Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 30, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2020 | |
Entity File Number | 001-33905 | |
Entity Registrant Name | UR-ENERGY INC | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 10758 West Centennial Road, Suite 200 | |
Entity Address, City or Town | Littleton | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80127 | |
City Area Code | 720 | |
Local Phone Number | 981-4588 | |
Title of 12(b) Security | Common stock | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 160,478,059 | |
Entity Central Index Key | 0001375205 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
NYSE | ||
Document Information [Line Items] | ||
Trading Symbol | URG | |
Security Exchange Name | NYSEAMER | |
TSX | ||
Document Information [Line Items] | ||
Trading Symbol | URE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents (note 4) | $ 5,567 | $ 7,752 |
Accounts receivable | 7 | 22 |
Inventory (note 5) | 7,485 | |
Prepaid expenses | 969 | 885 |
Assets, Current, Total | 14,028 | 8,659 |
Long-term inventory (note 5) | 7,426 | |
Restricted cash (note 6) | 7,463 | 7,463 |
Mineral properties (note 7) | 41,958 | 43,212 |
Capital assets (note 8) | 22,812 | 23,630 |
Assets, Noncurrent, Total | 72,233 | 81,731 |
Assets, Total | 86,261 | 90,390 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 9) | 2,255 | 2,211 |
Current portion of long term debt (note 10) | 1,683 | |
Environmental remediation accrual | 75 | 72 |
Liabilities, Current, Total | 4,013 | 2,283 |
Long-Term Debt, Current Maturities | 1,683 | |
Notes payable (note 10) | 11,460 | 12,215 |
Lease liability | 70 | 12 |
Asset retirement obligations (note 11) | 31,260 | 30,972 |
Other liabilities - warrants (note 12) | 498 | 575 |
Liabilities, Noncurrent, Total | 43,288 | 43,774 |
Liabilities | 47,301 | 46,057 |
Share Capital | ||
Common shares, without par value, unlimited shares authorized; shares issued and outstanding: 160,478,059 at June 30, 2020 and 160,478,059 at December 31, 2019 | 185,754 | 185,754 |
Contributed surplus | 20,781 | 20,317 |
Accumulated other comprehensive income | 3,685 | 3,654 |
Deficit | (171,260) | (165,392) |
Stockholders' Equity Attributable to Parent, Total | 38,960 | 44,333 |
Liabilities and Equity, Total | 86,261 | 90,390 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Common shares, without par value | $ 0 | $ 0 |
Common shares, Shares issued | 160,478,059 | 160,478,059 |
Common shares, Shares outstanding | 160,478,059 | 160,478,059 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Sales (note 14) | $ 6,934 | $ 11,479 | $ 8,304 | $ 16,291 |
Cost of sales | (6,517) | (11,163) | (9,622) | (16,309) |
Gross profit (loss) | 417 | 316 | (1,318) | (18) |
Operating Expenses | ||||
Exploration and evaluation | (554) | (490) | (945) | (1,264) |
Development | (343) | (292) | (616) | (458) |
General and administrative | (1,187) | (1,153) | (2,440) | (3,291) |
Accretion of asset retirement obligations (note 11) | (143) | (144) | (288) | (287) |
Loss from operations | (1,810) | (1,763) | (5,607) | (5,318) |
Net interest expense | (195) | (168) | (327) | (364) |
Warrant mark to market adjustment | (231) | (105) | 42 | (638) |
Foreign exchange gain (loss) | (8) | (10) | 7 | (28) |
Other income (note 16) | 17 | 15 | 17 | 15 |
Net Loss for the period | $ (2,227) | $ (2,031) | $ (5,868) | $ (6,333) |
Loss per common share | ||||
Basic and diluted | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.04) |
Weighted average number of common shares outstanding | ||||
Basic and diluted | 160,478,059 | 159,820,583 | 160,478,059 | 159,775,245 |
COMPREHENSIVE LOSS | ||||
Net loss for the period | $ (2,227) | $ (2,031) | $ (5,868) | $ (6,333) |
Other Comprehensive loss, net of tax | ||||
Translation adjustment on foreign operations | 4 | (24) | 31 | (23) |
Comprehensive loss for the period | $ (2,223) | $ (2,055) | $ (5,837) | $ (6,356) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Capital Stock | Contributed Surplus [Member] | Accumulated Other Comprehensive Income | Deficit | Total |
Beginning Balance at Dec. 31, 2018 | $ 185,221 | $ 19,930 | $ 3,670 | $ (156,974) | $ 51,847 |
Beginning Balance (in shares) at Dec. 31, 2018 | 159,729,403 | ||||
Redemption of vested RSUs | (6) | (6) | |||
Non-cash stock compensation | 188 | 188 | |||
Net loss and comprehensive (loss) income | 1 | (4,302) | (4,301) | ||
Ending Balance at Mar. 31, 2019 | $ 185,221 | 20,112 | 3,671 | (161,276) | 47,728 |
Ending Balance (in shares) at Mar. 31, 2019 | 159,729,403 | ||||
Exercise of stock options | $ 190 | (56) | 134 | ||
Exercise of stock options (in shares) | 206,160 | ||||
Redemption of vested RSUs | (1) | (1) | |||
Non-cash stock compensation | 182 | 182 | |||
Net loss and comprehensive (loss) income | (24) | (2,031) | (2,055) | ||
Ending Balance at Jun. 30, 2019 | $ 185,411 | 20,237 | 3,647 | (163,307) | 45,988 |
Ending Balance (in shares) at Jun. 30, 2019 | 159,935,563 | ||||
Beginning Balance at Dec. 31, 2019 | $ 185,754 | 20,317 | 3,654 | (165,392) | $ 44,333 |
Beginning Balance (in shares) at Dec. 31, 2019 | 160,478,059 | 160,478,059 | |||
Non-cash stock compensation | 234 | $ 234 | |||
Net loss and comprehensive (loss) income | 27 | (3,641) | (3,614) | ||
Ending Balance at Mar. 31, 2020 | $ 185,754 | 20,551 | 3,681 | (169,033) | 40,953 |
Ending Balance (in shares) at Mar. 31, 2020 | 160,478,059 | ||||
Non-cash stock compensation | 230 | 230 | |||
Net loss and comprehensive (loss) income | 4 | (2,227) | (2,223) | ||
Ending Balance at Jun. 30, 2020 | $ 185,754 | $ 20,781 | $ 3,685 | $ (171,260) | $ 38,960 |
Ending Balance (in shares) at Jun. 30, 2020 | 160,478,059 | 160,478,059 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash provided by Operating activities | ||
Net loss for the period | $ (5,868) | $ (6,333) |
Items not affecting cash: | ||
Stock based expense | 464 | 370 |
Loss from net realizable value adjustments | 4,456 | 4,103 |
Depreciation and amortization | 2,164 | 2,201 |
Accretion of asset retirement obligations | 288 | 287 |
Amortization of deferred loan costs | 35 | 60 |
Warrants mark to market gain | (42) | 638 |
Gain on disposition of assets | (16) | |
Gain on foreign exchange | (7) | (28) |
Other loss | 3 | (2) |
Change in non-cash working capital items: | ||
Accounts receivable | 14 | 4 |
Inventory | (4,515) | 1,462 |
Prepaid expenses | (67) | (174) |
Accounts payable and accrued liabilities | 36 | 76 |
Net Cash Provided by (Used in) Operating Activities, Total | (3,055) | 2,664 |
Investing activities | ||
Mineral property costs | (8) | |
Decrease (increase) in other deposits | (5) | |
Proceeds from sale of property and equipment | 18 | |
Purchase of capital assets | (34) | (125) |
Net Cash Provided by (Used in) Investing Activities, Total | (21) | (133) |
Financing activities | ||
Proceeds from exercise of stock options | 0 | 134 |
Proceeds from debt financing | 893 | |
RSUs redeemed to pay withholding or paid in cash | (7) | |
Repayment of debt | (2,555) | |
Net Cash Provided by (Used in) Financing Activities, Total | 893 | (2,428) |
Effects of foreign exchange rate changes on cash | (2) | 64 |
Net change in cash, cash equivalents and restricted cash | (2,185) | 167 |
Beginning cash, cash equivalents and restricted cash | 15,215 | 13,830 |
Ending cash, cash equivalents and restricted cash (note 15) | $ 13,030 | $ 13,997 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2020 | |
Nature of Operations [Abstract] | |
Nature of operations | 1. Nature of Operations 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. In 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 property contains mineral reserves. However, the Company’s “ Amended Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming, |
Liquidity Risk
Liquidity Risk | 6 Months Ended |
Jun. 30, 2020 | |
Liquidity Risk [Abstract] | |
Liquidity Risk | 2 . Liquidity Risk Our operations are based on a small number of large sales. As a result, our cash flow and therefore our current assets and working capital may vary widely during the year based on the timing of those sales. Virtually all our past sales were under term contracts which specify delivery quantities, sales prices and payment dates. As a result, we performed cash management functions over the course of an entire year and were less reliant on current commodity prices and market conditions. As our remaining term contracts were completed in 2020 Q2, we have become more dependent on current commodity prices until we are able to enter into new term contracts. As at June 30, 2020, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $0.7 million which are due within normal trade terms of generally 30 to 60 days , notes payable of $13.3 million, and asset retirement obligations with estimated settlement dates until 2033. The payment schedule for the $12.4 million State Bond Loan was modified on October 1, 2019 to defer principal payments for eighteen months (see note 10). As at July 31, 2020, quarterly principal payments are scheduled to resume on April 1, 2021, with two payments falling due within the 12 months from the as at date. On April 16, 2020, we received $0.9 million under the U.S. Small Business Administration (“SBA”) Payroll Protection Program (“PPP”), which was created under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). We anticipate the loans will meet the requirements for forgiveness under this program (see note 10). On July 31, 2020, the Company announced a $4.68 million registered direct offering of 9,000,000 common shares and accompanying one-half common share warrants to purchase up to 4,500,000 common shares, at a combined public offering price of $0.52 per common share and accompanying warrant, with gross proceeds to the Company of $4.68 million. After estimated fees and expenses of approximately $0.4 million, net proceeds to the Company are expected to be $4.3 million, which are expected to be received on or about August 4, 2020. See note 17 – Subsequent Event for discussion of the offering. In addition to our cash position and expected registered direct offering net proceeds, our finished, ready-to-sell, conversion facility inventory is immediately realizable, if necessary. While our current cash position should be sufficient to cover our expected expenditures for the remainder of the year, we anticipate selling a significant portion of our existing finished-product inventory in 2021 at market prices in effect at that time, unless market conditions change, or we choose to obtain additional financing. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Basis of presentation These unaudited interim consolidated financial statements do not conform in all respects to the requirements of U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. The unaudited interim consolidated financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair presentation 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, 2019. We apply the same accounting policies as in the prior year. 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. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following: As at June 30, 2020 December 31, 2019 $ $ Cash on deposit at banks 1,518 1,755 Money market funds 4,049 5,997 5,567 7,752 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2020 | |
Inventory [Abstract] | |
Inventory | 5. Inventory The Company’s inventory consists of the following: As at June 30, 2020 December 31, 2019 $ $ In-process inventory - - Plant inventory 138 - Conversion facility inventory 7,347 7,426 7,485 7,426 Inventory to be sold within 12 months 7,485 - Total Inventory - 7,426 In conjunction with our lower of cost or net realizable value (“NRV”) calculations, the Company reduced the inventory valuation by $4,456 and $10,263 for the six months ended June 30, 2020 and year ended December 31, 2019, respectively. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
Restricted Cash [Abstract] | |
Restricted cash | 6. Restricted Cash The Company’s restricted cash consists of money market accounts and short-term government bonds. The bonding requirements for reclamation obligations on various properties have been agreed to by the Wyoming Department of Environmental Quality (“WDEQ”), the Wyoming Uranium Recovery Program (“URP”) and the Bureau of Land Management (“BLM”) 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 $29.9 million of coverage towards specific reclamation obligations are collateralized by the restricted cash at June 30, 2020. |
Mineral Properties
Mineral Properties | 6 Months Ended |
Jun. 30, 2020 | |
Mineral Properties [Abstract] | |
Mineral Properties | 7 . Mineral Properties The Company’s mineral properties consist of the following: Lost Creek Pathfinder Other U.S. Property Mines Properties Total $ $ $ $ Balance, December 31, 2019 10,184 19,850 13,178 43,212 Amortization (1,254) - - (1,254) Balance, June 30, 2020 8,930 19,850 13,178 41,958 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, the assumption of $5.7 million in estimated asset reclamation obligations and other consideration . |
Capital Assets
Capital Assets | 6 Months Ended |
Jun. 30, 2020 | |
Capital Assets | |
Capital Assets | 8. Capital Assets The Company’s capital assets consist of the following: As of As of June 30, 2020 December 31, 2019 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock 3,450 3,340 110 3,452 3,311 141 Enclosures 33,008 11,008 22,000 33,008 10,181 22,827 Machinery and equipment 1,439 847 592 1,426 808 618 Furniture, fixtures and leasehold improvements 119 117 2 119 115 4 Information technology 1,123 1,085 38 1,100 1,072 28 ROU Assets 92 22 70 83 71 12 39,231 16,419 22,812 39,188 15,558 23,630 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | 9. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: As at June 30, 2020 December 31, 2019 $ $ Accounts payable 598 523 Payroll and other taxes 1,563 1,483 Severance and ad valorem tax payable 94 205 2,255 2,211 |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2020 | |
Notes Payable [Abstract] | |
Notes Payable | 10. Notes Payable 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 was to be paid in 28 quarterly installments commencing January 1, 2015. On October 1, 2019, the Sweetwater County Commissioners and the State of Wyoming approved a six-quarter deferral of principal payments beginning October 1, 2019. The next principal payment is therefore due April 1, 2021 and the last payment will be due in April 2023. On April 16, 2020, we obtained two SBA PPP loans (one for each of our subsidiaries with U.S. payroll obligations) through Bank of Oklahoma Financial (“BOKF”). The program was a part of the CARES Act enacted by Congress March 27, 2020 in response to the COVID-19 (Coronavirus) pandemic. The combined loan amount we qualified for and received was $0.9 million. On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) became law. The Flexibility Act changes key provisions of the PPP, including maturity of the loans, deferral of loan payments, and the forgiveness of the PPP loans, with revisions being retroactive to the date of the CARES Act. Under the program, as modified by the Flexibility Act and SBA and Treasury rulemakings, the repayment of our loans, including interest, may be forgiven based on eligible payroll, payroll-related, and other allowable costs incurred in a twenty-four-week period following the funding of the loans. To have the full amount of the loans forgiven, the following requirements must be met within that period, and be sufficiently documented in the application for forgiveness: (1) Spend not less than 60% (previously 75%) of loan proceeds on eligible payroll costs. (2) Spend the remaining loan proceeds on a. additional eligible payroll costs above 60%; b. payments of interest on mortgage obligations incurred before February 15, 2020; c. rent payments on leases dated before February 15, 2020; and/or d. utility payments under service agreements dated before February 15, 2020 (3) Maintain employee compensation levels (subject to specific program requirements). For any portion of the loans that are not forgiven, the program provides for an initial deferral of payments based upon the timing of a borrower’s application for forgiveness and SBA’s action on the application up to a maximum of ten months after the use and forgiveness covered period ends (July 30, 2021). Any remaining amount owing on the loans has a two-year maturity (April 16, 2022), unless renegotiated with the lender for up to a five-year term, with an interest rate of one percent per annum. We anticipate the loans will meet the requirements for forgiveness under this program, but at this time we have not yet applied for or received loan forgiveness and therefore have treated the PPP loans as debt. Deferred loan fees include legal fees, commissions, commitment fees and other costs associated with obtaining the financing. The following table summarizes the Company’s debt instrument. As at June 30, 2020 December 31, 2019 $ $ Current debt SBA - Payroll Protection Program Loan 395 - State Bond Loan 1,305 - Less deferred financing costs (17) - 1,683 - Long term debt SBA - Payroll Protection Program Loan 498 - State Bond Loan 11,136 12,441 Less deferred financing costs (174) (226) 11,460 12,215 The schedule of remaining payments on outstanding debt as of June 30, 2020 is presented below. Total 2020 2021 2022 2023 Final payment $ $ $ $ $ SBA - Payroll Protection Program Loan Principal 893 98 596 199 - 16-Apr-22 Interest 14 9 5 - - State Bond Loan Principal 12,441 - 3,971 5,566 2,904 01-Apr-23 Interest 1,269 179 659 368 63 Total 14,617 286 5,231 6,133 2,967 |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2020 | |
Asset Retirement Obligations | |
Asset Retirement Obligations | 11. Asset Retirement and Reclamation Obligations 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 using discount rates ranging from 0.33% to 7.25%. 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 June 30, 2020, the current closure estimate was $29.8 million and the estimated future cost to complete the reclamation, including inflation, is $39.9 million. The schedule of payments required to settle the future reclamation extends through 2033. The present value of the estimated future closure estimate is presented in the following table. For the period ended June 30, 2020 December 31, 2019 $ $ Beginning of period 30,972 30,384 Change in estimated liability - 11 Accretion expense 288 577 End of period 31,260 30,972 The restricted cash discussed in note 6 is related to the surety bonds that provide security to the governmental agencies on these obligations. |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Other Liabilities [Abstract] | |
Other Liabilities | 12. Other Liabilities As a part of the September 2018 public offering, we sold 13,062,878 warrants priced at $0.01 per warrant. Two warrants are redeemable for one Common Share of the Company’s stock at a price of $1.00 per full share. As the warrants are priced in US$ and the functional currency of Ur-Energy Inc. is Cdn$, this created a derivative financial liability. The liability created and adjusted quarterly is a calculated fair value using the Black-Scholes technique described below as there is no active market for the warrants. Any income or loss is reflected in net income for the period. The revaluation as of June 30, 2020 resulted in a loss of $232 and a gain of $41 for the three and six month periods ended June 30, 2020 which is reflected on the unaudited interim consolidated statement of operations and comprehensive loss. |
Shareholders' Equity and Capita
Shareholders' Equity and Capital Stock | 6 Months Ended |
Jun. 30, 2020 | |
Shareholders' Equity and Capital Stock [Abstract] | |
Shareholders' Equity and Capital Stock | 13. Shareholders’ Equity and Capital Stock 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 on May 7, 2020. Eligible participants under the Option Plan include directors, officers, employees and consultants of the Company. Under the terms of the Option Plan 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 is five years . Activity with respect to stock options is summarized as follows: Weighted- average Options exercise price # $ Balance, December 31, 2019 11,076,583 0.64 Forfeited (51,798) 0.59 Expired (200,000) 0.84 Outstanding, June 30, 2020 10,824,785 0.61 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 six months ended June 30, 2020 was less than $0.1 million. As of June 30, 2020, 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 $ $ $ 0.63 516,902 0.1 - 516,902 0.1 - 17-Aug-20 0.59 897,508 0.4 - 897,508 0.4 - 11-Dec-20 0.54 2,337,434 1.5 - 2,337,434 1.5 - 16-Dec-21 0.75 300,000 1.7 - 300,000 1.7 - 02-Mar-22 0.54 200,000 2.2 - 132,000 2.2 - 07-Sep-22 0.66 1,769,411 2.5 - 1,187,174 2.5 - 15-Dec-22 0.57 200,000 2.7 - 133,333 2.7 - 30-Mar-23 0.68 976,259 3.1 - 339,859 3.1 - 20-Aug-23 0.67 822,768 3.5 - 278,351 3.5 - 14-Dec-23 0.58 2,804,503 4.4 - - - - 05-Nov-24 0.64 10,824,785 2.6 - 6,122,561 2.1 - 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$0.70 as of the last trading day in the period ended June 30, 2020, that would have been received by the option holders had they exercised their options as of that date. There were no options issued or exercisable that were in the money at June 30, 2020. 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 2, 2019. 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 Balance, December 31, 2019 1,155,928 0.65 Forfeited (13,433) 0.59 Outstanding, June 30, 2020 1,142,495 0.62 As of June 30, 2020, outstanding RSUs are as follows: Number of Remaining Aggregate outstanding life intrinsic Grant date RSUs (years) value $ August 20, 2018 225,774 0.15 115 December 14, 2018 215,587 0.46 110 November 5, 2019 701,134 1.35 358 1,142,495 0.94 583 As of September 30, 2019, one of our officers retired. Under the terms of our RSU Plan, his 54,431 outstanding RSUs automatically vested. On December 15, 2019, 28,686 RSUs were redeemed for Common Shares. The balance of his RSUs will be redeemed for cash or stock at the compensation committee’s discretion in conjunction with the scheduled redemptions of those grants. Warrants On September 25, 2018, the Company issued 13,062,878 warrants to purchase 6,531,439 of our Common Shares at $1.00 per full share (see note 12). The following represents warrant activity during the period ended June 30, 2020: Number Number of of shares to be issued Per share warrants upon exercise exercise price Outstanding, December 31, 2019 13,062,878 6,531,439 1.00 Outstanding, June 30, 2020 13,062,878 6,531,439 1.00 As of June 30, 2020, outstanding warrants are as follows: Remaining Aggregate Exercise Number contractual Intrinsic price of warrants life (years) Value Expiry $ $ 1.00 13,062,878 1.2 - 25-Sep-21 Share-based compensation expense Share-based compensation expense was $0.2 and $0.5 million for the three and six months ended June 30, 2020 and $0.2 and $0.4 million for the three and six months ended June 30, 2019. As of June 30, 2020, there was approximately $1.1 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 $0.4 million under the RSU Plan. The expenses are expected to be recognized over a weighted-average period of 1.9 years and 1.2 years, respectively. No cash was received from the exercise of stock options for the six months ended June 30, 2020. Cash of $0.1 million was received from options exercises in the six months ended June 30, 2019. 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 options or RSUs granted during the six months ended June 30, 2020 and June 30, 2019. 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 | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [Abstract] | |
Sales | 14. Sales Sales have been derived from U 3 8 Disaggregation of Revenues The following table presents our revenues disaggregated by source and type: Six months ended June 30, 2020 2019 $ % $ % Sale of produced inventory Company A - 0.0% 7,482 45.9% Company B - 0.0% 2,406 14.8% - 0.0% 9,888 60.7% Sales of purchased inventory Company C 8,300 100.0% 3,995 24.5% Company B - 0.0% 2,406 14.8% 8,300 100.0% 6,401 39.3% Total sales 8,300 100.0% 16,289 100.0% Disposal fee income 4 0.0% 2 0.0% 8,304 100.0% 16,291 100.0% 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 | 6 Months Ended |
Jun. 30, 2020 | |
Supplementary Information For Statement of Cash Flows | |
Supplementary Information For Statement of Cash Flows | 15. Supplemental Information for Statement of Cash Flows Cash per the Statement of Cash Flows consists of the following: As at June 30, 2020 June 30, 2019 $ $ Cash and cash equivalents 5,567 6,536 Restricted cash 7,463 7,461 13,030 13,997 |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2020 | |
Financial instruments [Abstract] | |
Financial instruments | 16. Financial Instruments 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 deposit, 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 $0.9 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation or the U.S. Federal Deposit Insurance Corporation, leaving approximately $12.2 million at risk at June 30, 2020 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 June 30, 2020. 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 June 30, 2020, the Company’s financial liabilities consisted of trade accounts payable and accrued trade and payroll liabilities of $ 0.5 million which are due within normal trade terms of generally 30 to 60 days , two notes payable due within approximately two years and a note payable which will be payable over a period of approximately three years (see note 10). On May 15, 2020, we filed a universal shelf registration statement on Form S-3 with the SEC in order that we may offer and sell, from time to time, in one or more offerings, at prices and terms to be determined, up to $100 million of our Common Shares, warrants to purchase our Common Shares, our senior and subordinated debt securities, and rights to purchase our Common Shares and/or senior and subordinated debt securities. The registration statement became effective May 27, 2020 for a three-year period. Subsequent to June 30, 2020, we utilized the registration statement for a $4.68 million registered direct offering. See note 17 – Subsequent Event. On May 29, 2020, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley FBR, Inc., under which we may, from time to time, issue and sell common shares at market prices on the NYSE American LLC through the Agent for aggregate sales proceeds of up to $10,000,000. The Sales Agreement replaces the prior At Market Issuance Sales Agreement entered into by the Company on May 27, 2016, as amended. We have not used the facility in 2020. We expect that any major capital projects will be funded by operating cash flow, cash on hand, sales of existing inventories, and/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 (see note 2). 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 six months ended June 30, 2020 or the comparable six months in 2019. 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. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent events | 17. Subsequent Event On July 31, 2020, the Company announced a $4.68 million registered direct offering of 9,000,000 common shares and accompanying one-half common share warrants to purchase up to 4,500,000 common shares, at a combined public offering price of $0.52 per common share and accompanying warrant, with gross proceeds to the Company of $4.68 million. After estimated fees and expenses of approximately $0.4 million, net proceeds to the Company are expected to be $4.3 million. The common share warrants will expire two years from the date of issuance and will allow the holders to purchase our common shares at an exercise price of $0.75 per whole common share. Closing of the offering is expected to occur on or about August 4, 2020. As the warrants are priced in US$ and the functional currency of Ur-Energy Inc. is Cdn$, this will create a derivative financial liability. The fair value of the liability will be created and adjusted quarterly using the Black-Scholes technique described herein as there is no active market for the warrants. Any income or loss will be reflected in net income for the period. We anticipate that the public offering proceeds will be used to sustain operations, and for working capital and general corporate purposes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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 U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. The unaudited interim consolidated financial statements reflect all normal adjustments which in the opinion of management are necessary for a fair presentation 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, 2019. We apply the same accounting policies as in the prior year. 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. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule Of Cash and Cash Equivalents | As at June 30, 2020 December 31, 2019 $ $ Cash on deposit at banks 1,518 1,755 Money market funds 4,049 5,997 5,567 7,752 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory [Abstract] | |
Schedule of Inventory, Current | As at June 30, 2020 December 31, 2019 $ $ In-process inventory - - Plant inventory 138 - Conversion facility inventory 7,347 7,426 7,485 7,426 Inventory to be sold within 12 months 7,485 - Total Inventory - 7,426 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Mineral Properties [Abstract] | |
Mineral Property | Lost Creek Pathfinder Other U.S. Property Mines Properties Total $ $ $ $ Balance, December 31, 2019 10,184 19,850 13,178 43,212 Amortization (1,254) - - (1,254) Balance, June 30, 2020 8,930 19,850 13,178 41,958 |
Capital Assets (Tables)
Capital Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Capital Assets | |
Schedule of Capital assets | As of As of June 30, 2020 December 31, 2019 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value $ $ $ $ $ $ Rolling stock 3,450 3,340 110 3,452 3,311 141 Enclosures 33,008 11,008 22,000 33,008 10,181 22,827 Machinery and equipment 1,439 847 592 1,426 808 618 Furniture, fixtures and leasehold improvements 119 117 2 119 115 4 Information technology 1,123 1,085 38 1,100 1,072 28 ROU Assets 92 22 70 83 71 12 39,231 16,419 22,812 39,188 15,558 23,630 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | As at June 30, 2020 December 31, 2019 $ $ Accounts payable 598 523 Payroll and other taxes 1,563 1,483 Severance and ad valorem tax payable 94 205 2,255 2,211 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Payable [Abstract] | |
Schedule of Debt | As at June 30, 2020 December 31, 2019 $ $ Current debt SBA - Payroll Protection Program Loan 395 - State Bond Loan 1,305 - Less deferred financing costs (17) - 1,683 - Long term debt SBA - Payroll Protection Program Loan 498 - State Bond Loan 11,136 12,441 Less deferred financing costs (174) (226) 11,460 12,215 |
Schedule Of Outstanding Debt | Total 2020 2021 2022 2023 Final payment $ $ $ $ $ SBA - Payroll Protection Program Loan Principal 893 98 596 199 - 16-Apr-22 Interest 14 9 5 - - State Bond Loan Principal 12,441 - 3,971 5,566 2,904 01-Apr-23 Interest 1,269 179 659 368 63 Total 14,617 286 5,231 6,133 2,967 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Asset Retirement Obligations | |
Schedule of Asset Retirement Obligations | For the period ended June 30, 2020 December 31, 2019 $ $ Beginning of period 30,972 30,384 Change in estimated liability - 11 Accretion expense 288 577 End of period 31,260 30,972 |
Shareholders' Equity and Capi_2
Shareholders' Equity and Capital Stock (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Shareholders' Equity and Capital Stock [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Weighted- average Options exercise price # $ Balance, December 31, 2019 11,076,583 0.64 Forfeited (51,798) 0.59 Expired (200,000) 0.84 Outstanding, June 30, 2020 10,824,785 0.61 |
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 $ $ $ 0.63 516,902 0.1 - 516,902 0.1 - 17-Aug-20 0.59 897,508 0.4 - 897,508 0.4 - 11-Dec-20 0.54 2,337,434 1.5 - 2,337,434 1.5 - 16-Dec-21 0.75 300,000 1.7 - 300,000 1.7 - 02-Mar-22 0.54 200,000 2.2 - 132,000 2.2 - 07-Sep-22 0.66 1,769,411 2.5 - 1,187,174 2.5 - 15-Dec-22 0.57 200,000 2.7 - 133,333 2.7 - 30-Mar-23 0.68 976,259 3.1 - 339,859 3.1 - 20-Aug-23 0.67 822,768 3.5 - 278,351 3.5 - 14-Dec-23 0.58 2,804,503 4.4 - - - - 05-Nov-24 0.64 10,824,785 2.6 - 6,122,561 2.1 - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Number Weighted of average grant RSUs date fair value Balance, December 31, 2019 1,155,928 0.65 Forfeited (13,433) 0.59 Outstanding, June 30, 2020 1,142,495 0.62 |
Schedule Of Share-Based Compensation, Shares Authorized Under Restricted Stock Units, By Grant Date | Number of Remaining Aggregate outstanding life intrinsic Grant date RSUs (years) value $ August 20, 2018 225,774 0.15 115 December 14, 2018 215,587 0.46 110 November 5, 2019 701,134 1.35 358 1,142,495 0.94 583 |
Schedule Of Share-Based Compensation, Warrants, Activity | Number Number of of shares to be issued Per share warrants upon exercise exercise price Outstanding, December 31, 2019 13,062,878 6,531,439 1.00 Outstanding, June 30, 2020 13,062,878 6,531,439 1.00 |
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 $ $ 1.00 13,062,878 1.2 - 25-Sep-21 |
Sales (Tables)
Sales (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [Abstract] | |
Schedule Of Revenue | Six months ended June 30, 2020 2019 $ % $ % Sale of produced inventory Company A - 0.0% 7,482 45.9% Company B - 0.0% 2,406 14.8% - 0.0% 9,888 60.7% Sales of purchased inventory Company C 8,300 100.0% 3,995 24.5% Company B - 0.0% 2,406 14.8% 8,300 100.0% 6,401 39.3% Total sales 8,300 100.0% 16,289 100.0% Disposal fee income 4 0.0% 2 0.0% 8,304 100.0% 16,291 100.0% |
Supplementary Information For_2
Supplementary Information For Statement of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Supplementary Information For Statement of Cash Flows | |
Cash per the Statement of Cash Flows | As at June 30, 2020 June 30, 2019 $ $ Cash and cash equivalents 5,567 6,536 Restricted cash 7,463 7,461 13,030 13,997 |
Nature of Operations (Details)
Nature of Operations (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Nature of Operations [Abstract] | |
Date of incorporation | Mar. 22, 2004 |
Liquidity Risk (Details)
Liquidity Risk (Details) $ / shares in Units, $ in Thousands | Aug. 04, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($)payment | Apr. 16, 2020USD ($) |
Liquidity Risk [Line Items] | |||
Trade accounts payable, accrued trade and payroll liabilities | $ 700 | ||
Notes Payable | 13,300 | ||
Total SBA payroll protection program loan received | $ 900 | ||
State Bond Loan was modified | $ 12,400 | ||
Principal deferment term | 18 months | ||
Number of payments | payment | 2 | ||
Payments Of Stock Issuance Costs | $ 400 | ||
Maximum | |||
Liquidity Risk [Line Items] | |||
Financial liabilities trade terms | 60 days | ||
Minimum | |||
Liquidity Risk [Line Items] | |||
Financial liabilities trade terms | 30 days | ||
Subsequent Event [Member] | |||
Liquidity Risk [Line Items] | |||
Stock Issued During Period, Shares, New Issues | shares | 9,000,000 | ||
Class Of Warrant Or Right Shares Issued On Exercise Granted | shares | 4,500,000 | ||
Proceeds from Issuance of Common Stock | $ 4,680 | ||
Payments Of Stock Issuance Costs | 400 | ||
Sale of Stock, Consideration Received on Transaction After Deducting Other Costs | $ 4,300 | ||
Sale of Stock, Price Per Share | $ / shares | $ 0.52 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Cash and Cash Equivalents [Abstract] | |||
Cash on deposit at banks | $ 1,518 | $ 1,755 | |
Money market funds | 4,049 | 5,997 | |
Cash and cash equivalents | $ 5,567 | $ 7,752 | $ 6,536 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Inventory | ||
Inventory, Net, Total | $ 7,485 | $ 7,426 |
Inventory Current | 7,485 | |
Inventory, Noncurrent | 7,426 | |
Reduction in inventory valuation | 4,456 | 10,263 |
Plant Inventory [Member] | ||
Inventory | ||
Inventory, Net, Total | 138 | |
Conversion Facility Inventory [Member] | ||
Inventory | ||
Inventory, Net, Total | $ 7,347 | $ 7,426 |
Restricted Cash (Details)
Restricted Cash (Details) $ in Millions | Jun. 30, 2020USD ($) |
Surety Bond [Member] | |
Restricted Cash | |
Reclamation bonding requirement | $ 29.9 |
Mineral Properties - Rollforwar
Mineral Properties - Rollforward (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Balance at beginning of period | $ 43,212 |
Amortization | (1,254) |
Balance at end of period | 41,958 |
Lost Creek Project | |
Balance at beginning of period | 10,184 |
Amortization | (1,254) |
Balance at end of period | 8,930 |
Pathfinder properties | |
Balance at beginning of period | 19,850 |
Balance at end of period | 19,850 |
Other U.S. Properties [Member] | |
Balance at beginning of period | 13,178 |
Balance at end of period | $ 13,178 |
Mineral Properties (Details)
Mineral Properties (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2005 | |
Aggregate consideration | $ 6,700 | |||||
Revenue, Net, Total | $ 6,934 | $ 11,479 | $ 8,304 | $ 16,291 | ||
Estimated asset reclamation obligation | $ 5,700 | |||||
Nfu Wyoming LLC | ||||||
Percentage of asset acquired | 100.00% | |||||
Aggregate consideration | $ 20,000 |
Capital Assets (Details)
Capital Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Capital Assets | ||
Cost | $ 39,231 | $ 39,188 |
Accumulated Depreciation | 16,419 | 15,558 |
Net Book Value | 22,812 | 23,630 |
Rolling stock [Member] | ||
Capital Assets | ||
Cost | 3,450 | 3,452 |
Accumulated Depreciation | 3,340 | 3,311 |
Net Book Value | 110 | 141 |
Building Enclosures [Member] | ||
Capital Assets | ||
Cost | 33,008 | 33,008 |
Accumulated Depreciation | 11,008 | 10,181 |
Net Book Value | 22,000 | 22,827 |
Machinery and equipment [Member] | ||
Capital Assets | ||
Cost | 1,439 | 1,426 |
Accumulated Depreciation | 847 | 808 |
Net Book Value | 592 | 618 |
Furniture, fixtures and leasehold improvements [Member] | ||
Capital Assets | ||
Cost | 119 | 119 |
Accumulated Depreciation | 117 | 115 |
Net Book Value | 2 | 4 |
Information technology [Member] | ||
Capital Assets | ||
Cost | 1,123 | 1,100 |
Accumulated Depreciation | 1,085 | 1,072 |
Net Book Value | 38 | 28 |
ROU Assets [Member] | ||
Capital Assets | ||
Cost | 92 | 83 |
Accumulated Depreciation | 22 | 71 |
Net Book Value | $ 70 | $ 12 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 598 | $ 523 |
Payroll and other taxes | 94 | 205 |
Severance and ad valorem tax payable | 1,563 | 1,483 |
Accounts payable and accrued liabilities | $ 2,255 | $ 2,211 |
Notes Payable - Current vs Long
Notes Payable - Current vs Long-term (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Current debt | ||
Less deferred financing costs | $ (17) | |
Current portion of long term debt | 1,683 | |
Long term debt | ||
Less deferred financing costs | (174) | $ (226) |
Long-term Debt | 11,460 | 12,215 |
SBA PPP Loan [Member] | ||
Current debt | ||
SBA - Payroll Protection Program Loan | 395 | |
Long term debt | ||
SBA - Payroll Protection Program Loan long term | 498 | |
State Bond Loan [Member] | ||
Current debt | ||
State Bond Loan | 1,305 | |
Long term debt | ||
State Bond Loan | $ 11,136 | $ 12,441 |
Notes Payable - Maturity table
Notes Payable - Maturity table (Details) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 16, 2022 | Jun. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes Payable | |||||||
Total | $ 14,617 | ||||||
State Bond Loan [Member] | |||||||
Notes Payable | |||||||
Interest | 1,269 | ||||||
Total | 12,441 | ||||||
Debt Instrument, Maturity Date | Apr. 1, 2023 | ||||||
SBA PPP Loan [Member] | |||||||
Notes Payable | |||||||
Principal | 893 | ||||||
Interest | $ 14 | ||||||
Debt Instrument, Maturity Date | Apr. 16, 2022 | ||||||
2020 | |||||||
Notes Payable | |||||||
Total | $ 286 | ||||||
2020 | State Bond Loan [Member] | |||||||
Notes Payable | |||||||
Interest | 179 | ||||||
2020 | SBA PPP Loan [Member] | |||||||
Notes Payable | |||||||
Principal | 98 | ||||||
Interest | $ 9 | ||||||
2021 | |||||||
Notes Payable | |||||||
Total | $ 5,231 | ||||||
2021 | State Bond Loan [Member] | |||||||
Notes Payable | |||||||
Interest | 659 | ||||||
Total | 3,971 | ||||||
2021 | SBA PPP Loan [Member] | |||||||
Notes Payable | |||||||
Principal | 596 | ||||||
Interest | $ 5 | ||||||
2022 | |||||||
Notes Payable | |||||||
Total | $ 6,133 | ||||||
2022 | State Bond Loan [Member] | |||||||
Notes Payable | |||||||
Interest | 368 | ||||||
Total | 5,566 | ||||||
2022 | SBA PPP Loan [Member] | |||||||
Notes Payable | |||||||
Principal | $ 199 | ||||||
2023 | |||||||
Notes Payable | |||||||
Total | $ 2,967 | ||||||
2023 | State Bond Loan [Member] | |||||||
Notes Payable | |||||||
Interest | 63 | ||||||
Total | $ 2,904 |
Notes Payable (Details)
Notes Payable (Details) $ in Thousands | Oct. 15, 2013USD ($) | Jun. 30, 2020USD ($) | Apr. 16, 2020USD ($)loan | Oct. 23, 2013item |
Notes Payable | ||||
Total SBA payroll protection program loan received | $ 900 | |||
Proceeds from debt financing | $ 893 | |||
SBA PPP Loan [Member] | ||||
Notes Payable | ||||
Number of SBA PPP loans | loan | 2 | |||
Total SBA payroll protection program loan received | $ 900 | |||
Sweetwater IDR Bond [Member] | ||||
Notes Payable | ||||
Proceeds from Issuance of Long-term Debt | $ 34,000 | |||
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Estimated Future Cash Undiscounted Amount | $ 29,800 | |
Estimated future cost to complete reclamation including inflation | $ 39,900 | |
Change in estimated liability | $ 11 | |
Minimum | ||
Discount Rate Of Asset Retirement Obligations | 0.33% | |
Maximum | ||
Discount Rate Of Asset Retirement Obligations | 7.25% |
Asset Retirement Obligations -
Asset Retirement Obligations - Rollfoward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Asset Retirement Obligation Rollforward | |||||
Beginning of period | $ 30,972 | $ 30,384 | $ 30,384 | ||
Change in estimated liability | 11 | ||||
Accretion expense | $ 143 | $ 144 | 288 | $ 287 | 577 |
End of period | $ 31,260 | $ 31,260 | $ 30,972 |
Other Liabilities (Details)
Other Liabilities (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)item$ / shares | Dec. 31, 2019$ / shares | Sep. 25, 2018shares | |
Other Liabilities | ||||
Exercise price | $ 1 | $ 1 | $ 1 | |
Gain on revaluation of liability | $ | $ (232) | $ 41 | ||
Warrants | ||||
Other Liabilities | ||||
Number of securities called by each warrant | shares | 13,062,878 | |||
Exercise price | $ 0.01 | $ 0.01 | ||
Number of warrants redeemable shares | item | 2 |
Shareholders' Equity and Capi_3
Shareholders' Equity and Capital Stock - options activity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Options Rollforward | ||
Outstanding, Beginning Balance | 11,076,583 | |
Granted, Options | 0 | 0 |
Forfeited, Options | (51,798) | |
Expired, Options | (200,000) | |
Outstanding Ending Balance, Options | 10,824,785 | |
Outstanding, Beginning Balance, Weighted-average exercise price | $ 0.64 | |
Forfeited, Weighted-average exercise price | 0.59 | |
Expired, Weighted-average exercise price | 0.84 | |
Outstanding Ending Balance, Weighted-average exercise price | 0.61 | |
Grant date intrinsic value | $ 0 |
Shareholders' Equity and Capi_4
Shareholders' Equity and Capital Stock - o/s options (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Outstanding Stock Options | ||
Exercise price | $ 0.61 | $ 0.64 |
Number of options, Outstanding | 10,824,785 | 11,076,583 |
Number of options, Exercisable | 0 | |
Exercise price $0.63 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.63 | |
Number of options, Outstanding | 516,902 | |
Weighted- average remaining contractual life (years), Outstanding | 1 month 6 days | |
Number of options, Exercisable | 516,902 | |
Weighted- average remaining contractual life (years), Exercisable | 1 month 6 days | |
Exercise price $0.59 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.59 | |
Number of options, Outstanding | 897,508 | |
Weighted- average remaining contractual life (years), Outstanding | 4 months 24 days | |
Number of options, Exercisable | 897,508 | |
Weighted- average remaining contractual life (years), Exercisable | 4 months 24 days | |
Exercise price $0.54 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.54 | |
Number of options, Outstanding | 2,337,434 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 6 months | |
Number of options, Exercisable | 2,337,434 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 6 months | |
Exercise price $0.75 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.75 | |
Number of options, Outstanding | 300,000 | |
Weighted- average remaining contractual life (years), Outstanding | 1 year 8 months 12 days | |
Number of options, Exercisable | 300,000 | |
Weighted- average remaining contractual life (years), Exercisable | 1 year 8 months 12 days | |
Exercise price $0.54 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.54 | |
Number of options, Outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 2 months 12 days | |
Number of options, Exercisable | 132,000 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 2 months 12 days | |
Exercise price $0.66 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.66 | |
Number of options, Outstanding | 1,769,411 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 6 months | |
Number of options, Exercisable | 1,187,174 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 6 months | |
Exercise price $0.57 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.57 | |
Number of options, Outstanding | 200,000 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 8 months 12 days | |
Number of options, Exercisable | 133,333 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 8 months 12 days | |
Exercise price $0.68 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.68 | |
Number of options, Outstanding | 976,259 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 1 month 6 days | |
Number of options, Exercisable | 339,859 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 1 month 6 days | |
Exercise price $0.67 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.67 | |
Number of options, Outstanding | 822,768 | |
Weighted- average remaining contractual life (years), Outstanding | 3 years 6 months | |
Number of options, Exercisable | 278,351 | |
Weighted- average remaining contractual life (years), Exercisable | 3 years 6 months | |
Exercise price $0.58 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.58 | |
Number of options, Outstanding | 2,804,503 | |
Weighted- average remaining contractual life (years), Outstanding | 4 years 4 months 24 days | |
Exercise price $0.64 | ||
Outstanding Stock Options | ||
Exercise price | $ 0.64 | |
Number of options, Outstanding | 10,824,785 | |
Weighted- average remaining contractual life (years), Outstanding | 2 years 7 months 6 days | |
Number of options, Exercisable | 6,122,561 | |
Weighted- average remaining contractual life (years), Exercisable | 2 years 1 month 6 days |
Shareholders' Equity and Capi_5
Shareholders' Equity and Capital Stock - RSU activity (Details) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
RSU Rollforward | |
Number of RSUs Unvested, Beginning Balance | shares | 1,155,928 |
Number of RSUs Forfeited | shares | (13,433) |
Number of RSUs Unvested, Ending Balance | shares | 1,142,495 |
Number of RSUs Unvested, Beginning Balance, Weighted average grant date fair value | $ / shares | $ 0.65 |
Forfeited, Weighted average grant date fair value | $ / shares | 0.59 |
Number of RSUs Unvested, Ending Balance, Weighted Average Grant Date Fair Value | $ / shares | $ 0.62 |
Shareholders' Equity and Capi_6
Shareholders' Equity and Capital Stock - o/s RSUs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
RSUs | ||
Number of unvested units | 1,142,495 | 1,155,928 |
Remaining life (years) | 11 months 8 days | |
Aggregate Intrinsic Value | $ 583 | |
August 22. 2018 | ||
RSUs | ||
Number of unvested units | 215,587 | |
Remaining life (years) | 5 months 15 days | |
Aggregate Intrinsic Value | $ 110 | |
December 14, 2018 | ||
RSUs | ||
Number of unvested units | 701,134 | |
Remaining life (years) | 1 year 4 months 6 days | |
Aggregate Intrinsic Value | $ 358 | |
December 15, 2017 | ||
RSUs | ||
Number of unvested units | 225,774 | |
Remaining life (years) | 1 month 24 days | |
Aggregate Intrinsic Value | $ 115 |
Shareholders' Equity and Capi_7
Shareholders' Equity and Capital Stock - warrants activity (Details) - $ / shares | Sep. 25, 2018 | Jun. 30, 2020 | Dec. 31, 2019 |
Class of Warrant or Right | |||
Outstanding Beginning Balance, Warrants | 13,062,878 | ||
Outstanding Ending Balance, Warrants | 13,062,878 | ||
Outstanding Beginning Balance, Number of shares to be issued upon exercise | 6,531,439 | ||
Ending Balance, Number of shares to be issued upon exercise | 6,531,439 | ||
Per share exercise price, Outstanding | $ 1 | $ 1 | |
Warrants | |||
Class of Warrant or Right | |||
Stock Repurchased During Period, Shares | 6,531,439 | ||
Stock Repurchased, Price Per Share | $ 1 | ||
Per share exercise price, Outstanding | $ 0.01 |
Shareholders' Equity and Capi_8
Shareholders' Equity and Capital Stock - o/s warrants (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Class of Warrant or Right | ||
Exercise price | $ 1 | $ 1 |
Number of warrants | 13,062,878 | 13,062,878 |
$0.95 [Member] | ||
Class of Warrant or Right | ||
Exercise price | $ 1 | |
Number of warrants | 13,062,878 | |
Remaining contractual life (years) | 1 year 2 months 12 days |
Shareholders' Equity and Capi_9
Shareholders' Equity and Capital Stock - addl information (Details) $ / shares in Units, $ in Thousands | Aug. 04, 2020USD ($) | Dec. 15, 2019shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2020$ / shares | Mar. 31, 2020shares | Dec. 31, 2019$ / sharesshares | Sep. 30, 2019shares | Mar. 31, 2019shares | Dec. 31, 2018shares | Sep. 25, 2018shares |
Stockholder's Equity Note [Line Items] | |||||||||||||
Common Stock Shares Issued | 160,478,059 | 160,478,059 | 160,478,059 | ||||||||||
Share Price | $ / shares | $ 0.70 | ||||||||||||
Payments Of Stock Issuance Costs | $ | $ 400 | ||||||||||||
Exercise of stock options | $ | $ 134 | ||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number | 10,824,785 | 10,824,785 | 11,076,583 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | 0 | |||||||||||
Stock based compensation | $ | $ 200 | $ 200 | $ 464 | $ 370 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | 100 | ||||||||||||
Proceeds from Stock Options Exercised | $ | $ 0 | $ 134 | |||||||||||
Granted, Options | 0 | 0 | |||||||||||
RSUs vested but not redeemed (in shares) | 54,431 | ||||||||||||
RSU's redeemed for common shares | 28,686 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | $ 1 | $ 1 | ||||||||||
Capital Stock | |||||||||||||
Stockholder's Equity Note [Line Items] | |||||||||||||
Common Stock Shares Issued | 160,478,059 | 159,935,563 | 160,478,059 | 159,935,563 | 160,478,059 | 160,478,059 | 159,729,403 | 159,729,403 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 206,160 | ||||||||||||
Exercise of stock options | $ | $ 190 | ||||||||||||
Warrants | |||||||||||||
Stockholder's Equity Note [Line Items] | |||||||||||||
Number of securities called by each warrant | 13,062,878 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | $ 0.01 | |||||||||||
In Money Stock Option [Member] | |||||||||||||
Stockholder's Equity Note [Line Items] | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ | $ 1,100 | $ 1,100 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | ||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Stockholder's Equity Note [Line Items] | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ | $ 400 | $ 400 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | ||||||||||||
Restricted Stock Units (RSUs) [Member] | Capital Stock | |||||||||||||
Stockholder's Equity Note [Line Items] | |||||||||||||
Number of securities called by each warrant | 1 | 1 | |||||||||||
Employee Stock Option [Member] | |||||||||||||
Stockholder's Equity Note [Line Items] | |||||||||||||
Vesting period | 5 years | ||||||||||||
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] | |||||||||||||
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% |
Sales (Details)
Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Sales | ||||
Sales | $ 6,934 | $ 11,479 | $ 8,304 | $ 16,291 |
Total sales | 8,300 | 16,289 | ||
Sales Revenue, Goods, Net | 8,304 | 16,291 | ||
Disposal fee income | $ 4 | $ 2 | ||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Sales | $ 9,888 | |||
Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Sales | $ 8,300 | 6,401 | ||
Company A [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Sales Revenue, Goods, Net | 7,482 | |||
Company B [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Sales | 2,406 | |||
Company B [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Sales | 2,406 | |||
Company C [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Sales | $ 8,300 | $ 3,995 | ||
Customer Concentration Risk [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Disposal Fee Income Concentration Risk Percentage | 0 | 0 | ||
Customer Concentration Risk [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 0.00% | 60.70% | ||
Customer Concentration Risk [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 100.00% | 39.30% | ||
Customer Concentration Risk [Member] | Company A [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 0.00% | 45.90% | ||
Customer Concentration Risk [Member] | Company B [Member] | Sales Of Produced Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 0.00% | 14.80% | ||
Customer Concentration Risk [Member] | Company B [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 0.00% | 14.80% | ||
Customer Concentration Risk [Member] | Company C [Member] | Sale Of Purchased Inventory [Member] | ||||
Sales | ||||
Concentration Risk, Percentage | 100.00% | 24.50% |
Supplementary Information For_3
Supplementary Information For Statement of Cash Flows (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Supplementary Information For Statement of Cash Flows | ||||
Cash and cash equivalents | $ 5,567 | $ 7,752 | $ 6,536 | |
Restricted cash | 7,463 | 7,463 | 7,461 | |
Total | $ 13,030 | $ 15,215 | $ 13,997 | $ 13,830 |
Financial instruments (Details)
Financial instruments (Details) | Aug. 04, 2020USD ($) | May 19, 2020USD ($) | Jun. 30, 2020USD ($)item |
Financial Instruments | |||
Cash, insured amount | $ 900,000 | ||
Accounts Payable, Trade, Current | $ 500,000 | ||
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 | $ 12,200,000 | ||
Minimum | |||
Financial Instruments | |||
Financial Liabilities Trade Terms Period | 30 days | ||
Maximum | |||
Financial Instruments | |||
Financial Liabilities Trade Terms Period | 60 days | ||
Maximum | At Market Issuance Sales Agreement | |||
Financial Instruments | |||
Proceeds from shares issued | $ 10,000,000 | ||
Subsequent Event [Member] | |||
Financial Instruments | |||
Proceeds from shares issued | $ 4,680,000 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 04, 2020 | Apr. 16, 2020 |
Subsequent Event [Line Items] | ||
Total SBA payroll protection program loan received | $ 900 | |
Share issue costs | $ 400 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from shares issued | $ 4,680 | |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Granted | $ 0.75 | |
Class Of Warrant Or Right Shares Issued On Exercise Granted | 4,500,000 | |
Sale of Stock, Price Per Share | $ 0.52 | |
Share issue costs | $ 400 | |
Common Stock Warrants Term | 2 years | |
Common shares issued for cash, net of issue costs (in shares) | 9,000,000 | |
Sale of Stock, Consideration Received on Transaction After Deducting Other Costs | $ 4,300 |