Westwater Resources (WWR) 10-Q 8 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 08, 2014
Document and Entity Information	'	'
Entity Registrant Name	'URANIUM RESOURCES INC /DE/	'
Entity Central Index Key	'0000839470	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	24,971,445
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$10,419,968	$1,117,303
Prepaid and other current assets	716,217	685,678
Total Current Assets	11,136,185	1,802,981
Property, plant and equipment, at cost:	'	'
Property, plant and equipment	96,411,460	96,407,310
Less accumulated depreciation, depletion and impairment	-65,744,117	-65,566,411
Net property, plant and equipment	30,667,343	30,840,899
Restricted cash	4,010,967	4,010,937
Total Assets	45,814,495	36,654,817
Current Liabilities:	'	'
Accounts payable	1,042,724	1,243,169
Accrued liabilities	1,193,383	1,775,491
Current portion of asset retirement obligations	151,434	'
Current portion of capital leases	8,650	10,543
Total Current Liabilities	2,396,191	3,029,203
Asset retirement obligations	3,637,068	3,833,608
Derivative liability - convertible loan	3,956,886	2,169,408
Convertible loan, related party	3,425,219	1,024,715
Other long-term liabilities and deferred credits	1,350,000	1,350,000
Long-term capital leases, less current portion	'	4,495
Total Liabilities	14,765,364	11,411,429
Commitments and contingencies (Notes 3, 5, 6 and 10)	'	'
Stockholders' Equity:	'	'
Common stock, 200,000,000 shares authorized, $.001 par value; 24,686,715 and 19,820,258 shares issued and outstanding, respectively	24,691	19,824
Paid-in capital	229,092,383	216,703,028
Accumulated deficit	-198,058,525	-191,470,046
Less: Treasury stock (3,813 shares), at cost	-9,418	-9,418
Total Stockholders' Equity	31,049,131	25,243,388
Total Liabilities and Stockholders' Equity	$45,814,495	$36,654,817

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
CONSOLIDATED BALANCE SHEETS	'	'
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares issued	24,686,715	19,820,258
Common stock, shares outstanding	24,686,715	19,820,258
Treasury stock, shares at cost	3,813	3,813

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating income/(expenses)	'	'	'	'
Mineral property expenses	($1,062,368)	($1,633,476)	($1,942,372)	($2,742,453)
General and administrative	-2,157,218	-1,939,882	-4,798,718	-4,575,118
Accretion of asset retirement obligations	-22,438	-97,435	-101,617	-194,870
Depreciation and amortization	-76,800	-111,082	-177,706	-232,960
Impairment of uranium properties	'	-400,226	'	-679,655
Total operating expenses	-3,318,824	-4,182,101	-7,020,413	-8,425,056
Other income/(expenses)	'	'	'	'
Gain on derivatives	805,879	'	1,459,647	'
Interest expense	-624,063	-9,908	-1,038,066	-249,626
Other income/(expense), net	8,566	-4,691	10,353	4,535
Total other income/(expense)	190,382	-14,599	431,934	-245,091
Net loss	($3,128,442)	($4,196,700)	($6,588,479)	($8,670,147)
LOSS PER SHARE - BASIC AND DILUTED (in dollars per share)	($0.13)	($0.21)	($0.28)	($0.47)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in shares)	24,619,266	19,820,507	23,495,157	18,550,244

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL CASH FLOW INFORMATION (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating activities:	'	'
Net loss	($6,588,479)	($8,670,147)
Reconciliation of net loss to cash used in operations:	'	'
Accretion/amortization of asset retirement obligations	101,617	194,870
Amortization of debt discount	647,629	'
Unrealized gain - derivative liability	-1,459,647	'
Decrease in restoration and reclamation accrual	-146,723	-933,897
Depreciation	177,706	232,960
Impairment of uranium properties	'	679,655
Stock compensation expense	463,274	183,316
Other non-cash items, net	23,846	73,795
Effect of changes in operating working capital items:	'	'
Decrease in receivables	19,185	270,876
(Increase)/decrease in prepaid and other current assets	-49,754	35,773
Decrease in payables, accrued liabilities and deferred credits	28,698	-291,301
Net cash used in operating activities	-6,782,648	-8,224,100
Cash flows from investing activities:	'	'
Additions to restricted cash	'	5,481,573
Additions to/(reductions in) uranium properties	'	-115,244
Purchases of equipment	-4,150	'
Net cash provided by/( used in) investing activities	-4,150	5,366,329
Cash flows from financing activities:	'	'
Proceeds from convertible loan	5,000,000	'
Payments on borrowings	-6,388	-80,444
Issuance of common stock, net	11,183,071	3,599,432
Payment of minimum withholding taxes on net share settlements of equity awards	-87,220	'
Net cash provided by financing activities	16,089,463	3,518,988
Net increase in cash and cash equivalents	9,302,665	661,217
Cash and cash equivalents, beginning of period	1,117,303	4,664,596
Cash and cash equivalents, end of period	10,419,968	5,325,813
Cash paid during the period for:	'	'
Interest	5,751	2,970
Non-cash transactions:	'	'
Common stock issued for payment of convertible loan fees and interest	501,250	'
Common stock issued for repayment of short-term loan principal and interest	'	5,095,833
Common stock issued under stock-based compensation plans	191,730	'
Common stock issued for the settlement of litigation	333,847	'
Common stock issued for services	'	291,500
Restricted stock issued for services	'	$47

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock	Paid-In Capital	Accumulated Deficit	Treasury Stock
Balances at Dec. 31, 2013	$25,243,388	$19,824	$216,703,028	($191,470,046)	($9,418)
Balances (in shares) at Dec. 31, 2013	19,820,258	19,820,258	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Net loss	-6,588,479	'	'	-6,588,479	'
Common stock issued, net of issuance costs	11,183,071	4,484	11,178,587	'	'
Common stock issued, net of issuance costs (in shares)	'	4,483,350	'	'	'
Common stock issued for loan interest and fees	501,250	184	501,066	'	'
Common stock issued for loan interest and fees (in shares)	'	184,143	'	'	'
Common stock issued for settlement of litigation	333,847	119	333,728	'	'
Common stock issued for settlement of litigation (in shares)	'	119,231	'	'	'
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes	463,274	80	463,194	'	'
Stock compensation expense and related share issuances, net of shares withheld for the payment of taxes (in shares)	'	79,733	'	'	'
Minimum withholding taxes on net share settlements of equity awards	-87,220	'	-87,220	'	'
Balances at Jun. 30, 2014	$31,049,131	$24,691	$229,092,383	($198,058,525)	($9,418)
Balances (in shares) at Jun. 30, 2014	24,686,715	24,686,715	'	'	'

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2014
BASIS OF PRESENTATION	'
BASIS OF PRESENTATION	'
	1. BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The accompanying statements should be read in conjunction with the audited financial statements included in the Company’s 2013 Annual Report on Form 10-K. In the opinion of management, all adjustments (which are of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three- and six-month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for any other period including the full year ending December 31, 2014.
	Restatement of Previously Reported Consolidated Financial Information
	On December 17, 2013, we filed an amended Quarterly Report on Form 10-Q/A (the “Form 10-Q/A”) to our Quarterly Report on Form 10-Q for the period ended June 30, 2013 to amend and restate the Company’s condensed consolidated financial statements and related disclosures as of June 30, 2013 and for the three and six-month periods ended June 30, 2013 and 2012 by reclassifying costs from property, plant and equipment to mineral property expenses. The condensed consolidated financial statements and related disclosures in this Quarterly Report on Form 10-Q, as it relates to the period ended June 30, 2013, incorporate the effects of this restatement.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2014
PROPERTY, PLANT AND EQUIPMENT	'
PROPERTY, PLANT AND EQUIPMENT	'
	2. PROPERTY, PLANT AND EQUIPMENT
		30-Jun-14	31-Dec-13
		Net book value		Net book value
	Uranium plant	$        9,135,240		$         9,190,480
	Mineral rights and properties	19,749,754		19,749,754
	Vehicles/depreciable equipment	1,503,276		1,591,061
	Other property, plant and equipment	279,073		309,604
	Total	$      30,667,343		$       30,840,899

DEBT

DEBT	6 Months Ended
	Jun. 30, 2014
DEBT	'
DEBT	'
	3. DEBT
	On November 13, 2013, the Company, together with each of its subsidiaries as guarantors, entered into a loan agreement (the “Loan Agreement”) with Resource Capital Fund V L.P. (“RCF”), whereby RCF agreed, subject to the terms and conditions set forth in the Loan Agreement, to provide a secured convertible loan facility of up to $15.0 million to the Company. The facility initially consisted of three tranches of $5.0 million each. RCF advanced $3.0 million of the first $5.0 million tranche shortly following the closing of the Loan Agreement and on January 29, 2014, the Company’s stockholders, excluding RCF, approved the Loan Agreement and the issuance of shares thereunder. Following such approval, RCF advanced the remaining $2.0 million of the first tranche on February 4, 2014. On April 29, 2014, the Company and RCF executed an amendment to the Loan Agreement which reduced the amount available thereunder from $15.0 million to $8.0 million, and on April 30, 2014, the Company requested, and RCF advanced, the final $3.0 million available under the Loan Agreement.  The total amount drawn under the Loan Agreement is $8.0 million as of June 30, 2014.
	Amounts drawn under the Loan Agreement mature on December 31, 2016 and bear interest at 12% per annum through January 29, 2014 and 10% per annum thereafter, payable quarterly in arrears in shares of the Company’s common stock or, at RCF’s election, in cash.  Additionally, the Company pays a commitment fee quarterly equal to 1% of the amount available, but not drawn, under the Loan Agreement.  In connection with the Loan Agreement the Company also paid, in shares of the Company’s common stock, a 2% loan establishment fee in the amount of $300,000 to RCF. The number of shares to be issued as payment for interest and fees is determined based upon the volume weighted-average price (“VWAP”) of the Company’s common stock for the 20 trading days preceding the last day of each quarter for interest payments and commitment fees and the 20 trading days preceding October 17, 2013 for the loan establishment fee.  Accordingly, the Company has issued the following shares of common stock for settlement of interest expense, commitment fees and the establishment fee:
		Amount ($)		Shares of	VWAP		Date of issuance
				common stock
				issued
	Establishment fee	$	300,000	117,188	$	2.56	February 4, 2014
	Q4 2013 Interest payment and commitment fee	63,083		21,218	$	2.9731	February 4, 2014
	Q1 2014 Interest payment and commitment fee	138,167		45,737	$	3.0209	April 10, 2014
	Q2 2014 Interest payment and commitment fee	183,889		69,233	$	2.6561	July 25, 2014
	Total	$	685,139	253,376
	As of June 30, 2014, the interest expense and commitment fee of $183,889 relating to the three-month period ended June 30, 2014 was included in accrued liabilities on the Company’s Consolidated Balance Sheets.  Also as of June 30, 2014, the Company has no additional amount available for advance under the Loan Agreement and, as a result, no longer incurs the commitment fee.
	The Company’s obligations under the Loan Agreement are secured by pledges on the equity interests of the Company’s subsidiaries and a lien on substantially all of the assets of the Company and its subsidiaries. The Company may prepay all or any portion of the amounts drawn under the Loan Agreement without penalty, subject to a minimum prepayment amount of $5.0 million or (if lower) the full amount then outstanding. Prepaid amounts may not be redrawn. The loan agreement contains customary representations, warranties, covenants and events of default and grants RCF the right to designate two nominees to the Company’s Board of Directors so long as any obligations remain outstanding under the Loan Agreement.
	RCF may convert amounts drawn under the Loan Agreement into shares of the Company’s common stock at any time prior to maturity on December 31, 2016. The conversion price is initially set at $2.60 per share and is subject to customary anti-dilution adjustments and further downward adjustment, subject to a floor of $1.00 per share, in case of certain equity issuances by the Company before November 13, 2014. As of August 8, 2014, RCF owned approximately 6.7 million shares or 27% of the Company’s outstanding common stock. If RCF were to convert the entire $8.0 million outstanding under the Loan Agreement, assuming a conversion price of $2.60 per share, RCF would receive approximately 3.1 million shares of the Company’s common stock, and RCF’s ownership percentage in the Company would increase to approximately 35%.

DERIVATIVE_LIABILITY

DERIVATIVE LIABILITY	6 Months Ended
	Jun. 30, 2014
DERIVATIVE LIABILITY.	'
DERIVATIVE LIABILITY	'
	4. DERIVATIVE LIABILITY
	The conversion feature of the Loan Agreement was determined to be an embedded derivative under ASC 815 as the exercise price is subject to downward adjustment as discussed in Note 3 above and, therefore, does not meet the “fixed-for-fixed” criteria. As a result, the conversion feature of the convertible Loan Agreement is required to be bifurcated and classified as a derivative liability recorded at an initial fair value and subsequently marked-to-market each period with the changes in fair value reported in the Company’s results of operations. The initial fair value measurement of the derivative liability as determined on the date of each advance has been recognized as a debt discount and will be amortized over the life of the Loan Agreement.
	The fair value of the derivative liability has been calculated using the Black-Scholes option pricing model with the following assumptions:
	Risk-free interest rate	0.65% - 0.91%
	Expected life of derivative liability	2.51 — 2.91 years
	Expected volatility	84% - 94%
	Dividend rate	0.00%
	The changes in the derivative liabilities related to the conversion feature are as follows:
		Derivative
		Liability
	Fair value of derivative liability at January 31, 2014	$  2,169,408
	Fair value of $2,000,000 drawdown	1,555,806
	Fair value of $3,000,000 drawdown	1,691,319
	Unrealized gain on derivative liability	-1,459,647
	Fair value of derivative liability at June 30, 2014	$  3,956,886

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	5. FAIR VALUE OF FINANCIAL INSTRUMENTS
	Our financial instruments consist of cash equivalents, restricted cash, asset retirement obligations and derivative liabilities.  U.S. GAAP defines “fair value” as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):
	·
	Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
	·
	Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.
	·
	Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable.
	The Company considers all highly liquid instruments purchased with an original maturity of three-months or less to be cash equivalents.  The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests.  Periodically throughout the year, the Company has maintained balances in various U.S. operating accounts in excess of U.S. federally insured limits.
	The following table presents information about financial instruments recognized at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, and indicates the fair value hierarchy:
		30-Jun-14
		Level 1	Level 2	Level 3	Total
	Assets
	Restricted cash	$    4,010,967	$                 -	$               -	$   4,010,967
	Total financial assets	$    4,010,967	$                 -	$               -	$   4,010,967
	Liabilities
	Asset retirement obligation	$                  -	$   3,788,502	$               -	$   3,788,502
	Derivative liabilities	-	-	3,956,886	3,956,886
	Total financial liabilities	$                  -	$   3,788,502	$3,956,886	$   7,745,388
		31-Dec-13
		Level 1	Level 2	Level 3	Total
	Assets
	Restricted cash	$    4,010,937	$                 -	$               -	$   4,010,937
	Total financial assets	$    4,010,937	$                 -	$               -	$   4,010,937
	Liabilities
	Asset retirement obligation	$                  -	$   3,833,608		$   3,833,608
	Derivative liabilities	-	-	2,169,408	2,169,408
	Total financial liabilities	$                  -	$   3,833,608	$2,169,408	$   6,003,016

ASSET_RETIREMENT_OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2014
ASSET RETIREMENT OBLIGATIONS	'
ASSET RETIREMENT OBLIGATIONS	'
	6. ASSET RETIREMENT OBLIGATIONS
	The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:
		June 30,	December 31,
		2014	2013
	Balance at beginning  of period	$    3,833,608	$  4,498,057
	Changes in cash flow estimates	-	584,025
	Costs incurred	-146,723	-1,638,214
	Accretion expense	101,617	389,740
	Balance at ending of period	$    3,788,502	$  3,833,608
	The Company’s asset retirement obligation balance of $3,788,502 is comprised of a current liability in the amount of $151,434 and a long-term liability in the amount of $3,637,068.  The Company is currently performing plugging and abandonment activities at its Rosita project.

COMMON_STOCK

COMMON STOCK	6 Months Ended
	Jun. 30, 2014
COMMON STOCK	'
COMMON STOCK	'
	7. COMMON STOCK
	Common stock issued, net of issuance costs
	Registered Direct Offering
	On February 12, 2014, the Company completed a registered direct offering with the issuance of 3,960,000 shares of common stock at a price of $2.60 per share for net proceeds of $9,307,245.
	At-the-market Sales
	On October 31, 2011, the Company entered into an ATM Sales Agreement with BTIG LLC (the “ATM Sales Agreement”), a major global securities trading firm that acts as our sales agent. Under the ATM Sales Agreement, the Company may sell from time to time, in “at-the-market” offerings, shares of its common stock registered under its currently effective registration statement on Form S-3. On October 31, 2011, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the offering, relating to shares of its common stock having an aggregate offering price of up to $15.0 million. The Company pays BTIG a commission equal to 3.0% of the gross proceeds from the sale of any shares pursuant to the ATM Sales Agreement.
	During the six months ended June 30, 2014 the Company sold 523,350 shares of common stock for net proceeds of $1,875,826 under the ATM Sales Agreement. Subsequent to June 30, 2014, the Company sold 69,301 shares of its common stock for net proceeds of $180,977.  As of August 8, 2014, approximately $6.9 million of the aggregate $15.0 million remained available for future sales under the ATM Sales Agreement.
	Common stock issued for loan interest and fees
	As discussed in Note 3 above, unless RCF elects to receive cash, RCF receives common shares of the Company for the payment of interest owing on the Loan Agreement.  For the six-months ended June 30, 2014, the Company issued 184,143 common shares for the payment of $501,250 in interest and fees.
	Common stock issued for settlement of litigation
	On April 15, 2014, the Company and a former executive of the Company, entered into a Settlement Agreement and General Release, under the terms of which it was agreed by the Company’s former executive to dismiss with prejudice claims he brought in a lawsuit against the Company.  As a result of this Settlement Agreement, the Company issued common shares to the Company’s former executive with a value of $333,847.  The issuance of 119,231 shares of common stock was based upon a common share price of $2.80.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2014
STOCK-BASED COMPENSATION	'
STOCK-BASED COMPENSATION	'
	8. STOCK-BASED COMPENSATION
	Stock-based compensation awards consist of stock options, restricted stock units and restricted stock awards issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”); the 2007 Restricted Stock Plan (the “2007 Plan”); the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”); the 2004 Stock Incentive Plan (the “2004 Plan”); and the 1995 Stock Incentive Plan (the “1995 Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated.  As of June 30, 2014, 784,631 shares were available for future issuances under the 2013 Plan.  For the three and six months ending June 30, 2014, the Company recorded stock-based compensation cost of $346,606 and $463,274, respectively, which has been included in general and administrative expense.
	Bonus Shares
	In March 2014, in accordance with the Company’s short-term incentive plan, the Company awarded its executives bonuses that were paid out in common stock of the Company.  The bonus shares were valued using the closing share price of the Company’s common stock on the date of grant.  The bonus shares issued vested immediately and had a grant date fair value of $191,730.
	Stock Options
	The following table summarizes stock options outstanding and changes during the six-months ended June 30, 2014:
		Number of stock options	Weighted Average Exercise Price
	Stock options outstanding at January 1, 2014	309,479	$         19.75
	Granted	-	-
	Exercised	-	-
	Expired	-131,250	11.6
	Canceled or forfeited	-14,000	31.31
	Stock options outstanding at June 30, 2014	164,229	$         25.28
	Stock options exercisable at June 30, 2014	113,072	$         35.20
	The following table summarizes stock options outstanding and exercisable by stock option plan at June 30, 2014:
		Outstanding Options		Options Exercisable
	Stock Option Plan	Number of Options Outstanding	Weighted Average Exercise  Price	Number of Options Exercisable	Weighted Average Exercise  Price
	1995 Stock Incentive Plan	8,750	$            31.20	8,750	$             31.20
	2004 Stock Incentive Plan	75,481	11.76	34,740	22.34
	2004 Director's Plan	74,998	39.68	69,582	42.13
	2013 Omnibus Incentive Plan	5,000	2.99	-	-
		164,229	$            25.28	113,072	$             35.20
	Total estimated unrecognized compensation cost from unvested stock options as of June 30, 2014 was approximately $132,560, which is expected to be recognized over a weighted-average period of approximately two years.
	Restricted Stock Units
	Time-based and performance-based restricted stock units (“RSUs”) are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria.
	The following table summarizes RSU activity during the period ended June 30, 2014:
		Number of restricted stock units	Weighted-Average Grant Date Fair Value
	RSUs outstanding at January 1, 2014	280,000	$             3.31
	Granted	431,941	$             2.61
	Forfeited	-20,000	$             2.83
	Vested	-59,997	$             2.83
	RSUs outstanding at June 30, 2014	631,944	$             2.89
	Total estimated unrecognized compensation cost from unvested RSUs as of June 30, 2014 was approximately $1,358,138, which is expected to be recognized over a weighted average period of 2.62 years.
	Restricted Stock Awards
	Time-based and performance-based restricted stock awards (“RSAs”) are valued using the closing share price of the Company’s common stock on the date of grant. Vesting based on performance criteria is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such grants assumes full satisfaction of all performance criteria. Employee participants who receive restricted stock awards have all of the rights of a shareholder, including the right to vote shares of restricted stock that are the subject of the grant and the right to receive any regular cash dividends paid out of current earnings.
	The following table summarizes RSA activity during the period ended June 30, 2014:
		Number of RSAs	Weighted-Average Grant Date Fair Value
	RSAs outstanding at January 1, 2014	54,151	$                 5.49
	Forfeited	-5,601	$                 5.39
	Vested	-20,230	$                 5.58
	RSAs outstanding at June 30, 2014	28,320	$                 5.44
	The total estimated unrecognized compensation cost from the unvested RSA grants at June 30, 2014 was $142,670, which is expected to be recognized over the weighted average vesting period of 1.35 years.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2014
EARNINGS PER SHARE	'
EARNINGS PER SHARE	'
	9. EARNINGS PER SHARE
	All per share data herein has been retroactively adjusted for the 1 for 10 reverse stock split that occurred following the close of trading on January 22, 2013.
	Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period.  Potentially dilutive shares of 3,873,096 were excluded from the calculation of earnings per share because the effect on the basic loss per share would be anti-dilutive due to our net loss position for the quarter ended June 30, 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	10. COMMITMENTS AND CONTINGENCIES
	The Company’s uranium recovery operations are subject to federal and state regulations for the protection of the environment, including water quality. These laws frequently change and generally become more restrictive. The ongoing costs of complying with such regulations have not been significant to the Company’s annual operating costs. Future closure and reclamation costs are provided for as each pound of uranium is produced on a unit-of- production basis. The Company reviews its reclamation obligations each year and determines the appropriate unit charge. The Company also evaluates the status of current environmental laws and their potential impact on their accrual for costs. The Company believes its operations are in compliance with current environmental regulations.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	11. SUBSEQUENT EVENTS
	On August 8, 2014, the Company issued 127,359 shares of common stock to the Juan Tafoya Land Corporation in satisfaction of $337,500 of base rental payments due under the Uranium Mining Lease and Agreement, dated October 12, 2006, by and between Neutron Energy, Inc., a wholly owned subsidiary of the Company, and the Juan Tafoya Land Corporation, as amended by the First Amendment thereto, dated August 8, 2014, by and among the Company, Neutron Energy, Inc. and the Juan Tafoya Land Corporation.

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2014
PROPERTY, PLANT AND EQUIPMENT	'
Schedule of property, plant and equipment	'
		30-Jun-14	31-Dec-13
		Net book value		Net book value
	Uranium plant	$        9,135,240		$         9,190,480
	Mineral rights and properties	19,749,754		19,749,754
	Vehicles/depreciable equipment	1,503,276		1,591,061
	Other property, plant and equipment	279,073		309,604
	Total	$      30,667,343		$       30,840,899

DEBT_Tables

DEBT (Tables)	6 Months Ended
	Jun. 30, 2014
DEBT	'
Schedule of shares issued of common stock for settlement of interest, commitment fees and the establishment fee	'
		Amount ($)		Shares of	VWAP		Date of issuance
				common stock
				issued
	Establishment fee	$	300,000	117,188	$	2.56	February 4, 2014
	Q4 2013 Interest payment and commitment fee	63,083		21,218	$	2.9731	February 4, 2014
	Q1 2014 Interest payment and commitment fee	138,167		45,737	$	3.0209	April 10, 2014
	Q2 2014 Interest payment and commitment fee	183,889		69,233	$	2.6561	July 25, 2014
	Total	$	685,139	253,376

DERIVATIVE_LIABILITY_Tables

DERIVATIVE LIABILITY (Tables)	6 Months Ended
	Jun. 30, 2014
DERIVATIVE LIABILITY.	'
Schedule of assumptions used in calculation of the fair value of derivative liability using the Black-Scholes option pricing model	'
	Risk-free interest rate	0.65% - 0.91%
	Expected life of derivative liability	2.51 — 2.91 years
	Expected volatility	84% - 94%
	Dividend rate	0.00%
Schedule of changes in the derivative liabilities related to the conversion feature	'
		Derivative
		Liability
	Fair value of derivative liability at January 31, 2014	$  2,169,408
	Fair value of $2,000,000 drawdown	1,555,806
	Fair value of $3,000,000 drawdown	1,691,319
	Unrealized gain on derivative liability	-1,459,647
	Fair value of derivative liability at June 30, 2014	$  3,956,886

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
Schedule of financial instruments recognized at fair value on a recurring basis	'
		30-Jun-14
		Level 1	Level 2	Level 3	Total
	Assets
	Restricted cash	$    4,010,967	$                 -	$               -	$   4,010,967
	Total financial assets	$    4,010,967	$                 -	$               -	$   4,010,967
	Liabilities
	Asset retirement obligation	$                  -	$   3,788,502	$               -	$   3,788,502
	Derivative liabilities	-	-	3,956,886	3,956,886
	Total financial liabilities	$                  -	$   3,788,502	$3,956,886	$   7,745,388
		31-Dec-13
		Level 1	Level 2	Level 3	Total
	Assets
	Restricted cash	$    4,010,937	$                 -	$               -	$   4,010,937
	Total financial assets	$    4,010,937	$                 -	$               -	$   4,010,937
	Liabilities
	Asset retirement obligation	$                  -	$   3,833,608		$   3,833,608
	Derivative liabilities	-	-	2,169,408	2,169,408
	Total financial liabilities	$                  -	$   3,833,608	$2,169,408	$   6,003,016

ASSET_RETIREMENT_OBLIGATIONS_T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2014
ASSET RETIREMENT OBLIGATIONS	'
Summary of the changes in the reserve for future restoration and reclamation costs	'
		June 30,	December 31,
		2014	2013
	Balance at beginning  of period	$    3,833,608	$  4,498,057
	Changes in cash flow estimates	-	584,025
	Costs incurred	-146,723	-1,638,214
	Accretion expense	101,617	389,740
	Balance at ending of period	$    3,788,502	$  3,833,608

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2014
STOCK-BASED COMPENSATION	'
Summary of stock options outstanding and changes during the period	'
		Number of stock options	Weighted Average Exercise Price
	Stock options outstanding at January 1, 2014	309,479	$         19.75
	Granted	-	-
	Exercised	-	-
	Expired	-131,250	11.6
	Canceled or forfeited	-14,000	31.31
	Stock options outstanding at June 30, 2014	164,229	$         25.28
	Stock options exercisable at June 30, 2014	113,072	$         35.20
Summary of stock options outstanding and exercisable	'
		Outstanding Options		Options Exercisable
	Stock Option Plan	Number of Options Outstanding	Weighted Average Exercise  Price	Number of Options Exercisable	Weighted Average Exercise  Price
	1995 Stock Incentive Plan	8,750	$            31.20	8,750	$             31.20
	2004 Stock Incentive Plan	75,481	11.76	34,740	22.34
	2004 Director's Plan	74,998	39.68	69,582	42.13
	2013 Omnibus Incentive Plan	5,000	2.99	-	-
		164,229	$            25.28	113,072	$             35.20
Summary of RSU activity	'
		Number of restricted stock units	Weighted-Average Grant Date Fair Value
	RSUs outstanding at January 1, 2014	280,000	$             3.31
	Granted	431,941	$             2.61
	Forfeited	-20,000	$             2.83
	Vested	-59,997	$             2.83
	RSUs outstanding at June 30, 2014	631,944	$             2.89
Summary of RSA activity	'
		Number of RSAs	Weighted-Average Grant Date Fair Value
	RSAs outstanding at January 1, 2014	54,151	$                 5.49
	Forfeited	-5,601	$                 5.39
	Vested	-20,230	$                 5.58
	RSAs outstanding at June 30, 2014	28,320	$                 5.44

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	$30,667,343	$30,840,899
Uranium plant	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	9,135,240	9,190,480
Mineral rights and properties	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	19,749,754	19,749,754
Vehicles/depreciable equipment	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	1,503,276	1,591,061
Other property, plant and equipment	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Property, Plant and Equipment Balances (net)	$279,073	$309,604

DEBT_Details

DEBT (Details) (USD $)

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

Aug. 08, 2014

Jun. 30, 2014

Apr. 10, 2014

Feb. 04, 2014

Nov. 13, 2013

Jun. 30, 2014

Apr. 29, 2014

Jul. 25, 2014

Jul. 25, 2014

Jun. 30, 2014

Feb. 04, 2014

Nov. 13, 2013

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Nov. 13, 2013

Nov. 13, 2013

Jun. 30, 2014

Jun. 30, 2014

RCF

RCF

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Facility

Subsequent event

Expected

RCF

RCF

RCF

RCF

RCF

RCF

RCF

RCF

Tranche one

Tranche one

Tranche one

Tranche two

Tranche two

Tranche two

Tranche three

Period through January 29, 2014

Period after January 29, 2014

Subsequent event

tranche

D

Subsequent event

Subsequent event

Expected

RCF

RCF

RCF

RCF

RCF

RCF

RCF

RCF

RCF

nominee

Subsequent event

Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

$15,000,000

'

$8,000,000

'

'

'

'

$5,000,000

'

'

'

$5,000,000

$5,000,000

'

'

Number of tranches

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from borrowings

'

'

'

'

'

'

'

'

'

'

2,000,000

3,000,000

2,000,000

3,000,000

3,000,000

'

'

'

'

Amount drawn

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Annualized interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12.00%

10.00%

Commitment fee (as a percent)

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan establishment fee (as a percent)

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan establishment fee

'

'

'

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of trading days for which volume weighted average price was considered to determine shares issuable for payment of commitment fee and accrued interest

'

'

'

'

'

20

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of trading days for which volume weighted average price was considered to determine shares issuable for payment of loan establishment fee

'

'

'

'

'

20

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock issued for payment of loan establishment fee

'

'

'

117,188

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Volume weighted average price for payment of loan establishment fee (in dollars per share)

'

'

'

$2.56

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest payment and commitment fee, amount

'

'

138,167

63,083

'

'

'

183,889

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock issued for payment of commitment fee and accrued interest

'

'

45,737

21,218

'

'

'

69,233

'

'

'

'

'

'

'

'

'

'

'

Volume weighted average price for payment of commitment fee and accrued interest (in dollars per share)

'

'

$3.02

$2.97

'

'

'

$2.66

'

'

'

'

'

'

'

'

'

'

'

Amount

'

'

'

'

'

'

'

'

685,139

'

'

'

'

'

'

'

'

'

'

Shares of common stock issued

'

'

'

'

'

'

'

'

253,376

'

'

'

'

'

'

'

'

'

'

Accrued interest and commitment fee

'

'

'

'

'

183,889

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional amount available for advance

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Prepayment amount

'

'

'

'

'

$5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of nominees designated

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

Price at which principal amounts of the debt are convertible into shares, at any time prior to the maturity date of December 31, 2016 (in dollars per share)

'

'

'

'

'

$2.60

'

'

'

$2.60

'

'

'

'

'

'

'

'

'

Floor conversion price, subject to customary anti-dilution adjustments and further downward adjustment (in dollars per share)

'

'

'

'

'

$1

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares held

6,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage

27.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock issued upon conversion

'

'

'

'

'

'

'

'

'

3,100,000

'

'

'

'

'

'

'

'

'

Ownership percentage after conversion of debt outstanding

'

35.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

DERIVATIVE_LIABILITY_Details

DERIVATIVE LIABILITY (Details) (USD $)	6 Months Ended		0 Months Ended		6 Months Ended	0 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Feb. 04, 2014	Nov. 13, 2013	Jun. 30, 2014	Apr. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
		Loan Agreement	Loan Agreement	Loan Agreement	Loan Agreement	Loan Agreement	Loan Agreement	Loan Agreement	Loan Agreement	Loan Agreement	Loan Agreement
		RCF	RCF	RCF	RCF	RCF	RCF	RCF	RCF	RCF	RCF
			Tranche one	Tranche one	Tranche one	Tranche two	Tranche two	Tranche one $2,000,000	Tranche two $3,000,000	Minimum	Maximum
Assumptions used in calculation of the derivative liability using the Black-Scholes option pricing model	'	'	'	'	'	'	'	'	'	'	'
Risk-free interest rate (as a percent)	'	'	'	'	'	'	'	'	'	0.65%	0.91%
Expected life of derivative liability	'	'	'	'	'	'	'	'	'	'2 years 6 months 4 days	'2 years 10 months 28 days
Expected volatility (as a percent)	'	'	'	'	'	'	'	'	'	84.00%	94.00%
Dividend rate (as a percent)	'	0.00%	'	'	'	'	'	'	'	'	'
Changes in the derivative liability related to the conversion feature	'	'	'	'	'	'	'	'	'	'	'
Balance at the beginning of the period	'	$2,169,408	'	'	'	'	'	'	'	'	'
Fair value drawdown	'	'	'	'	'	'	'	1,555,806	1,691,319	'	'
Unrealized gain on derivative liability	-1,459,647	-1,459,647	'	'	'	'	'	'	'	'	'
Balance at the end of the period	'	3,956,886	'	'	'	'	'	'	'	'	'
Proceeds from borrowings	'	'	$2,000,000	$3,000,000	$2,000,000	$3,000,000	$3,000,000	'	'	'	'

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Assets	'	'
Restricted cash	$4,010,967	$4,010,937
Liabilities	'	'
Asset retirement obligation	3,637,068	3,833,608
Derivative liabilities	3,956,886	2,169,408
Recurring	'	'
Assets	'	'
Restricted cash	4,010,967	4,010,937
Total financial assets	4,010,967	4,010,937
Liabilities	'	'
Asset retirement obligation	3,788,502	3,833,608
Derivative liabilities	3,956,886	2,169,408
Total financial liabilities	7,745,388	6,003,016
Recurring | Level 1	'	'
Assets	'	'
Restricted cash	4,010,967	4,010,937
Total financial assets	4,010,967	4,010,937
Recurring | Level 2	'	'
Liabilities	'	'
Asset retirement obligation	3,788,502	3,833,608
Total financial liabilities	3,788,502	3,833,608
Recurring | Level 3	'	'
Liabilities	'	'
Derivative liabilities	3,956,886	2,169,408
Total financial liabilities	$3,956,886	$2,169,408

ASSET_RETIREMENT_OBLIGATIONS_D

ASSET RETIREMENT OBLIGATIONS (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Change in the reserve for future restoration and reclamation costs	'	'	'	'	'
Balance at the beginning of the period	'	'	$3,833,608	$4,498,057	$4,498,057
Changes in cash flow estimates	'	'	'	'	584,025
Costs incurred	'	'	-146,723	'	-1,638,214
Accretion expense	22,438	97,435	101,617	194,870	389,740
Balance at the end of the period	3,788,502	'	3,788,502	'	3,833,608
Current liability of asset retirement obligation	151,434	'	151,434	'	'
Long-term liability of asset retirement obligation	$3,637,068	'	$3,637,068	'	$3,833,608

COMMON_STOCK_Details

COMMON STOCK (Details) (USD $)	6 Months Ended		0 Months Ended	6 Months Ended		0 Months Ended		6 Months Ended	0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Apr. 15, 2014	Jun. 30, 2014	Jun. 30, 2014	Feb. 12, 2014	Oct. 31, 2011	Jun. 30, 2014	Aug. 01, 2014	Aug. 08, 2014	Oct. 31, 2011
			Former executive	Former executive	Rights offering	Registered direct offering	BTIG LLC	BTIG LLC	BTIG LLC	BTIG LLC	BTIG LLC
					RCF		ATM Sales Agreement	ATM Sales Agreement	ATM Sales Agreement	ATM Sales Agreement	ATM Sales Agreement
					Facility				Subsequent event	Subsequent event	Maximum
COMMON STOCK	'	'	'	'	'	'	'	'	'	'	'
Common stock issued	'	'	'	'	'	3,960,000	'	523,350	69,301	'	'
Common share price (in dollars per share)	'	'	$2.80	'	'	$2.60	'	'	'	'	'
Proceeds from sale of shares of common stock	$11,183,071	$3,599,432	'	'	'	$9,307,245	'	$1,875,826	$180,977	'	'
Aggregate offering price of the shares of common stock available to be sold under ATM Sales Agreement	'	'	'	'	'	'	'	'	'	6,900,000	15,000,000
Percentage of commission to be paid on the gross proceeds from the sale of shares under ATM Sales Agreement	'	'	'	'	'	'	3.00%	'	'	'	'
Common stock issued for loan interest and fees	'	'	'	'	184,143	'	'	'	'	'	'
Interest and fees	'	'	'	'	501,250	'	'	'	'	'	'
Amount settled on settlement	'	'	$333,847	'	'	'	'	'	'	'	'
Common stock issued for settlement of litigation	'	'	119,231	119,231	'	'	'	'	'	'	'

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
			2013 Omnibus Incentive Plan	Short-term incentive plan
Stock-Based Compensation Plans	'	'	'	'
Number of shares available for future grants	'	'	784,631	'
Stock compensation expense (in dollars)	$346,606	$463,274	'	'
Grant date fair value of vested bonus shares issued	'	'	'	$191,730

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 2) (USD $)	6 Months Ended
	Jun. 30, 2014
Outstanding Options, Number of stock options	'
Balance at the beginning of the period (in shares)	309,479
Expired (in shares)	-131,250
Canceled or forfeited (in shares)	-14,000
Balance at the end of the period (in shares)	164,229
Exercisable at the end of the period (in shares)	113,072
Outstanding Options, Weighted Average Exercise Price	'
Balance at the beginning of the period (in dollars per share)	$19.75
Expired (in dollars per share)	$11.60
Canceled or forfeited (in dollars per share)	$31.31
Balance at the end of the period (in dollars per share)	$25.28
Exercisable at the end of the period (in dollars per share)	$35.20

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Details 3) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
			Stock options	1995 Stock Incentive Plan	2004 Stock Incentive Plan	2004 Directors' Plan	2013 Omnibus Incentive Plan
Options Outstanding	'	'	'	'	'	'	'
Number of Options Outstanding (in shares)	164,229	309,479	'	8,750	75,481	74,998	5,000
Weighted Average Exercise price (in dollars per share)	$25.28	$19.75	'	$31.20	$11.76	$39.68	$2.99
Options Exercisable	'	'	'	'	'	'	'
Number of Options Exercisable (in shares)	113,072	'	'	8,750	34,740	69,582	'
Weighted Average Exercise Price (in dollars per share)	$35.20	'	'	$31.20	$22.34	$42.13	'
Total estimated unrecognized compensation cost (in dollars)	'	'	$132,560	'	'	'	'
Weighted average vesting period over which compensation cost is expected to be recognized	'	'	'2 years	'	'	'	'

STOCKBASED_COMPENSATION_Detail3

STOCK-BASED COMPENSATION (Details 4) (Restricted stock units, USD $)	6 Months Ended
	Jun. 30, 2014
Restricted stock units	'
Number of restricted stock units	'
Balance at the beginning of the period (in shares)	280,000
Granted (in shares)	431,941
Forfeited (in shares)	-20,000
Vested (in shares)	-59,997
Balance at the end of the period (in shares)	631,944
Weighted Average Grant Date Fair Value	'
Balance at the beginning of the period (in dollars per share)	$3.31
Granted (in dollars per share)	$2.61
Forfeited (in dollars per share)	$2.83
Vested (in dollars per share)	$2.83
Balance at the end of the period (in dollars per share)	$2.89
Total estimated unrecognized compensation cost (in dollars)	$1,358,138
Weighted average vesting period over which compensation cost is expected to be recognized	'2 years 7 months 13 days

STOCKBASED_COMPENSATION_Detail4

STOCK-BASED COMPENSATION (Details 5) (Restricted stock awards, USD $)	6 Months Ended
	Jun. 30, 2014
Restricted stock awards	'
Number of restricted stock units	'
Balance at the beginning of the period (in shares)	54,151
Forfeited (in shares)	-5,601
Vested (in shares)	-20,230
Balance at the end of the period (in shares)	28,320
Weighted Average Grant Date Fair Value	'
Balance at the beginning of the period (in dollars per share)	$5.49
Forfeited (in dollars per share)	$5.39
Vested (in dollars per share)	$5.58
Balance at the end of the period (in dollars per share)	$5.44
Total estimated unrecognized compensation cost (in dollars)	$142,670
Weighted average vesting period over which compensation cost is expected to be recognized	'1 year 4 months 6 days

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details)	0 Months Ended	6 Months Ended
	Jan. 22, 2013	Jun. 30, 2014
EARNINGS PER SHARE	'	'
Reverse stock split ratio	0.1	'
Potential dilutive common stock excluded from the calculation of earnings per share (in shares)	'	3,873,096

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent event, Juan Tafoya Land Corporation, USD $)	0 Months Ended
	Aug. 08, 2014
Subsequent event | Juan Tafoya Land Corporation	'
Subsequent event	'
Common stock issued	127,359
Reduction in liability of base rental payments due	$337,500