
RSU Rollforward | |
Number of RSUs Unvested, Beginning Balance | shares | 1,175,952 |
Number of RSUs Vested | shares | (80,514) |
Number of RSUs Unvested, Ending Balance | shares | 1,095,438 |
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value | $ / shares | $ 0.65 |
Vested, Weighted average grant date fair value | $ / shares | 0.70 |
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $ / shares | $ 0.63 |
Shareholders' Equity and Capi49
Shareholders' Equity and Capital Stock - o/s RSUs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
RSUs | ||
Number of unvested units | 1,095,438 | 1,175,952 |
Remaining life (years) | 1 year 5 months 1 day | |
Aggregate Intrinsic Value | $ 668 | |
August 17, 2015 [Member] | ||
RSUs | ||
Number of unvested units | 591,404 | |
Remaining life (years) | 8 months 16 days | |
Aggregate Intrinsic Value | $ 361 | |
December 11, 2015 [Member] | ||
RSUs | ||
Number of unvested units | 504,034 | |
Remaining life (years) | 1 year 8 months 16 days | |
Aggregate Intrinsic Value | $ 307 |
Shareholders' Equity and Capi50
Shareholders' Equity and Capital Stock - o/s warrants (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Class of Warrant or Right | |
Exercise price | $ / shares | $ 0.94 |
Number of warrants | shares | 5,844,567 |
$0.91 [Member] | |
Class of Warrant or Right | |
Exercise price | $ / shares | $ 0.93 |
Number of warrants | shares | 4,294,167 |
Remaining contractual life (years) | 2 months 12 days |
Expiry | Jun. 24, 2018 |
$0.95 [Member] | |
Class of Warrant or Right | |
Exercise price | $ / shares | $ 0.97 |
Number of warrants | shares | 1,550,400 |
Remaining contractual life (years) | 4 months 24 days |
Expiry | Aug. 27, 2018 |
$1.04 [Member] | |
Class of Warrant or Right | |
Exercise price | $ / shares | $ 0.94 |
Number of warrants | shares | 5,844,567 |
Remaining contractual life (years) | 3 months 18 days |
Shareholders' Equity and Capi51
Shareholders' Equity and Capital Stock - addl information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2018USD ($)shares | Mar. 30, 2018shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016shares | Mar. 31, 2018$ / shares | Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017shares | |
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 99 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 67,719 | ||||||
Stock Issued During Period, Shares, New Issues | 1,536,169 | ||||||
Share Price | (per share) | $ 0.77 | $ 0.76 | |||||
Payments Of Stock Issuance Costs | $ | $ 43 | ||||||
Number of RSUs Vested | 80,514 | ||||||
Percent or RSUs that vest | 80,514 | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number | 9,471,947 | 9,459,401 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 6,302,049 | ||||||
Stock based compensation | $ | $ 330 | 287 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | 200 | ||||||
Proceeds from Stock Options Exercised | $ | $ 42 | $ 349 | |||||
Granted, Options | 200,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.94 | ||||||
Capital Stock | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 67,719,000 | ||||||
In Money Stock Option [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number | 2,874,875 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,059,127 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ | $ 900 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Number of RSUs Vested | 62,000 | ||||||
Percent or RSUs that vest | 62,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ | $ 600 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | ||||||
Granted, Options | 0 | 0 | |||||
Restricted Stock Units (RSUs) [Member] | Capital Stock | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Number of securities called by each unit | 1 | ||||||
Employee Stock Option [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Granted, Options | 0 | 0 | |||||
Grant Date [Member] | Employee Stock Option [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 10.00% | ||||||
Four and One Half Months After Grant [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Stock Option Vesting Period | 4 months 15 days | ||||||
Four and One Half Months After Grant [Member] | Employee Stock Option [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 22.00% | ||||||
Nine Months After Grant [Member] | Employee Stock Option [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 22.00% | ||||||
Thirteen and One Half Months After Grant [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Stock Option Vesting Period | 13 months 15 days | ||||||
Thirteen and One Half Months After Grant [Member] | Employee Stock Option [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 22.00% | ||||||
Eighteen Months After Date Of Grant [Member] | Employee Stock Option [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 24.00% | ||||||
First Anniversary [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.30% | ||||||
First Anniversary [Member] | Employee Stock Option [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Stock Option Vesting Period | 3 years | ||||||
Second Anniversary [Member] | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.30% | ||||||
Third Anniversary (Member) | |||||||
Stockholder's Equity Note [Line Items] | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Percentage | 33.40% |
Shareholders' Equity and Capi52
Shareholders' Equity and Capital Stock - assumptions (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 54.59% |
Expected dividend rate | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected award life (in years) | 3 years 8 months 27 days |
Risk-free interest rate | 1.90% |
Forfeiture rate (options) | 6.00% |
Sales (Details)
Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Sales | ||
Revenue, Net, Total | $ 19,672 | $ 14,828 |
Disposal fee income | 9 | 9 |
Sales Revenue, Goods, Net [Member] | ||
Sales | ||
Sales Revenue, Goods, Net | 237 | 3,141 |
Sale Of Purchased Inventory [Member] | ||
Sales | ||
Sales Revenue, Goods, Net | 19,426 | 11,678 |
Company B [Member] | ||
Sales | ||
Sales Revenue, Goods, Net | 3,141 | |
Company B [Member] | Sale Of Purchased Inventory [Member] | ||
Sales | ||
Sales Revenue, Goods, Net | 3,790 | 3,141 |
Company C [Member] | Sale Of Purchased Inventory [Member] | ||
Sales | ||
Sales Revenue, Goods, Net | 15,636 | 8,537 |
Company E [Member] | Sales Revenue, Goods, Net [Member] | ||
Sales | ||
Sales Revenue, Goods, Net | 237 | |
Company A, B, C, D [Member] | ||
Sales | ||
Sales Revenue, Goods, Net | $ 19,663 | $ 14,819 |
Customer Concentration Risk [Member] | ||
Sales | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Disposal Fees Concentration Risk Percentage | 0.00% | 0.00% |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ||
Sales | ||
Concentration Risk, Percentage | 1.20% | 21.20% |
Customer Concentration Risk [Member] | Sale Of Purchased Inventory [Member] | ||
Sales | ||
Concentration Risk, Percentage | 98.80% | 78.80% |
Customer Concentration Risk [Member] | Company B [Member] | ||
Sales | ||
Concentration Risk, Percentage | 0.00% | 21.20% |
Customer Concentration Risk [Member] | Company B [Member] | Sale Of Purchased Inventory [Member] | ||
Sales | ||
Concentration Risk, Percentage | 19.30% | 21.20% |
Customer Concentration Risk [Member] | Company C [Member] | Sale Of Purchased Inventory [Member] | ||
Sales | ||
Concentration Risk, Percentage | 79.50% | 57.60% |
Customer Concentration Risk [Member] | Company E [Member] | Sales Revenue, Goods, Net [Member] | ||
Sales | ||
Concentration Risk, Percentage | 1.20% | 0.00% |
Customer Concentration Risk [Member] | Company A, B, C, D [Member] | ||
Sales | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Supplementary Information For54
Supplementary Information For Statement of Cash Flows (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2015 |
Supplementary Information For Statement of Cash Flows | ||||
Cash and cash equivalents | $ 9,169 | $ 3,879 | $ 8,393 | |
Restricted cash | 7,458 | 7,558 | 7,557 | |
Total | $ 16,627 | $ 11,437 | $ 15,950 | $ 9,109 |
Financial instruments (Details)
Financial instruments (Details) - 3 months ended Mar. 31, 2018 | USD ($)itemshares | $ / shares | USD ($)$ / shares |
Financial Instruments | |||
Cash, insured amount | $ 600,000 | ||
Accounts Payable, Trade, Current | $ 1,500,000 | ||
Sales agreement maximum sales proceeds of stock issuance and sales | $ 10,000,000 | ||
Common shares issued for cash, net of issue costs (in shares) | shares | 1,536,169 | ||
Share Price | (per share) | $ 0.77 | $ 0.76 | |
Proceeds from shares issued | $ 1,100,000 | ||
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Change In Basis Points | item | 100 | ||
Credit Concentration Risk | |||
Financial Instruments | |||
Cash, uninsured amount | $ 16,000,000 | ||
Minimum | |||
Financial Instruments | |||
Financial Liabilities Trade Terms Period | 30 days | ||
Minimum | Credit Availability Concentration Risk | |||
Financial Instruments | |||
Debt Instrument, Term | 4 years | ||
Maximum | |||
Financial Instruments | |||
Financial Liabilities Trade Terms Period | 60 days |